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A Journey to Spiritual Wealth

MoneyWise / Rob West and Steve Moore
The Truth Network Radio
February 9, 2021 7:03 am

A Journey to Spiritual Wealth

MoneyWise / Rob West and Steve Moore

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February 9, 2021 7:03 am

Stewardship for the Christian involves more than just managing money wisely. There are other resources in our lives that we should apply the same principles to. On the next MoneyWise Live, hosts Rob West and Steve Moore welcome financial planner Marc Hall for a look at how we should not only use our treasure, but also our time and talents, all for God’s glory. Then Rob and Steve answer your calls and questions on various financial topics. A journey to spiritual wealth on the next MoneyWise Live at 4pm Eastern/3pm Central on Moody Radio.

Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore
Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore

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United Faith mortgages a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY license mortgage banker for licensing information, go to an MLS consumer corporate and MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah and first Peter 410 gives clear instruction on how Christians should live as each has received a gift use it to serve one another as good stewards of God's varied grace stewardship for the Christian involves more than just managing money wisely today host Rob West welcomes financial planner Mark call for a look at how we should use our time, talents, and yes our treasure all for God's glory and will take your calls at 800-525-7000 five Steve Mora journey to spiritual well next right here on moneywise live as a certified kingdom advisor in Dothan, Alabama with many years experience helping people apply God's financial principles to their lives is condensed much of that experience into a new book titled spiritual wealth.

A 40 day journey to developing a stewardship mindset well and we're looking forward to starting that journey with him here today. Mark welcome to moneywise live. I'm excited to be with you tonight thank you. Well were delighted that we've been blessed to have several great books on stewardship but a devotional is a different way to teach these biblical principles tell us to begin with. Today why you took that approach. I think that's actually part of the reason that happened and when God put this idea on me last year it was looking around and seen that there wasn't much.

There's a lot of stewardship material out there, but not a lot in the devotional setting and I just wanted to to allow folks to take some time to be able to to concentrate and focus of maybe how the spirit leaves them over a period of time as they go through the material.

Love that you know if this is intended to be used in your quiet time trying to get readers to do as they move through this devotion will be challenged on the grotto had someone asked me a few weeks ago. What do you want someone to experience in the book you know that they get out of it and I simply said can conviction not for me from the word if I'm spending time with the spirit and I'm trying to change behavior or to really concentrate on an area of my spiritual life. I'm hoping that I am growing in that area so hope that that's what folks are able to get out of it. I love that idea of the late Larry Burket used to say that the way we handle money is the clearest indicator into what's going on in our lives spiritually.

That's because our heart follows our money and we realize that it's a tool to accomplish God's purposes, but it's also a revealer of where we placed our trust and as people meditate on the Scriptures and think about their role in all areas of stewardship, but certainly this area financial stewardship.

It can be and should be convicting to all of us that know Mark I know you're a financial planner certified kingdom advisor and talk to us about the importance of stewardship in your role as you advise folks.

I think that with the background of the training that I'm getting from kingdom advisors and one thing that was really neat was finding out the sum of the advice that I was getting before and even what it knows biblical very nice to because there so that the Bible is so rich as I talked about often as far as Scripture and and how folks should live when it comes to their money and I think when I am able to help folks do is really to help encourage them and even organized or false.

Hey cut. Can I give more to the kingdom.

Can I get for the church or the other organizations I think it really helps through the financial planning aspect for them to see I can do all that.

But also take care of my family over the long run as well.

It's a great word. I love what you said about biblical wisdom being right, and relevant around blue. One of my mentors says the very best that Wall Street has to offer finds its roots in biblical wisdom, and that's true whether we know the source or not. We got just about a minute left. I want to begin to dive into this a note spiritual well figure devotional is divided into several sections were going to look at each.

But first, what are God's standards for us as stewards well and you mention wrong and he's been a big influence on me, and I actually took the Nobel even do that he used in the kingdom advisor material to format the book and that we have to understand the information before we can actually reconcile that with our faults in our worldview because only when we figure that out, but we actually change and do anything so the first section really defines stewardship and contentment and helping folks to understand that it's not just a money thing and is not just our wallets, but the stewardship is involved in everyday decisions in our lives our time in her career or knowledge of relationships. Everything has to do with our stewardship forgot that's okay well just around the corner were to talk about how we adapt our minds that we live out God's standards. How we plan even are giving a lot more to come with Mark call today.

That's right, Mark Hall is a certified kingdom advisor and he's the author of the new devotional spiritual wealth. The 40 day journey to developing stewardship mindset. I will be back with more after this back to moneywise live Rob West your Holstein Steve Moore also with us today is Mark Hall certified kingdom advisor and the author of a brand-new resource when it comes to managing what we have God's Dandridge what he expects of us. Also living our lives as managers of God stuff and as stewards and route through this well. Spiritual wealth am delighted is a devotional, because I think that's the right hard posture that we need to explore these ideas and principles in meditation of the Scriptures in prayer and in quiet reflection before the Lord and markups really part of your intent behind this is it really is and what I want folks to do is to use this. It's not in lieu your quiet time with God. It's as part of it. Five.

The Bible needs to be with you in this because it is Scripture heavy. This is not Mark's thoughts is God's thoughts as I hope you presented them to me and I'm comforting them in the right way to talk about how we position ourselves to experience God's best in this area. But before we do that, just before the break you were describing God's standards for us as stewards, I'd love for you to revisit that and then will move from there. I think that it's important, and the reason it's in that first section of the book is we have to establish what God's principles are and how that coincides with the things we believe, or how correcting now so that we can get into effecting change in our life we bring up about Ron a lot because he's had a big influence on me and been involved in KA and kingdom advisors the past few years and one month really the favorite definition of stewardship comes from him and they says that the use of God-given gifts and resources that includes your time, your talent, your treasure influence relationships everything all those things for the accomplishment of God-given goals and objectives because if you are not thinking in that realm and not focusing on the fact that were looking for the will of God in your life. The rest of biblical stewardship makes no sense at all. Yes, God-given goals and objectives is our aim using his resources that is entrusted to us Mark before the break. You said you oriented this around this idea of knowing, believing and doing.

Let's start with the knowing side we adapt our minds to God's standards. While I think this is what we really challenge our worldview and doesn't match with the biblical worldview and if it doesn't, one of my missing. Why am I opposed to God's word in a certain manner, and I know that sounds blunt but that's what were saying if were acting in a different way than what his word tells me to myself. I even asking the book how can you expect to live a godly life if you don't share the same platform and beliefs as God and I believe that were called in James 15 so my favorite verses it were. James tells us.

Listen if you don't know ask. He's not trying to hide this information from us. It will ask him. He you will find true wisdom. Yes. Well, once we know that, and we really embrace and understand God's heart related to his money that were managing and these principles more than 2300 verses that we find in the Bible how we build the bridge than from knowing to actually living out those standards. But you know as well as I that there are pretty simple concepts that are different from what the world would teach us, doesn't mean they're easy to apply and that's where the hard part comes in because lesson my flesh is strong and it knows what it wants and what his desires and I have to be in God's word to to be able to understand what he wants me to do so. How much do I stand or how much do I get a much less safe. There is no verse that you can go to to say unit Rob Mark. This is exactly how much I expect you to give and save each month. That's where we have to understand, and let the spirit lead us and let the spirit lead us through the devotions and through the tempter spinning with him so that you can take what he's given us and understand how that applies to your life. But clearly we need to really seek to know God's heart related to how we should live in the here and now, which of our lifestyle look like a what should we be spending God's money on, but then markets. We also need to ask the Lord for direction on how we plan for the future.

What's the right balance and how much is enough. What is it look like to plan according to God's standards will and it's allowing the Holy Spirit to guide us. By doing that, and the Bible instructs us the plan to take care of our families and and in our future and the things that we need, but that stewarding the people he that he's put in our lives, but I believe there's a fine line between planning and wording one were encouraged to do in the other is a sentiment of her worrying we can't possibly be worshiping God at the same time and so we go back to the parable in Matthew six where he literally states to us not to worry if I'm taking care of the birds and the flowers and all these objects like this that that part made in my own image. How much more modern to take care of you, who was made in my image. How much more do I want to do for you and into just be with him and understand where the spirit is leading us along the way you mark that leads right to what I was thinking about what should be our expectations from God when we follow his financial principles and on one hand, someone might say, well, he'll give us more and bigger barns but is that a promise and is that the motivation the promise from God is wealth but not in the way that we take it here in a worldly sense and that's really why the title comes back to spiritual wealth. That's what were looking to achieve here and all this in blessing God may very well choose to bless someone more with the financial aspect that may mean that he has planned for them to get more down the road, but he may not plan for you to be the one that makes more money and that's one of the right one, the way Satan can just play tricks and get into your mind when you start comparing with somebody else even to take your mind off of that comparison and compare yourself to what God is asking us to do in our lives with what he's gifted us with because God is not in ask you to give anything he didn't give you in the first place. Your responsibilities are my responsibilities and I have to stop worrying about your life and in what God wants you to do and concentrate on what he wants for my life. You mentioned giving Mark in the last section in your devotional is about that topic. Will you have for us in terms of how we give. By God's standards. We should give cheerfully and with a great attitude, God cares not just that we give we got tears of how we give an ego back to the to the sermon on the Mount work wasn't just doing certain things. It was what is your mindset again going back to a stewardship mindset to bless anything for us that we give out a deal or just with a horrible attitude that were commanded to tie this a nonnegotiable on that one and I love going back to Malachi 310 again. Another one of those.

It just comes back all the time when I'm researching and in and doing things on the stewardship level to bring the whole tithe into the storehouse so that there may be food in my house. Test me in this, again, the only time God tells us to test him to see if I will not throw open the floodgates of heaven and pour out so much blessing that there won't be enough. We distort you can't out give God.

You just can't do it.

And so if were living with an attitude of God.

What can I do for you and your kingdom through what you blessed me with that your spiritual well: you were in the sweet spot. If that's the way that your thinking and in moving through life. I love that.

I think one of God's big ideas in Scripture related to our management of his money.

Is this idea of contentment in a when we accept our role as stewards, we purpose ourselves to be content with what God has provided. How does stewardship lead us in that direction as we wrap up your today contentment is to simply being joyful and instantly being satisfied forgot has you right now in life. It is amazing to keeping this exact spot for life. But it means that I should be looking for ways to learn or to understand why he has me in a certain area during that time, and when you can focus on that in all his will.

You're in a good place in your desires will change the thinking is our fleshly will change to what he desires for you very good Mark, thanks for your time today. My friend greatly with you guys and appreciate the time.

Thank you so much.

Thanks so much and you can find large quote spiritual wealth. The 40 day journey to developing stewardship And of course at Amazon your calls next. This is money wise life is super nice and you will board today it's moneywise live your post is Rob blessed more and actually like to hear from more of you. We have several lines of house a great time called again through so if you've been wondering about your saving may be your investing how to put your kids through school, college debt free.

Yes that is possible. Not easy, but possible.

I anything like that give us a call that she would God's word has to say about it.

But you have to place a call first 800-525-7000 and Rob are you feeling today about my front doing just fine yeah is well here we are looking good luck and snazzy snap.

You got that at the sweater got the shirt with a collar and you, your wife dressed you today did not have. How can you tell things match Ellicott 800-525-7000. Let's begin by going up to Hampshire, Illinois hey Teresa, welcome to the program and how can we help I will and I are making a will out and our children are going to be in it that my 30-year-old son who's really not doing well at the bar and spending money tenant runs through his fingers like wider and not making excited Internet and check again drugs.

But how would you put something in the will like you guys going to hand on saying that person is it going to be to facilitate our take care of it when you say something to Dan that they could only have put out so much money per year. There check vehicle about something like that when somebody I'm not making good yes very good. Well, I think that the key here to reset. First of all is that just to make this a matter of prayer and asked the Lord to grab a hold of his heart and sure there's thousands upon thousands of listeners right now that are resonating with exactly what you're talking about and I think the key is just to look to the Lord to bring some wisdom here and guidance with regard to the tools on the financial management side and think it's really wise that your thinking through this because what we know is that if he's not making good choices right now. Adding a whole bunch of money to that is usually not going to improve things that perhaps will make things get quite a bit worse and so yeah I think you're being really mindful about who is the next steward are the chosen and prepared and to the extent they're not prepared to handle this money wisely. That then there are tools in place to allow for that. What you're describing is really not going to be handled very well through will trust and basically with the trustee would deposit assets into the trust during your lifetime.

It can include financial resources money but also other accounts and even property and then you choose trusted individuals like a family member or friend to serve as one or more trustees to manage your trust assets if you become incapacitated or pass away, and they can be distributed out of the trust to your children in regular installments every year or whenever you think is reasonable, giving you a great deal of control and protecting the assets from misuse.

There also say from the beneficiary's creditors, lawsuits, irresponsible spending those types of things, and there can be certain triggering events that would result in the dollars being released by the trustee that you could define in advance so I think it will give you exactly what you're looking for, what I would recommend is that you connect with a certified kingdom advisor in your area and ask for a referral to a godly estate planning attorney to talk about setting up a trust to meet your specific needs.

It will cost a bit more than a will. You can expect to spend maybe $1500 or so, but it will be money well spent in the sense that you will have the peace of mind to know that that should things continue on this track if something were to happen to you that there is provision in place to make sure that the money is only distributed at the appropriate time and under the appropriate condition. So I think that your next step, but that we do appreciate your call today and will certainly ask the moneywise live community to be praying for your son. Thanks very much. 800-525-7000. If you like to speak with Rob West arrive out before forget it you're talking about. A trustee will owe what if there is not a person in your circle of friends and relatives that they that immediately rises to the top.

What kind of person would you be looking for banker and an attorney or pastor mean where do you yeah it's a good question and I think that you know having perhaps a godly trust company and obviously there are no Christian corporations. Only individuals, but there are a number of them that really are run by believers and for that purpose.

So, a trust company could actually serve in that role. And again, they're just fulfilling your wishes Alice as outlined in the trust. Most often you will see that to be somebody that's known to the individual, but it could be handed off to a trusted financial advisor, trust officer, or trust company and so I think it's just a matter of doing your research and inviting somebody who is in fact going to carry out your wishes. Okay, great. Makes sense already of Elizabethtown, Pennsylvania, and Laverne nice to hear from you today what's on your mind been wondering since eating low right now and I'm not really getting in my savings account. Would it be why did just put more into my 403B and then down my my savings little for a while.

Yeah, it's an interesting question. So tell me about your situation Laverne, are you actually living off of your investments right now in retirement or what are your income source.

Now, now I'm working full time. I have been retired 69 and I really don't want to stop working at that at the moment. And so my savings account had been just accumulating and I want to do something with it though CDs are so low right now so yeah makes sense. All right, I think I got what I need. Let's do this and ask you to hold the line as we come back from the other side of this breakup way in with my thoughts receive, we can help you make some good decisions. That's right. Thousands of people are in the same situation you are Laverne so we'll see if we can help you. Lots of other people as well.

This is moneywise you listening today to moneywise live or taking your calls on anything financial so give us a call only have a couple lines 805 five 7000 now before the break we were speaking with Laverne whose wondering what's the best place to put her savings and investment dollars. Especially now because rates are so very low.

Yeah Laverne.

I certainly resonate with what you're saying. So your contributing right now to your 43B systematically out of your pay every month at what percent are you putting into that for 3B each month.

I was putting 4% okay are a very good and does that include a matcher is the match on top yet and that okay and then portion that's going in the savings each month roughly how much you putting into savings that you have left over after your bills are paid 1500 okay very good yet so I resonate with this idea that once you get to 3 to 6 months expenses in savings because that really will serve as your emergency fund for the unexpected and even though it's earning a very modest interest rate it still important to have it there because I'd I don't want you to have to pull out of investments that may be declining for a period of time when the unexpected comes and it always does, but there's no reason to continue to add to it.

Once you get to that comfortable reserve amount of again I use a rule of thumb of 3 to 6 months expenses so I think at that point you could pivot and take that 1500 a month and if you're beyond what you feel like you need in your emergency fund already with the 20,000. Perhaps you pull little bit of that out as well and begin accelerating the money going into the 403B, so maybe that 4% goes up to 10, even 15%.

I wouldn't do more than that, but it would be a way that you could reallocate this excess that you have on a monthly basis into longer-term investments. I think the key is to recognize that even though market has done well and even last year did quite well despite the global pandemic and certainly the 10 years before that.

It's been doing well you were due for a correction here, or perhaps even a recession. At some point. Most economists I trust are calling forward in the next year, but certainly the next two or three years, cyclically speaking, that we should have see a recession now that shouldn't scare us because when were investing whether it's a 43B, or any other type of stock market investing.

We should have a 10 year time horizon and that 10 year return. You know with a prudent portfolio for your agent objectives should do well but you don't want to put it in thinking well I can take that out in a year or two and start living on it you know if the market was down because if we got into a bear market because we were in a recession that could last 18 months to years, maybe even a little bit longer and so we wouldn't wanted to touch that money if we didn't have to. But this idea that you've already established your emergency savings and so you would increase your 43B contributions for longer-term investments with an objective to achieve a much better return than you're seeing in your savings I think is a really good one. But tell me your thoughts and questions what I wanted to hear because that's what I was thinking that I should increase it and put more into the forest. 3B. Yeah, yeah, I think that makes a lot of sense. Especially since I'm hearing that you're really putting it about 4%.

The only other thing I would offer just as we wrap up here is that it might be a good opportunity for you and your husband to sit down with a financial planner just to look at your ultimate objectives. Your savings goals related to funding your retirement. So when you get to that point where you're no longer working. He's already at that point. What you need in the way of income to supplement Social Security. Let's say, to fund your lifestyle now and in the future, and are you on check on track to have that amount of money you keep in mind you, typically we would think in terms of funding. About 45% of your retirement income from savings. The rest would typically come from Social Security and and a lifestyle that's been dialed back in retirement.

So you know having the assets that will generate that kind of income on a monthly basis and last for 20 or 30 years if you're in good health and the Lord Terry's you know we need to know what that number is so you have a goal and once you're on track to reach it. Perhaps then you're even doing more giving than other types of things. So I think visiting with a financial planner to clarify some of that may give you a bit of peace of mind. But I'm glad you called today.

Thank you for listening and will hope to talk to you again real soon. I let's go now to Fort Myers, Florida Rob and see if we can help Jean great team. How can we help you today hi thank you for taking my call. I am a first time home buyer and I was wondering if I can use my some of my 401(k) to help with the down payment and some of the cost and also should I use an online lender. Although a local bank which one is better. Yeah, it's a great question Jean and you know I like you checking with both options.

We generally recommend in terms of the lender or the second part of your question that you get three offers. If you will. I'd check with the local mortgage broker or banker I'd check. Perhaps with your own bank and then I go online to bank and see if an online bank perhaps could do better and keep in mind what you're looking for their Jean is not only the interest rate but you're also looking for the expenses associated with that because what you don't want to do is get a great rate but then find out after the fact that your paying discount points that got that rate down to what it is and that's just added expense.

So I'd I get a quote from all three in terms of using four okay 401(k) money for the down payment. I'm not a fan of that you know I think you're the better option is really just to save and do the best you can to put money away out of cash flow. Your margin your surplus until you build up that 20%.

Now you may decide that for a season.

You want to dial back new contributions to the 401(k) so you have more in the way of resources to put toward that down payment savings account if you will, but pulling it out paying the tax on it paying that the early withdrawal penalty, it becomes very expensive money, not to mention the fact that it's not available to grow for the future. So there's an opportunity because there so I would just say reevaluate what your margin is start with the budget look for ways to cut expenses began sucking money away into your down payment fund and perhaps as a way to increase that look at decreasing your 401(k) contributions temporarily.

I wouldn't pull the money out there to do that. Jean thank you very much for your call today and we wish you best as you purchase your first home.

Thanks very much.

Here's a quick email from Ruth. She says what exactly is the purpose of emergency savings only to fill in for the loss of income or for an unexpected need. I'd like to buy a new washer or get a new roof or like to buy a new washer or get a new roof yeah Ruth.

It's a great question and I think the key is it really should be unexpected. You know, if we know that something is coming in terms of its ending its useful life.

We should plan for that, you know, we know that the washers have a typical a useful life, and when we get beyond that, you know where we should plan for having to replace that.

I would think the same would be true for a roof. But there are gonna be those things that come out of left field and a perfectly good washing machine that all of a sudden just you know things go haywire or damage that was caused by something unforeseen or of a medical event that comes out of left field, or yes of job loss, but not planning for things that we should plan for meeting that we know things are gonna wear out and need to be replaced. I think, is not the best use of our emergency savings so that helps and I give you some courage and if you have a brief question for Robbie like to send along the address is questions at moneywise.questions at moneywise.Margie Weir moneywise live his last time Steve Moretz honor and a pleasure to be with you today.

Take calls at 800-525-7000 now were taking for the most part, primarily financial calls. Delving a little bit into the world of plumbing.

However, I just before the break. We took an email from the caller who wanted to know if an emergency fund will should be there for use of something like replacing the water heater or a roof and Rabbi just one of the point out that I have a friend whose gas water heater exploded and ended up going up through the house and landing on the roof now on that's the truth exploded went like a rocket through the house and landed on the roof. So in that case it would probably use up both sides of one's emergency fund. You know the water to the roof. Whatever. And that certainly would be unexpected if your water heater turned into that rocket you many kind of a mini space sex role in your own neighborhood likely I will say though, Steve.

The rule of thumb on that you know there always is a good rule of thumb for everything and in terms of how you how much you should be putting aside for home maintenance. Every year, so this would be in addition to your emergency fund. The amount you should be putting into savings. Specifically, all talk in terms of envelopes in your home maintenance envelope is things where I need to be replaced is 1% of your homes value each year. So you have a $200,000 home.

That's $2000 a year hundred and $66 a month goes into the home maintenance envelope again separate from emergency savings. Then when the hot water heater turns into a rocketship you're ready. If you have a cat and you never met him again like this and I'm going moneywise… Were going there. Leave me alone at Schererville, Indiana pilot Yolanda thanks for your patience.

What your question today hi, thanks for taking my call. I did you guys all the time.

I love you. She'll think you out of time because I want to just thoughts on Alphonse, which is associated with the TSP on my job, I have at this statement plan, but they also have the elf on the 2025, 20, 30, and so on and so is like a horizon plan.

They correct what would be your expected retirement date and I realize you don't automatically have to fall into a certain date based on reaching age 65 or something like that because the Lord may cause you to stay right where you're at, or maybe redirect you before that but just based on your current age.

What would be your expected retirement year. I will likely tied about 6 to 8 years.

He had 60 or 62 okay very good so let's call that you know roughly 2030 that may be a little longer than you want to go maybe 2025 would be closer. Seems like you might be right in the middle. I would probably opt for something a little beyond your retirement date because it's going to have a slightly more aggressive and I mean slight because it is slightly more aggressive portfolio. Keep in mind when you retire. Yolanda, if you're in good health you this money needs to last for potentially decades right you were living longer, which means our money needs to last longer and the good part about the 2030 fund the what they call the lifecycle fund and the thrift savings plan is that it's gonna be slightly more aggressive because you know even now were still nine years from your retirement. According to this fund with the allocation between stocks and bonds and you know those funds will do quite well and many of them have done quite well.

So this is going to really be kind of an autopilot type of investment where it will systematically get more and more conservative as you get closer and closer to retirement, which is a great thing.

So I would be no fond of this if you wanted to you could get out.

Take a maybe half of it and put it in the lifecycle fund if you wanted to be a bit more aggressive. For the next few years.

You could, you know, put out a portion of it directly into the stock fund you, which would give you your more growth potentially the C fund, which is the common stock index fund or the eye fund, which is the international stock fund, but in either case, you know, I'd be quite pleased for you just to stay in the lifecycle fund. If you feel good about that. Okay thank you appreciate that all right. You're very welcome calling today is my thanks very much okay moving on to Tuscaloosa, Alabama hello Mark, oh, what's your situation there. And how can we help well like you like my call. I have a friend who is getting remarried. He and his future wife for both going into the second marriage for about previously divorced or on infidelity so that good there but don't listen. They're trying to do this the right way.

I know a lot remarried and think more like a contract than it does a married so and they both have children in they want to do this right this asset thing they want to do it right when one passes away, how do we handle the kids in this those scriptures think of this and if it does not directly or in a gray area. I don't know yet. It's a great? I'm so delighted to hear that you're not really coming alongside your friend, as is a new married couple their thinking through God's design and how they can proceed in a way that honors the Lord and draws them closer to one another and to the Lord at the same time and this can be challenging.

Frankly, in terms of dealing with finances when they're coming into in this case, both husband and wife have had a previous marriage. There obviously bringing a more complex financial situation, assets, debts into the relationship that were created in the previous marriage and so obviously where there's kids involved. There's an ex-spouse involved. It does get quite complicated.

I want you to recommend.

Perhaps you even buy this for them as a gift or recommend a book by our good friend Ron deal. It's called the smart stepfamily guide to financial planning. The smart stepfamily guide to financial planning and your Ron talks about in this book a fabulous idea, which is what he calls a togetherness agreement, the TA and its different unit with a prenuptial agreement. It's what's been done to me a togetherness agreement. The idea is to gather we're trying to define how we want to proceed as a new married couple realizing there are complexities and how do we handle these and who's going to care for, you know, various people when somebody passes and what if there's a business involved in how does the money that was you amassed prior to this marriage get handled in terms of an inheritance and you know is that better to keep that portion separate and then from the point that the marriage there was created forward, then everything you know is an asset of the couple, but prior to that, you know, it's handled differently and we can get your trusts involved in their legal instruments to carry out the wishes, but the ideas you want to build relational trust between the new comp. The couple so there's a conch there's confidence there that's built in oneness which is God's design, but recognizing there are still financial complexities that need to be addressed. So I think picking up a copy of that book, encouraging them to read it. Doing a lot of talking and communicating prior to marriage and then taking all of those thoughts and ideas and memorializing them in a legal instrument that's going to practically carry out their wishes. But in a way that honors each other in the marriage as well as the kids and the assets that were created prior to the marriage I think is something that's rare and yet can be just a fabulous idea.

So pick up a copy of that book and if you have any questions or they do after they read and have them give us a call back thank you Mark. We appreciate your call. You sound like a good friend and we pray that things go well this time around I time for.

I said I think one more Spokane Washington Aaron, what's your situation there.

And what's on your mind yet you my question is my my wife and I want to be investing for our kids. An investment account but typically the educational investment account be something to you to do, but as time goes on we just were not so sure that that I are our default setting of unity for our kid against going to know for your or using an educational account but in the event that they choose not to do that for one reason or another you look the other options are for any docking account for them.

Yeah, let's agree question and I realize Aaron, you know, as so many things are changing in this environment in which we are in the open college education is one of those things that is changing and probably will be changed forever. As a result of the pandemic. So many of the trends that were already in place have been accelerated, and I would say just how we approach college education and even postgraduate education perhaps is changed forever. And so, thinking out now 10 years or more as to what that's gonna look like and assuming we know I think is no flawed because things are changing so rapidly that you don't really comes down to first what type of account and then second, what investments in the account. The thing is you know when we think about accounts for kids.

We have two options. One is a custodial account so you TMA UGMA account, essentially a custodial account, the challenges it becomes the kids asset that the major majority so they could take it and buy a sports car if they wanted to, and if they happen to be in that season of like not making good choices that could be dangerous. The other option is you keep the assets in your name but segregated for them and for that purpose so that you could make a transfer, you just need to recognize that that's what it's for.

I think in terms of the investment solutions I'd be looking at something really broadly diversified. Probably an index portfolio of ETF's. You could think about the Schwab intelligent portfolios may be better meant, but the I would feel would be systematically investing for the future in a way that gives them some asset you could make available to them. Down the road. Perhaps they just continue on investing them at that point but not already been committed to the kids so that you have more control over it in the future there and were glad you got through today. Always nice to get a West Coast call in each and every program sometimes more than once a appreciate your participation today. This program moneywise live is a partnership between Moody radio and moneywise media.

Thanks so much for listening. Hope you heard something that will be a practical and helpful, and difficult for you and we trust you will join us again to

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