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Hi, I'm Rob West. That line from Randy Alcorn captures the heart of a financial finish line. When God entrusts us with more, the question isn't simply how much can I keep, but how much can I use for his purposes? Today, Cody Hobelman joins us to share how this changed his own view of money. And then it's on to your calls at 800-525-7000.
This is Faith in Finance, biblical wisdom for your financial journey.
Well, we're delighted to welcome my friend Cody Hobelman back to the program. Cody is a certified financial planner and certified kingdom advisor, and he contributed along with his brother Keelan to our new Faith Phi field guide: How Much Money is Enough. Cody, great to have you back with us. Thanks for having me, Rob. It's great to be here.
Now, Cody, you've joined us twice already this year. First to talk about setting a financial finish line, and then later about when and how to adjust it. For listeners who may have missed those conversations, a finish line is simply a cap on lifestyle spending so that anything beyond it can be directed toward God's purposes. But, Cody, we realized we hadn't really explored your personal story. At some point, this moved from being a principle you teach to something you had to wrestle with personally, you and your wife.
So, take us back. What was your mindset around money early on? I would say early on in my career, I wanted the things that I thought would bring me happiness in life. It was a big income, lots of wealth, maybe some vacation homes. I had big goals for what I would earn and build throughout the course of my life and career.
Yeah.
Well, I appreciate that. And, you know, I think a lot of people resonate with that idea. They probably started their careers in a similar fashion.
Somewhere along the line, though, Cody, that began to change. I know your return to church and your decision to start tithing, those played a significant role in that shift. Tell us more about that story. Yeah, I started attending church right after college. I grew up in the church, but took a few years off.
And once I got back to church, I started actually reading scripture for myself for the first time. And I just couldn't escape what I was reading. Jesus had a lot to say about money, and it was starting to impact the way that I saw my own role in managing God's resources. And it really culminated at the end of 2016. There was a church series on how to manage money in a biblical way.
And at the end of that series, there was a card that was passed around that invited us to commit to tithing in 2017. And after some prayer and discussing with Steph what that might look like for us, I decided to check that box and start giving 10% of my income to the church in 2017. I love that.
Now, talk about kind of how that played out, because even then, it sounds like there was still a gap between outward obedience and the deeper transformation I know that you've experienced after setting a finish line. You described that season as checking the box. Explain that to us. Yeah, not only did I literally check a box, but for me, it was really what obedience looked like in that season. And it was a really good feeling to have actually wrestled through that.
Am I willing to give anything towards things that don't seem to benefit me in the moment? But what I realized is God freely gives us things with purpose. And not every dollar that I earned had to be used on my own lifestyle.
So committing to tithing in 2017 was really the beginning of this discovery of the purpose behind the resources that I was earning through my work. That was a huge shift for me to really think about how the church might use those resources.
Now, this was my first venture into intentional giving, but I realized looking back, I can see that I was still living in this comparison trap. I was comparing what I earned to others around me. I was even comparing what I was able to give to those around me.
So, although I had discovered purpose for my financial resources, I would say I still didn't have peace in my life. Yeah, and as you describe it, your goal was still accumulation, right? Absolutely. I thought this is a great way to not feel guilty as I continue to pursue the things that the world promises are going to give us purpose and a good life. I thought I could have it both ways.
I really thought that I could serve God and money at the same time. Yeah, well, certainly we've all been there. And when we come back from this break, we're going to talk about how you leaned into the tension, really started to shift your thinking at a deeper level, how that led to setting a financial finish line in your own life, and then transformation that followed. We're talking with Cody Hobelman today from accumulation to impact. What does it look like to set a lifestyle finish line?
More on that just around the corner. We'll be right back. Are you a financial professional looking to grow your practice while offering advice that aligns with your Christian values? By becoming a certified kingdom advisor, you'll gain the biblical wisdom and professional credibility to serve clients who are seeking faith-based financial guidance. Each year, more than 75,000 people search for a certified kingdom advisor.
Join our community and share your expertise with clients looking for someone who shares their faith and values. Start your journey today by going to kingdomadvisors.com/slash get certified. FaithFi's preferred banking partner is Christian Community Credit Union, now joined with Adelphi, a division of CCCU, bringing you the best in Christian banking for Greater Kingdom Impact. With high-yield checking, savings, VisaCash back cards, and a new competitive high-yield money market account, your everyday banking helps advance the gospel. Visit faithfy.com slash banking and use the code FaithFu.
Membership eligibility required. Accounts are privately insured up to $250,000. This institution is not federally insured. Uh When we define enough, it frees us to live with clarity and contentment. I am Rob West.
We're talking about moving from accumulation to impact today. Cody Hobelman is here. He's a CFP and a CKA. He's a contributor along with his brother Keelan to our new field guide, How Much Money is Enough. And we're talking about Cody's own journey to setting a lifestyle finish line.
He started his career like so many of us did, really just wanting to accumulate wealth and looking at all the ways we can build wealth, realizing that his focus was off. And even a commitment to tithe regularly still allowed him to check that box. But it was really, as he describes it, just a generous layer on top of his goal of accumulation. And over time, something started to feel off.
So, Cody, as you were beginning to feel that tension, what started to shift your thinking at a deeper level? Yeah, Rob, I realized at that time I was still putting myself at the center of my worldview. I was not focused on others first, and the way that I managed money would reflect that. And so, tithing was this way that I could give to others and not feel bad. But I think God had a much bigger vision for generosity than I could see at the time.
And he used my brother Keelan to really powerfully speak into my life at that moment to invite me into a much bigger vision for generosity.
Well, this is the point in the story where we get to where you actually set a financial finish line.
So, how did that eventually play out? Yeah, my brother in 2020 invited me to consider this question: how much is enough? And by that, he meant. If you earned a lot of money over the course of your career or even this year, How do you know how much is enough to spend on your own lifestyle? And how do you make sure that you're creating margin and inviting God to show you how you might use those resources?
And for a couple months, I really resisted and I was not looking to lean into this conversation, but I couldn't escape the reality that I was still the center of my world.
So. I accepted a challenge from Keelan to define how much is enough for a season. And I picked a number with my wife, and that became our first financial finish line. But it totally transformed the way that we see money, the way that we thought about our careers, and really our entire lives.
Now, to get really practical here for a second, the number you picked was actually higher than what you were earning at that time, right? That's right. Steph was in graduate school and working a little bit. And I was still early in my career, so we really didn't feel like we had quite enough. We wanted to buy a house.
There were some things that we were still working towards, and we had some student loans from school that we were still trying to take care of.
So this felt especially complex, but taking that first step really seemed to clarify all of it and shifted the way that we thought.
So we actually picked a number that was more future-oriented. Yeah.
But the rubber meets the road as your income grows and it did. And you have to make a decision. Are we going to live by this?
So talk to us about what happened not long after. Yeah, that's exactly right. And Steph graduated that spring, just a couple months after we had chosen a finish line for ourselves. And so she went full-time, and her income increased dramatically. I got a raise around that same time that fall.
And so the way we started the year looked very different than how we ended the year. And suddenly, our finish line was not theoretical, it was practical. And it was an opportunity for us to really test our hearts and see if this was something that we said with our mouths or something that we believed with all of our hearts. And It was really simple because we did all of the work and the wrestling before we had the resources. We had a plan, so we just followed it.
Yeah.
And you all had some debt at the time. Talk to us about how you prioritize debt repayment versus additional giving at that moment. We really saw debt as an obstacle to allowing us to give the way that we wanted to. And our vision, like I said, for giving and for what God was already doing across the world and in our community had dramatically increased. And so we wanted to participate in that.
And debt suddenly was standing in the way. And so within our finish line, we lived a smaller lifestyle than even our finish line would have allowed for in order to prioritize the paydown of debt because that would allow us to give even more. That's incredible. Talk about just the day-to-day living that occurred after you set the finish line. How did that begin to change?
A couple things that I experienced right after setting a finish line is for the first time, I felt contentment. I really experienced it, and I could honestly say we have enough, and I really believe that. And that started to shift the way that Steph and I talked about money ourselves, and how I talked about Keelan about what God might be inviting us into that didn't necessarily involve us in our own household. And so, I started to pay more attention as we had resources set aside that we were never going to spend on ourselves. I started becoming aware of opportunities all around us.
And Steph was able to say, Here's someone in need. Can we help? And we could confidently say, Absolutely. And it didn't feel so much like a sacrifice because we had planned ahead in order to give. Mm.
Yeah, and money at that point became a tool genuinely, not a scorecard, right? That's exactly right. And before we set a finish line, everything was still a scorecard, even our giving. But now it was really about obedience and surrender. And it's a way of living more than a trend that you track throughout time.
Although there are numbers involved and money is a real thing, we weren't so worried about is there going to be enough in the future? Are we doing enough? It was more about what would God have us do right now. Yeah.
And practically you all actually set up a kingdom account and you would move money over.
So it was pre-committed, but it was physically in another account, right? That's exactly right. We thought the separation of money would just clarify the purpose for it. And so, if we set aside money into a different checking account or eventually what we used a donor-advised fund for, it really clarified what it would be used for and prevented us from the temptation of dipping into that and using it on our own lifestyle. That's powerful.
Cody, as you look at your life now, how has this changed the way you think about everything from work and provision, even the future? Rob, I got to tell you, I trust God in a deeper way than I ever have before. And so I'm listening for his voice every day. And I am much quicker to obey when I'm clear about what he's saying, either through scripture or through others. It's really a matter of building a relationship with him, and it's totally focused on living life with God instead of for God.
I love that.
For someone listening to us today, Cody, and this sounds compelling, but also a little intimidating. What would you encourage them with? What's their first step? For someone who's interested in the finish line concept, I would say the same way that I navigated it is a great way to get started. You don't have to get a perfect number.
You don't have to nail it on your first try. Just start with a trial period, three or six months. Pick a number that represents a reasonable level of spending for your family, wherever you live right now, and try it for yourself. You don't have to figure out all the details and all the what-ifs. It's really taking that first step, getting over that first hurdle.
And so much of the details reveal themselves as you take the next step and the one after that. And folks don't have to see this as a one-time decision. I know you've said before, this can change over time, and you all have even revisited your finish line, right? That's absolutely right. Things change in life and adjust accordingly.
Yeah, folks, when we define enough, it doesn't limit our lives. It frees us to live with greater purpose, clarity, and generosity with what God has entrusted to us. Cody, what a treat to hear your story today. Thanks for sharing with us. Thanks so much, Rob.
Our guest today has been Cody Hobleman. He's a certified kingdom advisor. And as he mentioned, our FaithFi field guides are a brand new resource designed to help you set your own finish line. Learn more at faithfy.com/slash give. We'll be right back.
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Here in our final segment today, we're going to get to as many calls as we can. We have some great questions lined up here. Tanya is in Illinois. Tanya, go ahead. Yes, sir.
Thank you. Is this mister Rod West? It sure is. Thank you. I've saved up, I usually try to save a dollar a day.
Yes, my grandson and and so at Christmas. At least he'll have $365. But we've kind of saved maybe about $2,000. And he's always showing me this stock market stuff that I know nothing about. embarrassingly so.
But I just wanted to know where should I put the 2000 I don't want to just bury it as it's said in the scripture.
So I just wanted to know, and you can disconnect me once you answer it, but I just wanted to know what should I do? He's 11. And uh He thinks he's the next Mr. Rob West, I guess, but he's already touched on the stock market.
Well, I'm going to be going on vacation here pretty soon, so maybe we can get him plugged in to host the show. Hey, let me ask you a question. First of all, congratulations. I love the fact that you've been diligent and you're saving, and now you've got this sum of money you put away and you're wanting to put it to work. And it sounds like he's on the right track with kind of how he's thinking about it as well, which is amazing.
The starting place is always to define what is the money for. And here's some examples. You could say, listen, I want this to be earmarked for education. And if so, then there's a specific investment option that's probably best. If you said, no, I just want it maybe for general future needs and I want it to be flexible.
Well, that would lead us to another type of account. If it's very short-term, because you think you're going to need it, let's say in the next 12 months, or he will, then we do.
Something altogether different.
So give me your best thought on what is this money for specifically.
Okay, and we haven't marked for anything to be quite honest.
So that's why I was just reaching out to you. He seems to be into this investing thing, wanting to invest. And I'm like, well, I don't even know if they'll take $2,000 to invest. Oh, yeah. Yeah.
There's plenty of options for $2,000. All right.
So let's not ear market just for college and let's keep it a little more flexible. But let's agree that this is money we're thinking that we have at least a five-year time horizon on. Do you think that's true? Yes, sir. That is exactly true.
Uh-huh. Great.
So I think investing it is right.
Now, if you wanted to, you know, have him pick the investments because he wanted to be able to, you know, pick a company or two that maybe he knows and loves and be able to follow it and be a part owner of that company, you know, that would be one way to go. But you're not going to be very diversified. The success of this, the growth of this $2,000 would be entirely dependent upon the success of one particular company, which means although it might be a good education for him, it's not going to be very diversified.
So your risk goes up. The best approach to $2,000 is what's called a RoboAdvisor, which just simply means it's created for small accounts.
So people who are just getting started with investing, it's very low cost, it's very simple to use, and it's very highly diversified. Because if you've heard of stock market indexes like the Dow Jones 30, the 30 biggest companies in the U.S., or the SP 500, the 500 largest companies, or the Russell 2000, those are what are called indexes, and they track a broad swath of companies that make up largely the U.S. stock market. And what these robo-advisors do, and I'll give you two of them to look at, they ask you a series of questions about how much risk you want to take and what your time horizon is and what the purpose of the money is. And then, when you get to the end of the questionnaire, they essentially build the investment strategy for you using their algorithms and they use these indexes.
So, you'll just basically capture the broad moves of the market without you having to pick any individual companies. And if the overall market does well, the account will grow. And if the market is down because we're in a recession, well, your account will be down. But over time, you should do well as long as you have the right time horizon of five to 10 years at a minimum. The two that I would look at would be one, which is called the Schwab Intelligent Portfolios.
Schwab Intelligent Portfolios. You could just do a search for that in your search engine. The other one is called Fidelity Go, GO. And Schwab and Fidelity are two of the biggest brokerage firms, very highly rated in the country. And the intelligent portfolios for Schwab and Go for Fidelity are the two robo-advisors that essentially provide this low-cost, automated investing for very small accounts.
Does that make sense? Yes, sir, it does.
So just let me just say it one more time to you really quickly. Schwab Intelligence Portfolios and Fidelity Go, and they would invest in the Dow Jones with the thirty companies or whatever you just said. And they are considered robo advisors. Does that sound like that? That's right.
Now, you would have a much broader, diversified portfolio than even the Dow 30. That's just an example of the type of index that would be in there. But yes, you will own a wide swath of the market, a mixture of stocks and bonds, both international and domestic. And that's what you want. You would want them to build that portfolio and let it just grow over time.
And every time you add something to it, if on a monthly basis you had another $25 or $50, you could put it in and it would automatically reinvest anything you add to it.
Now, the last thing that I would say is I'll probably recommend that you put this in your name and not your grandson's. Um You could do a custodial account. The problem with that is At the age of 18, it would become his money whether or not he was spiritually or financially mature enough to handle it. And we all hope and pray that he would be, but if he wasn't, you would still have to give him the money. Whereas, if you make the account in your name and put it to work, you could still earmark it for him so you know in your mind that it's set aside for him, but you would choose the age and the date and the time to turn the money over to him based on your own discernment.
Does that make sense? Yes, sir. Quickly, mister West, just saying right there in that context, could I put his name on there like for the To inherit it if something is. Yes, yes, ma'am. You could establish what's called a beneficiary so that if you passed away, it would absolutely become his.
It would be a custodial account until he reached the age of majority, but it would pass outside of your estate directly to him. That's called a beneficiary. What I was talking about is the titling of the account is so long as you're alive, I put it in your name so you control it. Yes, sir. And I did want a copy of your ultimate treasure 21-day well.
You got one. I'm going to send it to you. But I wasn't expecting to get it free if you weren't giving, you had a certain amount. I don't mind giving a donation. You don't have any choice.
I'm going to give it to you free whether you like it or not. Thank you so much. All right.
I've been listening to you guys since the days of Mr. Briquette. I should be a millionaire, but I guess I'm not quite catching it the way I need to, but it's not my skill set, but I'm learning.
So, business for you, Tanya. If you've trusted Jesus as your Savior, Tanya, you are rich.
So, we appreciate your call today and thank you for blessing us with this conversation. Call anytime, stay on the line, we'll get your information. Big thanks to Josh, Taylor, Tahir, and Omar. We'll see you tomorrow. Faith in Finance is provided by FaithFy and listeners like you.
