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A recent survey found that nearly one in four Americans has no emergency savings, and more than a third had to tap into their savings just to get through the last year. Hi, I'm Rob West. When it feels like you're barely staying afloat, it's easy to believe financial freedom is out of reach. But with small, faithful steps and a little steady plotting, you can build stability over time. We'll talk about that today.
And then it's on to your calls at 800-525-7000. That's 800-525-7,000. This is Faith in Finance, biblical wisdom for your financial journey. Here are a couple of additional statistics from the survey highlighting the growing prevalence of financial instability. According to Bankrate, only 46% of U.S.
adults have enough savings to cover three months of expenses. 33% of U.S. adults have more credit card debt than emergency savings. Clearly, many of us are one crisis away from financial chaos. Before we discuss investing or building wealth, we must lay the foundation.
Living on less than you earn. That's the bedrock of financial wisdom. And it starts with a plan. That's where a budget comes in. John Maxwell put it well when he said, a budget is telling your money where to go instead of wondering where it went.
Without one, it's easy to drift, overspend, and stay stuck. But with a plan for your money, you can start giving, building margins, saving, and investing. If you need help getting started, the FaithFy app is a powerful tool that will Will help you build a spending plan rooted in biblical wisdom. Just visit faithphi.com and click on the app tab. And remember the wisdom of Proverbs 6, where Solomon writes, Go to the ant, O sluggard.
Consider her ways and be wise. Without having any chief, officer, or ruler, she prepares her bread in summer and gathers her food in the harvest. The ant doesn't wait for a crisis. It stores and prepares in advance. That's what a budget helps you do.
It's not about restriction. It's about wisdom, creating margin today so you're ready for whatever tomorrow brings.
So why is investing an important next step in that journey?
Well, budgeting helps you live within your means, allowing you to have a margin. But investing enables you to take that margin and grow what God has entrusted to you. Money sitting in a checking account will lose value over time due to inflation.
However, through steady and wise investing, your money begins to work for you through the power of compound growth. Proverbs 21:5 says, The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty. Or, as the living Bible paraphrases it, steady plotting brings prosperity, hasty speculation brings poverty. That's a perfect image for wise investing. It's not about quick wins or chasing trends, it's about slow, consistent, faithful action over time.
God honors that kind of diligence. But let's be clear, financial freedom doesn't mean independence from God. Far from it. Deuteronomy 8 reminds us that even the ability to create wealth comes from him. He provides, and by his grace, we steward what he gives with wisdom.
Investing is one way we live that out.
Now, you might be thinking, that's great, but I don't make enough to invest. If that's you, let me gently challenge that assumption. Let's say you invest just $100 a month starting at age 25 and earn an average annual return of 8%. By age 65, you'll have over $300,000. That's not from winning the lottery or an unexpected inheritance.
It's from steady, disciplined action over time. And while many of us could and probably should invest much more than $100 a month, this example shows that even small amounts, given time and consistency, can grow into a significant balance. If you're unsure where to start, there are great tools available. Robo-Advisors, such as Charles Schwab's Intelligent Portfolios, or platforms like Betterment, offer simple, cost-effective, diversified investment options that can be set up with just a few clicks. You don't have to be a financial expert, just a faithful steward.
And Proverbs 13 reminds us, wealth gained hastily will dwindle, but whoever gathers little by little will increase it. God isn't asking for perfection, he's asking for stewardship. Start where you are and stay the course. Finally, don't lose sight of the bigger purpose, generosity. We don't build wealth to hoard it for ourselves.
We build so we can live with margin, give joyfully, and participate in God's kingdom work. When we invest wisely and manage well, we position ourselves to bless others, and that's a calling worth pursuing.
So if you've been feeling stuck and unsure where to begin, let me encourage you to take the next small step, build a budget, create margins, save a little, invest a little, trust God with the process. You'll be amazed at what he can do through your faithfulness. All right, your calls are next. The number is 800-525-7000. I'm Rob West, and this is Faith in Finance: biblical wisdom for your financial journey.
Are you looking for a better way to align your faith with your finances? The Faith Phi app is here to help. With tools to track your spending, plan your giving, and grow in wise stewardship. You'll learn to see money not as your security, but as a tool for God's glory. Rooted in biblical principles, FaithFi equips you to trust God more fully and steward his resources faithfully.
Download the FaithFi app today from your app store or visit faithfy.com and click app. Wondering who Faith and Finance recommends as a banking partner that aligns with Christian values? It's Christian Community Credit Union. When you open a high-yield checking, savings, or visa cash back card, you'll help advance the gospel when making everyday transactions. Visit faithfy.com/slash banking and use code FAITHBY when you sign up.
That's faithfy.com/slash banking with code FAITHFI. Membership eligibility required. Each account is insured up to $250,000. This institution is not federally insured. Great to have you with us today on Faith and Finance.
We're helping you live as a wise and faithful steward, seeing God as your ultimate treasure and money a tool to accomplish God's purposes. I just got the final draft of the new Faithful Steward issue three.
Now, it's not due out till September. It's headed off to the printer here in just another week or two once it goes through final edits. But let me tell you, it is beautiful. And even more than that, it is full of rich content. We're tackling, well, the theme for issue three of Faithful Steward is your work matters.
And it really is a deep dive into a biblical understanding of work, which I think so often gets lost among Christians, God's design for us as workers. And the article is just phenomenal. We take a fresh look at the ancient practice of tithing. You know, tithing has become the modern giving standard, but what does the Bible really say about it? We have a great article.
That takes a deep dive into the tithe. There's also just an amazing article on financial next steps after losing a spouse. You know, we hear from so many listeners that are just months, if not weeks, perhaps even just a few years beyond the loss of a spouse. And they're Thrust into the role, among other things, of managing finances. And perhaps that was something that their spouse had taken care of.
And now we're just wondering, where do I go from here? Really thoughtful article around some next steps as you process those unexpected financial decisions and take your first faithful steps forward.
Now, some of the other articles, we tackle the seven marks of a good steward, six great money dates. We give you some practical ideas on how you can have a money date with your spouse. We give you the location, what the activity is for that date. That's really cool that we were able to put that together for you to kind of invest in your marriage, but also take some steps around your money at the same time. Creating a shared vision for blended family finances when you have a blended family.
Is it okay for married couples to have separate checking accounts? How to live simply and give generously. Randy Alcorn contributed that article, an article on the Saturn. Sabbath, your rest matters too in a world that never stops. Could rest be your most radical act of trust?
That's the article that's in the work and retirement department. And then finally, QA with Ron Blue: Is it okay to be unequally yoked in business? I'll tell you, it's an incredible issue. I can't wait for you to get your hands on it. If you're not a FaithFi partner, that's going to ensure by becoming one that you're going to receive Faithful Steward issue three when it gets mailed out in just a couple of months here.
So head to faith5.com/slash give to learn more. Again, that's faithfi.com/slash give. All right, let's head to the phones. 800-525-7000 is the number to call. Carolyn is in Texas.
Go right ahead. Hi, thank you for taking my call. I have a friend who wanted to know how to invest directly into Israel's stock market. Yes. You know, I think one of the great ways to do that, Carolyn, is through a mutual fund where you're not actually having to pick the individual Israeli companies.
And one of my favorites, it'd be worth looking at, is from our friends at Timothy Plan.
So you would know, first of all, that every investment in there is going to align with your values as a Christ follower. But they do have one of their funds that is specifically focused on Israel. And it's called the Israel Common Values Fund, Israel Common Values Funds. And if you just put that in your search engine or go to TimothyPlan.com, you can read all about it. And I think that would be a great way to be invested in Israel, to take advantage of the great companies of Israel that are growing.
Phenomenally. I mean, what they're doing in the tech sector is amazing. But also to know that you're properly diversified, meaning you're not having to pick individual companies, but you've got a basket of companies, and every one of them is not only based in Israel, but screened for Christian values. I think that could be a great way to go. How does that sound though?
Sounds good.
Okay. I'm sure my friend will like that.
Okay, now here this one is for me. I'm eighty three years old. I get five hundred dollars a month plus my Social Security. I have no mortgage. My house is valued at three hundred sixty thousand dollars.
But I have iron pipes under my house, which are disintegrating, and I need to replace them. And it's going to cost between 35,000 and 50,000. And I wanted to know. Where could I get financing at my age and my situation? To cover to help pay for this.
Yes, very good. Did you say you own the $350,000 home free and clear? That's correct. Yes. Okay.
You shouldn't have any trouble. I mean, regardless of your age, Carolyn, you know, the fact that you own that home free and clear means that, you know, a home equity loan, which is what I would recommend, or probably a line of what's called a home equity line of credit. Reason being, the home equity loan is generally going to have a fixed rate. And with interest rates a little bit higher right now, you know, a home equity loan is going to probably be north of 7.5%, maybe even north of 8%. But if you get a home equity line of credit, it's a variable rate.
And the good news about that is as rates come down, and they will start coming down here in the next six months, then your rate will come down with it. And so you could get a $50,000 home equity loan on your home, and you'd only have to pay interest if you wanted to, but you also could pay the principal back as well over time. But even though you're 83 and you're living on Social Security plus the $500 a month, it's going to be a very low risk. Loan for the lender because there's so much collateral there. I mean, basically, they're going to put a lien against your house for only up to $50,000, and the home is worth $350,000.
So it's not going to be hard for them to collect that if for some reason you didn't pay it back.
So I would perhaps head to your bank or your credit union. If you're comfortable online, I could give you some other suggestions as well. But I don't think you're going to have any trouble getting a home equity line of credit.
Okay, that sounds very good. Thank you. No, I'm not very good at the computer at all.
Okay. So, all right. Thank you so much. I appreciate your help. Thank you.
You're very welcome, Carolyn. Thank you for calling today. You call anytime. Let's go to Pennsylvania. Hi, Ellen.
Go ahead. Hi, my brother and I were talking. He's 66 and plans to work till he's 70 and wants to be able to Save. in some kind of fund, like after he's gone, to help his adult uh autistic son. He's in like a a group home, like a dorm building.
So he's, yeah.
So, the best way to do that, I mean, there's something called an able account, A-B-L-E, which is very easy to set up, very low cost. The problem is, you know, you're going to run into the limits on that pretty quickly. And if it needs to last him the rest of his life, you know, you may not be able to put enough in there. And so, that then involves something a little more complicated and costly, but will serve him well, which is a special needs trust. And you'd want to go to an attorney who specializes in this area.
Your brother would set it up, or the two of you, you'd fund it with either cash or assets or investments or whatever it is. The individual with the special needs would be his adult son would be named as the beneficiary. And then, one of the key features is that it's structured in a way that preserves the beneficiary's eligibility for means-tested government benefits.
So, it keeps the trust assets separate from his son's. Own assets. It limits the control and, you know, his control over the trust, but it doesn't count as a resource for the purposes of determining eligibility for benefits like Medicaid and SSI.
So it's a complicated process. It's going to be, you know, it's going to probably cost you a few thousand dollars, but it'll set him up so that when you and your brother are gone, his son will have the assets he needs once it's funded and it'll work well with the government assistance that'll be available. Does that make sense? Great. Yep.
That's what we were wanting. Yeah, so it's called a special needs trust, and you're going to want to connect with an estate attorney to get that drawn up. Thank you for calling, Ellen. We appreciate it.
Well, the lines are filling up. We still have a few open. If you have a question, call right now: 800-525-7000. We'll be right back. We chase money thinking it'll bring security.
We seek success, hoping it'll satisfy. But the book of Ecclesiastes exposes this truth. Lasting contentment isn't found in what we own, but in a personal relationship with wisdom himself. Jesus. Faith Vi's study, Wisdom Over Wealth: 12 Lessons from Ecclesiastes on Money, will help you break free from empty pursuits and discover what truly lasts.
Purchase your copy today or place a bulk order at faithfy.com slash shop. As the leading advocate for the Christian financial industry, Kingdom Advisors serves the public by promoting the integration of a biblical worldview across every aspect of the financial services industry. And we serve a growing network of thousands of Christian financial professionals, equipping and empowering them to carry biblical financial wisdom to their clients, peers, and community. For more information, visit kingdomadvisors.com. That's kingdomadvisors.com.
I'm so thankful to have you with us today on Faith and Finance. We're taking your calls and questions, 800-525-7000. One of the ways you can support our work here at Faith and Finance, if you love the broadcast, you listen regularly, is to become a Faith5 partner. And as a thank you to your support of $35 a month or more, we'd love to send you some resources that I know will encourage you in your stewardship journey, including each new study and devotional we come out with, like our brand new study, Wisdom Over Wealth, 12 Lessons from Ecclesiastes on Money, a deep dive into this rich book in God's Word that has so much about the brevity of life and how we should think about the resources that God has entrusted to us. We'll also send you four copies of our magazine, Faithful Steward.
It's beautiful. It's full of rich articles that will encourage you in your faith and in your stewardship journey, but also with some really practical advice. And you'll get a pro subscription. To the FaithFi app, where you can manage your budget and access the digital resources, the digital versions of our magazine and devotionals, and more. To learn how you can become a FaithFi partner and help us get this word out through this broadcast and reach more people in the coming year, just head to faith5.com/slash give.
That's faithfi.com/slash give. All right, back to the phones here in the final segment to Texas. Hi, Jeff. How can I help you? Yeah.
Hello.
Well, I've got a different question from everybody else, basically. I'm 70 years old, have no savings whatsoever. I still work full time. Keep the bills paid. uh get a little bit of income from social security.
And uh oh I'm just wondering what your advice is. My my wife of about fifty years. just has all she's always refused to save money. She does not she will not do it. And uh so I just um wonder if you have some advice or What is your idea there?
Yeah, Jeff, I appreciate that. You know, that's a tough situation. I would say, just with regard to the saving itself, and we'll talk about the conversation perhaps to have with your wife secondly, but it's never too late to start saving.
Now, I realize if she's kind of working against you to this end, that's challenging. But I would say, to the ability, so long as you have the ability to do this, I would focus on what you can control, which is if you're still working, start by setting aside a small percentage of your paycheck. I mean, start somewhere with a strict budget, and even small sums will add up over time. You know, maybe you take 5% or you set up an automatic transfer if you're comfortable with using an online account. But even if you're not, you could do this with you just as you cash your paycheck or something, just starting to sock away some money as you're able to.
You know, that really is the key. And that all starts. With you living within your means, in fact, below your means, so you have something left over that you can start socking away. And even $20 or $50 a month, again, will start to give you some of that buffer that you can fall back on when the unexpected comes. In terms of thinking about approaching this with your wife, we talk a lot about temperaments here, which your temperament is God-given.
It's different than your personality. It's the wiring that drives your natural thoughts, behaviors, and responses. And that includes how you handle money. And, you know, I'm of the temperament, what we call the yellow temperament, that really where I see money as something to be enjoyed.
Now, I've developed as the money guy, disciplines on saving and living within my means, but just kind of left to my natural temperament, I would see, you know, money as an opportunity to create experiences for my family, to be generous and give it away. I'm very optimistic. I'm a Glasses half full, kind of guy. And that leads to challenges, which is impulsive spending and dislikes and budgeting as being a challenge. And so I think, you know, you sitting down with your wife and having an honest, gentle conversation about future needs, not in terms of blame, but as a shared goal to provide security for both of you.
And acknowledging that, you know, this is not about you controlling her, but that, you know, you know that it's. You like and enjoy spending money just like she does. But at the same time, we have to balance that with prudence and wise stewardship because we're accountable to the Lord and ultimately it all belongs to him. And so, therefore, we need to follow the principles we see in scripture: namely, living within our means and having some margin, meaning we don't spend right up to the edge because a portion of what God entrusts to us today, we need to set aside for the future because the unexpected will come. And the Bible is clear about that.
So, I would say two things. Number one, once you've prayed, I would have that conversation with her about future goals, the why behind the savings, not just correcting her about, you know, or blaming about what she hasn't done in the past, but it's really about you all coming together to have a vision for where God is taking you and how money as a tool can help you accomplish that. And having some savings is going to be key there. And then the practical step is. Is maybe you say, listen, I'd like for us to set a goal to have a simple emergency fund, $1,000, so unexpected expenses don't derail us.
And it's not about progress or it's not about perfection, it's about progress at that point. And so I would look to reduce expenses where possible, and that needs to be a joint effort, you and her, and then save what you can, a little bit at a time with a goal of getting to $1,000. And once you accomplish that goal, then let's get to one month's expenses. And once we get there, then we're looking for three to six months' expenses. You just kind of move on through.
But make this a matter of prayer. Ask the Lord to soften her heart. And when you come with a gentle and honest conversation, I think around the why of your saving, which is goals and values-based, not to be a correction or to blame her in any way, perhaps she'll receive that in a different way. Does that make sense though, Jeff?
Well, it's about the only thing that does make sense for sure.
Well, listen, I believe the Lord can work in this situation and perhaps as a part of this can even draw your hearts closer together.
So I'm going to be praying for you, Jeff, as you have that conversation. And I would say set that small achievable goal. Cast that vision for you guys working together to achieve it. Set the expectation as to why you're doing it. It's again, it's not just about controlling her spending.
It's about you all having the bigger why, which is the goal of having some margins so that you have something to fall back on when the unexpected comes. And I believe you all can get to $1,000 and then move on up from there. And if I can help further, don't hesitate to reach out. God bless you, my friend. Thanks for your call today.
Folks, I'm so thankful to come alongside you each day. Thank you for inviting us into your story, for allowing us to serve you. And above all else, lift the name of Jesus high as we go into. God's word and uncover those truths, those principles, those passages that really speak to our role as stewards in managing God's money. It's an important calling we've been given and our goal.
Well done, good and faithful servant. Let me say thanks to my team today. I certainly couldn't do this without them. The amazing Devin Patrick, my producer, Sandy Dickinson managing our phones so well, Jim Henry providing great research today, and the entire team here at Faith Phi just doing incredible work to reach more people to help them be wise and faithful stewards. If you'd like to learn more about what we do here at Faith Phi, just head to our website, faithfi.com.
Enjoy your day. Come back and join us tomorrow, Lord willing. We'll do it all over again. We'll see you then. Bye-bye.
Faith in Finance is provided by FaithFi and listeners like you. Uh I'm not sure if I can do this.
