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 Faith Phi, 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 faithfi.com/slash give. That's faithfy.com/slash give.
Uh What are the biggest financial questions people keep asking? And are we answering them the right way? Hi, I'm Rob West. The questions we wrestle with about money often reveal something deeper: our fears, our hopes, and what we believe about God's provision. Today, Sharon Epps joins us to share the questions financial advisors are hearing most often right now and how a biblical perspective can help us answer them wisely.
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 decisions.
Well, it's always a pleasure to welcome Sharon Epps back to the program. She's the president of Kingdom Advisors, our parent organization. Sharon, great to have you here. Thank you, Rob. Good to be here.
Sharon, you're of course closely connected with the members of Kingdom Advisors, and as you talk with them, I'd love to know what you're hearing, what kinds of questions people are asking right now, and what's really weighing on their minds financially. What's really interesting as we keep in touch with advisors across the country, we hear in real time the concerns and the questions from the clients. And over the years, we've noticed a pattern that certain questions come up again and again, no matter what the season of life is for those clients. And one of the things we love is that through FaithFi and Faith and Finance, we can take what we're hearing from advisors and turn it into practical resources that serve our listeners. And that's where the idea for our new field guides came from.
We want to help people work through those questions with both financial clarity and, most importantly, biblical wisdom. Yeah, that's exactly right. And we'll share more about those field guides in just a moment. But first, I want to dig a bit deeper on what you're hearing. Sharon, what are some of the questions that seem to come up again and again?
There are three that almost always rise to the top. First, people ask, how much is enough? The second question is, how do I prepare the next steward? And the third is, how do I give intentionally? And each of these questions reflects not just financial concerns, but deeper heart issues as well.
There's no doubt. Let's start with that first question: how much is enough? When people ask that, what do you think they're really getting at?
Well, on the surface, it sounds like it's just a numbers question, but it's really about security and peace of mind. People are asking, will I be okay? Will my family be okay? And there's often a fear of the unknown underneath that question, and it can reflect a desire for control in an uncertain world. Yeah, no doubt.
How might that question be handled differently by a typical advisor compared to someone approaching it from a biblical perspective? A typical advisor, I think, will focus primarily on accumulation.
Okay, let's just make sure we keep building enough, build as much as possible, and then you've got a great margin. And it's not wrong to save, but it's certainly incomplete because we know that God's actually our provider. And so, a biblical-oriented advisor will still address the numbers, but they'll also help reframe the question through a stewardship lens. They'll point to contentment and the fact that we trust in God's provision and the idea that enough isn't a number, it's a posture of the heart. That's such an important distinction.
I think we have time to cover one more. Let's turn to the second question you're hearing, and that is preparing the next steward. Talk to us about that.
Well, often people think about this as they approach retirement, but it's actually urgent throughout our lifetime because we know God's numbered our days.
So it's not just about passing on wealth, it's about passing on values and wisdom. And a lot of people realize that they're spending more time building assets than preparing their heirs to handle them well. And so it's important that we think about Proverbs 13, 22. A good man leaves an inheritance to his children's children. And often we think about that as just financial inheritance, but actually it's passing down wisdom, values, and a legacy of faithful stewardship.
You know, our friend and mentor, Rob Lew, always says that the concept of estate planning is incomplete. We need to consider wealth and wisdom transfer, which is more important than the money. Oh, that is so true, Sharon.
Well, I am so excited about these field guides as we tackle questions like how much money is enough and how do I prepare the next steward and even how do I give intentionally. And thanks for shining a light on these really important conversations. Always a pleasure. That was Sharon Apps, president of Kingdom Advisors. Folks, the questions we ask about money often point to deeper matters of the heart.
And that's exactly what we're going to. Explore through our new Faith Phi Field Guides, a new resource designed to help you navigate financial decisions through a biblical lens. We'd love to send you a copy of our very first Faith Phi Field Guide: How Much Money is Enough when You Support the Ministry by Becoming a Faith Phi partner at $35 a month or $400 a year. Just go to faith5.com slash give to learn more. That's faithfi.com/slash give.
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Start your journey today by going to kingdomadvisors.com/slash get certified. 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. Uh Helping you apply God's wisdom to your financial decisions. This is Faith and Finance. Looking forward to hearing from you today.
We do have a few lines open.
So if you have a financial question today, call right now, 800-525-7000. We're going to begin in Pennsylvania. Ellen, go ahead. Hello, Rob. I'm so thankful to be able to do that.
With you in person today. I've been a loyal listener since your program started. Oh wow. That's incredible, Ellen. Thank you for mentioning that.
a student of your education in the finance area. That's not my forte. Today, my question is this. Um, I was first married in the nineteen eighties And I was a professional student in my eighth year of college. And my husband was uh in second year of college and a skilled a community college, skilled trades.
And unfortunately, that thirteen-year marriage. and four children. ended in divorce. Mm. as part of that settlement I was awarded the tax deferred savings plan that my husband had earned through his employer.
And it took three. three years for the divorce to become final. when the money was when it was ready to transfer those funds, from his employer to a different bank.
Now the amount went from Award was 14,000. was now seventeen thousand I deposited those funds in the second bank I called the second bank in twenty-twenty. When my current husband and I were in dire straits and we needed to pull in our resources. Hmm. And they said they lost the money.
Hmm. Oh, the money is gone. I says, what do you mean it's gone?
Well, we don't can't find it in our computer system. It must be in boxes in the basement. I said, well, sir, with all due respect, you'll need to look through the boxes and get back to me. they still cannot find the money, it's gone. as far as they're concerned.
I don't know what steps to take to recover that. Man, there's a lot there, and I'm so sorry about the struggles you've had. You know, I I think there's a couple of things here. I mean, that may mean, Ellen, that they are part of archived records at this point, offline. and just not searchable in their normal system, but they can find it.
Uh with a formal search request because you know the paper trail is key. Money just doesn't and accounts just don't disappear.
So I would do a couple of things. Number one is I would try, if you can chase this down through any kind of records you may still have, I'd try to go back to the original retirement plan. This really is your anchor, and ask for what's called a QDRO. Uh, which is the record because this was a part of a divorce settlement, the QDRO is the distribution record that basically gives the date of the transfer, the dollar amount, the receiving institution, and the account number, and the wiring or check details. It proves exactly where the money went.
And then I would go back to the bank and really ask for and really demand a formal archival search. from the bank.
So, you would say, you know, I need a formal archival record search for an incoming retirement distribution under my name and social security number, including legacy systems and, you know, offline systems, in other words, boxed records. And you would want them to find the incoming wire or checklog, you know, the details on the account that was opened, and then any accounts tied to your social security number, including closed accounts. But I would use that word, archival search. That's going to trigger a different process. And then what you'll find is: you know, it's very common that the retirement account goes to Bank A, and then bank A eventually gets rolled to bank B or another custodian.
So you're going to want to know: was this account ever transferred or rolled out to another institution? Because remember, if you go back to the original retirement plan and find out where it went initially, then they would have to furnish the information on where it went after that. And then the final thing that you could do would be to search the unclaimed property records. And I would do that at a website that I'll give you, and it's called Unclaimed. Dot org Just the word unclaimed.org.
That is the National Association of Unclaimed Property Administrators. And you can very simply do a search there. It's the National Network of State Treasurers and see if you can find anything there at unclaimed.org. But I think if you take these steps, this should get you pointed in the right direction. I know that's huge.
I'm so grateful, Rahub.
Well, I'm so thrilled to do it. I know this weighs heavily on you.
Well, thank you. It's a privilege to do each day. And if I can serve you further, give us a call back. God bless you. North Carolina is where we're headed next.
David, go ahead, sir. Hey, Rob, thanks for taking my call. Yes, sir.
So I am fifty-six years old. And I am about I'm a state employee and about to take early retirement. I'll end up with my health care covered in a modest pension of about $1,400. But I'm immediately going back to work in the private sector, making more than I am now, actually.
So, my question is. do I take that pension money and invest it in another qualified retirement account for when I do retire? I plan to work at least ten more years. Or do I use that money to pay down debt, which the only debt I have is a six percent mortgage and a seven percent home equity line of credit?
Okay. How much do you have on the HELOC and how much on the first mortgage? First mortgage is about one hundred forty eight and the HELOC is about eleven grand.
Okay, got it. And based on you going back to work in the private sector, are you going to have enough to cover your bills and a little bit left over? Absolutely. Again, I'll be making actually more than I am now.
Okay, got it. Yeah, I would leave that retirement plan alone and roll that out into an IRA, keep it in a tax-deferred environment so you're not paying any tax on it. Let it continue to grow on a tax-deferred basis and then just focus on redirecting whatever surplus you have by going back to work after your bills are paid toward initially paying off that HELOC and then going after the first mortgage. But I would not pull that money out of the retirement plan to do that. I'd let that keep growing.
You're not going to have any impact of taxes that's going to slow that growth. And then if you could position yourself just by really keeping your lifestyle, you know, a cap on it and redirecting all of your surplus to getting out of debt, you know, by the time you transition fully into what God has for you next, even if it doesn't involve paid work in the next season, hopefully that's eliminated. You know, your biggest expenses, and now you've got, you know, Social Security. And, you know, if at any point you want to start pulling, you know, a monthly income from your retirement plan, you could, but your expenses are probably a good bit lower because you're debt-free at that point. I think that's the better plan, in my opinion.
Okay. All right.
Well, that sounds great. I certainly appreciate the advice. Absolutely. One other thing is once you're 70 and a half, you would be able, and I realize that's a good bit down the road, but if you got to the place where your bills were covered without the IRA, you could pull that money out as a qualified charitable distribution, do the giving that you were already doing out of after-tax dollars from your IRA and never pay tax on it because it went in tax free, deferred, and then it comes out tax-free. What an amazing opportunity for you to have never paid tax on that money and get it into circulation in the kingdom.
So hopefully that helps you, David. We appreciate your call today. Lord bless you, sir. A quick break and back with more questions after this. What happens when we never define enough?
It becomes a moving target, always pushing us toward more. For a limited time, when you become a FaithPhy partner, you'll receive our first ever FaithPhy field guide: How Much Money is Enough. Your gift of $35 a month or $400 a year helps equip believers to manage God's money God's way. Become a FaithFi partner by May 31st to receive your field guide. Visit faithfuy.com slash give.
We are grateful for support from Movement Mortgage, who provides residential home loans and reverse mortgage options in all 50 states. Guided by a mission to love and value people, Movement seeks to help individuals and families make informed financial decisions from buying a home to planning for retirement. More information is available at faithfy.com/slash movement. Movement Mortgage LLC supports equal housing opportunity. NMLS number 39179.
For licensing information, visit nmlsconsumeraccess.org. Thanks for joining us today on Faith and Finance. Here in our final segment, we'll get to as many calls as we can. We may have room for one additional call. If you've got a question, go ahead and call right now: 800-525-655.
7,000. Let's go out to Kansas. James, go ahead. Hi, Rob. Thanks for answering the call.
Here's my situation. I'm turning sixty five in June. I received a letter from the SSA In mid-December, the letter was dated december one of twenty five. And they're saying that if I respond to that letter, which I have. in March Uh that my claim will will start at sixty four point five.
My question to you is. Since I didn't initiate that whole Letter and everything. Uh why do I have to playing benefits at sixty four and a half instead of age sixty five. Yeah, you don't. The Social Security Administration, James, does not require you to start benefits at 65.
So there is no statute requiring that. The letter was likely, and I don't want to tell you what it said because you read it, but what I would expect it was was a notification or an estimate. not a mandate. Around sixty five, the oft uh Social Security often sends benefits estimates, reminders about eligibility, and more specifically, notices tied to Medicare enrollment timing. And this is really key because what you need to do when you get to sixty five, so you're not penalized, is enroll in Medicare unless you're covered by an employer's plan and there's more than twenty employees.
But apart from that, there is no reason in my mind, unless you need the money or there's some other issue, there's some sort of health condition, there's no reason to claim now, especially if you don't need the money. I would wait until at least full retirement age to get the full benefit amount.
So there is no reduction in your benefit that has been estimated for you based on what's called your high 35, your highest 35 years of wages. But give me your thoughts on all that. Yeah, I guess to clarify, this letter that I it was dated December 1 of 25, and I received it mid-December last year. And it said that if I responded to that letter any time between December 125. and 6-1 of 26.
that they would count it as having as my claim and my benefits starting basically at sixty four point five. In December, And since I did not initiate the process, My question when I talk with SSA is: why are they making me, you know, why are they starting my benefits at 64 and a half when I'm just you know, less than three months away from being sixty five, if I go ahead and claim it's sixty five, why are they Since I didn't initiate the claim process, Why are they starting me back there on december first? Yeah, yeah, I don't understand that or why they would ask you to or insinuate you should begin claiming at this point because this is early and therefore you'd res that would result in a permanent benefit reduction.
So, yeah, I'm confused by that letter. I might schedule an in-person meeting and visit with them or call them. But the bottom line is as long as you didn't start claiming benefits, which you would have to initiate that, I would just ignore it and wait until full retirement age.
Okay. Rob, thank you so much. God bless you for all that you do, for all of us that are seeking your wisdom. And as the earlier caller, I've been listening way back to when Larry Briquette was on the radio.
So thank you for keeping the tradition going. God bless you. Well, I'm thrilled to do it, James. Thanks for saying that. That's an encouragement.
May God bless you as well, sir. To Chattanooga, Ken, go ahead. Hey, I really appreciate listening to you guys. I tell people you're by four o'clock finance guys on WMBW here in Chattanooga. And so I think I got like all these ideas or thoughts, but My wife just resigned her position in her job she's been at for 30 years and is starting a new role.
With a new company. And Mike, listening to you all this time, I'm thinking, man, we roll that out, we put it into a Our own little IRA was Schwab. And she throws a question at me and says, if I put it all in that, and then my new employer. Allows me to put money in and they match it and it grows there.
Well, it grows slower. having two different accounts? Or should I put it all in that account and let it all grow together? And interestingly, I'm thinking mathematically, whatever you're invested in should grow. at whatever rate it grows.
But if you have a bunch in one and a little in another, it'll both grow at the same percentage, I guess. But what's your thoughts on that? Do you think it should be all put together in one place? Yeah. Yeah.
It does not need to be in one place. To your original question, investments don't grow slower just because they're in separate accounts. You know, growth is about the rate of return, the amount invested, and the time in the market. You know, so 100,000 in one account earning 7%, or two accounts with 50,000 each earning 7%, you're going to end up with the same total growth.
So, there's not any benefit to you having them together.
So, why do people roll from an old 401k into a new 401k without going to an individual IRA, a personal individual retirement account? And the reason would just be often for simplicity, you know, just having one account to keep up with, making sure that you're not, that your diversification and your allocation is right, because you know, often you can have an overlap or too highly concentrated in one area versus another because you know, you're just not looking at the accounts together, you're treating them separately. And so, you know, what a lot of people will do if your plan will allow it is go ahead and roll it into that 401k. It keeps it simple because there's a limited menu of investment options to pick from versus the IRA, which gives you unlimited options, which sounds good, but then you've got to figure out which investments to choose unless You have an advisor to do that, or you're skilled in that area.
So, I think just for simplicity's sake, keeping everything in one place in her new 401k, she continues to contribute to it. And then, when you guys are ready to transition to what God has for you next in retirement, that's probably the time to roll. Whatever retirement account you have into an IRA, and the same for her, and then hire an advisor to manage all of it. But in terms of the growth factor, there really is no difference.
Okay, well you you've confirmed what I said. I mean, I was kind of thinking mathematically, 10% here, 10% there, 7% here, 7% there. It's growing at the same percent. Um but I think she's concerned about keeping it all in one place, so I think that's what we'll do. Yeah, that makes sense.
Yeah, just make sure that you are looking periodically at what she's invested in, or she is. I'm not saying she can't do it herself, but that you guys are looking at what she's invested in to make sure that you're in the market, you're not, you know, sitting in some sort of money market, and that you're in the right investments that are appropriate for your age and risk tolerance together, your goals and objectives, and that you're not taking unnecessary risks, but you're also not being too conservative either, just so this thing can continue to grow between now and retirement. Hey, Ken, thanks for being a regular listener, my friend. Lord bless you. Call anytime.
Folks, that's going to do it for us. A big thanks to my team today, Jim Henry, Devin Patrick. We're also grateful for Pat as well as Adam, who work as a team to handle our phones. You have a great day and come back and join us tomorrow. We'll see you then.
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