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1 John 4:19. I am Rob West. Those six words beautifully capture the foundation of our relationship with God. We can only love and give because He first gave to us. Today, Sharon Epps joins us for a fascinating discussion on the generosity of women in the Bible.
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 decisions.
Well, it's always one of my favorite times when Sharon Epps takes the time to join us. She's busy as president of Kingdom Advisors, and we're so grateful for her insight. She's been studying the women who financially supported Jesus and were named in Luke chapter 8. And Sharon, it's great to have you here.
Well, it's wonderful to be here. I'm excited to unpack the first few verses of Luke 8 as it talks about the women who actually supported Jesus. And could I just read the word of God for a moment? Yeah.
Soon afterward he went through cities and villages, proclaiming and bringing the good news of the kingdom of God. And the twelve were with him, and also some women who had been healed of evil spirits and infirmities, Mary called Magdalene, from whom seven demons had gone out, and Joanna, the wife of Chusa, Herod's household manager, and Susanna, and many others who provided for them out of their means.
Now, listen to that last phrase. These women provided for this traveling entourage out of their own means. Take a particular note of one of the women. Her name was Joanna. She was the wife of King Herod's household manager.
And in this position, Joanna would have had wealth and a royal lifestyle. But we also see that Jesus met her in a weakened state. The Bible says that these women had been healed of spiritual or physical infirmities.
So in this context, we see that Joanna's first act of generosity was actually receiving from Jesus rather than giving. Oh, that's an interesting observation. Why do you think Luke records that fact, Sharon?
Well, I think it's probably to remind us that money doesn't solve all of our problems and that we must receive before we have anything to give. Yeah, that's right. Before we can give money, we have to first have money. But this idea of receiving first isn't limited to just money, is it? It really isn't.
I mean, at the most fundamental level, we must receive the breath of God before we have life. That's right. We have to receive intelligence and skills and abilities. We receive love from God and our family. And in fact, in 1 Corinthians, Paul says, what do you?
Have that you did not receive? And the answer is, of course, nothing. We often fail to recognize that giving by design starts with receiving. We receive, then we give, and that process creates a virtuous cycle. Oh, that's so good.
Let's talk about Joanna a bit more. What do you think motivated her generosity?
Well, wouldn't you think it has to be her love for Jesus and just gratitude for what he did for her? For sure. Later in Luke 24, we actually find that she's heartbroken and confused at the empty tomb. She was there when the women encountered the two angels, and she remembered the words of Jesus when they were at the tomb. And it was she, Mary Magdalene, and Mary, the mother of James, that went and told the apostles what they saw.
And her response was, I want to tell others what Jesus has done for me. Oh, wow. Yeah, that's an awesome biblical account.
Well, we always want to apply this to what we can take away.
So what lessons would you share with our audience here?
Well, I think for me, the thing I've been really reflecting on is that generosity is a journey and it involves our relationship with Christ. As it grows deeper, our response to his love grows as well. And so Joanna shows us this sacrificial kind of giving that's an expression of extravagant love for Jesus. And my prayer is that I continue to receive so well so that I can be a conduit of Christ's love through generosity. Wow.
And I'd really like to make it even practical. I guess I'll just share where the Lord's had me in asking some questions of myself. First of all, what is something that I need to recognize that I receive from Christ before I can be an extravagant giver?
So often I think we look at just what we hold in our hand as mine. Yes. But am I recognizing that it's a gift from Christ? And ask myself, secondly, am I safe or sacrificial in my giving? And then thirdly, what does my current giving indicate about how well I've actually received?
Those are powerful. Folks, I would challenge you as well. Ask those questions to yourself today. I'll do it. And let's see where the Lord might take us.
Sharon, these are powerful observations from God's word about the women who financially supported Jesus. Thanks for your time today. Glad to be here. That's Sharon Epps. She's president of Kingdom Advisors, a frequent and much appreciated contributor here at Faith and Finance.
All right, folks, your calls are next. The number 800-525-7000. We'll be right back. Are you looking for a better way to align your faith with your finances? The FaithFi app is here to help.
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Well, we've got lines open. We're ready for you. We'd love to take your call at 800-525-7,000. We've got, it looks like four lines open right now: 800-525-7,000. Whatever is on your mind today, whether it's your lifestyle and your budget, maybe it's the best way to pay off debt.
Maybe you're struggling with that credit score. You're getting ready to buy a house or get a car loan and it's concerning you. Maybe you want to give wisely, especially this time of year. And maybe you want to do a qualified charitable distribution out of your IRA.
Well, any of those topics and more, we'd love to chat with you about. The number 800-525-7000, you can call right now. Let's go to Iowa. JP, go ahead. Hey, appreciate what you do.
Love your brother out there.
So, thank you. Yeah, I've been listening to you for years. The one question maybe hasn't been answered is. But I need may consider in a couple years. I'm looking at um The seventy two T to take advantage of that.
I'm almost forty-eight, looking at possibly. retiring from my corporate job here and pulling from the four hundred one K to do consulting. And the plan is there to pull from that. Uh probably Um The withdrawal of like you know, five percent of it. Um and the other kind of two-part question is Should I leave that investment if I do do that, where it's in stocks and gaining that typically nine percent to eleven percent in the S and T?
Yeah.
Yeah, that's a good question. Yeah, so what you're referring to there, this 72T that relates to the section that allows you to take out, and by the way, that SEPP is not the SEP IRA, it stands for substantially equal periodic payments.
So basically, this is a rule that lets someone who's under 59 and a half, who would normally be subject to a 10% penalty, take money from a 401k or IRA without the penalty, but they have to agree to take what are called equal payments for at least five years or whenever they turn 59 and a half, whichever is longer.
So what did you say your age was? I'm 40. I'm just about to be 48, but I'm planning on. Cutting ties at 50. And doing consulting film-led to do that.
Yeah.
Okay.
So I think the key for you is: you know, you've got to be really meticulous and follow the rules exactly.
So the IRS has formulas to calculate the annual withdrawal amount based on life expectancy and a fixed interest rate.
So once you start this, those payments have to continue on schedule. You can't change or stop them early without triggering penalties retroactively. And it's rigid. But, you know, if you stick with it, then you'll be penalty-free.
So I think just given your situation, this is going to happen over nearly 10 years.
So you just want to make sure that you've got a good plan and you carefully calculate those fixed withdrawals over that nearly a decade period. Because you don't want to get into a situation where they retroactively hit you with those penalties.
So I'd probably get a professional, a professional's help, like a CPA, somebody who can walk alongside you, because once it's in motion, there's no do-over on it. But I like that a lot. I think keeping it invested makes sense. Because remember, at 50, I mean, ideally, and none of us know the day or the hour the Lord will call us home, but you want to be planning for a four-decade time horizon on that, you know, at a minimum. And so that means, you know, you keeping this money invested, you know, maybe where you're dialing up your bond exposure a little bit, but where you still have maybe a majority of it in stocks, I think makes a lot of sense.
You keep that growing. Could it go down? Sure. You know, if we got into a recession, the stock portion could lose 30%. But the idea is you wouldn't be taking it out.
You're still working. And even once you are redirected away from paid work, you'd have the opportunity. You know, still to keep that stock portion invested if you were waiting for the market to recover, if there was something going on economically. And then the other thing I would mention to you is: you know, with that consulting business, you know, you could look at opening a SEP IRA, different SEP, simplified employee pension, and then you would be able to put additional withdrawals away if you're earning more than your lifestyle needs are. Does that make sense?
Yeah, perfect. Thank you. Yeah, good. Yeah, I think you're at the end of the day though, JP, I think you're on the right track here. I think that could make a lot of sense.
I mean, keep in mind, if you can avoid pulling this out, Without taking that 72T because you have other income, I delay that as long as you can and just let that keep growing. If you need it, you know, this is available to you, and I think you're hitting on something that could be really helpful to you. But obviously, if you can get to retirement with as much in that retirement account as possible, that's going to help you supplement Social Security and cover your living expenses. God bless you, my friend. Let's see.
Patricia's driving through Cleveland. Patricia, be careful there and go right ahead. Yeah.
Thank you for taking us out. My husband and I want to Get about $8,000. And we have a couple of options and I don't have interest rates. available right now, but we could take it from my 403B account. Of course, it's been doing well because of the stock market.
Um Or we he he has a part-time retirement job. And we just found out that he qualifies for about $12,000 in retirement benefits. that he could take Yeah. A monthly uh check for as long as he lived or he could take the whole stump out. and then continue to generate or it's still working.
Or I have a small annuity that's about three or four thousand dollars. And We just weren't sure how to look at these small but meaningful opportunities that we have We want to pay off a couple of credit cards. They're a pretty low amount. And we also have a card payment three more months. that we were interested in paying off just to minimize the amount of our expenses every month.
Yeah, yeah, got it. It's a great question. And yeah, you want to think about which will have the least tax impact. and which one you want to leave untouched to keep growing. The 403B, the money's tax deferred, so the money that comes out is fully taxable.
If you're over 59 and a half, there'd be no penalty. The downside is it shrinks your long-term retirement pool. And also, it could bump you in a higher tax bracket, although we're not talking about a whole lot of money. An annuity depends on the kind of annuity is, if it's a qualified annuity, then the withdrawals are taxed like retirement income. If it's non-qualified, then the earnings portion is taxed, and some have surrender charges.
So in terms of the order of priority, I'd probably use liquid savings or cash first. If that's not possible, I'd look at the annuity next. But only if there's no surrender penalty and the tax impact is modest. And then, as a last option, I'd look at the 403B. All right, thank you so much.
All right, you're welcome. Thanks for your call today, Patricia. Call anytime.
Well, folks, we're headed to our next break. We've got room for a few more questions today.
So, there's something on your mind financially, you'd love to make that decision with some wise counsel rooted in God's word, not because it comes from me, but because we look to scripture to pull these principles out, well, this is the place for you. We'd love for you to call right now at 800-525-7000. We've got room for a few more questions in our final segment today. Again, that's 800-525-7000. This is Faith and Finance biblical wisdom for your financial decisions.
Back with much more just around the corner. Stick around. Are you a financial professional looking to grow your practice while offering advice that aligns with your Christian values? By becoming a Certified Kingdom Advisor, you'll gain the biblical wisdom and professional credibility to serve clients who are seeking faith-based financial guidance. Each year, more than 75,000 people search for a certified kingdom advisor.
Join our community and share your expertise with clients looking for someone who shares their faith and values. Start your journey today by going to kingdomadvisors.com/slash get certified. We're grateful for support from Movement Mortgage, who provides residential home loans in all 50 states. Guided by a mission to love and value people and a goal to redefine the mortgage process, Movement seeks to help others achieve their financial goals. You can find out more at movement.com slash faith.
Movement Mortgage LLC supports Equal Housing Opportunity, NMLS number 39179. For licensing information, please visit NMLSconsumerAccess.org. Great to have you with us today on Faith and Finance. We're taking your calls at 800-525-7000. Hey, before we head back to the phones, let me just mention: here at the fourth quarter of the year as a listener supported ministry, this is a great time for us to hear from you.
If you love the program, I would just invite you to become a supporter of the program, help us reach more people, and be able to act on all the incredible plans we have for next year. A brand new FaithFi app, my new devotional comes out in January, just some really incredible new offerings for you. And all that happens because of listener support.
Now, here between now and December 31st, every gift to FaithFi is going to be doubled because we have some wonderful, generous friends that said up to $175,000, everything that comes in before December 31st, we will match it.
So, that means your 100 is 200, your 1,000 is 2,000, your 5,000 is 10,000, and it'll be a real blessing to us to finish the year strong. One other thing: every gift of any amount will ensure that we mail you my new devotional, Our Ultimate Treasure, when it comes out in January. I'm really excited about it. I can't wait for you to get it. And every gift before the end of the year will allow you to receive a copy of it.
So, it's a great time to head to faithfi.com/slash give and give generously. That's faithfi.com/slash give. All right, back to the phones we go. Let's go to Georgia. Tanner, go ahead.
Yes. So my question was, my wife and I my mother in law passed earlier this year, and we finally got her estate fully settled and got the house sold. And we received enough money from the sale of the house that I can have two choices. I can either pay off my own home mortgage in full, so it will be paid for, Or we can pay off about three quarters of what we owe on my daughter's. student loan.
Um And so I'm kind of like, which one should I pay off? They're about the same amount of money. Um, and the mortgage, I'm at the back end of it, so most of what I'm paying is principal anyway. And I'm 61 years old, so I'm sitting here wondering which way I should go with this windfall that we received. Yeah, yeah, great.
You know, I think it's a great question. You mentioned something really important there at the tail end, and that is you're in the later years of this mortgage, so the vast majority of what you're paying is going to principal. What are the interest rates on the mortgage versus the student loans? The mortgage is only 2.625% and the student loan is 9.1%. Oh, wow.
Yeah.
And you have agreed with your daughter to bear the full responsibility of that? Was that the agreement from the beginning? Yeah, pretty much. She it's kind of a a hard place to be, but she discovered in her fourth year that if she took a couple more classes, She could graduate with both a business degree and a psychology degree, dual degrees, but that meant two more. semesters And at that point, her scholarship had ended.
So we paid for two out-of-state It was a lot more money, but we said, okay, we'll borrow a little bit here. You borrow it, and we'll pay that off for you.
Okay, but not a bad deal because she covered the first four, right? Correct. Yeah, that's great.
Sounds like she's a hard worker and you sound like great parents. You know, I think this one's kind of a no-brainer, just given those interest rates. I mean, first of all, you're on the back end of that mortgage. It's all going to principal largely. You got a very low interest rate south of 3%, which is phenomenal.
And although it'd be great to own that home and have that peace of mind, I mean, with those student loans up at 9%, I think I would really just focus all of my energy there, get that paid off. That's equal to a guaranteed 9% return, which you're not going to get anywhere else. And so I think that just makes good financial sense. I would just make sure you preserve at least a six-month emergency fund, either with those funds or if you've got already that set aside at other places, then use the full amount.
Now, if you have something left over, I would just, you know, always reevaluate this in light of your values. Are there other things you're wanting to do, including giving, you know, or do you want to just accelerate? That mortgage payoff because you're looking forward to the day to getting that completely paid off. But I think, given the option, I would certainly prioritize that student loan.
Okay, yeah, so we'll prioritize the student loan, and I hear you 100%. God has blessed us many times over with. Additional funds, which we've been able to take care of things internally for our own finances and then reach out and help others get on the right track or fund things through our church that we think are important, like mission work and so on. Yeah, incredible. That's awesome, Tanner.
Well, thanks for your call today. Call anytime.
Appreciate you being on. Let's head south to Florida. Becky, go ahead. Hi, my question is, I started taking my Social Security retirement benefits at full age at seventy this past June.
However, I know that spouses can take half. My husband's younger than I am. He will not reach his FRA until July of next year. Is he allowed to take half of mine until he reaches his FRA and then take his FRA, which will be? Substantially more than the half of mine, and it's even more than my full amount.
Yeah, that'd be great if he could. Unfortunately, the Congress closed that loophole for anyone born after January 2nd, 1954.
So under the new rules, when he applies for benefits, the Social Security Administration will automatically pay him whichever benefit is higher, his own or his spousal benefit. He can't choose to take one now and switch later.
So what he would likely want to do is just go ahead and wait until 66 and 10 months, which is probably when he would be able to claim his full benefit or delay like you did to earn even more, but he would not be able to take the spousal and then switch, unfortunately.
Okay, thank you so much. I appreciate it. Thanks for all the hard work you do and for being there for all of us and all of our questions.
Well, you're welcome, Becky. Thanks for saying that. And call anytime. Lord bless you. Let's go out to Ohio.
Mike, go ahead. Uh yes, I was uh wanting to get remarried and uh If we when we get remarried, she's gonna lose uh like almost fifteen hundred dollars of the Social Security she's collecting now. Is there anything we can do to overcome that or prevent that? Yeah.
Uh it really depends.
So is she receiving a divorced spouse's benefit or her own working benefit? uh she's receiving from her husband, but he's already passed away.
Okay, survivors benefit. Widows benefit. Survivor's benefit, yeah.
Okay, so if she remarries before the age of 60, she's going to lose that survivor benefit. But if she remarries at 60 or later, she keeps it.
Okay.
What is her age? Oh, she's seventy.
Okay, yeah, so as long as she is 60 or older, when she remarries, she won't lose that widow's benefit.
Sorry.
Okay.
Thank you very much. Yeah, thank you. I appreciate it. All right, Mike. Thanks for calling.
Well, folks, that's going to do it for us. We covered a lot of ground today. Let me finish with this. You know, when we think about a biblical worldview of money management, it starts with lordship. God owns it all.
And then stewardship. Money is a tool to accomplish God's purposes. I think right behind that is generosity. Giving breaks the grip of money over our lives. I hope you think about that today as you think about your role as a steward.
A big thanks to my team today. Couldn't do it without them. Autumn on phones, Devin, my producer, Jim on research, and everybody here at FaithFi. If you want to support our work, go to faithfy.com and click give. We'll see you next time.
Bye-bye. Faith in Finance is provided by FaithFi and listeners like you. Yeah.
