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One gives freely yet grows all the richer. Another withholds what he should give and only suffers want. That's Proverbs 11, 24. I am Rob West. Scripture calls us to be both wise savers and generous givers, but holding those two together can feel like a tension.
How do we avoid fear on one side and foolishness on the other? Dr. Shane Enet joins us today to show how these two principles actually go hand in hand. And then it's on to your calls at 800-525-7000. That's 800-525-7,000.
This is Faith and Finance, biblical wisdom for your financial journey.
Well, it's always a joy to welcome my friend Dr. Shane Enett, Associate Professor of Finance at Biola University and founder of the Biola Center for Financial Planning. Shane, great to have you back with us. Yeah, thanks for having me, Rob. I love that you're here more regularly.
You're one of our Primary contributors and a go-to voice here at FaithFi. And I love this latest article you had in Faithful Stewart. It's titled Save All You Can, Give All You Can. It's a timely and thought-provoking message.
So let's just begin by framing up this topic. Yeah, so John Wesley has this famous sermon on money, or at least. He is talking about greed and talking about stewardship. And he has this quote: earn all you can, save all you can, give all you can. And so it really is a confusing statement, and it sounds great.
And then you actually sit down with your budget and you're like, well, what do I do? And so much of the confusion is that he's alluding to a bit of a paradox where we really can't save all you can, give all you can. At some point, you have to make a decision. And the paradox is this idea that you have to have money to give it. And so then what do you do?
And that was kind of the genesis of this article. Yeah. And so in the absence of real clarity, we make a rule, right? And so one of those rules might be the eighty ten ten rule. You know, we we give away ten, we save ten, we live on eighty, but I I know you think that might fall short, don't you?
Yeah, so the Christian life is a paradox. And, you know, we're meant to be responsible, but God is sovereign. Christ himself is a paradox where he is fully God and fully man. And so when we are faced with a paradox, we shouldn't make a rule because then we exchange the mystery of the Christian life for illegalism. And instead of making a rule when we're faced with this save all you can, give all you can, we want to engage the Lord in relationship and we want to use art.
We want to co-create alongside him and figure out how we can navigate the beauty and the tension in a way that draws us closer to God and to each other. And the way that I think we can accessibly use art besides, you know, painting and doing these kind of artistic things that take a lot of training is to use metaphor. And we see Christ using metaphor when he's describing really complex things like the kingdom of God or even himself and his work. You know, and so he says the kingdom's like sheep or it's like a tree or a vine or a seed. And And so, I think in the same way, with the save all you can, give all you can, we should use metaphor to help us co-create a solution that's not a rule, but is more of a both ands and a kind of like a moving forward through it in relationship instead of making a rule that separates us.
Well, I love that because it's 180 degrees from the financial rule going toward a metaphor. Give us one of the metaphors that you use in this article. You know, my favorite is with water.
So, water, if you just look at how God's made water, it flows. And the moment it stops flowing is the moment it pools together and becomes stagnant and it actually becomes toxic. And so, in the same way with money, we're meant to, as we receive it, let it keep flowing towards others. And then it revitalizes both ourselves and other people. And so, for me, when I was thinking about this metaphor of water, how I could apply that in my own life, in our family's life, is I wanted to make sure that as I received, I was giving twice as much as I was saving.
And so, I'm still going to save. And I think with water, you need to have some sort of reservoir to help the water flow. Yes. In the same way, I need some sort of emergency savings and to avoid debt to help the giving flow. But I also want to recognize that the flow is what is most important.
That's what's revitalizing. That's what's good, and not the saving, not the reservoir. Oh, it is so good. And when we do that, we can live in the tension. And that's a good thing.
Shane, so appreciate your time today, my friend. Thanks for being here. Yeah, thanks for having me. That's Dr. Shane Enat from Bioli University.
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Explore podcasts, videos, articles, Bible studies, and devotionals, all designed to help you see God as your ultimate treasure and money as a tool to advance his kingdom. Pursue wisdom, practice generosity, and steward God's resources in a community with others who share your faith. Visit FaithFi.com to take the next step in your faith and financial journey today. That's faithfi.com. Wondering who Faith and Finance recommends as a banking partner that aligns with Christian values?
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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. You know, as we think about really the outworking of living as a faithful steward, clearly what should be one of those clear byproducts of living this way is generosity. You know, we should see money flowing into God's kingdom.
In fact, I had a great visit with Paul David Tripp just the other day, and he was talking about this idea that perhaps the primary reason God entrusts to us what he does is not first so we could provide, but first so we can give. An interesting thought, though, is that perhaps that primary outworking of our management of the King of Kings resources as a steward is so that we can be loving our neighbors. and serving others and being partnered with God as co-laborers in his activity and participating in part through our giving, through our generosity.
Something to think about today.
Well, we want to turn the corner and take your financial questions today. Whatever is on your mind. Financially, we'd love to tackle it. Spending plans, we know that's challenging. Investing, that can be challenging.
Getting out of debt, giving wisely, whatever it is today. The number 800-525-7000. Again, that's 800-5077777777777777777777 525-7000. Any financial questions, you can call right now. In the news today, criminals are increasingly targeting older Americans' retirement and financial accounts through imposter scams, according to the FTC.
Here's how the scams work: scammers invent a fake crisis. And pose as trusted representatives from banks and major companies like Amazon or Apple or Microsoft. They also will pose as government agencies as well.
So, think the Social Security Administration or the Federal Trade Commission.
Now, victims are told to transfer money to, quote, protect it or for another false reason, and losses can drain your entire life savings, including a 401k account. Here's the numbers on this: losses of $100,000 or more among victims 60 and older jumped from $55 million in 2020 to $450 million in 2024. That's a 700% increase. Overall, elder fraud losses reached $700 million in 2024. That's up from $122 million just four years prior.
So, here's the tips that the Federal Trade Commission would offer to you. To avoid the imposter scams first, don't ever move money to quote protect it. That's a scam tactic. Second, verify, verify, verify before acting. Use official contact info, never numbers from pop-ups or texts or emails.
If you get a call from somebody claiming to be from a government agency, just very politely say, I'm going to get off the phone now. Thank you for calling. Hang up. And if you are wondering whether that's legitimate, you go source the phone number for that government agency and call them directly. And you initiate that call and you can find out if there's anything legitimate there.
And then third, block unwanted calls.
So use the carrier call blocking tools. These are becoming more and more sophisticated. They're easier to use than ever on your smartphone or even if you have a home phone still. In 2024, the FTC received 8,269 reports from adults 60 and older losing at least $10,000 to these scams. That's up three.
362%.
So, this is running rampant. Be aware of it. And if there's a senior in your life, Maybe a parent or a grandparent that you want to make aware of this. Let them know that these imposter scams are on the rise. Perhaps you just tipping them off to that might raise a red flag so that the next time it happens, they may not give out their personal information or take action when asked, stop in their tracks.
And then tell somebody or initiate the call directly to verify its authenticity. I hope that helps. All right, I'm ready to take some questions today. We've got some lines open, and perhaps whatever question you've been wrestling with, you're welcome to call right now. That number, 800-525-7000.
We've got lines open. We're going to begin in Twin Lakes today. That's Wisconsin. Mike, go right ahead. Hi, thanks for taking my call.
My wife and I are looking to purchase our first home in about a year. And we are a single-income family. I work, she stays, and homeschools our four children. I'm wondering if it would be a good idea when it's time to get our mortgage to have her on listed on the mortgage as well or if it would be better to keep her off. What I don't want is for something to happen to me and then her be respond her be responsible for it.
So I just wanted to get your opinion on that. Yeah. Well, so you basically are looking to buy a new home. Is that right? You're not talking about the current home that you have?
Correct. We currently rent where we've been saving up and we're looking to buy a home next spring.
Okay, very good. Yeah, when you do that, your wife would, I imagine, would want to stay in the home. But in either case, the estate would be responsible, whether she's on the mortgage or not, to take care of the outstanding balance.
So whether she's looking to sell it and move to downsize to something, or she wants to continue to live there, if you were to pass away, that mortgage is going to need to be continued on. And typically, it would just automatically, they wouldn't require her to refinance because she's married to you. She would just be able to keep the marital home and continue paying on it. She would naturally be on the deed, I would expect, with the two of you. That would be a good idea so that it would speed up her taking ownership.
You wouldn't have to wait for that process to occur. But it really, I don't think. You know, there's a huge advantage one way or the other to her being on the mortgage. You know, typically, if her income is unnecessary, and in this case, with her being non-working, it wouldn't factor in. You know, often she would not be on the mortgage because they're not looking to be able to count any income from her for your qualification.
But that wouldn't really cause any problems. Again, the home would be hers. She'd be responsible for that lien, and likely she would just continue those mortgage payments.
Okay, perfect. That answers that. I appreciate it. Thank you. Yeah, no problem.
Just one clarification on that.
So federal law actually requires this.
So the lender is required under federal law to allow her to assume that mortgage.
So if you're both on that mortgage, no brainer. If she's not, she would then assume it. It would become her mortgage to the property that she's already on the deed for, and then she would just continue on from there.
So you can go either way, Mike. And if it's simpler just to have you on it, that would be no problem if you were to pass away first. Hey, thanks for being on the program today. We appreciate your call. Let's go to Illinois.
Hi, Mike. How can I help? Thanks for taking my call. I'm going to be born in 1959. I'm going to be 66 in 10 months as my full.
Social Security age.
So I still want to keep working. I make about $60,000 a year. And my Social Security will be about $38,000 a year. Can I work and collect my full Social Security, or is there a wage gap or a cap that I need to worry about? Uh yeah, and are you talking about waiting until full retirement age to take your social security?
Which minus 66 in 10 months will be next June.
Okay, yeah.
So, as long as you wait until full retirement age, Mike, you can earn as much as you want, and it will not affect your Social Security benefit whatsoever. The only thing it would affect is your Medicare premium. You know, the more you make, you know, that goes up. But as far as your Social Security benefit is concerned, once you reach full retirement age, you can earn an unlimited amount and you will still get that benefit. All the best to you, Mike.
Thanks for calling today, sir. All right, a quick break. Back with our final segment: your questions on anything financial today, 800. 525-7000. Call right now.
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They're distributed by Forside Funds Distributors LLC, which is not an advisory affiliate, a registered investment advisor, nor do they provide investment advice. Thanks for joining us today on Faith and Finance. We've got room for one or two more questions here in our final segment. You can call right now, any financial question today, 800-525-7000. We've got a few lines open.
Our team is ready for you. Call right now, 800-525-7000. Carol's in Mississippi. Carol, go right ahead. Yes.
You have previously mentioned investing Through an um Banking only I guess. It's robotic. You don't have a advisor for people who are wanting to invest under $20,000. What is the name of that? Service.
Yeah, it's a good question.
So, you're probably talking about what we refer to as a robo-advisor. And basically, that's an automated investing strategy where you, for a fairly low cost, usually about one quarter of 1% a year. Versus what you would pay if you had an advisor would be maybe one and a quarter percent.
So, you know, a whole hundred basis points less. You can have an automated approach to investing, and they will ask you a whole series of questions: your age, your risk tolerance, your goals and objectives. And then they will build, based on your answers, an automated portfolio using something called exchange-traded funds. And basically, you just think about these, Carol, like a basket of investments that represent the broad market index.
So you're just kind of owning the market. But the portfolio is constructed based on your age and goals.
So, you know, if you're in your 70s, you know, you might only have 30% in the stock index and you might have 70% in the bond index. If you're 40, you know, you might have 70% in the stock index and 30% in the bond index. But it'll do that for you. And every time you add more money, it's just automatically going to reinvest it.
Now, the one that I would go to to check it out is called the Schwab Intelligent Portfolios. And Schwab, meaning Charles Schwab, one of the most well-known discount brokerages in the country, great organization, very highly rated. They have a robo solution, which is the automated investments, which is largely online or in the app, and they call it intelligent portfolios.
So if you just get in your search engine and put in Schwab Intelligent Portfolios, you'll get right there. And I think that will give you what you need. Carol, we appreciate your call today. I hope that helps. Thanks for being on the program today.
All right, to Louisiana. Didi, thanks for calling. Go ahead. Hi, I appreciate your show so very much. Very nice.
Thank you. I appreciate it. Honestly, I couldn't. That's awesome. Is concerning my great grandchildren.
Their ages are three, eighteen months, and one week. I'm going to have set up some kind of account for them where I can put money in. Here lately, I've considered the universal life insurance policy, and at this point, I would love your advice on which direction to go for them. Universal Life for Grandchildren, I would say, can work, but it's generally not the best tool and not going to be my first choice for sure. It's more expensive than other savings vehicles.
The returns on the cash value are often low and can be eaten up by fees. And I think you could have better long-term financial growth. In either a 529 plan or other investments.
So, if your goal is a financial blessing and not really insurance, because we don't need insurance on the kids. Or on your life because nobody's counting on you for income, then I would say either considering an education savings plan, if that's what it's for specifically, like a 529, or considering just a straight investment account where maybe it's still in your name, not a custodial account, because the problem with that is it becomes the kids' account at the age of majority, and they may not be spiritually or financially mature enough to take it at that time. And yet it automatically becomes their money.
So, if they wanted to buy a sports car, or let's say, and let's pray this isn't the case, but their lifestyle happened to be at that moment kind of. Orienting away from the Lord, this money could be used for things that you're not very excited about. And so that's where a custodial account kind of takes that away from you in terms of choosing how and when you're going to actually hand this money off to them.
So, if you didn't want to do the 529, I'd probably just have you open separate brokerage accounts in your name, or if you're married, you and your husband. And earmark them for each of the three grandkids, and then just dollar cost average, however much money, whether it's a one-time amount or a monthly amount, into that account, have it just go into some straight, high-quality, exchange-traded funds or mutual funds, and just let it grow. And you don't need to pay the expenses related to the insurance, you know, which makes it more complex and more expensive. And just have a straight investment and just kind of forget about it and even automate the contributions. And you'll have quite a nest egg down the road when it's time to think about handing this off to the grandkids.
Does that make sense though? It does make sense. My goal for them is for them to have money for education or whatever field they choose to go into. I in no way want them to set it up where they are possibly irresponsible with it.
So I appreciate this information. Yeah, no problem. Now, I mean, the question is always, especially when it comes to grandkids, do we want to put it in a vehicle that requires it to be used for qualified educational expenses? And that typically means vocational and technical schools as well. Because if you believe that's really what it's for, then I would say the 529 plan is the best way to go.
You can get the money out if they get scholarships and grants on a pro-rata basis. They can use it for, you know, college. They can use it for trade schools, vocational and technical.
So the money grows tax-free as long as they pull it out for those qualified educational expenses.
So if that's what you're thinking, And then you control it as well. That's the direction I would go. The key is which 529 plan? Because you may find that Louisiana is not the best one for you.
So I would head to my favorite website for this. It's savingforcollege.com. Savingforcollege.com. And you'll find it'll, you tell it all the information about you, and it'll recommend the top five 529 plans because you can go out of state to another state's 529 if the returns are better in terms of historical performance. Savingforcollege.com.
Didi, you sound like a great grandmother. Thanks for your call today.
Well, folks, that's going to do it for us today. I'm so thankful you were along with us today. Hopefully, something you heard was an encouragement to you. It will help you as you think about managing the resources God has entrusted to you. I know it was my privilege to be able to come alongside you.
Thank you for inviting us into your stories each day. There's also another big thank you, and that's to the team that makes this possible. I just show up here and talk each day, but. I can't do what I do without the amazing work of Devin Patrick, my producer, Sandy Dickinson, who handles our phones today, and also Mr. Taylor Standrich, who's providing research and support to me today.
Along with the rest of the team here at Faith Phi that does all the amazing work, including our publications, this broadcast, our app, and devotionals, and everything you find at faithfi.com. We've got big plans for this year, some exciting things that I'll be able to tell you about in the days ahead. I can't wait to find new ways to encourage you to be that steward, seeing God as your ultimate treasure and money as a tool to give Him glory and accomplish His purposes. We'll look for you next week. Have a wonderful weekend.
May God bless you. We'll see you then. Bye-bye. Faith in Finance is provided by Faith Phi and listeners like you.
