This episode is about building a legacy of lasting financial wealth beyond the 401(k) plan.
Kyle and Selina explore what it means to build a lasting financial legacy that extends beyond the accumulation of wealth to developing proper money mindsets for future generations. They explore practical ways couples can establish financial foundations that will benefit their children and communities.
• Breaking generational financial curses through intentional money management
• Teaching children financial literacy from an early age
• Separating personal identity from financial status
• Starting investment habits early, even with small amounts
• Seeking wisdom from financially literate mentors
• Understanding the appropriate role of life insurance
• Considering income-generating property investments
• Maintaining generous giving as the foundation of Christian financial stewardship
• Developing an entrepreneurial mindset rather than employee thinking
• Creating financial independence for greater ministry opportunities later in life
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
It is time for you guys to build a lasting legacy
around your finances.
Is a 401k.
Enough Generational curses andmoney mindset.
It would be foolish not to talkabout it.
Speaker 2 (00:10):
Life insurance is important if you have something
to lose.
Speaker 1 (00:15):
We're not perfect people.
Speaker 2 (00:17):
By any means.
Speaker 1 (00:18):
But by trusting in God we learn what it takes to
build a friendship.
Speaker 2 (00:22):
A relationship.
Speaker 1 (00:24):
And marriage that has stood the test of time.
Speaker 2 (00:27):
With a Keeping it Real style.
We're going to talk to youabout everything everything that
we've been through are goingthrough and have overcome All by
learning how to lean on God andeach other.
Speaker 1 (00:39):
In order to help you learn how to love by faith.
Hi Kai hey how you doing heyhow?
Speaker 2 (00:59):
you doing.
Speaker 1 (01:01):
How you doing.
Are you having a good day?
Speaker 2 (01:04):
Yeah, it was a really good one.
A lot of family time, it wascool.
Speaker 1 (01:09):
My day was.
You know, I slept in today andI turned my alarm off and I just
said you know what?
I'm just going to let my bodywake me up.
I slept for 10 and a half hours.
Speaker 2 (01:22):
That's great Reset Redo.
Speaker 1 (01:24):
I slept for 10 and a half hours.
That's great.
No reset, redo.
I slept for 10 and a half hours.
Speaker 2 (01:26):
If you have the ability, take it thinking about
our health.
Episode yes, I was like I knowshe needs a reset.
I know she's been complainingand telling me that she feels
burnt out feeling it, yeah, andthat the summer drag is
happening, and so I was like no,I'm just gonna let her have it
yeah, like you, let me a coupledays ago you let me sleep.
You know, for me sleeping tilleight is a big sleep in yeah but
you let me sleep till eight andjust was like you covered it.
Speaker 1 (01:48):
Yeah, and that's huge man you know to be able to.
If we could be able to have ahandoff like that where it's a
consistent in the weekend.
You know on saturday you sleepin, or you know on or every
other saturday you sleep in.
Every other saturday I sleep inand just take that on.
I think that would be reallybeneficial to our self care, to
(02:09):
our health, to the kids, so thatyou know they get the same
amount of time for each of us.
And yeah, you know, going backinto a few episodes previous to
that, we had the whole anxietyepisode and I did.
I told you I was like I'mfeeling like I'm starting to
burn out and so we cut it, andyou gave me that time, and so I
just I appreciate you.
Speaker 2 (02:28):
Got your back.
Speaker 1 (02:29):
I appreciate you.
You're my homie.
Speaker 2 (02:31):
Thanks, we can work together anytime.
Speaker 1 (02:33):
Welcome to Love by Faith, kyle and Selena here.
We're glad you guys could behere for us.
Yeah, and as we're talkingabout the last series of our
season, which is Legacy,Building a legacy that lasts,
yeah.
Building a legacy that lasts.
Speaker 2 (02:48):
Building a legacy that lasts.
Speaker 1 (02:50):
Building a legacy in your friendships, in your family
circles, in your health, andtoday we're going to talk about
something that couples shouldalways talk about.
Speaker 2 (03:00):
I think I agree.
Speaker 1 (03:01):
And it would be foolish not to talk about it.
I'm just going to be very blunt.
I'm saying this with love, butif you're not talking about it,
then we are lovingly going tocorrect you on it.
Today, it is time for you guysto build a lasting legacy around
your finances when it comes toyour marriage, when it comes to
your relationships.
(03:21):
So, kyle, why is this soimportant?
To talk about specificallybuilding a legacy around
finances.
Speaker 2 (03:27):
When we set out to get married, to have a lasting
marriage, to have a marriagethat lasts, we knew that we had
to be on the same pagefinancially.
God has called us to so manythings financially not us
personally, but us big pictureChristians.
Financially, not us personally,but us big picture christians.
Yes to so many thingsfinancially to to give, to earn,
(03:48):
to save, to give to our nextgenerations, to be prepared in
season and out of season.
All those things wrappedtogether, the big.
The answer I mean is likebecause god's called us to,
god's called us to have afinancial legacy.
Right, right, but how do we geton the same page about legacy?
Because is a 401k enough?
Speaker 1 (04:11):
No.
Speaker 2 (04:12):
I think of financial legacy and I think of when I die
, how much money am I leavingbehind?
Yeah, Is that what you'rethinking?
Yeah.
Speaker 1 (04:19):
I am when I think of financial legacy, I think of
savings, I think of investments,I think of insurance, I think
of wills.
I think of who are you leavingyour assets with so that, when
you die, all those things willgo to probate and you're not
putting your partner through allthese court processes?
(04:40):
I'm thinking of generationalcurses and money mindset.
I'm thinking of if you havechildren or if you desire to
have children, then leaving yourfinancial legacy is leaving
them in a better position sothat they have a better
opportunity to become greaterthan where you started.
Speaker 2 (05:04):
What about churches and ministries and your
financial legacy?
What is that?
What is that?
How does that fall into it?
Speaker 1 (05:11):
I think how you put that into it is by teaching your
offspring and by being generouswith yourself.
Offspring, and by beinggenerous with yourself, like if
you don't have kids, then you'regenerous.
You're showing generositythrough your finances.
(05:34):
And also when you have children, you're teaching them how to be
responsible and generous withtheir finances.
You know, teaching yourchildren how to give and how to
tithe you know which is, whichis what we believe in is
something that doesn't startwhen they're adults.
It starts when they're childrenand you're not necessarily
telling your child.
Okay, for me, this is mypersonal opinion.
(05:55):
I don't want anybody to cancelculture us in any way, but this
is my personal opinion.
If my child is five years old,I'm not going to tell her to
bring a tithe to church becauseshe doesn't work.
How can she give 10% of whatshe doesn't earn?
And same thing with my olderchildren.
Our oldest is nine.
He's not bringing a tithe tochurch because he doesn't have a
(06:16):
job.
He does chores around the houseand so with the chores and by
him earning the money with thechores, we teach him like a
portion of this should be savedto give.
You can give it to the churchor you can give it to a
fundraiser that you see fit.
And then, as they get older,once they start getting a check
(06:40):
with enough, once they start toearn something like that then it
becomes a tie, then they coulddo the 10 off of that and all
that.
But that's how I think thechurch ties into legacy I don't
know about you.
Speaker 2 (06:54):
I do know a little bit about you, but I would hope
so.
But no, but, like when I was akid, my parents did nothing to
teach me about giving ordonating or absolutely sharing
my money or this is how I'msaving for retirement, this is
what I'm doing to save for ourtrip to this or our home for
(07:16):
that, or our next car for this.
Yeah, like, my parents neverhad those kind of talks with me.
Yeah, right, so are thosethings you want to have with our
kids?
Those kind of talks like thisis what our retirement looks
like, this is what our plan is,this is what, financially, you
can look forward to.
So that's kids to our kids.
Speaker 1 (07:35):
There was a long time ago, I think, before we even
had kids, or maybe william waslike an infant.
I was driving somewhere and Iwas listening to Moody Radio and
I heard a lady on the radiotalk about a book and I wish I
remembered the name of this book.
I kick myself for not.
(07:55):
I was driving so I had nothingto write it down on.
And she was explaining howfinancial literacy should begin
at the childhood level.
And it should begin at thechildhood level teaching your
children to save, teaching yourchildren to invest, teaching
your children to earn.
(08:16):
And she said, by the time herchildren were, I believe, 12 or
13 years old, they got a seat atthe family meeting table and
they were able to weigh in onfamily financial choices.
For example, where should we gofor vacation?
How much should we set for thisbudget, for this thing?
(08:39):
and for this event and we havethis much to give around the
holiday season.
Like which charities should wegive to?
Like they had a seat at thetable by the time they were 13.
And then, by the time they were16, they had enough money saved
out of their own money, out oftheir own savings accounts, to
(08:59):
be responsible enough to pay notjust for the car but to pay for
the insurance for the car, forthe gas for the car for, to pay
for the insurance for the car,for the gas for the car, for all
of the things to get them to go.
By the time they went tocollege, they had enough money
saved to basically fund theircollege experience, not out of
helping with the parents.
And it goes back to, like I said, one thing that you could do
(09:21):
with financial legacy is tobreak those generational curses
and to leave your children in abetter place than you were
collar kind of work environment.
Like they worked hard and theywere living paycheck to paycheck
and they were doing what theycould to put us in a better
(09:50):
position so that we can go tocollege.
Like I think back then the goalwas like let's just get them to
college and now that we arecollege educated and there's a
lot of us here who, you know,have been there and have
succeeded in that.
And now we're having kids.
Now it's up to us to take it upa notch.
Now it's up to us to teach thema little bit more so that it's
(10:11):
not just college is the end goal, but like, how are we going to
invest even more?
How are we going to get youpast that?
Speaker 2 (10:17):
you know yeah, a college degree is the new
diploma new high school diplomaand the um.
The financial legacy piece fitsin there in that teaching.
I think it fits in there inthat teaching the kids the
importance of what they do withtheir time and with their energy
(10:38):
and how every choice, every,every choice, is gonna affect
their financial well-being,right, whether you go to college
, whether you get a job now orget a job later, whether you
decide to start a business as ayoung man or young woman If you
want to start a who knows what,you want to sew quilts, you want
(11:01):
to cut grass, you want to paintfences, or go work for a
builder and learn how to buildstuff.
Speaker 1 (11:08):
Yeah, the possibilities are endless.
Speaker 2 (11:10):
Like those are all good financial choices Right,
and teaching the kids how toprepare for those decisions is a
huge part of our financiallegacy financial legacy, and not
just that.
Speaker 1 (11:30):
But I think growing up we were taught that the kind
of job you get is going to giveyou X amount of dollars, which
is going to open doors for thiskind of life, this way of living
.
So you know, if you want tohave a fancy life, you got to
get a big time paying job, andso you got to go to school to
work hard to get said job Right.
And a lot of that way ofthinking though it's was,
(11:54):
intentions were good, A lot ofit revolved around what you make
becomes your identity.
Speaker 2 (11:59):
Yeah, okay.
Speaker 1 (12:01):
What you make becomes your identity and for me,
leaving a financial legacy is todisconnect those two things.
Speaker 2 (12:09):
Okay.
Speaker 1 (12:09):
Your identity does not revolve around your money.
Your finances can open doors toopportunities, but so can other
things.
So can the Holy Spirit.
Like the Holy Spirit can dropmoney on you, and you can, as
long as you have the heart tolearn what to do with that money
, how to handle your talents.
You know what are you going todo with your talents, then it
(12:32):
can affect the rest of yourfuture and the rest of your
legacy, and so I feel like thatis more important to teach and
instill in our kids than whatyou can do with the money you
know, than what you can do withthe money.
Understanding who you are andhow you handle money versus if
you have money, then you're this, and if you don't have money,
(12:53):
then you're that.
Yeah, absolutely I really feellike that can really be
something that we can do todaywith our children to teach them
in a way that would build agreat financial legacy.
But, like, that's just onepiece of the pie.
There are people who havechildren who would take that pie
and you guys can digest that,but for people who don't have it
(13:16):
, if we're just talking about ahusband and a wife when it comes
to finances, what can a husbandand a wife do to build a firm
financial legacy?
Hey everyone, we hope thatyou're enjoying this episode and
right now we want to just takea small minute to introduce to
you the latest thing that wecreated to help you elevate your
(13:37):
relationship and take it to thenext level.
It's called the Love by FaithPlaybook.
Speaker 2 (13:42):
Every good coach knows they have to have winning
plays.
We went through our foundationseries and we pulled out some of
the best winning plays andcreated strategies for you guys.
Plays like how to be betterfinancially, how to do ministry
together, how to be betterromantically, how to be better
family life.
We went through all thesedifferent areas from the
foundation series and put ittogether in a playbook.
Speaker 1 (14:02):
So grab your Love by Faith Playbook today.
You can use the link in thedescription below, enter it, and
the good news about this isthat it is a living document, so
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(14:23):
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Go ahead and get your Love byFaith playbook now and let's get
back into this episode.
Speaker 2 (14:33):
I think for us, one of the parts of our financial
legacy has been that it startsat home, right.
It starts with making good,having a good budget right,
Sticking to the budget.
Sticking to the budget having afinancial plan, at least a
framework of we're going to dothis and this and this.
We're going to rent this housefor this long to pay off the
student loans and then, once wepay those off, we'll buy a house
(14:57):
and then we'll invest in thisand this and this to move up and
to move 401k right and so andwe talked about that in our
finance series exactly what Iwas going to say.
Speaker 1 (15:15):
Go back to the finance series I'll link that in
the description so you guys canstart there if that's where you
need to start right for me.
Speaker 2 (15:22):
One of the things I had to do was was I had a lot to
learn, right?
I knew that these wereimportant things to know, but I
didn't have any guidance.
I didn't have someone to showme how to manage a investment
account.
Speaker 1 (15:35):
To show me what to invest in or show me how to why
is it even important to investin Right and cryptocurrency and
all the things?
Speaker 2 (15:43):
I had to seek wisdom.
My most favorite divineappointment was at a wedding
where Everett told me aboutinvesting in real estate and
investing in properties and howI could use where I was at then
to launch myself in the future.
And then he didn't just tell meabout it, he was like, hey,
(16:05):
let's have a meeting.
I've put together a spreadsheetwith you and he held my hand
through it to teach me how to doit, not just show me this is
possible.
But he took me there and walkedme to the door.
Speaker 1 (16:18):
So finding someone who is more financial literate
than you are.
Speaker 2 (16:22):
Yes, and then being humble enough to read books to
ask questions.
I remember when I was in myfirst big boy job where I had a
retirement plan and we had topick how our money was allocated
for our retirement plan, and Ijust looked at one of the older
guys who was there and who haddone it for 10 years before me.
Speaker 1 (16:43):
Yeah.
Speaker 2 (16:44):
Like what do you do?
And being willing to just ask.
Growing up as a kid, my parentswere always you don't ask
people about money.
You don't ask people about howmuch they make.
Yes, you don't ask people aboutmoney.
You don't ask people about howmuch they make.
You don't ask people about yadayada with money.
And I broke all those rules.
I broke all those rules.
I asked how much they make, Iasked what they did to make more
, I asked what they did withtheir retirement money or what
(17:05):
their retirement plan was andwhat.
To understand these things,because you need to know, you
need to at least get an idea ofwhat successful these are,
people I thought were successful, right, and so they showed me
to, to.
To put this much towards stocks, this much towards mutual funds
.
How much effort do you want toput into it?
(17:26):
I have a question, okay?
Speaker 1 (17:28):
for a couple that is just married.
Okay, just starting out.
Is it important to evenentertain those talks of
investments and 401ks and allstocks?
Speaker 2 (17:44):
Absolutely why you have to have those talks,
because it sets up the visionfor what you want your financial
outcomes to be.
Speaker 1 (17:54):
Do you think every couple should be in stocks?
No, I don't.
Who then?
How do our listeners know thatthey should be the ones?
Speaker 2 (18:05):
Okay, so I'm splitting hairs here.
I think everybody should havesome money invested in the stock
market.
Speaker 1 (18:11):
Why.
Speaker 2 (18:12):
Because of the growth possibility and likelihood of
growth through your financialinvestment.
Speaker 1 (18:18):
Explain it to a fifth grader.
Speaker 2 (18:19):
So if you're willing to endure the hard times of the
stock market, the ups and downs,in the long run you're most
likely going to come out ahead.
You make wise basic investments.
You asked if everyone shouldhave stocks.
No, because the average personcan't just pick a stock and be
(18:40):
successful, right?
The average person, who?
Who hasn't done homework orhasn't studied finance can't
just go and pick and say, hey, Iwant to put money in this stock
and I'm just going to set itand forget it.
You're not able to pick theapples of 30 years from now,
right, because you're looking at30-year range, right?
(19:01):
No, I wouldn't say that.
But I would say that everyoneshould own some mutual funds.
Everyone should be in an indexfund.
That's basic, right?
Something that tracks the indexindex fund so I am a christian
married couple.
Speaker 1 (19:19):
I've been married for a year.
Okay, I have a lot of studentdebt.
I might still be in collegeachieving my degree.
Um, the market is terriblebecause we went to try to look
for houses, to buy a house, andI'm not able to buy one at this
moment.
What should it look like for acouple like this?
What should building afinancial legacy look like for
(19:42):
them?
What are the beginning steps?
You're saying invest in amutual stock fund, mutual fund,
yep Mutual fund.
Some people don't know what thatmeans.
Kyle, what does that mean?
Speaker 2 (19:53):
It's literally.
What is it?
Why should I put money?
Speaker 1 (19:56):
in it when I got a bill here and I got a vacation
there and I got a car note.
Why?
Speaker 2 (20:01):
Because of the interest growth, because of the
growth in the return oninvestment.
That's it.
Speaker 1 (20:08):
At $5,.
Is that enough investment?
Speaker 2 (20:09):
Yes, Start at $5.
You could start at $5.
Or nothing, yes, start at five,you could start at five.
I know when my brother wasstarting out yeah, he was young,
20s, yeah and I was like, if,even if it's 20 bucks a paycheck
, you're gonna go somewhere andthen it's gonna grow and grow
and grow.
And so one of my favoritetechniques is you're gonna tithe
(20:30):
10, you're gonna're going togive 10% to yourself, right, you
pay your bills.
So before you even tithe your10%, you put 10% into your
retirement side.
Speaker 1 (20:41):
Okay.
Speaker 2 (20:41):
Into this retirement account.
Okay, there's banks likeFidelity, schwab.
What's the other?
There's a big one, another bigone I can't think of.
There's a lot of them.
I would stay away if you'reyoung and don't know what you're
doing.
I would stay away from RobinHood.
I was going to say and Webullis another popular one that
(21:02):
people are talking about.
Yeah, if you're not willing todo the homework and understand
what you're getting into there.
Speaker 1 (21:06):
What about crypto or NFPs?
Speaker 2 (21:09):
Those are later.
If you don't know what a mutualfund is, you're not even close
to thinking about crypto.
Okay, that's good to know Right, and so I wouldn't start there.
I wouldn't start there.
Okay, you start with saving.
It's going to sound crazy, butyou start with saving $10,000
into a mutual fund.
Speaker 1 (21:26):
How are we going to do that when we don't have
$10,000 to save for a house?
Speaker 2 (21:29):
20 bucks a week, 20 bucks a paycheck.
Why should we put that in frontof a house?
You're not putting it in frontof the house, right, but you're
putting it in its own pile.
Because you're going to bealive long-term and the 401k is
not going to return enough toretire comfortably or to stop
(21:50):
working comfortably at 65.
What about life insurance?
Speaker 1 (21:53):
What about life insurance?
Speaker 2 (21:55):
What about life insurance?
Speaker 1 (21:56):
Is that important?
Speaker 2 (21:57):
Life insurance is important if you have something
to lose, as crazy as that sounds.
Speaker 1 (22:06):
Break it down, Kyle.
I think life insurance You'reso good at this and I am not, so
I'm asking you, like a generalperson who is listening to this
episode.
Speaker 2 (22:19):
Life insurance is cool if you have something to
lose.
If you're just two people youjust got married, right?
First couple years of marriageYou're renting an apartment,
trying to figure it out, tryingto get ahead.
You don't have any assets, youdon't own a house, you don't
have anything.
(22:39):
You'd probably own a car, right, but you have a lease.
You don't have anything to lose, right.
But once we had children,that's when I was like, all
right, we got to look into lifeinsurance.
Yes, because now, if I die, mywife is stuck with a kid for the
rest of her life and I'm goneright, so I gotta be able to
(23:01):
have something to help that kidmake it to adulthood so you
don't think like having likeinsurance for the bare minimum
of paying for funeral expenses?
if you're young and and don'thave kids, so that you don't
have to open a crowdfund account.
Speaker 1 (23:22):
No, you don't need a life insurance I would say no
this is kyle okay because we'reencouraging you to also get
research in your own opinion andtalk to people I'm not a
financial advisor.
We're not giving away certifiedfinancial advising counsel.
We're not any counselors.
Speaker 2 (23:42):
But no, I wouldn't waste my money on life insurance
if I didn't have any assets.
Speaker 1 (23:48):
Yeah.
Speaker 2 (23:49):
Life insurance covers your assets.
I have a good question so ifyou own a house and you want
your wife to be able to keepthat house when you die, get the
life insurance.
That's at least enough to coverthe house I have a huge
question okay given where we'reat, because you know full
transparency here.
Speaker 1 (24:06):
We do have life insurance, we do have a will, we
do have retirement accounts, wedo have crypto.
We have these things right.
We got of financial debt.
We paid off our student loans,like we've talked about that
Before we got and all thesethings would you do anything
(24:39):
differently to set up afinancial legacy for our family?
Speaker 2 (24:44):
yeah, I would have bought property sooner.
I would have bought property assoon as I could.
How?
Speaker 1 (24:48):
could.
Can you walk us through that?
Speaker 2 (24:52):
so I would have bought an income generating
property.
Speaker 1 (24:56):
Like someone to rent, you would buy a rental property
Rental properties younger?
Speaker 2 (25:01):
Yeah, yeah, I would have, because when we got
married the market was awesome,you know, houses were under
$100,000.
And, yeah, I would have boughtmore houses.
Speaker 1 (25:13):
Would you have bought rental properties before buying
our own house?
I think it would have followedthe same kind of and we lived in
the house while we rented Rightwe bought the duplex and we
lived in that and rented outhalf.
But then you would have boughtanother duplex.
Speaker 2 (25:27):
Then I would have bought more.
Yeah, yeah, wow, because thatincome is just you can't beat
that.
Yeah, and then, because thatincome is just you can't beat
that, yeah, and then you can doall these extra investments with
that money.
Speaker 1 (25:38):
Yeah.
Speaker 2 (25:39):
And your investments pay for your investments, and
that's business.
Speaker 1 (25:42):
Yeah.
Speaker 2 (25:43):
And I think one of the things I've been I don't
know how to say it I've beenmeditating on is to get my kids
to think about money as at aninvestment mindset, as opposed
to a job income mindset okay, asmoney as an investment, and
money is the thing that can makeyou money and not the the job
(26:04):
rat race mindset yeah you know,like it's one of those things
that I've been needing to domore homework on.
Yes, so that I can, I guess, getthe the psychology of it right,
so that I can speak thelanguage to my children, so that
they don't think about gettinga job, they think about how to
invest and how to make money andhow to think like a business
(26:26):
owner or an entrepreneur mindset, and I really want that for
them.
Speaker 1 (26:33):
I really think, after talking about all of this and
just hearing your brain,allowing me to pick your brain
about all of this and justhearing hearing your brain
allowing me to pick your brain,it sounds like in order to truly
build a, a strong financiallegacy, whether it's just you
and your spouse or whether it'syou and a growing family.
I think, ultimately, it comesdown to the way you think about
(26:58):
money and the way you move withmoney.
It's not about how much youhave and how quick you can get
it, it's who are you with it andwhat mindset do you have to do
with it.
Does that make sense?
And I think, ultimately, havingthat kind of discussion first,
(27:19):
before you take any kind ofsteps forward, is going to help
you create the legacy that youwant, versus, like you said,
making you working for the moneyand then you're constantly in
this.
We can't do anything, we can'tgo anywhere, we're in a scarcity
mindset or we have lots ofmoney and so therefore, we're
(27:40):
elite, we're better than you.
You know this pride starts tocome in, and we don't want that
as well, and so it really justcomes down to the mindset, and
it comes down to like what doyou want to have accomplished
and what can you learn and growfrom?
You know, because no matterwhat your identity should be in
(28:01):
Christ, that's right.
Whether you're poor in yourterms of poor or whether you're
rich in your terms of rich, whoyou are on the inside should not
change.
Your core should not change.
And so if God is blessing youwith a lot, then what you choose
to do with that to glorify Godis all about your mindset.
(28:24):
You know making it multiply,like I said, with the talents,
the parable of the talents, andhow you're using it for the
glory of God and how you'retaking care of God's assets.
You know that comes from themindset.
And then, likewise, if you'repoor and you only have a few
bucks, if all you have is a fewbucks, how are you establishing
(28:44):
a financial legacy if you can'tinvest?
Speaker 2 (28:49):
I think this is one of those great places to shout
out ChatGPT or AI tools, becauseyou can input your income and
say help me, come up with abudget that does X, y and Z.
Yes, invest, pay off, reinvest.
That's great and it will helpspit that out.
(29:10):
Yeah, right, and you want tocontinue to give to the Lord and
watch him give back to you?
Yes, my greatest return oninvestment is given to the Lord,
absolutely.
Speaker 1 (29:20):
Without a doubt.
Speaker 2 (29:21):
A thousand million percent.
Yes, Nothing has beaten it.
Yes, right, but using thosetools so that when you manage
your money, you manage it withwisdom is a great, great thing
to have the tool that I wish Ihad 10, 15 years ago.
But hindsight is 20-20 and I'mgrateful for where the Lord has
(29:42):
us Amen.
And I think it's my lastthought on the financial legacy
is that it looks different foreveryone.
Speaker 1 (29:48):
Yeah.
Speaker 2 (29:49):
Everyone's goals are different, everyone's income
levels are different, and sobeing on the same page, with
your partner being on the samepage of what your long-term
looks like.
I know a big Christian thing tosay is that retirement is not
in the Bible, and I agree it'snot.
It's not when I stop working mynine to five.
(30:10):
I'm going to go into deeperministry and I'm going to use my
time more for the Lord and morefor I guess my passions would
be what I would say and ourpassions and our ministry as a
marriage, as a married couple.
Speaker 1 (30:27):
And hopefully by then our finances are at a point
where we reached a goal settingwhere we can then have the
freedom to do those things andto push those other projects and
other callings.
Speaker 2 (30:42):
Yep, that's what I would say.
Speaker 1 (30:43):
Creating a lasting legacy when it comes to finance
requires mindset, requirescounsel, requires research,
patience.
It requires building somethingnow to create the freedom to do
what God calls you to do inseasons to come.
Speaker 2 (30:59):
Faith, all those things it takes.
Speaker 1 (31:01):
I think that's a great way to wrap this up.
Thank you, kyle, for sharingsuch wisdom here.
If you guys have any morequestions for Kyle regarding
finance and how we can continueto build our legacy, feel free
to reach out.
Send us a text in the link ofthe description, or you can go
ahead and email us at info atlove by faith ministriescom.
(31:23):
Perfect, yeah, why don't we goahead and close this out in
prayer?
Speaker 2 (31:26):
okay, you want me to pray?
Yes, lord jesus, I am gratefulfor the opportunity to get to be
behind this microphone andshare our testimony part of our
testimony with the world, and toshare our life and to encourage
others to grow in theirfinancial wisdom, to grow in
their faith, in having the faiththat they know that they're
(31:50):
going to leave a financiallegacy, that they're going to
have a financial legacy to sharewith the world and to share
with their family, and to reallyjust honor God by taking care
of the finances that he hasblessed them with.
Thank you, lord.
Lord, I just pray that they arehumble and know how to ask for
help and are willing to ask forhelp when they need it, and that
(32:12):
they're able to use the toolsand resources around them for
better and for your glory.
In Jesus' name, we pray, amen.
Speaker 1 (32:21):
Amen.
Thank you guys so much forlistening and tuning into Love
by Faith.
If you are watching us onYouTube, be sure to like, share,
subscribe.
If you are listening to us onSpotify or Apple or any of the
listening platforms, please giveus a review, tap the five stars
so that other people can seeyou from the algorithm and they
(32:42):
can learn how to love by faithas well.
We thank you, guys, so much forlistening.
We are going to our lastepisode of the last series of
this season, season two, nextweek.
Be sure you are there.
You don't want to miss it anduntil then, love, by faith,
y'all we'll see you then.
(33:02):
Bye bye you got a lot bro I hada, I feel like it was the kyle
show with it with all thefinances.
Because I got nothing, bro.
I got safe.
I mean I had.
I wish I could tell you more,but I had a ricky bobby moment
there.
Speaker 2 (33:19):
I there.
I blacked out.
I don't even know what I said.
You were just asking questionslike Spitfire.
Speaker 1 (33:26):
Because you were talking as if people knew what
you were talking about and Ibarely knew what you were
talking about.
So I'm like, if I'm havingproblems understanding your
mutual funds and your 401ks andreturns and all those things, I
know, other people are sittingthere like huh, what, what, and
it can easily go over theirheads to the point where they're
not going to pay attention andtake action.
Speaker 2 (33:47):
If you search, you have to put this in.
Okay, if you search Roth IRAaccount and learn where to open
one of those and learn where toopen one of those, that's where
that's what you have to open aroth ira is.
The is the perfect pair to your401k or whatever your work
retirement plan is, because thenyou put your money in after
(34:08):
taxes and it's a beautifulsavings thing and that's where
you buy your mutual fund.
And then whatever bank you openyour roth ira with, ir IRA with
will help you get to that nextstep of buying a mutual fund
there you go.
And then buy one mutual fund.
That is, they're going to tryand push these year funds on you
(34:32):
that say like if you're goingto retire in this year, you
should invest in this fund.
They're good but they're notgreat.
And there are great mutualfunds that are just gonna be
awesome forever for for the longterm and so look for that.
Don't look for the um.
I can't think they have abuzzword of what they're called.
(34:53):
Okay, uh, like a targetsomething, but anyways, if it
has a on it, like the 2034 fundor the 2065 fund, not so much on
that, okay, but just there'susually like general mutual
funds that you can look for.
Speaker 1 (35:09):
Okay, and if that you do do that, and if you do get a
return on your investments andyou're like, by golly, kyle is
the man.
He helped me out so much he'shelping me I want you to go back
to Love by Faith and our cashapp is Love by Faith Ministries
(35:29):
and drop a $2 tip or a $5 helloto say thanks.
We appreciate it and it willall go back to expanding this
kingdom in this avenue.
You're welcome.
We hope to see you then.
Speaker 2 (35:42):
Love by faith, y'all.
Speaker 1 (35:43):
Love by faith.
We gotta go Bye.
It is time for you guys to build a lasting legacy
around your finances.
Is a 401k.
Enough Generational curses andmoney mindset.
It would be foolish not to talkabout it.
Speaker 2 (00:10):
Life insurance is important if you have something
to lose.
Speaker 1 (00:15):
We're not perfect people.
Speaker 2 (00:17):
By any means.
Speaker 1 (00:18):
But by trusting in God we learn what it takes to
build a friendship.
Speaker 2 (00:22):
A relationship.
Speaker 1 (00:24):
And marriage that has stood the test of time.
Speaker 2 (00:27):
With a Keeping it Real style.
We're going to talk to youabout everything everything that
we've been through are goingthrough and have overcome All by
learning how to lean on God andeach other.
Speaker 1 (00:39):
In order to help you learn how to love by faith.
Hi Kai hey how you doing heyhow?
Speaker 2 (00:59):
you doing.
Speaker 1 (01:01):
How you doing.
Are you having a good day?
Speaker 2 (01:04):
Yeah, it was a really good one.
A lot of family time, it wascool.
Speaker 1 (01:09):
My day was.
You know, I slept in today andI turned my alarm off and I just
said you know what?
I'm just going to let my bodywake me up.
I slept for 10 and a half hours.
Speaker 2 (01:22):
That's great Reset Redo.
Speaker 1 (01:24):
I slept for 10 and a half hours.
That's great.
No reset, redo.
I slept for 10 and a half hours.
Speaker 2 (01:26):
If you have the ability, take it thinking about
our health.
Episode yes, I was like I knowshe needs a reset.
I know she's been complainingand telling me that she feels
burnt out feeling it, yeah, andthat the summer drag is
happening, and so I was like no,I'm just gonna let her have it
yeah, like you, let me a coupledays ago you let me sleep.
You know, for me sleeping tilleight is a big sleep in yeah but
you let me sleep till eight andjust was like you covered it.
Speaker 1 (01:48):
Yeah, and that's huge man you know to be able to.
If we could be able to have ahandoff like that where it's a
consistent in the weekend.
You know on saturday you sleepin, or you know on or every
other saturday you sleep in.
Every other saturday I sleep inand just take that on.
I think that would be reallybeneficial to our self care, to
(02:09):
our health, to the kids, so thatyou know they get the same
amount of time for each of us.
And yeah, you know, going backinto a few episodes previous to
that, we had the whole anxietyepisode and I did.
I told you I was like I'mfeeling like I'm starting to
burn out and so we cut it, andyou gave me that time, and so I
just I appreciate you.
Speaker 2 (02:28):
Got your back.
Speaker 1 (02:29):
I appreciate you.
You're my homie.
Speaker 2 (02:31):
Thanks, we can work together anytime.
Speaker 1 (02:33):
Welcome to Love by Faith, kyle and Selena here.
We're glad you guys could behere for us.
Yeah, and as we're talkingabout the last series of our
season, which is Legacy,Building a legacy that lasts,
yeah.
Building a legacy that lasts.
Speaker 2 (02:48):
Building a legacy that lasts.
Speaker 1 (02:50):
Building a legacy in your friendships, in your family
circles, in your health, andtoday we're going to talk about
something that couples shouldalways talk about.
Speaker 2 (03:00):
I think I agree.
Speaker 1 (03:01):
And it would be foolish not to talk about it.
I'm just going to be very blunt.
I'm saying this with love, butif you're not talking about it,
then we are lovingly going tocorrect you on it.
Today, it is time for you guysto build a lasting legacy around
your finances when it comes toyour marriage, when it comes to
your relationships.
(03:21):
So, kyle, why is this soimportant?
To talk about specificallybuilding a legacy around
finances.
Speaker 2 (03:27):
When we set out to get married, to have a lasting
marriage, to have a marriagethat lasts, we knew that we had
to be on the same pagefinancially.
God has called us to so manythings financially not us
personally, but us big pictureChristians.
Financially, not us personally,but us big picture christians.
Yes to so many thingsfinancially to to give, to earn,
(03:48):
to save, to give to our nextgenerations, to be prepared in
season and out of season.
All those things wrappedtogether, the big.
The answer I mean is likebecause god's called us to,
god's called us to have afinancial legacy.
Right, right, but how do we geton the same page about legacy?
Because is a 401k enough?
Speaker 1 (04:11):
No.
Speaker 2 (04:12):
I think of financial legacy and I think of when I die
, how much money am I leavingbehind?
Yeah, Is that what you'rethinking?
Yeah.
Speaker 1 (04:19):
I am when I think of financial legacy, I think of
savings, I think of investments,I think of insurance, I think
of wills.
I think of who are you leavingyour assets with so that, when
you die, all those things willgo to probate and you're not
putting your partner through allthese court processes?
(04:40):
I'm thinking of generationalcurses and money mindset.
I'm thinking of if you havechildren or if you desire to
have children, then leaving yourfinancial legacy is leaving
them in a better position sothat they have a better
opportunity to become greaterthan where you started.
Speaker 2 (05:04):
What about churches and ministries and your
financial legacy?
What is that?
What is that?
How does that fall into it?
Speaker 1 (05:11):
I think how you put that into it is by teaching your
offspring and by being generouswith yourself.
Offspring, and by beinggenerous with yourself, like if
you don't have kids, then you'regenerous.
You're showing generositythrough your finances.
(05:34):
And also when you have children, you're teaching them how to be
responsible and generous withtheir finances.
You know, teaching yourchildren how to give and how to
tithe you know which is, whichis what we believe in is
something that doesn't startwhen they're adults.
It starts when they're childrenand you're not necessarily
telling your child.
Okay, for me, this is mypersonal opinion.
(05:55):
I don't want anybody to cancelculture us in any way, but this
is my personal opinion.
If my child is five years old,I'm not going to tell her to
bring a tithe to church becauseshe doesn't work.
How can she give 10% of whatshe doesn't earn?
And same thing with my olderchildren.
Our oldest is nine.
He's not bringing a tithe tochurch because he doesn't have a
(06:16):
job.
He does chores around the houseand so with the chores and by
him earning the money with thechores, we teach him like a
portion of this should be savedto give.
You can give it to the churchor you can give it to a
fundraiser that you see fit.
And then, as they get older,once they start getting a check
(06:40):
with enough, once they start toearn something like that then it
becomes a tie, then they coulddo the 10 off of that and all
that.
But that's how I think thechurch ties into legacy I don't
know about you.
Speaker 2 (06:54):
I do know a little bit about you, but I would hope
so.
But no, but, like when I was akid, my parents did nothing to
teach me about giving ordonating or absolutely sharing
my money or this is how I'msaving for retirement, this is
what I'm doing to save for ourtrip to this or our home for
(07:16):
that, or our next car for this.
Yeah, like, my parents neverhad those kind of talks with me.
Yeah, right, so are thosethings you want to have with our
kids?
Those kind of talks like thisis what our retirement looks
like, this is what our plan is,this is what, financially, you
can look forward to.
So that's kids to our kids.
Speaker 1 (07:35):
There was a long time ago, I think, before we even
had kids, or maybe william waslike an infant.
I was driving somewhere and Iwas listening to Moody Radio and
I heard a lady on the radiotalk about a book and I wish I
remembered the name of this book.
I kick myself for not.
(07:55):
I was driving so I had nothingto write it down on.
And she was explaining howfinancial literacy should begin
at the childhood level.
And it should begin at thechildhood level teaching your
children to save, teaching yourchildren to invest, teaching
your children to earn.
(08:16):
And she said, by the time herchildren were, I believe, 12 or
13 years old, they got a seat atthe family meeting table and
they were able to weigh in onfamily financial choices.
For example, where should we gofor vacation?
How much should we set for thisbudget, for this thing?
(08:39):
and for this event and we havethis much to give around the
holiday season.
Like which charities should wegive to?
Like they had a seat at thetable by the time they were 13.
And then, by the time they were16, they had enough money saved
out of their own money, out oftheir own savings accounts, to
(08:59):
be responsible enough to pay notjust for the car but to pay for
the insurance for the car, forthe gas for the car for, to pay
for the insurance for the car,for the gas for the car, for all
of the things to get them to go.
By the time they went tocollege, they had enough money
saved to basically fund theircollege experience, not out of
helping with the parents.
And it goes back to, like I said, one thing that you could do
(09:21):
with financial legacy is tobreak those generational curses
and to leave your children in abetter place than you were
collar kind of work environment.
Like they worked hard and theywere living paycheck to paycheck
and they were doing what theycould to put us in a better
(09:50):
position so that we can go tocollege.
Like I think back then the goalwas like let's just get them to
college and now that we arecollege educated and there's a
lot of us here who, you know,have been there and have
succeeded in that.
And now we're having kids.
Now it's up to us to take it upa notch.
Now it's up to us to teach thema little bit more so that it's
(10:11):
not just college is the end goal, but like, how are we going to
invest even more?
How are we going to get youpast that?
Speaker 2 (10:17):
you know yeah, a college degree is the new
diploma new high school diplomaand the um.
The financial legacy piece fitsin there in that teaching.
I think it fits in there inthat teaching the kids the
importance of what they do withtheir time and with their energy
(10:38):
and how every choice, every,every choice, is gonna affect
their financial well-being,right, whether you go to college
, whether you get a job now orget a job later, whether you
decide to start a business as ayoung man or young woman If you
want to start a who knows what,you want to sew quilts, you want
(11:01):
to cut grass, you want to paintfences, or go work for a
builder and learn how to buildstuff.
Speaker 1 (11:08):
Yeah, the possibilities are endless.
Speaker 2 (11:10):
Like those are all good financial choices Right,
and teaching the kids how toprepare for those decisions is a
huge part of our financiallegacy financial legacy, and not
just that.
Speaker 1 (11:30):
But I think growing up we were taught that the kind
of job you get is going to giveyou X amount of dollars, which
is going to open doors for thiskind of life, this way of living
.
So you know, if you want tohave a fancy life, you got to
get a big time paying job, andso you got to go to school to
work hard to get said job Right.
And a lot of that way ofthinking though it's was,
(11:54):
intentions were good, A lot ofit revolved around what you make
becomes your identity.
Speaker 2 (11:59):
Yeah, okay.
Speaker 1 (12:01):
What you make becomes your identity and for me,
leaving a financial legacy is todisconnect those two things.
Speaker 2 (12:09):
Okay.
Speaker 1 (12:09):
Your identity does not revolve around your money.
Your finances can open doors toopportunities, but so can other
things.
So can the Holy Spirit.
Like the Holy Spirit can dropmoney on you, and you can, as
long as you have the heart tolearn what to do with that money
, how to handle your talents.
You know what are you going todo with your talents, then it
(12:32):
can affect the rest of yourfuture and the rest of your
legacy, and so I feel like thatis more important to teach and
instill in our kids than whatyou can do with the money you
know, than what you can do withthe money.
Understanding who you are andhow you handle money versus if
you have money, then you're this, and if you don't have money,
(12:53):
then you're that.
Yeah, absolutely I really feellike that can really be
something that we can do todaywith our children to teach them
in a way that would build agreat financial legacy.
But, like, that's just onepiece of the pie.
There are people who havechildren who would take that pie
and you guys can digest that,but for people who don't have it
(13:16):
, if we're just talking about ahusband and a wife when it comes
to finances, what can a husbandand a wife do to build a firm
financial legacy?
Hey everyone, we hope thatyou're enjoying this episode and
right now we want to just takea small minute to introduce to
you the latest thing that wecreated to help you elevate your
(13:37):
relationship and take it to thenext level.
It's called the Love by FaithPlaybook.
Speaker 2 (13:42):
Every good coach knows they have to have winning
plays.
We went through our foundationseries and we pulled out some of
the best winning plays andcreated strategies for you guys.
Plays like how to be betterfinancially, how to do ministry
together, how to be betterromantically, how to be better
family life.
We went through all thesedifferent areas from the
foundation series and put ittogether in a playbook.
Speaker 1 (14:02):
So grab your Love by Faith Playbook today.
You can use the link in thedescription below, enter it, and
the good news about this isthat it is a living document, so
you download it one time andevery single month we're going
to be updating this document togive you fresh, new plays to
help you and your partner Loveby Faith and create a winning
(14:23):
season.
Go ahead and get your Love byFaith playbook now and let's get
back into this episode.
Speaker 2 (14:33):
I think for us, one of the parts of our financial
legacy has been that it startsat home, right.
It starts with making good,having a good budget right,
Sticking to the budget.
Sticking to the budget having afinancial plan, at least a
framework of we're going to dothis and this and this.
We're going to rent this housefor this long to pay off the
student loans and then, once wepay those off, we'll buy a house
(14:57):
and then we'll invest in thisand this and this to move up and
to move 401k right and so andwe talked about that in our
finance series exactly what Iwas going to say.
Speaker 1 (15:15):
Go back to the finance series I'll link that in
the description so you guys canstart there if that's where you
need to start right for me.
Speaker 2 (15:22):
One of the things I had to do was was I had a lot to
learn, right?
I knew that these wereimportant things to know, but I
didn't have any guidance.
I didn't have someone to showme how to manage a investment
account.
Speaker 1 (15:35):
To show me what to invest in or show me how to why
is it even important to investin Right and cryptocurrency and
all the things?
Speaker 2 (15:43):
I had to seek wisdom.
My most favorite divineappointment was at a wedding
where Everett told me aboutinvesting in real estate and
investing in properties and howI could use where I was at then
to launch myself in the future.
And then he didn't just tell meabout it, he was like, hey,
(16:05):
let's have a meeting.
I've put together a spreadsheetwith you and he held my hand
through it to teach me how to doit, not just show me this is
possible.
But he took me there and walkedme to the door.
Speaker 1 (16:18):
So finding someone who is more financial literate
than you are.
Speaker 2 (16:22):
Yes, and then being humble enough to read books to
ask questions.
I remember when I was in myfirst big boy job where I had a
retirement plan and we had topick how our money was allocated
for our retirement plan, and Ijust looked at one of the older
guys who was there and who haddone it for 10 years before me.
Speaker 1 (16:43):
Yeah.
Speaker 2 (16:44):
Like what do you do?
And being willing to just ask.
Growing up as a kid, my parentswere always you don't ask
people about money.
You don't ask people about howmuch they make.
Yes, you don't ask people aboutmoney.
You don't ask people about howmuch they make.
You don't ask people about yadayada with money.
And I broke all those rules.
I broke all those rules.
I asked how much they make, Iasked what they did to make more
, I asked what they did withtheir retirement money or what
(17:05):
their retirement plan was andwhat.
To understand these things,because you need to know, you
need to at least get an idea ofwhat successful these are,
people I thought were successful, right, and so they showed me
to, to.
To put this much towards stocks, this much towards mutual funds
.
How much effort do you want toput into it?
(17:26):
I have a question, okay?
Speaker 1 (17:28):
for a couple that is just married.
Okay, just starting out.
Is it important to evenentertain those talks of
investments and 401ks and allstocks?
Speaker 2 (17:44):
Absolutely why you have to have those talks,
because it sets up the visionfor what you want your financial
outcomes to be.
Speaker 1 (17:54):
Do you think every couple should be in stocks?
No, I don't.
Who then?
How do our listeners know thatthey should be the ones?
Speaker 2 (18:05):
Okay, so I'm splitting hairs here.
I think everybody should havesome money invested in the stock
market.
Speaker 1 (18:11):
Why.
Speaker 2 (18:12):
Because of the growth possibility and likelihood of
growth through your financialinvestment.
Speaker 1 (18:18):
Explain it to a fifth grader.
Speaker 2 (18:19):
So if you're willing to endure the hard times of the
stock market, the ups and downs,in the long run you're most
likely going to come out ahead.
You make wise basic investments.
You asked if everyone shouldhave stocks.
No, because the average personcan't just pick a stock and be
(18:40):
successful, right?
The average person, who?
Who hasn't done homework orhasn't studied finance can't
just go and pick and say, hey, Iwant to put money in this stock
and I'm just going to set itand forget it.
You're not able to pick theapples of 30 years from now,
right, because you're looking at30-year range, right?
(19:01):
No, I wouldn't say that.
But I would say that everyoneshould own some mutual funds.
Everyone should be in an indexfund.
That's basic, right?
Something that tracks the indexindex fund so I am a christian
married couple.
Speaker 1 (19:19):
I've been married for a year.
Okay, I have a lot of studentdebt.
I might still be in collegeachieving my degree.
Um, the market is terriblebecause we went to try to look
for houses, to buy a house, andI'm not able to buy one at this
moment.
What should it look like for acouple like this?
What should building afinancial legacy look like for
(19:42):
them?
What are the beginning steps?
You're saying invest in amutual stock fund, mutual fund,
yep Mutual fund.
Some people don't know what thatmeans.
Kyle, what does that mean?
Speaker 2 (19:53):
It's literally.
What is it?
Why should I put money?
Speaker 1 (19:56):
in it when I got a bill here and I got a vacation
there and I got a car note.
Why?
Speaker 2 (20:01):
Because of the interest growth, because of the
growth in the return oninvestment.
That's it.
Speaker 1 (20:08):
At $5,.
Is that enough investment?
Speaker 2 (20:09):
Yes, Start at $5.
You could start at $5.
Or nothing, yes, start at five,you could start at five.
I know when my brother wasstarting out yeah, he was young,
20s, yeah and I was like, if,even if it's 20 bucks a paycheck
, you're gonna go somewhere andthen it's gonna grow and grow
and grow.
And so one of my favoritetechniques is you're gonna tithe
(20:30):
10, you're gonna're going togive 10% to yourself, right, you
pay your bills.
So before you even tithe your10%, you put 10% into your
retirement side.
Speaker 1 (20:41):
Okay.
Speaker 2 (20:41):
Into this retirement account.
Okay, there's banks likeFidelity, schwab.
What's the other?
There's a big one, another bigone I can't think of.
There's a lot of them.
I would stay away if you'reyoung and don't know what you're
doing.
I would stay away from RobinHood.
I was going to say and Webullis another popular one that
(21:02):
people are talking about.
Yeah, if you're not willing todo the homework and understand
what you're getting into there.
Speaker 1 (21:06):
What about crypto or NFPs?
Speaker 2 (21:09):
Those are later.
If you don't know what a mutualfund is, you're not even close
to thinking about crypto.
Okay, that's good to know Right, and so I wouldn't start there.
I wouldn't start there.
Okay, you start with saving.
It's going to sound crazy, butyou start with saving $10,000
into a mutual fund.
Speaker 1 (21:26):
How are we going to do that when we don't have
$10,000 to save for a house?
Speaker 2 (21:29):
20 bucks a week, 20 bucks a paycheck.
Why should we put that in frontof a house?
You're not putting it in frontof the house, right, but you're
putting it in its own pile.
Because you're going to bealive long-term and the 401k is
not going to return enough toretire comfortably or to stop
(21:50):
working comfortably at 65.
What about life insurance?
Speaker 1 (21:53):
What about life insurance?
Speaker 2 (21:55):
What about life insurance?
Speaker 1 (21:56):
Is that important?
Speaker 2 (21:57):
Life insurance is important if you have something
to lose, as crazy as that sounds.
Speaker 1 (22:06):
Break it down, Kyle.
I think life insurance You'reso good at this and I am not, so
I'm asking you, like a generalperson who is listening to this
episode.
Speaker 2 (22:19):
Life insurance is cool if you have something to
lose.
If you're just two people youjust got married, right?
First couple years of marriageYou're renting an apartment,
trying to figure it out, tryingto get ahead.
You don't have any assets, youdon't own a house, you don't
have anything.
(22:39):
You'd probably own a car, right, but you have a lease.
You don't have anything to lose, right.
But once we had children,that's when I was like, all
right, we got to look into lifeinsurance.
Yes, because now, if I die, mywife is stuck with a kid for the
rest of her life and I'm goneright, so I gotta be able to
(23:01):
have something to help that kidmake it to adulthood so you
don't think like having likeinsurance for the bare minimum
of paying for funeral expenses?
if you're young and and don'thave kids, so that you don't
have to open a crowdfund account.
Speaker 1 (23:22):
No, you don't need a life insurance I would say no
this is kyle okay because we'reencouraging you to also get
research in your own opinion andtalk to people I'm not a
financial advisor.
We're not giving away certifiedfinancial advising counsel.
We're not any counselors.
Speaker 2 (23:42):
But no, I wouldn't waste my money on life insurance
if I didn't have any assets.
Speaker 1 (23:48):
Yeah.
Speaker 2 (23:49):
Life insurance covers your assets.
I have a good question so ifyou own a house and you want
your wife to be able to keepthat house when you die, get the
life insurance.
That's at least enough to coverthe house I have a huge
question okay given where we'reat, because you know full
transparency here.
Speaker 1 (24:06):
We do have life insurance, we do have a will, we
do have retirement accounts, wedo have crypto.
We have these things right.
We got of financial debt.
We paid off our student loans,like we've talked about that
Before we got and all thesethings would you do anything
(24:39):
differently to set up afinancial legacy for our family?
Speaker 2 (24:44):
yeah, I would have bought property sooner.
I would have bought property assoon as I could.
How?
Speaker 1 (24:48):
could.
Can you walk us through that?
Speaker 2 (24:52):
so I would have bought an income generating
property.
Speaker 1 (24:56):
Like someone to rent, you would buy a rental property
Rental properties younger?
Speaker 2 (25:01):
Yeah, yeah, I would have, because when we got
married the market was awesome,you know, houses were under
$100,000.
And, yeah, I would have boughtmore houses.
Speaker 1 (25:13):
Would you have bought rental properties before buying
our own house?
I think it would have followedthe same kind of and we lived in
the house while we rented Rightwe bought the duplex and we
lived in that and rented outhalf.
But then you would have boughtanother duplex.
Speaker 2 (25:27):
Then I would have bought more.
Yeah, yeah, wow, because thatincome is just you can't beat
that.
Yeah, and then, because thatincome is just you can't beat
that, yeah, and then you can doall these extra investments with
that money.
Speaker 1 (25:38):
Yeah.
Speaker 2 (25:39):
And your investments pay for your investments, and
that's business.
Speaker 1 (25:42):
Yeah.
Speaker 2 (25:43):
And I think one of the things I've been I don't
know how to say it I've beenmeditating on is to get my kids
to think about money as at aninvestment mindset, as opposed
to a job income mindset okay, asmoney as an investment, and
money is the thing that can makeyou money and not the the job
(26:04):
rat race mindset yeah you know,like it's one of those things
that I've been needing to domore homework on.
Yes, so that I can, I guess, getthe the psychology of it right,
so that I can speak thelanguage to my children, so that
they don't think about gettinga job, they think about how to
invest and how to make money andhow to think like a business
(26:26):
owner or an entrepreneur mindset, and I really want that for
them.
Speaker 1 (26:33):
I really think, after talking about all of this and
just hearing your brain,allowing me to pick your brain
about all of this and justhearing hearing your brain
allowing me to pick your brain,it sounds like in order to truly
build a, a strong financiallegacy, whether it's just you
and your spouse or whether it'syou and a growing family.
I think, ultimately, it comesdown to the way you think about
(26:58):
money and the way you move withmoney.
It's not about how much youhave and how quick you can get
it, it's who are you with it andwhat mindset do you have to do
with it.
Does that make sense?
And I think, ultimately, havingthat kind of discussion first,
(27:19):
before you take any kind ofsteps forward, is going to help
you create the legacy that youwant, versus, like you said,
making you working for the moneyand then you're constantly in
this.
We can't do anything, we can'tgo anywhere, we're in a scarcity
mindset or we have lots ofmoney and so therefore, we're
(27:40):
elite, we're better than you.
You know this pride starts tocome in, and we don't want that
as well, and so it really justcomes down to the mindset, and
it comes down to like what doyou want to have accomplished
and what can you learn and growfrom?
You know, because no matterwhat your identity should be in
(28:01):
Christ, that's right.
Whether you're poor in yourterms of poor or whether you're
rich in your terms of rich, whoyou are on the inside should not
change.
Your core should not change.
And so if God is blessing youwith a lot, then what you choose
to do with that to glorify Godis all about your mindset.
(28:24):
You know making it multiply,like I said, with the talents,
the parable of the talents, andhow you're using it for the
glory of God and how you'retaking care of God's assets.
You know that comes from themindset.
And then, likewise, if you'repoor and you only have a few
bucks, if all you have is a fewbucks, how are you establishing
(28:44):
a financial legacy if you can'tinvest?
Speaker 2 (28:49):
I think this is one of those great places to shout
out ChatGPT or AI tools, becauseyou can input your income and
say help me, come up with abudget that does X, y and Z.
Yes, invest, pay off, reinvest.
That's great and it will helpspit that out.
(29:10):
Yeah, right, and you want tocontinue to give to the Lord and
watch him give back to you?
Yes, my greatest return oninvestment is given to the Lord,
absolutely.
Speaker 1 (29:20):
Without a doubt.
Speaker 2 (29:21):
A thousand million percent.
Yes, Nothing has beaten it.
Yes, right, but using thosetools so that when you manage
your money, you manage it withwisdom is a great, great thing
to have the tool that I wish Ihad 10, 15 years ago.
But hindsight is 20-20 and I'mgrateful for where the Lord has
(29:42):
us Amen.
And I think it's my lastthought on the financial legacy
is that it looks different foreveryone.
Speaker 1 (29:48):
Yeah.
Speaker 2 (29:49):
Everyone's goals are different, everyone's income
levels are different, and sobeing on the same page, with
your partner being on the samepage of what your long-term
looks like.
I know a big Christian thing tosay is that retirement is not
in the Bible, and I agree it'snot.
It's not when I stop working mynine to five.
(30:10):
I'm going to go into deeperministry and I'm going to use my
time more for the Lord and morefor I guess my passions would
be what I would say and ourpassions and our ministry as a
marriage, as a married couple.
Speaker 1 (30:27):
And hopefully by then our finances are at a point
where we reached a goal settingwhere we can then have the
freedom to do those things andto push those other projects and
other callings.
Speaker 2 (30:42):
Yep, that's what I would say.
Speaker 1 (30:43):
Creating a lasting legacy when it comes to finance
requires mindset, requirescounsel, requires research,
patience.
It requires building somethingnow to create the freedom to do
what God calls you to do inseasons to come.
Speaker 2 (30:59):
Faith, all those things it takes.
Speaker 1 (31:01):
I think that's a great way to wrap this up.
Thank you, kyle, for sharingsuch wisdom here.
If you guys have any morequestions for Kyle regarding
finance and how we can continueto build our legacy, feel free
to reach out.
Send us a text in the link ofthe description, or you can go
ahead and email us at info atlove by faith ministriescom.
(31:23):
Perfect, yeah, why don't we goahead and close this out in
prayer?
Speaker 2 (31:26):
okay, you want me to pray?
Yes, lord jesus, I am gratefulfor the opportunity to get to be
behind this microphone andshare our testimony part of our
testimony with the world, and toshare our life and to encourage
others to grow in theirfinancial wisdom, to grow in
their faith, in having the faiththat they know that they're
(31:50):
going to leave a financiallegacy, that they're going to
have a financial legacy to sharewith the world and to share
with their family, and to reallyjust honor God by taking care
of the finances that he hasblessed them with.
Thank you, lord.
Lord, I just pray that they arehumble and know how to ask for
help and are willing to ask forhelp when they need it, and that
(32:12):
they're able to use the toolsand resources around them for
better and for your glory.
In Jesus' name, we pray, amen.
Speaker 1 (32:21):
Amen.
Thank you guys so much forlistening and tuning into Love
by Faith.
If you are watching us onYouTube, be sure to like, share,
subscribe.
If you are listening to us onSpotify or Apple or any of the
listening platforms, please giveus a review, tap the five stars
so that other people can seeyou from the algorithm and they
(32:42):
can learn how to love by faithas well.
We thank you, guys, so much forlistening.
We are going to our lastepisode of the last series of
this season, season two, nextweek.
Be sure you are there.
You don't want to miss it anduntil then, love, by faith,
y'all we'll see you then.
(33:02):
Bye bye you got a lot bro I hada, I feel like it was the kyle
show with it with all thefinances.
Because I got nothing, bro.
I got safe.
I mean I had.
I wish I could tell you more,but I had a ricky bobby moment
there.
Speaker 2 (33:19):
I there.
I blacked out.
I don't even know what I said.
You were just asking questionslike Spitfire.
Speaker 1 (33:26):
Because you were talking as if people knew what
you were talking about and Ibarely knew what you were
talking about.
So I'm like, if I'm havingproblems understanding your
mutual funds and your 401ks andreturns and all those things, I
know, other people are sittingthere like huh, what, what, and
it can easily go over theirheads to the point where they're
not going to pay attention andtake action.
Speaker 2 (33:47):
If you search, you have to put this in.
Okay, if you search Roth IRAaccount and learn where to open
one of those and learn where toopen one of those, that's where
that's what you have to open aroth ira is.
The is the perfect pair to your401k or whatever your work
retirement plan is, because thenyou put your money in after
(34:08):
taxes and it's a beautifulsavings thing and that's where
you buy your mutual fund.
And then whatever bank you openyour roth ira with, ir IRA with
will help you get to that nextstep of buying a mutual fund
there you go.
And then buy one mutual fund.
That is, they're going to tryand push these year funds on you
(34:32):
that say like if you're goingto retire in this year, you
should invest in this fund.
They're good but they're notgreat.
And there are great mutualfunds that are just gonna be
awesome forever for for the longterm and so look for that.
Don't look for the um.
I can't think they have abuzzword of what they're called.
(34:53):
Okay, uh, like a targetsomething, but anyways, if it
has a on it, like the 2034 fundor the 2065 fund, not so much on
that, okay, but just there'susually like general mutual
funds that you can look for.
Speaker 1 (35:09):
Okay, and if that you do do that, and if you do get a
return on your investments andyou're like, by golly, kyle is
the man.
He helped me out so much he'shelping me I want you to go back
to Love by Faith and our cashapp is Love by Faith Ministries
(35:29):
and drop a $2 tip or a $5 helloto say thanks.
We appreciate it and it willall go back to expanding this
kingdom in this avenue.
You're welcome.
We hope to see you then.
Speaker 2 (35:42):
Love by faith, y'all.
Speaker 1 (35:43):
Love by faith.
We gotta go Bye.
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