Episodios

  • Insuring Your Deposits with Aaron Caid

    Insuring Your Deposits with Aaron Caid
    Aug 30 2024
    Thanks to insurance, we don’t very often have bank, savings and loans, or credit union “runs” anymore. Aaron Caid is with us today to discuss how that came about.Aaron Caid is the Chief Marketing Officer at Christian Community Credit Union, an underwriter of Faith & Finance. The Role of FDIC in Banking StabilityWhen we think about bank runs, we often think of the Great Depression. Thankfully, such events are rare today, primarily due to the Federal Deposit Insurance Corporation (FDIC) 's creation through the Banking Act of 1933. The FDIC now insures bank deposits up to $250,000 per customer, providing peace of mind for depositors across the United States.But what about other financial institutions like savings and loans (also known as thrifts) and credit unions? Most of these institutions are also insured by the FDIC, while many credit unions are insured by the National Credit Union Administration (NCUA), established in 1970. Like the FDIC, the NCUA insures deposits up to $250,000 per customer (or tax ID).Private Deposit Insurance: A Closer LookInterestingly, some credit unions opt for private insurance rather than federal insurance. Christian Community Credit Union is insured by American Share Insurance (ASI), a private insurer celebrating its 50th anniversary. ASI covers deposits up to $250,000 per account, offering a unique advantage over federal insurance, which insures per tax ID.No holder of an ASI-insured account has ever lost a dime, a testament to its reliability. One of the main reasons CCCU members chose private insurance is the flexibility it provides, particularly in lending to churches and ministries—an essential aspect of CCCU’s mission. Additionally, ASI requires its member credit unions to maintain a 30% higher deposit ratio, ensuring greater resources and liquidity during challenging times.For those who might be hesitant about private deposit insurance, consider the fact that your home is likely insured by a private company, not the federal government. Private insurance companies have been around much longer than federal insurance corporations, with the first private insurers dating back to 1732.Why Choose Christian Community Credit Union?There are several compelling reasons to consider banking with CCCU:Conservative Biblical Stewardship: CCCU practices conservative financial management, aligning with biblical principles. The credit union carries zero debt, unlike many banks and credit unions that leverage their balance sheets to inflate returns.Strong Financial Stability: CCCU’s capitalization ratio is more than 80% higher than what the NCUA considers “well-capitalized,” and its net worth ratio places it in the top 10% of all credit unions. CCCU has been recognized as a “top 100” credit union nationwide for safety, stability, and growth by S&P Global.Christian Values and Giving: CCCU is unapologetically Christian and a member-owned not-for-profit. Profits are returned to members through better rates and lower fees, and the credit union actively supports Christian ministries, including Mission Aviation Fellowship and International Ministries.Top-Notch Financial Products: CCCU offers competitive financial products, such as high-yield checking and savings accounts, CDs, and the Cash Rewards Visa, which contributes to Christian charities with every swipe.For those interested in learning more about Christian Community Credit Union, Aaron encourages you to visit JoinChristianCommunity.com. Discover how you can benefit from a credit union that prioritizes safety, stability, and a commitment to Christian values.On Today’s Program, Rob Answers Listener Questions:My husband and I are past full retirement age and haven't filed Social Security claims yet. We've been married 43 years, are in good health, and have no dependents or government pensions. My husband is still working and plans to file at 70. If I start Social Security now, I will receive $1,369 monthly, increasing slightly at 69 and 70. We're considering starting my benefits now for two years and then switching to a spousal benefit. What do you think?I used to sell tax shelter annuities and have experience, but occasionally, I hear financial guys knocking them, saying they are not a good investment. However, I think annuities are some of the best. What are your thoughts on annuities?I am turning 65 this January. I have been working full-time at the same job for 26 years, but I am still determining when I'll retire. My question is, do I need to sign up for Medicare within three months of my 60th birthday to avoid a lifetime late enrollment penalty? Or do I wait until I'm retired? I need clarification on the process.I used to work at a hospital and have a 401(k) there, but I've been unemployed for about 90 days. So I could use maybe $1,000 or $2,000 of those dollars. They told me that if I cash out the 401(k), I'll pay 35 or 40% in taxes. If I roll it over to another IRA, I will only pay taxes on what I borrow. Is...
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    25 m
  • Counter-Cultural Finances

    Counter-Cultural Finances
    Aug 29 2024
    1 John 2:15 contains a command and a warning for Christians: “Do not love the world or the things in the world. If anyone loves the world, the love of the Father is not in him.”You have a choice—to be worldly or Kingdom-minded with your finances. But beware—God’s way is definitely counter-cultural.What Does Your Money Say About Your Values?In today’s world, many people are inclined to fit in, follow the crowd, and keep up with the Joneses. But as Christians, we are called to live by a different set of values—values that often stand in stark contrast to the norms of society. This counter-cultural way of thinking was exemplified by Jesus throughout His ministry and applies to every aspect of our lives, including how we handle money.The critical question we must ask ourselves is this: Do our actions and attitudes around money reflect the world’s values or God’s? To explore this, let’s imagine a simple exercise. Picture a piece of paper divided down the middle. On one side, we list the world’s messages about money and possessions; on the other, we record what God’s Word says about these same issues. The differences are like night and day.Worldly Messages vs. God’s TruthWorldly Message: God is irrelevant, and nothing—including your financial decisions—truly matters. God’s Truth: Our God is living, loving, and intimately involved in our lives (Matthew 16:16, 1 John 4:16). What we do, including how we manage our money, matters deeply (Ephesians 2:10). Worldly Message: Keeping things brings blessing. God’s Truth: Generosity brings true blessing (Proverbs 22:9, Acts 20:35). Worldly Message: You’re on your own—do it yourself, with no accountability. God’s Truth: The Creator is always with us, our best source of help (Psalm 23:4, Psalm 121:2). Worldly Message: The goal of life is to accumulate more—more wealth, influence, and security. God’s Truth: Earthly things will fade away, but knowing and loving God has eternal value (Jeremiah 9:23-24). Seek God first, and everything else will fall into place (Matthew 6:33). Worldly Message: Wealth and success justify pride. God’s Truth: Pride leads to destruction, while humility brings victory (Proverbs 16:18, 1 Peter 5:5). Worldly Message: If someone wrongs you, it’s okay to seek revenge. God’s Truth: We are called to repay evil with blessing, inheriting a blessing ourselves in the process (1 Peter 3:9). Worldly Message: You can own things without consequence. God’s Truth: Possessions often end up owning you. True freedom is found in knowing Christ (John 8:32).The Clash of WorldviewsThe divide between secular and Christian worldviews is vast, especially when it comes to money. One of the most significant clashes is over the love of money. The world might say it’s acceptable, even for Christians, to love money. But Jesus makes it clear that it’s impossible to serve both God and money simultaneously (Matthew 6:24).As Christians, we’re meant to stand out because we serve a different Lord. James 4:4 reminds us that “friendship with the world is enmity with God.” But does this mean we should isolate ourselves from the world? Not at all.Jesus showed us a different way to live—serving others, loving deeply, and challenging cultural norms about relationships and possessions. He was a revolutionary, not just in His time but for all time. As His followers, we’re called to do the same: replace greed with generosity, exchange disrespect for love, and be counter-cultural in how we give our time, care, and resources.Your Financial Choices MatterYour financial decisions are more than just personal—they’re a reflection of your heart and an example to others. When you handle money with honesty, faithfulness, and generosity, people notice, and the blessings that follow are evident.The apostle Peter calls us “sojourners and exiles” (1 Peter 2:11) because this world is not our ultimate home. Yet, while we’re here, we have a mission: to love and serve others in a way that stands out, giving glory to God. In our financial choices and in all aspects of our lives, let’s choose to live differently, as Christ did.On Today’s Program, Rob Answers Listener Questions:I'm curious if there's a specific time frame when you should consider paying a financial advisor to manage your IRAs or if you should just let someone who isn't paying much attention to them look at them.I have about $400,000 in CDs and money market accounts. Is there something better than CDs in which I should put my money? I know CDs are pretty safe, but I'm wondering if there are better options.I'm 58, and I earn $98,000 a year. I'm currently renting, but it's costly. I want to buy a home but wonder if I'm too old. What do you think? I want to make a biblically sound decision.My wife and I have roughly 300,000 sets up, and we are thinking about buying the property at the beach to enjoy life with what we saved up with our grandkids. I wonder if...
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    25 m
  • The 5 D's of a Financial Reset with Sharon Epps

    The 5 D's of a Financial Reset with Sharon Epps
    Aug 28 2024
    The world is becoming more complex every day. Technology solves problems and creates new ones. How do you keep up?Among so many other things today, maybe you’ve noticed that managing your finances is increasingly complicated and involves more than balancing a checkbook. Sharon Epps joins us today with some much-needed advice—the 5 Ds of a Financial Reset.Sharon Epps is the president of Kingdom Advisors, FaithFi’s parent organization. Kingdom Advisors serves the broad Christian financial industry by educating and equipping professionals to integrate biblical wisdom and financial expertise.1. Define Your Financial VisionThe first step in a financial reset is to Define your standard of living. This goes beyond just wanting financial health; it’s about understanding your deeper motivations. What is your “why”? The Bible reminds us in John 10:10 that Jesus came so that we might have life and have it abundantly. This abundant life isn’t about wealth but about living a life full of peace and purpose. Define what that means for you and let it guide your financial decisions.2. Declutter Your Life and FinancesNext, it’s time to Declutter—and not just your finances but your physical space as well. Spend a weekend going through your home, room by room, asking yourself if each item is still useful. If you haven’t used something in the last year, consider selling it or giving it away. Decluttering your home can go a long way toward decluttering your life, making space for what truly matters.3. Delay Impulse PurchasesThe third step is to Delay your impulse purchases. Create a list of things you want to buy and note the date next to each item. Commit to waiting 30 days before making any purchase. More often than not, you’ll find that you didn’t really need or want the item after all. This simple habit can help you make more intentional spending decisions.4. Detect Spending HabitsThe fourth “D” is Detect. For 30 days, track all your spending and review your expenses. With today’s technology, this process is easier than ever since most of us rarely use cash. You can quickly review your bank and credit card statements online. As you do this, ask yourself what you would change. The FaithFi app is a great tool for this. It allows you to combine all your accounts in one place and helps you and your spouse stay on the same page regarding your finances.5. Decide on Your Spending and Giving PlansFinally, it’s time to Decide on your financial future. Overhaul your budget, check your priorities, and decide where your money will go. Make “giving” an essential part of your budget. Consider where you can cut expenses to be more generous, whether to your church or a ministry you’re passionate about. This step is about re-establishing your priorities and returning to the basics—financially and spiritually.The “5 Ds of a Financial Reset” offers a practical and spiritual approach to managing your finances in today’s complex world. By defining your financial vision, decluttering your life, delaying impulse purchases, detecting spending habits, and deciding on your budget, you can regain control of your finances and realign them with your spiritual values. Remember, tools like the FaithFi app can make this process even easier, helping you stay organized and focused on what truly matters.On Today’s Program, Rob Answers Listener Questions:I plan to retire in a couple of years and work with two different financial advisors. One advisor suggested that I defer my Social Security until age 67 to get a higher monthly benefit. The other advisor says I should start taking Social Security right away so I don't have to withdraw as much from my 401(k), which has over $1 million. I'm trying to decide which approach is better for my situation. What are your thoughts on whether I should delay Social Security or start taking it earlier?I recently got a letter from the IRS stating that I have a retirement fund in another state that I completely forgot about. I've lived in several states and tried to reach out to the previous employer, but they keep giving me different numbers to call, and no one is able to help me locate this account. Should I be concerned about this? Will the IRS handle it for me since they received the 1099 form?My wife and I are both retired - I'm 65, and she's 66. We bought a condo for $280,000 about four months ago and financed $80,000. We plan to stay there forever, and our kids are not interested in the condo when we're done with it. I wonder if getting a reverse mortgage on that $80,000 would be a smart idea for us. We don't have a tremendous amount saved for retirement, but we should be able to get by on our Social Security. Would a reverse mortgage make sense in our situation?I recently inherited some money from my mother, who passed away last fall. I'm looking for the best place to invest that money to get the best CD rates. What would be the best way for me to find the ...
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    25 m
  • Common Sense Spending Strategies

    Common Sense Spending Strategies
    Aug 27 2024
    From hats in the hall closet…to bats in the belfry, we can help you save money on the basics.Today, we’ll offer you a few common-sense strategies for saving money on three basic necessities: clothing, utilities, and home maintenance.Saving on ClothingWhen it comes to clothing, it’s easy to get tempted by sales or the latest trends. This is especially true if you have kids, especially teenagers, with rapidly changing sizes and opinions on what’s “cool.” But keeping your family’s wardrobe sharp doesn’t have to break the bank.Shop Thrift Stores: You don’t have to buy new. Thrift stores offer deals on current styles and wardrobe basics. This is a great way to save, especially if you have kids. Teenagers might resist, but give them a budget and challenge them to find something they like. It’s a fun way for them to learn the value of money and creativity.Consignment Stores: Consider shopping at consignment stores, where you can find stylish clothing at a fraction of the cost. Plus, when you’re done with your gently used items, you can trade them in for cash or discounts, adding money back into your clothing budget.Re-think Your Wardrobe: Instead of filling your closet with items you’ll only wear once or twice, focus on versatile, high-quality basics. A good pair of slacks or a neutral skirt can serve multiple purposes, from work to church or an evening out. Spend on these core items and use accessories and thrift store finds to add variety.Cutting Down on Utility BillsUtilities are another area where costs can quickly add up, but there are several ways to save.Energy-Efficient Appliances: Invest in energy-efficient appliances when it’s time to replace your old ones. While it may cost more upfront, these appliances will save you money in the long run. You can also find deals on “scratch and dent” models, which are new but have minor cosmetic flaws.LED Lighting: Switch to LED bulbs; although they’re more expensive initially, they last longer and use less energy, reducing your electricity bills over time.Utility Rebates: Check with your utility company for rebates on energy-efficient systems like electric hybrid water heaters or smart thermostats. These rebates can help offset the initial costs of upgrading your home’s energy systems.Simple Habits: To further reduce your energy consumption, unplug appliances, turn off electronics, and adjust your thermostat when you’re not at home.Smart Home MaintenanceRegular maintenance is crucial to avoid costly repairs if you own a home. Here are some tips to keep your home in good shape:HVAC Maintenance: Have your heating and air conditioning system checked annually to ensure it’s running efficiently, especially before the peak seasons of summer and winter.Seal Air Leaks: Check the caulking around windows, doors, and light fixtures annually. Replace weather stripping if necessary, and consider adding insulation if your home feels too warm in summer or too cold in winter. Again, utility companies often offer rebates for insulation upgrades.Roof and Attic Checks: Remember your attic. If unused, ensure it’s not becoming a home for critters. Rodents and other animals can cause significant damage, including chewing on electrical wires, which is a fire hazard.By taking simple, proactive steps in clothing, utilities, and home maintenance, you can manage your money more effectively and keep your expenses under control. These practical tips are designed to help you save more while still maintaining a comfortable and stylish lifestyle.On Today’s Program, Rob Answers Listener Questions:I'm in my 70s, and my spouse and I have been married for over two years. I've saved a significant amount of money initially kept in a lockbox. After selling my condo, I put that money into a couple of CDs, as they offered the best rates. These CDs will earn me over $4,000 a year in interest. I also have a few thousand dollars more that I need help with. I'm concerned that depositing this large cash amount in the bank might raise money laundering suspicions with the government.My dad passed away over a year ago, and my mom is trying to get Social Security benefits. However, neither of them has the required 40 credits. Can they combine their credits to qualify?My question concerns an income property that I have. Is it better to keep it during my retirement or sell it? My main concern is the capital gains tax I'll incur when I sell it since I've owned it for over 20 years, and it's depreciated.Do you consider classic cars a viable option for possibly a small part of a retirement portfolio?Resources Mentioned:Wise Women Managing Money: Expert Advice on Debt, Wealth, Budgeting, and More by Miriam Neff and Valerie Neff Hogan, JD. \Bankrate.comRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) ...
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    25 m
  • Life Planning with Ron Anderson

    Life Planning with Ron Anderson
    Aug 26 2024
    Psychologist and educator Fitzhugh Dodson wrote, “Without goals and plans to reach them, you are like a ship that has set sail with no destination.”Of course, goals don’t amount to much unless you have a plan to reach them. That planning should involve more than building your net worth. Ron Anderson joins us today to discuss life planning— what is it, how to do it, and why you should.Ron Anderson is the Founder & President of Plan A Wealth Management in Lincoln, Nebraska.What Is Life Planning?Life planning goes beyond setting financial goals; it’s about discovering and fulfilling your purpose. It involves asking yourself why you want to be financially successful and what you will do to accomplish your bigger goals in life. It’s about making a difference and living out the reason God put you on this planet.The core of life planning is about introspection and alignment with God’s purpose for your life. We were all created on purpose for a purpose, and life planning helps us ask the tough questions to design a life that truly matters. It ensures that your goals are in line with God’s plan for you, helping you avoid the pitfall of pursuing the world's definition of success while missing out on the unique contribution you are meant to make.The Role of a Financial Planner in Life PlanningA financial planner can be instrumental in helping you navigate your life planning journey. They can assist in determining how much you need to live the life God is calling you to. This includes helping you set a reasonable lifestyle, preparing for God’s nudges, and ensuring that you are ready to say "yes" when He calls. A planner can also help you clarify your goals, understand how major life events fit into your vision, and identify opportunities to make the most meaningful impact.Scripture provides a strong foundation for life planning. Ephesians 5:15-17 urges us to live wisely, making the most of every opportunity and understanding the will of the Lord:“Be very careful, then, how you live—not as unwise but as wise, making the most of every opportunity, because the days are evil. Therefore do not be foolish, but understand what the Lord’s will is.”Ephesians 2:10 also reminds us that we are God’s masterpiece, created to do the good things He planned for us long ago. This is why it’s so vital to live purposefully and intentionally, aligning our lives with God’s plans.If you're interested in exploring life planning further, you can visit PlanAWM.com, where you can schedule an appointment and speak with a member of their team.On Today’s Program, Rob Answers Listener Questions:I've been contemplating leaving my assets from a soon-to-be-settled divorce to my children, who are in their 20s, and I'm just not sure I'm going to do that. All that said, I am very ill and have been around the world eight times trying to get well. The main question is, with Social Security Disability, how do income and assets affect Social Security Disability?I've had a life insurance policy for about 20 years, which will expire when I turn 76 unless I choose to pay a significantly higher premium at age 82. This means I have around five years left on it. I wanted to "cash it in," but when I contacted the company, they informed me that this is not possible with my term life policy. I came across a company called Coventry on TV, which seems to buy life insurance policies and provide cash in return. Can you explain how this works?I'm in my early to mid-70s and have a small to medium investment account. I have it securely invested in a G-Fund within my TSP. I'm curious about the market's future, especially since it's at an all-time high and has performed well this year. Given that it's an election year, and I haven't researched historical trends during such times, do you think the market will continue to rise? I'm considering converting a significant portion of my G-Fund to the C-Fund, which tracks the S&P 500. What is your outlook on the S&P 500 for the rest of the year?A few months ago, my mom passed away, and I was initially told I needed to go to probate court. At the courthouse, I was given a list of documents to bring, including the title to my mom's house and property. After reviewing these documents for a few minutes, the probate office informed me that I have a life estate, so probate isn't necessary, which contradicts their earlier statement. They mentioned it needed rights of survivorship, which it didn't have. I'm now confused about whether I need to go to probate or not.A few months ago, I heard about Social Security benefits for those in their 60s. I visited the Social Security office last week and asked why the surviving spouse seems penalized after a spouse's death. I feel like I'm losing my benefits despite working for them, as I can only take survivor benefits if my husband passes before me. The representative couldn't explain the reasoning. How can I advocate for a change to this rule, as its purpose is ...
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    25 m
  • 5 Things To Consider Before You Buy A House

    5 Things To Consider Before You Buy A House
    Aug 23 2024
    Most of today’s renters say they’d like to buy a home, but a clear majority think they’ll never be able to afford it.It’s certainly gotten more difficult to buy a house these days, with soaring home values and interest rates. But certainly not impossible—especially if you’re prepared.Renting Is Not Throwing Money AwayOne of the most common myths in the housing market is that renting is equivalent to throwing money down the drain. However, this perspective is misguided. Renting provides a home for you and your family, which is a valuable use of money. Moreover, renting buys you time—a precious resource. This time can be used to save up for a larger down payment, research neighborhoods, and make a well-informed decision when the time to buy finally comes.When considering whether to rent or buy, it’s important to compare the upfront costs associated with each option. Renting typically requires you to pay the first month’s rent and a security deposit, which can be a substantial amount of cash. On the other hand, buying a home requires a down payment and closing costs. If you don’t have 20% saved for a down payment, you’ll also need to factor in the cost of private mortgage insurance (PMI).Using a “rent versus buy” calculator can help you determine which option is more financially viable for your situation. In some cases, renting may be cheaper on a monthly basis, especially when you consider that it can take 5 to 7 years to recoup the closing costs of buying a home.Considering the Current Market ConditionsAnother critical factor to consider is the current state of the housing market. Home values and interest rates are high right now, but there are signals from the Federal Reserve that interest rate cuts could be on the horizon. Additionally, while home prices remain high, the rate of increase is slowing, with more sellers lowering their asking prices. Waiting could pay off if you’re not in a rush to buy.It’s essential to look at your monthly budget when deciding whether to rent or buy. Determine what your monthly mortgage payment would be for the type of home you want and compare it to the rents in your area. If your total housing payment exceeds 25% of your take-home pay, you might find it challenging to stay on budget, making renting a more practical choice for now.The Emotional Side: Satisfaction vs. FlexibilityBuying a home can bring a sense of satisfaction and the freedom to personalize your living space. However, homeownership also comes with the stress of maintenance and repairs. Renting, on the other hand, offers flexibility and less stress. You don’t have to worry about unexpected repair costs, and you may even have the satisfaction of saving money each month.For some, shared ownership could be a viable option. Multi-generational homeownership is on the rise, allowing families to afford more living space and amenities together than they could separately. This arrangement isn’t for everyone, but it’s worth considering, especially as more adult children are living at home.Seeking God’s GuidanceAs you navigate the decision of whether to rent or buy, remember the wisdom of Proverbs 2:6, “For the Lord gives wisdom; from his mouth come knowledge and understanding.” Pray for discernment, and trust that God will guide you to the right decision at the right time. As Psalm 37:7 advises:“Be still before the Lord and wait patiently for him.” By seeking God’s guidance, you can make a decision that aligns with His will for your life.On Today’s Program, Rob Answers Listener Questions:I'm in my 70s, and my wife is also getting older. I'm considering putting $10,000 monthly into a CD ladder, where I would open a new 1-year CD each month. This way, there would be a CD maturing every month that my wife could access for any emergencies. Does this sound like a good strategy for our situation?I receive two monthly checks - one from the United States Postal Service and one from my time as a civil servant. I thought I had already paid taxes on this money when earning it, but now I'm wondering why I need to file tax returns for 2022 and 2023 since I'm retired. I haven't filed those years yet, and I'm not sure why I need to. Can you help me understand this?I'm 63 years old, and I have some upcoming life events like my son going to college and building a house to retire in. When should I consider my 401(k) fully funded and stop contributing to it?I'm retiring from the Ohio Public Employee Retirement System next week. They have been contributing to a money market account for me since I returned for a second period of re-employment. This account has about $15,000 in it. I can take this money as a lump sum, or I can take it as a lifetime income stream, either for my life or my wife's. I'm not sure which option would be better for me. What should I consider when deciding how to take this retirement payout?I'm concerned about doing a home refinance versus getting a HELOC (Home ...
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    25 m
  • Watching, Waiting, Planning, Working with Matt Bell

    Watching, Waiting, Planning, Working with Matt Bell
    Aug 22 2024
    “Concerning that day and hour no one knows, not even the angels of heaven, nor the Son, but the Father only. For as were the days of Noah, so will be the coming of the Son of Man.” - Matthew 24:36-37Jesus made it quite clear that no one on earth knows the day or hour of His return. Yet, we’re to live as if He’s coming back tomorrow. Does that mean we don’t need to plan for the future? Matt Bell weighs in on the issue today.Matt Bell is the Managing Editor at Sound Mind Investing, an underwriter of Faith & Finance. The Call to Be PreparedWhile it’s crucial to live in anticipation of Christ’s return, this does not mean we should neglect our responsibilities here on earth, especially when it comes to managing our finances. We must strike a balance between being spiritually ready for the end times and being diligent stewards of the resources God has entrusted to us.One of the most common misconceptions among Christians is that preparing for the future contradicts living in anticipation of Christ’s return. However, this perspective misses the point of biblical stewardship.The Bible emphasizes the importance of planning and stewardship. Proverbs 21:5 tells us, "The plans of the diligent lead to profit as surely as haste leads to poverty," while Proverbs 22:3 warns:"A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences."The Parable of the Talents: A Lesson in ResponsibilityThe parable of the talents (Matthew 25:14-30) perfectly illustrates the concept of stewardship. The master entrusts his servants with his wealth, expecting them to manage it wisely. Two servants invest the money and generate a return, while the third, out of fear, hides it. When the master returns, he rewards the faithful servants and reprimands the one who did nothing.This parable teaches us that we are not merely to hold on to what God has given us; we are to use it productively, even as we wait for Christ’s return. Being a good steward means planning, being intentional, and taking proactive steps to manage the resources God has entrusted to us.Practical Steps for Faithful Financial StewardshipSo, what does faithful financial stewardship look like in practice? It’s crucial that we utilize tools like budgets to allocate income across key priorities such as generosity, saving, investing, and spending. Additionally, for those planning for retirement, it’s wise to build an investment plan that aligns with a specific retirement date and budget, even though adjustments may be necessary as circumstances change.Ultimately, financial planning is not about securing wealth for its own sake but about being found faithful with what God has given us. As Proverbs 16:3 reminds us: "Commit to the Lord whatever you do, and he will establish your plans."Living in Anticipation and Planning WiselyChristians are called to live in constant anticipation of Christ’s return while also faithfully managing the resources we have been given. We live like Jesus is returning today, but we plan to be here for a long time. This balanced approach ensures that we are prepared for whatever the future holds, both spiritually and financially.For more insights on this topic, you can explore the article “Watching, Waiting, Planning, Working” available at SoundMindInvesting.org.On Today’s Program, Rob Answers Listener Questions:I recently received an inheritance of over $200,000. My savings and 401(k) are in good shape, but I'm unsure how to invest this inheritance best. I want to ensure I'm being a good steward of this money. What advice would you give me on how to invest this inheritance wisely?Resources Mentioned:Watching, Waiting, Planning, Working by Austin Pryor (Sound Mind Investing Article)Sound Mind InvestingRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
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    25 m
  • Why Impact Investing? with Stella Tai

    Why Impact Investing? with Stella Tai
    Aug 21 2024
    “Let each of you look not only to his own interests, but also to the interests of others.” - Philippians 2:4We tend to think of that verse as a prescription for giving to help the poor and needy and that’s good. But is there an application that involves investing? Stella Tai joins us today to talk about how your investing can have a positive impact in the world.Stella Tai is Manager of Stewardship Investing Impact and Analysis for Praxis Mutual Funds®, an underwriter of Faith & Finance. Why Should People of Faith Focus on Impact Investing?Impact investing is an investment approach that goes beyond the traditional goal of making a profit. It’s a way to use investment dollars to promote social and environmental good in the world through carefully selected investment portfolios.Impact investing holds particular significance for people of faith because it aligns with the scriptural mandate to use our gifts, talents, and possessions for good. Faith provides a moral compass, guiding investors to avoid investments that harm society while promoting strategies that address pressing global issues, such as healthcare, education, and environmental stewardship. People of faith have a rich history of pioneering this type of investing, drawing inspiration from groups like the Quakers and Catholic orders that have been practicing values-aligned investing for decades.Integrating Faith-Based Impact into Investment PortfoliosFor individuals or institutions looking to incorporate faith-based impact into their investment portfolios, here is some practical advice to get started:Articulate Values: Clearly define the values that will guide your investments.Align Current Portfolios: Assess existing portfolios to ensure they align with these values.Utilize Available Tools: Explore funds and financial advisors experienced in impact investing.These steps help investors begin the journey of integrating impact into their investments, whether in traditional markets or philanthropy.If you’d like to learn more information about Praxis Mutual Funds, you can visit praxismutualfunds.com.On Today’s Program, Rob Answers Listener Questions:I have a rental property with a $50,000 mortgage at 5.5-5.6% interest. I have the ability to pay off the mortgage, but I'm unsure if I should let the renter continue paying it off while I invest the money elsewhere or if I should pay it off myself. What would be the better financial decision?I have a 5-acre property that includes my current home. I want to do a lot split to build a smaller retirement home on part of the land. What are the best financing options for building the new home while I continue living in my current home? Should I sell my current home first and rent it back, or try to stay in it during construction? And what tax or capital gains implications do I need to consider with the lot split and home sale?I made about four times what my wife made on average during our working careers. Our plan was for my wife to start taking her Social Security at age 62, and then when I started taking mine at age 67, she would switch over to spousal Social Security. However, we recently attended a seminar where the presenter said that even if my wife switches to my spousal benefit at 67, she will still suffer a 25% penalty. Is that true? I want to ensure I understand the implications before deciding when to start our Social Security benefits.I'm 63, and my wife is 60. We both still work. We have $200,000 in savings, earning only 1.5%, and my wife has $200,000 in her 401(k). I declined a 401(k) at my job since they didn't match. Should I invest the $200,000 in savings instead of leaving it in the low-yield account? I plan to keep working as long as I'm able.Resources Mentioned:Praxis Mutual FundsBankrate.comRich Toward God: A Study on the Parable of the Rich FoolFind a Certified Kingdom Advisor (CKA) or Certified Christian Financial Counselor (CertCFC)FaithFi App Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.
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