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For everything, there is a season and a time for every matter under heaven. Ecclesiastes 3:1. Hi, I'm Rob West. God has designed life to unfold in seasons, and with each one come new challenges, opportunities, and sometimes new finish lines. Today, Cody Hobelman joins us to talk about why it's not only okay to adjust your financial finish line, it's often the wise and faithful thing to do.
And then it's on to your calls at 800-525-7000. That's 800-525-7000. This is Faith in Finance: biblical wisdom for your financial journey.
Well, we're glad to welcome Cody Hobelman back to the program. He's a certified financial planner and a certified kingdom advisor, and as of last month, now serving as a wealth advisor at Wealth Squared, alongside our friend Rachel McDonough. Cody is also a trusted contributor to our quarterly publication, Faithful Steward. And Cody, it is great to have you back with us. Thanks, Rob.
It's great to be here again. Cody, before we dive into your latest article for Faithful Stewart magazine, I'd love to have our audience hear about your experience as a Certified Kingdom Advisor. Would you take a moment and just share what you think makes a CK different from a typical financial advisor? Absolutely. I think the CKA exam and curriculum was one of the most impactful that I have ever taken personally.
The thing that sets a CKA apart from another financial advisor is the acknowledgement that scripture is our source of wisdom for life, but specifically our finances as well. And CKAs have a commitment to communicating truth, not just the expertise that we gain through practice. Yeah, well, I appreciate that. I think that really says it very, very well. And I think the differentiator is around the kinds of conversations a CKA has with his or her client.
And this topic today of finish lines, I think, is right in the bullseye of the types of different conversations you and other CKAs are having. I'd love to dive into that. You've been exploring the idea of financial finish lines, beginning with the concept of a lifestyle finish line. But in your latest Faithful Stewart article, Cody, you have. An article called A Spending Finish Line Is Just the Beginning, where you make the point that your first finish line doesn't have to be your last.
Talk about why that's an important perspective for people to understand. Yeah, I think the idea of setting a finish line can feel very final, and there's a pressure to get it exactly right. But over the years, we've learned that it's not necessary to get it exactly right, it's more important that we're growing in our journey. And so, I like to remind folks that this is a way that we can set our first finish line. And through practice, we're going to refine it.
And over time, we're going to learn how to actually live life with a finish line appropriately. In fact, there's probably situations where we should consider adjusting our finish line throughout time. Yeah, and let's dive into that a bit. When should someone consider revisiting or adjusting their lifestyle finish line? I think it's healthy, just like a financial plan, to take a look at our financial finish line annually because a lot can change in a year.
But certainly, when there are big changes in our lives, maybe it's a new person that we're financially responsible for, or a person that we're no longer financially responsible for. It could be moving to a different geography where the cost of living is dramatically different, or just major events in life like changes to our health. These all could change what it costs to maintain the same lifestyle and would be triggers that would cause us to take a second look at our financial finish lines. Yeah.
Now, as a part of this, we're going to dig into some of the mechanics of what it looks like to set a lifestyle finish line and how you can determine what is truly enough for retirement and what about some of the unknowns in your life. We'll get into all of that. But before we head to this first break, Cody, I'd love for you just to describe and the work you've done at finishlinepledge.com, just some of the fruit, the benefits that come by capping your lifestyle and setting that finish line, even in your own spiritual journey. Yeah, I'd love to. I think the idea when we talk about limits or caps, it sounds like a restriction.
But what I've actually found is this is actually a way that we can gain freedom. And this is a biblical principle in other areas of life. It's just a tool that we can use to apply in how we manage our financial resources. And so, through setting a financial finish line, what I've actually found is contentment, peace, and purpose in my own life.
So good.
Well, folks, if you want to learn more about what Cody's doing, head to finishlinepledge.com. That's finishlinepledge.com. We're going to take a quick break when we come back. Much more with Cody. We'll get into some of the mechanics of how you should think about a finish line, when you should adjust it, and how you get started.
We're talking with Cody Hobelman today. He's a wealth advisor at Wealth Squared. His article appears in the latest edition of Faithful Stewart. If you'd like to learn how you can get a copy, go to faithfy.com/slash give. What if managing your money could actually draw you closer to God?
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I'm Rob West. With me today, my friend Cody Hobleman, Certified Kingdom Advisor and Certified Financial Planner. He's a wealth advisor at Wealth Squared. He's also a frequent contributor here at Faith Vi. And in our recent edition of our Faithful Steward magazine, he had a really powerful article on changing your financial finish line.
Now, you may say, what is a finish line?
So, Cody, before we get into some of the finer points of this, just give us a simple definition. What is a financial finish line? A financial finish line is simply an answer to the question how much is enough. It helps us separate between what we intend to consume for our own use and what we choose to make available for investing in God's kingdom. Yeah, that's so helpful.
Now, I know you emphasize that a lifestyle finish line, and let's just describe the two. We can have a lifestyle or a spending finish line, and that's important. We can also have an accumulation finish line that really is about our balance sheet or our net worth. But that lifestyle finish line is just one piece of the broader financial picture.
So how does it go beyond just saving and preparing for retirement? Yeah, I think the lifestyle and the net worth or accumulation finish line can actually be related to each other. We can think about the ways that we use money as divided into four categories. First is personal spending. This is what we're going to use for our own lifestyle in the next month or the next year, for example.
Second bucket is planning ahead for the future. These are things that we're going to spend on our lifestyle in the future.
Next is taxes. We don't have to go into detail on that. We're all familiar. And the last is building God's kingdom. This is the portion that we've decided in advance we're not going to use on ourselves.
And so the lifestyle finish line helps us understand what's an appropriate amount to spend on ourselves and our lifestyle. And this can help us inform the way that we do retirement planning, how much we save for the future, and how much we invest. Yeah, that's exactly right, because that lifestyle finish line really drives the other finish line, which is how much you're ultimately going to need for a net worth finish line.
So let's unpack that a bit. Explain a net worth finish line, what it entails and how it works. A net worth finish line is really an amount that we think is appropriate to accumulate throughout our lifetime.
So this is a number that we can arrive at through financial planning. But at its core, this concept really comes from Luke 12 and the parable of the bigger barns, where the wealthy farmer accumulated far more than he ever needed, which created wastefulness and missed opportunities for his life. And so he expected to have a long life where he could mobilize all these resources in a number of ways, but he wasn't promised that. Yeah, that's exactly right. And you really highlight three areas of what you might think of as spiritual wrestling that play a key role in identifying that finish line.
So I'd love for you to just walk through those. Mm-hmm. Absolutely. The first area is the lifestyle finish line. This is how much our lifestyle costs right now.
And so we can think of that again in an annual amount or even in a monthly amount. Once we have an idea of how much we're going to spend, that can help us plan for the future. The second area is wealth transfer. We will not live forever, and someday somebody else will steward the resources that we are currently stewarding. And so we can think and plan ahead for how much is appropriate to pass on to our heirs or to the next stewards.
And finally, is the conservative margin because we don't know what will happen in the future. Life throws curveballs at us all the time.
So it may be wise to have a conservative margin, but there's a limit to how much we can actually rely on money as compared to God. Yeah, and that makes so much sense. I mean, when you have these three pieces that you just outlined, Cody, you know what your lifestyle finish line is, and you can run a math equation to determine how much you need to maintain that over the rest of your life, and then how much you want to leave to heirs, which is your wealth transfer finish line. And then that conservative margin for uncertainty, you can really back into a number.
Now, we don't want to make it all about financial mechanics.
So you want to take that along. Alongside your advisor, hopefully who understands these ideas, but make it a matter of prayer to ultimately arrive at that number. And then, as it relates to our conversation today, it can and does often change over time. Cody, though, when we find ourselves going beyond our finish lines, maybe over-accumulating, you suggest that there's an essential question we should be asking ourselves: what is it? I do think it's important to step back and ask ourselves: why am I holding on to these resources in the first place?
I think when we run through the filter of our Ephesians 2:10 purpose, the good works that God has set in advance for us, it can help to inform how we use resources today. Yeah, I think that's well said.
Now, when it comes to the finish line, you really emphasize that we should be continuing to give, even though we haven't reached that finish line. And I'd love for you to talk about the wrestling that goes into that idea. A finish line is really a tool designed to help you prioritize generosity in how you manage resources. And so, setting a finish line that might be more than you're currently earning, it may not feel like you have enough today. This was certainly the case in my story, but I wanted to prioritize generosity today, even when it didn't feel like I had enough.
So, I recommend that you continue giving, whether that's a percentage of your income or you set a giving goal, which is a dollar amount over a period of time. To actually build the habit of giving even before you've reached your finish line. And this helps you prepare for the future if God decides to give an increase in the form of financial resources. Yeah, and that helps us fight against this idea that that increase in standard of living shouldn't be in the way of increasing our standard of giving, which should be the big idea. All right.
So, now, Cody, some listeners might still feel unsure about where to begin. I mean, they hear this idea, it sounds actually really exciting, something they'd like to lean into. Can you offer a practical next step on where they should start? Yeah, I think an easy next step is to just try it for a period of 90 days. I've heard multiple stories, and this is actually my introduction to financial finish lines.
I decided to set a finish line for three months and see what I learned. And it honestly was transformational almost overnight. And it's been five years since that moment. That's powerful. And I know the implications are financial because if you set that finish line, you'll actually have more money that you can give away.
But there are spiritual implications to this as well. What does that look like in your life? Financial finish line really trained me to acknowledge God first in stewardship decisions. And so, in order to set a finish line, we must recognize that all of the resources that have been entrusted to us do truly belong to God. And so, it reorients us on how to steward his resources rather than trying to understand how much of our resources we need to give to God.
And it makes me think of 2 Corinthians chapter 9, where Paul writes to the church in Corinth, You will be enriched in every way so that you can be generous on every occasion. And through us, your generosity will result in thanksgiving to God.
So, there is a financial aspect to this conversation, but really, we are designed to be worshipers of our king, and this is one way that we can enter into that worship. Yeah, that's exactly right. Well, we're about out of time here, just about 30 seconds left. What's one key takeaway you can leave our listeners with today? The thing I'd like to leave with listeners is to try to take that next step.
It doesn't have to be final. It doesn't have to be set in stone for the rest of your life, but there is a next step for you on your journey of growth as a steward. Yeah.
Well, folks, if you want to learn more, we'd love for you to check out finishlinepledge.com. You can also make sure that you receive every issue of Faithful Steward when you become a Faith Vi partner. When you give $35 a month or $400 a year, just go to faithvi.com/slash give. Cody, thanks for being with us. Thanks, Rob.
Always great to be here. That's Cody Hobelman. He's certified financial planner and certified kingdom advisor, also wealth advisor at Wealth Square. A quick break and back with your questions. Call right now, 800-525-7000.
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Investing involves risks, including possible loss of principal. Hey, great to have you with us today on Faith in Finance. I can't wait to take your calls and questions today. I'm sure there's something on your mind in your financial life. We'd love to chat about it with you.
Here's the goal to help you live as a faithful steward. What does that look like?
Well, it's holding God's money loosely. It's giving generously. It's saving appropriately. It's seeking wisdom, which is found in the person of Jesus Christ, mining the scriptures, understanding the heart of God as it relates to this really important responsibility we have. And that is, you and I are money managers for the King of Kings, and we want to be found faithful in that.
That's a daily decision to trust God. and maintain an eternal perspective. And yes, answer those very practical decisions and choices you have to make every day.
So with whatever you're facing today, whether it's your lifestyle and how in the world do I stay on budget, or maybe it's your giving, you want to give more and you just don't know how, or maybe you're struggling to give and wanting to know where that fits into the hard choices you're having to make with your limited resources. We can talk about that. Maybe it's navigating the stock market. I realize the market has been quite violent. Volatile as of late.
And perhaps you're thinking about how does that relate to my 401k and where I go from here?
Well, any of those topics and more are in play today. The way you get in on the conversation is by calling 800-411K. 525-7,000. Our team is standing by. We're ready to chat.
800-525-7,000. We'll try to get you on quickly. Hey, before we head to those phones, let me mention we'd invite you to consider becoming a FaithFi partner. That just means you support us monthly at $35 or more. And in addition to helping us reach more people, we put resources in your hands that we think you'll really appreciate in your journey as a steward, including our magazine, Faithful Steward, four issues a year.
Our next issue is just about to come out here in the next week, and we can't wait to send you one. Also, we produce studies and devotionals on money themes around books of the Bible and characters.
Well, our next study is due out this month, and it's called Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money from lead writer John Cortinez, one of our great team members here and faculty, if you will, at Faith Phi.
So, both of those will go. out to you when you become a partner and you'll continue receiving all the additional resources in the months ahead. If you want to become a partner, just head to our website faithfi.com. That's faithfi.com and click give right there at the top of the page. All right, we're ready to dive in.
First up is going to be Nisha in Spring Hill, Florida. Nisha, how can I help you? Yes, sir.
So my father-in-law passed away in the early of March. We in March were able actually in April, we were able to get his VA stuff squared away. He was seventy years old. My mother in law is the survivor. She's sixty four at the time.
Next week, we have a um appointment with Social Security. And we just want to know how to come prepared. She's sixty four, she'll be sixty five next week, I mean, next year. And we just want I know they were saying that there'll be differences that change, but I think that she was wanting to take over his Social Security. Yes.
All right.
And what did you work out with the VA? Kind of, do you have a good understanding of what's going to happen there? I don't know. I wasn't there for that meeting, but I'm coming along with her for this one.
Okay. I'm actually not certain. Yeah, very good.
Well, I'm delighted that you're walking alongside her in that.
So, here's what will happen with your mother-in-law's Social Security.
So, if your father-in-law was receiving Social Security benefits, your mother-in-law would likely be eligible for survivor's benefits.
Now, this is based on his work record.
So, she can start receiving her survivor's benefits, again, based on his record, as early as age 60. But if she takes it before her full retirement age, she is going to receive a reduction against what his full retirement age benefit would be.
Now, if she waits until full retirement age, typically 66 or 67, if she's not already there, then she can receive 100% of his benefit.
Now, she can only receive that or her own, not both. And so, it would really come down to which one is higher, her own benefit or her survivor's benefit, which is based on your father-in-law's record.
So, she's going to need to bring a death certificate, a marriage certificate, social security numbers for both your mother-in-law and your father-in-law, her ID, and then bank account details for direct deposit. But that's generally what's going to happen as a next step.
Okay, thank you so much.
Okay, you're very welcome. If you have other questions after you make that appointment, don't hesitate to call back. I'm sure you're going to get it all squared away. And again, delighted that you're walking alongside her during what is already a difficult season, not to mention everything else on top of that. Hey, Nisha, stay on the line.
I want to send you a copy of a book that I think will be a blessing to your mother-in-law. Be sure to give it to her. It's called Wise Women Managing Money. And one of our friends here at Faith and Finance is Miriam Neff. And when her husband Bob passed away, she started a ministry called Widow's Connection just to serve and encourage widows as they were, among other things, taking over the family finances after their husbands passed.
And she wrote this book specifically for widows, and I think it'll be a blessing to your mother-in-law.
So stay on the line. We'll get your information. And just as our gift to you, we will drop that in the mail right away. We appreciate you being on the program. Let's head to Chicagoland.
Verna, thanks for calling. Go ahead. Hi, how are you? I just heard I heard about there's a company well, there's a government program that you can use when you have credit card debts, you consolidate. You pay it back at a low amount with no interest.
But I'm not sure. How to get to that program? And I would love to pay off my debts. It's around about twenty five thousand. Yeah.
Verna, I got to tell you, I don't think there's any such program out there. I mean, if anything, it might have been something somebody was using as what they would call clickbait to kind of get you to respond to something on the internet or over the phone or through the mail, because there is no certainly no federal program or any program for that matter that's going to allow you to pay off credit card debt at zero interest. You know, nor, in my opinion, should there be.
Now, there is an option to get that interest rate down, and it's through something called credit counseling, or you might hear it referred to as debt management, where every credit card company has what they call a credit counseling rate, which is a lower interest rate. If you're willing to close the account and pay through a nonprofit credit counseling agency, they'll drop that interest rate. And the combination of that lower rate with one steady level monthly payment is going to help you pay that debt off 80% faster. And the credit counsel. Agency will even help work with your budget to make sure that you know this can fit in your budget and this is sustainable.
But as to a program that's going to allow you to get that to zero, it just doesn't exist. And if you find it, feel free to pass it along. But I'm pretty confident you won't. If you want to check out a debt management program, we recommend ChristianCreditCounselors.org. They've worked with hundreds, if not thousands, of our listeners.
They're wonderful, godly people, and I think they'll really be able to help you with this $25,000 in credit card debt. Again, ChristianCreditCounselors.org. Thanks for your call. Again, folks, if you want to check us out and learn how you can become a FaithFi partner, it'd be a blessing to us. Go to faith5.com and click give.
Big thanks to Amy, Jim, Dan, and Anthony. Come back and join us tomorrow. We'll see you then. Bye-bye. Faith in Finance is provided by FaithFi and listeners like you.
