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 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 the Faith Phi 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.
Purchase your copy at faithfi.com/slash shop. That's faithfi.com slash shop. Um Psychologist and educator Fitzhugh Dodson wrote: Without goals and plans to reach them, you're like a ship that has set sail with no destination. Hi, I'm Rob West. Of course, goals don't amount to much unless you have a plan to reach them.
That planning should involve more than building your net worth. Ron Anderson joins us today to discuss life planning: what it is, how to do it, and why you should. And then it's on to your questions at 800-525-7000. That's 800-525-7000. This is Faith and Finance, biblical wisdom for your financial journey.
Well, my friend Ron Anderson is a certified kingdom advisor. He has 30 years' experience helping folks across the country plan and set goals for financial affairs. He's the founder and president of Plan A Wealth Management based in Lincoln, Nebraska. Ron, great to have you here. Hey, thanks, Rob.
It's great to be here. Ron, you've been a successful financial planner for a long time. You've helped a lot of folks, but it seems lately that the Lord has really burdened you with an additional passion that I'll call life planning.
Now, that sounds self-explanatory, but I suspect there's more to it, isn't there? Yeah, I would say the more to it is really thinking about what is your purpose. How are you going to make a contribution? You need to know what your financial goals are, but why do you want to be successful? What are you going to do with your time and your life if you're on track financially to make that bigger contribution that God put you here for?
Yeah, I love that. It's this big why. Let's build on that.
So, then what is really the purpose of life planning? I think the purpose is to ask yourself some really tough questions. You know, why do you want to be successful? Why do you want to reach your goals? And if God allows you to do that, what are you going to do with your time?
How are you going to fulfill that unique purpose and contribution that God puts you here to make? How do you figure that out? What questions do you want to ask yourself to determine and narrow down what makes me special and unique? And how can I use that to further God's kingdom? Yeah, it makes me think about that iceberg illustration that our friend Ron Blue talks about, that 10% above the waterline is the financial decisions, but it's the 90% below the why and your values and your faith that really matter.
So, Ron, how then can a financial planner help with life planning? I think a financial planner can really help someone set a reasonable lifestyle so that they know how much they can spend, helping them save enough for their future, which really frees them up if God nudges their heart to do something different with their time or with their energy or occupation. They have the margin in their lives to be able to say, yes, Lord, I will follow, as opposed to, I can't afford to do this.
So it also gives you another person to think your confusion out loud with. As you're talking about your goals, you can also talk about, well, I feel like this is something I maybe am supposed to be a part of, and gives you somebody to bounce those ideas off. I think you actually. Figure out a lot by talking to somebody about what you're thinking, you thinking it out loud helps clarify it in your mind. Oh, well, and perhaps even challenging you along the way.
I love that you mentioned the reasonable lifestyle because I know one of the things you do is help your clients to find enough so that they have the capacity to respond to the leading of the Lord, right? Absolutely. And be able to uh give generously along the journey. Ron, take us into Scripture. What does Scripture say about life planning?
You know, one of the favorite scriptures I have related to life planning is in Ephesians chapter 5. And it basically says: be careful how you live. Don't live like a fool, but like someone who's wise. Make the most of every opportunity. Don't act thoughtlessly, but understand what God wants you to do.
And how do you understand what God wants you to do? You spend time with God, you think, you ask questions, and you try to listen to God's voice. That's great. Ron, what have you seen play out in the lives of your clients as you've taken them through this process? Uh one I can think of in particular Know they gave away a large gift and they actually went overseas and translated the Bible undercover.
In Eastern Europe, and they were able to do that and fund their own ministry doing it that way. Then they came back. to the States after they were done, and they bought a place to give others rest in Colorado.
So they used the money that God had blessed them with, and now they're using that as a blessing to people that are in ministry to give them rest because so many people are going so fast today. Wow, well, that's far more than the typical financial planning engagement. Those are life-changing kingdom-building outcomes. I love it. Ron, thanks for stopping by today, my friend.
Hey, thanks, Rob. Great talking to you. If you want to learn more about Ron and Plan A, you can head to planawm.com. Again, that website, planawm.com. We're going to take a quick break back with your financial questions after this: 800-525-7000.
Stick around. How much money is enough? It's a question almost all of us wrestle with, but few of us know how to answer. What if God has already given us a better way to think about enough? One that leads to contentment, freedom, and greater generosity.
Our Faith Phi field guide, How Much Money is Enough, will help you explore this important question through scripture and practical exercises. Get your copy today at faith5.com/slash shop. That's faithfi.com/slash shop. FaithPhi is grateful for support from One Assent. One Assent believes that your values inspire why you invest and how they can inspire how you invest.
One Assent's goal is to provide solutions designed for every need and invest in businesses that bless the people and places God has made. They want to help investors do well by doing good. To explore a new way of investing that aligns with your values, more information is available at onascent.com slash FaithFi. Uh Yeah. Hey, thanks for joining us today on Faith and Finance.
I'm Rob West. We're ready to take your phone calls here in just a moment.
So, if you've got a question today, now is the time to call 800-525-7,000. That's 800-525-7,000. Whether you're trying to pay off some debt and you just can't figure out how to get it done, maybe you want to give wisely and you're wondering how to do that, or you're thinking about a charitable gift annuity or giving out of your IRA to miss the taxes. Let's talk about it. Maybe it's your investments, wondering how to navigate this stock market, especially given what's going on in the Middle East.
Or maybe you're trying to get that credit score up or think about an inheritance. Any of those questions and more, 800-525-7,000. Let's begin in Missouri today. Dennis, how can I help you, sir?
Well blessing is drinking. you all. I hope I can explain this. And seventy-five And I took out a loan a while back to help my daughter and uh she's paying it off. And I but recently bought her a card that I'm going to be paying off And I have about five thousand available every month.
So Bobby I hope to have the colour paint off like in seven months approximately. My question is. Orange. The cars paid off. But I was just going to take the five thousand that I have available each month.
And just throw it into savings rather than go into investing and all that stuff because I'm not. I'm legally blind, so I'm not very good on Seeing some of this stuff. Yes. Yes, and you're wondering, Dennis, whether that's a good idea, or is there some other question related to that? That's the main Yeah.
after the course paid off, I was just gonna throw that five thousand in savings and labor. Yeah, Dennis, I love this. First of all, you sound like a really generous father. I love that. And do you have anything in savings currently?
Or would this be the beginning of your savings account?
Well, I have ten thousand in savings right now.
Okay. And how much are you spending in a typical month? What are your expenses?
Well, that's kinda hard to explain. I'm going to disable that so I get a VA pension. And the VA pension takes care of Come on. I'm on my knees. I see.
Yeah.
So this five thousand four hundred is free. I see. There's nothing really attached to it, that I have to be considered retakes care of all my debt. Excellent.
Well, here's what I would do. You know, I like this idea of you putting this into savings. I would say, you know, at least for the next 12 months, Dennis, I'd be just piling this into savings and just let it accumulate and put it in a high-yield savings account. Whether you head to a local credit union or maybe you open an account or have your granddaughter help you open an account with Adelphi Christian Banking, they're a longtime underwriter here of this program, the biggest Christian credit union in the nation. You can learn more at faithfy.com/slash banking.
The reason I mention them is they're Christians, so you know that you're working with a credit union that shares your values as a Christ follower and supports Christian ministries out of their profits, but also they have phenomenal rates.
So they're offering right now for FaithFi listeners up to $100,000, 4%. For the next 12 months. And, you know, they have a bonus of up to $400 when you open an account by using the code FAITHFI. But that would be an example of the kind of thing I would do. And let's just let that accumulate.
I mean, you'd have $60,000 at the end of the year, but that's great because here's the reality. Yes, your bills are covered by that VA pension, and thank you for your service. That's awesome. But if you had a major need or you needed long-term care, we need additional funds there for you to be able to cover whatever happens along the way. And so, I think it's really key for you to be able to go ahead and sock that money away between now and then.
So, I'm going to suggest that that be your next step: that you go ahead and start putting that money away in a high-yield savings. Again, if you wanted to learn more about Adelphi Christian banking, you could go to faithphi.com/slash banking. If you don't use the internet, and I know you said you're legally blind, perhaps. Get your daughter to help you do that, or you can call them, and that phone number is 800-347-247. 2228.
And if you hold the line, our team can give you that number 800-347-2228, and you can write that down and give them a call. But either way, I think you're on the right track here, Dennis. Thanks for your call. God bless you. Let's go to Georgia.
Hi, Eric. Go ahead, sir. Hey Rob, how are you doing? Thanks for having me on. Absolutely.
Thank you.
So I have a two part question here. The first question is about my student loans. I got about fifty thousand dollars in student loan debt. I graduated in twenty fifteen.
So I basically got six different loans, all with six percent interest. all consolidated into one. And I've been making the minimum payments a little bit more, trying to knock out that interest.
So my first big question is what I I've been hearing rumors that you know, after like twenty years, something like that, that you're They'll actually remove your student loan debt after so many years. Is that true? Not necessarily.
So it really depends upon what you would qualify for. The most well-known public service loan forgiveness program, it's called, is basically there to forgive the remaining balance on direct loans for borrowers who've made 120 on-time payments.
So that's 10 years. But it's for certain employers.
So it's for those who are employed by a government agency, certain nonprofits or tax-exempt organizations, other types of public service organizations. There's something similar for teachers, but again, you have to work in certain kinds of schools.
So you do have to qualify, and it would come down ultimately to who your employer is. Yes, sir.
Okay. Well, it doesn't look like I'm going to line up with those categories.
So part two to my question is Since I do have this debt, I would say I'm a pretty generous giver weekly to just different organizations, missionaries, stuff like that. And I am paying the monthly minimum on my student loan.
So is it wise for me to reduce my giving to these organizations and put more of that money towards my student loan debt? Or that that's the one I'm struggling with. 'Cause I'm I feel like I'm always trying to give and help. And then I got the student loan debt that I've got to take out too.
So and I know we need to pay our debts. Yeah, so it's kind of hard to decide which one. Yeah, and both of them obviously are productive uses of God's money, and that's what it is. And so, it really is up to you to align your spending decisions, your giving decisions with your values and priorities. It sounds like you have the gift of giving, it sounds like the Lord has just given you a passion to be generous.
I love that. I think it reflects His nature. You know, we were created in the image of God, He's the ultimate giver, starting with His Son that He gave to pay the penalty for our sins. And so, I don't think we can out give God. I would never want to tell you to stop giving, but I would affirm the idea that both of them are productive uses of money.
In the same way, deciding to enjoy some time away with a family member, you know, can be a productive use of money. And so, money is just a tool to accomplish God's purposes.
So, I probably just challenge you to maybe take a week or two in your quiet time and just say, Lord, what would you have me to do? I don't think you could go wrong either way. Way. I would also challenge you to say, if in fact you want to accelerate your student loan payoff, could that money come from somewhere else? Don't get in a binary trap of, well, it's either accelerate my student loan payoff or reduce my giving.
Maybe there's a third option that involves you kind of sacrificing some other area of your financial life. Or maybe you say, as long as I'm on a reasonable payback period and I put that maybe 10 years, then maybe you just kind of play the student loans out and continue to lean into that passion the Lord has given you for generosity. I think any and all of those are fair game. Thanks for your call. I hope that helps.
Well, we're just getting started here, folks. Plenty more to go here on Faith and Finance. 800-525-7000. 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. Are you feeling overwhelmed by credit card debt? As followers of Christ, we are called to be good stewards of what God has given us.
That's why our trusted partner, Christian Credit Counselors, is here to help. Their debt management program can help you pay off your debt 80% faster while honoring your commitments in full. Take the first step toward financial freedom today. Visit faithby.com/slash CCC or call 800-557-1985. Great to have you with us today on Faith and Finance.
We're taking your calls and questions today, 800-525-7000 to Chicago. Michelle, go ahead. Hi, Rob. Thanks for taking my call. I have a question.
I am charged, a rider charge, on withdrawals. from a indexed annuity So every month I'm charged. Is there any way to Avoid that. Seven more years. because it's a ten year annuity.
I have seven more years.
Okay. Do you have anything to just say? Yeah, I'd ask for a little more clarity on that. Typically, an annuity rider, Michelle, is a benefit that's added to an annuity contract.
So there's a variety of annuity riders. It could be a long-term care rider where it helps to pay for long-term care services on top of the ability to annuitize. There could be a death benefit rider where a family member continues to receive payments or a cash payment after your death as the annuitant. Could be a return of premium rider.
So, this is a particular rider that's kind of like the death benefit rider that says that the remaining value of the premium will be given to a beneficiary or, you know, an accidental death or disability income rider.
So, you may, what it sounds like to me is there was a rider added to the policy as a policy enhancement, and then there's just a charge that's being applied monthly for that rider. These riders typically, you know, are anywhere between a half a percent and one percent of the annual premium, but it really just varies widely depending on what that rider is. Does that sound like what's going on here? Or are you thinking there's something else? No, it sounds like that, but I have the statement in front of me and I have the amount.
It's called the liquidity liquidity rider charge. That's what it is.
Okay. Yeah, so that could be what they call a surrender charge. I mean, I've not heard it referred to as a rider, but essentially a surrender charge is a percentage that you pay that declines each year for taking your money out. And generally, it only applies to the first seven years or so. You know, that would typically be what it is.
But, you know, it always comes back to the fine print.
So I would call the company and just ask for clarification on what that rider charge is that's somehow connected to it seems like your withdrawals and ask them to explain that further because you know there would be no way to tell without getting into the fine print and exactly understand exactly what they're charging you.
Okay. All right, Rob. Thank you very much. I've learned a lot from your program, and I've also told a lot of people that they really need to tune in Your faith in finance. Thank you again.
God bless you. You're welcome. And thank you for being one of our big fans out there and telling others about the program. We appreciate it. God bless you.
Let's go to Georgia. Ed, how can I help you? Yes, uh what my question is is I have been having a phone call From this. collector, I I I'm assuming uh collected agent. for a bill that a medical bill back to thirteen to fifteen years ago.
And I retire now in twenty sixteen, and I have not received or heard anything about that bill. And I asked them to send me a copy of the bill and where I see it, and they have not sent me no copy. And that was last year when I requested it, And this year I requested again and they posted called me back. Mm. Yeah.
So are you wondering just whether they have the right to do that or whether this is a scam? Or what is your main question? Yeah, if I owe it, I pay it. Yes, yes, sir. But, well, there's two things, I guess.
One, that far back, can they go back on medical things? to collect the money. And then can they garnish obscurity check.
So that's all I've making now is just obscurity. since I've been retired. Yes. Okay. Yeah.
Great question here.
So, a couple of thoughts on this. You know, I think a 13-year-old medical bill definitely deserves a healthy dose of skepticism. Doesn't necessarily mean it's a scam, but I would say don't send any money until they provide proof.
So you've done the right thing. By asking for written validation showing who was the original medical provider, the amount owed. An itemization of the debt and why they believe you still owe it. Federal law requires debt collectors to provide valid information. And if they're refusing to provide documentation, that's a warning sign.
Now, if they're just saying, yeah, we can do that, it's just going to take a little time.
Well, that's not to be unexpected. But they do need to demonstrate if they are not the original medical provider, and it sounds like they're a collection agency, that they can document how they have. You know, purchase the debt, or now they're the one that owned the debt, and therefore you would pay them. A debt can exist for many years. Every state has a statute of limitations that limits how long a collector can sue you to collect.
In many states, that's somewhere between three and six years, but it does vary by the type of debt. They can ask you to pay an old debt. And, you know, to your point, you want to make good on the obligation if it is in fact yours. That's great. I would agree with that.
But I think the key is making sure you validate that it is in fact theirs and that this is a legitimate organization, debt collector. In terms of your Social Security, if this is simply an old medical debt collected by a private debt collector, your Social Security retirement benefits are generally protected from garnishment. The only exceptions to that would be federal tax debts. Federal student loans, child support, and alimony, or court-ordered restitution.
So, private creditors generally cannot garnish your Social Security benefits.
So, you know, there may be a caveat to that in the sense that if it's deposited to your bank account, banks automatically protect two months' worth of directly deposited benefits. But if you've mixed those with other money or allowed them to accumulate beyond that, it can become more complicated. But I would just say, you know, if this is a 13-year-old debt, I would wait for that validation and then proceed from there.
Okay. You know, I I won't go pay my bills and uh You know, and You know, I I went to the hospital and check with them the financial department. And from 2000 up to now, I owe nothing. To be on. You know, there is no debt outstanding with them.
So I'm assuming they had to sell the debt to somebody else. Yeah, I'm assuming. I don't know. There's so much scam out there. I just want to make sure.
Absolutely. And you're doing the right thing here, Ed, because again, if the medical provider is saying that account was paid in full or there's a zero balance, I would proceed with a lot of caution before you do anything. Don't admit, you know, to owing it. And let's make sure they can provide some documentation that you could also verify with that original medical provider. And until that time, I just kind of sit on that.
Hey, we appreciate your call today. God bless you. Well, folks, that's going to do it for us today. A big thanks to my team today, Mr. Jim Henry, Devin Patrick, and Robert Youngblood.
And for everybody here at FaithFi, thanks for tuning in. May the Lord bless you. And we'll see you tomorrow. Bye-bye. Faith in Finance is provided by Faith Buy and listeners like you.
