Latest / Karl and Crew / Money, Finances and Stewardship Q&A with Rob West

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Money, Finances and Stewardship Q&A with Rob West · Karl and Crew

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  S1: Broadcasting from Chicago, across North America and beyond its cast
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  S1: and crew. Come as you are an experienced guide. Overcome
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  S1: what seems impossible and live. As you never imagined. Start
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  S1: your morning with a laugh.
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  S2: Practical from the Bible. Tips and tricks to kill. Not tricks,
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  S2: but tips and tricks.
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  S3: Tips and tricks to kill. Tips and tricks.
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  S1: Delivering the truth daily.
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  S4: All of my attempts to, you know, prop myself up
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  S4: with achievement in good works. Well, God wasn't impressed by that.
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  S4: Even if other people were.
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  S2: The gospel changes everything.
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  S5: Freedom in Christ. Man, it's like that backpack of cement
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  S5: just falling to the ground.
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  S1: Now, from the call of Hope Studios, this is Carl
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  S1: and crew. Ask the experts.
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  S6: Week. And, boy, we've got one of your favorites here
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  S6: with us right now. I'm going to bring them in.
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  S6: Rob West. How you doing, my man?
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  S7: Good morning. Great to be back with you.
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  S6: Good morning. Good morning. Dun dun dun dun dun dun. Yeah, man,
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  S6: it is so good to have you with us, Rob West.
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  S6: Uh oh my goodness. I'm going to have you bookend
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  S6: it for your hour. He's going to be with us
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  S6: for an hour here. So if you know anything about
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  S6: this man at all, you know that he has got
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  S6: the answers on everything. With faith and finance. He is
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  S6: the host of Faith and finance. And it's heard live
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  S6: right here every day. Grab your listening slot for him.
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  S6: You don't want to miss them. Boy, the content is amazing.
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  S6: He's also CEO of Kingdom Advisors. He's got a wealth
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  S6: of knowledge. If you've got financial questions for Rob West,
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  S6: tee em up right now. 800 555 7898 800 555
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  S6: 7898 okay, I want to book in with this. We
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  S6: just had doctor Mike Yarborough on, uh, Dallas Theological Seminary president,
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  S6: and he just gave a great call out for share.
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  S6: We start next week. No, I'm not doing an ask today.
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  S6: We're going to give a number and a website in
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  S6: case you're not here, but my heart this year I've
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  S6: got one big focus and that's to move from six, seven, 8%
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  S6: participation rate somewhere in there. Of those that listen to
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  S6: Moody Radio to get us up around 15, Mark said,
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  S6: what do you say, Young Thunder? I think he said,
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  S6: let's get that thing up there around 17 or something.
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  S2: He said, why, why go there? Let's go 18, 19. Yeah,
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  S2: he was in it.
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  S6: Yeah. And you know, the one thing I want to
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  S6: come out of the shoot with you on is that,
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  S6: in fact, I did a message on stewardship last week
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  S6: at one of our campuses here in Chicago. I'm convinced
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  S6: that most of what you have to talk about are
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  S6: great tools, but those tools are only as good as
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  S6: a heart passion to leverage them for the glory of God.
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  S6: That's why I think the great teaching, even for stewardship,
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  S6: is a great commandment. Love the Lord your God with
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  S6: all your heart, soul, mind, and strength. Rob, what do
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  S6: you say about that?
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  S7: Well, I think you're exactly right. You know, even when
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  S7: we give, save and invest, real money can quietly take
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  S7: the role of our ultimate treasure. You know, it can
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  S7: subtly capture our hearts and shape what we value and
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  S7: what we fear and where we place our trust. The
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  S7: opportunity is when God becomes our ultimate treasure. Everything changes.
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  S7: Giving then becomes an act of joy rather than obligation.
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  S7: Stewardship becomes a way of life that reflects the character
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  S7: of a generous and loving father. And so I think
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  S7: the invitation today and into share next week is to say, God,
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  S7: I want you to be my ultimate treasure, and therefore
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  S7: money is a tool. I was with John Maxwell a
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  S7: couple of weeks ago at an event, and John said,
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  S7: we need to be rivers, not reservoirs. We don't want
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  S7: God's provision to stop with us. We want it to
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  S7: flow through us into God's activity. And that's the opportunity
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  S7: today for everyone listening who loves moody radio, who wants
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  S7: the gospel in their communities and to the ends of
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  S7: the earth. Partner with us and be that river. River,
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  S7: the river of God's provision into God's activity.
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  S6: I love it. So boom, crew, I'm going to be
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  S6: real candid with you. Some of you aren't going to
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  S6: be here next week, or you have a forgetter switch
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  S6: like myself and Young Thunder. We've got the same forgetter switch.
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  S2: But I'm 30. I'm really scared for later in life.
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  S6: You're gonna be okay. Uh, but I just want you
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  S6: to know our phone lines. We've got people standing by.
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  S6: We're not going to go crazy until next Tuesday. But
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  S6: I do want you to be part of a little
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  S6: mini mini miracle that myself. And about 800 prayers are
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  S6: going to be asking God for all next week. 800
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  S6: people praying along these lines that will move from around
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  S6: that 7% participation rate in what God's doing here to that?
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  S6: 15 1617? Dare we believe God for 20% participation? It
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  S6: would be huge. And I'm just asking you to jump in.
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  S6: So if you're not going to be here or you've
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  S6: got the spiritual gift of priming pumps, it's (800) 600-9624. I'll
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  S6: say it slowly because some of you are prompted by
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  S6: the spirit right now, 800, 696 24 800, 696 24
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  S6: or Moody Radio.com. That's Moody Radio.com. And I really mean this.
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  S6: Rob from the bottom of my heart, man, I don't want,
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  S6: I love I love to preach to hearts, not to pocketbooks.
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  S6: And that's what Jesus did. And man, if we get
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  S6: a revival around that buddy, we're Katy bar the door.
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  S6: You know what I mean?
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  S7: That's exactly right. It's an incredible opportunity for the body
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  S7: of Christ to come together and say, we're on mission
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  S7: for the gospel, because the gospel changes everything. And so
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  S7: let's lock arms, let's each do our part and let's
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  S7: fund Moody Radio together.
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  S6: Yeah. Love it, love it, love it. I just looked
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  S6: at the board and we got someone brand new to
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  S6: the crew that just jumped in here not too long
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  S6: ago with the gift, so it's it's really cool. Okay.
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  S6: We are taking your questions for Rob West right now.
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  S6: 800 555 7898. Any question you have regarding finances? I've
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  S6: never heard him stumped yet. Not yet. Try to stump
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  S6: the stump. The expert.
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  S2: Wouldn't that be crazy if someone used, like, a money term?
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  S2: And Rob's like, I don't know what that is. I
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  S2: can't help you.
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  S6: I don't know if that's going to happen. Give him
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  S6: a call right now. Give us a call 800 555 7898.
• 6:49
  S6: Really looking for calls on this one? Sometimes it's hard
• 6:51
  S6: to get the full nuance of your question. You can
• 6:54
  S6: go ahead and text one in. We'll try to communicate it.
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  S6: But 800, 555, 78, 98. I'm going to go to
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  S6: the phone lines. Pamela. First time caller Fort Lauderdale, Florida.
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  S6: What do you say? Pamela.
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  S8: Uh, good morning to you all. Um, thank you so
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  S8: much for taking my question. I'm wondering, I have like
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  S8: ten years on my mortgage, which I owe under 100,000,
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  S8: and my house is worth about over 500. And I
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  S8: need a loan right now to do certain repairs in
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  S8: my home. Is it a good idea to get a
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  S8: home equity loan or a HELOC? I'm going to hang
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  S8: up so I can hear the answer to this question.
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  S6: Or yeah, that's dynamite. Pamela. Uh, boom, sister, thanks for
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  S6: your call. What do you say, Rob?
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  S7: Yeah, I like a home equity line of credit here.
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  S7: It's the most flexible option. It is secured by your home,
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  S7: you are allowed to borrow only what you need and
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  S7: the interest rate is variable, which is a good thing
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  S7: in this environment because we've been seeing interest rates come down.
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  S7: They were at seven and three quarters and then they
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  S7: were at seven. And and then we just recently, although
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  S7: we've ticked back up, we got under 6% for the
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  S7: first time. We saw a five handle on 30 year
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  S7: mortgages for uh, for the first time in years, which
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  S7: is great. Uh, so this home equity line of credit
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  S7: for these repairs, which is a proper use, I think,
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  S7: for your home equity tied to a variable interest rate
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  S7: means that interest rate is going to come down as
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  S7: interest rates fall. And again, you only borrow what you
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  S7: need as you need it. So if it takes six
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  S7: months or nine months to get this done, you just
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  S7: pull it out in, you know, increments to pay the
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  S7: contractors as needed. And then you focus on trying to
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  S7: get it paid off as quick as you can. So
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  S7: I think this is a great option for you. Again,
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  S7: a home equity line of credit and shop around. Make
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  S7: sure you get at least three offers. You could go
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  S7: to Bankrate.com. A lot of times banks will do no docs,
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  S7: no fees. So they'll, you know, even waive the appraisal.
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  S7: They'll waive the origination costs. So shop around to not
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  S7: only check the rate but the cost themselves.
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  S6: Great. Taking your questions here for Rob West 800 555
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  S6: 7898 I got a question here, Rob, that came in
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  S6: via text. I don't even know what they're talking about,
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  S6: but I'm going to give it to you. Here it is.
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  S6: I'm 60 years old and plan to retire in the
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  S6: next five years, God willing. How do I reallocate my
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  S6: TSP funds which are currently in the CSI international funds?
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  S6: I know what that is. Do I need to put
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  S6: a percentage in a more conservative g fund?
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  S7: Yeah. Good question. Uh, so at age 60, you know,
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  S7: we want to think in terms of about a 5050
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  S7: mix of your allocation as a starting point. Uh, now
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  S7: you could go more conservative or more aggressive from there,
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  S7: but I think 50 over 50 is right for a
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  S7: 60 year old who's probably somewhere between 5 and 10
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  S7: years out from retirement. So the nice thing about the
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  S7: TSP is it makes it really simple. You've got the G,
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  S7: the F, the C, the S and the I. What
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  S7: are those? G is the government fund. Think of that
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  S7: like a money market. F is fixed income. That's bonds.
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  S7: And then you've got three stock funds in the TSP.
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  S7: You've got the C which is the the large caps
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  S7: like the S&P 500. You've got the S and the I.
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  S7: So I don't think you really need anything in G
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  S7: I would split the portfolio half in the F. That's
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  S7: the bonds. And then the other half you're going to
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  S7: want to put in stocks. I'd probably put two thirds
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  S7: in the C and then split the rest in the
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  S7: S and the I.
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  S6: Excellent. Rob West, our guest right now we are getting
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  S6: a ton of questions in here. 800 555 7898 800
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  S6: 555 7898 going back to the phone lines, George in Charleston,
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  S6: South Carolina, what do you say, George?
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  S9: Hey. Thanks, guys. I really appreciate the ministry. Love you. Um, now,
• 10:55
  S9: so for Rob, I. I'm 63 and my wife is 62.
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  S9: She has a she has a pension. Um, I am,
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  S9: I guess you could say underemployed. So money is getting tight,
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  S9: and we're wondering if she should take her Social Security
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  S9: at age 62. Coming up in a few months.
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  S6: So, Rob, I know that.
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  S9: Part time as well.
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  S6: Okay. Thank you. George. Do you need more information? I
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  S6: know you, you want to hold on as long as
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  S6: you can on those kind of things, don't you, Rob?
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  S7: I really do, unless you need the money or you
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  S7: don't believe. You know, you have longevity on your side.
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  S7: None of us know the day or the hour the
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  S7: Lord will call us home. But if you have. If
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  S7: you're in good health, you know there's something to be
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  S7: said about longevity risk, which is the fact that you
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  S7: will outlive your money. So the longer we can wait
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  S7: to take that Social Security and get closer to, if
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  S7: not at full retirement age or beyond. That's going to
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  S7: ensure that you get that full check that you were
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  S7: entitled to based on your work history, and then you're
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  S7: going to get the cost of living adjustments on that
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  S7: larger amount for the rest of your life, which could
• 12:00
  S7: be a game changer. Maybe not now, but in your
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  S7: 80s and 90s. Having that larger base is going to
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  S7: be really key. The key is how are you going
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  S7: to pay the bills? And I know money is tight. So,
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  S7: you know, if you could find a way to get
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  S7: some extra income coming in and delay it, I would
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  S7: absolutely do it. If you can't, it's an option.
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  S6: Yeah, I was I was looking at that. The amount
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  S6: of increase with delay is quite significant for some isn't
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  S6: it Rob.
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  S7: Oh yeah. It's about 8% a year that you are
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  S7: taking a permanent reduction when you take it early. Okay.
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  S7: So that's a meaningful amount. I mean, if you take
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  S7: it at 62 versus 67, where most people have full
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  S7: retirement age, it's about a 30% reduction.
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  S6: That's significant. Okay. Along these same lines text came in here. Boy,
• 12:45
  S6: it's a long one, but I'm going to try to
• 12:47
  S6: crunch down. What your understanding of Social Security rule. If
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  S6: someone has ten years of no reported income and they
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  S6: wait until full retirement age of 67 to take financial benefits,
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  S6: will that amount properly be recomputed with my husband's Social
• 13:01
  S6: Security benefit amount since he's the higher earner? What do
• 13:05
  S6: you say?
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  S1: Mhm.
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  S7: Yeah. So those years don't disappear. They're simply counted as
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  S7: zero in the 35 year calculation. So if somebody has
• 13:15
  S7: 25 years of earnings Social Security will still calculate the
• 13:19
  S7: benefit using 35. Because that's what they do. They do
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  S7: what's called high 35. Your highest 35 years of earnings
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  S7: is just that. Ten of those are going to be
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  S7: at zero. Now if you have 35 in addition to
• 13:31
  S7: the the ten where you had no income, then obviously
• 13:34
  S7: they'll take the highest of your 35 earnings years to
• 13:37
  S7: calculate your benefit. And each additional year you work even
• 13:42
  S7: once you start taking retirement, Social Security benefit will replace
• 13:47
  S7: one of those zero years and increase your benefit along
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  S7: the way. And so that's one of the things that
• 13:52
  S7: will work for you if you keep working.
• 13:54
  S6: Excellent. All right. A quick one here. Would Jesus invest
• 13:57
  S6: in Bitcoin.
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  S3: Ah hold it I love it. Oh I love that.
• 14:06
  S7: Oh you know when I look at God's word uh
• 14:12
  S7: Proverbs 1311 comes to mind. Wealth gained hastily will dwindle.
• 14:16
  S7: But whoever gathers little by little will increase it. Uh,
• 14:20
  S7: you know, I think just the, the speculative, volatile nature
• 14:24
  S7: of Bitcoin would, uh, would cause him to pass, in
• 14:27
  S7: my view, a little too speculative.
• 14:30
  S6: Foxes have holes, birds have nests. But the Son of
• 14:33
  S6: Man has no place to lay his head. I think
• 14:36
  S6: he was pretty secure. Secure in his retirement plan, if
• 14:39
  S6: you ask me. Oh my goodness. All right. More questions
• 14:42
  S6: for Rob West. They're coming in like crazy right now.
• 14:45
  S6: You can call or text (800) 555-7898. 800 555 7898.
• 14:56
  S1: You've got questions. They've got answers. It's Ask the Experts
• 15:00
  S1: week with Carl and crew.
• 15:03
  S6: I'm going to confer a doctorate on them for today.
• 15:05
  S6: Doctor Rob West is with us right now. How about that?
• 15:07
  S6: Rob little confer.
• 15:09
  S7: See if I can get my kids to call me
• 15:11
  S7: that when I come down to breakfast in the morning.
• 15:14
  S6: Rob.
• 15:14
  S7: What? That tells me that won't go very well.
• 15:17
  S6: Oh, faith. Faith and finance. And we're going to have
• 15:19
  S6: links for you and everything, but we got a lot
• 15:21
  S6: of questions pouring in here. 800 555 7898 we rarely
• 15:26
  S6: do this in the mornings, but boy, this is fun. Uh,
• 15:29
  S6: somebody starts with college is outrageous. Yes. And amen. My
• 15:34
  S6: daughter goes away soon. We locked up 100 K in
• 15:37
  S6: a seven month CD to earn some extra cash. We
• 15:40
  S6: saved some in bright directions. 529 uh, any other way
• 15:45
  S6: to invest to make our money work for us?
• 15:48
  S7: Mm. No, I think you're on the right track here.
• 15:51
  S7: I mean, the key is the time horizon, right? So
• 15:52
  S7: if we have less than five years on the time horizon,
• 15:55
  S7: which you will, because that money is going to need
• 15:58
  S7: to go out over the next four years, then you
• 16:00
  S7: really want to keep it on the most conservative end
• 16:03
  S7: of the spectrum. The return is less about the return
• 16:07
  S7: on your money, and it's more about the return of
• 16:09
  S7: your money. So we don't want your money invested in something.
• 16:13
  S7: And then all of a sudden we find ourselves at
• 16:15
  S7: a recession and the market's down 20 or 30% and
• 16:18
  S7: you're selling at a loss. So I think you're talking CDs,
• 16:21
  S7: you're talking treasuries, you're talking high yield savings. Those things
• 16:25
  S7: that are going to give you safety, liquidity, but also
• 16:28
  S7: a decent rate of return. In the meantime.
• 16:30
  S6: Get a question here. I've seen this hack, uh, being
• 16:34
  S6: spoken of all over the internet, and they're asking, what
• 16:37
  S6: do you think, Rob, of the theory to take Social
• 16:40
  S6: Security early and invest it. I've got a follow up question.
• 16:44
  S6: What's the percentage watermark you have to hit each year
• 16:47
  S6: to make that financially responsible?
• 16:50
  S7: Rob yeah, yeah. The challenge with that is if in fact,
• 16:54
  S7: you're giving up 8% a year. And keep in mind, uh,
• 16:58
  S7: you know, you've got to live about 12 years beyond, uh,
• 17:04
  S7: the period you start taking it in order to be
• 17:07
  S7: paid back in the form of a higher check for
• 17:10
  S7: what you gave up in the years you didn't take it.
• 17:13
  S7: So we're assuming you've got a what I'll call a
• 17:16
  S7: normal life expectancy, which for men and women is about
• 17:19
  S7: 82 and 83, respectively. Today. Once you hit age 65,
• 17:24
  S7: that's your life expectancy. And so if you out, you know,
• 17:27
  S7: if you live the normal life expectancy, then you're going
• 17:31
  S7: to be better off waiting. Because the reality is, if
• 17:33
  S7: you take that money and you invest it in a
• 17:36
  S7: taxable account, you've got to pay the capital gains and
• 17:40
  S7: then get a return. That's better than the increase you're
• 17:43
  S7: getting annually from Social Security by waiting, which again, we
• 17:46
  S7: said is about 8%. So you're going to have to
• 17:48
  S7: get north of 9% in order to pay the taxes
• 17:52
  S7: and then make up the difference. And, you know, I
• 17:55
  S7: think you're just better off getting that that higher check
• 17:58
  S7: from Social Security. And again, you're now starting with a
• 18:01
  S7: higher watermark, which means all future cost of living adjustments
• 18:05
  S7: are on that bigger number as well.
• 18:07
  S6: Excellent. Okay. Ton of questions. I'm going to get to
• 18:10
  S6: as many as we can. Wendy and Davie, Florida. What
• 18:13
  S6: do you what's your question for Rob?
• 18:16
  S10: Good morning. Um, I just basically I'm a teacher. Um,
• 18:20
  S10: I don't have a huge income, but I've invested in
• 18:23
  S10: a couple of empty lots, like, years ago, and they're
• 18:26
  S10: they've gone up quite a bit significantly, and it seems
• 18:29
  S10: to be the only thing I really understand for some reason.
• 18:32
  S10: Do you think in general, that's a pretty safe way
• 18:35
  S10: to invest in things like, you know, Quarter Acres? Or
• 18:38
  S10: is it better to do something like mutual funds or stocks?
• 18:41
  S6: We got a land baron here, Rob.
• 18:43
  S7: I love it. You know, I love the idea of
• 18:46
  S7: you investing in real estate. Obviously, you've done well. And
• 18:49
  S7: you're right, there's something about being able to go out
• 18:51
  S7: and and put your hands in the dirt and see
• 18:53
  S7: what you own, as opposed to something that's kind of
• 18:56
  S7: out there, you know, trading on an exchange, and you
• 18:59
  S7: can't really get your arms around it. Um, the upside
• 19:02
  S7: is just what you said. I mean, you can have
• 19:04
  S7: some nice growth there. The risks are, number one, there's
• 19:07
  S7: no income. So if you were to start slowly investing
• 19:11
  S7: in rental properties, not only do you get the appreciation,
• 19:13
  S7: but you get the cash flow. Um, they're harder to sell.
• 19:17
  S7: Land is harder to sell than houses. They're very market
• 19:21
  S7: dependent as well. The value depends on future development in
• 19:25
  S7: that particular area. And if there's no infrastructure, you know,
• 19:29
  S7: like roads or utilities or zoning, you know, that can
• 19:33
  S7: put a damper on the value over time. So I
• 19:37
  S7: would say you've done well. You know, let's keep those. Um,
• 19:41
  S7: and then maybe diversify by starting to invest in a
• 19:45
  S7: properly diversified stock and bond portfolio. And if you need
• 19:48
  S7: some help with that, you could connect with a certified
• 19:50
  S7: Kingdom advisor at Find a Comm or our friends at
• 19:54
  S7: Sound Investing. Org could give you some suggestions, but I
• 19:57
  S7: think having both buckets working for you is the best
• 20:00
  S7: plan long term.
• 20:02
  S6: Uh, quick question, Rob, with regard to economy, how does property, uh,
• 20:07
  S6: raw land or real estate track with the general economy?
• 20:12
  S6: Does it track pretty? Does it parallel stocks and the
• 20:17
  S6: kind of the mood of the economy?
• 20:19
  S7: Yeah. Uh, yes. I mean, there are different factors. Overall,
• 20:23
  S7: the economy's strength is important. Interest rates obviously play a
• 20:28
  S7: key part. Um, and so you have to, you know,
• 20:31
  S7: just look at that over time. Historically now, this has
• 20:34
  S7: not been true recently because we've had a dramatic run
• 20:36
  S7: up in housing prices. But historically, stocks do about 9%
• 20:42
  S7: a year on average with dividends. Residential real estate has
• 20:45
  S7: done closer to five. And so, you know, if you
• 20:47
  S7: just look over the long haul a gap. Yeah, there's
• 20:50
  S7: a gap there. Now the rental income, if you're talking
• 20:54
  S7: about an investment property obviously can add more. I mean
• 20:58
  S7: depending on the property that could add three to even 8%
• 21:02
  S7: a year. Uh, you know, on top of that. And
• 21:05
  S7: so that can be nice. You've got to be careful
• 21:06
  S7: though not to use too much debt and get over levered.
• 21:09
  S7: But I would say historically having both asset classes working
• 21:13
  S7: for you stocks and bonds and real estate is a
• 21:15
  S7: good idea.
• 21:16
  S6: Good. Darren. First time caller. Chicago, Illinois. What's your question
• 21:19
  S6: for Rob West?
• 21:21
  S11: Yeah, guys. Thanks, Rob. Um, my father is 88 years old,
• 21:24
  S11: my mom's 83, and my dad just reached a point
• 21:28
  S11: where he, uh, my mom can't take care of him anymore.
• 21:31
  S11: And my parents, unfortunately, don't have any reserves. They don't
• 21:34
  S11: have any money at all. They're relying 100% on Social Security.
• 21:38
  S11: My sister and I are trying to help out. What
• 21:40
  S11: advice do you have for us that you know? My dad,
• 21:43
  S11: I think, gets about 2200 a month. And I think
• 21:46
  S11: my mom gets about 1000 a month. Um, we're looking
• 21:50
  S11: to put him in a some kind of home, but
• 21:53
  S11: we need help kind of navigating those waters. What's your
• 21:56
  S11: advice for us?
• 21:57
  S1: Mhm.
• 21:58
  S7: Yeah. Well, I love that you're caring for your mom
• 22:00
  S7: and dad and walking alongside them. I would say there's
• 22:03
  S7: a couple of things. Number one is I would start
• 22:05
  S7: with Medicaid eligibility. So since they have very limited income
• 22:09
  S7: no reserves, Medicaid may ultimately be the program that helps
• 22:13
  S7: them pay for long term care if they need it. Now,
• 22:16
  S7: if you can cover that. Great. You know, they come
• 22:19
  S7: to live with one of you guys. Great. But at
• 22:21
  S7: some point, if they need nursing home care or some
• 22:23
  S7: in-home care services, you know, each state has different rules.
• 22:27
  S7: And so you're going to want to contact the local
• 22:30
  S7: Medicaid office. Uh, you know, to find out whether they
• 22:33
  S7: will qualify. And then you'd want to start looking at Medicaid,
• 22:36
  S7: accepting facilities. Not all nursing homes accept Medicaid. Many do.
• 22:40
  S7: And so you're going to want to look at whether
• 22:42
  S7: they accept Medicaid residents and whether that happens from day
• 22:46
  S7: one or only after. Private pay. And then you're going
• 22:50
  S7: to want to just, you know, get a budget together,
• 22:52
  S7: perhaps get an elder care attorney as well, just to
• 22:55
  S7: look over their affairs and make sure everything is set
• 22:57
  S7: up properly. Um, but I love the fact that you're
• 23:00
  S7: walking alongside them. And I think if you take these steps,
• 23:03
  S7: you know you'll be well positioned to make the decisions
• 23:06
  S7: down the road as needed.
• 23:07
  S6: Okay, I'm going to go lightning round on a couple
• 23:09
  S6: quick ones here. Rob, we got a woman texting in
• 23:11
  S6: saying I made the mistake of co-signing for my daughter's
• 23:14
  S6: student loans because she is unable to work. Struggling with
• 23:17
  S6: some mental issues right now. Uh, what is this mom
• 23:22
  S6: to do? There's a long backstory there, but interest rates
• 23:25
  S6: are high and I'm looking to refinance. What do you
• 23:28
  S6: say to this mama?
• 23:29
  S1: Mhm.
• 23:29
  S7: Yeah I know this is a tough one, and I'm
• 23:32
  S7: so sorry to hear about your daughter's struggles. Um, you know,
• 23:36
  S7: I would I would contact the loan servicer. If there
• 23:39
  S7: are mental health issues, the first step is to explain
• 23:42
  S7: the situation they may be able to offer if this
• 23:44
  S7: is needed. Forbearance, which is a temporary pause or deferment.
• 23:48
  S7: There could even be income driven repayment plans if they're
• 23:51
  S7: federal loans. You do want to know whether it's federal
• 23:54
  S7: or private, because there's more flexibility on the payment options
• 23:57
  S7: with the federal loans, private loans have fewer options. You
• 24:02
  S7: could look into a disability discharge. So if the mental
• 24:05
  S7: health condition is severe and prevents her from working, she
• 24:08
  S7: may qualify for a discharge on those. And then I
• 24:12
  S7: would say, you know, you just need to know that
• 24:14
  S7: you're legally responsible. So communicate early with the lender, avoid
• 24:19
  S7: missed payments if possible and explore, you know re repayment
• 24:23
  S7: adjustments if they're needed for you to stay in good standing.
• 24:27
  S6: Okay. Another quick one here. Grandparents talking. College 529 account
• 24:32
  S6: or tax free IRA for grandkids.
• 24:35
  S7: Yeah, I like the 529 a lot. You get that
• 24:37
  S7: tax free growth. You can put in a lot more
• 24:40
  S7: on an annual basis than you can with the IRA,
• 24:44
  S7: and you've got more flexibility, flexibility. If it's used for
• 24:47
  S7: qualified educational expenses, it comes out 100% tax free on
• 24:51
  S7: the growth, the after tax dollars going in. But the
• 24:54
  S7: growth is tax free. And if they don't use it
• 24:57
  S7: all they get it out. If they get a scholarship
• 25:00
  S7: or grant with no problem. But if it's still in
• 25:03
  S7: there and those scholarships and grants, they can either transfer
• 25:06
  S7: it to another grandchild or now they can roll it
• 25:09
  S7: into a Roth IRA over time, up to 35,000, and
• 25:13
  S7: set that child up for a nice nest egg for
• 25:16
  S7: the long term. So I think the 529 is the
• 25:18
  S7: winner there.
• 25:19
  S6: Okay. AI investments thumbs up, thumbs down Rob.
• 25:24
  S7: Yeah. You know AI is has gotten really overheated and
• 25:27
  S7: it's been selling off as of late. I would just say,
• 25:31
  S7: you know, be careful there. We don't want to be
• 25:32
  S7: too highly concentrated in one particular sector, especially one that's
• 25:36
  S7: as high flying. I mean, think about AI right now,
• 25:40
  S7: kind of like the.com, you know, in, uh, 1999, 2000.
• 25:45
  S7: I mean, you know, when Pets.com, uh, put all they
• 25:48
  S7: did was put.com at the end of their name and,
• 25:50
  S7: you know, went through the roof. And, you know, we
• 25:52
  S7: eventually found out which ones are the winners and the losers.
• 25:55
  S7: We're a little bit in that situation right now in
• 25:58
  S7: terms of which companies are going to be the winners.
• 26:01
  S7: There's still a lot of carnage that's going to happen
• 26:03
  S7: in that space, so just make sure it's an appropriate
• 26:06
  S7: allocation only to the the higher, uh, you know, more
• 26:11
  S7: aggressive portion of your stock portfolio.
• 26:13
  S6: Okay. This is a common one, Rob I have parent
• 26:17
  S6: plus loan for my daughter's college. She graduated five years ago.
• 26:21
  S6: Payments are becoming unaffordable. I'm currently in a plan where
• 26:24
  S6: every two years the payments will increase. Is there anything
• 26:27
  S6: I can do to make payments lower? And I'm going
• 26:31
  S6: to add a question to her question. And that is,
• 26:34
  S6: should I be asking my kid to help with this thing?
• 26:37
  S7: Hmm. Yeah, yeah. Great question. Uh, you know, I would
• 26:41
  S7: say look at the current repayment plan. Uh, you know,
• 26:44
  S7: Parent plus loans are automatically put on that standard ten
• 26:47
  S7: year repayment plan, which has the highest monthly amount, uh,
• 26:50
  S7: if the loan was consolidated or if you're on a
• 26:53
  S7: graduated plan, payments can increase every two years. So just
• 26:56
  S7: know what you're dealing with there. Consider consolidating into a
• 27:00
  S7: direct consolidation loan. That's not going to help with the
• 27:03
  S7: interest rate, but it does open the door to additional
• 27:06
  S7: repayment options. And then I would say refinance with caution because, uh,
• 27:12
  S7: you know, you may be able to save some interest,
• 27:15
  S7: but you would potentially lose those federal protections in terms
• 27:19
  S7: of helping. I think it goes back to what was
• 27:21
  S7: that original agreement. Uh, you know, remember, you're on the
• 27:25
  S7: hook for this, but what was communicated, you know, in
• 27:28
  S7: terms of the plan early and we want to honor that.
• 27:31
  S7: But if the, you know, kids were the one taking
• 27:34
  S7: responsibility from this from day one, I'd hold them accountable
• 27:37
  S7: to that.
• 27:37
  S3: Yeah.
• 27:38
  S6: Tough stuff, but good information. Asking the experts all week
• 27:43
  S6: long today, Rob West know you didn't sleep in and
• 27:46
  S6: listening to faith and faith. Fi, um, know you're. We've
• 27:50
  S6: got Rob West live with Carl and crew here, and
• 27:52
  S6: we're taking more of your questions. 800 555 7898 800
• 27:59
  S6: 555 7898.
• 28:02
  S1: You're listening to Carl and crew on Moody Radio.
• 28:05
  S6: Rob Quick one came in here. Fiduciary or just financial planner?
• 28:10
  S6: What do you say?
• 28:11
  S7: Yeah, I mean, it depends on what you're looking for.
• 28:13
  S7: If you're just looking for a financial plan, you're hiring
• 28:16
  S7: someone to actually do that comprehensive plan, then that's not necessary.
• 28:22
  S7: If you are looking for somebody to manage your assets,
• 28:26
  S7: then I like you having a fiduciary. And that's just
• 28:29
  S7: simply a term that means they're legally obligated to put
• 28:32
  S7: their your interests above their own in terms of how
• 28:36
  S7: they manage and recommend certain products or investments.
• 28:40
  S6: Ask the experts. Rob West, one of our faves with
• 28:42
  S6: us right now. I can't believe you do this. Every day.
• 28:46
  S6: They come at you, don't they, buddy? This is something.
• 28:48
  S1: Else.
• 28:49
  S3: You know.
• 28:50
  S7: The team calculated it the other day. I think I've
• 28:52
  S7: answered like 30,000 questions over the last six years.
• 28:57
  S3: Oh my.
• 28:58
  S7: Goodness. But, uh, you know, the great thing is that
• 29:02
  S7: most people who are calling I mean, this is what's
• 29:04
  S7: so amazing about the Moody Radio family. And you and
• 29:07
  S7: Ali know this, Carl. You know, these these are men
• 29:10
  S7: and women that are listening that just want to be
• 29:12
  S7: found faithful. They want to know what is the wise thing?
• 29:14
  S7: What does God want me to do? They want to
• 29:16
  S7: find God's heart as it relates to their journey with him.
• 29:21
  S7: And that, you know, in my little hour of the day.
• 29:24
  S7: It's really just about how do I find God's heart
• 29:26
  S7: for my finances? And so it's such a privilege to
• 29:29
  S7: engage with listeners every day on these topics.
• 29:31
  S6: If we can't get to your question, he's got answers.
• 29:33
  S6: Text the word money. Get to this faith and finance site.
• 29:39
  S6: Text the word money right now to 800 555 7898
• 29:44
  S6: 800 555 7898. Going back to the phone lines Gina
• 29:49
  S6: in Carpentersville, Illinois, what's your question for Rob?
• 29:54
  S12: Okay, I understand what you were saying earlier about delaying
• 29:57
  S12: taking Social Security, but is there ever a situation when
• 30:01
  S12: it would be wise to draw early, such as having
• 30:04
  S12: your spouse, your husband be 11 years older and already drawing,
• 30:09
  S12: and most likely you would outlive him and convert to
• 30:12
  S12: his higher range? Anyway, I'm just wondering if that might
• 30:16
  S12: be the case at certain times.
• 30:18
  S7: Yes. Uh, you know, there certainly are situations where it
• 30:23
  S7: can make sense, and a spouse that's older and already
• 30:27
  S7: receiving benefits can absolutely be one of them. Uh, so
• 30:31
  S7: what would those look like? Well, generally, again, delaying increases
• 30:35
  S7: your benefit. So from a math standpoint waiting produces that
• 30:39
  S7: larger lifetime benefit however shorter life expectancy. So someone has
• 30:43
  S7: health concerns or a family history that could mean you
• 30:47
  S7: take it early. You have immediate income needs to your
• 30:50
  S7: point spousal age difference. So if a spouse is much
• 30:53
  S7: older and already drawing benefits, the household may already have
• 30:58
  S7: a Social Security income stream. And so starting earlier can
• 31:02
  S7: improve that household cash flow, reduce reliance on savings. And
• 31:07
  S7: if you coordinate that with your retirement savings, you may
• 31:10
  S7: not have to draw from your investments, you know, especially
• 31:13
  S7: during a market downturn. So I think absolutely, there are
• 31:17
  S7: reasons where taking it early does make sense.
• 31:20
  S6: This is great content, Sandra. First time caller from Tampa, Florida.
• 31:24
  S6: What's your question for Rob West?
• 31:27
  S13: Good morning. Hi, Rob. Um, my question is I'm with
• 31:31
  S13: the school board. I've been with the school board for
• 31:32
  S13: 24 years, and I own a small, um, mobile home park.
• 31:39
  S13: I have no dependents, so my my, uh, I pay taxes.
• 31:46
  S13: A lot of taxes at the end of the year.
• 31:48
  S13: So I'm kind of ready to retire, but I'm undecided
• 31:51
  S13: if I should go ahead and retire and get the
• 31:54
  S13: Social Security. Okay. But at the same time, I still
• 31:58
  S13: don't qualify for the health insurance.
• 32:02
  S7: Okay. Yeah. And what did you say your age was?
• 32:07
  S13: I'm 64. I'll be 65 in October.
• 32:10
  S1: Okay.
• 32:10
  S7: Got it. Yeah. So in your situation here, um, you know,
• 32:15
  S7: you need to understand your timing options. So your full
• 32:18
  S7: retirement age is probably 67. So if you take it
• 32:22
  S7: at 64, you'd have a benefit roughly 20% lower than
• 32:28
  S7: if you take it at 67. So again, the longer
• 32:32
  S7: you wait, the higher that monthly check for life. So
• 32:34
  S7: you've got two potential income streams here. A school board
• 32:38
  S7: pension I'm assuming depending on your state system and then
• 32:41
  S7: the mobile home park income. So if the mobile home
• 32:44
  S7: park generates reliable income, that gives you flexibility to delay
• 32:49
  S7: Social Security and allow that benefit to grow. That would
• 32:52
  S7: be great. Now, you mentioned paying a lot in taxes.
• 32:55
  S7: You've got to think about that as well. If you
• 32:57
  S7: retire before taking Social Security, there could be a lower
• 33:01
  S7: income window where you may be able to take it
• 33:04
  S7: later at a higher benefit and manage your taxes more efficiently.
• 33:09
  S7: So I think at the end of the day, you
• 33:11
  S7: just need to figure out what is that retirement budget
• 33:14
  S7: going to look like and can I solve for it
• 33:17
  S7: with the state pension and the mobile home park income?
• 33:20
  S7: If so, let's delay. If not, then Social Security could
• 33:23
  S7: be your option there.
• 33:24
  S6: Yeah. Wonderful boy. I'm blown away here. The amount of
• 33:27
  S6: links that went out to connect with Rob West and
• 33:30
  S6: great tools there. Uh, you want to check this out?
• 33:34
  S6: Just text the word money to (800) 555-7898. Unbelievable amount of
• 33:41
  S6: links going out here, Rob. People really want to be
• 33:43
  S6: good stewards. As you were saying, text money to 800
• 33:48
  S6: 555 7898. Anonymous in Birmingham, Alabama. What's your question for
• 33:54
  S6: Rob West?
• 33:56
  S14: Uh, good morning. Uh, long time listener. I've got about
• 33:59
  S14: a million for my wife and I in retirement assets,
• 34:03
  S14: about another 400 in cash. And she wants to convert
• 34:07
  S14: everything to a Roth IRA now. So that's going to
• 34:10
  S14: be the long term best thing to do. And my
• 34:13
  S14: question is, what do you think?
• 34:15
  S7: Yeah. Uh, so this is a great question. Are you
• 34:18
  S7: guys still working at all?
• 34:22
  S14: I am.
• 34:23
  S1: Okay.
• 34:24
  S7: Yeah. So I mean, the reason people convert to Roth
• 34:27
  S7: is they pay the taxes now, not later. And so
• 34:31
  S7: future growth becomes tax free. And they also the Roths
• 34:34
  S7: don't have required minimums. The key is does it make
• 34:37
  S7: more sense to pay the taxes now or later. And
• 34:40
  S7: you know, the reason you would do it is if
• 34:42
  S7: you think tax rates are going up down the road,
• 34:45
  S7: they certainly may. Or if you believe you'll be in
• 34:49
  S7: a higher bracket later. Um, the challenge is you're still working,
• 34:53
  S7: and so you're probably at the peak of your earning
• 34:56
  S7: potential right here, paying a good bit of taxes. So
• 34:59
  S7: a Roth conversion on top of that is just going
• 35:01
  S7: to push that portion up into even higher brackets. And so,
• 35:07
  S7: you know, I would I would certainly go slow there. Um,
• 35:10
  S7: you've got a window between the time you retire and
• 35:13
  S7: when you take Social Security where you could start maybe
• 35:17
  S7: over several years doing a portion of this as a
• 35:20
  S7: Roth conversion. Because the other thing you need to be
• 35:22
  S7: careful on is when you push up your income, a
• 35:26
  S7: larger percentage of your Social Security becomes taxable, and you
• 35:28
  S7: can have something called Irma, which is where you earn
• 35:31
  S7: more and you pay premiums or surcharges on your Medicare.
• 35:36
  S7: And so I think that sweet spot is a portion
• 35:39
  S7: of this going to Roth and doing it between the
• 35:42
  S7: time you retire when your income drops and prior to
• 35:45
  S7: taking Social Security. But I would be careful there and
• 35:48
  S7: not do large amounts all at once.
• 35:51
  S6: Okay. Rob West is our guest right now. I had
• 35:54
  S6: a bunch of questions, and most of them were covered
• 35:57
  S6: up by a mountain of money links, and that's a
• 36:01
  S6: great problem. So text the word money to (800) 555-7898. This
• 36:07
  S6: is a resource that you will be so grateful to have.
• 36:12
  S6: I mean, all your questions answered right here. Text money
• 36:16
  S6: to 800 555 7898. I dug through the pile and
• 36:20
  S6: found this one. What are your thoughts on purchasing gold, Rob?
• 36:23
  S6: Is it worth it for the long term financial growth?
• 36:27
  S7: Yeah, I like gold. I mean, from my perspective and
• 36:30
  S7: what we've seen lately with this dramatic run up than
• 36:33
  S7: we had a pullback, I think just underscores this idea
• 36:36
  S7: is we don't want to overweight there. You know when
• 36:39
  S7: we have geopolitical uncertainty and we certainly have that you
• 36:42
  S7: know when we have a D a dollar that's declining
• 36:45
  S7: in value. When we have a loose monetary policy gold
• 36:50
  S7: becomes in vogue. And it has been you see a
• 36:53
  S7: lot of ads on them, but people tend to kind
• 36:55
  S7: of rush into this area and overweight. I think you've
• 36:58
  S7: got to be careful there. It doesn't produce an income
• 37:01
  S7: and it historically has not done as well over the
• 37:04
  S7: long haul. As a properly diversified stock and bond portfolio.
• 37:08
  S7: There's been really long periods of time where gold was
• 37:11
  S7: flat to down. And so when you just look at
• 37:14
  S7: that long term perspective, it doesn't do as well. So
• 37:18
  S7: what do I do with that? Well I would do
• 37:19
  S7: no more than 10%. I would do that. First five
• 37:23
  S7: is what I'll call your forever allocation. You buy it.
• 37:25
  S7: You take physical possession, you keep it, you pass it down.
• 37:28
  S7: You don't ever sell it. If you want to go
• 37:31
  S7: from five up to ten. And I wouldn't do more
• 37:32
  S7: than that. Consider using one of the gold exchange traded
• 37:35
  S7: funds where you actually don't have to take possession, but
• 37:38
  S7: you still get the overall rise in the metal as
• 37:42
  S7: a part of your investment returns.
• 37:43
  S6: How how concerned are you with regard to the security
• 37:49
  S6: of monies? We've had a few questions come in like this.
• 37:51
  S6: And I think sometimes there's a alarmism out there. We
• 37:56
  S6: know about FDIC, but what are what are how secure
• 38:00
  S6: are monies in all these investments.
• 38:03
  S7: Uh, yeah. I mean, so, you know, if we're talking
• 38:06
  S7: about market risk, there is no security. I mean, it
• 38:09
  S7: rises and falls based on the merits of the underlying investment.
• 38:13
  S7: So in the case of stocks, you're a small percentage
• 38:16
  S7: owner of a real company with sales and earnings. And
• 38:20
  S7: so it ultimately is about that. If we're talking about
• 38:22
  S7: the banking system, you know, FDIC has the backing of
• 38:26
  S7: the full faith and credit of the United States government.
• 38:28
  S7: And do we have our challenges economically? Sure. But we're
• 38:31
  S7: still the biggest economy in the world, and there's really
• 38:34
  S7: no one in the rear view mirror, especially in terms
• 38:37
  S7: of being able to replace the US dollar as the
• 38:41
  S7: the world's kind of de facto reserve currency. So I
• 38:45
  S7: would just say, you know, when we're we're looking at
• 38:47
  S7: the US versus everybody else, we're still in a really
• 38:51
  S7: strong position. Uh, but we have our challenges, namely our
• 38:55
  S7: growing national debt and, and our demographics, which, you know,
• 38:59
  S7: we just have having less and less babies. And that's
• 39:01
  S7: a that's a challenge long term.
• 39:02
  S6: It is. And China's live in that world right now
• 39:05
  S6: and it's hurting them. Uh, Tricia, first time caller Evanston, Illinois.
• 39:09
  S6: What's your question for Rob West?
• 39:11
  S8: Um, yeah.
• 39:12
  S15: So, um, I took out a pair of buffalo for
• 39:15
  S15: my son as he was matriculating through college, and then
• 39:19
  S15: he qualified for 100% total disability where his loans were forgiven.
• 39:26
  S15: So with that parent plus loan also fall under that
• 39:30
  S15: category since I took off the loan to help pay
• 39:33
  S15: for his college education.
• 39:35
  S3: Mhm.
• 39:36
  S7: Yes. Uh good question. So tell me about that. So
• 39:39
  S7: you said his were completely discharged.
• 39:42
  S15: Correct. Correct.
• 39:44
  S7: Okay. Yeah. Uh it can apply. So it, uh, so
• 39:48
  S7: if your son is, is considered, uh, permanently disabled and
• 39:54
  S7: he qualified for that, what the TPD what they call
• 39:57
  S7: the total and permanent disability discharge. Uh, you know, the
• 40:00
  S7: parent plus loans are legally your responsibility, so it doesn't
• 40:05
  S7: automatically discharge the parent plus loan. However, um, you know,
• 40:10
  S7: if someone else is, you know, involved here, it could.
• 40:13
  S7: But if it's if it's just your son, it doesn't
• 40:16
  S7: automatically come over to your loan because ultimately those are
• 40:19
  S7: your responsibilities. So his would go away. The parent plus
• 40:22
  S7: loans would not in most cases.
• 40:24
  S6: Is it would it be wise to appeal to your
• 40:27
  S6: the parent plus provider just to see Rob.
• 40:31
  S7: Totally. Yeah. So call the loan servicer and confirm whether
• 40:35
  S7: this particular loan qualifies for any special discharge or hardship options. Um,
• 40:41
  S7: but but just by virtue of the fact that his was, uh,
• 40:45
  S7: eliminated due to his disability would not carry over automatically
• 40:49
  S7: to the parent. Plus.
• 40:51
  S6: Taking your questions for Rob West, a dear friend of
• 40:53
  S6: ours here, and, uh, hanging on for a few more
• 40:56
  S6: minutes here, 855 five 7898 800 555 7898. And I'm
• 41:03
  S6: going to say it again and get some questions buried.
• 41:05
  S6: But I got to do it. This is one of the.
• 41:11
  S6: One of the greatest sites you will use as a
• 41:15
  S6: follower of Jesus. No joking. Because when it comes to
• 41:18
  S6: money for which Jesus spoke of it repeatedly, in fact,
• 41:24
  S6: the majority of his parables deal with money over any
• 41:27
  S6: other topic. So text the word money to 800 555, 7898.
• 41:34
  S6: Get this link and use it. 800 555 7898 uh,
• 41:41
  S6: let's go back to the phone lines here. James in
• 41:44
  S6: Plant City, Florida. What's your question for Rob West?
• 41:48
  S16: Yes, sir. Um, so, you know, I was an addict
• 41:51
  S16: for 30 years, and I finally gave my heart to
• 41:53
  S16: the Lord and, you know, got got right. And I'm.
• 41:55
  S3: Sober. Um, yeah.
• 41:57
  S16: Well, you know, after 30 years, you know, not a
• 42:00
  S16: lot of work history and stuff. You know, I'm married now.
• 42:02
  S16: I'm trying to purchase a home as a first time buyer.
• 42:05
  S16: What are my future Retirement. Is there anything that you
• 42:09
  S16: know that I can start? Because it's like I've started
• 42:11
  S16: life at the age of 48. You know what I mean?
• 42:14
  S16: Yes and.
• 42:14
  S1: Yes.
• 42:15
  S16: You know, retirement, the things I can, steps I can
• 42:17
  S16: take to ensure that I do when I do retire
• 42:20
  S16: or something, you know, that I have that I can
• 42:23
  S16: survive out there. You know what I mean? For me
• 42:24
  S16: and my wife and.
• 42:26
  S6: Love your heart, Mac. And let me just say a
• 42:28
  S6: couple of things here. Number one, praise God you're in
• 42:31
  S6: the hands of God. He knows you. You know him. Secondly,
• 42:34
  S6: we can't ignore the fact that if we look at
• 42:37
  S6: the birds of the air and God cares for them,
• 42:40
  S6: that's not cheap, counsel, is it, Rob?
• 42:43
  S7: No, that is the reality that not only does God
• 42:46
  S7: own it all, but he is your provider. God is
• 42:49
  S7: the source of all that we have, not only the
• 42:53
  S7: the resources we have, but he is our provision literally.
• 42:57
  S7: And I couldn't agree more. Karl. Praise the Lord for
• 43:00
  S7: the fact that he has rescued, just like each of us. Uh,
• 43:04
  S7: out of that, uh, putting you in a new position
• 43:08
  S7: and standing before God, uh, through your trust in Jesus.
• 43:11
  S7: You know, what I would say is, uh, this is
• 43:13
  S7: an incredible accomplishment. I understand you wish you could have
• 43:17
  S7: done things differently in the past, but the question is,
• 43:19
  S7: what is the next faithful step moving forward? So let's
• 43:22
  S7: start with stability. We've got to create a simple monthly budget.
• 43:25
  S7: We've got to build an emergency fund. Even starting with $1,000.
• 43:30
  S7: Goal is great. Ultimately trying to get to three months expenses,
• 43:33
  S7: avoid new debt. Understand your social security outlook. So you
• 43:37
  S7: need 40 credits, ten years of work to qualify, and
• 43:40
  S7: every year you can have qualifying benefits up to 35.
• 43:44
  S7: That's going to help you start saving something. Even 50
• 43:47
  S7: or $100 a month is great. Take your time in
• 43:50
  S7: buying a house you know. Don't rush into that and
• 43:54
  S7: buy a house prematurely when you're not ready, where you
• 43:57
  S7: can go in with a 20% down payment. Renting is okay. We.
• 44:01
  S7: Last thing I'd want is for you to get overextended
• 44:03
  S7: because you buy too soon. And then I would say
• 44:06
  S7: build a support system. You know, we'd be happy to help.
• 44:09
  S7: I'd be happy to connect you with one of our
• 44:11
  S7: certified Christian financial counselors, uh, to walk alongside you to
• 44:15
  S7: answer your questions. Pray with you, get that budget set up.
• 44:18
  S7: We'll pay for it. Uh, there won't be any cost
• 44:20
  S7: to you. If you're interested in that, just have the
• 44:22
  S7: team get you connected with us, and we'd be happy
• 44:25
  S7: to provide that.
• 44:25
  S3: Yeah.
• 44:26
  S6: It's beautiful. Rob. Okay, uh, we're going to take more
• 44:29
  S6: questions for Rob West, but I'm going to banner ad
• 44:31
  S6: this again because it is catching fire. If you text
• 44:36
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• 44:41
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• 44:45
  S6: is a robust site. It's beautiful. It is clearly laid out.
• 44:50
  S6: You get to ask and gain insights and biblical guidance
• 44:54
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• 44:58
  S6: And there's planning and giving with confidence for the future.
• 45:02
  S6: Every topic you can imagine covered here. Text money to
• 45:06
  S6: 800 555 7898. More questions for Rob West. Straight ahead.
• 45:12
  S1: Get in the know with life's biggest questions. It's Ask
• 45:16
  S1: the Experts week with Carl and crew.
• 45:19
  S6: Boy, we're getting crushed here. Okay, I'm going to get
• 45:21
  S6: in as many as we can here in the next
• 45:23
  S6: couple of minutes. Mac and Florida. What's your question for
• 45:25
  S6: Rob West?
• 45:27
  S17: Uh, I'm on a disability budget. Um, 58 years old.
• 45:33
  S17: I haven't been financially literate. No one ever taught me
• 45:38
  S17: any of that. So while waiting to get approved for disability,
• 45:42
  S17: I relied on loans and, you know, cash, app loans,
• 45:47
  S17: those kind of things. So I'm stuck in this vicious cycle.
• 45:50
  S17: Every month my budget is maxed out and I can't
• 45:53
  S17: get out of debt. What would you suggest?
• 45:55
  S6: Thank you. Mac.
• 45:57
  S7: Absolutely. Uh, so glad you called. And I'd love to
• 46:00
  S7: do the same thing I did for the previous caller.
• 46:02
  S7: I would be delighted to connect you once we're done
• 46:05
  S7: here today with one of our certified Christian financial counselors.
• 46:08
  S7: These are men and women who are trained, uh, who
• 46:11
  S7: love Jesus, who are stewardship counselors to come alongside you,
• 46:14
  S7: help you put a budget together, answer your questions, help
• 46:17
  S7: you make a debt repayment plan, and it won't cost
• 46:20
  S7: you one penny. We'll cover.
• 46:22
  S3: That.
• 46:22
  S7: Yeah. So just let the team know, you know, here's
• 46:24
  S7: the key. Start with the simple monthly picture, uh, which
• 46:28
  S7: is just what is my monthly income? The disability, social security,
• 46:32
  S7: whatever you have coming in, start with the essential expenses.
• 46:36
  S7: So we got to keep a roof over your head.
• 46:37
  S7: We got to keep food on the table. We got
• 46:39
  S7: to keep gas in the car to get to work.
• 46:41
  S7: If you're working. If not, uh, you know, that's not
• 46:43
  S7: as much of a priority. Utilities and medicine. I mean,
• 46:47
  S7: we got to start with the basics, and then we've
• 46:49
  S7: got to make that balance and cover the minimum debt payments.
• 46:52
  S7: So a very simple written budget. You'll work on that
• 46:55
  S7: with the counselor. Then we we prioritize beyond that talking
• 47:00
  S7: with the lenders. So since these loans were taken out
• 47:02
  S7: during a difficult time, explain the situation. Let's see if
• 47:05
  S7: we can get you in a hardship program. Let's see
• 47:07
  S7: if we can get payments lowered. Temporary payment reductions. Let's
• 47:11
  S7: look for non-profit help. Uh, you know, maybe your church
• 47:14
  S7: has some assistance. Um, maybe there's somebody listening today that
• 47:18
  S7: would want to reach out to us at Faith fi
• 47:19
  S7: to help this brother. Um, but look for assistance programs.
• 47:23
  S7: There's local assistance programs for utility assistance, property tax relief,
• 47:28
  S7: prescription assistance. We need to explore every possible option to
• 47:33
  S7: get you back onto a solid financial footing. God is
• 47:36
  S7: your provider. He can be trusted. He'll journey with you.
• 47:39
  S7: And we're going to help.
• 47:40
  S6: And thank you, Rob, from the bottom of our heart.
• 47:42
  S6: Thank you. Mac, you stay on the horn. We're going
• 47:44
  S6: to get you hooked up. Just having someone to sit
• 47:47
  S6: down and talk with, who knows what they're doing is
• 47:49
  S6: just cool. Mac, I love your heart, man. Um, really
• 47:52
  S6: quickly here. We're not going to be able to get
• 47:54
  S6: to any more questions. And this is what I feel
• 47:57
  S6: prompted with your website banner at it. What's there? Because
• 48:02
  S6: I want to get people there right now. Text money
• 48:04
  S6: to 800 555 7898. One word. Money to 800 555 7898.
• 48:11
  S6: What's there? Rob?
• 48:12
  S7: Yeah. Lots of great content. And it's not, you know,
• 48:15
  S7: the the seven steps to financial success. It is. How
• 48:19
  S7: does our faith, uh, inform our role as stewards in
• 48:24
  S7: managing God's money. And so you will find helpful articles
• 48:27
  S7: there that will take you on a journey to both
• 48:29
  S7: explore God's Word and get practical financial advice. The Faith
• 48:33
  S7: V app, which you can click on at the top
• 48:34
  S7: of the page, is the way that you can actually
• 48:37
  S7: manage your spending day to day and build ribbits rhythms
• 48:41
  S7: and habits that integrate your faith into that. You can also,
• 48:44
  S7: if you're in a situation where you need an advisor
• 48:47
  S7: and you want one who understands God's Word and can
• 48:50
  S7: bring that to bear in their professional financial advice, you
• 48:53
  S7: can find a certified Kingdom advisor while you're there. So really,
• 48:56
  S7: it can cover the gamut in terms of giving you
• 48:59
  S7: practical advice informed by God's Word.
• 49:02
  S6: I want to do it with you here, Rob. Why share?
• 49:05
  S6: Next week, uh, our participation rate is six, seven, 8%. Why?
• 49:09
  S6: Why do we want to see that? So increase? Give
• 49:11
  S6: us your best 20s on that.
• 49:13
  S7: You know, if giving Carl is just another obligation, it
• 49:15
  S7: will always feel heavy. Uh, but the reality is that
• 49:20
  S7: scripture starts generosity somewhere far deeper than our budgets. It's
• 49:24
  S7: with our identity. Ephesians two. By grace you have been
• 49:26
  S7: saved through faith. Faith. It is the gift of God.
• 49:30
  S7: And so we need to remember that we are the
• 49:32
  S7: recipients of mercy and forgiveness and adoption and daily bread,
• 49:36
  S7: and a future with Christ that changes everything because grace
• 49:40
  S7: moves giving from pressure to privilege. So the opportunity next
• 49:43
  S7: week is to partner with us, to give as unto
• 49:46
  S7: the Lord, and take the gospel to the ends of
• 49:48
  S7: the earth, because the gospel changes everything.
• 49:50
  S6: Rob West, thank you for that appeal. I love you brother,
• 49:53
  S6: and this is great content. Key word money to 800
• 49:56
  S6: 555 7898.