This Faith and Finance podcast is underwritten in part by The Good Investor, a book by Robin John. This Faith and Work memoir hopes to inspire readers to view their work and investments as opportunities to honor God and bring blessing to the world. You can learn more now at goodinvestor.com. That's goodinvestor.com. As Christmas Day draws near, we often hear stories of generosity, kindness, and the spirit of giving.
But perhaps no story has inspired these virtues more than the tale of St. Nicholas. Hi, I'm Rob West. Today we'll explore the story of a man whose life was a testament to selfless love and generosity, and whose actions echo the true meaning of Christmas. 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. Nicholas was born around 280 AD into a wealthy Christian family in Petara, Turkey, a busy trading hub on the Mediterranean coast. From an early age, he was taught to follow the teachings of Jesus, especially the call to care for the poor and downtrodden. His parents, devout believers, lived out these values daily, planting seeds in Nicholas' heart that would later bear incredible fruit.
But tragedy struck when Nicholas was still a boy. An epidemic claimed the lives of his parents, leaving him orphaned, but with a considerable inheritance. In his grief, Nicholas found solace in his faith. Rather than clinging to his wealth, he saw it as a means to serve others, a tool to live out the gospel message of love and generosity. Nicholas began to use his wealth to quietly help those in desperate situations.
His most famous act of generosity involves a poor man and his three daughters. In those days, a dowry, a financial gift, was required for a woman to marry. Without one, the daughters faced the grim prospect of being sold into slavery. The father, though heartbroken, could do nothing to change their fate. Moved by their plight, Nicholas decided to intervene.
Under the cover of night, he secretly delivered a bag of gold to the family. When the father discovered the unexpected gift, his joy was overwhelming, and the eldest daughter's future was secured, but Nicholas didn't stop there. On two more nights he returned with gold for the other daughters, ensuring that each could marry and avoid the dangers of poverty. Though the father eventually discovered his benefactor's identity, Nicholas humbly urged him to give thanks to God alone. This act of secrecy reflects Jesus' teaching in Matthew 6, When you give to the needy, do not let your left hand know what your right hand is doing.
Nicholas didn't seek recognition. His only desire was to serve God and bring hope to others. Later in life, Nicholas became the Bishop of Myra, a role that allowed him to further his mission of compassion and justice. As a church leader, he was known for his deep love for his people, his unwavering commitment to the poor, and his courage in defending the innocent. He risked imprisonment during the persecution of Christians under Emperor Diocletian and later attended the Council of Nicaea in 325 AD, standing firm for the truth of the gospel.
But what set Nicholas apart was not just his position or influence, it was his Christ-like love. He lived out the gospel message in every breath, reminding people that true wealth is found in a personal relationship with God Himself. His acts of kindness pointed others to the greatest gift of all, Jesus Christ, who came into the world to save sinners and offer eternal life. After Nicholas's death on December 6, 343 AD, stories of his generosity continue to spread throughout the centuries. In time, he became known as the protector of children, the patron of sailors, and a symbol of selfless giving.
His life inspired the figure of Santa Claus, but behind the red suit and cheerful laughter lies the legacy of a man who lived to glorify God. The story of St. Nicholas challenges us to reflect on the true meaning of Christmas. His life wasn't about giving extravagant gifts or earning recognition. It was about embodying the love of Christ, a love that is sacrificial, humble, and freely given.
This Christmas, as we exchange presents and celebrate with loved ones, let's remember that the greatest gift has already been given. Like St. Nicholas, we're called to share that gift with others. Whether through acts of generosity and service or kind words of encouragement, we can reflect the light of Christ in a world that desperately needs hope. After all, as Jesus said, it is more blessed to give than to receive.
May the story of St. Nicholas inspire us to give generously, love deeply, and celebrate the true meaning of Christmas. After all, it's not the gifts we receive, but the love that we share that makes this season truly special. Folks, as we approach year end, would you consider a gift to Faith Buy? Every gift will be doubled before the end of the year, and a gift of any amount will ensure that you receive my new devotional, Our Ultimate Treasure, is our gift to you.
Just go to faithby.com/slash give. We'll be right back. If you love what you hear on this program, there's even more waiting for you at FaithFi.com. 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.
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Yes. Oh. Thanks for joining us today on Faith and Finance. Hey, just a quick reminder: here at the end of the year, this is a really important time for us to hear from you as a listener-supported ministry. We're not yet at our goal that we've set for December 31st, but you can help us get there.
Every gift is doubled because of some generous friends. Just go to faithfi.com/slash give. That's faithfi.com/slash give. All right, let's get to your phone calls we've lined up today. Let's go to Tennessee, Maryland.
How can I help? Hi, thank you for all you do. I love your program. It's my understanding that if you have. a will, you still have to go to court, but if you have a trust you avoid going to court.
Yes. Yep. You're exactly right.
Okay. Yes. All right.
So the will goes through what's called probate. Which is a court process.
So, your executor would work through the probate court in your county, and that does take time, and there are court costs associated with that.
So, often people will choose a revocable trust. Which bypasses the probate process. And so it makes it more efficient, meaning the estate transfers more quickly. It happens privately, so it's not a part of the public record, which is not the case with probate. That is a part of the public record, and therefore, you know, it's made known to anybody who wants to look into it.
The trust is private. The other benefit of the trust, in addition to avoiding the time and the expense of probate, is that your trustee can take over even prior to your death.
So let's say you are incapacitated and you don't have the ability to make decisions on your behalf. A will only goes into place when you die. But a trust could be set up to go into effect prior to death. during incapacitation. And so that's why a lot of people will use a trust and have determined that it's worth the extra expense to go ahead and put that in place.
But is that what you were getting at? Does that answer your question, Marilyn? Yes, it does, 'cause I have both I have a trust and a will. Is that okay to have both? It is.
Yeah. The key is the trust is going to apply to those things, the property, home, that have been titled into the name of the trust.
So it requires a retitling for something to actually be inside the trust. And what the will is going to do is anything that is not titled in the name of the trust. Is going to be subject to that will.
So the will becomes kind of a catch-all, if you will, for anything that's not inside the trust. The other primary function of a will, which is really critical if you have minor children, is the will names the guardian. And so that's critical.
Now, if you're in a situation where you know you don't have minor children at home, then you know that's not necessary. But if you do, a will is absolutely essential. But apart from the minor children, the will would be there as kind of the governing document for the transfer of assets beyond the trust. And keep in mind, again, the trust only applies to those things titled in the name of the trust. Does that make sense?
Yes, thank you so much. And I didn't know you could access the trust. Even if you haven't passed yet, you know, the person hasn't asked. Thank you so much. That's right.
Well, you're very welcome. Thanks for your call today. Lord bless you. 800-525-7000 is the number to call. We had a couple of callers that had some questions who could not be on the air.
So let me just go ahead and read those questions because I think these could be helpful. And these callers are listening. One of our callers said she's the CFO of a company, and they're talking about selling the company. The CEO of the company, again, she, the caller, is the CFO. The CEO, in her opinion, is about to sell the company to someone who she thinks might bring the company down.
It clearly, and I don't know the details because we didn't speak, but clearly she does not have confidence in who the CEO is thinking of selling the company to in terms of its future longevity. And she's just asking, what advice do you have that I might be able to share with the CEO given the situation? And, you know, this is a big one. I mean, I understand this is obviously a concern that's weighing on you, and it calls for wisdom, but I think it also potentially calls, you know, for you to get out of your comfort zone. You know, I think first of all, you know, you need to remember your role and responsibility.
So, as the chief financial officer, you have both a fiduciary, meaning a legal, and an ethical duty to give the CEO and ownership team your best professional counsel.
So, I think that means speaking honestly about the financial implications and risks of a sale. Providing objective data and projections, not emotion, but objective data and projections that possibly support your concerns. And then I think also documenting your analysis and recommendations. You know, you're not there to make the final call. That's ultimately the CEO or owner's role, but you are responsible for ensuring your CEO makes an informed decision, even though your CEO is ultimately going to be the one to make that call.
I think, second, lead with wisdom. If you really have genuine concerns, I think you need to clarify what that means. Are there financial red flags? Are there ethical concerns? Is it more about fit and culture?
Meaning, it's going to go in a direction that undermines what made the company successful. I would encourage you to put those concerns in writing and support them by facts, not feelings. And I think that kind of clear, data-driven language will earn the respect of your CEO and I think protect your integrity as well. And then I think lastly, I would say you can urge the CEO when you have a private conversation to seek independent advisors, maybe compare multiple offers, even evaluate the alignment of the mission and the values and the strategy that this new buyer is going to bring to the table, perhaps beyond even just the purchase price. And then finally, I would say.
Really be prayed up here. You know, ask the Lord to give you wisdom and discernment before that conversation, if you deem that appropriate. At the end of the day, though, you can't control the outcome, but you can control your integrity and your wise counsel, as well as your fiduciary and ethical responsibility.
So, I know this is a big one, and I would just say, again, take this before the Lord before you engage in this conversation. The other one quickly was a caller, again, who could not hold, who's 82, lost his eyesight, and is having difficulty writing checks and paying bills, wondering about automatic bill pay. And I would just say there are definitely great options for you to be able to set up automatic bill pay and recurring payment services that really simplify things.
So, what you're going to want to look for is a checking account at a credit union or a bank that includes bill pay online as a part of its service. And the good news is just about all of them do right now. And you're going to want the ability to set up automatic payments from the account to pay recurring bills. And when you get with the big banks and credit unions, you know, they'll often have a relationship where if it's a major utility or phone company or your mortgage, you know, they'll be able to take that bill electronically and then automatically pay it, even though it changes in terms of the amount every month.
So you're going to want to get either yourself or a family member who's helping you ask that question: Do you have free online bill pay where I can schedule recurring automatic payments for monthly bills like utilities? And then get that trusted family member or friend to help you set that up. And I think that should get you in good shape. We're going to take a quick break back with more questions after this. We'll be right back.
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Faith in Finance is thankful for support from The Good Investor, a book by Robin John. In his book, Robin shares his journey from an immigrant child struggling in school to co-founder and CEO of Eventide Asset Management, a faith-based investment firm. This Faith and Work memoir seeks to inspire readers to view their work and investments. As opportunities to honor God and bring blessing to the world. More information is available at goodinvestor.com.
That's goodinvestor.com. Thanks for joining us today on Faith and Finance. We do have some lines open.
So if you have a financial question today here on Faith and Finance, give us a call, 800-525-7000. We've got lines open, 800-525-7000. Let's go to Cleveland. Hi, Lee. How can I help you?
Hi, I was just calling. I'm going to be retiring.
Well, close to retirement age. I'll be sixty-two next year in August. And I was just wondering, I owe $119 on my home. I work uh Part-time, my husband works full-time. I work part-time, and I was wondering if I should start collecting my Social Security to pay off that house faster.
And I would continue to work because I don't make. Um I just work part-time, so I'm only making around $18,000 to $20,000 a year. Yeah, yeah, okay. Yeah, you know, I would just say starting Social Security at 62 is tempting, especially when money is tight, but it's usually the most expensive decision you can make in retirement.
So, first of all, it comes with that permanent reduction of 25 to 30 percent lower in terms of a smaller benefit, 25 to 30 percent for life compared to your full retirement age.
So, that means smaller checks every month. It also means smaller cost of living increases. And if you live into your 80s or 90s, which is highly likely, although only the Lord knows, you will feel that reduction. I would say, second, you fall below the earnings limit now. You know, but the real question is, can you afford that reduction forever?
So, you know, you're earning $17,000 a year, so you wouldn't be hit by the earnings penalty if you take it at 62,000. But that, again, doesn't mean it's necessarily the smartest move long term. You know, I hear you on being debt-free by the time you get to full retirement age. And I love that idea of you being out from under that once and for all. But again, forcing that smaller social security benefit for life just to pay off the home faster, you know, is not necessarily always the best option.
What is the interest rate on that mortgage? Um, I think it's around three something. Yeah. So a phenomenal interest rate that, you know, you were more than double that today. And so that's very, you know, inexpensive funds, especially given that you're going to get about an 8% increase every year only to pay off a loan that's less than half of that quote rate of return.
Now, it assumes that you live long enough to collect everything you gave up between 1962 and 67. But assuming you do, you've then got a check potentially as much as 30% higher for the rest of your life.
So I think what I would do is just try to keep expenses lean right now, pay extra out of current cash flow toward your car loan, try to get that knocked off. And then you could roll that money over toward the house, try to send an extra payment or two a year. But I would prefer that personally over you taking it early and locking in that smaller benefit.
Okay, thank you very much. We have been paying a little bit extra every month, so. Yeah, that's great. Love it.
Well, listen, Lee, I mean, that's not a definitive. Again, you know, there's not a right or wrong here, it's just a few other things to think about as you make this decision. But I think, you know, with there is longevity risk, which is the idea that you're going to live a long time, which we're living a lot longer today than we were. And the key is that higher check for the rest of your life, you know, you're really going to appreciate, you know, in your 80s and beyond.
So thanks for being on the program today. We appreciate your call. Illinois, where Linda's located. Go ahead. Hi.
Hi there, how can I help? Uh my husband and I Um, we are forty I'm forty and he's forty two. We have paid our house. We have no debt. Um we paid the house in cash because Um We've been married for twenty three years, so We had no debit, no no diet.
No credit card. We pay the college of the kids cash. And right now, Our house has doubled. And besides that, We have one hundred forty thousand dollars in savings. which were put in forty thousand dollars.
for emergencies. But we want to invest that hundred thousand dollars. And we don't know How do I invest? Yeah. Do you have access?
But first of all, Linda, congratulations. I mean, you've done a fabulous job here getting to this point. You paid for college with cash. You own your home outright. It's appreciating significantly.
You're in your early 40s.
So you got time on your side. You know, that's amazing. And you've got a fully funded emergency fund. In fact, it's probably overfunded, which is a good thing. And now you've got some money to invest.
So that's fabulous. You all are really putting yourself in a solid financial position here. Do you have access to a retirement plan at work, either of you?
Well no.
Okay. So are you all self-employed or are you W-2 employees? Yes, we are self-employed.
Okay. So, I would love for you to try to get this into a retirement plan because that's going to allow this money, as it's invested, to grow without the drag of the taxes that would have to be paid. See, if you just put this into a regular taxable brokerage account and invest it, and it does well, you're going to have to pay taxes along the way.
So the easiest thing to set up is something called a SEP IRA, SEP. It's easy to set up, it's flexible, and you can put in up to 25% of your self-employment income, which is just a huge benefit to be able to put a lot more away on a regular basis and reduce your tax liability right now. And then once it's in there, you could get it invested.
So you're going to need an advisor to help you set it up and to manage it.
So I would connect with a certified kingdom advisor there in Illinois at findaca.com. Uh let's go to Chicago. Hi, Tina. Hi, how are you Rob? Thank you for taking my call.
Sure. Your show has been a blessing to me. I've been listening for years.
Well, thank you. My question is, I have been overpaid Social Security SSDI. I have been paid an overpayment. And I'm paying it back. And I wanted to know, do I have to have all of that repaid before I retire and get my retirement benefit?
No, they'll put you on a payment plan, and it can be extended into your retirement benefits once you switch. And it wouldn't prevent you from receiving retirement benefits, it will just reduce your benefits equal to that payment plan that you have until it's all repaid fully. Does that make sense? It does. Thank you so much.
You're welcome. Yeah. So I think the key is just make sure you know what that payment plan is. If you don't have one, you're going to want to talk to them to get on a payment plan to ultimately repay it back since you can't do that in a lump sum. And whatever that amount is will just be reduced from your retirement benefits when you get to that point.
So hopefully that helps you. We appreciate your call today. Big thanks to my team today: Devin Patrick, Sandy Dickinson, Jim Henry, and everybody here at FaithFi. Have a great weekend. We'll see you next time.
Bye-bye. Faith in Finance is provided by FaithFi and listeners like you.
