Are you looking to deepen your faith and grow in biblical stewardship? The Rich Toward God study from Faith By invites you to dive deep into the parable of the rich fool from Luke 12. This four-part study explores themes of greed, pride, and abundance, challenging you to reflect on what being rich toward God really means. Join us in this transformative journey through God's Word and discover how a life rich in faith can lead to lasting joy and fulfillment. Order your copy today or place a bulk order by going to faithfy.com/slash shop.
As much as we'd like to, none of us can see the future, but that hasn't stopped us from trying. Hi, I'm Rob West. Financial advisors work to forecast markets. Meteorologists predict the weather. And even sports fans try to call the final score.
But when it comes to your finances and your faith, is there a difference between wise planning and prideful presumption? That's what we'll explore today. 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.
The late civil rights leader Ralph Abernathy once said, I don't know what the future may hold, but I know who holds the future. That's a comforting truth. God is sovereign, and that brings peace, but it doesn't remove our responsibility to act wisely.
So, how do we walk that line? How do we make plans without assuming too much? Let's start by talking about biblical planning. Planning is not only allowed, it's encouraged. In fact, planning is an essential part of stewardship.
God entrusts us with time, money, relationships, and opportunities. And though we don't control what tomorrow holds, we're still called to use today well. Proverbs 6 gives us a clear picture of this kind of wisdom. Go to the ant, consider her ways and be wise. It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest.
The ant doesn't know exactly what's ahead, but it prepares diligently. Jesus also reminds us in Matthew 25 to live in a state of readiness. Watch, therefore, for you know neither the day nor the hour. While this specifically refers to his return, it also reflects a deeper truth. Life is short, time is precious, and we are not in control.
This leads to an important warning. While planning is good, presuming on the future is not.
So what's the difference?
Well, to presume means to assume something before you know the facts. And biblically, presumption is often tied to arrogance and pride. It's living as if we control the future. When we presume, we stop listening to God and start acting as if we are Him. Jesus illustrates this in Luke 12 with the parable of the rich fool.
This man had an abundant harvest and made Big plans for the future. Listen to what he said. I will tear down my barns and build bigger ones, and there I will store all of my grain and my goods. And I will say to myself, You have plenty of grain laid up for many years. Take life easy, eat, drink, and be merry.
But God said to him, You fool, this very night your life will be demanded from you. Then who will get what you have prepared for yourself? The man's failure wasn't in building barns, it was in building them with no thought of God. He assumed he had time, he lived as if he was in control, and in the end, he lost everything. James 4 gives us another example of presumption.
Now, listen, you who say today or tomorrow, we will go to this or that city, spend a year there, and carry on business and make money. Why, you do not even know what will happen tomorrow. What is your life? You are a mist that appears for a little while and then vanishes. That's a heavy reminder.
Our lives are like a mist, brief and fragile. We depend on God for every breath. But too often we run ahead with our own agendas and only invite him in later, asking him to bless what we've already decided.
So how do we avoid that?
Well, James gives us a simple but powerful solution. Instead, you ought to say, if this is the Lord's will, we will live and do this or that. In other words, wise planning acknowledges that God is in control. It means seeking him first, knowing his will is always best. We may make plans, but the Lord directs our steps, so we hold our goals with open hands and humble hearts.
This kind of planning happens in a relationship with God. As we walk with the Father daily, reading His Word and listening to the guidance of the Holy Spirit and trusting in the saving work of Christ, our plans begin to reflect His heart. If you're married, pray with your spouse about your future. If you have children, include them in conversations about finances and faith. Show them what it means to trust God, not just with salvation, but with your schedule, your budget, and your goals.
Goals. Invite wise counsel. Talk to a pastor, mentor, or a certified kingdom advisor who can help you bring a biblical perspective to your financial decisions.
So, yes, plan for the future, just don't plan without God. Don't assume you know what tomorrow holds. Instead, seek the one who holds tomorrow. By the way, would you like to explore this topic further? I'd love for you to check out our study of the parable of the rich fool called Rich Toward God.
You'll learn what it really means to plan with humility and live with wisdom. In fact, we just got them back in stock last week. Go to faithbuy.com and click shop to get your copy today. All right, your calls are next: 800-525-7000. We'll be right back.
When you hear the phrase, rich toward God, what comes to mind? Surely it doesn't mean making God rich. Is it about us becoming rich so we can give? Or maybe it's an invitation to something much bigger. In the Rich Toward God study, Faith Phi has created a way for you to explore and reflect on a well-known biblical parable about a very rich man with a very big problem.
Purchase your copy of the Rich Toward God Study or place a bulk order today at faithfy.com/slash shop. Faith in Finance is grateful for support from Soundmind Investing. If you have money in an investment account, you know sometimes the stock market can seem like a roller coaster. But it's possible to enjoy both profit and peace of mind as a do-it-yourself investor, no matter what's happening in the market. A short video webinar about that is available at soundmindinvesting.org.
Financial Wisdom for Living Well, SoundMindInvesting.org. Hey, thanks for joining us today on Faith and Finance. By the way, we have a few lines open. You can call right now. That number 800-525-7000.
That's 800-525-7000. Let's go to Missouri. Hi, Michelle. How can I help? Hi, Rob.
My husband and I have been married for 30 years and our school loan is twice as much.
now as when we graduated from college thirty years ago. Wow. Wow. It's $52,000. We did not make a lot of money.
I stayed home with the kids.
So we put it in every program we could think of. We didn't know any better.
So right now we're paying $350 a month on it. And it the principal goes down three dollars a month. That's embarrassing to say, but. It's our only debt besides our home, which will be paid off in about five years. The interest rate on our school loan is 8%.
I would love some advice. on what to do, how to pay it down. Maybe get a lower interest rate. I don't know. Yeah.
What type of student loan is this? We consolidated it like 25 years ago. Is it a federal loan or is it private? Do you know? It's a federal loan.
Okay. And so are you on an income-based repayment option? Yes, I am, but it takes what 25 years? And then I've heard from so many people that that's kind of a joke. and that it doesn't really work.
Yeah. Like after 25 years. Yeah. So Well, and the challenge is, you've already nailed it, is and first of all, I know this is a frustrating situation. It's more common than you might think with student loans just because of the compounding interest.
And with income-based repayments, it really makes it challenging because the loan is just barely moving.
So if it's only reducing the principal by $3 per check, it's all going to interest. And this thing's just going to be with us forever.
So I think your options are: number one, if you're on an income-based income-driven repayment plan, which is available through the federal program, your payment is likely too low to basically cover anything but interest.
So if you have the ability to increase that, that's going to be the key here. You could call your loan servicer and ask about switching to a standard or extended repayment plan, which would have a higher payment.
So you need to be able to cover that, but you can actually pay down the principal. You could refinance to a private loan. I just don't think you're really going to help yourself because the balance is the balance and you're. Probably not going to get a much lower interest rate. And now you've given up the ability to have that lower payment if you need it because the income-driven repayment option.
To be able to pay something lower than what you would normally pay is not available through the private loan. And so the key here is either getting that payment up on a scheduled basis or just sending extra principal payments as you're able to, clearly marked apply to principal, so we can chip away at that balance faster. Clearly, you know, when you get that mortgage paid off, maybe you take everything you were sending to the mortgage and just really go after, you know, this student loan. The only other option would just be you just kind of get used to the fact that this thing isn't going anywhere. It's going to be with us for the rest of our lives and we're just going to ride it out.
But, you know, I think you'd probably feel better working toward getting more going to principal reduction and/or really accelerating it once the mortgage is paid off, which seems like your best opportunity.
Okay, so get out of the IVR and just pay it down as much as I can. And then when the house is paid off, Really go at it. Exactly. Yeah. Do you what do you have the ability to do now beyond the 350 you're sending?
We could go up a few hundred dollars.
Okay. We could go up. Yeah. Yeah. I could knock it out.
I just didn't know if there was a place I could get a lower interest rate if I could somehow take out a loan, but. Yeah. You know, if you can afford that higher payment, then I would consider leaving the IBR if you want to pay off the loan faster and save on interest. And if you're no longer, you know, if you're not seeking an income, a forgiveness program.
So, you know, I think the bottom line is to get rid of the debt either by getting off the income-based repayment or, you know, by just sending extra principal payments. In either case, you're solving for the same thing, which is just to get more going to principal as quickly as you can.
So you guys got this.
Sounds like you're in good shape, and you'll be in really good shape when that home is paid off.
So don't be frustrated. You're in a similar boat to a lot of people out there, but I'm confident you'll start making some real progress. And when you do, that'll give you the encouragement to keep going. Michelle, thanks for your call today. We appreciate you being on the program.
Let's head to Louisiana. Blaine, you'll be next up. Go ahead.
So I have a question about my father-in-law passed away about a month ago, and so I'm helping my mother-in-law navigate through it all. They've got about uh six credit cards, about eleven thousand dollars worth of debt, and She was just asking me what should she do. She's called several of the companies and they said they they could stop it, but she still has to pay the remaining balance, but it won't cure any interest.
So she was wondering if she should do that or just do a debt consolidation and try to get it all in one note. Yeah, I wouldn't do that.
So they've all said that because of his passing, they're going to freeze the interest. Is that right? That's what she told me they said.
Okay. Yeah. So you just want to confirm that. I'm not saying she's mistaken necessarily, but I just, that's a big part of this. Because if you didn't have that option, I would say I would contact our friends at ChristianCreditCounselors.org and considering this, putting this in a debt management program.
In either case, I wouldn't do a loan consolidation because if you took out a new loan at this point and rolled up all the debt into a new loan, you're certainly not going to have the interest frozen there. That new lender is going to want to collect every dime of the interest that is due. The other thing is, you know, oftentimes, even if that interest rate comes down, you extend it out over a longer payback period.
So you end up paying as much or more.
So I think the two directions I would go is either get on and just verify not another dime of interest from this point forward. It's just every dollar I send is going to principal reduction. If that's the case, then let's just set her up on a monthly payment that fits in her budget and get that debt coming down. That'd be a great opportunity for her. If not, or if any of them are saying, no, we're going to continue to charge interest, then I think sliding those over into a debt management program.
And the difference there, Blaine, is that the debt stays where it is. We're not replacing it with a new loan. But through credit counseling or what's called debt management, the interest rate has dropped, not to zero, like she's being told, and that's why that's a preferable option, but certainly much lower than where it is today.
So often a 22 or 24 percent interest rates, you know, down at 11, maybe down to 8 percent or less.
So you get a lot more going to principal reduction. And again, Christiancreditcounselors.org is where I would go. But those would be the two options I would pursue. Does that make sense? Yeah, no, so it's ChristiancreditCounselors.org.
That's exactly right. Yep.
Okay. She's not able to meet with Social Security for another month or so. And so she his check has stopped. And so she's just getting a very small check. She didn't pay much into it.
So she's getting something, but it's very little. Is she going to get anything from his check? Yes.
So she will get the benefit equal to her late husband's benefits.
So it probably just has not switched yet. But she will hers will stop. You you don't collect both. But she'll be able to get his benefit as Survivor's benefits.
Okay, so she'll stop getting hers, but she'll get what he got. If it's higher, yes. You're right, yes, yes.
Okay. All right, that will give her a lot of relief. Thank you. Yeah, absolutely.
So, what she needs to do is she needs to contact them and report the death if she hasn't already. And then, based on his work record, they'll just change her payments over to survivors' benefits, which will be equal to what he was collecting, and then hers would stop.
Okay, I appreciate it. Thank you so much. All right, Blaine, thanks for your call today. We appreciate you. The number to call today: 800-525-7000.
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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. We're grateful for support from Guidestone, whose diversified suite of investment solutions align with Christian values to create positive change in the world. More information is available at guidestonefunds.com/slash faith. Investing involves risk, including potential loss of principal.
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You can call right now, 800-525-7000. Let's go to Illinois and welcome Rod to the broadcast. Rod, go ahead. I just want to say thank you for your biblical financial advice. I really appreciate your show.
Oh, wow.
Well, that means a lot, Rod. I'll tell you, you know, you do this each day, kind of talking out there into, you know, the world. And I get to talk to some amazing callers, but you always wonder, you know, to some degree, whether the message is resonating. And so your encouragement means a lot. Yeah, your advice on CKA, your listeners really need to take that serious.
I was able to retire at 54 years old and using Certified Kingdom Advisor, they've done more for me than any financial people have in my life, and it's biblical-based. And the company I was working for for 32 years as an industrial electrician, some of the value started going kind of bad. From the corporate level, and I decided it was time to get out. And now I volunteer with eight days of hope. I've been out for about a little over a year now, and I love it.
And I guess that's incredible. Glorify God. Be as hands and feet due to your advice. I've never heard of anything like CKA, and they've done an amazing job here in Illinois for me. Man, wow, Rod, what an encouragement, my friend.
I appreciate you weighing in on that. Boy, there's so much that I love what you just said. Uh, you're right. I mean, these certified kingdom advisors are amazing. There's 1,600 of them now across the country.
And, you know, what's great is that they've met all these standards to be really skilled at what they do as financial professionals. But they truly want to bring their faith into their advice in a way that's meaningful. But I also love that you're volunteering for Eight Days of Hope. What a great opportunity. Have you been in South Georgia as a part of that work?
I have not. No. I've been in Ohio and Louisiana, and hopefully, I'll get to go out yet to either Georgia or South Carolina and stuff, North Carolina. Wow. Incredible.
So you're fully retired and now just volunteering because you've got the assets to do that? Is that right? Yes, and it ain't a lot, Rob, but that's okay. It's enough. I mean, I love what I do.
It's enough to get by. And I think that's what makes the ladies so special that do this stuff for me. We were trying to find a pastor, and they're at our level. They prayed, and that day we had an interview with a pastor, a scheduled interview with a pastor. He's currently our pastor right now.
But that meant a lot to me, just having biblical-based financial advice like that, that will pray with you. Incredible.
Well, listen, Rod, all the best to you, my friend. I love that you are pursuing God's call on your life. He's obviously using you in immense ways. And I'm so thrilled that you've connected with a CKA that's walking alongside you and managing your financial affairs. God bless you, my friend.
Thanks for being a part of the program. Thanks, Rob. All right. Take care. Carol has been waiting patiently there in Saint Louis.
Carol, go right ahead. Yes.
I have a question about qualified QCDs, qualified charitable distributions. Yes, ma'am. And does The distribution count on my income taxes When I don't when it's don't eat it nuts. It does not. No.
So it reduces your IRA balance, keeps your income lower because it's not added to, or you might say another way, it won't raise your adjusted gross income.
So it allows you to take money out.
So the money went in pre-tax. And anytime you take a withdrawal, the withdrawal gets added to your adjusted gross income, which means you pay tax on it, which also raises the ability to have IRMA, the income-related monthly adjustment for Medicare. But in the case of a QCD, when it goes straight from the IRA to a qualified charity, a 501c3, you don't get the deduction, but the amount coming out is not added to your taxable income, which is great because now it went in tax-free. It's coming out tax-free. It never has tax paid on it.
And it satisfies your required minimum if you have one.
Okay, I think you answered the question indirectly, but so it doesn't, a QCD does not qualify as a deduction. That's correct. I take out, okay, so if I take out $10,000, I can't deduct it from my income taxes. That's exactly right, because that would be in a sense be double dipping.
So you put it in tax-free, you're taking it out tax-free.
So that's the benefit is you don't have to add it to your taxable income, but they do not allow you to not only not add it and then deduct it, that would be kind of getting credit twice. No, I was kind of hoping. Yeah, I mean, you might as well ask, right? I love it. I love your show, and God bless you.
You've been really a gift to me. I appreciate it. Oh, I appreciate that so much, Carol. May the Lord bless you. Hey, stay on the line.
I want to send you a copy of our magazine, Faithful Steward. I think you'll enjoy it, and I appreciate you being a great caller today. And you've been very patient as well. Lord bless you, Carol.
Well, we covered a lot of ground today, folks. I'll tell you, you know, as we think about our role in managing God's money, it's a really high calling, and we want to help you get it right. It's not that you're going to make all the right decisions. I'm certainly not and haven't. We've all made mistakes, but our goal is faithfulness.
You know, once we surrender our lives to Jesus, then it's about stewardship. And there's a lot that we're stewards over. We're stewards of our time and our relationships. We're stewards of God's word, but we're also stewards of God's money because it all belongs to him. He created it, and I think he created it as a good gift for our delight and enjoyment to use to enjoy with one another, to deepen relationships through celebration.
Celebration, to give it away, like we just talked to Carol about, to invest it in companies that are providing goods and services to create human flourishing. And that's a part of God's design. Here's where the problem comes in: the problem is when all of a sudden it becomes the end game. It's no longer a means to an end, a tool, but instead it becomes the object of our affection. And that's really known as an idol.
And we see that not only in our lives on a daily basis, but we see it in God's word, the Israelites. The hardest test they were going to face as they were entering into the promised land was abundance, was prosperity, because it can distract us from who brought the gift in the first place. We start to think that it's in our doing and in our power. And that's just not what God's word says. It's Him that gives us the power to create wealth.
It comes from God alone. Everything we have is from Him. And so when we put ourselves in the Holy Spirit, everything in its proper place and god is our ultimate treasure and money a gift from god on loan to us from him to manage is then uh that responsibility we have to be a faithful steward and faithfulness is long obedience in the same direction and when we do that well now we have the opportunity to enjoy the fruit of of our labor and god's provision but that's our heart for you each day on this program is that we'd be able to provide some encouragement to that end and then we know that you're going to have those questions that come up along the way and what we want to do is help you answer those questions in light of biblical wisdom now if you love the program you listen regularly one of the ways you could help us is by becoming a faith by partner partners support the ministry at 35 a month or more and as a listener supported ministry that's critical because we don't do what we do every day without that and so if you want to learn how to become a partner just go to faithby.com slash give That's faithfi.com/slash give. You'll see there on that site that when you become a partner, you'll get four issues of our magazine Faithful Steward each year. You'll get all of our studies and devotionals and pro access to the Faith Fi app.
FaithFi.com slash Give. Big thanks to my team today, Amy, Trish, Rena, Jim, and everybody here at Faith By. Come back and join us tomorrow. We'll see you then. Bye-bye.
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