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Lewis's The Lion, the Witch, and the Wardrobe, Aslan tells Lucy, things never happen the same way twice. Hi, I'm Rob West. It's a good reminder that life brings changes. They're unavoidable, but how we choose to meet them is up to us. Sharon Apps joins us today with sage advice about preparing for life's transitions.
And then it's on to your calls at 800-525-7000. 800-525-7000. This is Faith in Finance, biblical wisdom for your financial journey.
Well, it's always fun and educational when Sharon Epp stops by. She's president of Kingdom Advisors. And Sharon, how would you say that the Chronicles of Narnia might give us insight into life's changes or transitions?
Well, most of us are familiar with C.S. Lewis's profound allegory for the life of Christ. And in the Chronicles of Narnia, Aslan represents Christ, of course. And in the quote you read, Aslan is comforting little Lucy Pevency about changes and challenges she and her siblings were facing. Oh, that's exactly right.
And it's a good reminder that changes never stop happening. And I know that's what you want to talk about today, right? It is. And you know, summer is a time when we look ahead to the school year. And I know for us, even we don't have kids in school, but we still make plans that mirror an August to May type school calendar.
Yes.
So let's look at a few transitions that you may be anticipating in the months to come, whether you have a child entering kindergarten or Rising senior anticipating graduation, you're planning a move, dealing with aging parents. Financial decisions are embedded in every life transition. In fact, our friend Mitch Anthony likes to say, money goes into motion when life goes into transition. It's easy to remember, but often hard to manage. Oh, it sure is.
And I've got one of those that you just rattled off. As you know, I've got a senior headed off to college, so we're in transition ourselves.
So I know you have a few suggestions, Sharon, for meeting and managing those changes, financial and otherwise.
So let's dive in. Let's go through the first one: pray for wisdom. New seasons require new wisdom. And there's two ways to learn in a new season, either through pain or wisdom. We probably all remember lessons learned through painful consequences of a poor decision in our teenage years.
We found out that pain is a really expensive way to learn.
So let's choose wisdom. Oh, that is such good counsel. We need to start there with wisdom. All right. What is next?
We want to go and seek godly counsel. Let's use an example here. If your oldest child is going to enter college this fall, what can you learn from other parents who have college graduates? What did they wish they would have done differently? What did they do well that they would want to repeat?
Yeah, and hopefully, with a lot of these transitions, you have a certified kingdom advisor providing that wise counsel walking alongside you as well.
Well, and how did you know? My next one is that financial decisions will accompany this life transition.
So, let's stick with a college student. You've thought about paying for college, but have you thought about what expenses your child might be responsible for? Will they have a part-time job? Will you provide a monthly stipend? And I like to call it that because that makes it specific.
But your bottom line is: what will you provide and what do you expect for them to provide? I have become very aware that college housing is no joke. It is not. It is this expensive.
Now, number four: decide ahead of time what you will do when things don't go exactly as. Planned. Do you have an emergency fund? What will you do when and if the child calls home to say they're out of money? That's always good to have a backup.
Absolutely. And then, number five, communicate your financial decisions now before the transition is complete. If it's the child going to college, be sure that you've clearly communicated what they're responsible for. If it's a move, have you clearly communicated with your realtor? The more we communicate our financial decisions, the more accountability we have to stick with them in the busyness of the life's transitions.
Well, you are exactly right. And I love that last point about communication ahead of time because that can make all the difference when life throws us unexpected curveballs. I agree. And I've actually found that these five strategies are really essential for staying grounded during the transition. If you're preparing financially for the child or even welcoming a new child into your home, if you're moving, if you're taking care of aging parents, these five still apply.
And taking the time now to lay the foundation will save a lot of stress later on. Wow, Sharon, this is such good advice. During this season of transition, be prepared for it. Have some wise counsel, and let's go back where we started today, Sharon. And that is be prayed up, right?
Absolutely. God's the one who can give us wisdom when we ask. That's what he says. I love it.
Well, Sharon, thank you for stopping by. We always appreciate your wisdom that you share with us. Great to be here. That's Sharon Epps, president of Kingdom Advisors. You know, we mentioned a certified Kingdom Advisor, and if you'd like to find a CKA to journey alongside you through life's transitions, just head to our website and click Find a Professional.
That's faithfi.com. All right, your calls are next: 800-525-7000. Don't go anywhere. Are you a financial professional looking to grow your practice while offering advice that aligns with your Christian values? By becoming a certified kingdom advisor, you'll gain the biblical wisdom and professional credibility to serve clients who are seeking faith-based financial guidance.
Each year, more than 75,000 people search for a certified kingdom advisor. Join our community and share your expertise with clients looking for someone who shares their faith and values. Start your journey today by going to kingdomadvisors.com/slash get certified. Wondering who Faith and Finance recommends as a banking partner that aligns with Christian values? It's Christian Community Credit Union.
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$150,000. This institution is not federally insured. Hey, thanks for joining us today on Faith and Finance. I'm Rob West. Looking forward to taking your calls and questions today as we turn the corner to tackle anything financial.
The number to call today: 800-525-7,000. We've got plenty of lines open that probably won't be the case for long, so now's the time to call. You'll get right through: 800-525-7,000. We can tackle any question that's on your mind today, help you process that through the lens of scripture. Our goal is that you'd see God as your ultimate treasure, living as a faithful steward, seeing money as a good gift, something that can rival our heart.
So, we have to be on our guard, but it is to be used for our enjoyment, for us to give generously, for us to invest purposefully. We want to help you do that each day on this program. Again, that number 800-525-7000. We'll dive into those questions here in just a moment. But first, in the news today, a new savings plan for kids nicknamed Trump.
Accounts is reportedly now included in the Senate version of the one big beautiful bill that lawmakers are wrestling with on Capitol Hill. If passed, it could open long-term investment opportunities for millions of young Americans. Here's how: a thousand dollar seed deposit from the federal government would be placed in each eligible child's account at birth. Children must be U.S. citizens born between January 1st, 2024, and December 31st, 2028, to qualify.
Parents can contribute up to $5,000 a year in the account. Funds would be invested in diversified stock index funds and grow tax deferred. Here's how the withdrawals would work later. At age 18, up to half of the funds for education, home purchase, or starting a business could be withdrawn. At age 25, the child would have full access, but for those specific reasons: education, home purchase, starting a business.
Then at age 30, funds in the Trump accounts could be used for any purpose.
However, withdrawals for qualified uses that I mentioned would be taxed at long-term capital gains rates, while non-qualified uses would be taxed at ordinary income rates. And if parents don't open the account for the new child, well, the Treasury Department will open one automatically.
Now, while this plan could spark early wealth building, it's no substitute for biblical stewardship.
So, alongside this, we want to be teaching both financial literacy, you know, the dangers of debt, the importance of working hard, living within your means, saving for the future, and also a biblical worldview that God owns it all, and we're stewards, and money is a tool right on down the line.
So, hopefully, this is something that would be helpful to you, and you would take full advantage of. We'll keep you posted as to whether or not this is going to see the light of day as it works its way through the Senate. All right, let's take your questions today. Lines are filling up, but we've got a few for you: 800-525. $45,000.
You can call right now. Speaking of just starting out in the stock market, I think that's where Mary wants to go in Marion, Ohio. Go right ahead. Hi, Rob. I'm new to the show.
Proud to be on here. Thank you so much for having me. Yeah, of course.
So first off, thank you for accepting my call. My question is around understanding basics of the stock market and avoiding scams. Hmm. Yeah. Very good.
Is this for you or for someone else? for myself.
Okay. Yeah. Very good. Well, I want to do the first thing I'm going to do when we're done here is you stay on the line. I'm going to send you a resource.
It's called the Sound Mind Investing Handbook, and it's going to really get you started with some education both on just the blocking and tackling the mechanics of investing, but also from a biblical worldview. Again, it's called the Sound Mind Investing Handbook. The website soundmindinvesting.org would be helpful to you as well. They had just some great articles and resources, again, all from a biblical perspective. In terms of investing, you know, the key is to understand that, first of all, investing is ownership.
And so I think you want to consider not only what is the right mix of investments, because proper investing involves diversification. It's the principle we see in the book of Ecclesiastes and God's Word, where it says, you know, don't put all of your eggs in one basket, essentially. Put your things in seven, even to eight. And so the idea is you don't want to be highly concentrated. In any one investment.
So, when you're just getting started, the way you diversify or spread out that risk is you own lots of different companies. And so, that's where a mutual fund, which is essentially a basket of stocks or bonds, will come into play, or an exchange-traded fund, which is essentially something that trades like a stock, but again, holds lots of different investments. Mutual funds and ETFs, as they're called, are a great way to diversify. But the key for you is to pick how much you're going to put in, either a one-time investment or better yet, maybe a systematic investment, and then open an account at one of the discount brokerages like Charles Schwab or Fidelity, very low cost, and basically give you unlimited investment options.
Now, the type of account would come down to the time horizon. If this is something that you're wanting to start and you really don't plan to touch it until retirement, then I would suggest perhaps a Roth, R-O-T-H, Roth IRA.
So, again, going back, you'd open that account at Schwab or Fidelity. Fidelity, you'd open a Roth IRA. And if you're under 50, you could put in up to $7,000 for the year. If you're over 50, you could put in $8,000. And you can do that anytime before you file your 2025 tax return.
And then you're going to need to pick the investments. And that's where Sound Mind Investing could help. You know, you would essentially select those ETFs or mutual funds that are appropriate for your age and risk tolerance, giving you ownership. companies that would grow over time. That would be the goal.
It might pay off some income in the form of a dividend while you're waiting. And then eventually down the road, you could sell them after they've appreciated. And with the Roth IRA, you wouldn't pay tax on any of that gain or the growth that happens between now and when you need to start accessing the funds. The key with investing is the power of compounding. That systematic investment that you make is buying shares of a stock or a mutual fund or an ETF.
And as it grows, it's compounding.
So, you know, it grows faster over time as that money is working for you. And then you'll end up with something that's meaningful that you can access down the road to supplement Social Security. In terms of avoiding scams, you know, I would just say scams are on the rise. And so we need to be on our guard. The most common would be related to somebody doing a phishing scam where maybe they send you a fraudulent email trying to impersonate a reputable company.
And when you click the link and provide your information, either your account information that they would then compromise or your personal information that they would steal and try to open accounts in your name again, fraudulently. That's usually the biggest risk. And so I would just be careful. You know, I wouldn't click on links and emails to provide your information unless you've navigated on the web directly to that reputable company. I wouldn't give out information over the phone to anybody calling, even if they say they're with a government agency or the IRS or, you know, a.
A reputable institution. I would just say, listen, I don't give out information for unsolicited calls. And then if you think it might be legitimate, you call them back, but not with the number they gave you. You get the number independently where it's from a trusted source like the company or the government agency's website. You call them.
And then if they need information, you can provide it at that time.
So hopefully that helps you. I know I've thrown a lot at you there, Mary. I think this book will help get you pointed in the right direction, give you some things to think about.
So you stay on the line. Our team's going to get your information and we're going to send you the Sound Mind Investing Handbook. And I think it'll be a great resource for you. Thanks for calling today. We appreciate it.
Well, folks, we're headed to our next break. We've got room for a few more questions today.
So there's something on your mind financially, you'd love to make that decision with some wise counsel rooted in God's word, not because it comes from me, but because we look to scripture to pull these principles out, well, this is the place for you. We'd love for you to call. Right now at 800-525-7000. We've got room for a few more questions in our final segment today. Again, that's 800-525-7000.
This is Faith and Finance, biblical wisdom for your financial decisions. Back with much more just around the corner. Stick around. At FaithFi, we believe that money is a tool to advance God's kingdom. When you become a FaithPhy partner, you help more people discover the freedom of biblical stewardship and the joy of seeing God as their ultimate treasure.
As a thank you, you'll get early access to our newest studies and devotionals, our quarterly Faithful Steward magazine, and the pro version of the FaithFi app. Become a FaithFi partner with your gift of $35 a month or $400 a year at faith5.com slash partner. We are grateful for support from Crossmark Global Investments. They are a faith-based firm with a goal of offering values-based investments to help align financial choices and faith, ensuring a portfolio that reflects what matters most. Crossmark does this through investment solutions that span the capital market spectrum from large cap to small cap strategies, including equity, fixed income, and balance strategies.
They are led by industry veteran Bob Dahl, CFA, a regular guest on the Faith and Finance program. More information is available at CrossmarkGlobal.com. Great to have you with us today on Faith and Finance. The lines are nearly full. Looks like we've got one line open, 800-525-7,000 is the number to call.
Let's go to Florida and welcome Deidre to the broadcast. Go ahead. Hi, thank you for taking my call. Just wanted to get your advice regarding buying precious metals like silver, gold, coins or bars for passing on to children, grandchildren, and how would they go about selling them or redeeming them for the monetary value after? Yeah, very good.
Here's what I recommend, Deidre. I wouldn't put more than 10% of your investable assets in gold just because gold typically is a little more volatile. It doesn't have as much long-term performance as stocks and bonds, and it doesn't pay any income. And to the extent you take physical gold, which I'm not against, but just you've got to store it and you have dealer markups when you buy and sell it.
So for that reason, I'd limit it to 10%. In terms of how to think about that 10%, I kind of like the idea of having a 5% forever allocation, something similar to what you're describing, where you'd buy the physical gold, whether that's bars or coins, and then you would hold it for the rest of your life and pass it down. And then if you wanted to go up to a full 10%, perhaps with that second 5%, that's where you could buy like a gold ETF and add it to your investment portfolio. And that allows you to fairly easily, if you want to lower your exposure, You can sell that like a stock as long as the market's open pretty easily. You don't have to store it or take possession of it, anything like that.
And so that would allow you between the two, the physical and the ETF, to get up to that full 10% allocation if that's what you decided to do. In terms of how to think about the physical gold, you know, it's really all about, in terms of protecting it, security, insurance, and access.
So a home safe that's fireproof and bolted down could offer quick access. Be sure it's hidden and that you've updated your insurance to cover the precious metals. You could use a bank safe deposit box, very secure, only accessible during banking hours, but banks typically don't insure the contents.
So you would need to have a private policy for that. And then the third option, depending on how much, but for larger amounts, people will use private vaults or depositories that specialize in precious metals. And They offer high security, full insurance, and some even offer audited storage.
So, you know, I think any of those could work for you, depending on what you're talking about. And then I just find a reputable dealer. You could, you know, look at some reviews online. You know, we'd be happy to connect you with somebody if you'd like, but you'd want to buy it from a reputable dealer. You will have a markup on the purchase.
And then when they inherit it, they could turn around and sell it the same way. You just want to look for a reputable dealer that could facilitate the sale for you. Does that make sense? Yes, thank you so much for your help.
Okay, God bless you, Deidre. Thanks for calling today. Let's go to Illinois. Hi, Frank. Go ahead.
Hello.
So I've been very fortunate and blessed, and I've reached a point in my life where I'd like to start giving back more. And I was just curious if because if tithing as giving to animal charities and foundations, does that count towards tithing? Or is how is that related Or is that meant specifically to give back to other fellow people? Yeah. Yeah, it's a great question.
You know, this is a topic that's been long debated in the church, just in terms of how do we think about the tithe? Because when you go back and look at it, you know, you will see many instances of the tithe. In fact, I believe, you know, you're going to see the idea of tithing 15 times in scripture. The word itself is used almost 50 times. And if you look at it, it's largely in the Old Testament.
There was actually three tithes, a part of the Mosaic law. One of them was every three years.
So it came out to be about 23 and a third percent. But the idea was consistent. And the word tithe means a tenth. And it was based on your increase, your first fruits. In an agrarian society, that was often the first fruits of the harvest.
We would most, you know, likely see that today as the first fruits of our income or whatever increase comes our way. And then We do see it referenced in the New Testament, but what's interesting is, and this is probably more than you want, but it's just, I think it's fascinating when we look at it, is when we look at, you know, really the richest and the longest teachings on money given by Jesus and the apostles in God's word, and we look at those 21 chapters in John and Mark and 2 Thessalonians and 1 John and Acts and James and 1 and 2 Corinthians, what's really interesting is you might think that that would come up, you know, the tithe would come up. But when we look at how many times Christ or the apostles mention tithing in those primary 21 teachings about money and giving in the New Testament, the tithe comes up zero times. It's just not there. Again, it's referenced a few times, but it's not a part of those most significant teachings.
So what do we do with that?
Well, I think what we do is we say the tithe is a great guideline. I like the idea of the tithe as the starting point for our giving. It gives us to give systematically and proportionately. But I think New Testament giving is really, you know, so much bigger than that. You know, to whom much is given, much is required.
And Jesus celebrates the sacrificial gift of the widow who gave her last two copper coins out of her poverty. And so we, those of us who have seen what Jesus did for us on the cross, I think should be even more generous because remember, none of it's ours. It's all his. The question is, how much should we keep? And so we should be givers.
We should order our financial lives to give.
Now, I gave you a lot there, and you just asked a simple question.
So let's talk about your question. One of the ways I think we honor the Old Testament tithe is by giving faithfully to the local church to advance the gospel and rightly compensate our spiritual leaders. And this was clearly a part of the Old Testament Mosaic law tithe, and it was called the Levitical tithe. And it was that tithe that was given to support those Levitical priests in the temple. And so I.
I think if we're going to honor the tithe and use that as a part of our giving, giving a tenth on our increase, I think that should start with the local church.
So I think my answer to you would be: should that go to the church versus another secular charity like one that supports animals? And animals are God's creation.
So I have no problem with you supporting animals. But I would say for that which you're considering the tithe, I would give to the local church. And then you're giving beyond that, certainly things that are your passion would be great. I personally would prioritize those things that are on the heart of God in scripture. And actually, we have a great article in this, in Faithful Steward issue one, called Aligning Your Giving with God's Heart.
I want to send you a copy of it, and I want you to read that article because David Wills does a great job at looking through scripture and saying, what are the places that are on the heart of God as it relates to our giving? And he unpacks each of them. And I think as you read this, it might be an encouragement to you.
So stay on the line. We'll get that out to you, Frank. We appreciate your call today. I hope that was helpful to you.
Well, folks, thanks for being along with us today.
So thankful for your comments, your kind remarks about the program. You know, it's my high calling and privilege to be able to come alongside you each day and tell you you can do this. You can be that wise and faithful steward that you want to if you're thoughtful about it, if you lean into God's word, if you heed the counsel of scripture and not the consensus of this world. And we want to help to encourage you to that. And big thanks to my team today: Brent, Adam, Jim, Taylor, and everybody here at Faith By.
We'll see you tomorrow. Faith in Finance is provided by Faith By and listeners like you.
