What do your finances say about what you treasure? Hi, I'm Rob West. My new devotional Our Ultimate Treasure is a 21-day journey through scripture that helps you realign your heart and your money with what truly lasts. As you consider where to make your year-end gifts this year, consider supporting what we do here at FaithFi. Every dollar donated to FaithFi before December 31st will be matched thanks to generous supporters.
That means your gift will go twice as far to help families find biblical answers to questions like, how much is enough? What does success really look like? And how do I prepare the next steward of what God has given me? With your gift of $400 or more, we'll send you a copy of Our Ultimate Treasure as our thank you. Just head to faithfi.com slash give and double your impact today.
Now, on to the podcast. Are you feeling the pressure to buy just one more thing as Christmas draws near or worried the season won't feel special unless you spend more? Hi, I'm Rob West. With tight deadlines, emotional expectations, and last-minute sales everywhere, this is when impulse spending can quietly take over. But Scripture offers a wiser, more freeing way to approach giving, one rooted in love rather than pressure.
Today we're talking about emotional buying and how to stay intentional. And then we'll take your calls at 800-525-7000. This is Faith in Finance, biblical wisdom for your financial journey. Christmas brings out many good desires. We want our homes to feel warm, our families to feel loved, and our gatherings to feel joyful.
But emotional spending happens when those good desires turn into pressure, internal or external. Suddenly we're asking, what if this isn't enough? What will they think if I don't get something big? Everyone else is giving more, should I? If I don't hurry, Christmas won't feel complete.
emotional buying peaks in these final days before Christmas. Not because we're unwise, but because we're human. We feel the weight of expectations, the excitement of the season and the fear of missing out on that perfect moment. But perfect moments aren't purchased. They're created with simple, meaningful time together, not merely expensive gifts.
Scripture grounds us in a different rhythm. Jesus said, It is more blessed to give than to receive. And he wasn't talking about frantic shopping. He was talking about generosity, joyful, intentional, heart-shaped generosity. Paul reminds us in Colossians 3:2, set your minds on things above, not on earthly things.
Christmas giving becomes a spiritual act when it flows from love, gratitude, and thoughtfulness rather than pressure or panic. And here's the truth: many of the most meaningful gifts can't be boxed or wrapped. Whether it's a handwritten letter, a shared meal, a family tradition, a long walk with an aging parent, or even prayer spoken over someone you love, these are gifts that last, gifts that shape hearts, not clutter closets. In these last days before Christmas, urgency speaks louder than wisdom. The sale might be ending, the shelves are emptying, the shipment won't arrive on time, and suddenly our gifts come more from a place of fear than love.
But Proverbs 21:5 warns us: The plans of the diligent lead surely to abundance, but everyone who is hasty comes only to poverty. Hasty choices don't only lead to financial strain, they lead to emotional strain. They rob us of peace, they shift our focus from Christ to consumption. You don't have to sprint your way into Christmas. You can choose a different pace.
Let me offer four practical ways to avoid emotional buying in these last days before Christmas. First, pause before you purchase. Even a 30-second pause can interrupt an emotional decision. Ask: Is this coming from love or from pressure? Second, let your values set the tone, not your emotions.
A healthy budget isn't restrictive, it's clarifying. It helps your spending reflect what matters most. Third, remember that generosity is more than money. Time, words, service, and being present. These are gifts money can't replicate.
And fourth, let Christ, not culture, define Christmas. Before you buy something, ask, will this help us celebrate Jesus or simply ease a momentary fear? When your giving aligns with your faith rather than your fears, Christmas becomes more meaningful, not less. Mother Teresa captured this beautifully when she wrote, It's not how much we give, but how much love we put into giving. What a freeing perspective.
You're not responsible for funding a flawless Christmas. You're responsible for loving the people God has put in your life. And love doesn't require overspending. When love leads the way, even small gifts have great value. Simple gatherings become sacred, and the pressure to keep up loses its power.
Folks, Christmas isn't a test of your financial ability. It's a celebration of God's generosity toward us. The angel didn't announce, I bring you great deals of consumer joy. He said, I bring you good news of great joy. A Savior has been born to you.
That's the center of Christmas. That's the peace we long for. And that's the foundation of intentional giving. Before we close, I want to invite you, not out of pressure, but with the same intentionality we've talked about today, to prayerfully consider partnering with us here at FaithFi. A gift of $35 a month or $400 a year makes you a FaithPhi partner and helps you equip others to be faithful stewards.
A gift of any amount will be doubled before December 31st, and you'll receive my new devotional, Our Ultimate Treasure. Just go to faith5.com/slash give. We'll be right back. What we do is very special and it's very unique. This is Bethany.
She is a Certified Kingdom Advisor. I became a CKA because we're not building bigger barns and we're not trying to figure out how we can just amass more and more and more. We're figuring out how much do you really need? What are your priorities? What has God called you to?
And then how can we give it away? How can we be more generous? You can find an advisor like Bethany at findacaka.com. Uh 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. We've got lines open.
We're ready for your questions: 800-525-7000. Call right now. Let's dive into those questions. We're going to begin in Florida today with Miguel. Miguel, go right ahead.
Yeah, hi, thank you for taking my call. I'm fifty-seven years old. And um I live in West Palm Beach, Florida. I have a 4018, $300,000 balance in that account.
Now I wonder if it's prudent to uh pay off my mortgage. I all the balance is one hundred and thirty three thousand.
Okay.
So that's the question in an answer. Yeah, very good.
So this is a great question. And it generally is not wise to pull from a 401k to pay off a mortgage, especially when the interest rate is low. The taxes that you will incur and the lost growth Almost always outweighs the benefit of becoming debt-free.
Now, if you were calling me and say, Rob, I feel like the Lord is convicting me to be debt-free. That I just really have a conviction around that. I would say, okay, let's figure out how you can do that as soon as possible. But if you're just asking what's the wise approach, recognizing, yes, there are clear warnings in scripture around the use of debt. It's not talked about very favorably.
And I think there are appropriate uses of debt, not for lifestyle spending, but especially when, in the case of a home, you know, where you've got an appreciating asset. We always want to go into it with spousal unity. We don't want to deny God an opportunity to work. And the economic cost should be lower than the economic return. And I think that would be the case here.
And especially with you having a very low interest rate, I mean, less than half of what's available today. I like the fact that you would continue on a track to pay off that home, but that you would do that out of your monthly payment, perhaps adding something to that. Maybe you try to send an extra payment or two a year directly to principal. I think that's great if you have the ability to do that. But then separately, I would allow your 401k to continue to grow in a tax-deferred environment where you're seeing compounding returns so that when you hit retirement, the goal would be that, yes, you're debt-free, not now, but by then.
And then separately, you'd have this 401A in your case. That could be used alongside Social Security to provide an income stream. I think that would be the ideal situation. But does that make sense? Oh, totally.
But um, I was wondering 'cause I I was advised by uh at my present place of employment the I was considering rolling over that amount to my pension plan that I got now. And I mentioned the idea of paying off my mortgage. They asked me if there was a way that I if I could find a way to roll over the amount that I need to just to pay off the mortgage. and and just roll over the balance to them. I don't know if there's such a thing.
Yeah, the challenge is, you know, if that money, you know, when it comes out on $133,000, you're going to owe 20 to 30% in federal and state income taxes.
Now, I know you're in Florida, so no state income tax, but you're going to owe 20 to 30% in federal income taxes, meaning you'd have to take out closer to $180,000 just to net $133,000. And that $180,000 could stay invested and potentially double in eight to 10 years at just a 7% rate of return annually. And that's much less than what we've been experiencing in the market. And by taking it out now, you lose years of tax-deferred compounding. And at three and a quarter, that's essentially what I'll call cheap money, much lower than what you're likely earning long-term in the market.
And although paying it off would give you a guaranteed 3.25% return, quote unquote, that's not really great compared to what you would be getting otherwise. And you lose the liquidity, meaning the access to the cash, because now it's tied up in your house, plus the tax benefits and the growth potential. Does that make sense, though? Yes, it does.
Okay, I see exactly what you think. Excellent.
Well, Miguel, thanks for your call, sir. Lord bless you. If we can serve you in any way in the future, don't hesitate to reach out. All right, let's try to get a couple of additional phone calls in. I've got room for one at the moment, 800-525-7,000.
That's 800-525-7,000. Let's go to Texas. Hector, how can I help? Rob, thank you for taking my call. Hey, uh, about a year ago or so, maybe longer, you gave out a list uh of scholarships.
Uh, I have a A daughter that's in freshman and high school, and she's looking about maybe going to Liberty University there in Virginia. And we wanted to start and see if we can start getting some of those scholarships lined up for us. Do you still have that list? Yeah, it's a good question. Yeah, if you go to faithfi.com, we had an episode that was, I think, earlier this, maybe I guess it was last August, called Finding Your Scholarships.
Uh, so you could just do a search for that at faithfi.com, and we list the top scholarship resources and even some specialized scholarships. I'll also give you just some places to go. You know, really, the um, the one that's probably has the biggest database of scholarships is just simply scholarships.com.
So, you I would want you to check that. Secondly, I would push you to a fast web. Fast web, that's a great one where you can check based on your profile that you would create. It really is a strong resource that allows you to match your particular student and their profile to scholarships that may apply.
So I would say that's probably those are probably the top. Uh, two that I would look at, but I think you know, that episode that uh you referred to would probably be your next best option.
Now, here's the key: you know, and I love that you're thinking about it now because you want to start early, don't wait until the last minute. Many deadlines are a year ahead. Um, I think, secondly, to that point I just made about Fast Web, create a profile in those search tools so you're matched to scholarships that you or your daughter, your daughter and specifically qualifies for, and that helps you to weed out those that wouldn't be a good fit. Um, you know, also don't miss that the you know, the local and regional scholarships. You know, for instance, uh, you know, our electric company here in you know in Atlanta where I am, they do uh you know a $5,000 scholarship.
Well, one of my kids got it, and you know, just a local scholarship here that was just was great, and there's less competition than the national one, so don't miss those. Also, watch out for scams, you don't ever Want to pay to apply for a scholarship, and legit scholarships don't ask for payments.
So I would say that's really important. And then, you know, have her create, you know, really kind of a base essay that you can adapt to all these different scholarships, keep track of the deadlines. You may even want to hire, you know, somebody who's a coach in this area who can help you, you know, at the very least, you know, help, you know, provide a critique and edit your, you know, her scholarship, her essay is the word I'm looking for. Not that anybody would write it for her, but, you know, just in, you know, giving feedback and helping her craft that. But listen, you guys have to be committed to this.
I mean, you know, you'd want to think about applying for, you know, 50 plus scholarships. You know, that's what we did and saw a good bit of money coming our way. My wife grew up in a single parent home, knew she had to cover the cost of college and she got over $150,000 in scholarships.
Now, she was an amazing student, but they turned that living room into a scholarship application. Factory.
So, the amount you're going to get in awards is directly proportionate to the number of scholarship applications you fill out.
So, Hector, appreciate your call today. I hope that helps. God bless you, my friend. Remember that episode is called Finding Your Scholarships. Folks, this is Faith and Finance back with your questions: 800-525-7000.
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More information is available at guidestonefunds.com slash faith. Investing involves risk, including potential loss of principal. Carefully consider the investment objectives, risks, charges, and expenses of Guidestone Funds before investing. They're distributed by Four Side 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.
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 head back to the phones, Louisiana. Ken, go ahead, sir. Yeah, it's nice talking to you. You as well. I am.
Retired seventy-four And I've got about twenty-five thousand in an IRA. in a bank. I I just got out out of an annuity. And I'm wanting to put what I can into some gold. But I owe thirteen thousand on a ridiculous card that I signed for some home repairs.
and I need to get out from under that payment. Um And I'm wondering is there A way to have someone that can intercede for me with this credit card company to talk them off the $13,000. And you know. you know, pay a lump sum and get out from under that debt. Yeah, yeah.
Absolutely.
Now, it's not a negotiation. It's a set program, but it is my preferred way to pay off credit card debt greater than $4,000. That just typically is kind of the break point. When you're under that, you can snowball it, do it yourself. Over that, it really is helpful to have some assistance.
And debt management, or what's called credit counseling, is the process by which you work through a nonprofit credit counseling agency. They have access at each of the creditors.
So money, if it's with Chase, it stays with Chase. If it's at City, it stays with Citi. But each of the creditors have a credit counseling rate, but you can only access it if you run through a nonprofit credit counseling agency.
So you'd make your payment to them. They'd send it on to the creditor. They'd give you a level monthly payment, probably somewhere around 3% of the balance.
So you said you have $12,000. I mean, we're talking $360 a month, probably somewhere around there. And that interest rate would generally drop. It's gonna depend on the creditor. Each one's a little different, but somewhere between 0% and 10%.
And the combination of that level payment and that reduced interest rate, you know, helps you to pay it off 80% faster. The fact that you're in credit counseling is not a part of this credit scoring algorithm.
So that in and of itself doesn't affect you, but the account would be closed at least temporarily while you're in the program. That could cause your score to drop slightly, just like if you closed any other account. But that's, you know, my primary concern is you getting out of debt with as little interest as possible. And if you don't have funds available, you know, to do that without pulling it from a retirement account or something like that, you know, credit counseling would be the way to go. And our friends at Christian Credit Counselors, we've worked with for decades.
They're incredible. They've worked with tens of thousands of our listeners, and we always get great reviews. ChristianCreditCounselors.org is the place to go.
Well, I've got the money in in the IRA account, and I'd just as soon wipe it out the payment all in one felt loop. Swoop as opposed to. you know, getting into a a payoff system. And I'm just wondering, would they be able to do that intercession and talk the creditor down? Or should I just try and do that myself?
Yeah, i in terms of trying to get a reduced payoff. Right. Yeah. No, they wouldn't. You'd have to go to a debt settlement company, and I wouldn't recommend that because here's what they're going to do: they're going to tell you to stop paying it and get it into collections, and then they're going to try to come in behind you and negotiate it.
And that's a disaster because it just wreaks havoc on your credit, and it's just not a good approach. And they're not going to negotiate a reduced payoff. Even if you're paying it all in a lump sum, that's just not the way they operate these credit card companies. And anybody who tells you otherwise has something up their sleeve or is going to try to get you into a significantly delinquent status before they do it.
So, if you're wanting to pay it off in full and that money's coming from the IRA, you're going to need to set aside the taxes, but there's not going to be any kind of paid in full discount from the creditor.
Okay.
I'm going to confess to you, I haven't paid taxes for the past four years. Um I'm just collecting my pension and Social Security Okay. Yeah. Do I need to pay taxes still?
Well, not necessarily. I mean, just everything you take out is going to be added to your taxable income.
So if it pushes you over the threshold by having an additional $12,000 in taxable income for the year, whereby some of your Social Security is now taxable that wasn't, or it gets you above the standard deduction, you know, you may end up paying some tax on your Social Security or this withdrawal, the distribution, where you haven't in the past because you've been under those limits. All right.
Well, good.
Well, I appreciate the information. All right, Ken. God bless you, my friend. Thanks for being on the program today. 800-525-7000 is the number to call.
Let's go to Texas. Kathy, how can I help you? I am um A former teacher uh in the Texas um I was taught in a prison. In the prison system, the vocational trades we taught was to the intention was to get out and work and make money and be able to get a job. in the Houston area.
Uh where I live, the Texas Workforce Commission is telling the We uh felons that are the X felons. It's convex. that they cannot get a job. until seven years after after they are off Probation. Yeah.
And that's the law.
So I guess my question to you is One, is that the law? And how is a person able to financially take care of themselves. If they're not able to work. anywhere. Yeah.
He said they told them that they couldn't work anywhere And that's the law until after seven years. Yeah. Well, here's what I would say. First of all, I'm not an attorney. Second of all, it is state law you're talking about.
And I'm certainly not versed in Texas state law. I will tell you, my team saw this question and did just some quick research. And we're not seeing any kind of Texas law that's kind of a blanket. Statewide statute that prohibits. ex-offenders post-parole from working.
There's no specific law that we can find that says an inmate cannot work for seven years after parole.
Now, of course, many licensing agencies could deny or suspend or revoke a license if somebody's been in prison. There could be job restrictions for people on parole, especially if it involves vulnerable populations or handling cash. But I would say, you know, as far as we're concerned, we're not seeing anything that would be a general blanket.
So that would be pretty surprising.
So I would obviously, if you want to dig further, contact somebody who Is an attorney there and can look up the specific rules and regs and statutes related to Texas, but we're not seeing anything. Thank you very much. All right, absolutely, Kathy. God bless you, folks.
So grateful to have you along with us today on the broadcast. We'll be back tomorrow, Lord willing, to do it all over again. Our goal: help you see God as your ultimate treasure and live as a wise and faithful steward. Big thanks to our team today: Pat, Devin, Jim, and everybody here at Faith By. Have a great day.
We'll see you tomorrow. Bye-bye. Faith in Finance is provided by FaithFy and listeners like you. Yeah.
