Set Your Finish Line with Dr. Kelly Rush

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Create your free Faithful account by going to faithful.com and click sign up to begin receiving weekly wisdom in your inbox. It's human nature to be concerned about having enough, but would you know it when you get there? Hi, I'm Rob West. It's a question we don't ask ourselves enough.

How much is enough? We have a great story in the Bible that gives us a clue, and Dr. Kelly Rush joins us today to talk about it. And then it's on to your calls at 800-525-7000. That's 800-525-7000.

This is Faith and Finance, biblical wisdom for your financial journey. Well, it's a great delight to have our new guest, Dr. Kelly Rush on the program. She's a finance professor, department chair, and financial planning program coordinator at Mount Vernon Nazarene University in Ohio.

She also serves on the board of directors at Kingdom Advisors, and she's a great friend. Kelly, great to have you here. Thank you, Rob.

It's good to be with you today. Well, I'm looking forward to our conversation. I know you often talk to college students about a whole host of things as you lead the financial planning program there. But one of those topics is around this idea of setting finish lines for our finances.

And I want you to share some of those insights with our listeners. And perhaps we should start with defining normal. So what is normal when it comes to making financial decisions? Well, when we think about financial decisions related to lifestyle, it is normal to gradually increase our spending throughout our lifetimes, both in terms of the absolute dollars and in terms of the proportion of our income that funds those lifestyle related expenses. As we earn more and more throughout our careers, we feel empowered to spend proportionally more on our lifestyle and the comforts and luxuries of life.

Well, there's no doubt about that. I've experienced that in my own life. Perhaps an example would help, Kelly. Well, one example I often use with college students is restaurant choices. A college student who has very little disposable income lives on a Taco Bell budget. But after college, when that same student is now a university graduate with a steady income, they're willing and able to pay Panera prices for lunch. And a few promotions and raises later, that same individual not only eats it out back, but they can afford to go back. And by their peak earning years financially, the Cheesecake Factory is a piece of cake. It's just natural for our restaurant spending to creep up as our income increases over our lifetimes.

No doubt about it. And I've certainly seen that in my own life. And now with food prices up where they are, it's even more challenging. What would be another example of where we can really plainly see the effects of lifestyle creep? It would really be hard to think of an area of life where we don't experience lifestyle creep. Everything from vacations to clothing to entertainment, the cars we drive. I think about that high school student with limited funds is really excited to buy a family member's 12 year old Ford Taurus with 250,000 miles on it. But by the time that person graduates college, they have upgraded to, you know, the Honda Accord. And a few years into their career, they're suddenly shopping for a midsize SUV. And there's a tendency to allow our vehicles to become status symbols. So by the peak of a person's career during those peak earning years, they may be driving a luxury car like a Mercedes or a BMW. Without even realizing it, they have crept up from the tourist to the Mercedes, spending more and more for vehicles throughout their lives.

Yeah, that's right. And I think part of it is just that's a part of the American dream, right? We just continue to progress throughout our lives. So is this then wrong for a person to experience and especially as a Christ follower?

That's a good question. And to a degree, that increase in lifestyle spending is healthy and it can be motivating for people to work diligently and faithfully throughout their careers. But we do have to be really careful because it can be a slippery slope if we leave it unchecked. You know, unchecked both in our budgets, but also in our hearts.

Yeah, that's right. And we know that money issues are ultimately heart issues, so we do need to look beneath the surface. Now, this, of course, is a function of American consumerism, but do you think it runs even deeper than that in our culture? Oh, for sure. I'm convinced that that progression that we experience in terms of our lifestyle is really fundamental to the human condition.

It's not necessarily a consequence of cultural norms or societal influences. In fact, there's really clear evidence of life-defining lifestyle creep recorded in Scripture. Oh, I'm looking forward to unpacking that.

I'm assuming you're referring to Lot and his journey to Sodom. And I know you're going to pull the layers back on that and help us apply that to finish lines in our life right around the corner. You know, I've always heard that our level of spending will rise to our level of income unless we protest to the contrary. So perhaps you've succumbed to lifestyle creep in your life and you're looking to do something about it. Well, Dr. Kelly Rush is here today to unpack God's word and help you address that. She's a finance professor, department chair and financial planning coordinator at Mount Vernon Nazarene University. And we'll be back with much more on this topic just around the corner. Stick around. Share what you're learning about money and investing. So why don't you grab your phone right now and download the faith by app? We are grateful for support from sound mind investing in the faith and finance program for more than 30 years. They've been helping Christians reach their financial goals with step by step guidance for investors at every stage, from those just getting started to those getting ready for retirement through scriptural principles and practical suggestions. SMI offers financial wisdom for living well. More information, including the short video webinar on profit and peace of mind, no matter what's happening in the market is available at soundmindinvesting.org. It's great to have you with us today on faith and finance. I'm Rob West with me today. My friend, Dr. Kelly Rush, she's on the board of directors at Kingdom Advisors.

She's also a finance professor at Mount Vernon Nazarene University. We're talking lifestyle creep today. How much is enough? And you know, that tendency just to spend more throughout our lives as our income rises. Well, how do we reconcile that with God's word? And Kelly, just before the break, you said you were going to take us into the book of Genesis to look at clear evidence of life defining lifestyle creep. So help us do that.

Oh, absolutely, Rob. In Genesis 13, we see Abram and many people are familiar with Abram and his nephew Lot, two very wealthy men having accumulated significant wealth during a journey to Egypt. Livestock, silver, gold servants. Well, after leaving Egypt, their possessions were so great that it seemed as though the land would not support them. When Abram suggests that they part company to stop the bickering between their herdsmen, he allows Lot to choose which portion of the land he wanted to claim. Well, Genesis 13, 10 says that Lot lifted up his eyes and he saw the greener pasture that was to the east. Lot realized that his greatest opportunity for life's luxuries would come in Sodom. So in verse 11, he chooses for himself all the plain of the Jordan.

The rich man made a self-centered decision in pursuit of even greater financial gain. After Lot and Abram part ways, Lot first pitches his tents near Sodom. Then he resides in Sodom, and by Genesis chapter 19, Lot sat in the city gate, which tells us he had become influential in this wealthy affluent city that was completely corrupt and sinful. And the verbs in the story of Lot tell a consistent progression in his lifestyle as he goes from living in community with Abram to living in a carnal corrupt city of Sodom. Wow, that's so fascinating, and I suspect, as it was for me, this is a new spin on this story that perhaps we haven't seen before because we just so often think about the sins of Sodom being only sexual in nature, but that wasn't the case, right?

That's right. Most people associate Sodom with sins of sexual nature. It's where the word sodomy comes from. And it's true that the perverse, unnatural relations that the men of Sodom participated in contributed to God's great wrath and judgment on the cities of the plain. But there's this interesting passage in the book of Ezekiel that tells us more about the nature of Sodom's iniquity. Ezekiel starts his list of Sodom's sins with arrogance, and he says they were overfed, they were idle, they did not care for the poor and needy, they were proud of their affluence, and they flaunted their apathy. Ezekiel 1650 says they committed abomination before the Lord. They were like in your face with their sins. They thought they could get away with their carnal living because, as it often does, wealth gives them a false sense of superiority and security. Wow, yeah, so there was something running through this that was in fact much deeper that ended up manifesting itself as sexual sin, but so much more than that as well. Now, in Genesis 19, I know the angels tell Lot to leave the city, but he hesitates.

Why do you think that was? Well, Lot had spent years enjoying the luxuries that Sodom offered him and his family. When a person becomes accustomed to the amenities of life, it's hard to leave them. Lot had worked his way up to a prominent position within the city, which we know because he sat in the city gate the night before the Lord rained down fire and brimstone. He brought wealth to the city of Sodom when he sojourned there, but the easy, affluent, idle lifestyle the city allowed him to enjoy was hard to leave behind. His treasure was in Sodom. He was vested there, both personally and professionally, and his family didn't want to leave that lifestyle. His sons-in-law thought he was joking, and his wife, though she did leave with him, she looked back with longing to the life they were leaving behind.

Oh, it's so interesting. And we can all relate, right? Because he chose this place because it looked like a great place to live. He knew there was wealth and affluence, and of course, he enjoyed all of that, so he clearly didn't want to leave. But how can we then take this story of Lot's lifestyle creep and apply that to our lives today, Kelly? Well, you know, human nature hasn't changed. We are all drawn to that false gospel of an easy life. Work predates the fall, but toil is a part of the curse. And for Lot to make the choice after choice to accumulate life's luxuries is no different than what we do today. If I take this position, I'll get that pay increase, and I'll be able to afford a bigger house and better toys, nicer cars, fancier vacations. For most people, lifestyle changes creep up through life. Maybe a lottery winner experiences a lifestyle cliff, but those are few and far between.

It's common for people to experience a slow, consistent upgrade in life's amenities. Yeah, there's no doubt about that. And the story of Lot, of course, predates when the Israelites worshiped the golden cow. But this was idolatry in Lot's life that you're pointing out.

What do you think those idols look like for us today? Right, it seems absurd to bow down to a cow, but again, human nature hasn't changed. We work for bigger 401Ks and shinier boats and bigger houses and nicer clothes and better restaurants and luxury cars. Unless we are intentional about setting financial finish lines, it's easy to make choice after choice pursuing life's comforts. Matthew 6, 33 tells us to seek first the kingdom of God and His righteousness, and all these things will be added to you.

How many TVs does a house need, or how many streaming services do we pay for? The cow looks different, but the appeal of Sodom remains the same. Yeah, there's no doubt about that. We often say that money issues are hard issues, so there's always something underneath the financial decisions that we're making. So at the core of it, Kelly, what was Lot's real problem in your view?

I can tell you with certainty what was not his problem. It was not Lot's wealth that was a problem. Genesis 13 says Abram was the one who was very rich, but the text also says Lot also had flocks and herds and tents. Lot was wealthy, but he didn't have the degree of wealth that his uncle Abram had. It is not the amount of wealth that was the problem, it was the pursuit of wealth as his sole motivation in life. Lot's problem was that his eyes were fixed on pursuing life's luxuries, and it made him ineffective in a sinful city. He had affluence but no influence. Lot didn't participate in the sexual sins of Sodom, but he sure treasured the lifestyle that wealth afforded him. Because his life didn't look any different than the rest of the people of Sodom, when he tried to warn the people about the coming destruction, no one even believed him.

How is it that the man who sat in the city gate couldn't convince even one person to flee Sodom and be saved? Yeah, that's exactly right. And so we, of course, want to avoid becoming like Lot, and clearly setting a financial finish line can be a part of that. Kelly, what happens when we set this financial finish line? I think it's important to clarify that financial finish lines are set for our lifestyle expenses, and often for our assets. There is a point when we have saved enough for retirement.

But it's not a financial finish line in terms of income. Maybe the Lord will continue to bless us with promotions and pay increases. When he does, we can be confident that the reason is not for us to become like the people of Sodom who didn't care for those in need around them. But so we can be a blessing to others, we are free to experience the joy of increased giving and sharing the Lord's abundance with others when we set those financial finish lines. Paul told the church in 2 Corinthians to give what they have, quote, decided in their heart to give, not reluctantly, but cheerfully. When we set financial finish lines, we are simultaneously deciding in our hearts what to give. There's great joy in that.

Oh, there's no doubt. And folks, we want to encourage you today to just really think through this, to think about the story of Lot that we see there in Genesis and consider a financial finish line that you may need to set both in terms of lifestyle and accumulation so that you're free to perhaps give even more and participate in God's kingdom building activity. Well, Kelly, we so appreciate your insights. Thanks for stopping by today. Thanks for having me, Rob.

That's Dr. Kelly Rush, finance professor, department chair and financial planning program coordinator at Mount Vernon Nazarene University in Ohio. All right. Your calls are next, 800-525-7000. We'll be right back.

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Thanks for joining us today on faith and finance. We're taking your calls and questions today. The number to call 800-525-7000. That's 800-525-7000. You can call right now.

Let's head to Georgia. Hi, Marie. How can I help you? I am 76 and I do not know hardly anything about investing. I had twenty five thousand in a very conservative group that managed the investments for me. However, they've said I've got so little now that it's cost me a good deal for them to manage. So they have simply left it in fidelity. Now, I have another company that I have fifty thousand in that they were.

And that's all I've got. They have handled me for 30 years and done a good job. And they read my advisors for the investment. I did not know if it would be safer for me to diversify and keep my twenty five thousand fidelity or if I need to roll it over and give it back to the company that I've been with longer. That does have an adviser.

Yes, I like that second option, Marie. And here's why I would rather this not just be on autopilot, just kind of sitting there. I would rather know that somebody is overseeing it. And the great news is you have a trusted long term relationship that you've been very happy with. And I don't think it's inappropriate for you to have all of your money there with one adviser. I mean, often, you know, folks will have even with portfolios of millions of dollars, they'll have it all with one adviser or one advisory firm that's giving oversight to it. So I think given that you've got the trusted relationship, given that no one is overseeing it currently with it at Fidelity, it's just kind of sitting there. I would much rather know that, you know, all of your assets are being overseen by somebody, that there's a focus on preserving what you have, but continuing to grow it modestly to offset the effects of inflation. And it's great that you already have that trusted relationship in place.

So I would go with that option if it were me. Oh, God bless you. I cannot thank you enough.

I've been very concerned about this. I appreciate you very much. Bye bye. Thank you.

Absolutely, Marie. And thank you for your call today. We appreciate you.

Eight hundred five two five seven thousand is the number to call. We've got some lines open today. We'd love to hear from you. You can call right now.

Let's go out to Oklahoma. Hi, Paula. How can I help you? Rob, I was just wondering, I got a disability Social Security settlement and I'm wanting to know what I should do with it. It's about sixty thousand. And also the extra insurance that they take out Medicare automatically. I don't need it. I have insurance from my pension that I have. Is there any way you can not pay that or does it drop off at some time? So with the disability settlement, do you have an emergency fund, Polo, that's already in place? Yes. I got about thirty thousand in a CD and then I have about another thirty five thousand in Fidelity. I have no debt except for my house payment.

Excellent. And how is that thirty thousand in Fidelity invested? Is it just in money market or stocks and bonds? It's in Timothy. Timothy. It's a Roth IRA.

It's in Timothy. And that's what I was wondering what I should do with all of it. And I'm single.

I don't have kids. I'm taking care of my mother. Yeah. Excellent. Well, that that sounds great. And in terms of the mortgage, how much is left on that? One twenty and it's at three point three five percent. OK.

Very good. And are you still contributing to the Roth IRA? Well, how can you do that if you don't have earned income? Well, you can't.

That's a good point. So you're you're fully retired. Yes. OK. Got it. All right.

Yeah. So what you would end up doing then if you didn't have some other purpose for it because you're completely debt free except the mortgage. I wouldn't necessarily put it on the mortgage because it's not going to help you any in terms of you got to pay it off in full in order to get rid of that monthly payment.

And you've still got a good ways to go there. And you've got a low interest rate. You can't contribute to a retirement account because you don't have the earned income. So basically what that would leave is unless there's something else that as you kind of think and pray through it and consider your values and priorities like giving or something like that. I would either just use it to boost even further your emergency savings, especially since we've got very attractive interest rates right now on high yield savings and and CDs. Or you could also put it with Timothy, great mutual fund, faith based mutual fund company. But you would just be in a taxable account instead of a Roth IRA, which would mean that, you know, as they buy and sell, you could buy a Timothy fund and just hold it. You wouldn't have any taxes until you sell it, but at least you'd have it working for you.

So I'd say, depending on how conservative you want to be, either go, you know, with the CDs and the kind of higher yield savings or only CDs or go and open a separate account with Timothy and just get that invested separate from the Roth IRA. And at least you'd know it's working for you. Hope that helps you, though, Paul. We appreciate your call today. May the Lord bless you. Let's go to South Carolina. Hi, Gary.

How can I help? Yes. My question is, I was just calling about I got about three hundred thousand dollars in my TSP and I got a call from USAA about wanting to, I guess, invest that money in a retirement annuity. I was just wondering, I mean, I don't know what to do with it.

I was just wondering, is that a good idea to just put it in? Because I'm retiring probably about another year. Is that a good idea to put it in an annuity and and just get a return off of that?

Yeah, that's not my first choice, Gary. I mean, what I would do is just make sure that you're choosing among the TSP options. Do you know how that money is broken down the three hundred thousand right now among the the TSP options? Well, it's in a G fund right now. All of it's in the G fund? Yes. OK. Yeah.

I mean, I would probably you know, here's the thing. Even though you're close to retirement, we still need to take a long term perspective on this. And the reason is because if the Lord tarries and you're in good health, you may need this money to last another three decades or more. And the way we do that, given the fact that inflation is eroding your purchasing power, it means this money will buy less every month as the prices rise. We want to make sure this money is working for us.

And, you know, that G fund is the most conservative fund. And so, you know, if right now, what is your age? 60. OK. I'll be 62 next year.

OK. So at 60, I mean, again, you're the steward, so you need to make this call. But, you know, I would typically say you'd want a 50 50 portfolio between stocks and bonds. And so that might mean, you know, in the TSP options, either you could use an L fund, the lifecycle fund, or you could do it yourself by putting maybe half between the G and the F, the government and the fixed income. And then the other half, you know, perhaps in, you know, the probably the a little bit in the international and then the rest in the common stock fund and maybe a smaller portion in the S fund.

So mix between the C, the S and the I between the other 50 percent. That would be the way I would go. And then once you retire a year from now, then I'd be looking to hire an advisor to manage this for you. And you could start interviewing for that right now.

But you'd wait until you separate from service to roll it to an IRA. You can find a C.K. on our Web site at faith.com. Hope that helps you, Gary.

That's going to do it for us. So thankful for my team day. Jim, Anthony, Dan, Amy and the rest of the team here at Faith by May the Lord bless you and we'll see you tomorrow. Bye bye. Faith and Finance is provided by Faith by and listeners like you.