Latest / Pastor Plek's Podcast / Faith, Finances, And The Courage To Give

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Faith, Finances, And The Courage To Give · Pastor Plek's Podcast

• 0:05
  SPEAKER_02: And welcome back to Pastor Plex Podcast.
• 0:08
  SPEAKER_02: I'm your host, Pastor Plex, and I've got none other than Jake Ridley of Ridley Wealth Financial Management with me today.
• 0:15
  SPEAKER_02: And also, you may not know this.
• 0:17
  SPEAKER_02: He is a member of the board of the Association of Hill Country Church.
• 0:21
  SPEAKER_02: That's right, friend of the show.
• 0:22
  SPEAKER_02: That's right.
• 0:23
  SPEAKER_02: Like this is a big deal.
• 0:24
  SPEAKER_02: So to have uh a board member here who loves God, uh, loves people and wants to see more churches planted.
• 0:32
  SPEAKER_02: So I'm gonna have to ask about that first because we have a lot of you know, association of Hill Country Church members out there in our listening audience.
• 0:39
  SPEAKER_02: Absolutely.
• 0:40
  SPEAKER_02: Just begging for more information on what's going on in the association.
• 0:43
  SPEAKER_02: So, what can you tell us the latest and greatest for Association World?
• 0:46
  SPEAKER_01: Well, first, I'm just getting my feet under my feet under me.
• 0:50
  SPEAKER_01: Yeah, I've been there four or five months now.
• 0:53
  SPEAKER_01: And um, yeah, love serving on the board.
• 0:57
  SPEAKER_01: Um, I just became the treasurer.
• 0:59
  SPEAKER_01: Okay.
• 1:00
  SPEAKER_01: So really exciting stuff happening at the uh at the board, um, at the association.
• 1:04
  SPEAKER_01: But um, but yeah, loving it, love church planning.
• 1:06
  SPEAKER_01: Um, you know, saw firsthand the impact of you were an elder at uh the well.
• 1:11
  SPEAKER_01: At the well, yep.
• 1:12
  SPEAKER_01: That's so good.
• 1:13
  SPEAKER_01: And so love being a part of that and continuing that and helping with that and um facilitating that.
• 1:18
  SPEAKER_01: Yeah.
• 1:18
  SPEAKER_02: All right.
• 1:19
  SPEAKER_02: So let's get into just for a sec, um, Ridley Wealth Management.
• 1:24
  SPEAKER_02: Tell me like what got you to a place where you're because you used to do our books.
• 1:30
  SPEAKER_02: I saw it.
• 1:31
  SPEAKER_02: If you didn't know this, listen to the audience, Jake Ridley managed the books of Wells Branch Community Church at one time until he fired us.
• 1:37
  SPEAKER_02: We cut checks for goats and motorcycles.
• 1:43
  SPEAKER_02: Listen, we had the largest goat farm in all of East Africa, and that was a bit much, I think, for any normal uh.
• 1:54
  SPEAKER_01: We're not cutting checks for goats and motorcycles.
• 1:56
  SPEAKER_01: That's when it said.
• 1:57
  SPEAKER_02: Yeah, but you know that fueled church planting and beyond, which is wild.
• 2:01
  SPEAKER_02: Anyway, all right.
• 2:02
  SPEAKER_02: So after you fired us, you stayed on with uh church biz, and then what tell me what happened?
• 2:07
  SPEAKER_01: Yeah, so um, so I got my CFP, certified financial planning.
• 2:10
  SPEAKER_01: How hard is it to get a CFP?
• 2:12
  SPEAKER_01: I mean, it's so hard, it's super hard.
• 2:15
  SPEAKER_01: Uh no, it's not that bad.
• 2:16
  SPEAKER_01: It requires a good bit of studying.
• 2:18
  SPEAKER_01: Um is there like different levels?
• 2:20
  SPEAKER_01: Like, is there like level one CFP?
• 2:22
  SPEAKER_01: Um well, there's classes.
• 2:24
  SPEAKER_01: So there's like six classes, I think, that you have to take.
• 2:27
  SPEAKER_01: Yeah.
• 2:27
  SPEAKER_01: And then you have to pass an exam.
• 2:29
  SPEAKER_01: Um, and then you've got to have like all online of experience.
• 2:33
  SPEAKER_01: No, I actually did half of it at UT.
• 2:35
  SPEAKER_01: Oh, wow.
• 2:36
  SPEAKER_01: And then half of it online just to kind of speed it up.
• 2:38
  SPEAKER_01: Yeah, yeah.
• 2:39
  SPEAKER_01: Um, but but yeah, then you have to have two to three years of experience to CPA.
• 2:44
  SPEAKER_01: What do they count as experience?
• 2:46
  SPEAKER_01: Working, doing actual personal financial planning with individuals.
• 2:50
  SPEAKER_01: So do you have to have like a mentor or like a supervisor that works with you?
• 2:53
  SPEAKER_01: So you go off on your own and you do it for like three years.
• 2:56
  SPEAKER_02: Um, and then if you're working under another CFP, I think it's two, or that's the way it was when I was So like let's say I know this is seems like a random thing, but I have a lot of people who fancy themselves as financial uh gurus.
• 3:06
  SPEAKER_02: So how what's you know about yourself?
• 3:09
  SPEAKER_02: Yeah, well, you know, maybe, you know, maybe I like I'm just gonna get work on no hypothetically.
• 3:14
  SPEAKER_02: Hypothetically, no, how how how long?
• 3:15
  SPEAKER_01: So about three years from zero to financial.
• 3:18
  SPEAKER_01: Yeah, it was like two, yeah, it was like three years from I didn't hadn't taken a class to I got my CFP.
• 3:24
  SPEAKER_01: Yeah.
• 3:24
  SPEAKER_01: So yeah.
• 3:25
  SPEAKER_02: All right.
• 3:25
  SPEAKER_02: So obviously you're you've been a Christian this whole time.
• 3:28
  SPEAKER_02: But when you went, hey, I'm doing bookkeeping, I want to have my own wealth management.
• 3:34
  SPEAKER_02: Is that kind of like everybody's dream in bookkeeping?
• 3:36
  SPEAKER_02: To kind of be like I'm gonna be my own.
• 3:38
  SPEAKER_01: I don't think so.
• 3:38
  SPEAKER_01: It's kind of a different so bookkeeping is more like CPA, yeah, like accounting work.
• 3:43
  SPEAKER_01: And so it's not really uh you're not talking stocks and no, I'm thinking a little bit just because state planning pastors see you working with money and they think you have all the money, like the only person they can go to.
• 3:56
  SPEAKER_01: Yeah, like please, I don't know.
• 3:58
  SPEAKER_01: Kind of stuff.
• 3:59
  SPEAKER_01: Um, but I'd always wanted to get into personal finance.
• 4:03
  SPEAKER_01: I just didn't know like how to.
• 4:05
  SPEAKER_01: Right.
• 4:05
  SPEAKER_01: And so so yeah, so it was a desire of mine for sure, though.
• 4:09
  SPEAKER_02: Okay, so what but you were like, we're gonna make this thing all about faith.
• 4:14
  SPEAKER_02: And like how that was had was there an example of that that you saw that you're like, or was there a non-example of that?
• 4:21
  SPEAKER_02: So um there has to be someone else other than Dave Ramsey out there.
• 4:25
  SPEAKER_02: Is that exactly well?
• 4:27
  SPEAKER_01: Ron Blue was the Dave Ramsey before Dave Ramsey.
• 4:30
  SPEAKER_01: Okay.
• 4:30
  SPEAKER_01: He was a Christian finance guy.
• 4:32
  SPEAKER_01: Um, and so yeah, so I've been doing it for the last nine, almost ten years, and um, you know, wasn't working with, you know, a faith-centered company, which wasn't bad.
• 4:44
  SPEAKER_01: It just wasn't explicit explicitly Christian.
• 4:47
  SPEAKER_01: Right, right.
• 4:47
  SPEAKER_01: Um, but the more I did it and the more I worked with Christians, um, the more I just became convinced you can't really do this without bringing and integrating faith into the financial planning process.
• 5:02
  SPEAKER_01: And so there's a reason the Bible talks about money, you know, so much, um, because it has unique temptation, unique um just weight that that you feel that you have um when when you're managing money.
• 5:17
  SPEAKER_01: And so so that's where I started my own firm was to incorporate faith into the whole wealth management, you know, process.
• 5:26
  SPEAKER_02: Okay.
• 5:26
  SPEAKER_02: So then you were talking earlier about this, so I really want to kind of go into it.
• 5:30
  SPEAKER_02: You you were sharing that most people give more at the end of their life than they did their entire like natural giving life.
• 5:38
  SPEAKER_01: So yeah, so you could put your church or charity in your will or even as a beneficiary designation, which is fine and great.
• 5:46
  SPEAKER_01: Um, but the studies show that the gift that you make when you die, meaning it's left to the church or left to charity, is ten to a hundred times larger than what people gave when they were alive, like their annual gift.
• 6:02
  SPEAKER_01: And so what that means is most people are waiting until they die to be charitable and be generous, right?
• 6:09
  SPEAKER_01: Which we were talking earlier is to me a sad right.
• 6:12
  SPEAKER_02: Yeah, let's talk about that because it what's the get me behind the mindset of like of that person.
• 6:18
  SPEAKER_02: Yeah.
• 6:19
  SPEAKER_02: It seems like they're not being very faithful, I mean like full of faith.
• 6:23
  SPEAKER_01: Totally.
• 6:24
  SPEAKER_01: I think they're scared.
• 6:25
  SPEAKER_01: Um you know, JP Morgan did a study, they do a study every year, and it shows the spending of retirees and every every other expense, travel, um, you know, eating out, like everything decreases the closer you get to the end of your life.
• 6:43
  SPEAKER_01: Oh, wow.
• 6:43
  SPEAKER_01: But there are two expenses that increase.
• 6:45
  SPEAKER_01: One is health care, that one's pretty obvious, and then the other one is charitable giving.
• 6:50
  SPEAKER_01: And so I take that to say people wait until they finally are convinced they're not gonna run out of money, right?
• 6:59
  SPEAKER_01: And then they're and then they're generous.
• 7:01
  SPEAKER_01: And so there's some that wait until the end of their life, right?
• 7:06
  SPEAKER_01: And it gives it gets given through their will beneficiary designations.
• 7:11
  SPEAKER_01: Um, but most people are scared of running out of money, no matter how much money you have.
• 7:17
  SPEAKER_01: Like most people are scared to run out of money.
• 7:19
  SPEAKER_02: Okay, so it's essentially I'm thinking of I don't know, is it Luke uh 12, the parable of the rich fool?
• 7:26
  SPEAKER_02: Like, I know what I'll do, I'll build bigger barns.
• 7:28
  SPEAKER_02: You fool.
• 7:29
  SPEAKER_02: You don't know what, yeah, you know, you're someone else is gonna get all the stuff that you saved up.
• 7:34
  SPEAKER_02: Yeah, totally.
• 7:35
  SPEAKER_02: And so if this is act literally like that, but at least they plan for it.
• 7:39
  SPEAKER_01: So yeah, so it's so that same study, it's it's kind of ironic.
• 7:43
  SPEAKER_01: So the same study says that hey, when people put a church or a charity in their will, that their actual current giving doubles.
• 7:54
  SPEAKER_01: And so it's because they hadn't thought about it, right?
• 7:57
  SPEAKER_01: So they start thinking about it and they become more intentional with it.
• 8:01
  SPEAKER_01: So it's kind of ironic that like the way that you can increase your giving is by putting a church or what whoever in in your will, and it kind of gets it in front of mind.
• 8:11
  SPEAKER_02: Um okay, that's that's well, hold on.
• 8:13
  SPEAKER_02: I think you almost need to say that again.
• 8:14
  SPEAKER_02: That's that's wild.
• 8:15
  SPEAKER_02: So, for example, let's say the church did a, hey, we will pay for everybody here to have you do your estate planning.
• 8:22
  SPEAKER_02: Yeah, just the mere act of that, they're like, huh, I never asked.
• 8:26
  SPEAKER_02: This is like you're gonna actually have the people probably that have never given, yeah, just because they're looking at it and you probably ask the question, okay, yeah.
• 8:33
  SPEAKER_02: So uh how much do you want to leave to your church?
• 8:35
  SPEAKER_02: And they would be like, Oh yeah, I didn't even think about it.
• 8:38
  SPEAKER_02: Is that kind of how that goes?
• 8:39
  SPEAKER_01: Yeah, most people don't even know, or a lot of people don't even know that you can do that.
• 8:43
  SPEAKER_01: Yeah.
• 8:43
  SPEAKER_01: And so when they do that, it gets them thinking about, oh shoot, like I'm reminded to give to Wells Branch Church, you know, or whatever church.
• 8:53
  SPEAKER_02: So tell me about this then.
• 8:54
  SPEAKER_02: I this is just me just being unbelievably nosy into all your uh clients' lives.
• 8:59
  SPEAKER_02: Uh, but what is about the what percentage are most of the people, and maybe you might be dealing with faith-filled people that are love Jesus all the way, but what what percentage that do most people give that you sort of run into?
• 9:12
  SPEAKER_01: Yeah, most are around 10% that I work with.
• 9:16
  SPEAKER_01: But the stats, I mean, you probably know the stats.
• 9:18
  SPEAKER_01: They're like three.
• 9:19
  SPEAKER_01: It's like yeah, it's like a quarter of people that give tithe.
• 9:23
  SPEAKER_01: Right.
• 9:24
  SPEAKER_01: Right.
• 9:24
  SPEAKER_01: And so that's the minority.
• 9:27
  SPEAKER_01: You know, it's probably 50 to 60 percent of members give anything.
• 9:31
  SPEAKER_01: Right.
• 9:32
  SPEAKER_01: And then, you know, a minority of those, 20 to 30 percent, actually tithe.
• 9:36
  SPEAKER_02: I think what's really encouraging to me is that you're dealing with, you know, you're uh faith, I don't know, faith-based, is that way to put it?
• 9:44
  SPEAKER_02: Faith-based wealth management.
• 9:46
  SPEAKER_02: And so in, I don't know, implicit or within that is people are gonna have some sort of charitable understanding that they're already in involved with.
• 9:56
  SPEAKER_02: So that's as a as a pastor, that's super encouraging.
• 9:58
  SPEAKER_02: Totally.
• 9:59
  SPEAKER_02: That like, hey, people are doing this.
• 10:00
  SPEAKER_02: Because I think sometimes as a pastor, I hear all I hear is like, you know, most of your church probably gives like two percent, and so blah, blah, blah.
• 10:06
  SPEAKER_02: And I'm like, no, I think actually people are being super generous.
• 10:09
  SPEAKER_01: And I think that's a mis, yeah.
• 10:11
  SPEAKER_01: I think that's a misconception that that um most Christians are greedy.
• 10:16
  SPEAKER_01: Yeah.
• 10:17
  SPEAKER_02: Like, I mean, you listen to it.
• 10:24
  SPEAKER_02: You know, I'll bet you the most generous whatever.
• 10:26
  SPEAKER_01: I think that's why people don't talk about it.
• 10:28
  SPEAKER_01: Right.
• 10:29
  SPEAKER_01: It's because like that's why it's so hard to get people to talk about it, is because there's just this whole guilt, you know, around money, and money is bad.
• 10:37
  SPEAKER_01: Right.
• 10:37
  SPEAKER_01: And and it's bad to have it, and you're probably not being generous, right?
• 10:42
  SPEAKER_01: Because you should feel guilty all the time.
• 10:44
  SPEAKER_01: So you should feel guilty all the time.
• 10:45
  SPEAKER_01: And really giving is just a means to like satisfy your guilt.
• 10:50
  SPEAKER_01: It's not really done in joy and joy.
• 10:53
  SPEAKER_02: Okay.
• 10:53
  SPEAKER_02: So talk to me.
• 10:54
  SPEAKER_02: How do how do you let's I I'm sure you've had to run across somebody who like, I love Jesus, yes, I do.
• 10:58
  SPEAKER_02: Hey, come do my wealth management.
• 11:00
  SPEAKER_02: And you go, it looks like like how what was the talk, what would the conversation look like?
• 11:05
  SPEAKER_01: Yeah, it starts with, I mean, it's like any other relationship.
• 11:09
  SPEAKER_01: Like, you don't start out of the gate with like our first conversation is hey, you're not giving anything, right?
• 11:14
  SPEAKER_01: Like it looks like I see your tax return.
• 11:16
  SPEAKER_01: And um, and so it doesn't really happen like that, it just happens over time, like any other relationship.
• 11:22
  SPEAKER_01: Yeah and it can even start with you bring up, you know, some type of um, you know, tax advantaged way to give, some technique.
• 11:32
  SPEAKER_01: And so that opens the door to talk about it.
• 11:35
  SPEAKER_01: Um but I don't know, it just kind of comes naturally.
• 11:38
  SPEAKER_01: And I mean, that's part of why I started my firm is those are the types of clients that I like to work with, um, are not the ones that I'm having to twist their arm to give.
• 11:49
  SPEAKER_01: It's just they naturally want to.
• 11:50
  SPEAKER_02: Is there anybody that you have to like hey?
• 11:53
  SPEAKER_00: Listen, I love the fact that you love your church or this organization, but I just from I know we believe in Jesus and I'm all for that, but it looks like you're gonna run out of money here.
• 12:04
  SPEAKER_02: Like, has there ever been a time where you've had to do that with somebody?
• 12:06
  SPEAKER_01: Yeah, I mean, not because of giving.
• 12:08
  SPEAKER_01: Yeah, but yeah, I've had conversations.
• 12:10
  SPEAKER_02: It's not because of giving, it's because of like, hey, you're really just you're eating out every day.
• 12:14
  SPEAKER_01: Yeah, totally.
• 12:14
  SPEAKER_01: They'll be spending too much money or are I mean, that's usually it.
• 12:18
  SPEAKER_01: Like they're just spending more money.
• 12:19
  SPEAKER_02: What do usually people spend too much money on?
• 12:21
  SPEAKER_02: What retirement.
• 12:23
  SPEAKER_01: So I'm just thinking of one cup.
• 12:24
  SPEAKER_01: So it doesn't happen often.
• 12:26
  SPEAKER_01: So it's usually the other way around.
• 12:27
  SPEAKER_01: That's that's another kind of myth.
• 12:29
  SPEAKER_01: Oh, okay.
• 12:30
  SPEAKER_01: Is that you know, most people don't, I've never seen anybody run out of money in retirement.
• 12:34
  SPEAKER_01: Oh, that's wild.
• 12:35
  SPEAKER_01: Wow.
• 12:36
  SPEAKER_02: Most people Well, that mo either A, it could so this could be you just you know not giving yourself enough credit.
• 12:41
  SPEAKER_02: Like it could be because you're their financial advisor.
• 12:43
  SPEAKER_02: That's probably the reason.
• 12:44
  SPEAKER_02: Let's be honest.
• 12:46
  SPEAKER_02: I mean, if you're if you're if like I've never had a client run out of money, I mean that is my job is to help that.
• 12:52
  SPEAKER_01: But even like studies, like nobody really ever runs out.
• 12:55
  SPEAKER_01: I mean, I I'd say that.
• 12:56
  SPEAKER_01: I'm I'm sure there are people that run out of money, right?
• 12:59
  SPEAKER_01: But most people that I work with in most of the studies that I see, like most people underspend.
• 13:06
  SPEAKER_01: Like most people will spend like two percent of their portfolio a year, like if left to themselves.
• 13:13
  SPEAKER_01: Oh and you know, a rough rule of thumb is like four percent to six percent.
• 13:19
  SPEAKER_02: And so that's double to triple of what you could So most people are like, hey, I save this money up for my retirement.
• 13:26
  SPEAKER_02: I'm re and then they're like, I can't spend it.
• 13:29
  SPEAKER_02: I can't spend it because what if I run out?
• 13:31
  SPEAKER_02: What if I run out?
• 13:32
  SPEAKER_01: Yeah.
• 13:32
  SPEAKER_01: So you've developed that muscle your whole life.
• 13:35
  SPEAKER_01: Save, save, save.
• 13:36
  SPEAKER_01: So now you just need to develop a spend that's so yes, you don't have a muscle to spend, right?
• 13:41
  SPEAKER_01: That is gotta develop that.
• 13:43
  SPEAKER_01: And so that's honestly what I spend a lot of my time.
• 13:46
  SPEAKER_02: Convincing people to go spend money.
• 13:47
  SPEAKER_01: Hey, you can spend money, like go out and like I spoke with a couple last week.
• 13:52
  SPEAKER_01: Um, it was like he really wants a Ford Bronco, and they have the means to make cash and buy a Ford Bronco, and it doesn't do anything to their plan.
• 14:01
  SPEAKER_01: Um, but they grew up um very frugal and just can't do it.
• 14:07
  SPEAKER_01: And so I was like, well, just go to Turo and like rent a Bronco and see if you like a Bronco, like just try to move the needle a little bit to you know, spend some of the money that you have because you have plenty of of money.
• 14:20
  SPEAKER_01: And so that's usually the way the conversations go is is most people don't realize how well off they are.
• 14:28
  SPEAKER_01: Yeah, they don't realize how much they can save.
• 14:30
  SPEAKER_02: Okay, so I know this is probably way down the line, but like how this and I'm sure you get asked this all the time.
• 14:35
  SPEAKER_02: How much do I need to save?
• 14:37
  SPEAKER_02: You know, like what's the magic number?
• 14:39
  SPEAKER_02: Especially now, and I and obviously that's different on what's your standard of living and the whatever, whatever.
• 14:45
  SPEAKER_02: But like, what's your general rule of thumb?
• 14:48
  SPEAKER_01: So I actually built a calculator for this.
• 14:50
  SPEAKER_01: Is this on like a website that's a good idea?
• 14:52
  SPEAKER_01: It's on my website.
• 14:53
  SPEAKER_01: Yeah.
• 14:53
  SPEAKER_01: So another thing that's just kind of counterintuitive is the so you don't need to replace 100% of your paycheck in retirement.
• 15:01
  SPEAKER_01: Okay.
• 15:01
  SPEAKER_01: Like you're making$100,000 a year.
• 15:03
  SPEAKER_01: Okay.
• 15:03
  SPEAKER_01: You're not going to need to replace$100,000 of it.
• 15:06
  SPEAKER_01: Why is that time?
• 15:06
  SPEAKER_01: Like give me the Your mortgage goes away.
• 15:09
  SPEAKER_01: You're used to saving 10 to 20%.
• 15:11
  SPEAKER_01: Well, you don't have to save anymore because you're in retirement.
• 15:13
  SPEAKER_01: Your kids are hopefully out of the house.
• 15:15
  SPEAKER_01: Right.
• 15:15
  SPEAKER_01: Right.
• 15:16
  SPEAKER_01: So most of your expenses or a lot of your expenses go down.
• 15:19
  SPEAKER_01: Of course.
• 15:19
  SPEAKER_01: And so and then the more money you make, the less and less that percentage or the lower that percentage goes.
• 15:28
  SPEAKER_01: So it's like, uh don't quote me, but$100,000, it's like, I don't know, 70% replacement.
• 15:34
  SPEAKER_01: So you really need$70,000 a year.
• 15:37
  SPEAKER_01: Um, but when you get up to like, you know, half a million dollars a year, you really only need about 50% of that.
• 15:43
  SPEAKER_01: So$250,000 a year.
• 15:46
  SPEAKER_01: And the portfolio doesn't need to replace all of that.
• 15:50
  SPEAKER_01: Right.
• 15:50
  SPEAKER_01: And so because you got Social Security, you've got a lot of people still have some type of pension.
• 15:55
  SPEAKER_01: Um, and so so yeah, so it really just depends on what your income is.
• 16:01
  SPEAKER_02: Really that transition of losing a mortgage, that's probably pretty pretty huge.
• 16:05
  SPEAKER_01: Yeah, totally.
• 16:06
  SPEAKER_01: I mean, that's you know, 10% to 15% usually of your of your income.
• 16:11
  SPEAKER_01: Um, 10 to 15 to 20 percent again in savings that is not there anymore.
• 16:17
  SPEAKER_01: Um again, kids are out, so so yeah.
• 16:20
  SPEAKER_01: So it's hard to say what the actual number is.
• 16:22
  SPEAKER_01: Most people in the you know, if you're making a hundred to it's gonna be in the million to you know, five million dollar range if you're talking, you know, you need two hundred and fifty thousand dollars a year.
• 16:33
  SPEAKER_01: Yeah.
• 16:34
  SPEAKER_01: And so so it really just depends.
• 16:36
  SPEAKER_01: But um, but yeah.
• 16:38
  SPEAKER_02: Okay.
• 16:39
  SPEAKER_02: Uh all right, so let's let's get into some like where have you seen trends?
• 16:46
  SPEAKER_02: Like if you look at American trend like spending, where where are people spending money?
• 16:52
  SPEAKER_02: So uh travel is a big one.
• 16:56
  SPEAKER_02: So is and is that a new thing?
• 16:58
  SPEAKER_02: I guess is this like post-pandemic?
• 17:00
  SPEAKER_02: Yeah, I don't know about that.
• 17:01
  SPEAKER_02: I would think so, just because anecdotally, yeah, like our generation.
• 17:06
  SPEAKER_02: I feel like everybody is traveling more than they've ever traveled.
• 17:09
  SPEAKER_02: Yeah, yeah, totally.
• 17:10
  SPEAKER_02: Uh or is that I'm at a certain age now where people just travel more because that's what they've always done.
• 17:15
  SPEAKER_01: Yeah, I don't know.
• 17:16
  SPEAKER_01: I really don't know what it is, but um I mean we have to travel more than say our grandparents did.
• 17:22
  SPEAKER_01: Like I feel like I don't need a study to figure that out.
• 17:25
  SPEAKER_01: To figure that out, right?
• 17:26
  SPEAKER_01: Okay, but yeah, most people in retirement and you know, they're gonna travel, they're gonna go see their grandkids, they're gonna travel, you know, to Europe or or whatever.
• 17:37
  SPEAKER_01: Um that's really yeah, that's really I guess the the big one that that is different between now and you know 50 years ago or whatever.
• 17:44
  SPEAKER_02: Yeah, yeah.
• 17:44
  SPEAKER_02: Okay, I'm gonna I'm gonna change gears.
• 17:47
  SPEAKER_02: Go to let's talk about pastors.
• 17:49
  SPEAKER_02: I always love talking about this.
• 17:51
  SPEAKER_02: Uh I think we I was I was I came at the tail end and I really wanted to be there, but I I had another thing.
• 17:56
  SPEAKER_02: But anyway, it was when you were talking about you know pastors and how complicated our income is just because of it's complicated.
• 18:05
  SPEAKER_02: And uh, you know, guys that opt out of social security and like don't do that.
• 18:10
  SPEAKER_02: Um so tell me, can we go over that again?
• 18:13
  SPEAKER_02: Because I think that's one of those things that you can never go over enough for me.
• 18:17
  SPEAKER_02: All right, so give me the scoop on so for pastors who opt out of social security because their conscience won't let them do that or whatever, right?
• 18:25
  SPEAKER_02: Uh yeah, which they don't know that they had a conscience about that, but totally so talk to me about like what the just the reality there.
• 18:35
  SPEAKER_01: Yeah, I mean, to your point, most so to opt out of social security, the form says you've got to be a conscient, basically a conscientious objector, right?
• 18:43
  SPEAKER_01: Right.
• 18:44
  SPEAKER_01: Um I I haven't met any pastor, like that's for like the Amish.
• 18:49
  SPEAKER_01: Like, you know, like that's really what that was made for.
• 18:52
  SPEAKER_01: Um but because it's a social insurance, that's what social security is.
• 18:56
  SPEAKER_01: Right.
• 18:57
  SPEAKER_01: And so if your conscience objects to social insurance, then that's why you that's the only reason you can opt out of social security.
• 19:05
  SPEAKER_01: Not because you think it's not run well or not because it's because you don't want to pay for whatever similar to where the Amish don't have insurance, they barn burns down, they like go build another one, they go build another one with the community, right?
• 19:18
  SPEAKER_01: Right.
• 19:19
  SPEAKER_01: The community is their insurance.
• 19:20
  SPEAKER_01: So that's the idea behind it.
• 19:22
  SPEAKER_01: Um but I don't know, probably half of the pastors that I've met with oh yeah have opted out.
• 19:27
  SPEAKER_01: Um and well, I think we were just told that's just what you do.
• 19:31
  SPEAKER_01: I was like, all right.
• 19:32
  SPEAKER_01: Yeah, usually it's like an elder or someone that that is well meaning, but you know, doesn't understand the ramifications of like you've opted out.
• 19:41
  SPEAKER_01: So now what does that mean?
• 19:43
  SPEAKER_01: So that means you don't get social security.
• 19:45
  SPEAKER_01: Um except for some important caveats.
• 19:48
  SPEAKER_01: I was gonna say loopholes, but caveats.
• 19:50
  SPEAKER_01: Okay, uh way better.
• 19:53
  SPEAKER_01: Way more ethical to say uh caveat versus a loopholes.
• 19:56
  SPEAKER_01: So um, so yeah, it means you don't get social security on your pastoral earnings.
• 20:00
  SPEAKER_01: So if you never have another job besides being a pastor and you've opted out, then you will not get social security.
• 20:07
  SPEAKER_01: Right.
• 20:07
  SPEAKER_01: Um, but the two caveats are most pastors have some type of secular, like I know you have you know some secular social security earnings.
• 20:16
  SPEAKER_01: Yeah.
• 20:17
  SPEAKER_01: Um, and so those don't go away.
• 20:20
  SPEAKER_01: You still get those.
• 20:21
  SPEAKER_01: Um, so it'll be a reduced amount.
• 20:24
  SPEAKER_01: Yeah, yeah.
• 20:24
  SPEAKER_01: Um, but then another important caveat is if your spouse is qualified for social security and you haven't ever paid a dime and you opted out, you've never paid a dime in, you still get half of your spouse's social security.
• 20:39
  SPEAKER_01: Oh, wow.
• 20:40
  SPEAKER_01: So if your spouse gets four thousand dollars a month, you're entitled to an additional two thousand dollars.
• 20:45
  SPEAKER_02: Whoa, whoa, whoa.
• 20:46
  SPEAKER_01: So six thousand.
• 20:46
  SPEAKER_01: How is that even possible?
• 20:47
  SPEAKER_02: So okay, this is uh this is all right.
• 20:49
  SPEAKER_02: So let's say my spouse has a job and she makes whatever, and at the end of it, she gets four grand.
• 20:54
  SPEAKER_03: Yeah.
• 20:55
  SPEAKER_02: On top of the four grand, I get two.
• 20:57
  SPEAKER_02: That's called the spousal benefit.
• 20:59
  SPEAKER_02: Yeah.
• 20:59
  SPEAKER_02: Do you have to apply for that?
• 21:00
  SPEAKER_03: You do.
• 21:01
  SPEAKER_01: Okay.
• 21:01
  unknown: Yeah.
• 21:02
  SPEAKER_01: I would probably never know that.
• 21:03
  SPEAKER_01: You have to apply for it.
• 21:04
  SPEAKER_01: You have to apply for it after your spouse applies, then you're free to apply for your spousal benefit.
• 21:09
  SPEAKER_01: And it's 50% of that's wild.
• 21:12
  SPEAKER_01: So yeah, it's it's a lot of people don't know that.
• 21:15
  SPEAKER_01: A lot of people think that it's when you say half, that means that your spouse would get 4,000 and that cuts their benefit in half to 2,000 and you get the other 2,000, but that's not what that means.
• 21:27
  SPEAKER_02: All right.
• 21:27
  SPEAKER_02: So let's get beyond the ethical issue of uh conscious objective.
• 21:31
  SPEAKER_01: If you objected to but you don't object to getting it from your spouse, I don't know how you square that.
• 21:37
  SPEAKER_02: Yeah, that's wild.
• 21:38
  SPEAKER_02: Okay.
• 21:39
  SPEAKER_02: Uh that's crazy.
• 21:40
  SPEAKER_02: Okay, but all right.
• 21:41
  SPEAKER_02: So um, but beyond that, but you would probably say that if you had control of your own money, you would make way more money investing it as opposed to trusting the government.
• 21:52
  SPEAKER_01: Totally.
• 21:52
  SPEAKER_01: Right.
• 21:53
  SPEAKER_01: But it's not the way I see it, it's not an investment, it's insurance.
• 21:56
  SPEAKER_01: Right.
• 21:57
  SPEAKER_01: And so that's it's in the name.
• 21:59
  SPEAKER_01: That is helpful, right?
• 22:00
  SPEAKER_01: The Social Security and Disability Insurance.
• 22:03
  SPEAKER_01: Um Is that what it's called?
• 22:04
  SPEAKER_01: I just think so.
• 22:05
  SPEAKER_01: I mean, that makes sense.
• 22:07
  SPEAKER_02: Uh no, no, I mean, but like SSDI.
• 22:10
  SPEAKER_02: Insurance is somewhere in the uh name.
• 22:13
  SPEAKER_02: I mean, if you were to ask me what is Social Security, I'd be like, it's your retirement.
• 22:17
  SPEAKER_02: And it's not, it's insurance if you get disabled or something happens.
• 22:22
  SPEAKER_01: Or if you can't provide for yourself after you can't work anymore.
• 22:25
  SPEAKER_01: That's the entire point of it.
• 22:27
  SPEAKER_01: That's why it was started.
• 22:28
  SPEAKER_01: That's why it's so it's it it wasn't meant to be a replacement or even a retirement right, you know, supplement.
• 22:35
  SPEAKER_01: Right.
• 22:35
  SPEAKER_01: It was to make sure that you didn't run out of money when you can't work anymore.
• 22:40
  SPEAKER_01: Um, and so it's obviously turned into more than that.
• 22:44
  SPEAKER_01: Um that's interesting.
• 22:46
  SPEAKER_01: But yeah, so that's why I don't see it as an investment.
• 22:49
  SPEAKER_01: Um because it's not, it's it's insurance.
• 22:52
  SPEAKER_01: Right.
• 22:52
  SPEAKER_02: So okay fascinating.
• 22:55
  SPEAKER_02: Yeah.
• 22:55
  SPEAKER_02: And you can't can you collect social security uh uh before you actually retire?
• 23:00
  SPEAKER_02: Does you know what I mean?
• 23:01
  SPEAKER_02: Like let's say you're still working, but you're you're seven.
• 23:04
  SPEAKER_01: It'll get reduced.
• 23:05
  SPEAKER_01: So yeah, if you file and then you just keep working, yeah, it gets reduced by a certain there's a percentage if you make over.
• 23:12
  SPEAKER_01: Because it seems like, you know, because it can get reduced to zero if you just file just to get money from social security and then you just go back to work.
• 23:21
  SPEAKER_01: Right.
• 23:21
  SPEAKER_01: Right.
• 23:22
  SPEAKER_01: Then they're like, Yeah, you can't really do that.
• 23:25
  SPEAKER_02: Okay.
• 23:25
  SPEAKER_01: Wow.
• 23:26
  SPEAKER_02: Okay.
• 23:26
  SPEAKER_02: Man, that that's a lot to right.
• 23:29
  SPEAKER_02: What happens if you're a you were a conscientious objector, but then you decide not to be a conscientious objector?
• 23:34
  SPEAKER_02: There's not a lot you can do.
• 23:34
  SPEAKER_02: Oh, so when they once once a conscientious objector, always a conscientious objector.
• 23:39
  SPEAKER_01: So yeah, there actually there's been a couple bills proposed to allow pastors back into social security, but um as far as I know, none of those.
• 23:48
  SPEAKER_02: I may or may not have been a person that just said, Oh, okay, check here if sounds good.
• 23:52
  SPEAKER_01: I yeah, you know, I didn't really Yeah, no, the way it usually happens is you're 25, you someone at your board is like, hey, you check this thing and you don't have to pay tax.
• 24:02
  SPEAKER_01: And you're like, and you're like, I need the money.
• 24:05
  SPEAKER_01: And so you check it and then you don't pay Social Security.
• 24:09
  SPEAKER_01: And then you forget.
• 24:10
  SPEAKER_01: This is what I see.
• 24:11
  SPEAKER_01: Yeah, I'll say a lot, but you know, frequently is you forget or don't contribute to retirement.
• 24:18
  SPEAKER_01: Right.
• 24:18
  SPEAKER_01: And so you're then you're really behind the eight ball there.
• 24:21
  SPEAKER_02: Yeah, thankfully I I just took it from one and put it straight to the next.
• 24:26
  SPEAKER_02: Yeah, so it was good.
• 24:27
  SPEAKER_02: Anyway.
• 24:28
  SPEAKER_02: All right, that's good to know.
• 24:30
  SPEAKER_02: Yeah.
• 24:30
  SPEAKER_02: There we go.
• 24:33
  SPEAKER_02: All right, all right.
• 24:34
  SPEAKER_02: So let's get into some temptation that high achievers get to.
• 24:37
  SPEAKER_02: Let's go, let's talk about your high achievers.
• 24:39
  SPEAKER_02: The temptation is what?
• 24:41
  SPEAKER_02: Oh man.
• 24:42
  SPEAKER_02: So you would say because earlier we were saying it it would have been just like to hoard it, like to not spend anything.
• 24:47
  SPEAKER_01: So it's yeah, so it depends on the phase.
• 24:51
  SPEAKER_01: I mean, the high achievers, like before retirement, um, they're so busy, you know, that like you you get this.
• 25:01
  SPEAKER_01: In my experience, the ones that are are high income, high achievers, like they're doing really well at what they do.
• 25:08
  SPEAKER_01: Um they're so busy doing that thing that they really don't have time or desire.
• 25:16
  SPEAKER_01: Like, they're not greedy, I guess is what I'm getting at, where it's just like I want more, I want more.
• 25:20
  SPEAKER_01: It's like they're just really good at the thing that they do, and that takes up all their time because the people that are paying them to do it want that time because they're good at it, right?
• 25:29
  SPEAKER_01: And so they just don't have time to focus on it.
• 25:33
  SPEAKER_01: And so I don't know if that's a temptation.
• 25:35
  SPEAKER_02: Um, but I would say that's the they don't have time to focus on it.
• 25:40
  SPEAKER_02: I get that that makes sense.
• 25:42
  SPEAKER_02: I mean, but isn't that why you kind of hire a wealth manager?
• 25:46
  SPEAKER_02: Yeah.
• 25:47
  SPEAKER_02: So this is one big infomercial for me.
• 25:50
  SPEAKER_00: Yeah, but hold on.
• 25:51
  SPEAKER_00: Great question, Chris.
• 25:53
  SPEAKER_02: You are it! All right, so so tell me, like, that's the problem, right?
• 25:56
  SPEAKER_02: They don't ever think about it.
• 25:57
  SPEAKER_02: And so you need to pay somebody to think about it.
• 25:59
  SPEAKER_02: And so talk to me why totally.
• 26:01
  SPEAKER_01: So, but on the to your, you know, on the the temptation piece, they'll neglect the generosity piece too.
• 26:09
  SPEAKER_01: Rather than being intentional with their generosity, they'll still give because they know they have to or are supposed to, right?
• 26:16
  SPEAKER_01: And they feel the weight of you know, of having the the wealth that they have.
• 26:23
  SPEAKER_01: Um, like I can think of a doctor client that I worked with, and he literally would break down in tears when he would talk about stewarding what God had given him.
• 26:33
  SPEAKER_01: Yeah.
• 26:34
  SPEAKER_01: Like he felt the weight of that.
• 26:36
  SPEAKER_01: And so, um, but I would say just being intentional with with their generosity, you know, like um what are the things that the spirits led you, like that you're passionate about, the that that you're convicted of, um, and you know, what to say yes to, which also gives you permission to say no to things because that's kind of another um unspoken, you know, burden, I guess, of the wealthy is like the people at charities know those pe know that they're wealthy, so they get hit up more than you know, the average person.
• 27:14
  SPEAKER_01: Right.
• 27:15
  SPEAKER_01: And so it's hard to say no to charities when when they ask, right?
• 27:20
  SPEAKER_01: And so so I guess to your to your question, like being intentional about their giving just because from a time standpoint they haven't thought about it, and really being intentional about where it's going, experiencing the joy that I think that God wants us to have, you know, by aligning our money with our passions and and convictions.
• 27:41
  SPEAKER_01: So that's kind of a you know roundabout answer to your question.
• 27:45
  SPEAKER_02: At what point does someone need to call you?
• 27:47
  SPEAKER_02: Like I, you know, I'm just thinking, like, if I were to come to you, I'd be like, listen, I don't really have enough for you to really uh Yeah, there's gotta be the what's the what's the number?
• 27:58
  SPEAKER_01: Is there a number?
• 27:59
  SPEAKER_01: Like Yeah, probably so so it's when the complexity like warrants like there's enough stuff there for me to do something with right to help.
• 28:09
  SPEAKER_01: So like is that like a million dollars?
• 28:11
  SPEAKER_01: So from an investment standpoint, it's like a million and above.
• 28:15
  SPEAKER_01: Um, but then there's some people that have high incomes that don't have you know that yet.
• 28:20
  SPEAKER_01: So I would say 300,000 and above um is when the complexity goes up, right?
• 28:27
  SPEAKER_01: Just whether you like it or not, like the more money you make, the more complex things get.
• 28:32
  SPEAKER_02: Are you dealing with stuff like, hey, let me tell you how you can get the most out of your money?
• 28:36
  SPEAKER_02: Like here's here's a tax caveat for you to experience.
• 28:40
  SPEAKER_01: Yeah, is that there's some of that.
• 28:42
  SPEAKER_01: So there's some of that.
• 28:43
  SPEAKER_01: A lot of it really is just being intentional about like, okay, so the people that are the high income people, for example, you know, they're making$500,000 a year.
• 28:56
  SPEAKER_01: Again, they're really good at the thing that they do, so they don't have a lot of time to focus on it.
• 29:00
  SPEAKER_01: And usually if you're making that level of income, you're not getting it on a bi-weekly check.
• 29:05
  SPEAKER_03: Right.
• 29:05
  SPEAKER_01: Right?
• 29:06
  SPEAKER_01: It comes in and lumps, you know, right.
• 29:08
  SPEAKER_02: You get$150,000.
• 29:10
  SPEAKER_02: And look, for example, our church, we just got some, I don't know who it is, we don't know who gives what, but somebody just gave$150,000.
• 29:16
  SPEAKER_02: And it's like, where did that come from?
• 29:17
  SPEAKER_02: Totally.
• 29:18
  SPEAKER_02: Uh and then next week it's like nothing.
• 29:20
  SPEAKER_01: But like, you know, or so just helping them be intentional with that.
• 29:23
  SPEAKER_01: Like they have a big cash event, yeah.
• 29:25
  SPEAKER_01: You know, they've got a couple hundred thousand.
• 29:27
  SPEAKER_01: Well, what do we do with this?
• 29:28
  SPEAKER_01: You know, like we make sure our emergency funds are funded.
• 29:31
  SPEAKER_01: Like we have a tax bill that's coming up, like we don't want to spend that.
• 29:34
  SPEAKER_01: You need to remodel your home, any generosity goals that you have.
• 29:38
  SPEAKER_01: And then what's left over is okay, we'll we'll look at investing this.
• 29:42
  SPEAKER_01: And so a lot of it is just that, like helping people stay on top of that.
• 29:46
  SPEAKER_01: I mean, yeah, there's some, you know, advanced planning maneuvers that we do.
• 29:51
  SPEAKER_01: Um, but a lot of it is just kind of helping people stay intentional, like helping them define what their goals are.
• 29:58
  SPEAKER_01: Um
• 30:00
  SPEAKER_02: People's normal like I know this sounds like a weird one.
• 30:01
  SPEAKER_02: Is is like what are the goals people should have, like college or like what are the things that you kind of help people?
• 30:08
  SPEAKER_01: Yeah, college, buying a home, yeah, funding retirement, you know, buying a car, a vacation home, like those sorts of things.
• 30:17
  SPEAKER_01: Um, all the way to you know, when you get in retirement and you know, you've now got the wealth to be able to help your kids, like helping your kids with a down payment on a house.
• 30:29
  SPEAKER_01: A big one is grandkids education.
• 30:32
  SPEAKER_01: Like that's a big like they'll help fund what's called a five two nine plan, so a college funding plan.
• 30:37
  SPEAKER_01: Yep.
• 30:37
  SPEAKER_01: So that's one of the you know favorite things that grandparents do is they'll contribute to the five two nine and maybe even fully fund a kid's college, which is wild, which is exciting.
• 30:48
  SPEAKER_02: Um have you seen people I the what I thought was really interesting is that you haven't seen people overspend.
• 31:00
  SPEAKER_02: Not usually, and I and to be fair, if they're coming to you, they're probably have that under control.
• 31:05
  SPEAKER_02: But is there ever finding we have like the spender and the saver and oh yeah, like one spouse is usually right on top of it.
• 31:12
  SPEAKER_01: So I was because that to me was like, what this is crazy, like nobody's overspending, like what yeah, no, I mean, I won't say nobody's overspending, but most people fundamentally are worried about running out of money or security.
• 31:27
  SPEAKER_01: Okay, right, and so um so I yeah, even the spenders, yeah, like when you get to the point usually where you're working with with me, like at least until you know, at retirement, like it's I won't say it's hard to to spend, but most people I have to again coach them to like you can spend more, and not just you can spend more, like you can be more generous, right?
• 31:53
  SPEAKER_01: Like, like why wait until the end of your life?
• 31:56
  SPEAKER_02: Yeah, I love that.
• 31:57
  SPEAKER_02: So let's let's let's kind of get into that just a little bit more.
• 31:59
  SPEAKER_02: Like what do you mean by that?
• 32:00
  SPEAKER_02: Because like, because some would say, like, well, I don't want to run out, and you never know what could happen.
• 32:05
  SPEAKER_02: Because I think I think if if if my mom's listening, I think that she would be in this category.
• 32:09
  SPEAKER_02: Like, I listen, I think the church is awesome.
• 32:12
  SPEAKER_02: Man, love the church, and you guys should have all the money when I pass away.
• 32:15
  SPEAKER_02: But for right now, yeah, like I I don't know if I'm gonna have a major some sort of something, and I I'm living in in a little bit of fear of that.
• 32:24
  SPEAKER_01: I think that's where a plan comes in.
• 32:26
  SPEAKER_01: Again, this is the infomercial uh part of this, yeah.
• 32:29
  SPEAKER_01: But I mean, if you don't have a plan, it's kind of you probably should be scared because you just don't know.
• 32:35
  SPEAKER_01: You're flying blind, right?
• 32:37
  SPEAKER_01: Yeah, yeah.
• 32:37
  SPEAKER_01: And so, but assuming you have a plan and it shows you like you got a lot of margin for error here, then that's when you can move into like, okay, well, how much margin of error do I have?
• 32:50
  SPEAKER_01: Right.
• 32:50
  SPEAKER_01: And that's where you get into the like, okay, this is a heart thing where you're scared, you're looking for security, and you know, the the problem is there's not secure, like you're never going to be out of the woods.
• 33:05
  SPEAKER_01: Like there's never a period in your life where you're out of the woods, right?
• 33:09
  SPEAKER_01: If the market's up, it's up too much, right?
• 33:12
  SPEAKER_01: And we're about to correct.
• 33:14
  SPEAKER_01: Right.
• 33:14
  SPEAKER_01: If it's down, well, that's self-explanatory.
• 33:17
  SPEAKER_01: Like people are scared, right?
• 33:18
  SPEAKER_01: So there's never a time where you're out of the woods.
• 33:21
  SPEAKER_01: And so people are are looking for that.
• 33:25
  SPEAKER_01: Like, well, when I get out of the woods, then I'll spend more, give more.
• 33:28
  SPEAKER_01: Okay.
• 33:29
  SPEAKER_02: Let me ask you this because you just brought something up really important.
• 33:31
  SPEAKER_02: What's the big stock you're picking right now?
• 33:35
  SPEAKER_02: I'm legally obligated to not answer that question.
• 33:39
  SPEAKER_03: I think that's the fifth.
• 33:41
  SPEAKER_02: Yeah, yeah.
• 33:42
  SPEAKER_02: So, okay, what about this?
• 33:43
  SPEAKER_02: At our church specifically, I think we have a lot of people going this route of crypto.
• 33:47
  SPEAKER_02: Give me your thoughts.
• 33:47
  SPEAKER_02: Okay.
• 33:48
  SPEAKER_02: Give me your thoughts on crypto.
• 33:49
  SPEAKER_02: So give me the like, is are you a f don't do it, or are you like, let's go, crypto.
• 33:54
  SPEAKER_01: So um I I'm not a fan of crypto.
• 33:59
  SPEAKER_01: Um my problem with it is it doesn't generate any cash.
• 34:05
  SPEAKER_01: Okay.
• 34:05
  SPEAKER_01: Right.
• 34:06
  SPEAKER_01: So it's like a stock in a way.
• 34:08
  SPEAKER_01: Well, stocks generate cash.
• 34:09
  SPEAKER_01: Stocks are a portion of a company that you own.
• 34:12
  SPEAKER_01: Okay, fair enough.
• 34:13
  SPEAKER_01: You're right.
• 34:14
  SPEAKER_01: That have a product that people buy that generate cash.
• 34:18
  SPEAKER_01: And so therefore, you can, I mean, the conversation we're having right now is are stocks overvalued?
• 34:24
  SPEAKER_01: Right.
• 34:25
  SPEAKER_01: Well, the only way you even have that conversation is they generate cash.
• 34:29
  SPEAKER_01: Right.
• 34:30
  SPEAKER_01: If there's no cash, you never know if anything's overvalued or not.
• 34:33
  SPEAKER_01: Right.
• 34:34
  SPEAKER_01: Right.
• 34:34
  SPEAKER_01: Yeah.
• 34:34
  SPEAKER_01: And so crypto, you know, is is it a good store of value?
• 34:41
  SPEAKER_01: Like store value means like like our dollar.
• 34:44
  SPEAKER_01: Right.
• 34:44
  SPEAKER_01: I we we lose our minds, right, at inflation when it's at five percent.
• 34:49
  SPEAKER_01: Right.
• 34:49
  SPEAKER_01: That means your dollar has lost five percent of its value.
• 34:53
  SPEAKER_01: Bitcoin is up twenty percent in a day or down twenty percent in a day, right?
• 34:58
  SPEAKER_01: And so, so it's not a good store of value.
• 35:01
  SPEAKER_01: Like my my Bitcoin that I have, or my fraction of the Bitcoin that I have today, I have no idea what it's gonna be worth.
• 35:09
  SPEAKER_01: It could be worth, it will be worth something different between when I leave my house to when I try to go purchase something with it, right?
• 35:16
  SPEAKER_02: Uh okay.
• 35:17
  SPEAKER_02: So so that means, listen, it's a great in theory that we're all gonna be walking around with like, you know, Bitcoining people, but you might Bitcoin and you thought you had enough to pay for it, and actually now you only have half because it just dropped 20%.
• 35:36
  SPEAKER_01: Like again, there's no cash flow on it.
• 35:39
  SPEAKER_01: So the only the only way, and I'm sure maybe this will be where you get some comments.
• 35:45
  SPEAKER_01: Well, yeah, I'm gonna get a ton of comments here because it feels like the problem is we lost everybody when we started talking past their finances.
• 35:53
  SPEAKER_01: So if we would have led with crypto, like we would have all right.
• 35:56
  SPEAKER_02: So let's get into crypto.
• 35:56
  SPEAKER_02: Like, I feel like this is the thing where like the people that are in crypto, they would say, like, listen, it's like guaranteed over time this is gonna like the people that jumped on the XRP bandwagon early are like, what's up?
• 36:09
  SPEAKER_01: So yeah, so right now they're right.
• 36:11
  SPEAKER_01: Like the Bitcoin people are up a thousand percent, right?
• 36:15
  SPEAKER_01: And so it's hard to argue with that.
• 36:18
  SPEAKER_01: And so that's why like some advisors hold some in their portfolios just because it's gone up so much.
• 36:25
  SPEAKER_01: Like I don't, and again, I have to say, like, this is not me making a repping recommendation for Bitcoin or not.
• 36:31
  SPEAKER_01: Um but uh but I don't just because of what I just said.
• 36:36
  SPEAKER_01: Like it it doesn't really, I don't know what purpose it serves in my in my portfolio.
• 36:41
  SPEAKER_02: Okay, so but what people would say, hey, the thing that's nice about you know bitcoins, you can't or any crypto is it's not influenced by governments trying to inflate their currency so that um they can print more money.
• 36:54
  SPEAKER_02: You can't print more money, so to speak.
• 36:56
  SPEAKER_02: Right?
• 36:56
  SPEAKER_02: Yeah, is that is that true, or am I just like this is the part where I'm more of a crypto novice.
• 37:00
  SPEAKER_01: Well, so so yes, I I'm not a crypto expert either.
• 37:04
  SPEAKER_01: From what I've heard, like countries like Iran are using crypto to get around the financial system, right?
• 37:13
  SPEAKER_01: And so it's really like a way to try to get around the like because the all the other money can be tracked, whereas this is sort of more right.
• 37:23
  SPEAKER_01: So again, don't quote me on that.
• 37:26
  SPEAKER_01: You can cut this out if your fact checkers decide that this is because I know you got a hefty fact checker team.
• 37:32
  SPEAKER_01: Yeah, I do.
• 37:32
  SPEAKER_02: The whole team back there is right busy working.
• 37:35
  SPEAKER_02: They're like they got you know, Grok and ChatGPT working really extra hard right now to fact check you.
• 37:40
  SPEAKER_03: Yeah.
• 37:40
  SPEAKER_02: Um, okay, so that that's good no.
• 37:42
  SPEAKER_02: So but let's say um so do you have any I don't own.
• 37:46
  SPEAKER_02: Well, okay.
• 37:47
  SPEAKER_02: Come on, we this full transparency here.
• 37:49
  SPEAKER_01: What do we say I don't own any crypto?
• 37:52
  SPEAKER_01: At one point, someone gave me crypto for doing uh premarital counseling.
• 37:57
  SPEAKER_01: It was not a bit it was not one Bitcoin, it was like one one millionth of a bitcoin or something like that.
• 38:03
  SPEAKER_01: So this was like five years ago, seven years ago, and it was on a piece of paper.
• 38:08
  SPEAKER_01: And so I was like, oh, this is a digital currency.
• 38:12
  SPEAKER_01: I don't need the piece of paper, it's somewhere like in the internet somewhere.
• 38:16
  SPEAKER_01: And so I lost the piece of paper, and I don't know where I did with the piece of paper, and I don't have any Bitcoin, so so yeah.
• 38:28
  SPEAKER_01: So I thought like it was a digital currency, like it's on the internet somewhere.
• 38:32
  SPEAKER_01: Yeah, well, like yeah, I guess, yeah, how would yeah, that's funny.
• 38:36
  SPEAKER_01: Yeah, so I guess I do somewhere, maybe in my house.
• 38:39
  SPEAKER_02: But yeah, I mean they'd have to put it in your name, right?
• 38:42
  SPEAKER_02: Yeah, maybe.
• 38:43
  SPEAKER_02: Oh all right.
• 38:44
  SPEAKER_02: Okay, so talk to me about what okay, life for you with ministry looks like.
• 38:50
  SPEAKER_02: Give me your like ministry with the neighborhood, ministry like at church.
• 38:55
  SPEAKER_02: Where where or or is you know your your role in your um as a as a wealth management person?
• 39:02
  SPEAKER_02: Tell me about like what what ministry looks like for you.
• 39:05
  SPEAKER_01: Yeah, totally.
• 39:06
  SPEAKER_01: So we go to Hill Country Bible Church, Lake Line.
• 39:09
  SPEAKER_01: I think it's called Lake Line.
• 39:10
  SPEAKER_01: Austin, yeah.
• 39:11
  SPEAKER_01: I'm sorry, Hill Country Austin.
• 39:14
  SPEAKER_01: Uh Hill Country Bible Church Austin.
• 39:16
  SPEAKER_01: Um and Tim Cool's pastor in there.
• 39:19
  SPEAKER_01: Tim Cool's pastor.
• 39:20
  SPEAKER_01: Love Tim.
• 39:21
  SPEAKER_01: Um and we have a small group that meets in our you know neighborhood.
• 39:26
  SPEAKER_01: And um we have some people that go to Hill Country, some people that don't.
• 39:30
  SPEAKER_01: I'm kind of a rogue uh small group uh leader where like half of us are at hill country and half of us or half of them aren't.
• 39:39
  SPEAKER_01: Um so uh not that everybody has to be going to the church to go to the small group, right?
• 39:44
  SPEAKER_01: Um but yeah, so lead a small group.
• 39:46
  SPEAKER_01: Um we go to Brushy Creek sports with with your kids and it's so funny.
• 39:52
  SPEAKER_01: See you there.
• 39:53
  SPEAKER_01: Um try to be a good neighbor, uh, just as far as like, you know, sadly, one of our neighbors just passed away last week, um, you know, was pretty um disconnected from the like kept to themselves, you know.
• 40:09
  SPEAKER_01: So we've you know been taking them things and and and um praying for them and and that sort of thing.
• 40:16
  SPEAKER_01: And so I don't know, it's really just natural.
• 40:18
  SPEAKER_01: Like um there's not an official Jake and Lauren Ridley like ministry plan.
• 40:24
  SPEAKER_01: It's just like we've got a dog that requires us to she's a Springer Spaniel and we walk her like four times a day because she has a ton of energy.
• 40:33
  SPEAKER_01: Yeah, we meet people when we walk our dog, and like there's at least one person, maybe several in our small group that are there because we were walking our dog and invite them to a small group.
• 40:44
  SPEAKER_02: Yeah, how does that work?
• 40:44
  SPEAKER_02: So you walk in your dog and give me your like your pitch.
• 40:48
  SPEAKER_02: Hey, I showed him the bridge diagram.
• 40:51
  SPEAKER_02: Well, literally, I was at the HB.
• 40:52
  SPEAKER_02: Do you go to the H T B on 620?
• 40:54
  SPEAKER_02: Right there.
• 40:54
  SPEAKER_02: So I go to the HB and this guy in the parking lot goes, Hey, I go, Hey, he goes, Do you want to come to my Bible study?
• 40:59
  SPEAKER_02: I was like, No, but thanks for the offer.
• 41:00
  SPEAKER_02: I mean, that's that's awesome.
• 41:02
  SPEAKER_01: Yeah, so is that your technique?
• 41:04
  SPEAKER_01: So yeah, I'm not that that blunt and bold, but no, we just saw, we just kept seeing the same people walking and we just get to talking with them.
• 41:12
  SPEAKER_01: And you know, I think one of them was going through something in their life, um, maybe a divorce.
• 41:17
  SPEAKER_01: And so we invited her to the to the small group and she started coming.
• 41:22
  SPEAKER_01: And so um, so I don't know, it's just kind of natural like that.
• 41:25
  SPEAKER_02: Yeah, that's good.
• 41:27
  SPEAKER_02: All right, and so um where do your kids go to school?
• 41:30
  SPEAKER_02: They go to Fern Bluff.
• 41:31
  SPEAKER_02: Okay, so actually, my daughter goes to Chisholm.
• 41:33
  SPEAKER_02: Were your kids go to Chisholm?
• 41:34
  SPEAKER_02: No, they go to Cedar Valley.
• 41:35
  SPEAKER_02: Okay.
• 41:36
  SPEAKER_02: So my oldest goes to Cedar Valley.
• 41:37
  SPEAKER_02: Okay, and you have one at Chisholm.
• 41:39
  SPEAKER_02: Yep.
• 41:39
  SPEAKER_02: Chisholm, that's wild because Cedar Valley is north of Chisholm, right?
• 41:43
  SPEAKER_01: Uh Chisholm is off a deep, it's it's out.
• 41:46
  SPEAKER_01: Yeah, it's out.
• 41:47
  SPEAKER_02: So because we're it's north of it's closer, Cedar Valley's closer to us.
• 41:50
  SPEAKER_02: We're just zoned.
• 41:51
  SPEAKER_02: That always is blows my mind.
• 41:53
  SPEAKER_02: I don't understand the zoning.
• 41:54
  SPEAKER_02: Yeah.
• 41:54
  SPEAKER_02: Um, so so you went public school.
• 41:56
  SPEAKER_01: Yeah.
• 41:57
  SPEAKER_02: Tell me, tell me why not homeschool.
• 41:59
  SPEAKER_01: Uh it's a money thing.
• 42:01
  SPEAKER_01: So no, we love our neighborhood.
• 42:03
  SPEAKER_01: We love our community.
• 42:04
  SPEAKER_01: Um, we love, I mean, fern Bluff is a wonderful elementary school.
• 42:10
  SPEAKER_01: Um, we love Chisholm.
• 42:12
  SPEAKER_01: And so, I don't know, some of it is most of it was just we feel called to the community that we're in.
• 42:18
  SPEAKER_01: And um, our kids are thriving at the schools.
• 42:22
  SPEAKER_01: If they weren't, then we would consider, you know, a different, you know, school.
• 42:26
  SPEAKER_01: But um their friends are great.
• 42:28
  SPEAKER_01: Yeah.
• 42:29
  SPEAKER_01: Like they have a great friend group.
• 42:30
  SPEAKER_02: So yeah, which is I think that's where a uh we're we feel the same way about the public school.
• 42:35
  SPEAKER_02: We're just really as much as one can be excited about public school, we are definitely on the excited team.
• 42:41
  SPEAKER_02: Uh, I know not all public school is is that.
• 42:45
  SPEAKER_02: I the only reason I asked that is because that, you know, as as probably in wealth management, you probably have a choice to go to like private school if you wanted to, but you're like, oh, I'm gonna I'm gonna be involved in the community and we're gonna go do this.
• 42:54
  SPEAKER_02: Yeah, totally.
• 42:55
  SPEAKER_02: Um which I think is is awesome.
• 42:58
  SPEAKER_02: Um, all right.
• 42:58
  SPEAKER_02: Next question.
• 42:59
  SPEAKER_02: You ready for this one?
• 43:00
  SPEAKER_02: Fire controversial Halloween.
• 43:02
  SPEAKER_02: What are you guys doing?
• 43:05
  SPEAKER_01: Well, we are um we have a big party on Halloween with all our neighbors and our small group will be there, and we have chili and hot dogs.
• 43:13
  SPEAKER_01: Oh, I love it.
• 43:14
  SPEAKER_01: Um, I mean, I feel like this is probably a once-in-a-lifetime Halloween for the kids this year on a Friday, yeah, after or Friday evening.
• 43:22
  SPEAKER_01: Yeah.
• 43:23
  SPEAKER_01: Like I don't think it gets any better than that.
• 43:24
  SPEAKER_02: It's so great.
• 43:25
  SPEAKER_02: Uh about y'all.
• 43:26
  SPEAKER_02: Yeah, we're we're having a party, uh, front yard party, and Adrian invited all the neighbors.
• 43:31
  SPEAKER_02: It was kind of fun.
• 43:32
  SPEAKER_02: And so we're kind of gonna I because there's a lot of you know criticism for those of us who I'm not I'll never say I'm celebrating Halloween.
• 43:40
  SPEAKER_02: I am just having a party when Halloween's going on.
• 43:43
  SPEAKER_02: I was gonna ask, so did you celebrate Halloween growing up or did you participate in Halloween?
• 43:47
  SPEAKER_02: Oh, absolutely.
• 43:48
  SPEAKER_02: I did.
• 43:48
  SPEAKER_02: I was all about it.
• 43:49
  SPEAKER_02: I I, you know, I got as much I would go, I would be the first trick-or-treater out there because that's when the usually the first person always got massive candy bars.
• 43:58
  SPEAKER_02: And I would bring, you know, a um uh pillowcase, a pillowcase, okay, and I make one round and then I take another pillowcase, make another round.
• 44:07
  SPEAKER_02: And I should have gone into candy sales after that.
• 44:10
  SPEAKER_02: Uh because it's like you know, I think about like career right here, you would have all this uh free supply, and you just gotta market it the rest of the year.
• 44:18
  SPEAKER_02: Anyway, um I wasn't that in the in ingenious, but anyway, yeah, I believe.
• 44:24
  SPEAKER_02: Yes, we we participate in Halloween.
• 44:27
  SPEAKER_02: Yes, so so we do that as well.
• 44:28
  SPEAKER_02: Um although there's this one house that freaked out my kids, so we kind of avoid that one.
• 44:34
  SPEAKER_02: But other than that, for the most part, we're we're meeting the neighbors, enjoying kind of the community being outside and um and tell them, you know, like everyone knows my pastor, so it makes it simple just to have I we talk inevitably people talk about God when they're around me, so it's kind of nice.
• 44:50
  SPEAKER_03: Yeah.
• 44:51
  SPEAKER_02: Um, how do you how do you do you ever get to a place where you get to bring up your faith and wealth's mail?
• 44:55
  SPEAKER_02: Like, hey, what do you do?
• 44:56
  SPEAKER_02: Oh, I'm a wealth man, faith wealth management guy, or what do you say?
• 44:58
  SPEAKER_02: Like, how do you put that?
• 44:59
  SPEAKER_02: Well, I just launched a month ago.
• 45:01
  SPEAKER_02: Yeah, so I haven't been able to, yeah, yeah.
• 45:04
  SPEAKER_02: So so you're not able to really go like, well, yeah, now this is your time for Halloween.
• 45:08
  SPEAKER_02: You're gonna be like, hey.
• 45:11
  SPEAKER_01: Yeah.
• 45:12
  SPEAKER_01: Um, I don't think I'll be able to tie in my faith-based wealth management firm with trick-or-treating uh never know as a salespit, but maybe maybe I can work it in somehow.
• 45:22
  SPEAKER_02: I love that.
• 45:23
  SPEAKER_02: I love that.
• 45:24
  SPEAKER_02: Yeah, I I think that's the the challenge always is like, you know, how do you get to spiritual things uh in any realm?
• 45:30
  SPEAKER_02: And it's kind of with me as a pastor, I usually the people I talk to are Christians, and so I kind of have to go out of my way to kind of hang out with people who are far from God.
• 45:37
  SPEAKER_02: That usually happens with uh the uh the rec league stuff that we do.
• 45:41
  SPEAKER_01: Yeah, totally.
• 45:42
  SPEAKER_01: That that did happen at my previous firm where, and again, it wasn't Christian, not saying that disparagingly or it just wasn't it just was normal, right?
• 45:50
  SPEAKER_01: It was just normal.
• 45:51
  SPEAKER_01: Um, and you get to know clients and you're dealing with their money, and that's a really personal, yeah, you know, emotional thing.
• 45:59
  SPEAKER_02: Did they ever go like, what would you do?
• 46:02
  SPEAKER_02: That kind of question faith-wise, or no, no, but they ever say something like, Hey, if this was your money, what would you do?
• 46:08
  SPEAKER_02: Oh, yeah, all the time.
• 46:08
  SPEAKER_02: And then you would say, Well, I give some of it to the church or whatever.
• 46:11
  SPEAKER_01: Yeah.
• 46:12
  SPEAKER_01: Yeah.
• 46:12
  SPEAKER_01: So I mean, the faith stuff would come up, like I can't remember if I told this story on the last pocket.
• 46:18
  SPEAKER_01: Maybe I did, but um, so I have one client that we were going over their will.
• 46:23
  SPEAKER_01: Yeah.
• 46:24
  SPEAKER_01: And, you know, the standard like question is like, Do you want any songs played at your funeral or anything like that?
• 46:32
  SPEAKER_01: Like we had like Amazing Grace as like one of the options.
• 46:34
  SPEAKER_01: Right.
• 46:35
  SPEAKER_01: And she was like, I'm not gonna play effing amazing grace at my I hate that.
• 46:40
  SPEAKER_01: And um, and so I didn't address it.
• 46:44
  SPEAKER_01: I mean, I didn't like I didn't talk about my faith.
• 46:47
  SPEAKER_01: You didn't go like, well, actually, that's the best song ever.
• 46:51
  SPEAKER_01: Yeah.
• 46:52
  SPEAKER_01: But in future meetings, you know, she would she would say antagonistic stuff.
• 46:58
  SPEAKER_01: And we had a really good relationship.
• 47:00
  SPEAKER_01: Like uh, you know, um, they trusted me right a lot.
• 47:04
  SPEAKER_01: And so finally I was like, Hey, you know, I'm a Christian, right?
• 47:07
  SPEAKER_01: And she was like, Yeah, I kind of thought.
• 47:09
  SPEAKER_01: And it opened up all sorts of conversations of like So do you think she was like saying those kind of get you to say something?
• 47:17
  SPEAKER_01: No, I think she had a bad experience.
• 47:19
  SPEAKER_01: Like that's what it boiled down to is like she And so it just was in her heart, so it just came out without her thinking.
• 47:24
  SPEAKER_01: She was hard hearted because of a bad experience, you know, and she opened up to all that and was able to share the gospel with her, and and and she broke down crying.
• 47:36
  SPEAKER_01: And um again, it wasn't it's not a like she lived happily ever after.
• 47:41
  SPEAKER_01: Right, right.
• 47:41
  SPEAKER_01: She accepted the gospel and now she's in church and but but it was emotional.
• 47:47
  SPEAKER_01: Totally.
• 47:48
  SPEAKER_01: And so um, so yeah, it opens up doors.
• 47:51
  SPEAKER_01: It's not every you know conversation leads to that, but again, it kind of naturally It's wild how I think most people would love to talk about spiritual things if someone opened the door for that.
• 48:04
  SPEAKER_01: Yeah, totally.
• 48:05
  SPEAKER_01: She she brought up like she had a dream one time that I can't remember if it was like her sister passed away.
• 48:12
  SPEAKER_01: Somebody like came to her in a dream, and like I mean, I doubt she's told that to many people.
• 48:18
  SPEAKER_01: Right, right.
• 48:19
  SPEAKER_01: Yeah and so and that's when she kind of started crying, and and so she opened up about all kinds of of stuff that like just threw a couple questions and like through that relationship, right?
• 48:32
  SPEAKER_01: Um, she trusted me, her and her husband trusted me enough to just kind of talk about that.
• 48:37
  SPEAKER_01: So that's man, that's incredible.
• 48:39
  SPEAKER_01: Yeah, so I will miss, you know, my firm now is faith-based.
• 48:45
  SPEAKER_01: Right.
• 48:46
  SPEAKER_01: And so I won't have as many of those opportunities, but it's at the same time, it's not like I'll I'm going to turn away.
• 48:52
  SPEAKER_02: Right.
• 48:53
  SPEAKER_02: And I bet you your clients are gonna go, because people generally, word of mouth, right?
• 48:58
  SPEAKER_02: Yeah, they're gonna go, hey, listen, yeah, here's a guy I trust, he's Christian, he won't mess with your money, he's he's awesome.
• 49:04
  SPEAKER_02: Yeah, totally.
• 49:05
  SPEAKER_02: And so I feel like you might get that even from a person that might not be a believer might recommend to a non-believer and go, yeah, let's give it a shot.
• 49:13
  SPEAKER_01: On the other side of it, though, it has helped just again in the last month that I've that I've launched.
• 49:19
  SPEAKER_01: Being overtly Christian does open up more conversations with with clients that that I have that you know, like we'll start off in prayer, we'll start off with scripture, and it just opens up.
• 49:32
  SPEAKER_01: And so there's just more free.
• 49:34
  SPEAKER_01: Yeah, there's other there's a space to talk about now.
• 49:37
  SPEAKER_01: And so, um, so yeah, so I have found like similar to what you're saying with like you're a pastor, so therefore people naturally just can't talk.
• 49:46
  SPEAKER_01: Like this is a Christian firm, yeah.
• 49:48
  SPEAKER_01: And so naturally it it's going to lead to those conversations more than like I think you're Christian, I you might be.
• 49:55
  SPEAKER_01: Like, you know, um, so yeah.
• 49:58
  SPEAKER_02: All right, I'm gonna now get switch again.
• 49:59
  SPEAKER_02: Uh-huh.
• 50:00
  SPEAKER_02: So we're going back to the economy, like everyone is always like it's good right now, but it might not be.
• 50:06
  SPEAKER_02: I mean, government shutdown.
• 50:07
  SPEAKER_02: Yeah.
• 50:08
  SPEAKER_02: What does that affect?
• 50:09
  SPEAKER_01: Well, it sucks for uh we've got a person in our small group that is like hasn't worked in three weeks because of it.
• 50:18
  SPEAKER_01: Um like economic-wise, it hasn't really impacted.
• 50:22
  SPEAKER_01: I was sort of surprised.
• 50:24
  SPEAKER_01: I noticed the stock market's been fairly yeah, it's just gone up.
• 50:28
  SPEAKER_01: Yeah.
• 50:28
  SPEAKER_01: Ever since the tariff stuff stopped in April, right?
• 50:31
  SPEAKER_01: Like it's just gone straight up.
• 50:33
  SPEAKER_01: And so that's what has people worried now is that it's gone up too fast.
• 50:37
  SPEAKER_01: Too fast.
• 50:37
  SPEAKER_02: Right.
• 50:38
  SPEAKER_02: So what is the AI is what's driving it.
• 50:41
  SPEAKER_02: Yeah.
• 50:41
  SPEAKER_02: Like so it's all NI is everything.
• 50:43
  SPEAKER_02: It's NVIDIA.
• 50:44
  SPEAKER_02: Yeah.
• 50:45
  SPEAKER_02: It's I guess Nokia yesterday just signed a big deal with them.
• 50:47
  SPEAKER_02: Oh, I didn't see that.
• 50:48
  SPEAKER_02: Oh man, one billion dollars from NVIDIA to Nokia.
• 50:52
  SPEAKER_01: Yeah, NVIDIA just became the first company today to cross five trillion dollars.
• 50:56
  SPEAKER_02: Wow.
• 50:57
  SPEAKER_02: And I think there's four companies, Apple included, like Apple just hit four trillion.
• 51:00
  SPEAKER_02: I mean, yeah, the amount of now, is that inflation or is that just the amount of money?
• 51:05
  SPEAKER_02: I mean, how this is the part like I know that there's not a finite amount of money in the world.
• 51:09
  SPEAKER_01: Companies have been as profitable as these companies, not not even close.
• 51:13
  SPEAKER_01: It's it's crazy.
• 51:14
  SPEAKER_01: So, like, for example, I was just seeing this before I came here.
• 51:17
  SPEAKER_01: Um, NVIDIA's profit margin is at 60% or was it 60%?
• 51:22
  SPEAKER_01: I don't know what it is today.
• 51:23
  SPEAKER_01: Um, Walmart is like three percent, you know?
• 51:26
  SPEAKER_02: And so I mean, that's crazy.
• 51:28
  SPEAKER_01: Yeah.
• 51:29
  SPEAKER_01: And so it's just like the amount of money that they're making right now is is un literally unheard of.
• 51:35
  SPEAKER_02: So so this is the part that I think getting your head, this might be economic theory way beyond the scope of the show.
• 51:43
  SPEAKER_02: But if you could maybe uh simplify it for those people who are sort of interested but don't have any capacity to really understand it.
• 51:50
  SPEAKER_02: How is more money being able to make out and it's not can't be just due to inflation.
• 51:55
  SPEAKER_02: Is it all these poor countries now have zero money and now all NVIDIA has the most money?
• 51:59
  SPEAKER_02: Because that's not the way it works, right?
• 52:01
  SPEAKER_01: No, it's value creation.
• 52:02
  SPEAKER_01: Like that's the like the fundamental like principle of of capitalism, right?
• 52:10
  SPEAKER_01: Right, is that there's not a fixed pie that then just gets divided up.
• 52:15
  SPEAKER_01: And so therefore, if someone has more, that means someone else has less.
• 52:18
  SPEAKER_01: Right.
• 52:19
  SPEAKER_02: I think that's a struggle for a lot of people that they don't wrap their head around when they see five trillion, they're thinking there must be a lot of starving people now.
• 52:27
  SPEAKER_01: It must have come from me somewhere.
• 52:28
  SPEAKER_02: Right, right.
• 52:29
  SPEAKER_02: Right.
• 52:29
  SPEAKER_02: Somewhere somewhere else.
• 52:30
  SPEAKER_02: Like what's good for you is bad for me.
• 52:32
  SPEAKER_02: Yeah.
• 52:32
  SPEAKER_02: And if anything's good for me, then must be bad for you.
• 52:35
  SPEAKER_01: Personally, like I think I mean, I'm sure there's some theological issues with capitalism and and a biblical worldview.
• 52:42
  SPEAKER_01: Like, certainly there are, but I feel like that's a biblical worldview that like there's not a fixed pie.
• 52:48
  SPEAKER_01: Right.
• 52:48
  SPEAKER_01: That like it's actually God's created this world to like there's not a fixed amount of value that you can create.
• 52:55
  SPEAKER_01: Like it's kind of a neat feature of of the world that God's created.
• 53:00
  SPEAKER_02: And and that's why like we need great entrepreneurs, great people, smart people who take crazy risks and then make a ton of money because it actually lifts everybody up.
• 53:09
  SPEAKER_01: Yeah, it's nuts how an Elon Musk will like go manufacture a car manufacturer hasn't suc there hasn't been a successful car manufacturer since 1920.
• 53:20
  SPEAKER_01: A lot of them subsidized by the government.
• 53:22
  SPEAKER_01: I mean, he kind of is.
• 53:23
  SPEAKER_01: Okay, fair enough.
• 53:24
  SPEAKER_01: Yeah, they have the not kind of Elon Musk is subsidized by the government.
• 53:29
  SPEAKER_01: We had the electric car credit, yeah, and it was like$7,500.
• 53:32
  SPEAKER_01: I don't remember what the amount was.
• 53:34
  SPEAKER_01: And so that was certainly an incentive to buy an electric car that went away.
• 53:38
  SPEAKER_01: So like recently it went away.
• 53:40
  SPEAKER_01: Yeah, I got a truck.
• 53:41
  SPEAKER_01: Yeah.
• 53:42
  SPEAKER_01: Yeah.
• 53:42
  SPEAKER_02: Yours isn't electric, though, is it?
• 53:44
  SPEAKER_02: No, no, it's not.
• 53:44
  SPEAKER_02: Yeah, or it's yeah, it's a gas guzzler.
• 53:47
  SPEAKER_02: Um, okay, so all right, so you feel like now this is the part where as long as tariffs like with with Trump, I think he just did he just sign any, or he's in China right now, he's he's he's doing stuff with Asia.
• 53:59
  SPEAKER_03: Yeah.
• 53:59
  SPEAKER_02: And so, and I don't know if you can even prognosticate this, but you're you're in the financial world, so therefore an expert.
• 54:05
  SPEAKER_02: So, therefore, I'm gonna ask you this question.
• 54:07
  SPEAKER_02: So, it seems like he's making deals that's gonna put our country on at least a a firm, solid yeah, although the tariff time was just insane with up and down, at least within markets.
• 54:18
  SPEAKER_02: What what do what do you feel like for the the next year in?
• 54:22
  SPEAKER_01: I don't think he knows.
• 54:24
  SPEAKER_01: I think he rolls up.
• 54:26
  SPEAKER_01: If we were in Trump's head and I'm like, I don't think he knows.
• 54:29
  SPEAKER_01: Like, so for example, like in April, uh, when the market, the market was down almost 20% in April.
• 54:37
  SPEAKER_01: And then uh April 9th, he backed off of the tariffs.
• 54:42
  SPEAKER_01: Right.
• 54:42
  SPEAKER_01: As an aside, interesting aside, so the bond market is what runs the world.
• 54:47
  SPEAKER_01: Uh the US bond market, particularly.
• 54:50
  SPEAKER_02: Uh and when you say a bond, like is that like buying a bond of a city or the or the nation?
• 54:55
  SPEAKER_01: No, it's the U.S.
• 54:57
  SPEAKER_02: issues a bond that's your so the so the China's from us.
• 55:02
  SPEAKER_02: Yeah, and then that we owe money now.
• 55:03
  SPEAKER_01: Yep.
• 55:04
  SPEAKER_01: Totally.
• 55:05
  SPEAKER_01: And so that runs the world.
• 55:08
  SPEAKER_01: And what happened in April was the bond market started to sho show signs of stress.
• 55:15
  SPEAKER_01: And so bonds are supposed to go up when stocks go down because they're like a safety asset, right?
• 55:21
  SPEAKER_01: Well, bonds started to go down.
• 55:23
  SPEAKER_01: And so um, remember James Carville?
• 55:27
  SPEAKER_01: Uh-huh.
• 55:27
  SPEAKER_01: So Bill Clinton's, I don't know if he was his chief of staff, but I mean, he's still like a a contributor now, like older.
• 55:34
  SPEAKER_01: Like so, he has a famous saying.
• 55:35
  SPEAKER_01: This was actually in the n early 90s.
• 55:38
  SPEAKER_01: He said that um I used to believe, you know, if I was reincarnated, I would want to, you know, come back as the Pope or a 400 baseball hitter.
• 55:48
  SPEAKER_01: But now I want to come back as the bond market because you can intimidate anybody.
• 55:53
  SPEAKER_01: And so that's literally what happened.
• 55:55
  SPEAKER_01: In in April, on April 8th, the bond market sh started showing signs of stress.
• 56:00
  SPEAKER_01: Scott Bissent kind of got in Trump's ear.
• 56:02
  SPEAKER_01: Yep.
• 56:03
  SPEAKER_01: And that's when he reversed course on April 9th.
• 56:06
  SPEAKER_01: Right.
• 56:06
  SPEAKER_01: And the market went up 10% in one day.
• 56:08
  SPEAKER_01: Wow.
• 56:09
  SPEAKER_01: And so, again, another aside, if you're trying to time the market, like you literally could have just gone to the bathroom and like missed out on the 10%.
• 56:17
  SPEAKER_01: Like you got out on April 8th, yeah.
• 56:20
  SPEAKER_01: And oh shoot, like I had a long lunch and I missed out on 10%, you know, the recovery.
• 56:25
  SPEAKER_02: I did have someone tell me around the April 7th, 8th time, I to get out, the whole thing's gonna crash.
• 56:30
  SPEAKER_02: So I was like, you know, I'm gonna hold the line.
• 56:32
  SPEAKER_01: Yeah, totally.
• 56:33
  SPEAKER_01: So all that to say, I don't think Trump, I mean, he's obviously got some type of plan, but I don't think he knows what he's gonna do.
• 56:39
  SPEAKER_01: Yeah, given, you know, whatever day it is.
• 56:43
  SPEAKER_01: And so, so I don't know what he's what he's what he's trying to do.
• 56:46
  SPEAKER_01: It's wild.
• 56:47
  SPEAKER_01: Yeah, man, I appreciate you coming here.
• 56:49
  SPEAKER_02: Yeah.
• 56:49
  SPEAKER_02: Uh thanks for having me.
• 56:51
  SPEAKER_02: I know this seems like we just talked about nothing, but actually, I we just went like a whole hour went by.
• 56:55
  SPEAKER_02: I didn't even realize it.
• 56:56
  SPEAKER_02: Nice.
• 56:57
  SPEAKER_02: Uh, and uh it's it's exciting to kind of hear your your kind of the viewpoint that you have, the way that you kind of think about these things, and how the Lord is really using you to kind of say, like, like God's doing something within even economic markets that we need to be aware of, and then um to to understand like everything is so fragile.
• 57:16
  SPEAKER_02: It really is.
• 57:16
  SPEAKER_01: Uh, and and our hope can't be in no matter amount of what's it always will be.
• 57:20
  SPEAKER_01: Again, that's the like takeaway for me is like you're never going to be out of the woods.
• 57:26
  SPEAKER_01: Right.
• 57:26
  SPEAKER_01: Like until the day you die, yeah.
• 57:27
  SPEAKER_01: Like there's gonna be some level of trust in God and who he is.
• 57:34
  SPEAKER_01: And like I that's the way it's designed it is you're never out of the woods.
• 57:38
  SPEAKER_01: Love it, man.
• 57:39
  SPEAKER_02: Thanks, Jake.
• 57:40
  SPEAKER_02: Hey, so much thanks so much for watching.
• 57:42
  SPEAKER_02: If you want to have any questions, we will talk finances whenever you want to bring the question.
• 57:46
  SPEAKER_02: You can text us at 737 231 0605.
• 57:49
  SPEAKER_02: I would love to hear from you.
• 57:51
  SPEAKER_02: Uh, from our house to yours.
• 57:52
  SPEAKER_02: Have an awesome week of worship.