Have you ever stopped to ask yourself this question, how much money is enough? Most of us never really define it. And when enough is unclear, it quietly becomes a moving target, shaping our decisions, fueling anxiety, and keeping us chasing more without ever finding rest. At FaithPhi, we believe God offers a better way. That's why we created our very first FaithPhi field guide, How Much Money is Enough?
an interactive scripture-centered resource designed to help believers explore this question through biblical wisdom, guided reflection, and real-life application. When you support our ministry by becoming a FaithFi partner, before May 31st, you'll receive this field guide as our way of saying thank you. Your gift of $35 a month or $400 a year helps equip believers to manage God's money God's way and find freedom rooted in contentment, not comparison. To become a partner today, visit faithfy.com/slash give. That's faithfy.com/slash give.
Blessed is the one who finds wisdom and the one who gains understanding, for her profit is better than silver and her gain surpasses gold. Proverbs 3, 13 and 14. I am Rob West. Making wise financial decisions early in life can set the stage for long-term stability and generosity. But where should students and young professionals begin?
Today, Bob Dahl joins us to share some practical financial advice to help young adults start their career on the right foot. And then it's on to your calls at 800-525-7000. This is Faith in Finance, biblical wisdom for your financial journey.
Well, it's always a pleasure to have my friend Bob Dahl with us. Bob is the CEO and CIO at Crossmark Global Investments, an industry-leading faith-based investment management firm. He also sits on the board of directors at Kingdom Advisors and is a trusted voice on the program. Bob, great to have you with us. Thanks for including me in this session.
Bob, you manage investments worth billions, so it seems like you might know a thing or two about making the right financial decisions, and that's what I want to talk about today, and specifically about students and young adults.
So, what decisions should students and young adults starting their careers make right now to get them on a solid financial footing?
Well, as like so many things in life, Rob, have a plan. You aim at nothing, you're sure to achieve it, as they say. But creating and sticking to a budget for both income and expenses is the starting point. And as you know better than me, FaithFy has a really good app to make that happen. Once you get started on that, then you want to think about an emergency fund for the tough times in life.
General suggestions are three to six months of expenses. And needless to say, Rob, I don't believe even I have to say it. Avoid debt, credit card debt, especially with those high interest rates. When you pay off your credit card immediately, when you focus on paying down your student loans, you're going to be far better off. Oh, that is so good.
Yeah. Compounding is a very powerful force. It can work for you or against you. The against you happens when you have a lot of credit card debt for sure.
So we want to certainly avoid that.
Now, unfortunately, Bob, as you well know, not everyone follows that advice.
So, how can we learn from others' financial mistakes and then make wiser choices? And again, like so many things in life, just observe what other people are doing. Those that are having success in this area, and those are struggling. Most of us need a mentor for various pieces of life, and for a lot of people, that's a great way to get going on your finances. A financial advisor can give you the guidance that you really need to get the job done well here.
Make sure that you keep aware of and constantly check yourself for the common pitfalls in this area of life, and that is. Overspending, you can get in trouble real fast there and get into a vicious spiral. Or not saving. Don't just spend everything you have. You gotta have a savings program.
Listening to this program, reading good books on the subject. I come back to follow the people that are gonna make a difference for you. People will be very willing to help. And FaithFi has a great content in its app on this subject as well. Yeah.
Bob, let's get personal for a second. Any mistakes you made early on that you could share with our listeners? Yeah, not paying attention to it all. We thankfully, my wife and I didn't have a conspicuous consumption problem as many did. We actually dishonored the Lord by putting too much money in barns.
We saved a lot of money. I was busy on Wall Street. Leslie was busy raising our kids. And a lot of money accumulated that God had better uses for. We woke up to that and became more generous givers.
I love that. Bob, obviously starting early is key, and we're talking to students and young adults. I mean, the power of being able to put aside even a little bit consistently, especially when it's invested, it's a powerful force, isn't it? It is both that you're having the regular savings program for investment, but as you mentioned earlier, the beauty of compound interest. It can add up fast and what you think's a little bit can become a whole lot more as the years go by.
Yeah. And it's important to be consistent, what we call dollar cost averaging. And don't worry about the market. The secret is when the market's down, you buy more shares with the same amount of money, right? That's the beauty of dollar cost averaging.
It does work. We're talking to Bob Dahl today, our good friend. He's CEO and chief investment officer at Crossmark Global Investments, an underwriter of this program and a real leader in the area of faith-based investing. Today, some sage advice for young adults, those just getting started in their early careers. You're not going to want to miss what Bob has to share right around the corner.
He's been there, done that. He'll have more for you after this. Stick around. The freedom you're looking for may begin with one question: how much is enough? That's why we created the Faith Five Field Guide, How Much Money is Enough, a scripture-centered resource designed to help believers just like you find contentment through biblical wisdom.
When you become a Faith Phi partner by May 31st with a gift of $35 a month or $400 a year, you'll receive this field guide as our way of saying thank you. You can visit faithfy.com slash give today. That's faithfi.com slash give. 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. I'm so thankful you've joined us today for Faith and Finance. I'm Rob West, and with me today is frequent contributor and good friend Bob Dahl. He's the CEO and CIO at Crossmark Global Investments. You can learn more at CrossmarkGlobal.com.
Bob and his wife Leslie have mentored countless individuals in many areas of life, especially in financial stewardship. And today we're talking specifically about young adults, students, and those in their early careers that are trying to build a solid financial foundation. And Bob, that's not only the financial literacy, the blocking and tackling, but also deepening our understanding of God's heart as it relates to money, because there is a lot in scripture on this topic, right? Starting with the fact that it's not our money. You know, one of the big pitfalls, people, well, this is my money.
I can do with it what I want. No, no, no, no. Like everything in life, including our bodies, our brains, our time, it's all unloaned to us from God, and we're to be good stewards. And that starts with our money. Yeah, that's well said.
Bob, you mentioned that one of the things we should do to deepen our understanding of biblical money management is not only to look for guidance and perhaps a mentor, but be a reader. Actively seek out great content on this topic. And of course, Faith Phi is here for that. But what are a couple of books that really shaped your thinking beyond God's word? I point to Randy Alcorn, A-L-C-O-R-N.
If people don't know who he is, Randy's written so many books on the treasure principle, for example, is one of them. But any of Randy's books on this subject can help anybody wherever they are, starting point or well advanced in the savings, giving money process. Yeah, I couldn't agree more. You know, beyond God's word, probably the book that shaped my thinking most significantly in this topic was Money, Possessions, and Eternity from Randy Alcorn, for sure. I taught a Sunday school in class on that and had a great time.
Oh, I bet. It's a little bit of a thicker read, so you got to commit some time, but it's well worth it. By the way, we send, that's the book we send to every new certified kingdom advisor when they earn the designation. That's how much we think of that book. Bob, you mentioned before the break that one of the things you and Leslie learned was it wasn't about spending frivolously necessarily or incurring a lot of credit card debt.
It was as you were working hard building. Your career on Wall Street, how much you were stocking away in bigger barns and the opportunity that you missed to give generously, which you and Leslie are now really thoughtful about. What would you say to 20-year-old Bob about generosity and giving? What counsel would you give to perhaps lean into that early and not miss that? You know, to get started, to be generous, you know, I love the line: God prospers us not necessarily to increase our standard of living, but our standard of giving.
And while we didn't spend more as we earned more, we saved it. We should have. Wish Bob at 20 years old would have given more away. Talk to people in your business that are older, that may have the same income patterns as you do. What did they do?
What did they learn? This is the way to mature faster than your years on this subject. Yeah. And obviously, there's a tension there. And I think that's a good thing.
I mean, it'd be one thing if God's word said, well, yeah, you're supposed to live on 78.6% of your income and give the rest away. It doesn't, but that requires that we get on our knees and really have this conversation, especially if we're married between our spouse and ourselves and the Lord, right?
Well said. And there's seasons of life. You know, a student that is working hard to graduate from college may not have a job. And so there are different standards for that person than when somebody starts working, when someone moves up the ladder a bit.
So there are seasons in life. God knows that, He understands that. And just, like you said, get on your knees and you'll help figure it out. What happens in your heart and in your marriage when you prioritize giving, even in those early days where budgets are tight and we don't have a lot of net worth? Immediately, what comes to mind, Rob, is it is more blessed to give than receive.
I know from some of the things we've done over time that where we did extend ourselves, God blessed big time in the heart. You know, the joy that comes from it. Give it a try. Yeah. Bob, let's talk about investing for those who are students and early in their career.
Obviously, you've had a long tenure on Wall Street managing billions of dollars. We can see you on CNBC and Fox Business. But, you know, for those who are just getting started, what would you say to them about where to begin on their investment journey? You already said it. Get started.
The sooner you start, the better off you're going to be.
So what do you start with? You might want to have a financial advisor who can help direct you, maybe part of a family book. If you have parents that are doing that sort of thing or friends, people often start with very simple, low-cost index funds in order to get the job done. Make sure what you're trying to invest lines up with your long-term goals. If you need this money for college next year, you're going to have a different attitude than if you're saving for retirement.
What would you have them know about the opportunity that frankly didn't exist anywhere near the same way when you and I were just starting out, but the opportunity to align their values with their investments? Yeah, the opportunity to say, look, I'm going to invest in a way that's consistent with God's word and consistent with the way I manage the rest of my life. You know, you're not going to take a knife and stab somebody in the back. Why would you invest in companies that make products that kill people?
So a thoughtful process, as Rob's hinted, the values-based, faith-based side of money management is still small, but it's growing quickly. Get yourself aligned to that. Figure that out. And of course, I should have said this to your first question, Rob. Taking advantage of employer-sponsored programs, whether it's a retirement program, matching contributions, don't neglect that, quote, free money.
Yeah. And then beyond that, the power of the Roth IRA for that 20-year-old over the next 45 years is incredible, isn't it? It really is. And not to mention, like we said before, the compounding factor is amazing. You know, some have called compounding the eighth wonder of the world.
Yeah. Bob, what about just rhythms and disciplines, you know, sticking to our financial goals even when progress is slow? It can seem that the journey is so long. Maybe I give up and just enjoy too much of it now. What would you say to our listeners?
You know, you have to have balance like in everything in life. God wants us to enjoy things.
So we don't have to be sitting as a monk in the corner, not spending any money. But at the same time, we want to be able to have a bright future. We don't know what the future brings, but we do know if we try to take care of things, including money, according to God's principles, we're probably better off than we would be if we ignored all that.
So set some goals, set some milestone, have a celebration when you hit a certain goal. It's always really good. Bob, just about 40 seconds left. For those who are just starting out, a new family, a young marriage, what would you say about communication around money specifically with your spouse? Because we're two different people, aren't we?
We sure are. And there are a lot of studies that show too many divorces come because of disagreement with money. That's right.
So the key is to communicate with each other, repeat, get on your knees together on this subject. Set some goals. If you have some goals and you're on the same page with that, you can track it pretty carefully. I love it.
Well, Bob, we could talk about this for days, but I really appreciate the nuggets of wisdom you've shared with those listening today who are students early in their careers. Start strong, get into God's word, and heed Bob's counsel today. Thanks for being with us, my friend. My privilege. That's Bob Dahl, CEO and Chief Investment Officer at Crossmark Global Investments, a leader in faith-based investing and a frequent contributor to the program.
You can learn more. CrossmarkGlobal.com. All right, your calls are next. The number is 800-525-7000. That's 800-525-7000.
I'm Rob West, and this is Faith in Finance: biblical wisdom for your financial journey. We'll be right back. As the leading advocate for the Christian financial industry, Kingdom Advisors serves the public by promoting the integration of a biblical worldview across every aspect of the financial services industry. And we serve a growing network of thousands of Christian financial professionals, equipping and empowering them to carry biblical financial wisdom to their clients, peers, and community. For more information, visit kingdomadvisors.com.
That's kingdomadvisors.com. 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 Four Side Funds Distributors LLC, which is not an advisory affiliate, a registered investment advisor, nor do they provide investment advice. Great to have you with us today on Faith and Finance. We're taking your calls at 800-525-7000. All right, let's dive in. We'll begin in Albuquerque today.
Heidine, go ahead. Hey there, Rob. I'm thirty five years old. I'm married, but I don't have kids, and I also don't have any assets. Is it necessary for me to set up a will?
And if so, what would I do to go about that? Yeah. It is.
Now, this may be that situation where, and generally, I don't recommend this, but if your situation is fairly simple, I would say you could consider an online app that would help you set up just a basic will and make sure it's one of the more reliable ones that have a good reputation. I'd read some reviews before you make that decision. But, you know, you're going to want to make sure that it takes into account, of course, the laws of your state because it does vary. And while you're doing that, whether it's online or with an attorney, and just my general default is to use an attorney because these things are important, it would be a good time for you to take care of some other things, namely a living will, which is different than a last will and testament. The living will is how you determine end-of-life decisions that you want made on your behalf so you can make those in advance.
Second, a healthcare surrogate, someone to act on your behalf if you're incapacitated with regard to health care decisions. A durable power of attorney is another one. That's the person that will act on your behalf with regard to legal and financial matters. If you're incapacitated. And then, if you're doing those, kind of throwing that last will and testament in is something that could be done at the same time, just to kind of put that whole package together.
One of the primary things about a will is a guardian that's named for minor children. But to your point, you don't have any kids.
So that wouldn't be necessary.
So, really, the main purpose of the will, even for a very simple estate, is to ensure your assets. And I realize you say I don't have a whole lot, but you do have some assets. We all do. Get to the place you want them to go. And so the state, the court, is not making that decision for you.
So, what are some of those categories?
Well, that's real property, homes, land, any business ownership.
Now, you may say, well, I don't have those. All right. Personal property, vehicles, jewelry, furniture, clothing, household items. We all have those. Financial assets.
Now, let me say one caveat here, and that is with typical financial accounts, you can, and would be recommended to name a Beneficiary as attached to the account.
So, your 401k or your checking or savings account, other investment accounts, you'd name a beneficiary or beneficiaries. And by doing so, that's going to ensure that those go right to whoever you want to receive them outside of your will.
So, those wouldn't apply if you have the beneficiary in place. And then, finally, for a will, you've also got digital assets as well. A lot of people may not think about that. And beyond that, you've got email and social media accounts. You might have cloud storage, maybe even some domain names.
A will can specify what to do with those assets.
So, I think for that reason, even someone who says, like yourself, my situation is fairly simple. I'm single, I don't have a whole lot in the way of assets. I think that still makes the case for having a will. Does that make sense? Yeah, that makes a lot of sense.
Okay. Yeah, I mean, the big idea here is we just, we want you to be able to decide who gets what out of all those things I just mentioned and not somebody making that on your behalf. And having those other things in place, because again, if you're incapacitated from a health standpoint, you want somebody to be able to easily act on your behalf. You want to name that person in advance. They need to have the proper authority to do that.
And then that living will, we don't want to think about that, but we do need to make those decisions about what would end of life decisions look like that meet your wishes and all that can be taken care of at the same time. Hope that helps. Thanks for your call, Dean. We appreciate you being on the program. Texas, Alfredo, go ahead.
Yes, I was just calling to see I have two boys that are special needs. they were working, but they also have money in their retirement. What can I do to pull that money out without getting penalized. We're putting it out or the yeah. Do they receive SSI?
Supplemental Security Income or SSDI. I think one of them received SSDI and the other one SSI.
Okay, yeah.
So, if it's SSDI, the retirement accounts are safe because it's based on disability status, not wealth. And so, but with SSI, it is in fact means tested, which means an individual can generally own more than 2,000 and countable assets. And a retirement account usually counts toward that limit and could disqualify them from benefits early.
Now, you can move up to $20,000 a year, that's this year's limit, into what's called an ABLE account, ABLE. And money in an ABLE account does not count against the two thousand dollar limit. And so that's specifically for those with special needs. And that allows them to keep their savings and their government checks. The other thing you could look at doing, and you'd want to get with an attorney who really has some experience in this area, but you could look at putting a special needs trust in place, which would again allow you to put money away that could be available even well beyond your life to be there to fund the needs of these.
You know, special needs now adult children who still want to be able to take advantage of the government assistance, but have the additional resources for a wide range of expenses, whether that's housing or food or other types of needs that they might have.
So if it's SSI, it is means tested. You've got to be careful. But I think with the combination of either the ABLE account, ABLE, it stands for Achieving a Better Life Experience, or the Special Needs Trust, or both, they can be very effective working together. You know, that would be the way that you would deal with that. Does that make sense?
It does. And where would I open up an Able account? Yeah, you know, it's pretty easy to do, and it's built on the 529 chassis, which is where you create the college savings funds. And so it's through the state-sponsored program. A great website to learn more about this.
And then ultimately, you would pick which state you want to go to. Is called the ABLE National Resource Center, ABLE National Resource Center. You'll find that at ablenrc.org. That will help you to understand what these are. And then, once you choose the state, and again, it doesn't have to be your home state, although it could be.
Once you choose your state, then you'll go to their website to create the ABLE, okay?
Okay. All right. All right, very good. Hey, we appreciate your call today. Lord bless you.
Thanks for being on the program. Hey, folks, thanks for being along with us today. Boy, what a treat to come alongside you, to encourage you, to help you think about managing God's money. Listen, if you want to apply these principles that we talk about on this program every day in your financial life, And you want somebody who understands the counsel of scripture that can walk with you.
Well, that's why we created the Certified Kingdom Advisor designation. It's the only industry-accepted designation across financial services for biblically wise financial advice. It requires really high standards that are ongoing year after year, including a pastor and client reference, rigorous training, proctored exam, statement of faith, code of ethics. Annual continuing education and much more. You can find a certified kingdom advisor in your area.
There's almost 2,000 of them around the country. Just head to findaca.com. Findacka.com. On behalf of my team today, Devin, Jim, and Robert, I'm Rob West. We'll see you next time.
Bye-bye. Faith in Finance is provided by FaithBuy and listeners like you. Yeah.
