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Mm. Larry Briquette once said: the one principle that surrounds everything else is that of stewardship. that we are the managers of everything that God has given us. I am Rob West. We're stewards because God created everything and therefore owns everything.
As stewards, we're to manage wisely the resources God entrusts to us. But how do we know we're doing that?
Well, today I'll give you the seven marks of a good steward. And then it's on to your calls at 800-525-7000. That's 800-525-7,000. This is Faith in Finance, biblical wisdom for your financial journey.
Now, when Christians hear the word stewardship, we tend to think of money or even tithing, and obviously those are important, but stewardship involves much more than that. Jesus entrusted us with the gospel and gave us his immeasurable love by dying on the cross. As stewards of those priceless gifts, we're to share them with the world.
So keep in mind that stewardship isn't just about money.
So what are the marks or characteristics of good stewards?
Well, I've already mentioned the first. They acknowledge that everything belongs to God. They possess resources only temporarily to serve his purposes. They don't hoard or covet more. They understand that even the skills they possess to earn a living are a gift.
Deuteronomy 8:18 reads, You shall remember the Lord your God, for it is He who gives you the power to get wealth. In 1 Peter 4:10, as each has received a gift, use it to serve one another as good stewards of God's varied grace.
Next, good stewards fully understand the mission they've been given and how important it is. God has graciously given them a role to play in His plan, and they take it seriously but with humility. They take comfort in Proverbs 16.3, Commit your work to the Lord, and your plans will be established. A third trait of good stewards is that they are faithful.
Now, of course, this means they are faithful in following God's financial principles, earning, saving, investing, and most importantly, giving. They are persistent and persevering. Jesus gives us some powerful words to consider in Luke 16, 10 and 11, when he says, Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much.
So if you have not been trustworthy in handling worldly wealth, who will trust you with true riches? This leads to our next characteristic of good stewards, which is that they are trustworthy. They're truthful and honest in all they say and do. Proverbs 12, 22 warns, Lying lips are an abomination to the Lord, but those who act faithfully are his delight. 1 Corinthians 4.2 also reminds us, moreover, it is required of stewards that they be found faithful.
Next, good stewards are diligent. Jesus' parable of the talents in Matthew 25, 14-30 illustrates that diligent stewardship involves actively using what God entrusts to us for His purposes, rather than neglecting or mismanaging it. This diligence reflects a heart committed to honoring God and fulfilling His call in every area of life. As Colossians 3, 23 and 24 reminds us, Whatever you do, work heartily, as for the Lord and not for men, knowing that from the Lord you will receive the inheritance as your reward. You are serving the Lord Christ.
The sixth trait of good stewards is that they spend time in prayer, seeking God's will and his wisdom. James 1.5 reads, If any of you lacks wisdom, let him ask God, who gives generously to all without reproach, and it will be given him. Good stewards rest in the peace of knowing that God will provide, freeing them from the burden of constant worry. Philippians 4:6 teaches: Do not be anxious about anything, but in everything by prayer and supplication with thanksgiving, let your request be made known to God. And the final characteristic of good stewards is that they act when they feel the Spirit leading them.
1 Peter 1:13 says, Therefore, preparing your minds for action, and being sober-minded, set your hope fully on the grace that will be brought to you at the revelation of Jesus Christ.
So those are the seven characteristics of a good steward. They set a high bar, and it's clear that we can't meet them perfectly in our own strength. But the goal isn't striving, it's faithfulness through dependence on God. As we surrender to the Holy Spirit and allow Him to work in and through us, He empowers us to walk in obedience. God's word reminds us that those who have been given a trust must prove faithful.
And it's his grace that enables us to do so. Remember, as a steward, you have responsibilities, not ownership rights. And so enter that responsibility with joy, knowing that you've been given a high calling to be a money manager for the King of Kings. All right, we're going to take your calls next. That number 800-525-7000.
That's 800-525-7000. We'll be right back after this. We're grateful for support from Guidestone, whose diversified suite of investment solutions align with Christian values to create positive change in the world. 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 Forside Funds Distributors LLC, which is not an advisory affiliate, a registered investment advisor, nor do they provide investment advice. Are you feeling overwhelmed by credit card debt? As followers of Christ, we are called to be good stewards of what God has given us. That's why our trusted partner, Christian Credit Counselors, is here to help.
Their debt management program can help you pay off your debt 80% faster while honoring your commitments in full. Take the first step toward financial freedom today. Visit ChristianCreditCounselors.org or call 800-557-1985. Mm. Yeah.
Hey, great to have you with us today on Faith and Finance for taking your calls and questions at number 800-525-7000. You can call right now. Let's go down to Miami. Lillian, thanks for calling. Go ahead.
Hi. I have been retired for one year. I received Social Security and pension. I understand that the paying taxes, the deductions on Social Security are not mandatory, are voluntary. And I have been and I asked them to deduct 12%, which I believe is average.
Now I would like to make some changes for next year. Do you pay taxes on Social Security and pension? Yeah. You know, it really just comes down to how much you earn.
So the taxes are not voluntary. If your income is high enough, Because you have a pension and IRA withdrawals and investment income, the IRS requires you to pay taxes on a portion of your Social Security benefits. Up to 50% can be taxable for some people. It can go as high as 85% of your Social Security benefits may be taxable.
So it really depends on that total income.
So, what are your income sources?
Well, my Social Security and retention before deductions, of course, before they deduct the Medicare is about three thousand three hundred.
Okay, got it. All right, so the only income you have is the pension, other than the Social Security benefits. Is that right? Correct.
Okay, yeah. And so, what you want to do is, you want to take your estimated amount for the year. And so, essentially, if you receive that pension, all of that combined is what determines the total amount that you're going to pay.
So, what will you receive for 2026 in pension income?
Well, thirty three times twelve fiscal over thirty six thousand.
Okay, $3,300 a month. Is that what you're getting? Yes.
Okay.
Okay, got it. Yeah. And so with 40,000, I'm just going to look at the brackets here for a second. It looks like that you will be paying. I'm trying to get the data.
Here we go. Yeah. So do you are you married filing jointly or do you file single? I'm divorced, single.
Okay, okay. Yeah, so if you're, you know, if you have. Let's say 40,000 in pension income and half of your Social Security benefits gets added to that.
So you're at 50,000 right there.
So it looks like about 85% of your Social Security will be taxable. You're not taxed 85%, but 85% of your benefit gets added to your taxable income.
Okay, so you would basically take the 40,000 and then add 85% of your Social Security benefit to that amount. And then that total amount of the two would be what you would pay taxes on for the year. When you withheld 12% for this year or the prior year, was that enough? Did you receive a refund or did you owe something? No, because last year I I I worked until until November, so I had a salary.
Social securities started paying me in February. I I had a large income, even though I pay ahead and everything. No, I owe, I owe under five hundred dollars. Yeah, yeah, okay. But I get a good salary and no pension, of course, but Social Security is that collecting is in.
Last favorite. Yeah, I would say that that should be enough. I mean, typically 12% would be fine because with a $40,000 pension and 85% of your Social Security being taxable, let's say you got $20,000 a year.
So that would be $17,000 of that would be taxable.
So you add $17,000 to your $40,000 pension, your total taxable income is $57,000. And then after the standard deduction, you may have $42,000 that's actually taxable.
So for most retirees, that would mean that you're in the 12% federal tax bracket.
So I think that should be enough moving forward, in my estimation. If you wanted to know for sure, you could get with a CPA to actually run the numbers for you. But I think that's probably in the ballpark. Let me clarify something. I don't have pens, and $40,000 is not pension.
$40,000 is combined Social Security and pension. Oh, okay.
So it's even less. Yeah, that makes sense. All right.
So whatever your pension is, the total of that plus somewhere between 50 and 85% of your Social Security is the amount that you're going to be taxed on. And then you get to take the deduction, the standard deduction off of that. And so that's why I think that 12% is probably going to be just fine.
So I should I should keep the twelve percent. I would, yes, just to make sure that you have enough withheld. And you may find that you get to the end of the year and you get a refund and you could dial it back. The other thing you could do would be to get with a CPA to actually run the numbers based on your situation. But I would, you know, I think that the safe thing to do would just be to keep the 12% going.
And that should, you know, cover all the tax that you owe, and you're likely going to get something back, but maybe not a whole lot. Yeah, my pension is thirteen hundred almost fourteen hundred.
So we're talking about over twelve thousand a year.
Okay.
Uh yeah.
So that's quite a bit less.
So when you put all that together, that changes the picture.
So, you probably aren't going to need that much because Your Social Security becomes taxable when your combined income crosses the $25,000 mark. And that's going to be your pension plus half of your Social Security.
So let's say your Social Security is $20,000, half of that's $10,000. You add that to your pension, and you may not need to have anything withheld. Thanks for calling. Let's go to Illinois. Hi, Renee.
How can I help? Hi, Rob. I just wanna I'm trying to decide whether or not I should take my credit cards. I've got four credit cards. I've got about six thousand five hundred dollars in debt, and I'm you know, I want to get rid of that debt.
Should I go through like the Trinity finance program, consolidate that and save some of those penalties and things and get that paid off? Or would it be better for my creditors to go ahead and do the best I can, make the payments? Which way would really be the best for my future? Yeah. Well, usually kind of that number that's the tipping point for me is around 4,000.
If you've got more than 4,000 in credit card debt, I like you using a debt management program. You'll hear us recommend Christian Credit Counselors just because we've worked with them for years and they've served hundreds and hundreds of our listeners. The key is I think debt management, the combination of that level payment, plus the ability to add more as you're able, plus the massive reduction in the interest rates is going to help you get out of debt and do it in a way that establishes the right disciplines and behaviors.
So hopefully once you're out of debt quicker because of the lower interest, you're going to stay out of debt.
So that's the key for me. In terms of your credit, it's not a part of the credit scoring algorithm.
So there's not a one-to-one relationship between you going into a debt management program and your score coming down. It could be noted when these accounts are closed that you're in a debt management program. A lender pulling that report might see that. Also, closing the account is going to change. Credit utilization.
So that could bring your score down. But unless you're going out to buy a house or a car in the next six months, I probably wouldn't worry about it. I'd be more inclined to you to go through debt management and save a whole bunch of money. Does that make sense? Yes, absolutely.
Thank you. All right.
You're welcome. God bless you. Call right now. I've got lines open. We're ready for you.
Financial questions at 800-525-7,000. That's 800-525-7,000. 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.
With tools to track your spending, plan your giving, and grow in wise stewardship. You'll learn to see money not as your security, but as a tool for God's glory. Rooted in biblical principles, Faith Phi equips you to trust God more fully and steward his resources faithfully. Download the Faithfy app today from your app store or visit FaithFy.com and click app. Faith in Finance is grateful for support from Sound Mind Investing.
For more than 30 years, they've offered financial wisdom for living well. SMI provides step-by-step guidance for do-it-yourself investors, from those just getting started to those getting ready for retirement. More information, including a short video webinar on profit and peace of mind no matter what's happening in the market, is available at soundmindinvesting.org. Great to have you with us today on Faith and Finance. We're taking your calls at 800-525-7000.
Let's go to Florida, Bob. Go ahead. Hi, uh I am uh retired medical agent uh pension. My uh question really is that based on a friend of mine died and left me's house.
So I basically plan on selling it. I'm going to probably net $160 out of it. My wife and I have been trying to get that free for a long time.
So here's the deal: we want to take. Pays one sixty, we want to pay eighty and eighty. We don't want to throw it on the mortgage, which is very small, sixty five thousand at probably three point five percent.
So that doesn't hurt us at all. We don't want to put it there. We want to put the 80-80 on the credit cards, which is probably about 82 or more, and on the equity line, which is probably like 90 something, which is scary. Want to get rid of those two. Number one, we got a letter today telling us the equity line is coming due.
It must have been three, four, five years, I guess. I didn't even must have not read it. Make a long story short, I'm concerned. They're planning on pulling it, so I better get that thing paid down. You know what I'm saying?
Yeah. Yeah, so they're going to essentially close the line, they're going to call the whole thing due, or they're just going to close the line and then it's an amortized payment from there. That letter started, it will become due and payable. I mean, the whole amount, whatever it was owed there, so $95,000.
So I want to get rid of that thing.
So I put 80 on that, 80 on the other, on the credit cards. And then. This I probably owed the eighties. And you know, I I would just wanna bury them. I that's that was the biggest horrible thing I was did.
But I did a lot of money, I plunked it to this house. that had to be renovated. And now I'm hoping for the best in this windows little self-pook because I really put all my cash into that house. You know what I'm saying? Yeah, yeah, got it.
Okay, well, at the end of the day, when a HELOC comes due, the lender wants the balance paid either all at once or over a shorter repayment period.
So I think using the inheritance to pay that down would avoid you having to refinance. That's important. And then obviously, we want to get rid of those credit cards because those are at a much higher interest rate.
So I'm on board with this plan. I'd love for you to hang on to a little bit, but hopefully, now with these gone, you'll be able to put more in savings. Thanks for your call, Bob. Chattanooga, Ann, how can I help?
Well, I have a question about no penalty C D's. I've heard you talk a lot about the high yield savings. and had decided to put some money in that. But I started hearing about the no penalty C D.
So I don't know if you've talked about those or not. But is do I understand that correctly, that you buy the C D for X number of months and your rate cannot go down during that time. But I assume it cannot go up during that time either.
So is that Is that how does that compare with the uh high yield savings as a place to put money? Yes, very good. It's a great question. And yes, I mean, it depends on the type of the C D.
So no penalty C D's typically have a fixed rate. And so once you open a no penalty CD, the rate is locked in for the entire term.
So it doesn't go up or down, even if the market changes.
So that's one of the benefits: you get a guaranteed rate, but you can still take the money out at any time, which is one of the primary features. Right now, they're paying around 4% or so. You still get the FDIC insurance. You would often get a higher rate than most savings accounts, but you've got the flexibility because you're not locked in for six or 12 months.
So it's great for emergency funds or short-term savings because you don't have that typical early withdrawal penalty. You typically have to keep the money in for seven days, but after that, you can withdraw anytime without any fee.
So you could look around. A lot of times people will say, because they're giving up a little bit of yield in order. To get that no-penalty CD, they'd rather get the higher rate and go ahead and lock it up for a period of time and then ladder it. But if you really need that flexibility and you can find a no-penalty CD at like Ally Bank or Marcus or Synchrony Bank, you could go to bankrate.com and do a search there. It is a nice feature if you can beat the high-yield savings and keep your liquidity.
Does that make sense? Yes, it does, yes. That was what I wanted to be sure that it was clear about that. Yeah. Well, I think it could be a good option.
And, you know, at the end of the day, the penalty CDs usually pay a higher interest rate.
So that's what you're going to have to look at. And they're better for long-term savings. And people generally don't break the CD as long as you plan properly and maybe you stagger them. You could do six months and 12 months and then two years and then, you know, or 18 months and two years.
So that way, every six months, you've got a new tranche coming due. But if you can plan well and get that yield up a little bit higher, a lot of people say, I'm willing to lock it up for a period of time for this reason. But if you really need the access to it and you can find one that's better than the savings, you know, that may be your best option because then you can get to it at any time. Right. Yes, I do have some CDs that are laddered and taking care of that.
But at this moment, I kind of want to keep more accessible. Yeah, I totally understand.
So I would shop around. A great resource is bankrate.com to find out who has the best CD and savings rates and do some comparisons. You could also go to nerdwallet.com is another one. But I'm confident you can find something that's a good fit for you that'll give you the safety you're looking for and get you, you know, hopefully locked into these rates before they head down even further. And thanks for your call today.
I appreciate you being on the program and for being a regular listener. Lord bless you. Let's go to Texas. Donna, how can we help you? Hi, I was calling.
I currently have two certificates of deposit.
Okay.
And I was wanting to know if I should Dissolve them and open an IRA instead of the certificates of deposits. Yeah, do you have? I'm sorry to interrupt you, Don. I'm short on time, but I want to get to the end of your question. Do you have what's called earned income?
Not passive, but earned income? Are you working? No, I'm retired.
Okay.
Yeah, so unfortunately, you have to have earned income in order to make new contributions to an IRA. Is that what you were thinking? Yes, sir.
So you would not be able to do that is make new contributions to an IRA. You could roll a 401k into an IRA, but you would not be able to open an IRA and make a new contribution without earned income.
So like wages or tips or business income from a small business that you own, something like that, not Social Security or passive investment income.
So unfortunately, that's not an option, but you could begin making systematic contributions to just a taxable account with a high-quality mutual fund, like one of the faith-based investing funds.
So perhaps our friends at Soundmind Investing could be helpful to you if you're comfortable on the web. If not, our team can get you the information and the phone number. But hopefully that helps you, Donna. Unfortunately, I don't think the IRA is going to be an option. May the Lord bless you.
Thanks for calling today. Big thanks to my team today. Josh, Jim, Omar, Tahira. If you want to support us, become a partner at faithfy.com/slash partner. We'll see you tomorrow.
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