This episode of the Faith and Finance podcast is brought to you in part by Christian Community Credit Union. Our friends at Christian Community Credit Union have a special offer for FaithFi listeners. When you open up a high-yield checking, savings, or Visa cashback card with the code FaithFi, you'll get up to a $400 bonus. As our recommended banking partner, it's a great opportunity to align your faith and finances. Visit faithfi.com slash banking to learn more.
That's faithfi.com/slash banking. Be sure to use code FAITHPHY to receive up to $400. Membership eligibility required. Accounts are privately insured up to $250,000 by American Share Insurance. This institution is not federally insured.
Where you bank may seem like a routine decision, but it could be one of the most meaningful financial choices you make. Hi, I'm Rob West. Most of us think of our bank account as a safe place to park our money. But what if even your checking or savings account could quietly make a difference for God's kingdom? What if your everyday banking helped churches grow, ministries expand, and families thrive?
We'll talk about that today, and then we'll take your calls at 800-525-7000. This is Faith in Finance, biblical wisdom for your financial journey. We don't always give much thought to where we bank. Maybe you chose your financial institution because it's close to home, has a good app, or it's simply where your parents banked. And there's nothing wrong with that.
But what many people don't realize is that your bank is doing something with the money you deposit. That money isn't just sitting still, it's being loaned, leveraged, and invested.
Now, that's standard practice in the world of banking. Your deposits help fuel mortgages, business loans, and other financial activity. But here's the exciting part: you can actually choose a banking partner that aligns with your values, one that puts your money to work in ways that serve the body of Christ. This is an incredible opportunity to bring your financial life into greater alignment with your faith, not just through your giving or investing, but even in how you bank. Because your money is always doing something.
The question is: what is it doing? And is it helping fuel something you believe in? With the right banking partner, even your small Smallest deposits can support something far bigger than yourself. Things like church construction and renovation projects, loans for Christian schools or ministries, mortgages for pastors and missionaries, lending that empowers kingdom work to grow and flourish. That's the vision behind Christian Community Credit Union, our trusted, recommended partner here at Faith and Finance.
CCCU offers the same modern banking tools you'd expect: online banking, mobile apps, competitive rates, but with a mission rooted in biblical stewardship and Christian values. When you open an account with CCCU, your deposits go towards supporting Christian causes. They've helped fund church buildings, ministry expansions, affordable housing, clean water projects, and more. And since their founding, CCCU has donated over $6.5 million to Kingdom Work around the world. That's right.
Just by doing your normal banking, you can participate in a ripple effect that reaches ministries and communities across the globe. Your money is still safe, still earning interest, but it's also serving. Think about that for a moment. The checking account you use every week, the savings account you're building slowly but steadily, those aren't just tools for managing your finances. There are also opportunities to steward your influence because even when you're not actively spending or giving, your money is moving.
It's participating in something. And when you choose a values-aligned institution, that something can be meaningful. This doesn't mean you have to move all your money today, but it does mean it's worth pausing and praying, Lord, is there an opportunity here to better reflect your purposes, even in my banking? And I want to encourage those of you who may be thinking, well, I don't have much in my savings. It wouldn't make a difference.
That's simply not true. God isn't limited by the size of our bank accounts. Remember the story in John 6? A young boy came forward with just five loaves and two fish? That was all he had.
But in the hands of Jesus, it became a feast that fed over 5,000 people with more than 12 baskets of leftovers. God multiplied what was offered in faith, and he's still doing that today. The same principle applies to your finances. When you choose to bank with a Christian institution, Institution like CCCU, you're offering what you have, big or small, to be part of something greater. You're becoming part of a quiet movement, thousands of accounts, faithfully supporting the work of the gospel in practical, tangible ways.
And here's what's beautiful: it's not about performance, it's about participation. You don't have to be a financial expert to make this kind of decision. You just need a desire to live out your faith in every area of life, including the places we don't always think about, like our bank account. At Faith and Finance, we talk a lot about generosity, wise investing, and budgeting to reflect God's priorities. But there's a middle space between earning and spending that often gets overlooked.
The space where your money simply rests. That space matters too. And with CCCU, that space can become a place of impact.
So if you've been looking for a way to align your money with your mission, not just in how you give, but in how you bank, Christian Community Credit Union is a great. Great place to start. With competitive products and a deep commitment to biblical stewardship, they offer a rare opportunity to bring your faith and finances together. If you want to learn more, just visit faithfi.com/slash banking. That's faithfi.com/slash banking.
All right, your calls are next: 800-525-7000. We'll be right back. Uh What if managing your money could actually draw you closer to God? What would happen if we began to see God as our ultimate treasure? The Faith Buy app helps you do more than budget.
It helps you integrate your faith and financial decisions for the glory of God. With easy-to-use envelope futures, top biblical financial content, and a supportive in-app community, you'll learn to steward God's resources wisely and grow in generosity. Download the Faith Buy app today from your app store or visit FaithBuy.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 FAITHFI when you sign up. That's faithfy.com/slash banking with code FAITH FI. 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. I'm Rob West. Looking forward to taking your calls and questions today. That number, yeah, you know it by now: 800-525-7,000.
Any financial question, 800-525-7,000. Let's go to Rome, Georgia. Hi, Greg. Go ahead. I have two questions concerning Roth.
I'm going to retire next year. I'm either going to work like three months or six months. And well, I'll the first question is, will I still be able to contribute to Roth after I retire? Yes, sir, you can, so long as you have earned income. And Social Security is not earned income.
So earned income is wages, self-employment, consulting.
So if you have any earned income for the year up to the limit, For the year, which if you're over the age of 50, you could put in $8,000 for 2025.
So as long as you have $8,000 for 2025, you can make that Roth contribution as long as you have earned income up to the limit. And that will continue to be true in the future. What doesn't count toward earned income, I already mentioned Social Security, also pension income, investment income. You know, so if you're fully retired without earned income, then you cannot contribute. But if you're still working part-time or running a small business, then you're good to go.
Or if you worked part of the year and you brought in enough income before you retired that you would be able to fund up to the limit, then you would be able to do that as well.
So how much uh income would I have to make to qualify for that? Only up to the limit of what you can put into a Roth IRA for the year.
So for the year 2025, the most you can put in as a person who's 50 or older is $8,000.
So if you have at least $8,000 and earned income for the year, then you can fully fund the Roth for this year. Once I retire and and don't have any income other than I'll have company pensions and Social Security, but that that won't count, right? That's correct.
Social Security and pension are not earned income.
Okay, and the last question is, when I start drawing it out, will I have to pay any taxes up? No, sir. If it's a Roth IRA, you've already paid the tax. And as long as that account's been open at least five years and as long as you're over fifty nine point five, you can pull that money out, your original contributions and all the gain without any tax whatsoever.
Okay. That'll do it, then, and thank you a lot. And you have a blessed day.
Well, and you too, Greg. Call anytime, sir. St. Louis, Missouri, is where we're headed next. James, go ahead.
Yeah, hi. Thanks for your faithful work there. I have a lot of credit card debt, and I wondered if. I thought about calling some of these like National Debt Relief or Trinity or somebody. You know, I'm I don't want to do anything ambivalent where I don't pay my obligations, but at the same time, Yeah, I need some, you know, some assistance.
Yeah. Absolutely. You know, I like these programs a lot. In fact, James, this is my preferred way to get out of debt. And my rule of thumb is: if you've got more than 4,000 in credit card debt, then debt management is the way to go.
You know, our longtime partner here at FaithFi is Christian Credit Counselors. They've worked with thousands of our listeners, both very reputable, nonprofit, faith-based organizations that are good for people with more than $4,000 in debt. Here's why I like debt management. Number one, the debt stays right where it is. You're not putting a new loan in place to roll up old debt or close out loans by refinancing it.
It stays right where it is. The interest rate drops. The rate's going to go down to between 0 and 12%, not 20 to 22 or higher where it is now. They'll give you one level monthly payment. It doesn't decline as the balances decline.
And the combination of that level payment plus the reduction in interest will allow you to pay that off 80% faster on average. Average. I think it's the only way to go.
Now, the card will be closed. Any cards in the program will be closed while they're in the program. But I'll tell you, the testimonies we hear from these organizations are phenomenal. They're all believers. They'll pray with you.
They'll help you create your budget and they'll get you set up.
So if you want to connect with Christian Credit Counselors, go to ChristianCreditCounselors.org. Just promise me you'll call me once you pay it off. God bless you, James. All right, let's go to Akron, Ohio. Hi, Sally.
How can I help you? Hi, Rob. I listen to your program all the time and I used to have investments but had some high veterinary bills. And I'm on disability. And I'm trying to get an emergency fund, but every month I have to use the money that I put aside.
And I just needed some encouragement For how to Get an emergency fund, because I think that's the first step I have to do. Yeah, I think you're right, Sally. And boy, I can totally understand, especially now more than ever. It just seems like there's always more month than money because expenses are up across the board. I was just reading the other day, Sally, that the same basket of groceries that they looked at three and a half years ago versus today, again, the same items in the shopping cart are 21% higher today than they were three and a half years ago.
Well, that's real and that's expensive. And you mentioned vet bills. And I know being a pet owner myself, Murphy, our golden retriever, you go to the vet, you're going to spend a lot of money. It's just the way that it is. And so I think the challenge is when you're on a fixed income and you have unexpected expenses, and it seems like The unexpected should be expected just because it happens so frequently.
On top of the fact that expenses are up across the board, it's hard.
So I think what we have to do is take a deep breath. Invite the Lord into your financial life. You need to do your very best to budget your spending so that you don't allow your money to find its way into things that are unplanned to the best of your ability.
So try to control your spending. And then try to set as much aside as you can every month as surplus.
So you've got to live within your means, meaning you want to live below your income.
So you have some what we call margin or surplus. And the goal is for that margin to be able to go automatically into your emergency savings every month. It may be $25 or $50, but at least something is going into emergency savings.
Now, there's going to be those months where you get to the end of the month and you say, despite my best efforts and really trying hard on this, I just don't have anything left. In fact, I had to pull a little bit out of emergency savings. I get that. But the key is, don't give up. Don't lose heart.
Just stay at it. Be diligent and just. Try to get something into that emergency savings every month, even if it's just a few dollars, so that you can build it up over time. And the goal is, of course, and I realize this is easier said than done, the goal is to get to three to six months' worth of expenses. And it may take you some time to do that, Sally, but I believe you can.
Is that helpful, though? David? Helpful. I try. My best.
It seems like at the end of the month is when things happen. You know, I'm doing pretty good. And then the end of the month comes and something comes up. Yes, ma'am. I certainly understand that.
Julie and I experienced that in our lives. You know, we use the FaithFy app, and so we've got our digital envelope set up. And so every day I'm in there and I'm watching them. And how are we doing in the eating out category?
Now, we have four kids. One's off at college. I've got three in high school. And so, you know, and they're all athletes. And so they consume a lot of food.
And I, you know, go through a gallon of milk just about every day, it seems like, but it seems like you're doing just fine. And then all of a sudden, you open the app one day and it's like, what happened there? And it just seems like there's always unexpected expenses coming out of left field. But you just need to stay at it. Hopefully we can be an encouragement to you here, Sally, each day.
But I do appreciate you checking in with us. And if you have any other questions along the way, don't hesitate to reach out. May the Lord bless you, Sally. And thanks for being on the program. And thank you for being a faithful listener as well.
Call right now, 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. 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. Helping you see God as your ultimate treasure, this is Faith in Finance. We're so glad you're with us today. We've got four lines open.
Any financial question today, 800-525-7000. Let's head to North Carolina. Hi, Joy. How can I help? Yeah, I had $4,000 in savings in a Discover Bank.
And I'm just wondering, I have a Vanguard account, and I'm wondering if I should switch it over to the Vanguard account. You know, they're both they're both about the same in terms of interest, I think. Is the Discover Vanguard says it's high yield savings? I'm wondering if Discover is in that same category. Yeah.
Discover is certainly known for having high interest rates typically, although any one could be higher or lower than another at any given time. What is the rate you're earning right now, do you know? I think it's 3.5%.
Okay. Yeah, you can do better than that. I mean, you could certainly look at Vanguard at one of their money markets. You may be able to get upwards of 5%, perhaps even more. You know, another option would be our friends at Christian Community Credit Union, up to $5,000.
They have their high-yield, they call it their harvest high-yield checking.
So, this would be a banking partner that would be aligned with your values. They are credit union for Christians, and they're offering 5% right now on that high-yield savings, which means it's fully liquid, it's insured, and you'd have access to it with the click of a button by transferring it back to your checking account at any time. And they're doing that specifically for FaithFi listeners with the keyword FaithFi. You'd get up to $400 added to it when you open it.
So, that would be another option. I think you could, you know, certainly look at moving it to Vanguard. You could also look at Christian Community Credit Union, but you clearly can do better. You know, than three and a half, I think you should be able to get upwards of 5%. If you wanted to check out CCCU, just go to faithfi.com/slash banking.
That's faithfi.com/slash banking. But there are higher rates available that are very safe and highly liquid.
Okay. And I had another question about my money that's in the settlement fund in Vanguard. Is that a good place for money? Because it sounds like it's not doing anything, it's just there. Yeah, tell me more about that account.
I don't know. Every time I hear the word settlement, it sounds like it's not really actively invested. It's just. There. Yeah.
Yeah. Basically, what happens is that's other firms call that a sweep account. But basically, what they're probably talking about is that, you know, money sits there temporarily when you sell investments or transfer cash into the account. And it's usually their, you know, at Vanguard, it would be their Vanguard money market fund. And it is paying some interest.
You know, so it's just kind of how all these brokerage firms work, you know, and it's a temporary holding vehicle that's very safe. And it's just because money's moving in and out of the investments. And when it hits the account, because you make a deposit or you liquidate an investment, it lands in that settlement fund. And, you know, that's probably earning north of 4%. And so I think that that's completely fine.
Okay, all right.
Well, I thank you very much for answering these questions. They've been bothering me. All right, I will check that out. Bye-bye.
Sounds great. Call anytime, Joy. God bless you. Let's go to Tennessee. Hi, Kim.
Go ahead. Hello. I received my husband's Social Security after he passed away, and next year, I'll be receiving his pension. Will the pension payment lower the Social Security benefit No, it should not. Receiving a pension does not reduce your Social Security survivors' benefits as long as the pension is from a job where your husband paid into Social Security.
Now even that has changed with them doing away with what's called the government pension offset. But was he a government employee? No.
Okay. Yeah. So as long as he is getting benefit or was getting benefits as a result of paying in to Social Security, you're now receiving those benefits as survivors' benefits, basically what he was receiving. Pension income has no bearing on that whatsoever. Thank you.
That takes the load off. I'm so glad. All the best to you, Kim. Thanks for your calling. And so sorry to hear about your husband's passing.
Call anytime.
Well, folks, we're taking your calls and questions today, helping you navigate managing God's money. We realize that there can be a lot at times, just all the decisions. Finance seems complex, and we want to try to make it simple, dealing with both the heart side of money, how it can rival our hearts for first position in our lives, and the how-tos, you know, the practical decisions. It's kind of like an iceberg. You know, think about an iceberg for a second.
Only about 10% of the mass of the iceberg is above the waterline. That's the how of financial decision-making, the money market funds, the CDs, and the investments. And, you know, do I use a debt management program? Again, that's probably only about 10%. The biggest mass of the iceberg, the other 90%, you can't see because it's below the waterline.
And that really is the why of financial decision making. Making. It's your values. It's understanding the heart of God. It's understanding that God owns it all and we're stewards.
It's understanding that money is a good gift. I mean, all of these things really play into ultimately the decisions we make above that waterline, but we've got to start there and really understand God's intent for the money that he has entrusted to us. I hope we help you each day with that on this program, both the why and the how. Let's deal with Pauline's question in Illinois. Pauline, go ahead.
Hi. My question is, I recently refinanced my home. And what I did, I pay off all the credit cards and all the debt that we have. And now what I want to find out, is it better to pay the mortgage once a month Or twice a month. Are they offering you something called a bi-weekly plan, or are you just asking about something that you would do on your own?
Oh, no, they they they're offering it.
So you can pay it once a month, you can pay it biweekly or you can pay it every two weeks.
So that's that's an offer that they have. Yeah. Well, the bi-weekly payment actually can be very effective. And here's how that works. You see, if you pay every two weeks instead of once a month or splitting the payment and playing, you know, half twice a month, if you instead pay a half a payment every two weeks, you will end up making 13 full payments because there's you will make a half an extra payment every 26 weeks.
And then over a year, you'll make a full payment. And so that 13 full payments instead of 12 can cut years off your loan. I mean, it can just one extra payment a year going to principal can take you from a 30-year mortgage to a 26, and you'll save tens of thousands in interest. But if it's really just cutting the payment in two and sending it twice a month, there's really no benefit unless the creditor credits the payment right away.
So if they credit the half payment, and then they don't charge you interest on it for the next two weeks until you make the next payment. Over time, that can result in you paying a lot less. But if they're gonna apply it all at the end of the month, it's really no different.
So I would say either just pay once a month, or if you can do the every two week bi-weekly payment, that can go a long way to helping you get this paid off. Bottom line though, anytime you send extra, it's going right to principal and that's gonna serve you very well. Pauline, thanks for your call. Congrats on that new home purchase. Thanks to my team today.
That's Lisa, Amy, Tahira, Jim, and Rihanna and everybody here at FaithFi. We'll see you next time. Bye-bye.
Faith in Finance is provided by FaithFi and listeners like you.
