Gospel Generosity with Dr. Nathan W. Harris

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Download the Faithfi app today from your app store or visit faithfi.com and click app. You know the grace of our Lord Jesus Christ, that though He was rich, yet for your sake He became poor, so that you by His poverty might become rich. 2 Corinthians 8, 9.

Hi, I'm Rob West. This powerful verse is often quoted when we talk about generosity, and rightly so. It shows us that generosity isn't just a financial principle, it's rooted in the very heart of the gospel. Today, Dr. Nathan Harris joins us to explore that connection more deeply, and then it's on to your calls at 800-525-7000.

This is Faith and Finance, biblical wisdom for your financial journey. Our guest is Dr. Nathan W. Harris. He is Vice President for Strategic Initiatives at the University of Mobile and author of the new book, A Short Guide to Gospel Generosity, Giving as an Act of Grace. Dr. Harris, welcome to the program. Yeah, thank you so much for having me on today, Rob. I'm grateful to be here. The term gospel generosity may be new to some people, so would you take a moment here right at the start to define it for us?

Yeah, absolutely. I mean, I can give you a real simple definition, and it's this gospel generosity is generosity that's rooted in the gospel. I can tease that out a little bit more, I'm happy to do so, but I often say that generosity is not merely a virtue for the Christian life, but really is a cheerful disposition that springs forth from the good news of salvation in Jesus Christ. Generosity is a fruit of the gospel that arises from new life in Christ, it's something that's empowered by the Holy Spirit, and that we've seen modeled by the Father throughout all of creation. Gospel generosity is that sign of a radical reforming of a believer's head and heart to joyfully serve the Lord through their stewardship or their resources. So the long story short, generosity for Christians is not just about giving, but it's about proclaiming and portraying the saving work of Christ in our life.

Oh, that's powerful. I love the picture that that gives of our generosity as an overflow of gratitude for what Christ has done on our behalf. Now, Dr. Harris, as we talk about giving, people naturally gravitate toward questions about the tithe, so let's go there. Are Christians called to tithe, or are we called to something greater?

They have, really asking some tough questions to start this off. There are a few questions that can provoke a healthy debate like this one, but Christians throughout all the age have asked this question, and I recognize that they've come up with different answers. But for me, as I read both the Old Testament and the New Testament in my Bible, I can't help but conclude that tithing, specifically the requirement of 10%, is not a calling for Christians. And I know that some listeners are going to be thinking, whoo, I'm finally off the hook, I don't have to give.

No, that's not the response that we want to have either. We aren't obligated to give. Christians see giving as an incredible gospel opportunity. So in a sense, we're called to something much greater than tithing. We're called to live our lives generously, humbly, selflessly, and with an eye and mind on the kingdom of God. Yeah, that's helpful. So how then should the gospel transform our hearts, our minds, and even our approach to managing money?

I love that question. There's an old phrase that's often attributed to Martin Luther, the great reformer. Whether he said it or not doesn't matter as much as the content is just so true. And the quote says that there are three conversions in one's life, the conversion of the heart, the conversion of the mind, and the conversion of their pocketbook. And I think it was Spurgeon who later added that it was often the pocketbook that was the most difficult for conversion.

And while I laugh at that, and we may be laughing when we hear those quotes, they should still cause us to pause and think. When we encounter Christ and put our faith in Him, we experience a conversion of our heart. Our hearts are filled with the affections for Jesus.

We desire to serve Him. A heart of stone is replaced with a heart of flesh. We experience a conversion of mind, one that no longer thinks of the things of this world, but is thinking heavenward as we read in Colossians. And if those things are true, spoiler alert, they are true, then all aspects of our lives experience conversion. And yet in my experience, I've seen how people submit their lives to Christ while keeping their finances to themselves. So on one hand, they hold out Christ, and on the other hand, they hold their finances out as far as they can away from it. And I think it was Spurgeon again to quote him, he said something along the lines of, you can't hold on to Christ while also holding on to your money. So if the gospel transforms your mind, then your thinking isn't just on your wealth, it's on Christ. If the gospel transforms your heart, then your affections aren't for wealth, they're for Christ. So that gospel transformation that we experience when we come to Christ informs the way that we view money, steward it, save it, spend it, and yes, it informs even the way that we give it. Oh, that's powerful. What a picture of what our life should look like as a steward, a money manager of the King of Kings. Well, we've just scratched the surface, so we're going to have to have you back. But Dr. Harris, thanks for stopping by today.

Yeah, thanks so much. That's Dr. Nathan Harris, author of A Short Guide to Gospel Generosity, giving as an act of grace. Pick it up wherever you buy books. Your calls are next, 800-525-7000.

We'll be right back. What if managing your money could actually draw you closer to God? What would happen if we began to see God as our ultimate treasure? The Faith by app helps you do more than budget. It helps you integrate your faith and financial decisions for the glory of God. With easy to use envelope futures, top biblical financial content, and a supportive in-app community, you'll learn to steward God's resources wisely and grow in generosity.

Download the Faith by app today from your app store or visit faithby.com and click app. Faith in Finance is grateful for support from Sound Mind Investing. For more than 30 years, they've offered financial wisdom for living well. SMI provides step-by-step guidance for do-it-yourself investors from those just getting started to those getting ready for retirement. More information, including a short video webinar on profit and peace of mind, no matter what's happening in the market, is available at soundmindinvesting.org. Great to have you with us today on Faith in Finance. I'm Rob West. Looking forward to diving into your questions today. The number, 800-525-7000. That's 800-525-7000. We'd love to hear from you. We're going to begin today in Chicago. Hi, Peter.

How can I help? I just had a question that had nothing to do with the investment, but I had a whole life insurance. We've been paying it for about nine years. I've been paying like $7280. So we're at the $7000 mark, I guess.

And I was just, you know, we spoke to the agent a couple of days ago. Just, I don't know if I should just cash it in since, you know, we're almost at that. It's a policy for $10,000.

So I don't know if I should just cash it in. Yeah. So the policy is on whose life and who is the beneficiary? I'm the beneficiary and it's my mom's policy.

Okay. And so it's a $10,000 policy. Is this like a burial policy?

Yeah, it's like a burial policy. All right. And you're paying how much per month? $7280. $7280 soon. Yeah.

I mean, so you're spending $850 a year, a little more than that, for a $10,000 policy. What is your mom's age? She's 87 now, 80, 85 now. Something like that.

Okay. And is she in pretty good health? Yeah, she is. I mean, she is in good health. I mean, she has no, I mean, she never had a heart attack, no diabetes. The only thing she has is scoliosis. But other than that, she's pretty healthy.

I think she's healthier than me, actually. All right. And who's paying the premium? Yeah, I can understand that. I mean, it's a joint account. So we've been, I guess, both paying the premium.

So you kind of divide it down the middle? Yeah. Well, it's just, yeah, it's, you know, it's electronically from our savings. Okay.

Yeah. You know, I'll tell you, I mean, as long as you have the assets to cover the expenses, I would say, you know, this is probably the time to cash it in. What is the cash value?

Do you know right now? I think it's $2,400 from what I understood yesterday, a couple of days ago, conversation that we had. Yeah. So a couple of thousand dollars they would give you? Yeah, $2,400. Okay, got it.

Yeah. I mean, the average cost of a funeral with a burial is somewhere around eight to $12,000. So I would just say if you've got, you know, that those funds available, you spend in, you know, nearly $1,000 a year for this. And that could continue well into the future, especially if you could get not only, you know, recoup $865 a year, but get 2,600 back out that kind of starts your savings. And if you just did nothing more than, you know, add that 2,600 to a savings account, and then put an extra, you know, $1,000 a year in it, you know, in not too long, you'd have your essentially $10,000 that you were going to have with this policy. And if she lives, you know, into her 90s, or beyond, you know, you're in good shape to being able to afford this, and recoup that money right now, which I suspect you could, you know, do something with.

So, you know, I would probably be more inclined for you to go ahead and cancel and take the cash value. Oh, okay. Yeah, because we were kind of leaning towards that. And then, I mean, afterwards, I mean, I do, we do have some savings and stuff like that.

Saved up, and we keep just saving up. So I mean, you know, afterwards, I guess, she does want to be cremated anyway. So okay. Yeah. And that, I mean, from a cost standpoint, I mean, that's going to be obviously more cost effective. I mean, a cremation with a memorial services, you know, somewhere around three to $7,000. So even less than that, so I think, you know, you're in a situation where again, you've got some money, you've got some sunk cost in here that you didn't need to, you haven't collected on, but you've got some cash value.

So taking that, putting it away, adding a couple of additional 1000 to it, but then from that point forward, recouping that extra 1000 a year in your budget, between you and your mom, I think is a better use of that money personally. Yeah. Oh, okay. Okay. Thank you so much, Wes. I appreciate it. All right.

Absolutely. Peter, God bless you, my friend. 800-525-7000 is the number to call. This is Faith and Finance, helping you see God as your ultimate treasure and manage money as a tool to accomplish his purposes.

Let's see, we're going to go to Florence in Chicago as well. How can I help? Hi, Rob. Thanks for taking my call. Absolutely. I was trying to say for my case, I have 10 years and 8 years old, and I opened a savings account that I've been putting some money in there.

I have about 12,000 apiece in each. And I was wondering, what is the best educational policy of investment account that I can use for them when they are ready for college? Got it. Yeah.

You know, I mean, there's really a few options that most people consider. One is called the 529 College Savings Plan. The other is called the Coverdell Educational Savings Account. The third is just a straight custodial account.

You might hear it referred to as a UTMA, which stands for Uniform Transfer to Minors Act. And really, among those, the one that I like the most is the 529. It's ideal for high savers. There are tax benefits.

And it's really, you know, if you're starting early, it can work to your advantage pretty significantly. So essentially, you put the money away, you put in after tax dollars, but it grows tax free. And then so long as you take it out for qualified educational expenses, including up to 10,000 a year for K to 12 tuition, if you wanted it for that, and some for even the loan repayment, if you had that option, then you take it out tax free. So you get all the growth tax free and then many states offer a tax deduction, you'd have to check with the state of Illinois. And then to choose the 529 that's best for you, I'd go to a website saving for college.com. You'd answer a series of questions and then it would compare the 529 college savings in Illinois to other states plans based on not only the parameters of the plan, but also, more importantly, the past performance of funds in the plan.

And it will make recommendations on which state to use because you don't have to use your state's plan. So that is my preferred option for you. And you can, you know, get the money out on a pro rata basis based on any scholarships or grants that the kids may earn. And so you'd be able to take it out without any penalty. If you had some leftover, you could transfer it to another child, or you could roll it over time into a Roth IRA for the child that could seed, you know, a pretty significant retirement account that could grow over, you know, 40 or 50 years from that point, you know, that they can access much further down the road. So, you know, that's my preferred approach.

But give me your thoughts on that. Sounds great. Thank you so much. I'm pretty new to the system. And I have been having thoughts and I don't know what to do. So yeah, I've been listening to your program.

And I decided to call in to get some Well, I'm so glad. Yeah, you're welcome. I mean, the only downside is with that savings account the way you've got it, you know, you've got basically you can use it for any purpose. And so if you decided it, you know that you want to give it to the kids to use for some other purpose other than college, you'd have freedom to do that, you're just not going to earn as much money if it sits in the savings account. And whatever you do earn, the taxes are going to be a drag on that.

And so by getting the money into a 529, getting it invested, getting more conservative as you get closer to college, but getting that tax free growth, and then having the options to transfer to another child or roll it forward into a Roth if you don't need it, or getting it out based on scholarships or grants, I think gives you ultimate flexibility. So again, that website to learn more saving for college.com. Thanks for your call. Well, folks, so we're gonna head into our first break here in just a moment.

But we do have some lines open today. So if you have a financial question, you'd love to wrestle with it. We'd love to talk to you about it, you can call 800-525-7000. We want to help you see God as your ultimate treasure, and money a tool to accomplish God's purposes. Let's do that together as we talk about a biblical worldview of money right after this break.

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Investing involves risks, including possible loss of principal. Great to have you with us today on Faith and Finance. I'm Rob West. We're taking your calls and questions today. 800-525-7000 is the number to call. It's 800-525-7000. We'd love to hear from you today. To Chicago, Randall, you've been waiting patiently, sir. Go ahead.

Hi, Rob. Thanks for taking my call. Question regarding Social Security. It used to be called a windfall provision, government pension offset. I believe that's no longer in effect, correct?

Yeah, that's exactly right. Would you have been subject to that? What type of work were you in?

A firefighter paramedic, 30 years, and then I worked in the private sector also. So I had my 40 quarters, you know, in Social Security. So I heard the news and I was like, I know you spoke on that before. And I was like, wow.

So I figured just to check with you and see what your thoughts were. Yeah, that's exactly right. So that, of course, reduce Social Security benefits for those with pensions from jobs not covered by Social Security taxes. And that would include many firefighting roles. So essentially, you know, that then reduced the amount that you were receiving from your benefit.

You know, normally, I mean, it in some cases, it could be, you know, between 40 and 90%. And so that could be, you know, max reduction, I think of around $600 a month. So it was repealed, you know, in the the Social Security Fairness Act that I think was signed into law very like the first week of January. And it eliminated not only the windfall elimination, but what's called the government pension offset very similar for benefits payable after December 2023. So there's a one time payment that's made covering the windfall elimination reductions from January of 24 to December 24. And those started going out in February.

I think those were supposed to have been completed by the end of March. Did you ever get that? No, I'm not eligible yet for that.

I just wanted information. I know some of the other colleagues of mine were eligible. Yeah. So for those that were already collecting benefits, they would have already gotten that they sent over 7 billion in retroactive payments.

And then for monthly benefits, it was starting in the April check for March benefits. So for those who, you know, never haven't applied yet, it will just now no longer be an issue whatsoever. Perfect. All right. Thanks for the information. I really appreciate it.

Yeah. And thanks for your service as a first responder. We appreciate your call today, Randall. God bless you.

El Paso, Texas is where Daniel's located. Go ahead, sir. Hi, Rob. Thank you for taking my call. I was calling because my wife and I are over 50. We do not have a retirement plan.

My wife does not work. And we have a vacant lot that's worth about 45,000. And we're thinking of what we can sell it, you know, what's selling it, what we can invest it into to get ready for our retirement.

Yeah. How far off is retirement for you guys? Oh, I still got, I'm 53. So I got, I got to work till I'm 70. So everything goes well. So I think I got some time still. Yeah, absolutely.

You do. And you know, who knows what God's gonna lead you to in that season of life? I don't think ceasing all productivity is part of God's plan that may involve some work, you know, even for pay, as you as you think about that, but certainly we should be setting aside something for the future. I totally agree about that. I think we just need to always be asking the question, how much is enough?

But clearly, in your case, you're kind of playing some catch up. So I think, you know, the first question is, and we'll talk about this lot, do you have surplus such that you could begin putting something away systematically even beyond liquidating this property? I think I think, yeah, we can go into our budget and make some adjustments and start, you know, I mean, putting, you know, something in what kind of stage in life where, you know, we're not, you know, we're not really in debt, you know, and when we have, we do have surplus, you know, every month. Yeah, yeah, I think that's important, because your most powerful wealth building tool is your income.

And so your ability to limit lifestyle, create surplus that allows you to sock something away, especially if you have a retirement plan, do you have a retirement plan available at work? Well, the thing is that we had one at work. And it was a, I think a simple IRA is what they called it. And they stopped it for, they said that they stopped it for now, but they're going to restart it. We do have some something in there.

But at this point, right now, they haven't activated again. Okay, so at a very minimum, you guys should be putting away in a Roth IRA. And, you know, you could do one for yourself, one for your wife, whether or not she's working. And, you know, that would give you the ability, you know, to start socking away some money on a tax favored basis, you know, with the Roth IRA, you know, would allow you as if you're 50 or older, you could put an 8000.

So that'd be 16,000. For the two of you, you could open an account at, let's say Fidelity or Schwab and just set up an automatic contribution with the land. You know, I like the idea that you would sell that. I mean, the downside of land is especially vacant land. I mean, you've got expenses like property taxes, it tends to be more illiquid, you're not generating any income. So unless you lease it for, you know, farming or parking or something like that, it produces no cash flow. And so you've got the risk of stagnation or decline where it doesn't appreciate. That's certainly not guaranteed.

And then you've got these carrying costs without any income. So for that reason, I think I'd take advantage of this hot real estate market. I mean, it may or may not apply here depending on where that land is and what's going on around it. The only reason to keep it is if you talk to a real estate professional who says, Hey, there's a big change, like people are moving into this area, or there's not been infrastructure. And it's about to come in because this is the next wave of, you know, of development. Well, then this may, you know, you may, you don't want to miss out on a dramatic increase in the, in the price of this. But if you've evaluated that, and you really don't think anything's changing anytime soon, I would liquidate it, sell it, and then use that money to get invested. Maybe that becomes the seed capital for that retirement account. But then, and especially until they open those simple IRA, or maybe even alongside it, I'd be fully funding Roth IRAs, because, you know, you guys have 20 years, but you know, that's going to go quick.

And I think your ability to put something away and have it grow on a compounded basis is really key. Okay. Yeah. That's a good idea.

I'll just call it, get some advice. The good thing about this property is that it's, it's, it's gone up in value since we bought it because they brought all the utilities in already. So I do get constant phone calls, you know, from developers that want to buy, but I know that they're going to ask about, you know, not a top of the line pricing on it. Okay.

Yeah. I mean, I'd probably get with a real estate professional who knows the area and just say, listen, is there anything that's about to change that could dramatically affect the, the market value of this property? If not, this may be the time to sell. Well, folks, thanks for being along with us today. Here's my heart and goal each day is to be an encouragement to you, to help you understand how to manage God's money in alignment with biblical wisdom and truth. Hey, if you'd like to support our work, perhaps you want to help us reach more people with this message, or maybe you've found something helpful in your own financial life. The way to do that is to become a faith five partner. These are men and women who support us at $35 a month. And as a, as a thank you, we send you four issues of our magazine, faithful steward and pre-release copies of our studies and devotionals, including our next study wisdom over wealth on the book of Ecclesiastes. The big thanks to my team today, Devin, Sandy, and Jim, you want to become a partner, just go to faithfi.com and click give, and we'll see you tomorrow. Faith in Finance is provided by Faith Buy and listeners like you.