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If you ask someone about their biggest financial regret, you'd probably expect to hear about debt or investments. Hi, I'm Rob West. But for our guest today, it was something else entirely, not tracking his generosity. Today I'll talk with Dr. Art Raynor about four compelling reasons this simple practice can shape your heart and strengthen your stewardship.
And then we'll take your calls at 800-525-7000. This is Faith and Finance, biblical wisdom for your financial decisions.
Well, my good friend Dr. Art Rayner joins us today. He's the founder of Christian Money Solutions and the Institute for Christian Financial Health and the author of several books on biblical finance. Art, great to have you back with us. Rob, thank you so much for having me.
Art, I love this idea actually of tracking our generosity. I'd love to know kind of the backstory on it, though. What made you think of it? Yeah, I love the idea too. Unfortunately, it was not my concept.
I actually learned about it from my friend Bob Lodic, who's an author. He does podcasting. He has a great blog. And so he's the one who introduced the concept to me.
Now, I was on a podcast where the host asked me what my greatest financial regret was. And I said, you know, I don't have a lot of like investing regrets, debt regrets, but what I do have is a tracking regret that I did not track my generosity because I just started doing it a few years ago. I wish I would have started earlier. Interesting.
Well, let's jump right in. You've identified a few key reasons to keep track of our generosity, and it's worth stating up front that pride isn't on that list.
So what's the first one? Yeah, first of all, generosity is our financial priority. You know, according to scripture, our first financial act is to give. We find that in Proverbs 3:9, where it says, honor the Lord with your wealth, with the first fruits of your entire crops. You see, God has made us to be generous, He has designed us not to be hoarders, but to be conduits through which His generosity flows.
And so it's our financial priority. And so we should track it. Yeah, if it's our priority, absolutely. It should be something we're looking at. All right, well, what's the next reason?
The second one is the fact that you chase what you track. Whatever you're tracking, whatever financial goals you're going after. You are going to put more emphasis on those. You're going to chase after it more. The visual that comes to mind with tracking motivates you to keep going.
Now, this works for getting out of debt, saving for an automobile or any other financial goal. And so, why would we not track our generosity so that we can ensure that we're chasing after it more aggressively? I love that idea. Yeah, it's the idea that if you're measuring something, you can manage it. And so, if we're measuring our giving, tracking our giving, we can obviously be more intentional.
This next one has to do with what is not included in our other financial trackers, and that's generosity, right? Yeah, we have some great financial tools that are out there. Your net worth statement, your balance sheet. All of those are important, but they're missing the most important part of our finances, at least according to scripture, and that is our generosity. You know, a net worth statement, once again, is an incredibly useful tool.
What? One part that has always bothered me about the net worth statement is that generosity can actually be viewed as a negative, reducing a potential asset.
Now, heavenly treasure does not have a place on the net worth statement, so but at the same time, it is a believer's greatest asset.
So, because of this, I like keeping track of generosity, giving it a place in my financial health numbers. I think it's a great idea.
Okay, number four: the final reason has to do with the why behind our giving, right? Yeah, you get to see what God has allowed you to be a part of. Dollars on your generosity tracker represent lives changed for all eternity. Most of the impact your generosity has made will, of course, not be revealed to you until heaven. But even though you can't see every way God is leveraging your gift, you can be assured He is using them for His purposes, His mission, and His glory.
Tracking your generosity allows you to see what God has allowed you to be a part of. All right, 30 seconds left. I suspect you're now doing this.
So, what does it look like to start tracking your generosity? Yeah, I absolutely am. If you have not started to track your generosity, I would simply encourage you just to go back like I did and review prior years' tax returns and view that amount that you give. And then from now on, add your current generosity to that number. You can use an Excel sheet.
It's a simple way to make sure that we chase what we track. I love it. Art, thanks for stopping by, my friend. Absolutely. Thank you for having me.
Remember, folks, tracking your giving isn't about pride. It's about remembering God's provision and celebrating His work through you. All right, your calls are next at 800-525-7000. Don't go anywhere. We'll be right back.
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Yeah. Great to have you with us today on Faith and Finance. Time to take your calls and questions today on anything financial. We'd love to hear from you. The number to call: 800-525-7000.
That's right, we've got some lines open today. We'd love to dive into your financial questions. Again, that's 800-525-7000. You can call right now. Let's head to Arkansas.
Tom, go ahead, sir. Yes, thank you. Really liked your show. Thank you. question what I've come up against is Uh large inheritance.
And uh I don't know how to Allocate it might you know, I don't need it and my children don't need it.
So I'll need to figure out How to make good use of it. Yeah. Well, I'm glad you're thinking about this, Tom, because money when left to heirs is going to propel them forward in the direction they're already going further and faster. And that's why we often say you need to pass wisdom before wealth. But I think we also need to consider whenever we're evaluating the proper amount to leave as an inheritance, that we, you know, you want to give your kids enough to help them, but not enough to hurt them.
And I think we look at this idea and say, what does it look like to provide opportunity to perhaps fund education and training and launch capital, but not funding lifestyle or consumption or perpetual passivity? And so, you know, your kids really should have a calling, not a payroll. And I think that's what you're getting at here when you look at this and say, first of all, perhaps they already have more than they need. They're doing great. And, you know, I'm going to be coming into this large inheritance, whatever amount that is.
And how might I, as the steward of those resources that God has now entrusted to me, what do I do with that? And, you know, I think one of the ideas around that could be to say, well, let's start giving it away now. You know, I love the book from Ron Blue, Splitting Errors. I'll send you a copy as my gift to you today, Tom. But one of the ideas that he says in that book is, do your giving while you're living so you're knowing where it's going.
And I love that idea that, you know, one of the ways we could to use this money for God's glory is to begin giving it away while you're alive. And perhaps you get the kids involved. I mean, depending on the size of this, and our friends at the National Christian Foundation can help you think about how you structure it. But perhaps, you know, you put the bulk of it in a donor advised fund, which is a very simple account, almost like a charitable checking account. You'd get incredible tax benefits from it that might extend for years and years, depending on how much we're talking about.
And then maybe you get the kids involved in giving it away. And, you know, that not only would allow you to begin to fund God's work now, where you could see where it's going and be involved in it and participate in the joy that comes from seeing God on the move, but also it's a formation opportunity for the kids, you know, and they may be adults by now, maybe they're, you know, for the, but for your heirs to begin to be involved in that. And what that could do in terms of, you know, setting them up so that, you know, they continue and maybe even beyond your life, you set it up with a well-designed plan that allows, you know, the money to continue to be given away. Through, again, a charitable foundation or a donor advise fund, but they begin learning generosity right now. And then they could continue that with a purpose clause that spells out the heart behind the wealth and defines where it's to go with some parameters that they can then continue into the future.
But I think really the next step is to be well planned and have perhaps a certified kingdom advisor come alongside you to help you really think through from a legacy planning standpoint first. Just the massive responsibility that the Lord is entrusting to you that shouldn't be, you know, feared or it shouldn't cause any concern. It's really an opportunity, but it's something you want to take seriously. And I know you are just by virtue of even your call today. And I think having some wise counsel alongside you that can not only help you think about, you know, how do I want to manage this?
Where do I want it to go? But also the planning functions from an estate planning standpoint and a tools and a strategy perspective that allows you to begin distributing this now and then well into the future beyond your life when the Lord calls you home. Does that all make sense though? And what additional thoughts do you have? It does make sense, but we're talking about a half a billion dollars.
And that's a lot of money. Wow. Yeah. have absolutely no need for it. Yeah.
But I don't want to just throw it away. No, of course. I don't drop it down to my children. And make them have to figure out what to do with it.
Well, and I think, you know, I mean, regardless of how many zeros are at the end of that inheritance, I think the same idea still applies that you could do some incredible good in the name of Jesus with that money right now. And so I think, you know, you beginning to develop a strategy with some really wise counsel alongside you for, first of all, identifying the areas of passion that you have that align with the heart of God in scripture, and then begin systematically giving it away. You know, I had my friend Al Mueller on on Giving Tuesday, and this would be an example. Al has an organization called Excellence in Giving, and they work with ultra-high net worth believers who want to give really wisely and strategically. And they help them develop a plan.
They do phenomenal due diligence on the organizations they're giving to. They do wonderful reporting on the back end so you can see how the money is performing. I mean, that's a tool. That alongside you being well planned, whether that's a charitable foundation or a donor-advised fund and/or a trust, you know, could ensure that this money gets into God-honoring endeavors in the name of Jesus, solving some of the world's greatest problems potentially. That actually allows your kids to participate both now and after your death.
What a wonderful opportunity for you not to have to worry about this ruining them, but for you to actually use this, you know, to extend the proclamation of the gospel. You follow? Yeah, I do I do follow. And I find it a heavy burden just Yeah, one. That's just a lot.
It is. Yeah. Well, I think something that should encourage you is that this didn't happen by accident. This happened through the sovereign hands of our Lord. And clearly, he saw fit to entrust you as the steward with this responsibility.
And so I think it's something you can receive with gratitude. And again, I think you're appropriately acknowledging the weight and the responsibility that comes with it. But with wise counsel and a lot of prayer and a real fervor for the Lord Jesus, I think you can do some incredible, I know you can do some incredible good with this. I think the key is just getting the right people around you to help you think and plan. Because the other thing is, once this becomes known, if it does to anyone in your immediate circles or even extended circles, you're going to have to be ready for.
For the people coming your way, asking for handouts and help and things like that. And it's not that that's bad, you're just gonna have to be ready for it. And so I think that's why putting some of these structures in place, going ahead and giving it away, a large chunk of it, if not the majority of it, right up front into vehicles that could then be distributed over time and even long term, I think is going to be really important. Let's do this, Tom. I'd love to walk with you in that process and even help you select some of those wise counselors if you'd be interested.
Stay on the line, we'll get your information and I'll reach out to you. I'd love to talk and pray with you a bit more. Stay on the line, we'll be right back. We are grateful for support from Timothy Plan. Since 1994, Timothy Plan has shared good news with investors and advisors by offering faith-honoring mutual funds and exchange-traded funds.
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That's ChristianCreditCounselors.org. You know, here on this program each day, we want to help you see money as a tool to accomplish God's purposes. Recognizing money is a good gift, we should use it to enjoy and provide. We also need to understand that the use of money is highly spiritual. There's a connection between how we handle money and our hearts.
Remember, Jesus said, Where your treasure is, there your heart will be also. You know, when he called out the widow and celebrated her giving out of her poverty, versus the Pharisees that were giving far more, that he really scolded. You know, I think what we were seeing there is that the way we handle money has a way of illuminating what we truly treasure. And that means that our spending tells a story. It reflects our values.
And the question is: what story is it telling? You know, does the way I'm handling money reflect what I want to be most important to me? And if not, what changes do I need to make?
Well, each day on this program, we want to help you understand the counsel of scripture as it relates to managing God's money, but also, in doing so, help you answer those very practical questions that you have going on in your financial life.
So, if there's something you're wrestling with, call right now 800-525-7000. The calls are coming in, but we've still got a few lines open: 800-525-7,000. Let's go to Arkansas. James, go ahead. Yes, sir.
Thank you, mister West. Um, my question is, my sister and I are looking into starting a Christian ministries uh studio as far as making apologetics films.
So we're looking into what it's going to take to get make that organization into a five hundred one C three. Um so my question is What are the legalities from getting into a five hundred one C three And how do you support yourself doing a 501c3 organization? Yeah, got it. It's a great question. I mean, to start a 501c3 nonprofit, you have to form a nonprofit corporation at the state level.
You draft purpose-focused articles and bylaws that state the charitable purpose. Then you obtain the EIN and you apply to the IRS for that tax-exempt status. I recommend you getting a CPA to help you do this, somebody who's skilled. In setting these up because it's somewhat complex. And I think the filing of that form, you want somebody with some experience in doing that so it kind of flies through.
And you need to make sure there's not any private benefit or personal enrichment. You can pay yourself something that's normal and customary, but you just need to make sure it's set up right. You also want to make sure that you have the bylaws in place and somebody helps you with the articles of incorporation. You're going to appoint a board of directors, and you would want to make sure you establish the rhythms of not only the tax filings, but the regular board meetings with minutes, so that if you were ever challenged, you could show that this is truly a corporation. And then obviously you'd have that non-for-profit tax-exempt status that allows you to take contributions.
And then once you're approved, you need to keep those financial records, file the 990, and then use. The funds for the charitable purpose. You know, a lot of people wonder to your second question: you know, how do I support myself? And, you know, first of all, the primary source of income would typically be donations and fundraising. You can get grants, but you can also have program revenue.
So you can charge fees for services, in this case, for the films or if you have other services or offerings that you make available, so long as those services or offerings support the charitable purpose. But that wouldn't be hard to do given what you're describing here. And then you're allowed to pay yourself or your staff what's called a reasonable salary for the work you're performing. The IRS just requires that that compensation isn't excessive.
So you're probably going to want to do salary surveys as a part of the, you know, at least the annual board meeting, you know, where you look at the budget for the year. And then You know, in terms of, you know, while you're getting it up and running, you would want to think about it just like any small business that you were starting, where, you know, if you were starting a small business, you need a runway of perhaps 12 to 24 months to get that up and running. And so, you know, you may have other employment and you're kind of bootstrapping it while you get it up and going. And so maybe you do it in the nights or weekends, or you know, you're working part-time somewhere else or even full-time. And, you know, just as you spend the organization up, regardless of whether it's a for-profit or a not-profit, so you know, gives you the opportunity to get the donations in, to get the program revenue going such that you even have the capacity to pay yourself a reasonable salary.
You may not for a period of time, and that's where you'd either have to have savings or some other form of income to kind of get you through until this thing is fully functioning. But so long as it's a viable ministry, then there shouldn't be any problem. With you receiving compensation from it, again, as long as you can justify it before the IRS. James, I hope that helps. All the best to you.
It sounds like an awesome ministry. I love the idea that you would create some films. And if we can help further along the way, let us know. Quickly to Texas, Roxanne, go ahead. Hi.
Yes, I just had a C D mature, and I'm just looking to put 50,000 into something that is more than two percent. And I heard you talk one time about something that was 6%, I think, and then it had dropped down to 5% or something. Yeah, that's what I need. Good question.
So high-yield savings accounts are right around 4% right now. You could go to bankrate.com to see who has the best option. CDs, depending on how long you're looking to tie it up, are around that 4% area for about a year. If you want to get up above that, you're going to need to look at probably a guaranteed fixed annuity. You may have heard me mention that.
I know, for instance, one of the more popular, it's gotten a lot of notoriety lately just because it's gotten a lot of high ratings, is one of the online annuity companies called Gainbridge. You can find it at gainbridge.com. They're very highly rated by AM Best, which is the third-party rating service. And right now they're offering products between 4.9 and 5.2%. uh for anywhere between three and ten years.
And so you could check that out. That's an insurance product. It's a guaranteed fixed annuity, not a bank product that has FDIC insurance, but it could give you a little bit more yield. Apart from that, you'd have to look at maybe treasuries or corporate bonds. Is that helpful?
Yeah, it's Gain Bridge with a G-A-I-I-D. That's right. Yeah, Gain, G-A-I-Nbridge.com would be an example of an online insurance company that does annuities, and they're able to give a little more yield than some of the big ones that have big buildings that they're paying for because everything gets passed back to the annuitants. Right, right.
Okay, great. Thank you so much. All right, appreciate your call today.
Well, that's going to do it for us. Hey, let me mention: if you want to support our work here at Faith and Finance, becoming a FaithFi partner would be the way to do that. As a thank you, we send you four copies of our magazine, Faithful Steward, all of our studies and devotionals. You can check it out: faithfy.com/slash give. Big thanks to my team today: Devin Patrick, Jim Henry, Taylor Stan Rich, and Sandy Dickinson handling our phones today.
Go out and live for Jesus today. Make God your ultimate treasure. 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 FaithFi and listeners like you. Uh
