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Faith & Finance Live - Banking as a Discipleship Tool for Gen Z and Young Adults · CIAM Radio

0:08
S1: Financial literacy matters. But for Christians, knowing how money works
0:12
S1: is only the beginning. Hi, I'm Rob West. What if
0:15
S1: even something as ordinary as banking could help us disciple
0:19
S1: the next generation to become faithful stewards? Aaron Cade joins
0:23
S1: us today to talk about banking as a discipleship tool
0:26
S1: for Gen Z and young adults. And then it's on
0:29
S1: to your calls at 800 525 7000. That's 800 525 7000.
0:36
S1: This is faith and finance. Live biblical wisdom for your
0:39
S1: financial journey. Well, it's a pleasure to have my friend
0:45
S1: Aaron Cade back on the program. He's chief marketing officer
0:48
S1: at Adelphi Christian Banking, a longtime underwriter of this program,
0:52
S1: and our recommended banking partner. Aaron, great to have you
0:56
S1: with us.
0:56
S2: Well, thank you, Rob. It's great to be here with
0:58
S2: you folks.
0:59
S1: Don't miss working with Adelphi Christian Banking. More and more
1:03
S1: of our listeners are wanting to align their banking partner
1:07
S1: with their biblical values, and Adelphi is the largest in
1:11
S1: this space. And our great friends today, we're talking about
1:14
S1: Gen Z, though those roughly in their teens to late 20s.
1:19
S1: And Aaron, as you know, they face plenty of financial challenges,
1:23
S1: but they also have an opportunity to develop habits that
1:26
S1: honor God for a lifetime. Teaching them financial literacy is,
1:29
S1: of course, important. But from a Christian perspective, I know
1:32
S1: you say that financial literacy alone isn't enough, right?
1:37
S2: It's true. I was surprised to read in a recent
1:39
S2: study from Personal Finance Index that only 38% of Gen
1:44
S2: Z respondents could answer basic financial questions. I mean, basic
1:47
S2: financial questions that makes them the least financially literate generation ever.
1:52
S2: By comparison, baby boomers had a financial literacy rate 17
1:55
S2: percentage points higher at 55%. But financial literacy by itself
2:00
S2: is not enough. Without stewardship, it can still produce materialism.
2:04
S2: And stewardship ultimately begins with recognizing that God owns it
2:08
S2: all and has entrusted resources to us to manage wisely.
2:12
S1: Well, you're sharing something that is on my heart. They
2:14
S1: absolutely need to be financially literate, but we also need
2:17
S1: to understand the heart of God and what it means
2:19
S1: to be a steward. And if we want to disciple
2:22
S1: young people financially, what are some of those biblical priorities
2:26
S1: that you would share with our listeners today as we
2:28
S1: teach them?
2:28
S2: Well, Scripture has a tremendous amount to say about money.
2:31
S2: More than 2300 verses and numerous parables deal with finances,
2:35
S2: and they tell us we have to align our financial
2:38
S2: priorities with God's purposes. And those include giving generously, providing
2:42
S2: for our families, meeting our financial obligations, saving for the future,
2:46
S2: and then finally, gratefully enjoying God's provision. So those principles
2:50
S2: can help young adults make financial decisions based on Scripture
2:53
S2: rather than simply following the culture.
2:55
S1: Yeah, and those are key ideas. Now, I know you say,
2:58
S1: and I've long said that it starts with us as parents.
3:01
S1: And you've been pretty candid about your own experience. What
3:04
S1: have you learned as a dad, Aaron?
3:06
S2: Well, I did not model financial management as well as
3:09
S2: I could have when my children were young, and I
3:12
S2: still feel like I'm playing catch up now that they're
3:14
S2: young adults. I mean, that experience has shown me how
3:17
S2: important it is for parents to talk openly with their
3:19
S2: children about money and model faithful stewardship. Most financial health
3:23
S2: is built through ordinary habits, repeated over time budgeting, avoiding
3:27
S2: unnecessary debt, saving consistently, giving generously, and learning contentment.
3:32
S1: Yeah, we say more is caught than taught. And so
3:35
S1: we absolutely need to go first and model this. Aaron,
3:39
S1: where does banking itself fit into this? How can choosing
3:42
S1: a financial institution like Adelphi become part of living out
3:47
S1: those values, especially for the next generation?
3:50
S2: Well, I mean, as a Christian financial institution, we understand
3:53
S2: that our faith shapes the way we think about and
3:55
S2: use money, and it can help reinforce healthy financial habits.
3:59
S2: At Adelphi, we serve Christ followers, families, churches, and ministries
4:03
S2: so we understand the heart behind our members and are
4:06
S2: equipped to serve them with that perspective. And we want
4:08
S2: younger Christians to understand that banking isn't just transactional, it's
4:12
S2: another financial choice where their faith can make a difference.
4:15
S1: Well, Erin, I love what you all are offering because
4:17
S1: not only are they getting world class solutions like the
4:21
S1: high yield money market and even the bonus for faith
4:23
S1: fi listeners, but they're getting great technology in the mobile app.
4:27
S1: And even knowing that a portion of every dollar is
4:31
S1: going to Christian ministries. Right?
4:33
S2: Exactly. It truly sets us apart not just from the
4:36
S2: big secular banks, but it also sets us apart from
4:39
S2: just your average everyday financial institution.
4:41
S1: That's exactly right. And that's why we are so honored
4:44
S1: to partner with you. Thanks for stopping by today, my friend.
4:46
S2: Thank you. It's always a pleasure, Rob.
4:49
S1: That's Erin Cade with Adelphi Christian Banking. And you know,
4:52
S1: they've served Christ followers, churches and ministries for more than
4:55
S1: 68 years. Faith by listeners. Listen to this. You can
4:59
S1: earn up to a $400 bonus on new accounts, including
5:03
S1: their new high yield money market. Just go to faith.com/banking
5:08
S1: and enter code faith. That's faith fi.com/faith. We'll be right back.
5:23
S1: Great to have you with us today on Faith and
5:25
S1: Finance Live. I'm Rob West. We're taking your questions today
5:28
S1: at 800 525 7000. That's 800 525 7000. We'd love
5:34
S1: to hear from you today. Be able to tackle whatever
5:37
S1: is on your mind financially. The lines are open. The
5:40
S1: team is standing by. We only need you again. That
5:43
S1: number 800 525 7000. You can call right now. In
5:48
S1: the news today, millions of Americans are reviewing their employer
5:52
S1: sponsored health insurance plans for 2027, and many are bracing
5:56
S1: for another round of rising costs. Employers anticipate their steepest
6:01
S1: health care cost increase in more than two decades, driven
6:05
S1: by higher hospital expenses, costly prescription drugs and increasing demand
6:12
S1: or increased demand for mental health services, according to KFF.
6:17
S1: Workers are already paying an average of $7,471 annually toward
6:23
S1: family coverage in 2026. That's up 9% from last year,
6:29
S1: including employer contributions. Total family premiums now average about 28,300,
6:36
S1: and premiums aren't the only concern. Employees could also face
6:40
S1: higher deductibles, copays and restrictions on which doctors and medications
6:45
S1: their plans cover. Experts recommend reviewing all available options. You,
6:50
S1: of course, need to compare out of pocket expenses and
6:54
S1: consider anticipated medical needs before you select a plan. Let
6:58
S1: me also mention our friends at Christian Healthcare Ministries. They
7:02
S1: offer a different approach through faith based medical cost sharing
7:06
S1: and CHM has announced it will not raise its member
7:09
S1: rates for 2027. I know that's been a welcome notice
7:14
S1: for all of their members and those considering it. If
7:17
S1: you want to learn more about CHM, they're the oldest
7:20
S1: and longest serving in this space. They've shared over 14
7:24
S1: billion with a B with their members since their founding.
7:28
S1: Just check out faith.com/chm that's faith fi.com/ch. All right, we're
7:37
S1: ready to jump into your questions today. Lines are open.
7:40
S1: The calls are coming in. But we do have room
7:42
S1: for you at the moment. 800 525 7000. Let's go
7:47
S1: to Illinois. Chris, how can I help you?
7:48
S3: My call. Yes, I'm 65 years old. I still work. Um,
7:54
S3: I have a I'm self-employed with a cleaning service and
7:57
S3: I'm coming into a, you know, a small, not a
8:01
S3: large amount of money. Um, but it's enough to either
8:04
S3: pay off half of my home or my vehicle. And
8:10
S3: I don't know whether to do one of those things
8:13
S3: or to take the money and invest it in a
8:17
S3: CD or something like that. You know, I can't take
8:20
S3: high risk at my age. So I didn't know which
8:24
S3: was would be the best way to go.
8:26
S1: Yeah. Well, I appreciate that question. Um, you know, you
8:30
S1: generally want to prioritize paying down high interest debt over
8:35
S1: putting money into a CD. Uh, the right choice though,
8:38
S1: just depends on the interest rates we're dealing with. So
8:42
S1: kind of the order of priorities here, Chris, would be first,
8:45
S1: we want to always make sure we have an emergency fund. Uh,
8:48
S1: that would be 3 to 6 months worth of essential
8:51
S1: expenses in savings before using all the money to pay
8:55
S1: down debt. If you've got that box checked, I would
8:58
S1: generally look at the car loan next. If you're paying
9:03
S1: 7 to 10% interest on your vehicle, paying that down
9:07
S1: is likely a better financial decision than, let's say, earning 4%
9:12
S1: on a CD. Um, next would be the mortgage. If
9:16
S1: your mortgage, you know, interest rate is, you know, three, four, five, 6%,
9:20
S1: something like that. Um, I think you may be better
9:23
S1: off hanging on to that and, you know, focusing on
9:27
S1: paying down the car and shoring up the, the emergency savings.
9:31
S1: And then obviously, once you know, we've got whatever debt
9:34
S1: paid off, the next step is to really just focus
9:37
S1: in on whether you're on track for retirement and trying
9:40
S1: to limit lifestyle spending so you can put something away
9:43
S1: for the future. But typically, I would say in a
9:45
S1: situation like this, if your emergency fund is fully funded,
9:49
S1: the car would be next up.
9:50
S3: Okay. So you would recommend my my car interest rate
9:54
S3: is right close to to six and my mortgage is
9:59
S3: only like 2.1. Yeah. So, you know, and I do
10:03
S3: have that, um, 3 to 6 months savings, um, you know,
10:07
S3: in the bank, but I have no other, you know,
10:11
S3: really retirement. I get a small, um, pension from my ex-husband,
10:16
S3: which is only about $500 and my social security is
10:19
S3: under a thousand. So I don't have, you know, a
10:23
S3: big income coming in. I mean, like I say, I
10:25
S3: still work, but, you know, that's going to here in
10:28
S3: the next five years is going to, you know, really
10:30
S3: be reduced. And I didn't know whether I should try to,
10:33
S3: you know, get one of those things paid off, you know,
10:36
S3: and I'm, of course, you know, ask others and they're like, oh, no,
10:39
S3: do this, do that. And I thought, you know, I
10:41
S3: really need to get some professional opinion on, you know,
10:45
S3: the best way for me to take this money and
10:49
S3: use it, you know, in the best way that's going
10:51
S3: to benefit me.
10:52
S1: Yeah, no, I like that. Well, I think given what
10:54
S1: you just said, especially with that phenomenally low interest rate
10:58
S1: on the mortgage of 2.1%, I mean, even if it's
11:00
S1: two and a half, that's incredible. Unless you just had
11:04
S1: a real conviction to be debt free, including your home.
11:07
S1: I'd let that ride. Um, so I think, yeah, because
11:10
S1: you've got the fully funded emergency fund. Let's go ahead
11:12
S1: and pay down the car. Once we pay that off,
11:15
S1: that payment goes away. Now we can take that money.
11:18
S1: And I would say, let's use that to accelerate your
11:21
S1: long term investments. What kind of retirement plan do you
11:24
S1: have at work, if any?
11:25
S3: I don't have one. No. I'm self-employed and I have no, no, um,
11:31
S3: investments at all.
11:32
S1: Okay. Yeah. So there's, there's something called a sep IRA. Sep.
11:37
S1: Sep IRA. Are you familiar with that term?
11:39
S4: Yes. Okay.
11:40
S1: So that would be the place I would go next
11:42
S1: because that's going to allow you to put for 2026
11:45
S1: up to $72,000, or 25% of compensation, whichever is less
11:51
S1: so for self-employed individuals. That's going to allow you to
11:55
S1: essentially put away generally works out to about 20% of
11:59
S1: your adjusted net self-employment earnings, um, which, you know, is,
12:04
S1: is a great benefit because there's a lot more room there.
12:08
S1: You're going to quickly tap out what you could put
12:10
S1: into an IRA traditional or Roth. So the Sep allows
12:14
S1: you to put even more and I think take advantage
12:17
S1: of these years between now and retirement, where your Social
12:21
S1: Security is growing. Uh, that's great. Unless. Did you say
12:24
S1: you're already taking that?
12:25
S3: Yes, I, I took it at at 62. I took
12:29
S3: it at early. Um, you know, I was things, you know, financially,
12:34
S3: I thought, you know, I really with, you know, the
12:36
S3: way the, you know, the what I can't even think
12:39
S3: of the word I want to say, but, um, you know,
12:40
S3: just the, um, To the way the world is going.
12:45
S3: You know, increase in expenses and everything. And, you know,
12:50
S3: I've heard this saying that you, you know, it takes
12:54
S3: ten years for your Social Security to catch up with
12:57
S3: you where you're, you know, going to begin to, you know,
13:01
S3: lose money. Yeah. If I would have waited. Yeah. So
13:05
S3: I went ahead and I took it early, so no problem.
13:09
S1: Okay. So you've got that that you can count on.
13:11
S1: So the other way to get your retirement income up
13:14
S1: is just to build that nest egg so that we
13:16
S1: can convert whatever that grows to for as long as
13:19
S1: you continue to work. And maybe at some point you
13:21
S1: transition to part time or something like that. But I
13:24
S1: think the key is let's try to sock away as
13:26
S1: much as we can, which means we've got to limit lifestyle.
13:29
S1: We've got to get that Sep IRA open, and let's
13:32
S1: just try to sock as much as you can, especially
13:34
S1: if you have a big month or a big quarter.
13:36
S1: Now we need to smooth out some of that self-employment income.
13:39
S1: So you're not in a position where if seasonality, you know,
13:44
S1: means you have less money, you don't want to have
13:47
S1: to use your savings. But I think the idea is,
13:50
S1: when possible, let's try to sock as much as we
13:53
S1: can away. So you've got that retirement nest egg growing
13:56
S1: that you can tap into down the road. Chris, thanks
13:58
S1: for your call. We'll be back with more questions after this. Elaine,
14:01
S1: coming your way to Florida. We'll be right back.
14:09
S5: The opinions offered during this program represent the personal or
14:12
S5: professional opinions of the participants given for informational purposes only.
14:17
S5: Any information provided is not intended to replace advice from
14:20
S5: a financial, medical, legal, or other professional who understands your
14:24
S5: specific situation.
14:30
S1: Well, it's the giving season as we head toward year end.
14:33
S1: You know, December 31st is a really important time for
14:36
S1: ministries like faith fi that rely on listeners because so
14:40
S1: many people are thinking about their year end giving during
14:44
S1: this season where Christmas is on our minds and we're
14:46
S1: finishing out the tax year, and we've got an incredible
14:50
S1: opportunity for you to come alongside our team at Faith
14:52
S1: Fi as we prepare for another incredible year of ministry
14:56
S1: in 2027. Um, we have a goal of $200,000 to
15:00
S1: be raised, uh, in the months of November and December.
15:04
S1: That's our year end goal. The good news is two things.
15:07
S1: One is every dollar up to 200,000 is going to
15:10
S1: be doubled because of some generous friends that have said, listen, uh,
15:15
S1: if you bring in up to 200,000, whatever that total is,
15:19
S1: on December 31st, we're going to write a check and
15:21
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15:25
S1: every gift of any amount allows us to send you
15:29
S1: Randy Alcorn's new faith fi devotional. That's right. It's his
15:33
S1: 70th book, and he's publishing his first ever 31 day
15:38
S1: devotional on money through faith fi. And we can't wait
15:41
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15:44
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15:47
S1: It's going to be titled Wealth That Lasts. It comes
15:51
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15:55
S1: Although it is his 70th book and a gift of
15:58
S1: any amount allows us to send you one. So if
16:01
S1: you'll head to Faith fi.com/give again. Help us reach our
16:04
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16:08
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16:12
S1: If you love the program, it would be an enormous
16:14
S1: way to bless the ministry here at year end. All right.
16:17
S1: We're taking your questions today. We've got some lines open.
16:20
S1: So if you've got something on your mind, call right
16:22
S1: now 800 525 7000. Let's go to Florida. Elaine, thanks
16:27
S1: for your patience. Go ahead.
16:28
S6: Thanks for taking my call. And also I want to
16:31
S6: thank you for the wise and godly advice daily.
16:35
S1: Thank you. That's very kind.
16:37
S6: Yes. So my question is in regards to a mutual
16:41
S6: fund that I had Marsico funds. And, uh, in April,
16:46
S6: I received a letter stating that it was a transfer redemption.
16:52
S6: I called and I asked them, how come, because I
16:55
S6: had not initiated any redemption. And they told me that
16:59
S6: the state of Florida claimed it, since there was no
17:03
S6: activity for the past year into the account, and it's
17:07
S6: been since April. I'm checking on Florida unclaimed property and
17:11
S6: it's not showing up. Is there any recourse?
17:15
S1: Yes. Uh, so you did check, uh, unclaimed property. And
17:19
S1: have you talked to anybody at the mutual fund company?
17:23
S1: And what specifically did they say?
17:24
S6: They said that they have no choice if there is a,
17:28
S6: uh if there is no activity on the account, the Florida, uh,
17:35
S6: it's I mean, every state. It's it's a redeeming the funds.
17:39
S1: Got it. Yeah. So if if they say they were
17:42
S1: required to turn it over to the state of Florida,
17:44
S1: but it's not showing up on the Florida's unclaimed property website,
17:48
S1: we need to find out where that went. So I
17:51
S1: wouldn't stop at the online search. You really need a
17:54
S1: paper trail from the mutual fund company and a direct
17:59
S1: conversation with Florida's Division of Unclaimed Property. So here's the
18:03
S1: next steps. Um, I would request written documentation from the
18:08
S1: mutual fund company. I would ask for the exact date
18:12
S1: the account was transferred, the dollar amount, the number of
18:15
S1: shares and the reason it was classified as abandoned. I
18:19
S1: know they've said because of inactivity, but I would get
18:22
S1: all of that in writing. Second, I would ask for
18:26
S1: the unclaimed property report number. The company should be able
18:30
S1: to identify the state, in this case Florida, the reporting
18:34
S1: year and the information used to report your property. And
18:39
S1: then I would contact unclaimed property directly and explain that
18:43
S1: the mutual fund company confirms the transfer and that you've
18:46
S1: got the the written confirmation of that, but that the
18:50
S1: property isn't appearing in the database. And you're going to
18:53
S1: want to ask whether it's still being processed. It could
18:56
S1: be that it just hasn't shown up yet, but I
18:59
S1: would request a supervisor. You may want to, you know,
19:02
S1: request a formal investigation. But the bottom line is if
19:06
S1: you have that documentation and that's where I'd start, they
19:10
S1: need to be able to, you know, chase that down
19:12
S1: for you, especially if the mutual fund company can show
19:16
S1: that it was in fact, transferred. And they do have
19:19
S1: a phone number. So you really do need to get
19:21
S1: somebody on the phone or you can email them. So
19:24
S1: you have a paper trail. In either case, I would
19:28
S1: contact Florida Unclaimed Property, but I would wait until you
19:32
S1: have that written documentation from the mutual fund company.
19:35
S6: Okay, so you said to ask for a paper trail,
19:40
S6: which I have. It shows that it was transferred, but
19:43
S6: it doesn't show where it was transferred. So I should
19:48
S6: I should really press on to that.
19:50
S1: Yeah, I would, yes. Because you need, uh, yeah, the
19:53
S1: exact date, the dollar amount, the number of shares and
19:56
S1: where it went.
19:57
S6: Yeah. Mhm.
19:58
S1: Yeah. And then once you have that, you're going to
20:00
S1: want to either call or email the Florida Division of
20:02
S1: Unclaimed Property.
20:04
S6: You said they should have, uh, a number, a transfer number.
20:08
S1: Um, there should be, um, an unclaimed property report number, uh, that,
20:14
S1: that they used to classify the property with. And I
20:17
S1: would see if you can get that from them.
20:20
S6: Mhm. Okay. Well, thank you so much for your advice again.
20:23
S1: Absolutely. Elaine, we appreciate your call today. Lord bless you. Uh,
20:27
S1: Sasha in Indianapolis, we're coming your way. After the break,
20:30
S1: we'll head down to Florida and talk to Rick and
20:32
S1: perhaps your question as well. Anything on your mind today
20:35
S1: as you give, save or spend God's money? We'd love
20:38
S1: to help you sort it out. 800 525 7000. Again,
20:42
S1: that number 800 525 7000. Here's our goal today. We
20:47
S1: want to be an encouragement to you, help you manage
20:49
S1: God's money faithfully with what has been placed in your
20:53
S1: hands today, right now. What does faithfulness look like? That's
20:57
S1: the measure. That's what we're all charged with. We know
20:59
S1: that God owns it all. We're stewards. And so faithfulness
21:03
S1: is our goal. And we look to God's Word to
21:05
S1: do that and wise counsel. And hopefully we can be
21:08
S1: a source of that here for you today. We'll take
21:10
S1: a quick break, but don't go anywhere. We've got a
21:12
S1: lot more to come right after this. Well, you know,
21:20
S1: a few things stir a parent's heart like wanting to
21:23
S1: help our grown children. But when it comes to money,
21:25
S1: the line between helping and hurting isn't always easy to see. Well,
21:30
S1: tonight I'm joining the team at Moody Stewardship at seven
21:34
S1: central eight eastern for a free 30 minute virtual event.
21:39
S1: That's right. Tonight, seven central, eight eastern. I'm going to
21:43
S1: share some biblical wisdom on how to help your grown
21:46
S1: children in ways that move them forward without putting your
21:50
S1: own future at risk. We'll explore how passing on wisdom
21:54
S1: before wealth and inviting your family into giving can be
21:58
S1: one of the ways to, in fact, serve them without
22:02
S1: hurting them financially. And we'd love to have you join
22:05
S1: us again. Just a 30 minute event. You can participate
22:09
S1: and get all the details when you go to Moody stewardship.org.
22:13
S1: Just scroll down. You'll see the details, including the phone
22:17
S1: number to call at 8:00 eastern. Tonight. It's just 30 minutes.
22:20
S1: I'm going to share for a few minutes on this
22:22
S1: important topic. You'll hear from the team at Moody Stewardship,
22:25
S1: and you'll be able to get a copy of an
22:29
S1: incredible resource as well from Moody publishers, just as our
22:32
S1: gift to you. So if you'd like to be a
22:34
S1: part of the event tonight, 8:00 eastern. How to help
22:38
S1: adult kids financially without hurting. Go to Moody stewardship.org. Scroll down,
22:43
S1: get the details, and join us for the live event.
22:47
S1: It's free and it's tonight at 8:00. We'll hope you
22:50
S1: can join us. All right, let's head to Indianapolis. Sasha,
22:53
S1: how can I help?
22:55
S7: Hello. And thank you so much for taking my call.
22:57
S7: And I appreciate all that you do for all of us.
23:01
S7: Thank you. Um. Yes, I've called before. I was scammed
23:05
S7: out of a larger sum of money, and, um. I'm
23:09
S7: not one that makes a lot of money. I was
23:11
S7: just wanting some ways that I can start rebuilding again,
23:17
S7: you know? Really need some extra money.
23:20
S1: Mhm. Yeah. Well, first of all, I'm so sorry to
23:23
S1: hear about you being scammed. I do remember your call, Sasha.
23:26
S1: And my heart breaks. You know, this is happening more
23:29
S1: and more. And your call today will serve as a
23:33
S1: reminder just for all of us to be really vigilant
23:36
S1: and on our guard and just knowing that scammers are
23:40
S1: working overtime. AI is making that more difficult to discern
23:43
S1: what's real and what's not. And, you know, especially when they're, uh,
23:48
S1: you know, impersonating companies we're normally very willing to do
23:52
S1: business with, uh, could be an, a utility company. It
23:55
S1: could be the Social Security Administration or even the IRS.
23:58
S1: So we just need to be on our guard, not
24:00
S1: clicking links in emails, never giving personal information to somebody
24:03
S1: who texts or calls us. Only give out information when
24:07
S1: you've initiated the contact based on the data, you know,
24:11
S1: to be true with regard to their website or their
24:14
S1: their customer service phone number. But I'm really sorry that
24:18
S1: you're going through that. Uh, you know, I think in
24:20
S1: terms of rebuilding from where you've been, um, you know,
24:25
S1: really we, we don't want you to try to recover
24:27
S1: your losses quickly through what someone might position as an
24:31
S1: investment opportunity. The way to build wealth is slow and
24:34
S1: steady over time, and your income is your most powerful
24:38
S1: wealth building tool. And so we need to look for
24:41
S1: ways for you to earn additional income now. Do you
24:45
S1: have a full time job, Sasha? And you're looking for
24:48
S1: something in addition to that? Or give me what the
24:51
S1: current status of your situation?
24:52
S7: Yes. I work a full time job. Um, and I
24:57
S7: can't get overtime sometime on the job. Um, I do,
25:02
S7: you know, I volunteer at the church quite a bit,
25:05
S7: but if I need to adjust that, I can do that.
25:10
S1: Okay. Yeah. So you're really looking to get some additional
25:14
S1: income beyond your full time job. And so would that
25:17
S1: be in the evenings?
25:20
S7: Well, I work overnights. Okay. So it would probably be yeah,
25:24
S7: during the day.
25:25
S1: Okay. Yeah, we got to be careful there because we
25:28
S1: don't want you to just work yourself, you know, and
25:30
S1: not take care of yourself and be healthy. But at
25:33
S1: the same time, I understand you're just trying, perhaps even
25:36
S1: something temporary that you could do. Um, you know, just
25:39
S1: to rebuild, uh, what is it, you know, does your,
25:43
S1: does your current employment cover your monthly bills and you're
25:46
S1: just trying to replenish your emergency savings or something like that?
25:50
S7: It, it barely covers, um, my monthly bills. Um, I've
25:56
S7: tried to cut back in different areas as much as
26:00
S7: I could. I'm sure there's probably some other areas, but yeah, yeah,
26:04
S7: maybe an extra thousand dollars a month would be helpful.
26:08
S1: But yeah.
26:09
S7: Okay.
26:09
S1: Yeah, yeah. I mean, I, I think, you know, in
26:11
S1: terms of what's possible here, um, maybe a weekend pet
26:15
S1: sitting job, I mean, that provides flexibility, uh, especially, you know,
26:19
S1: overnight pet sitting on your days off, um, you know,
26:23
S1: house cleaning even 2 to 3 hours, you know, could,
26:27
S1: you know, pays pretty well. Babysitting would be another, um,
26:31
S1: you know, virtual assistant work, which allows you to, you know,
26:34
S1: do tasks from home that's pretty flexible. Um, you know,
26:38
S1: we're heading into, you know, the holiday season. So there's, there's,
26:42
S1: especially this time of year, there's going to be, um,
26:45
S1: you know, some seasonal jobs where you wouldn't have to
26:48
S1: commit to a second year round position. And so, you know,
26:52
S1: that could be everything from holiday retail to gift wrapping. Um,
26:57
S1: you know, it could be something more seasonal warehouse work
27:00
S1: where you're not having to lift things that are heavy,
27:03
S1: but maybe you're packing some boxes or, you know, things
27:05
S1: like that. Again, holiday pet sitting, I think could be great. Uh,
27:09
S1: you know, you could have 20 to $50 per visit, uh,
27:13
S1: or booking. It's, it's not hard work. It could accommodate
27:17
S1: your schedule, um, and allow you to do something, especially
27:20
S1: while people are traveling, uh, more these days. So I
27:24
S1: think those are the kinds of things I would be
27:26
S1: looking for. And if you could find something that paid,
27:29
S1: you know, even $15 an hour and, you know, you
27:33
S1: were to, to maybe work eight hours, um, you know,
27:37
S1: per week, that could add another $500 before taxes and expenses. Um, but,
27:43
S1: you know, that would provide you some nice, you know,
27:46
S1: additional income that could be, um, you know, really helpful
27:50
S1: to you. Uh, you know, on a, on a monthly basis.
27:53
S1: So if you're looking for an additional thousand a month,
27:56
S1: you know, it could be that you would need to work,
27:59
S1: you know, as much as, uh, you know, 16 hours
28:02
S1: a week, that's going to be challenging, obviously, because that's another,
28:06
S1: you know, full two days of work. But if you
28:09
S1: could do that, even at $16 an hour, that would
28:11
S1: give you 1100 a month. If you got something up
28:14
S1: to $20 an hour, you could drop that down to
28:17
S1: maybe 12 hours a week to be able to bring
28:20
S1: in an additional thousand dollars a month. but hopefully that
28:23
S1: gives you a few ideas to think about. Sasha and
28:26
S1: I think, you know, the key is just, you know,
28:28
S1: kind of zero into something that you feel like fits
28:30
S1: your skill set and your schedule, and then just really
28:33
S1: start to network, maybe talk to some friends at church
28:36
S1: and see what, see what you can find. But hopefully
28:39
S1: this time of year, you should be able to come
28:41
S1: up with some things. We appreciate your call today. Thanks
28:43
S1: for being on the program. Uh, quickly to Indianapolis, Melody.
28:47
S1: Go ahead.
28:47
S8: I have thought about calling for a couple of years.
28:51
S8: I appreciate your show so much and gain a lot
28:54
S8: from it. But I retired young, and when I did,
28:58
S8: I moved back to be by my family route and
29:02
S8: bought a place that needed rehab and flipping. And I
29:05
S8: made it into a mini farm, and I didn't take
29:08
S8: advice from anybody. I thought I was smart enough to
29:11
S8: make my own decisions, and I used all my 401
29:15
S8: K by pulling it out to use on that investment.
29:20
S8: And the house turned out to be. It would have
29:23
S8: been okay. A good choice since I have good income retired,
29:26
S8: but it turned out to be a bad choice because
29:30
S8: the house is was built on an aquifer and floods
29:33
S8: constantly and has mold and everything. So I hear your music.
29:38
S1: Yeah. You know the drill, don't you? All right, let's
29:40
S1: do this. Uh, that's helpful background. I'd love to give
29:43
S1: you my thoughts on where you go from here. We're
29:45
S1: gonna have to do that right after the break in
29:47
S1: our final segment. Melody, stay there, and Rick will come
29:49
S1: your way up to the break as well. We'll be
29:51
S1: right back. Thanks for joining us today on Faith and
29:59
S1: Finance Live. I'm Rob West. We're taking your questions today
30:02
S1: here in our final segment. We'll get to as many
30:04
S1: as we can. 800 525 7000. Uh, so it sounds like,
30:09
S1: you know. Well, let me back up. Melody. Um, is
30:12
S1: in a challenging situation. She bought a home. It ended
30:15
S1: up flooding extensively. She tried to do some repairs. Um, Melody,
30:20
S1: you ended up losing the home, is that right? Was
30:22
S1: it foreclosed on or what happened?
30:24
S8: Ultimately, they sold it. They sold it in the county
30:26
S8: auction just because of that one little loan I took
30:28
S8: to buy to move the furnace and, um, hot water heater,
30:31
S8: the mechanicals out of the basement to the garage. And
30:35
S8: that loan, that little loan for the credit union went
30:37
S8: under on it.
30:38
S1: So yeah. Okay. But yeah.
30:40
S8: Owed and I now the credits ruined because of the
30:43
S8: big bills of that house.
30:44
S1: Yeah. Yeah. Well I mean, so you've got 5000 a
30:47
S1: month coming in. You say you're living on 4500 in
30:49
S1: most months. But I realize, you know, the unexpected comes
30:52
S1: and that extra 500 gets, you know, gobbled up on
30:55
S1: other things. I mean, if your pension and so.
30:58
S8: On the car and everything.
30:59
S1: Yeah. Yeah. Well, and so your true budget really needs
31:02
S1: to account for all of those things where we're saving
31:04
S1: for tire replacement. And, you know, we're putting money aside
31:08
S1: for gifts and the things that don't, you know, happen
31:10
S1: every month automatically, right? Yeah, sure. But I mean, at
31:14
S1: the end of the day, if your pension and Social
31:16
S1: Security income are reliable and sufficient to cover your needs.
31:19
S1: You don't automatically have to sacrifice a retirement just to
31:23
S1: contribute to a 401 K. The challenge is, is 5000
31:27
S1: a month truly enough because of all the other things?
31:30
S1: Because if we're running it right down to zero every
31:32
S1: month and you don't have any savings, it's just a
31:34
S1: matter of time before something comes up that you can't
31:37
S1: cover with the extra 500. And now we're taking on
31:39
S1: credit card debt. So I think what I would probably
31:42
S1: be looking to is to say, rather than going back
31:45
S1: to work full time, what would it look like to
31:47
S1: start working part time and see if you could offset,
31:50
S1: you know, that your expenses, maybe being able to put
31:54
S1: away a couple of thousand a month or something like
31:56
S1: that so you could start saving toward a down payment
32:00
S1: if in fact your goal is to get into another home,
32:04
S1: it may not be. I mean, if you continue renting,
32:06
S1: you've got no major home repair bills, you've got greater flexibility.
32:10
S1: You don't need the down payment. The downside is the
32:12
S1: rent can increase over time. And you don't, you know,
32:16
S1: have anything that's yours in terms of real property? If
32:20
S1: you buy another home, you know, the nice thing is
32:22
S1: you could build equity and you can have your own place. Uh, provides,
32:26
S1: you know, more stability. But, um, you know, you also
32:30
S1: have the required maintenance and repairs and requires that substantial
32:35
S1: upfront cash. So I, I think in either case, you
32:38
S1: don't have to make that decision now. What I would
32:40
S1: probably do is, is find something that allows you to
32:43
S1: enjoy this season where you add some meaningful work back
32:48
S1: to your rhythm. Maybe it's not full time, but it
32:51
S1: allows you to offset some of those expenses so that
32:55
S1: you can begin socking some money away, whether that's money
32:59
S1: you decide to invest to try to build up a
33:01
S1: nest egg that can produce income down the road in
33:03
S1: case you need it, because your expenses go up at
33:06
S1: some point. You need long term care or something like that,
33:08
S1: or because you want to start saving toward that down payment,
33:12
S1: which is ultimately, you know, going to replace the rent.
33:15
S1: probably the same, you know, or maybe even a little less. Um,
33:20
S1: but but you can decide, you know, that down the road.
33:22
S1: But I think in either case, you know, we've got
33:25
S1: to be able to build up that those reserves starting
33:28
S1: with the emergency fund. And if you can't do that
33:31
S1: because you're living right up to the edge, then I
33:33
S1: think we need to get some more income into the equation.
33:36
S8: I follow your logic. That's kind of what I was
33:38
S8: praying about lately, is to check and everything's on computers now.
33:42
S8: It's even hard because my my career was not computer work.
33:45
S8: I didn't sit at a desk. It's difficult to figure
33:49
S8: out how to process everything. But yeah, thank you for
33:52
S8: your feedback there.
33:53
S1: You're welcome Melanie. Lord bless you. And we'll be praying
33:56
S1: the Lord provides just the right thing for you. Uh,
33:58
S1: let's head to Florida. Rick, how can I help you?
34:00
S9: Uh, thank you for taking my call. Uh, I just
34:02
S9: want to ask a couple of quick questions. I'm about
34:05
S9: to turn 62. Discussing retirement. I'm next door to my parents.
34:10
S9: They're 84, 86. I'm watching the decline in, you know,
34:14
S9: their health and they seem to be needing more. My
34:16
S9: wife's considerably younger. I'm a federal employee at this point,
34:19
S9: but I have only three years. Um, so I won't
34:22
S9: be walking away with a lifetime medical or pension. Um,
34:26
S9: currently have about half of about 500,000 in 401. S
34:30
S9: both at guidestone and have, um, uh, we own our
34:36
S9: home and we're debt free. Uh, the only, you know,
34:38
S9: the big concern is long term health care. And because she,
34:41
S9: she just turned 50. Yeah. But she is working. She's
34:44
S9: a nurse practitioner. She makes about 110 a year.
34:47
S1: Okay. Yeah. So what, what's the main issue that you're
34:50
S1: kind of wrestling with right now?
34:52
S9: Uh, giving up control. I mean, you know, I mean,
34:58
S9: right now, I feel like we're in a we're in
35:00
S9: a really great spot. I have control over what's going.
35:02
S9: We have 60,000 in our emergency fund. I mean, you know, we, we,
35:07
S9: we were a half $1 million in debt in 2000,
35:10
S9: in 2018. Wow. And And God has blessed us immensely.
35:16
S9: And what I don't want to do is throw away
35:18
S9: the blessings. But I also wonder about the years with
35:21
S9: Mom and Dad.
35:22
S1: Yeah, yeah. And so in order to care for Mom
35:25
S1: and Dad in the way that they need to, uh,
35:28
S1: you feel like you need to, to stop working completely.
35:32
S1: Is that right?
35:32
S9: Uh, yeah. Well, stop working where I'm at. I mean, I, I, I,
35:37
S9: I'm a, I'm a psychotherapist. I could go private practice,
35:40
S9: do some telehealth work from home. I just, you know,
35:43
S9: do I, do I step out and not draw Social Security,
35:47
S9: you know, and let that ride for a while. Um,
35:50
S9: those are the questions that are most concerning.
35:52
S1: Yeah, yeah. Well, obviously the longer you can wait to
35:55
S1: take Social Security, the better. Um, because, you know, we're
35:59
S1: going to build that check up and then we're going
36:01
S1: to get the cost of living increases on top of
36:03
S1: that for the rest of your life. So I would
36:05
S1: try to do that. I mean, you, it sounds like
36:07
S1: you're in a stronger financial position than you realize, especially
36:11
S1: Considering where you came from. I mean, well done in
36:13
S1: terms of what you've done, you know, over the last
36:16
S1: eight years. Um, you know, I would say, you know,
36:20
S1: I clearly we see in Scripture that we're to honor
36:23
S1: our parents. Uh, I also don't think the Lord's doing,
36:26
S1: asking you to do anything, you know, beyond your ability
36:29
S1: to do it. Um, you know, your biggest challenge may
36:33
S1: not be the money. I mean, it could be just
36:35
S1: the responsibility of caring for aging parents and trying to
36:39
S1: protect your own retirement at the same time. Um, and so,
36:43
S1: you know, I think one option would be, you know,
36:46
S1: can we start to step into this in such a
36:49
S1: way that, as you said, maybe you are doing something that,
36:54
S1: you know, gives you more flexibility to be more present,
36:56
S1: be there to care for them, but still allows you
37:00
S1: to not take Social Security and cover your bills and
37:04
S1: let that continue to grow over time such that, you know,
37:08
S1: you would, um, be able to collect that down the road. Um,
37:12
S1: and also, you know, be able to still cover your expenses.
37:15
S1: What would you need to bring in on top of
37:17
S1: what your wife is earning for you guys, not for
37:20
S1: you to be able to continue to delay Social security
37:23
S1: if you were to step away, um.
37:25
S9: 2000 a month.
37:26
S1: Okay. You know, so.
37:28
S9: Take home 2000 a month.
37:29
S1: Yeah. So I mean, the nice thing is because you
37:31
S1: guys are debt free, you've been living modestly. You've you've
37:35
S1: come from an incredible place of, of debt to, to
37:38
S1: now being debt free. That's incredible. Um, you know, I
37:41
S1: think the, the big idea here is it wouldn't take
37:43
S1: you a whole lot to be able to not only
37:46
S1: offset those additional expenses, but continue to stock money away
37:50
S1: and be present for your mom and dad in this
37:52
S1: season as well. Um, and so I think maybe that's
37:55
S1: the next step is just to start looking in a
37:57
S1: meaningful way for what would it look like for you
38:00
S1: to make a transition that would give you a little
38:03
S1: bit more flexibility and give you peace of mind? You know,
38:06
S1: that you guys are still being able to save for
38:09
S1: the future. What's her take on this? Your wife?
38:11
S9: She's like, get out.
38:13
S1: Okay. Because she sees the need with your parents or
38:17
S1: because of the toll it's taking on you, or what?
38:19
S9: Yes. In both cases.
38:20
S1: All of the above. Yeah. Okay.
38:22
S9: Yeah. Yeah. Right. Currently, the, you know, where I'm, where
38:24
S9: I'm currently employed is, is just very, very high stress. Okay.
38:29
S9: You know, I'm in a psychotherapy department at the Veterans Administration. Yeah.
38:34
S9: And incredible stress. And then when I combine that with
38:38
S9: the fact that I'm working with a father who, you know,
38:41
S9: went through Vietnam, um, and carries a lot of that
38:43
S9: baggage with him. And then. Mom. Yeah. Mom's developed COPD. Um,
38:48
S9: she was, you know, she's a cancer survivor from 2020
38:51
S9: down to cancer survivor from 2020. Um, you know, we
38:54
S9: just had a lot going on and she's like, you
38:56
S9: need to get out and take care of mom and dad.
38:57
S9: We moved to Florida for you to be able to
38:59
S9: take care of Mom and Dad.
39:00
S1: Yeah, yeah. Well, it sounds like that, that you've got
39:03
S1: some clarity there because you're acknowledging the high stress. She
39:07
S1: sees it, your mom and dad, you know, have a
39:09
S1: real need. And because of the skill set you have,
39:12
S1: you've got the flexibility to step into something that allows
39:15
S1: you to be more present, get out from that high
39:17
S1: stress environment, and continue to bring in some income that
39:20
S1: would not only allow you to, you know, you guys
39:22
S1: to continue to stay above water delay Social Security, but
39:25
S1: hopefully even add something to that retirement nest egg each month,
39:29
S1: which I think is the, the win all the way around.
39:32
S1: So I feel like that's pretty clear in terms of
39:35
S1: a direction to at least start praying through and exploring
39:38
S1: what that might look like that you would transition to.
39:41
S9: Okay, okay.
39:42
S1: I mean, I realize this is, uh, you know, anytime
39:45
S1: we're making a major change like this, it's hard to,
39:47
S1: you know, get to the place where you say, okay,
39:49
S1: you know, I'm going to do this, but I think,
39:51
S1: you know, the wise counsel of those that are around
39:53
S1: you that are seeing what you're seeing, you're acknowledging it yourself.
39:57
S1: I think it's, uh, perhaps it's more clear even than
39:59
S1: you realize. And we just need to take that step
40:02
S1: of faith and, and trust the Lord at the end
40:04
S1: of the day. But, um, hopefully that gives you a
40:06
S1: few things to think about, if nothing else, just an
40:09
S1: affirmation that I think what you're hearing and sensing already
40:12
S1: is probably, uh, you know, becoming pretty clear as the
40:15
S1: direction to go.
40:17
S9: Absolutely. Yeah, absolutely. That's why I was seeking wise counsel.
40:20
S9: All right.
40:21
S1: Excellent. Rick. Hey, keep us posted. I'd love to hear
40:24
S1: the rest of the story down the road. Okay.
40:27
S9: All right. Thank you. Thank you, Rob.
40:29
S1: All right. Bless you, buddy. Carol, I apologize we didn't
40:31
S1: get to your call today. I'd love to see if
40:33
S1: we can get you first up tomorrow. I'd love to
40:35
S1: tackle your question. And, LaDonna, would you call back tomorrow
40:39
S1: as well? Let's see if we can get you on
40:41
S1: the broadcast. Tanya, same. Same for you. We'll be back
40:45
S1: to do it all over again tomorrow, Lord willing. And
40:47
S1: so we'll look forward to that opportunity to chat with you.
40:50
S1: In the meantime, big thanks to my team today. Josh Taylor,
40:53
S1: Tara Omar, Faith and finance Lives, a partnership between Moody
40:57
S1: Radio and Faith Fi. If you want to be a
40:59
S1: part of our year end giving, get a copy of
41:01
S1: Randy Alcorn's devotional, head to Faith fi.com/give. We'll see you then.