June 17, 2025 • 42 mins
That book of Ecclesiastes reveals a painful truth: even a productive life can feel empty when our work is driven by the wrong purpose. Wealth on its own doesn’t bring peace—often, it brings more pressure. On today's Faith & Finance Live, Rob West will share another lesson from the Preacher in Ecclesiastes about how to avoid the idol of accumulation. Then he’ll tackle your financial questions.
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Episode Transcript
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S1 (00:08):
All his days are full of sorrow and his work
is a vexation. Even in the night his heart does
not rest. This also is vanity. Ecclesiastes 223. Hi, I'm
Rob West. That verse from Ecclesiastes reveals a painful truth.
Even a productive life can feel empty when our work
is driven by the wrong purpose. Wealth on its own
(00:29):
doesn't bring peace. Often it brings more pressure, but Scripture
offers a better way. Today, another lesson from the preacher
in Ecclesiastes. And then it's on to your calls at
800 525 7000. This is faith and finance. Live biblical
wisdom for your financial journey. It's easy to admire someone
(00:51):
who plans wisely, saves consistently, and builds steadily over time.
Our culture praises that kind of discipline as responsible and virtuous,
and often it is. But Ecclesiastes challenges us to ask,
what's driving all that effort? In Ecclesiastes 218, the preacher writes,
I hated all my toil, seeing that I must leave
(01:12):
it to the man who will come after me. He
isn't condemning hard work. He's grieving that all he's built
will one day be handed off, possibly to someone who
won't value or steward it well. That's where sorrow begins.
Not in failure, but in success without peace. All his
days are full of sorrow, and his work is a vexation.
(01:33):
Even in the night his heart does not rest. The
more we accumulate, the more we fear losing it. What
promised security only multiplies anxiety. What a striking image. Someone
lying awake at night. Not from failure, but from success.
The more he possesses, the more he worries. Well, this
is the irony of accumulation. It convinces us that security
(01:56):
is just one more achievement away while quietly making us
more anxious the more we gain. Jesus echoes this same
warning in Luke 12. He tells the parable of a
rich man who reaped such a Bountiful harvest that he
decided to build bigger barns to store it all. His
conclusion take life easy, eat, drink and be merry. To
the world that sounds like winning. But Jesus called him
(02:19):
a fool. Why? Because that very night, his life would
be demanded of him. Then comes the haunting question. The
things you have prepared. Whose will they be? What's even
more interesting is the context of that parable. Jesus tells
it in response to a man asking him to settle
an inheritance dispute. This wasn't someone who earned the wealth.
(02:40):
He simply wanted his share, and maybe more. Jesus warning
is clear a greedy heart isn't the only danger. An
entitled heart is just as spiritually destructive. And that's exactly
what the preacher feared in Ecclesiastes. Its wealth falling into
the hands of someone who didn't labor for it and
may not know how to handle it wisely. We see
(03:02):
this all the time in real life. Many financial advisors
and estate planners will tell you that inherited wealth, especially
when passed down without spiritual or emotional maturity, can do
more harm than good. It can fracture families, distort priorities,
and erode purpose. The problem isn't money itself. It's the
absence of wisdom alongside it. That's why this lesson matters.
(03:26):
You can save well, build wealth, and still feel anxious
and unsatisfied. Not because you failed, but because you expected
your efforts to give you only what God can. Peace,
joy and purpose. But here's the good news Ecclesiastes doesn't
leave us in despair. In verse 26 we read. To
the one who pleases him, God has given wisdom and
(03:48):
knowledge and joy. The solution isn't to stop working or saving.
Solution is to stop worshiping our work, stop defining success
by the size of your bank account, and start defining
it by your faithfulness to the one who owns it all.
When we live as stewards instead of owners, the pressure lifts.
We begin to see wealth not as a prize to
(04:10):
secure our future, but as a tool to serve God's kingdom.
Accumulation loses its grip and generosity takes root. That's when
real joy begins. So ask yourself today, am I building
bigger barns? Or am I faithfully stewarding what God has
already entrusted to me? Am I chasing peace through my
possessions or receiving it from the Prince of Peace himself?
(04:34):
Because in the end, peace doesn't come from what we've earned.
It comes from who we trust. Now, if you're wrestling
with these questions, we'd love to help. That's why we're
excited to offer our brand new Bible study based on
Ecclesiastes called Wisdom Over Wealth. It dives deeper into this
theme of dethroning the idol of accumulation and learning to
(04:55):
live with contentment and purpose. This month, when you support
the ministry of faith by with a gift of $35
or more, we'll send you wisdom over wealth as our
way of saying thank you. Just head over to Faith
to request your copy. That's faith. All right. Your calls
(05:15):
are next. 800 525 7000. We'll be right back.
S2 (05:32):
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 (05:56):
Thanks for joining us today on Faith and Finance Live.
I'm Rob West. Looking forward to taking your calls and
questions today. The number to call 800 525 7000. Again
that number 800 525 7000. We've got room for you today.
We'd love to tackle whatever is on your mind. And
we can do so when you call right now before
we head to the phones in the news today, most
(06:18):
people are aware of the dangers of accumulating credit card
debt or missing payments. But there's another risky habit many
haven't heard of. And it's called credit cycling. It happens
when someone repeatedly maxes out their card, pays it off quickly,
and then immediately starts spending again, essentially churning through their
credit limit to spend more than the limit allows. While
(06:41):
it might seem like a clever, clever workaround, experts warn
it can backfire. Doing this occasionally may not raise eyebrows,
but consistent credit cycling is often seen by issuers as
a red flag. It could result in your credit card
being shut down or your credit score taking a hit.
That's because your credit utilization ratio, and that's the amount
(07:04):
you owe compared to your limit, is a major factor
in your score. Even if you're making payments on time,
credit cycling can signal financial stress or risky behavior. If
your credit card is closed or your total credit limit drops,
that could raise your utilization rate and further damage your score.
And so be sure whenever you're using credit cards, only
(07:27):
use them for budgeted items, pay them off in full,
and keep an eye on that credit score. But something
to hopefully just put on your radar today. All right.
We're going to begin taking your calls and questions in
just a minute. We have lines open for you today.
We'd love for you to call right now. Whether it's
paying down some debt you have, maybe it's investing for
the future. Perhaps you're thinking about how to align your
(07:49):
values with your investments. We'd love to help you think
through that today. Or maybe it's just living within your means.
Whatever you're wrestling with today, your opportunity to call right
now is 800 525 7000. By the way, our second
edition of the Faithful Steward magazine is out. Uh, issue
number two. We'd love to put a copy in your hands.
(08:12):
It's full of some incredible content around how you can
steward God's resources wisely. And one of the articles in
there addresses a topic we hear so much on the program,
and that is how do I think about retirement in
light of biblical wisdom? You know, the conventional approach to retirement,
that secular vision of retirement is weighed down with images
(08:35):
of sailboats and gag retirement gifts and vacations to the tropics.
But God's Word really has a different vision of aging.
And this comes right from this article that Jeff Hanan
wrote for us, called An Uncommon Retirement, listen to the
words of Psalm 92 and think about how this sits
alongside the cultural view of retirement. Psalm 92 the righteous
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flourish like the palm tree and grow like a cedar
in Lebanon. They're planted in the house of the Lord.
They flourish in the courts of our God. They still
bear fruit in old age. They are ever full of
sap and green. You know, the biblical call and retirement
is certainly to faithful stewardship, but not just in our finances.
I think there's a deeper call in the stewardship of
(09:17):
our experiences and our skills and our very lives for
the well-being of others. You know, we I think Christian
hope means aging and frailty and death are not the end.
We live in the ever shining dawn of the resurrection.
This life is just the beginning of the life that
is truly life that we read about in first Timothy.
And I think that biblical picture of retirement is not
(09:39):
one of heroism or hedonism, but really listening to God's
voice and responding in love as elders, intent on sharing
wisdom and blessing with the next generation. It's simply a
life of service, pointing others beyond ourselves to the servant
in whose image we are made. So the question what
(09:59):
am I going to do with my retirement is an
important one, and I think if we attune our ears
to God, we'll hear Christ say, peace be with you
as the father has sent me. Even so, I am
sending you. That comes from John 20. Think about that
as you consider either an upcoming retirement or this season
that you're in. As you think about the fourth quarter,
perhaps not as something you retire from, but something you
(10:22):
retire to where you're using your wisdom and experience as
an elder at the city gate to invest in the
lives of others. By the way, if you want to
read articles like this, you can receive Faithful steward four
times a year. When you become a faithful partner, you
can do that at Faith comm. All right. We're ready
to dive into your questions today. Again that number 800
(10:42):
525 7000. You can call right now. Let's go to Chicago. Hi, Finny.
Thanks for calling. Go ahead.
S3 (10:50):
Hey, thanks for taking my call.
S2 (10:52):
Sure.
S3 (10:53):
Yeah. We have an adult, uh, handicap. It's going to
go nowhere. And it seems like whatever you said just
now about peace and joy. And don't put the money
in the barn. It's really not for us. It's really
for the to provide for him. And doesn't look like
there's enough money in the whole world that we can
save enough for him. And how do you how do you.
(11:16):
The question is, how do you, you know, relate it
to what you just said. Doesn't look like it applies for.
S2 (11:22):
Yes.
S1 (11:23):
Yes. Well, I appreciate that so much. And Finny, with
a a child who has special needs, um, there are
special considerations to be given to protect. Protect your child's
future and not Could disqualify them from vital government benefits
like Medicaid or SSI. And so I think we always
(11:46):
have to to take this council and run it through
the lens of where God has placed you. And, you know,
as as parents in this position, I know you feel
the weight of that. I think we can trust absolutely
that and depend on God as provider. But you also
need to exercise wise stewardship. And so I think this
(12:07):
perhaps this idea of accumulation is, is a different situation
when we're talking about preparing for the needs of a
of a lifelong dependent that's going to have ongoing financial needs.
That's completely different than what we're talking about when we're
idolizing accumulation just for our, you know, own enjoyment. Now,
(12:28):
there's nothing wrong with enjoying what God has called us to.
The question is, is that replacing really our desire for
him as our ultimate treasure? But I think you all
are in a different spot here and really should think
about it in a different way. Um, and I think
it's very appropriate for you to say, as God provides,
we are going to store up in a very thoughtful
(12:50):
way the resources that our special needs child is going
to need as an adult throughout the rest of his
or her life. Um, often that most effective tool is
a special needs trust. It will allow you to leave
money for your child's care, be managed by a trustee
without those assets counting against benefit eligibility. Um, you can
(13:14):
use trust an able account a b l e. You
may or may not be familiar with that. The two
of them together can be very effective because they allow
for different types of expenses to be covered. And so
that's where I think these two tools, um, both protecting, uh,
you know, government benefits. Um, but also continuing to provide
(13:37):
resources throughout your your child's life, even as an adult, uh,
as needed. And so I think, uh, you know, I
would listen differently to, uh, today's opening topic. And really,
I would say that doesn't apply to the situation you're describing.
And I would lean into that. If you need a
suggestion on an advisor who has a particular expertise in
(13:59):
special needs planning, uh, we'd be happy to make that connection.
So you can hold the line and we'll find out
if you need that. But regardless, I would seek out
an advisor who has a special competency in this area
and could take advantage of a special needs trust or
an able account or both. So I appreciate your call today.
Thanks for listening and calling. I hope that was helpful.
(14:20):
May the Lord bless you. We'll be right back. Great
to have you with us today on faith in finance
live helping you live as a faithful steward, Recognizing money
is a good gift from God, but that good thing
can become a bad thing when it becomes a ruling
thing in our lives. We want to help you see
(14:41):
God as your ultimate treasure. Money is a tool to
accomplish God's purposes. Whatever you're thinking about in your financial
life today, we'd love to help you navigate that. You
can call right now 800 525 7000. We've got lines
open today. Questions on any financial topic. Investing, getting out
of debt, saving for the future. Giving wisely. We'd love
(15:02):
to hear from you again. Lines are open. You'll get
right through at 800 525 7000. Our team is standing by.
You can call right now. Let's head back to the phones.
Chattanooga is where we're headed next. Adrian, how can I
help you?
S2 (15:15):
Hi.
S1 (15:17):
Hi, there. Thanks for calling.
S4 (15:20):
Thank you for taking my call. So I was calling
about a question. My husband and I are in second marriages,
so we have a blended family and his children are
older than mine. We have amassed wealth together, but he
amassed most of it before our marriage. His children are older,
so they have already become independent. Mine are not. Their
(15:43):
college age. I have three in college, and our conundrum
is using our money in the here and now. He
would like to struggle and save every penny and scrimp
and not live and have the children amass debt and
give generational wealth. And I would like to share the wealth,
(16:05):
not have our friends and family have debt, and us
to enjoy our life now, giving to the church and
charitable causes and keeping our children out of debt.
S1 (16:16):
Yeah, yeah. Well, I appreciate that, Andrea. And I realize
these are difficult but very important conversations to have. And
it becomes even more complex in a blended family because
I recognize there's assets that were brought into the marriage
with kids that were from a prior marriage. So, you know,
(16:37):
now brought into the marriage. And often, even though I
think prenuptial agreements can be difficult and break trust and
is not something I would typically advise. I think there
is a way of of talking about how are we
going to structure our estate plan, recognizing the children that
were from prior marriages, recognizing there are assets from, you know,
(17:00):
that were amassed prior to our marriage, and deciding with
togetherness and oneness and trust and open and honest communication
how we're going to handle, particularly those assets related to
the kids that were amassed prior to the marriage. But
I think it is important, and you all are going
to have to talk through this, that we decide that,
(17:21):
you know, once you're joined together from that point forward,
you know, that we see these as marital assets, and
that's where you need to find, you know, God's heart
and a plan for how you reflect your values and
your wiring and how each of you has come to
the table and you know from prior experiences and create
(17:42):
a plan that reflects the two of you, is now
one flesh moving forward and how you're going to steward
those resources, recognizing, you know, and this is very common,
one might want to hold a little more tightly and
and save the other might want to enjoy and give
and support. And neither of those is bad unless it
creates conflict in the marriage. And that's where we need
(18:04):
to come with understanding and really seeking, starting with our
values as Christ followers, but now as one flesh, to
create a plan that reflects both of us giving and
you know, to one another, and recognizing that there should
be some element of enjoyment now. And certainly generosity is
on the heart of God. And I think, you know,
(18:25):
we were creating the image of the ultimate giver. So
we should be givers as God's people. But I think
there's also a prudent element to, you know, saving. And
I think there's a way to accomplish both, but both
have to be willing to come to the table and
hear and listen and understand, and then be willing to
create a plan that reflects the two of you. And ideally,
that would be done, you know, between the two of you.
(18:46):
But it may involve a third party like a counselor
that or a financial advisor that understands the counsel of
Scripture and can really help you chart that path forward. Uh,
a book that I would recommend, and we'd be happy
to send it to you as our gift by our
friends Ron Diehl and Greg Pettis is a book called
The Smart Step Family Guide to Financial Planning. Money Management.
(19:09):
Before and after you blend a family. And Ron and Greg, uh,
you know, Ron, from the kind of the counseling side of, uh,
of families and Greg from the financial planning side come
together to create this really helpful resource. And it deals
with estate planning, and I think it could help give
you a pathway. They talk about something called a togetherness agreement,
(19:31):
which is kind of a God honoring version of a,
you know, of what you might think of as a
prenuptial agreement, but with an entirely different approach. And I
think it could give you a path forward. But ultimately,
you're both going to need to be willing to come
to the table prayerfully and with a desire to find
God's heart and a path forward that again reflects each
(19:52):
of your wiring. But you know, each of you also
being willing to to give to the other, because I
think there's an element of, listen, you know, our kids
need to make decisions, as you know, emerging adults and,
you know, in some cases experience the the school of
hard knocks. And then there's another element of we also,
you know, have been blessed with much. And so there's
(20:14):
an appropriate role for us to give and support. And,
you know, those are not easy decisions apart from a
blended family, but they're even more difficult after a blended family.
and I recognize that. So I think it's going to
involve you all. Um, you know, praying through this, uh,
hopefully this resource will help. And then whether it's a
counselor or a certified Kingdom advisor there in Chattanooga, I
(20:37):
think you need to find somebody who can help guide
you all toward the vision around what I'm describing here today.
But give me your thoughts on all that, because I've
thrown a lot at you.
S4 (20:48):
Oh, you've given me a just a wealth, no pun intended,
of information. And I think that that's exactly what I
was looking for is something to talk about together. And yes,
very importantly, we did talk about a lot of it beforehand.
But as life evolved, you know, I think both of
our values kind of were very different. So, yeah, you've
(21:08):
given me a lot to talk about and I'm going
to go from that. I appreciate it so much and
I'm very interested in that book.
S1 (21:15):
Awesome. Well, I'm delighted to hear that, Adrian. And I'm
going to be praying for you, because I know these
are hard conversations and yet they can be very God honoring.
When we come to the table with the right heart, posture,
a willingness to learn and understand each of us and
find the path forward in a way that can truly
do something special. As you all use God's resources as
(21:36):
a tool to accomplish God's purposes with your family, enjoying
what God's given you, giving it, but also saving it appropriately.
Stay on the line. We'll get your information and get
this book out to you. God bless you. We'll be
right back.
S5 (21:58):
Great to have you with us today on.
S1 (21:59):
Faith and finance live here on Moody Radio. I'm Rob West.
We're taking your calls and questions, and we do have
a few lines open. You want to call right now
any financial topic today? 800 525 7000. That's 800 525 7000.
Let's go to New York. Sue, I understand you have
a question today as you drive along the way. So
let us know how we can help.
S6 (22:22):
Well, last year about this time, I had like six
credit cards and there was about five, six, $7,000 on each.
And I was told that because we'd had them for
so long and we'd paid so much money in interest
that I should let at least I should let them
all go but one, and then, um, pay off the
(22:45):
one and just use it for when I needed it. Well,
I did let three of them just go. Uh, the
three larger ones. And, um, I've been paying on the
other three this past year, and they've done just exactly
like the guy told me they would do. They, you know,
put it in collections, and then they now have turned
(23:07):
it over to an attorney. And I'm just wondering, what
should I they they also have offered like instead of
being 9000, uh, you know, I could pay that 1500
or something like that. And I'm just wondering, what should
I do now? I mean, it's my credit's already ruined.
And the way he explained it to me is nobody's
going to lose their job. Nobody's going to, you know,
(23:29):
you're not doing anything to hurt anybody. Um, and and
you've paid all this already and in interest. So I
don't know what to do now. Yeah, I kind of
feel convicted about it.
S1 (23:44):
Yeah. I'm so sorry. Uh, Sue, for the situation that
you're in, it sounds like you've connected with what's called
a debt settlement company. Um, which I wish I would
have talked to you a year ago, but we'll talk
about the path forward. I would have not recommended that, uh,
for various reasons. Number one is I resonate with your, uh,
feeling like you need to honor your obligations regardless of
(24:06):
how much you've paid in toward principal repayment and interest. Uh,
as much as we don't like carrying credit card debt,
it is an obligation that we've committed to. There's severe damage,
not to mention the legal implications with judgments and so forth.
And then there's no guarantees the creditors aren't required to settle.
Any forgiven amount can be taxable. And they do often
(24:30):
charge high, high fees. And there's a lot of kind
of bad actors in this space. But I think the
bottom line is the question is how do we proceed forward?
And here's what I'd like for you to do. I mean,
my preferred way for you to handle credit card debt,
and we may actually be able to get the the
accounts in collection re-emerged and into this program is something
(24:53):
called debt management or credit counseling. And our friends at
Christian Credit Counselors is the organization we recommend. Thousands of
our listeners have used them. They're all believers. And unlike
debt settlement where you stop paying and they go into
collections and charge offs and judgments and, and credit, you know,
trashing your credit. This is completely different. The debt management
(25:16):
program credit counseling is a program that is already in
place inside every creditor, Capital One and Citi and Bank
of America. They all have a credit counseling department. So
the account gets closed, it gets moved into the credit
counseling program. It stays with the existing lender. And, you know,
it's a it's a program that's already in place. So
(25:37):
you just pay through the nonprofit credit counseling agency. They
pass it along to your creditor. And by going into
the program, they'll drop the interest rates, not always to zero.
In some cases they do, but usually less than 10%.
But when you go into that program, any accounts that
are past due would be re aged, brought current. And
as long as you stay current on your payment, then
(25:58):
you know you'll get it back on track. Now, the
only question would be whether or not that's going to
be possible, just given how far past due these are,
these accounts are. And the fact that you're now with
a collection agency and it's been purchased away way from
the original creditor. We may or may not be able
to deal with those, but they'll be able to advise
you on that. So if you'd like, I can give
(26:20):
you the website or you can stay on the line
and our team will give you the phone number, but
that would be the direction I would go.
S6 (26:28):
Okay. And then so pay it back. What's left? What
you said now an attorney was going to get involved.
What happens if attorney gets involved?
S5 (26:37):
Yeah.
S1 (26:37):
The attorney is just going to try to get you
to pay on what you owe. And they're going to
add a bunch of fees to it, which is just
going to raise the balance. And they could seek a
judgment where they go to a court. And the judge
just acknowledges that the debt is owed. And then, you know,
depending on how much is owed and so forth, there
are certain ramifications on that in terms of how they
would proceed on collection. But we want to try to
(27:01):
avoid that attorney getting involved because the attorney has to
get paid, and that's going to add additional cost to this.
So I think that's why it would be important for
you to go ahead and get this, you know, over
to Christian credit counselors, let them evaluate all of the accounts,
come up with a plan that allows you to start
moving toward repayment in a way that everybody acknowledges. So
you're back in good standing now.
S6 (27:24):
Okay. Well, the reason we got in this shape, well,
there's a lot of reasons. But one of the things
is I'm we're both I'm 72, my husband's 75. And
I've gone back to work since then just so I
can pay for his medicine. And, you know, that's the
problem is having that much each month to come up
(27:45):
with because, you know, our Social Security's kind of a
joke right now with us. I mean, yes, it is
what it is.
S1 (27:53):
But yeah, I know that's real, Sue. And I totally
get that. And I and I understand that can be challenging.
And he's got to have the medicine and I realize
where it's it's expensive that, you know, can add up quickly. Uh,
would you be in a position. Well, let me ask
you this. What's the total amount you owe today? Do
you know?
S6 (28:15):
Oh, no, not really, because those three I'm just not
kept up with. Um, probably around, probably around 15,000. Maybe
a little more. I don't know.
S1 (28:26):
Okay. Yeah. I mean, all right. So at 20,000, I mean,
typically the payments somewhere between 2 and 3% though. So
that would be somewhere between 4 and $600 a month. Uh,
you know, for you to get, uh, moving toward paying
these back if, if they were all able to be
put in the program and again, they might not be.
(28:47):
Would that be something you could absorb?
S6 (28:51):
Oh, no, I couldn't pay 400. No. That's why I
had to do this because I couldn't pay it. Okay.
S1 (28:57):
Yeah.
S6 (28:58):
Yeah. And I mean, I should.
S1 (29:00):
Well I understand, so I think the key is there,
and I realize you can only do what you can do. And, um,
so it probably would behoove you to get some legal counsel,
just so you understand the implications of what could happen
if they do get a court judgment that could allow
them to garnish wages or, you know, attach a bank account,
depending on the state laws. So that's why some legal
(29:23):
advice would be important. That's not automatic. And it would
involve them going to court and getting that judgment before
any of that could happen. Do you have an attorney?
Perhaps somebody in your church or somebody that's a family
friend or that, you know, that could advise you on this?
S6 (29:40):
Um, not not an attorney, I don't know.
S1 (29:43):
Okay. So you may just want to call your local
church and see if they could make a referral to you,
somebody that might just be able to give you some,
some legal counsel here so you understand what's possible, and
you don't get caught off guard by any, any of it.
You could also reach out to Christian credit counselors. They
may have some suggestions for you. I realize there's not
a quick fix to this, and you've got a lot
(30:04):
on you. And so, um, the Lord, uh, knows your
needs here, and he is our provider, and we can
trust him in that. So we're going to ask him
to provide. I would also encourage you to make this
known to your local church. Perhaps they'd be willing to
step in and help here in some way for you
all to get beyond this. Just given the situation with
the high cost of these, uh, these drugs that your
(30:26):
husband needs. So, uh, we'll be praying for you. You
stay on the line. Our team will give you that
phone number to Christian credit counselors. And, uh, let us
know how this turns out to the Lord. Will be
near to you through all of this. I'm confident in that.
Thanks for your call today. Well, folks, uh, we're going
to take a quick break. When we come back, our
final segment just around the corner. We'll be right back.
(30:53):
Thanks for joining us today on Faith and Finance Live.
I'm Rob West. Let's head right back to the phones
here in our final segment. By the way, I do
have room for perhaps one more question before we round
out the broadcast today. 800 Five. Two. Five. 7000. Uh,
Jeannie is in Florida. Go right ahead.
S6 (31:09):
Yes. Hi.
S7 (31:10):
Uh, thank you for taking this call. I've always wanted
to call. I always loved the wisdom that you give forth. Um,
I have a simple question. Um, I pretty well set, uh, financially.
I don't owe anything. I tithe regularly, I have a
little savings, and I just came into some money, like
(31:31):
about $11,000. And I'm wondering if you could give me
some suggestion as to where to invest this money so
that I can get some, uh, the, the best return
I could get, but yet keep it, uh, you know,
open in case I needed it.
S1 (31:51):
Yeah, yeah. Very good. Jeannie. Uh, a couple of questions. Uh,
if you if you don't mind sharing these. And if
you do, just let me know. That's no problem, too.
What's the total amount that you now have access to?
S7 (32:03):
I have, I have 11. Well actually I have 15,000.
S1 (32:08):
Okay. And is that in savings?
S7 (32:10):
It's cash right now it's just cash.
S1 (32:13):
Okay. You're just keeping that at the house or where
is that.
S7 (32:16):
Yeah. Okay. Yeah. Exactly. Yeah.
S1 (32:19):
All right. I probably would only keep, uh, you know,
maybe up to two weeks worth of expenses. Uh, at
the most cash on hand. I'd put the rest in
a savings account, perhaps a high yield account, which are
still paying a decent amount of interest. But I'd probably
not keep that much cash laying around the house. Um,
what about the, uh, the. Was it an inheritance or
(32:41):
an investment? The gift that you received?
S7 (32:44):
Actually, I had, um, I had a business that, um,
I could I just sold off, you know, some remnants
of it.
S1 (32:51):
Okay, great. And how much do you have from that?
S7 (32:54):
That's what I have. I have, I have 11. I
did have three that I was saving for new, uh,
you know, piece of furniture or something. Okay. Yeah. So
I have $11,000.
S1 (33:06):
Okay. Got it. And then do you have other assets
like investments?
S7 (33:10):
I do, I have, like, about $158,000 in with Stifel
and Nicholas. And, uh, I have a broker who takes
care of all that. Okay. Uh, you know, and then, uh. Yeah.
And then in my checking account, I have way over
what I need to live on, you know? I do
have my emergency funds and all that.
S1 (33:33):
Okay. And do you have do you have 3 to
6 months worth of expenses in your checking account?
S7 (33:40):
Yes I do.
S1 (33:41):
Okay. Yeah. So I would probably use a combination of
your checking alongside a high yield savings account. So, um,
you know, at 80, I'd probably have at least six
months expenses. Um, how many more months? Over six months
do you think you have in been checking up.
S7 (34:01):
Well, let me think. Uh hmm. Now you got me
having to do math. Um, I would say I probably
have right now, I my monthly expenses are about 2000,
and right now I have eight.
S1 (34:17):
8000. Okay, so you have four months expenses in the bank. Um,
and maybe one month is already spoken for, so let's
call it three. So I'd probably not, you know, do
anything in the way of investments with this additional 11,000.
I would just kind of see this as shoring up
your emergency fund. Uh, so the goal there would be,
(34:39):
how can we get some interest on it and keep
it safe, but very liquid in case you need it.
And that would be, for me, a high yield savings account. Now,
if you're comfortable using the internet, and I realize you
may not be. Um, I would typically recommend as a
starting point an online savings account. So you know whether
(35:00):
that's a CIT bank or Capital One or Marcus. I mean,
one of them that's paying somewhere around 4% right now
because that would allow you, let's say you had, you know,
15,000 between, you know, the 11,000 and whatever is considered
your emergency in your checking. Um, you know, on 15,000
(35:22):
that would allow you to earn $600 in interest over
the next year. It would be very safe because it
would be backed by the full faith and credit of
the United States government with FDIC insurance, and you'd be
completely liquid. So if you needed to get to it,
you could, um, if you're not comfortable using the internet
and opening an online savings account, because those are the
(35:44):
only banks that are paying those rates. Um, and by
the way, I'd recommend you check out Christian Community Credit Union. Uh,
join Christian Community. They have a special offer right now
where you can get up to a $400 bonus with
the keyword Faith VI. For our listeners. And there, you know,
it's privately insured. Um, you know, it's you would be, uh,
(36:06):
know that you're with a banking partner that, you know,
shares your values as a Christian. And again, it's join
Christian community.com. Now, if you said to me, Rob, I
just want to stay with a local brick and mortar
operation where I can walk in the door and look
somebody in the eye, I don't want to do it online.
Then I'd probably say, let's look around in your area
there in Florida and see if you can find a
(36:28):
credit union. Perhaps that's offering a rate somewhere close to 4%.
And then I would go with that option, which sounds
like it'd be the best fit for you.
S7 (36:38):
Well, I have looked around here and I've looked even
in my own bank, and, uh, I understand it. I am,
you know, less risky. So I was thinking of doing
it online, but I was a little skeptical, but I
do like what you just told me about the community.
(36:58):
What is it called? I don't have a pencil. So. Okay.
I looked all over my car. I have not one
pencil or pen. Okay. Um.
S8 (37:08):
Yeah, I don't know. Um, well, I think this would
be easy to remember. Or.
S1 (37:13):
Um, we could, uh, have you hold the line and
our team could get your phone number, and we'll send
you a text message or an email with the information.
But essentially, when you get home and you get in
front of your computer, you're going to want to go
to join Christian community.com. And that's going to be a
credit union that shares your values as a Christ follower.
(37:35):
And they have a high yield savings account that you
could use. And there's that special bonus offer for Faith
fi listeners, where you could have an additional $400 added
to your account. Um, but it's a a full service
banking partner. Uh, part of every dollar that you invest,
you know, you put with them, uh, would go to, um,
(37:58):
Christian Ministries, and they pay 5% APY on balances up
to $5,000. And then it's a nice interest rate beyond 5000.
And then you get this, this bonus of up to
$400 when you use the keyword faith fi. So, uh,
why don't you stay on the line? Our team will
get your contact information, and we'll get in touch with
you with all the details. Okay.
S7 (38:21):
I'm so glad. You know, I put your phone number
into my phone. I don't have a computer. And and
it rang so.
S1 (38:28):
Well, there you go.
S7 (38:29):
Oh, I guess I guess it.
S1 (38:31):
Was.
S7 (38:31):
A good time.
S1 (38:33):
Well, I'm so glad that you did so much. Thank you.
S7 (38:35):
You're welcome.
S1 (38:36):
We'll get your information, and one of our team members
will get in touch with you to give you all
the details. Thanks for your call today. Uh, let's go to, uh. Well,
we'll stay in Florida, Dwayne. Go ahead.
S9 (38:47):
Oh, hey, Rob, thank you so much for having me
on your station there?
S1 (38:50):
Absolutely, sir.
S9 (38:52):
Yes, sir. So, um. Yeah, my wife and I were
both chiropractors, and my wife has been called to stay
at home and homeschool our children. And, uh, we we've
started over our business. This will be our third clinic
that we've started. We sold one in the where we
used to live. And, uh, yeah, we're still struggling to
pay off our student loan debt. It seems like every
(39:12):
time we start a clinic, you know, it's hard to
get started back up, so, um. Yeah, just. We would
like to buy a house. We've not bought one down
here yet and just don't know where to start, because
we we both still have a lot of student loan debt.
And I like, I feel like I'm a slave to
the lender. You know, I really have that on my heart.
I want to pay it off, but I also want
(39:33):
to give my wife and my kids the house that
they want.
S1 (39:36):
Yes, yes. Well, I realize these two tensions, Duane and
I certainly get that. And I can understand your conviction
to be debt free. And I also understand that the
security that comes, uh, you know, from your around owning
a home and, you know, your desire to be able
to provide that for your family. And, and I think
we need to move forward toward both and do that
(39:57):
in a way that's thoughtful. And I think the two
of you need to come together and really pray through
this and, and agree on a path forward where you
can honor both of your convictions. Um, give me just
kind of a rundown of where you're at right now.
What do you have in emergency savings? Anything?
S9 (40:13):
Uh, yeah, we have probably 10,000.
S1 (40:16):
Okay. And are you living within your means and have
a little bit left over at the end of the month?
S9 (40:21):
Yeah, but, I mean, I, I think we have trouble
from our personal, like we use the business for. Yeah.
A lot of the. So I think that's always been
our issue when I try to go make the budget,
I don't know if I make the budget for the
business first or the personal, and I don't know how
to separate those two. And I haven't found anyone really
help us with that. So I'd really like some direction
with that.
S1 (40:41):
Yeah. Well, that's going to be a really critical step.
That was the other thing I was going to tell
you is we've got to find separation between those, and
you've got to be able to put yourself on a
consistent salary, you know, or compensation that covers your budget and,
you know, allow the business to run separately by dividing those.
(41:02):
It's going to help with taxes. So you can have
true deductions for business expenses where, you know, you run
into problems when you're mixing personal finances. Because if you
were challenged on that from the IRS, you're going to
have a difficulty justifying those. And so that's why keeping
it separates key. You also can't ever tell truly how
the business is doing. But when it stands on its
own and you create the business, you know, plan, business
(41:26):
plan and budget and so forth, and then you pay
yourself more of a consistent amount where when you have
a big month, you retain it in the business. And
when you have a low month, you pull from some
of those reserves and you try to normalize that compensation
coming over. Then that allows you to build the personal
spending plan on something, you know, that's a little more consistent.
So you don't have these wild fluctuations which make it
(41:49):
nearly impossible to budget against. So there's a lot of
good reason for you to kind of separate these out,
keep a separate set of books for the business and
the personal finances. You really need to find a small
business CPA, somebody who specializes in that. I'd head to
our website. Com and click Find a Professional. And what
you're going to want to do is ask for a
(42:10):
referral to a CPA who specializes in small businesses and
let them know what you're looking for, and you should
find one that can make that connection for you to
a godly accountant or CPA who can really help you.
Because I think that's the next step. And then you
can create the budget, and then you and your wife
can come together on how much are we saving, how
much are we paying off debt? And probably it's a
(42:30):
combination of the two. God bless you, Duane. We appreciate
your call. Faith and Finance lives a partnership between Moody
Radio and Faith fi. Thank you to Tahira, Amy, Omar
Taylor and Rihanna. We'll see you tomorrow.
All his days are full of sorrow and his work
is a vexation. Even in the night his heart does
not rest. This also is vanity. Ecclesiastes 223. Hi, I'm
Rob West. That verse from Ecclesiastes reveals a painful truth.
Even a productive life can feel empty when our work
is driven by the wrong purpose. Wealth on its own
(00:29):
doesn't bring peace. Often it brings more pressure, but Scripture
offers a better way. Today, another lesson from the preacher
in Ecclesiastes. And then it's on to your calls at
800 525 7000. This is faith and finance. Live biblical
wisdom for your financial journey. It's easy to admire someone
(00:51):
who plans wisely, saves consistently, and builds steadily over time.
Our culture praises that kind of discipline as responsible and virtuous,
and often it is. But Ecclesiastes challenges us to ask,
what's driving all that effort? In Ecclesiastes 218, the preacher writes,
I hated all my toil, seeing that I must leave
(01:12):
it to the man who will come after me. He
isn't condemning hard work. He's grieving that all he's built
will one day be handed off, possibly to someone who
won't value or steward it well. That's where sorrow begins.
Not in failure, but in success without peace. All his
days are full of sorrow, and his work is a vexation.
(01:33):
Even in the night his heart does not rest. The
more we accumulate, the more we fear losing it. What
promised security only multiplies anxiety. What a striking image. Someone
lying awake at night. Not from failure, but from success.
The more he possesses, the more he worries. Well, this
is the irony of accumulation. It convinces us that security
(01:56):
is just one more achievement away while quietly making us
more anxious the more we gain. Jesus echoes this same
warning in Luke 12. He tells the parable of a
rich man who reaped such a Bountiful harvest that he
decided to build bigger barns to store it all. His
conclusion take life easy, eat, drink and be merry. To
the world that sounds like winning. But Jesus called him
(02:19):
a fool. Why? Because that very night, his life would
be demanded of him. Then comes the haunting question. The
things you have prepared. Whose will they be? What's even
more interesting is the context of that parable. Jesus tells
it in response to a man asking him to settle
an inheritance dispute. This wasn't someone who earned the wealth.
(02:40):
He simply wanted his share, and maybe more. Jesus warning
is clear a greedy heart isn't the only danger. An
entitled heart is just as spiritually destructive. And that's exactly
what the preacher feared in Ecclesiastes. Its wealth falling into
the hands of someone who didn't labor for it and
may not know how to handle it wisely. We see
(03:02):
this all the time in real life. Many financial advisors
and estate planners will tell you that inherited wealth, especially
when passed down without spiritual or emotional maturity, can do
more harm than good. It can fracture families, distort priorities,
and erode purpose. The problem isn't money itself. It's the
absence of wisdom alongside it. That's why this lesson matters.
(03:26):
You can save well, build wealth, and still feel anxious
and unsatisfied. Not because you failed, but because you expected
your efforts to give you only what God can. Peace,
joy and purpose. But here's the good news Ecclesiastes doesn't
leave us in despair. In verse 26 we read. To
the one who pleases him, God has given wisdom and
(03:48):
knowledge and joy. The solution isn't to stop working or saving.
Solution is to stop worshiping our work, stop defining success
by the size of your bank account, and start defining
it by your faithfulness to the one who owns it all.
When we live as stewards instead of owners, the pressure lifts.
We begin to see wealth not as a prize to
(04:10):
secure our future, but as a tool to serve God's kingdom.
Accumulation loses its grip and generosity takes root. That's when
real joy begins. So ask yourself today, am I building
bigger barns? Or am I faithfully stewarding what God has
already entrusted to me? Am I chasing peace through my
possessions or receiving it from the Prince of Peace himself?
(04:34):
Because in the end, peace doesn't come from what we've earned.
It comes from who we trust. Now, if you're wrestling
with these questions, we'd love to help. That's why we're
excited to offer our brand new Bible study based on
Ecclesiastes called Wisdom Over Wealth. It dives deeper into this
theme of dethroning the idol of accumulation and learning to
(04:55):
live with contentment and purpose. This month, when you support
the ministry of faith by with a gift of $35
or more, we'll send you wisdom over wealth as our
way of saying thank you. Just head over to Faith
to request your copy. That's faith. All right. Your calls
(05:15):
are next. 800 525 7000. We'll be right back.
S2 (05:32):
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 (05:56):
Thanks for joining us today on Faith and Finance Live.
I'm Rob West. Looking forward to taking your calls and
questions today. The number to call 800 525 7000. Again
that number 800 525 7000. We've got room for you today.
We'd love to tackle whatever is on your mind. And
we can do so when you call right now before
we head to the phones in the news today, most
(06:18):
people are aware of the dangers of accumulating credit card
debt or missing payments. But there's another risky habit many
haven't heard of. And it's called credit cycling. It happens
when someone repeatedly maxes out their card, pays it off quickly,
and then immediately starts spending again, essentially churning through their
credit limit to spend more than the limit allows. While
(06:41):
it might seem like a clever, clever workaround, experts warn
it can backfire. Doing this occasionally may not raise eyebrows,
but consistent credit cycling is often seen by issuers as
a red flag. It could result in your credit card
being shut down or your credit score taking a hit.
That's because your credit utilization ratio, and that's the amount
(07:04):
you owe compared to your limit, is a major factor
in your score. Even if you're making payments on time,
credit cycling can signal financial stress or risky behavior. If
your credit card is closed or your total credit limit drops,
that could raise your utilization rate and further damage your score.
And so be sure whenever you're using credit cards, only
(07:27):
use them for budgeted items, pay them off in full,
and keep an eye on that credit score. But something
to hopefully just put on your radar today. All right.
We're going to begin taking your calls and questions in
just a minute. We have lines open for you today.
We'd love for you to call right now. Whether it's
paying down some debt you have, maybe it's investing for
the future. Perhaps you're thinking about how to align your
(07:49):
values with your investments. We'd love to help you think
through that today. Or maybe it's just living within your means.
Whatever you're wrestling with today, your opportunity to call right
now is 800 525 7000. By the way, our second
edition of the Faithful Steward magazine is out. Uh, issue
number two. We'd love to put a copy in your hands.
(08:12):
It's full of some incredible content around how you can
steward God's resources wisely. And one of the articles in
there addresses a topic we hear so much on the program,
and that is how do I think about retirement in
light of biblical wisdom? You know, the conventional approach to retirement,
that secular vision of retirement is weighed down with images
(08:35):
of sailboats and gag retirement gifts and vacations to the tropics.
But God's Word really has a different vision of aging.
And this comes right from this article that Jeff Hanan
wrote for us, called An Uncommon Retirement, listen to the
words of Psalm 92 and think about how this sits
alongside the cultural view of retirement. Psalm 92 the righteous
(08:56):
flourish like the palm tree and grow like a cedar
in Lebanon. They're planted in the house of the Lord.
They flourish in the courts of our God. They still
bear fruit in old age. They are ever full of
sap and green. You know, the biblical call and retirement
is certainly to faithful stewardship, but not just in our finances.
I think there's a deeper call in the stewardship of
(09:17):
our experiences and our skills and our very lives for
the well-being of others. You know, we I think Christian
hope means aging and frailty and death are not the end.
We live in the ever shining dawn of the resurrection.
This life is just the beginning of the life that
is truly life that we read about in first Timothy.
And I think that biblical picture of retirement is not
(09:39):
one of heroism or hedonism, but really listening to God's
voice and responding in love as elders, intent on sharing
wisdom and blessing with the next generation. It's simply a
life of service, pointing others beyond ourselves to the servant
in whose image we are made. So the question what
(09:59):
am I going to do with my retirement is an
important one, and I think if we attune our ears
to God, we'll hear Christ say, peace be with you
as the father has sent me. Even so, I am
sending you. That comes from John 20. Think about that
as you consider either an upcoming retirement or this season
that you're in. As you think about the fourth quarter,
perhaps not as something you retire from, but something you
(10:22):
retire to where you're using your wisdom and experience as
an elder at the city gate to invest in the
lives of others. By the way, if you want to
read articles like this, you can receive Faithful steward four
times a year. When you become a faithful partner, you
can do that at Faith comm. All right. We're ready
to dive into your questions today. Again that number 800
(10:42):
525 7000. You can call right now. Let's go to Chicago. Hi, Finny.
Thanks for calling. Go ahead.
S3 (10:50):
Hey, thanks for taking my call.
S2 (10:52):
Sure.
S3 (10:53):
Yeah. We have an adult, uh, handicap. It's going to
go nowhere. And it seems like whatever you said just
now about peace and joy. And don't put the money
in the barn. It's really not for us. It's really
for the to provide for him. And doesn't look like
there's enough money in the whole world that we can
save enough for him. And how do you how do you.
(11:16):
The question is, how do you, you know, relate it
to what you just said. Doesn't look like it applies for.
S2 (11:22):
Yes.
S1 (11:23):
Yes. Well, I appreciate that so much. And Finny, with
a a child who has special needs, um, there are
special considerations to be given to protect. Protect your child's
future and not Could disqualify them from vital government benefits
like Medicaid or SSI. And so I think we always
(11:46):
have to to take this council and run it through
the lens of where God has placed you. And, you know,
as as parents in this position, I know you feel
the weight of that. I think we can trust absolutely
that and depend on God as provider. But you also
need to exercise wise stewardship. And so I think this
(12:07):
perhaps this idea of accumulation is, is a different situation
when we're talking about preparing for the needs of a
of a lifelong dependent that's going to have ongoing financial needs.
That's completely different than what we're talking about when we're
idolizing accumulation just for our, you know, own enjoyment. Now,
(12:28):
there's nothing wrong with enjoying what God has called us to.
The question is, is that replacing really our desire for
him as our ultimate treasure? But I think you all
are in a different spot here and really should think
about it in a different way. Um, and I think
it's very appropriate for you to say, as God provides,
we are going to store up in a very thoughtful
(12:50):
way the resources that our special needs child is going
to need as an adult throughout the rest of his
or her life. Um, often that most effective tool is
a special needs trust. It will allow you to leave
money for your child's care, be managed by a trustee
without those assets counting against benefit eligibility. Um, you can
(13:14):
use trust an able account a b l e. You
may or may not be familiar with that. The two
of them together can be very effective because they allow
for different types of expenses to be covered. And so
that's where I think these two tools, um, both protecting, uh,
you know, government benefits. Um, but also continuing to provide
(13:37):
resources throughout your your child's life, even as an adult, uh,
as needed. And so I think, uh, you know, I
would listen differently to, uh, today's opening topic. And really,
I would say that doesn't apply to the situation you're describing.
And I would lean into that. If you need a
suggestion on an advisor who has a particular expertise in
(13:59):
special needs planning, uh, we'd be happy to make that connection.
So you can hold the line and we'll find out
if you need that. But regardless, I would seek out
an advisor who has a special competency in this area
and could take advantage of a special needs trust or
an able account or both. So I appreciate your call today.
Thanks for listening and calling. I hope that was helpful.
(14:20):
May the Lord bless you. We'll be right back. Great
to have you with us today on faith in finance
live helping you live as a faithful steward, Recognizing money
is a good gift from God, but that good thing
can become a bad thing when it becomes a ruling
thing in our lives. We want to help you see
(14:41):
God as your ultimate treasure. Money is a tool to
accomplish God's purposes. Whatever you're thinking about in your financial
life today, we'd love to help you navigate that. You
can call right now 800 525 7000. We've got lines
open today. Questions on any financial topic. Investing, getting out
of debt, saving for the future. Giving wisely. We'd love
(15:02):
to hear from you again. Lines are open. You'll get
right through at 800 525 7000. Our team is standing by.
You can call right now. Let's head back to the phones.
Chattanooga is where we're headed next. Adrian, how can I
help you?
S2 (15:15):
Hi.
S1 (15:17):
Hi, there. Thanks for calling.
S4 (15:20):
Thank you for taking my call. So I was calling
about a question. My husband and I are in second marriages,
so we have a blended family and his children are
older than mine. We have amassed wealth together, but he
amassed most of it before our marriage. His children are older,
so they have already become independent. Mine are not. Their
(15:43):
college age. I have three in college, and our conundrum
is using our money in the here and now. He
would like to struggle and save every penny and scrimp
and not live and have the children amass debt and
give generational wealth. And I would like to share the wealth,
(16:05):
not have our friends and family have debt, and us
to enjoy our life now, giving to the church and
charitable causes and keeping our children out of debt.
S1 (16:16):
Yeah, yeah. Well, I appreciate that, Andrea. And I realize
these are difficult but very important conversations to have. And
it becomes even more complex in a blended family because
I recognize there's assets that were brought into the marriage
with kids that were from a prior marriage. So, you know,
(16:37):
now brought into the marriage. And often, even though I
think prenuptial agreements can be difficult and break trust and
is not something I would typically advise. I think there
is a way of of talking about how are we
going to structure our estate plan, recognizing the children that
were from prior marriages, recognizing there are assets from, you know,
(17:00):
that were amassed prior to our marriage, and deciding with
togetherness and oneness and trust and open and honest communication
how we're going to handle, particularly those assets related to
the kids that were amassed prior to the marriage. But
I think it is important, and you all are going
to have to talk through this, that we decide that,
(17:21):
you know, once you're joined together from that point forward,
you know, that we see these as marital assets, and
that's where you need to find, you know, God's heart
and a plan for how you reflect your values and
your wiring and how each of you has come to
the table and you know from prior experiences and create
(17:42):
a plan that reflects the two of you, is now
one flesh moving forward and how you're going to steward
those resources, recognizing, you know, and this is very common,
one might want to hold a little more tightly and
and save the other might want to enjoy and give
and support. And neither of those is bad unless it
creates conflict in the marriage. And that's where we need
(18:04):
to come with understanding and really seeking, starting with our
values as Christ followers, but now as one flesh, to
create a plan that reflects both of us giving and
you know, to one another, and recognizing that there should
be some element of enjoyment now. And certainly generosity is
on the heart of God. And I think, you know,
(18:25):
we were creating the image of the ultimate giver. So
we should be givers as God's people. But I think
there's also a prudent element to, you know, saving. And
I think there's a way to accomplish both, but both
have to be willing to come to the table and
hear and listen and understand, and then be willing to
create a plan that reflects the two of you. And ideally,
that would be done, you know, between the two of you.
(18:46):
But it may involve a third party like a counselor
that or a financial advisor that understands the counsel of
Scripture and can really help you chart that path forward. Uh,
a book that I would recommend, and we'd be happy
to send it to you as our gift by our
friends Ron Diehl and Greg Pettis is a book called
The Smart Step Family Guide to Financial Planning. Money Management.
(19:09):
Before and after you blend a family. And Ron and Greg, uh,
you know, Ron, from the kind of the counseling side of, uh,
of families and Greg from the financial planning side come
together to create this really helpful resource. And it deals
with estate planning, and I think it could help give
you a pathway. They talk about something called a togetherness agreement,
(19:31):
which is kind of a God honoring version of a,
you know, of what you might think of as a
prenuptial agreement, but with an entirely different approach. And I
think it could give you a path forward. But ultimately,
you're both going to need to be willing to come
to the table prayerfully and with a desire to find
God's heart and a path forward that again reflects each
(19:52):
of your wiring. But you know, each of you also
being willing to to give to the other, because I
think there's an element of, listen, you know, our kids
need to make decisions, as you know, emerging adults and,
you know, in some cases experience the the school of
hard knocks. And then there's another element of we also,
you know, have been blessed with much. And so there's
(20:14):
an appropriate role for us to give and support. And,
you know, those are not easy decisions apart from a
blended family, but they're even more difficult after a blended family.
and I recognize that. So I think it's going to
involve you all. Um, you know, praying through this, uh,
hopefully this resource will help. And then whether it's a
counselor or a certified Kingdom advisor there in Chattanooga, I
(20:37):
think you need to find somebody who can help guide
you all toward the vision around what I'm describing here today.
But give me your thoughts on all that, because I've
thrown a lot at you.
S4 (20:48):
Oh, you've given me a just a wealth, no pun intended,
of information. And I think that that's exactly what I
was looking for is something to talk about together. And yes,
very importantly, we did talk about a lot of it beforehand.
But as life evolved, you know, I think both of
our values kind of were very different. So, yeah, you've
(21:08):
given me a lot to talk about and I'm going
to go from that. I appreciate it so much and
I'm very interested in that book.
S1 (21:15):
Awesome. Well, I'm delighted to hear that, Adrian. And I'm
going to be praying for you, because I know these
are hard conversations and yet they can be very God honoring.
When we come to the table with the right heart, posture,
a willingness to learn and understand each of us and
find the path forward in a way that can truly
do something special. As you all use God's resources as
(21:36):
a tool to accomplish God's purposes with your family, enjoying
what God's given you, giving it, but also saving it appropriately.
Stay on the line. We'll get your information and get
this book out to you. God bless you. We'll be
right back.
S5 (21:58):
Great to have you with us today on.
S1 (21:59):
Faith and finance live here on Moody Radio. I'm Rob West.
We're taking your calls and questions, and we do have
a few lines open. You want to call right now
any financial topic today? 800 525 7000. That's 800 525 7000.
Let's go to New York. Sue, I understand you have
a question today as you drive along the way. So
let us know how we can help.
S6 (22:22):
Well, last year about this time, I had like six
credit cards and there was about five, six, $7,000 on each.
And I was told that because we'd had them for
so long and we'd paid so much money in interest
that I should let at least I should let them
all go but one, and then, um, pay off the
(22:45):
one and just use it for when I needed it. Well,
I did let three of them just go. Uh, the
three larger ones. And, um, I've been paying on the
other three this past year, and they've done just exactly
like the guy told me they would do. They, you know,
put it in collections, and then they now have turned
(23:07):
it over to an attorney. And I'm just wondering, what
should I they they also have offered like instead of
being 9000, uh, you know, I could pay that 1500
or something like that. And I'm just wondering, what should
I do now? I mean, it's my credit's already ruined.
And the way he explained it to me is nobody's
going to lose their job. Nobody's going to, you know,
(23:29):
you're not doing anything to hurt anybody. Um, and and
you've paid all this already and in interest. So I
don't know what to do now. Yeah, I kind of
feel convicted about it.
S1 (23:44):
Yeah. I'm so sorry. Uh, Sue, for the situation that
you're in, it sounds like you've connected with what's called
a debt settlement company. Um, which I wish I would
have talked to you a year ago, but we'll talk
about the path forward. I would have not recommended that, uh,
for various reasons. Number one is I resonate with your, uh,
feeling like you need to honor your obligations regardless of
(24:06):
how much you've paid in toward principal repayment and interest. Uh,
as much as we don't like carrying credit card debt,
it is an obligation that we've committed to. There's severe damage,
not to mention the legal implications with judgments and so forth.
And then there's no guarantees the creditors aren't required to settle.
Any forgiven amount can be taxable. And they do often
(24:30):
charge high, high fees. And there's a lot of kind
of bad actors in this space. But I think the
bottom line is the question is how do we proceed forward?
And here's what I'd like for you to do. I mean,
my preferred way for you to handle credit card debt,
and we may actually be able to get the the
accounts in collection re-emerged and into this program is something
(24:53):
called debt management or credit counseling. And our friends at
Christian Credit Counselors is the organization we recommend. Thousands of
our listeners have used them. They're all believers. And unlike
debt settlement where you stop paying and they go into
collections and charge offs and judgments and, and credit, you know,
trashing your credit. This is completely different. The debt management
(25:16):
program credit counseling is a program that is already in
place inside every creditor, Capital One and Citi and Bank
of America. They all have a credit counseling department. So
the account gets closed, it gets moved into the credit
counseling program. It stays with the existing lender. And, you know,
it's a it's a program that's already in place. So
(25:37):
you just pay through the nonprofit credit counseling agency. They
pass it along to your creditor. And by going into
the program, they'll drop the interest rates, not always to zero.
In some cases they do, but usually less than 10%.
But when you go into that program, any accounts that
are past due would be re aged, brought current. And
as long as you stay current on your payment, then
(25:58):
you know you'll get it back on track. Now, the
only question would be whether or not that's going to
be possible, just given how far past due these are,
these accounts are. And the fact that you're now with
a collection agency and it's been purchased away way from
the original creditor. We may or may not be able
to deal with those, but they'll be able to advise
you on that. So if you'd like, I can give
(26:20):
you the website or you can stay on the line
and our team will give you the phone number, but
that would be the direction I would go.
S6 (26:28):
Okay. And then so pay it back. What's left? What
you said now an attorney was going to get involved.
What happens if attorney gets involved?
S5 (26:37):
Yeah.
S1 (26:37):
The attorney is just going to try to get you
to pay on what you owe. And they're going to
add a bunch of fees to it, which is just
going to raise the balance. And they could seek a
judgment where they go to a court. And the judge
just acknowledges that the debt is owed. And then, you know,
depending on how much is owed and so forth, there
are certain ramifications on that in terms of how they
would proceed on collection. But we want to try to
(27:01):
avoid that attorney getting involved because the attorney has to
get paid, and that's going to add additional cost to this.
So I think that's why it would be important for
you to go ahead and get this, you know, over
to Christian credit counselors, let them evaluate all of the accounts,
come up with a plan that allows you to start
moving toward repayment in a way that everybody acknowledges. So
you're back in good standing now.
S6 (27:24):
Okay. Well, the reason we got in this shape, well,
there's a lot of reasons. But one of the things
is I'm we're both I'm 72, my husband's 75. And
I've gone back to work since then just so I
can pay for his medicine. And, you know, that's the
problem is having that much each month to come up
(27:45):
with because, you know, our Social Security's kind of a
joke right now with us. I mean, yes, it is
what it is.
S1 (27:53):
But yeah, I know that's real, Sue. And I totally
get that. And I and I understand that can be challenging.
And he's got to have the medicine and I realize
where it's it's expensive that, you know, can add up quickly. Uh,
would you be in a position. Well, let me ask
you this. What's the total amount you owe today? Do
you know?
S6 (28:15):
Oh, no, not really, because those three I'm just not
kept up with. Um, probably around, probably around 15,000. Maybe
a little more. I don't know.
S1 (28:26):
Okay. Yeah. I mean, all right. So at 20,000, I mean,
typically the payments somewhere between 2 and 3% though. So
that would be somewhere between 4 and $600 a month. Uh,
you know, for you to get, uh, moving toward paying
these back if, if they were all able to be
put in the program and again, they might not be.
(28:47):
Would that be something you could absorb?
S6 (28:51):
Oh, no, I couldn't pay 400. No. That's why I
had to do this because I couldn't pay it. Okay.
S1 (28:57):
Yeah.
S6 (28:58):
Yeah. And I mean, I should.
S1 (29:00):
Well I understand, so I think the key is there,
and I realize you can only do what you can do. And, um,
so it probably would behoove you to get some legal counsel,
just so you understand the implications of what could happen
if they do get a court judgment that could allow
them to garnish wages or, you know, attach a bank account,
depending on the state laws. So that's why some legal
(29:23):
advice would be important. That's not automatic. And it would
involve them going to court and getting that judgment before
any of that could happen. Do you have an attorney?
Perhaps somebody in your church or somebody that's a family
friend or that, you know, that could advise you on this?
S6 (29:40):
Um, not not an attorney, I don't know.
S1 (29:43):
Okay. So you may just want to call your local
church and see if they could make a referral to you,
somebody that might just be able to give you some,
some legal counsel here so you understand what's possible, and
you don't get caught off guard by any, any of it.
You could also reach out to Christian credit counselors. They
may have some suggestions for you. I realize there's not
a quick fix to this, and you've got a lot
(30:04):
on you. And so, um, the Lord, uh, knows your
needs here, and he is our provider, and we can
trust him in that. So we're going to ask him
to provide. I would also encourage you to make this
known to your local church. Perhaps they'd be willing to
step in and help here in some way for you
all to get beyond this. Just given the situation with
the high cost of these, uh, these drugs that your
(30:26):
husband needs. So, uh, we'll be praying for you. You
stay on the line. Our team will give you that
phone number to Christian credit counselors. And, uh, let us
know how this turns out to the Lord. Will be
near to you through all of this. I'm confident in that.
Thanks for your call today. Well, folks, uh, we're going
to take a quick break. When we come back, our
final segment just around the corner. We'll be right back.
(30:53):
Thanks for joining us today on Faith and Finance Live.
I'm Rob West. Let's head right back to the phones
here in our final segment. By the way, I do
have room for perhaps one more question before we round
out the broadcast today. 800 Five. Two. Five. 7000. Uh,
Jeannie is in Florida. Go right ahead.
S6 (31:09):
Yes. Hi.
S7 (31:10):
Uh, thank you for taking this call. I've always wanted
to call. I always loved the wisdom that you give forth. Um,
I have a simple question. Um, I pretty well set, uh, financially.
I don't owe anything. I tithe regularly, I have a
little savings, and I just came into some money, like
(31:31):
about $11,000. And I'm wondering if you could give me
some suggestion as to where to invest this money so
that I can get some, uh, the, the best return
I could get, but yet keep it, uh, you know,
open in case I needed it.
S1 (31:51):
Yeah, yeah. Very good. Jeannie. Uh, a couple of questions. Uh,
if you if you don't mind sharing these. And if
you do, just let me know. That's no problem, too.
What's the total amount that you now have access to?
S7 (32:03):
I have, I have 11. Well actually I have 15,000.
S1 (32:08):
Okay. And is that in savings?
S7 (32:10):
It's cash right now it's just cash.
S1 (32:13):
Okay. You're just keeping that at the house or where
is that.
S7 (32:16):
Yeah. Okay. Yeah. Exactly. Yeah.
S1 (32:19):
All right. I probably would only keep, uh, you know,
maybe up to two weeks worth of expenses. Uh, at
the most cash on hand. I'd put the rest in
a savings account, perhaps a high yield account, which are
still paying a decent amount of interest. But I'd probably
not keep that much cash laying around the house. Um,
what about the, uh, the. Was it an inheritance or
(32:41):
an investment? The gift that you received?
S7 (32:44):
Actually, I had, um, I had a business that, um,
I could I just sold off, you know, some remnants
of it.
S1 (32:51):
Okay, great. And how much do you have from that?
S7 (32:54):
That's what I have. I have, I have 11. I
did have three that I was saving for new, uh,
you know, piece of furniture or something. Okay. Yeah. So
I have $11,000.
S1 (33:06):
Okay. Got it. And then do you have other assets
like investments?
S7 (33:10):
I do, I have, like, about $158,000 in with Stifel
and Nicholas. And, uh, I have a broker who takes
care of all that. Okay. Uh, you know, and then, uh. Yeah.
And then in my checking account, I have way over
what I need to live on, you know? I do
have my emergency funds and all that.
S1 (33:33):
Okay. And do you have do you have 3 to
6 months worth of expenses in your checking account?
S7 (33:40):
Yes I do.
S1 (33:41):
Okay. Yeah. So I would probably use a combination of
your checking alongside a high yield savings account. So, um,
you know, at 80, I'd probably have at least six
months expenses. Um, how many more months? Over six months
do you think you have in been checking up.
S7 (34:01):
Well, let me think. Uh hmm. Now you got me
having to do math. Um, I would say I probably
have right now, I my monthly expenses are about 2000,
and right now I have eight.
S1 (34:17):
8000. Okay, so you have four months expenses in the bank. Um,
and maybe one month is already spoken for, so let's
call it three. So I'd probably not, you know, do
anything in the way of investments with this additional 11,000.
I would just kind of see this as shoring up
your emergency fund. Uh, so the goal there would be,
(34:39):
how can we get some interest on it and keep
it safe, but very liquid in case you need it.
And that would be, for me, a high yield savings account. Now,
if you're comfortable using the internet, and I realize you
may not be. Um, I would typically recommend as a
starting point an online savings account. So you know whether
(35:00):
that's a CIT bank or Capital One or Marcus. I mean,
one of them that's paying somewhere around 4% right now
because that would allow you, let's say you had, you know,
15,000 between, you know, the 11,000 and whatever is considered
your emergency in your checking. Um, you know, on 15,000
(35:22):
that would allow you to earn $600 in interest over
the next year. It would be very safe because it
would be backed by the full faith and credit of
the United States government with FDIC insurance, and you'd be
completely liquid. So if you needed to get to it,
you could, um, if you're not comfortable using the internet
and opening an online savings account, because those are the
(35:44):
only banks that are paying those rates. Um, and by
the way, I'd recommend you check out Christian Community Credit Union. Uh,
join Christian Community. They have a special offer right now
where you can get up to a $400 bonus with
the keyword Faith VI. For our listeners. And there, you know,
it's privately insured. Um, you know, it's you would be, uh,
(36:06):
know that you're with a banking partner that, you know,
shares your values as a Christian. And again, it's join
Christian community.com. Now, if you said to me, Rob, I
just want to stay with a local brick and mortar
operation where I can walk in the door and look
somebody in the eye, I don't want to do it online.
Then I'd probably say, let's look around in your area
there in Florida and see if you can find a
(36:28):
credit union. Perhaps that's offering a rate somewhere close to 4%.
And then I would go with that option, which sounds
like it'd be the best fit for you.
S7 (36:38):
Well, I have looked around here and I've looked even
in my own bank, and, uh, I understand it. I am,
you know, less risky. So I was thinking of doing
it online, but I was a little skeptical, but I
do like what you just told me about the community.
(36:58):
What is it called? I don't have a pencil. So. Okay.
I looked all over my car. I have not one
pencil or pen. Okay. Um.
S8 (37:08):
Yeah, I don't know. Um, well, I think this would
be easy to remember. Or.
S1 (37:13):
Um, we could, uh, have you hold the line and
our team could get your phone number, and we'll send
you a text message or an email with the information.
But essentially, when you get home and you get in
front of your computer, you're going to want to go
to join Christian community.com. And that's going to be a
credit union that shares your values as a Christ follower.
(37:35):
And they have a high yield savings account that you
could use. And there's that special bonus offer for Faith
fi listeners, where you could have an additional $400 added
to your account. Um, but it's a a full service
banking partner. Uh, part of every dollar that you invest,
you know, you put with them, uh, would go to, um,
(37:58):
Christian Ministries, and they pay 5% APY on balances up
to $5,000. And then it's a nice interest rate beyond 5000.
And then you get this, this bonus of up to
$400 when you use the keyword faith fi. So, uh,
why don't you stay on the line? Our team will
get your contact information, and we'll get in touch with
you with all the details. Okay.
S7 (38:21):
I'm so glad. You know, I put your phone number
into my phone. I don't have a computer. And and
it rang so.
S1 (38:28):
Well, there you go.
S7 (38:29):
Oh, I guess I guess it.
S1 (38:31):
Was.
S7 (38:31):
A good time.
S1 (38:33):
Well, I'm so glad that you did so much. Thank you.
S7 (38:35):
You're welcome.
S1 (38:36):
We'll get your information, and one of our team members
will get in touch with you to give you all
the details. Thanks for your call today. Uh, let's go to, uh. Well,
we'll stay in Florida, Dwayne. Go ahead.
S9 (38:47):
Oh, hey, Rob, thank you so much for having me
on your station there?
S1 (38:50):
Absolutely, sir.
S9 (38:52):
Yes, sir. So, um. Yeah, my wife and I were
both chiropractors, and my wife has been called to stay
at home and homeschool our children. And, uh, we we've
started over our business. This will be our third clinic
that we've started. We sold one in the where we
used to live. And, uh, yeah, we're still struggling to
pay off our student loan debt. It seems like every
(39:12):
time we start a clinic, you know, it's hard to
get started back up, so, um. Yeah, just. We would
like to buy a house. We've not bought one down
here yet and just don't know where to start, because
we we both still have a lot of student loan debt.
And I like, I feel like I'm a slave to
the lender. You know, I really have that on my heart.
I want to pay it off, but I also want
(39:33):
to give my wife and my kids the house that
they want.
S1 (39:36):
Yes, yes. Well, I realize these two tensions, Duane and
I certainly get that. And I can understand your conviction
to be debt free. And I also understand that the
security that comes, uh, you know, from your around owning
a home and, you know, your desire to be able
to provide that for your family. And, and I think
we need to move forward toward both and do that
(39:57):
in a way that's thoughtful. And I think the two
of you need to come together and really pray through
this and, and agree on a path forward where you
can honor both of your convictions. Um, give me just
kind of a rundown of where you're at right now.
What do you have in emergency savings? Anything?
S9 (40:13):
Uh, yeah, we have probably 10,000.
S1 (40:16):
Okay. And are you living within your means and have
a little bit left over at the end of the month?
S9 (40:21):
Yeah, but, I mean, I, I think we have trouble
from our personal, like we use the business for. Yeah.
A lot of the. So I think that's always been
our issue when I try to go make the budget,
I don't know if I make the budget for the
business first or the personal, and I don't know how
to separate those two. And I haven't found anyone really
help us with that. So I'd really like some direction
with that.
S1 (40:41):
Yeah. Well, that's going to be a really critical step.
That was the other thing I was going to tell
you is we've got to find separation between those, and
you've got to be able to put yourself on a
consistent salary, you know, or compensation that covers your budget and,
you know, allow the business to run separately by dividing those.
(41:02):
It's going to help with taxes. So you can have
true deductions for business expenses where, you know, you run
into problems when you're mixing personal finances. Because if you
were challenged on that from the IRS, you're going to
have a difficulty justifying those. And so that's why keeping
it separates key. You also can't ever tell truly how
the business is doing. But when it stands on its
own and you create the business, you know, plan, business
(41:26):
plan and budget and so forth, and then you pay
yourself more of a consistent amount where when you have
a big month, you retain it in the business. And
when you have a low month, you pull from some
of those reserves and you try to normalize that compensation
coming over. Then that allows you to build the personal
spending plan on something, you know, that's a little more consistent.
So you don't have these wild fluctuations which make it
(41:49):
nearly impossible to budget against. So there's a lot of
good reason for you to kind of separate these out,
keep a separate set of books for the business and
the personal finances. You really need to find a small
business CPA, somebody who specializes in that. I'd head to
our website. Com and click Find a Professional. And what
you're going to want to do is ask for a
(42:10):
referral to a CPA who specializes in small businesses and
let them know what you're looking for, and you should
find one that can make that connection for you to
a godly accountant or CPA who can really help you.
Because I think that's the next step. And then you
can create the budget, and then you and your wife
can come together on how much are we saving, how
much are we paying off debt? And probably it's a
(42:30):
combination of the two. God bless you, Duane. We appreciate
your call. Faith and Finance lives a partnership between Moody
Radio and Faith fi. Thank you to Tahira, Amy, Omar
Taylor and Rihanna. We'll see you tomorrow.
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Dateline NBC
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Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.