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Now, let's dive into the podcast. Teach us to number our days that we may gain a heart of wisdom. Psalm 90, verse 12. Hi, I'm Rob West. Psalm 90 reminds us to live wisely and intentionally with the time God gives us.
And for families with kids or grandkids, summer gives us a unique opportunity to do just that. Brian Holtz joins us today to talk about making room for work, play, and rest in the summer months. And then it's on to your calls at 800 at 525-7000. This is Faith in Finance, biblical wisdom for your financial journey.
Well, it's always a pleasure to welcome Brian Holtz back to the program. Brian is CEO of Compass Financial Ministry, which equips people around the world to manage money according to biblical principles. Brian, great to have you with us again. Always good to be here, Rob. Brian, summer break is well underway.
And while it can be a wonderful season for families, it can also bring its share of challenges. Isn't that true? Absolutely, Rob. Erica and I have four kids in school right now from eight all the way up to 16. And for us, summer break comes with mixed emotions, as you would imagine.
On one hand, we get to spend more time with them, which is obviously a tremendous blessing. But on the other, all of our routines are thrown out the window, and the adjustment can be challenging to say the least.
Somehow, it seems like the season that's supposed to be full of free time and rest ends up being busier than the school year. And as your opening verse teaches us, it's important that we make the most of every single day the Lord gives us. And without the structure of the school year, it's easy to let these days and weeks slip right on by. That's so true. Let's talk about that.
Summer has a way of slipping by, as you said.
So, how does your family try to be intentional with that time? We try to plan our summers around three important buckets, work, play, and rest. Each one of these is extremely important to God's design, and we have to be extra intentional to ensure they stay aligned to God's purposes here in these summer months. No doubt, but I bet some people are listening saying, Really? Work?
That doesn't sound like the ideal summer break activity. No, it certainly doesn't. But work is important to God. It has a lot of negative connotations in our culture, but that's mostly because we let it get out of balance. With the extra time kids have not going to school for six to eight hours a day and the extra mess it creates around the house, additional duties are important for building their character and their work ethic.
A number of studies of every sort have shown that kids who have household responsibilities have higher self-esteem and they are better equipped to handle the frustrations that come with work as an adult. Simple things like loading and unloading the dishwasher, sweeping the floors, taking out the trash, they don't take a whole lot of time. But they build responsibility and accountability. As a family, you can decide whether they get paid for their work or whether it's just an expectation of living in the house. For our family, we have a title for these.
These are called the daily duties. Each kid has their own task that's age-appropriate, and they have to do it each day. Most of them, they can choose when it gets done throughout the day, whether they want to do it in the morning, afternoon, evening, but it does have to get done. Yeah.
Well, and the added benefit is maybe it tires them out just a little bit, especially if they're young. What about play, Brian? How does your family approach that during the summer? Yeah, fun isn't just important for kids on summer break. It's important for parents and grandparents too.
You know, we often spend all fall, winter, and spring working hard, telling ourselves we're going to enjoy some time with our families when summer comes around. But it just doesn't happen on its own. Our family has a tradition that we call the summer of fun. And this happens when we choose a handful of activities we wouldn't normally do during the school year, and we randomly select one every few weeks. We even have a Price is Right-style spinning wheel to make the selection process a little more fun.
Everyone who's kept up with their daily duties gets to participate. And so it can be something small, like going out to their favorite restaurant or ice cream or a picnic. Or last year, our oldest spun the big ticket item of a weekend trip tubing down the Chattahoochee River. They aren't always expensive and they don't always have to cost anything at all. But having fun with your family builds incredible memories and gives them the incentive to get those daily duties done.
That's so good. Just about 30 seconds left. That last bucket is rest. Give us one idea there. Absolutely.
Most parents know that what is fun for our kids isn't always restful, and what's restful for us may not be fun, but they're both important for both kids, parents, and grandparents. We have to prioritize taking some time and just resting. I love it. Brian, those are great suggestions. We appreciate you sharing those and for stopping by.
Happy summer, my friend. It's always a pleasure, Rob. Folks, summer is a gift to stewards, so make room for work, play, and rest in ways that shape your children's character and create lasting memories. Our guest today has been Brian Holtz, CEO of Compass Financial Ministry. Learn more at CompassFinancial Ministry.org.
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Hey, thanks for joining us today on Faith and Finance. I'm Rob West. All right, let's turn the corner. We want to take your questions on anything financial today.
So if you have a question, call right now. We'd love to hear from you. 800-525-7000. That number again, 800-525-7,000. You can call right now.
Let's begin in Alabama today. Kathy, go right ahead. Yes, I have a question concerning a rent house that I own. I am Beginning my second eviction, for nonpayment.
So I'm thinking about selling it But I just wanted to sort of get an idea of what the market was like now. if as far as you know what I could get for it. It's um And then there's a little problem too. It's next door to my daughter. And Yeah.
doesn't really want me to sell it. But we've Um I owe about $50,000 on the mortgage on it. And when I pass away, well, that mortgage will come due. And I don't know if she or my other daughter. are in the shape to pay that.
Yes. Yeah.
So but it's um I owe about fifty thousand dollars on it. Currently, it's probably worth $169. are so um I'm renting it for $1,300 a month, but like I say, this is the second. Eviction, and I'm just sort of tired of living with it. Yeah, yeah, I certainly understand that.
And I think this is that season of life where we're looking for more passive investments rather than something as active as being a landlord, especially given what you've experienced with these evictions, which I know is time-consuming, expensive, and probably weighs on you pretty heavy. The answer to your question about the housing market is the housing market is slower than it was a couple of years ago, but homes are still selling, especially reasonably priced properties in good locations. Inventory has been rising, and buyers are becoming more cautious because of mortgage rates, you know, in that six-plus percent range.
So, therefore, homes are taking a little longer to sell, but prices nationally have remained fairly stable overall. But honestly, you know, this decision, Kathy, sounds less like a market timing issue and more like a life stage and stress issue. At 70%, Dealing with repeated evictions, tenant stress, repairs, management headaches, that's a real burden. And even if the rental produces income, the emotional and physical toll I think matters too. And the fact that it's next door to your daughter is meaningful.
You know, they may want to give consideration to who their next door neighbor is. And, you know, I don't know what her plan is potentially longer term after you pass away. But I don't think we can allow that to be the driving factor. You know, I think this idea that you are now on your second eviction, you know, that's usually a sign the property may no longer fit the season of life you're in. And so I think the bottom line is this is, you know, although you need to have clear and open communication about it, I think just this idea that, you know, it's beyond what you're able to manage in this season of life.
You need to get your equity out, repurpose that in a way that's more passive, that with a safe and conservative approach, can Still generate some income, but without you having to deal with a leaky faucet or a stopped-up toilet, or worse than that, evicting somebody who's not paying.
Well, that's the That's what I've been praying about it, and that's the direction I was thinking about going. I was thinking about doing it after the first eviction. And I probably maybe should have them, but Um The family was passionate.
Some of the family were passionate about wanting to keep it. And so I don't know. We just, um would they be in a position to go ahead and buy it from you? Probably not now. Yeah.
With their mortgage they have and stuff.
Okay. Though he had their good income, but it's their They're still in the process of raising four kids. Yeah.
Yeah, I get it.
Well, listen, I mean, the reality is, as much as you'd love to be able to honor their desires, you've got to look out for your own financial well-being. And there's just a really practical element to this that moves even beyond the financial into just what you have the physical and emotional capacity to deal with in this season of life. And I don't think it's the kinds of things you're describing here.
Well, this is some. We've got to have a family discussion about it, but I think I'm going to make up my mind before the discussion and want to be able to go ahead and tell them what I've decided to do.
So, I think that's the right approach. Here are your next steps. I think you want to find out what the house is really worth.
So, talk to two to three local real estate agents, get some comparative market analysis. You already know the payoff amount, estimate the selling costs, and then you're going to want to decide whether to sell occupied or vacant. Make only the necessary repairs, it's not the time to do any major renovations, and then talk with your daughter openly. Be prayed up before you have that conversation. And I'm confident you'll be led by the Lord to the right decision.
Thanks for your call. 800-525-7000 is the number to call to Oklahoma. Hi, Larry. Go ahead, sir. Hey, Rob, thanks for taking the call.
Yes, sir. I have a nonprofit property I'm wanting to sell and give it, and I'm going to give it, of course, to another nonprofit. Is there any forms or anything I need to do, or is that taken care of at the closing of the sale? I'm pretty green when it comes to stuff like this right here. Yeah, no problem.
Help me with something, though. You said you, I understand you want to sell it and give it the proceeds or give the property before the sale to a nonprofit. We could talk about that. But you said it's already a nonprofit property. What do you mean by that?
Yes. It's basically it's the nonprofit that has went basically just dried up and but the property and the buildings are there. I'm going to sell that and take the proceeds and give it to a five hundred one C three organization.
Okay. All right.
So that so it belongs essentially to the the nonprofit that you already had, and you're closing that down, is that right? Oh, it's already closed down, yes, sir.
Okay, got it. Yeah, makes sense. Yeah, that's an interesting one. I would certainly talk to your CPA about that, you know, because it's a little different in that it's already, you know, owned by a 501c3 under the IRS.
So, you know, it's going to need to be sold, you know, at a market value to avoid what's called private inurement. But I think in this case, you know, it's less of an issue because you're wanting to give it away. Do you know of a nonprofit who will take the property itself or are you wanting to get it sold first? Under the nonprofit and then just give the proceeds.
Well, the church I'm wanting to give the proceeds to is a five hundred one C three and because I haven't I'm still just doing the legwork on all this right here. And like I said, I'm pretty green, but I've been doing a lot of research and trying to make sure I do all the right things, you know. Yes. Okay. Yeah, but that the the where it's going to go is already a five oh one C three.
Yeah.
And have you talked to the church about that to let them know that you want that to come their way? Yeah.
Well, I'm facing two, but like I said, I want to get my ducks in a row before I actually announce it, you know. Got it. Yeah, got it. Yeah, so the normally what would happen is the nonprofits board would approve the dissolution. Maybe that's already happened.
And then the transfer of the property to the church.
So you would want to have a board meeting. You document the decision in the minutes and then pass a resolution. This can sound more formal than it is, specifying the property transfer aligns with the mission. And then you could reach out to the church and let them know that that decision had been made by the nonprofits board. And they can help you facilitate that direct transfer of that donated of that property that's being donated to the church via a deed transfer.
You'd want to hire a real estate attorney to help you with that.
So I think those are the steps. I've got to hit a break. Stay on the line. We'll finish up off the air. We'll be right back.
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So if you'd like to consider becoming a partner, we'd certainly be grateful. Just head to faithfi.com/slash give. It's a great way to give back if you love the program, faithfi.com/slash give. All right, let's get to as many calls as we can in this final segment. Let's go to Tennessee.
Mary, how can I help you? Yes, I was just working on how to what to navigate. I heard you're talking about investing. I've never done that. And I'm kind of wondering 'cause like I don't really want to or believe in retirement.
I choose to work until I'm taken home to work more and with the Lord in heaven and on earth as in heaven as well.
So I want to be able to navigate life in that regard as far as That being the case, how would I proceed with my savings spending, getting out of debt and that sort of thing and investing? Yeah, that's great.
Well, I think the biggest thing for you is: you know, you're working full time, you want to save, invest, get out of debt. You really want to get organized. You also want to get intentional. And so the good news is, there's still plenty of time to build wealth. And you know, continue to lean into what God has for you today, which I completely concur with you about your perspective on work.
We were created to be workers before the fall, and it's part of the way we participate in God's creation. He creates out of nothing, we create out of the latent potential of his creation and use it to bless others and bring about his redemptive work in the world until such time as you're right, he calls us home, and then we'll be workers in the new heaven and the new earth.
So, I love your mindset on that. But part of our role in being workers is being stewards of our time and the breath in our lungs and the ingenuity that he's given us, but also the financial resources that he's entrusted to us. And so, as we think about maybe some simple priorities on how you move forward from here related to stewardship of God's financial resources, I would say step one is really to build a basic emergency fund so unexpected expenses don't create more debt. And that would look like ultimately three to six months worth of expenses.
So whatever you're spending on a monthly basis for your expenses, up to three months in a high yield savings account that's liquid and safe and ready. Second, focus on paying down high interest debt. And then I think once you've done those things, we want to begin consistently investing. Especially if you have a workplace retirement plan. Do you have such a plan available to you at work?
Okay. No, and my initial thing is too is I understand the idea of investing with your values. At the same time, I would think there would be a way to impact. Organizations that may not have the same values. To in in impact those values in some way, you know, like voting.
I don't just, you know. necessarily know who I'm, you know, as far as the elected officials. I pray for them, I vote, and I stand with my values. But at the same time, you wanna be involved in things that are going on to make a change in those areas, because sometimes those decisions are made. Not necessarily with values in mind.
So sometimes adding our Selves into that values, you know?
Well, I completely concur, Mary. And the good news is they're really there's kind of a three-legged stool when it comes to what we call faith-based investing. Leg one is avoid, where we're avoiding those companies or industries that are misaligned with our values. The second is to embrace companies that are promoting human flourishing and advancing the common good through their products and services and industries. But the third is exactly what you're talking about, which is engagement, which is as a shareholder or an owner of a company, you have rights and responsibilities, including voting proxies and even proposing shareholder resolutions.
And what we're seeing is that Christians who are leaning into that opportunity to engage with the companies that they're shareholders of are making an incredible difference. We were just telling the story the other day of a major company you would know that, you know, through their employees. Employee matching program was not allowing matches to happen to religious organizations. And through shareholder engagement, calling them out on that practice, they have completely reversed course. And now, an employee of this major company, one of the biggest in the United States, when somebody makes a gift to their local church, it can be matched by the company.
Well, that came through shareholder engagement.
So there's real change that's being affected through ownership. And I think one of the simplest ways to do that, even if you're just starting with a little bit of money to invest, is by using one of the faith-based mutual funds like Eventide, like One Ascent, like Timothy Plan, where they are looking at the investments that they're selecting for their mutual funds and ETFs through the lens of a faith-based approach, which includes corporate engagement.
So that's very possible for you. And I think, you know, what you could do there is if you don't have a company retirement. Plan at work, you could just open one at Fidelity or Schwab and just start setting up an automatic contribution to either an IRA or a taxable account and then buy into one of these faith-based ETFs or mutual funds, and that way you would be growing what you're putting in there over time, but also aligning it with your values. Does that make sense?
Well, since I don't have access to the internet, but just a regular landline and a regular mail, what option would I have to connect with anybody in that regard? Yeah, it's a good question. Yeah, here's what I could do. Let me just have my team get your information. I'll have somebody get in touch with you and maybe give you the phone numbers of a few of these faith-based asset managers, and you could reach out to them and work with them directly over the phone.
Okay, sounds great. Thank you. All right, hang on the line, Mary. Thanks for your call today. 800-525-7000.
Let's go quickly to Eric in Chicago. Go ahead. My question was: I'm just 60. When I turned 62, And I filed for my benefit. When I turn 65 and 70, with it.
Will it increase the depth? Yeah, it's a good question. So, if you take it at 62, you're gonna lock in a permanent reduction. Because that's the earliest age you can file.
So your benefit at 62 is gonna be about 30% lower than waiting the full retirement age, which is gonna be at this point age 70 for you.
So you just need to be aware of that, that that's ultimately what you're gonna be doing. You know, so if your full retirement benefit, you know, was $1,000 a month at $67, it's only going to be $700 to $750, and that reduction is permanent.
So I would delay that as long as you can because you may need that extra money down the road and you can't reverse that reduction. Eric, thanks for your call today. Folks, so grateful to have you along with us today on the broadcast. We'll be back tomorrow, Lord willing, to do it all over again. Our goal, help you see God as your ultimate treasure and live as a wise and faithful steward.
Big thanks to our team today, Pat, Devin, Jim, and everybody here at Faith By. Have a great day. We'll see you tomorrow. Bye-bye. Faith in Finance is provided by FaithFi and listeners like you.
