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Bob Goff once said, We won't be distracted by comparison if we're captivated by purpose. Hi, I'm Rob West. Comparison tempts us to measure our success against someone else's life, but when we understand who we are in Christ and why God has entrusted us with resources, money becomes a tool for our purpose rather than a scorecard. Jim Rasmussen joins us today to help us escape the comparison trap. And then it's on to your calls at 800-525-7000.
This is Faith in Finance, biblical wisdom for your financial journey. Joining us today is my friend Jim Rasmussen, co-founder and brand ambassador at Pando Wealth and a Certified Kingdom Advisor. Jim brings a valuable perspective on helping individuals and families approach financial decisions with both wisdom and purpose. Jim, great to have you here. It's great to be here, Rob.
Jim, you've coached hundreds of Chick-fil-A operators, and I know that's been a specialty of your business, although Pando Wealth is expanding and serving a lot more folks now. But what have you learned about where comparison tends to take root in a leader's life specifically?
Well, working with all of the families that we serve across the country, I've seen that this is a problem that is happening everywhere. And in my experience, the comparison usually starts in that business world where we think about sales and then we start to compare a little bit more about the individual line items to feel good about, well, I might have done better with food or labor, et cetera. But it's really about the bottom line profits. How can we make more? And so that's where it just kind of starts to take root, and then it goes to the personal side.
Well, that's right. Comparison can affect anyone. But Jim, what makes high earners especially vulnerable to this trap? What I see is our culture seems to reward or encourage that net worth is equal to your self-worth. And when I look at a lot of these business owners, they're taught really well how to run a business, but the whole purpose of a business is to actually fuel your financial plan.
And then your financial plan is to fuel your life plan. And how many of us or them are actually sitting there thinking about their life plan? Which then, if you have no financial plan, you have all this cash. You start to just look around and go, well, maybe I should copy what other people are doing because they're smarter and further ahead than me. Yeah.
And so we get caught in, I know you've talked about this loop that we have where, you know, instead of it being around, you know, how do I beat next month? It really should be about what is God calling me to and how can my finances be in service to that, right? Absolutely. Yeah. 1 Peter 4:10 calls us to use whatever God has entrusted to us to serve others as faithful stewards of his grace.
Jim, how does that idea shift our focus from comparison to stewardship? Yeah. Well, what you start to see is every resource is a gift. And it's here to serve. It's not here to actually be a trophy that you put on display for everybody else.
You are literally trying to be the vessel that God's using to reach other people. And when you can do that, you start to think about not how much can I give, but how much do I keep? And that allows you to start thinking about, well, who can I bless with this? How can I have an impact for the kingdom in this way? Yeah.
And so it quickly becomes about generosity, holding what we have loosely, giving it generously. You know, how does that shift begin to occur in someone's mindset as they think about their role as stewards, not owners? A lot of people go from believing that I deserve this, or I've waited a long time. And so I can control what I've got because I've earned it. And all of a sudden, you start to release some of those assumptions and beliefs that you've grown up with.
And so you start to. Hear how your kids or family might say, Hey, everyone has one. Why can't I? Why can't we go on a nice vacation? All of a sudden, it becomes we're doing things differently.
We're following our life plan of what God's called us to. And That's a gift that each of us have uniquely and individually. Yeah, it sure is. Jim, do you encourage your clients to really think about a lifestyle cap or a finish line as you're working with them? We try to ask them what their finish line is and how much is going to be enough.
But then we start to also ask: okay, there's only really three questions. How much do you need? How much do the kids need? And then what does God want me to do with the rest? What about that question, how much do I need?
Because it would be great if God's word said you should live on 62.4% of your income. It doesn't, which means it's between us and the Lord. How do you encourage people to go through that process to figure it out? What we typically want to try to do is say, seek God first. Ultimately, that's the issue.
Well, it's a matter of prayer and discernment. And if you're married, you need to do that together. Jim Rasmussen's here today. We're talking about comparison and the trap of having more and striving for more and missing God's best for our financial lives. We'll continue to unpack this and what it looks like for you and me and Jim right around the corner.
This is Faith and Finance, biblical wisdom for your financial decisions. Back with much more right after this. Stick around. I was in ministry full-time and I was always looking for a way to integrate my faith with this new industry around money and finances. This is Mark.
He is a Certified Kingdom Advisor. As a CKA, one of the best things I offer my clients is trust in knowing that they're working with a professional that understands their values. And I think in all of the different challenges that clients go through, if we can go back to trusting in God, then He'll make the path straight. You can find an advisor like Mark at findacka.com. Uh Faith in Finance is grateful for support from Sound Mind Investing.
For more than 30 years, they've offered financial wisdom for living well. SMI provides step-by-step guidance for do-it-yourself investors. from those just getting started to those getting ready for retirement. More information, including the short video webinar on profit and peace of mind no matter what's happening in the market, is available at soundmindinvesting.org. The cure for comparison isn't having more.
It's remembering who you are in Christ and why God entrusted you with what you have. We're talking the comparison trap with my friend Jim Rasmussen today. He's co-founder and brand ambassador at Pando Wealth and a certified kingdom advisor. Jim, you've seen identity shift from I am in Christ to I am the person who has achieved or acquired this. What early warning sign reveals that our identity is beginning to drift?
Typically, if we start talking with others and we start to name material things that we have oh, I just bought a lake house. Oh, I have a nice car. Oh, I got new clothes. Oh, I went on a nice trip. We start to talk about material things versus what is God doing in our lives.
Yeah. Boy, that's a common trap that we can all get into. You know, some listeners may wonder, isn't it wise to learn from someone else's investment strategy?
So, you know, as we think about our own investments, what can go wrong when we simply copy someone else's portfolio, for example? It can seem like a good idea at first because others seem to be further ahead or going where it looks flashy and exciting. But what we need is permission to actually go where God's called us. And if we're driving from Atlanta to New York, we need to go on 85 North. If we copy somebody else's driving habits and they're going west out high-20 or south down 85, we're not going to get to where God's leading us.
And so to me, as you can miss somebody's time horizon mismatch, you can figure out that you might actually be riskier than you should be. And so you're going to have more anxiety because your portfolio changes a lot. There's a lot of unintended consequences that happen when you start to just copy or follow the crowd. How does your prayer life play into this idea of contentment, Jim?
Well, you'll all of a sudden see that when you're looking at your finances, prayers move more from, hey, I am thankful, I'm grateful for what I have. And you start looking at, hey, I might want this nicer house, this nicer car.
So you can see that the shift, when you start to think with gratitude and following what God has for your plan, you'll see a shift in your prayers that focus from inward to more outward. How can I be helpful with others and serve others with what I have and what I do? Yeah. You know, I think taking that inventory, perhaps a gratitude journal of sorts, where, you know, I know for a season in my life, I finished every day just writing down one or two things I was grateful for. And the shift that happens when you acknowledge that and see God's faithfulness and provision in your life can be a game changer.
Have you ever experienced that? I haven't sat down and journaled as much, but what I've started to do is more prayer life. And one of the things that has made a big impact on me is just praying Psalms 139, 23 through 24. That one says, Search me, O God, know my heart, test me, and know my anxious thoughts. See if there is any offensive way in me, and lead me in the way to everlasting.
Wow. To me, that is where you have to pay attention to the tension. And then God will surface things that have brought you closer to the comparison trap that you need to address and remove so that you can move more towards the generosity and gratitude mindset that will then produce fruit of the Holy Spirit. That's well said. I know you often, in your work with your clients, give families permission to act on what God may be leading them to do.
Now, I know that may be supporting a ministry project. Maybe it's taking a family trip they've postponed out of guilt. What changes when they finally embrace that freedom? You can hear an audible sigh of relief. You can see their shoulders drop if you're on Zoom.
You really can just see a weight lifted, and they no longer are sitting there thinking, oh, I wish I could. They know they can.
So it's just a long dream will get booked for a vacation that they've been wanting to do. I just had one recently last week that saw the statistics of 98% success drop to 93% success. And he says, is that a big deal? I'm going, go be generous because we want you to be generous.
So it was just, he said, thank you because I really want to grow the kingdom of God. And it was just an impact that we get to say yes to. That's powerful. Let's press into that a bit more because. Because I know at the heart of so many of these planning decisions and giving decisions is this idea of will I have enough.
And you encourage people to think, will what I have last long enough? What's the difference between those two ideas?
Some of those goes from the accumulation to more of a distribution. It's really thinking, okay, God has been here. And when we're trying to say how much is enough, they're trying to plan every single accident or thing that could happen in their life, downfall, which means they ultimately plan God out of their lives. And that, to me, is concerning because God can't show up if you've planned everything out for him.
So we want to kind of see where's the responsible piece of that. And asking, will it last long enough for what you're doing helps them stop chasing more, more, and more. That's good. As we look to God's Word and we talk about this comparison trap, Jesus' command in Matthew six thirty three is to seek God's kingdom first. How does that help us break free from this cycle of comparison?
When you start to seek God first, you start to realize that you have a life plan. Earlier, I said we don't have one, but you do. And when you have that, you then know the financial plan is to help you accomplish it. You get to say no faster to the things that you're being bombarded with. That means your purpose comes before your purchase.
That means your contentment is going to cool any kind of impulse buys that are coming your way. You're going to start to see an eternal return on your investment. You're going to start to think more generosity and gratitude because you can say no to things faster when you know you're on purpose. Yeah. Do you find that that's a struggle for people to really dial into their purpose?
It is very hard because we have to sit still and talk with God. And in this world, we are to go, go, go, constantly bombarded by emails and pictures on social media. And we get into this, well, gosh, I should be doing all of that. Yeah. Yeah, absolutely.
So then what is one practical step listeners can take this week to do what you're saying, which is to realign their hearts and their finances with God's priorities? A couple of things. Things that I was thinking of is first go back to praying and reading Psalms 139, 23 through 24. Search me, oh God. You could also just have an honest conversation with your spouse if you're married or a close friend and ask, What do you see in my life that I'm too close to it to see?
Would you help me just become a better steward of what I have? What about counteracting FOMO, the fear of missing out? Any thoughts there?
Well, a lot of the thing is that every person is thinking about themselves. They're not thinking about you. And so to me, is giving you permission to say, You're not missing out on anything. Seek God first and He will remove that fear faster than anything. Obviously, you're a certified kingdom advisor, Jim, and I'd love for you just to speak from your perspective to the role of a CKA as you come alongside your clients to both give them permission, challenge them where appropriate, and even provide accountability when you're invited into that.
Oh, absolutely. The best thing is that we get to come back and we understand that we're all here for an internal perspective. When you have a long-term perspective, you make a better decision today. And we want to be that trusted advisor, just like every certified kingdom advisor, that you can realize it's not about the money, it's not about. Anything except you seeking God's purpose in your life and then helping you steward that in a way that helps you accomplish it.
So having somebody that's not there to sell you or convince you to just give them money and talk to you later, having a relationship versus a transaction is vital. Oh, so good.
Well, Jim, this has been really rich. I'll tell you, this whole idea of the comparison trap, especially now with social media, is just so rampant. And really, at the end of the day, it's an issue of the heart so much more than the money. You've given us so many things to think about today. Really appreciate your time.
Thanks for stopping by. Thank you, Prob. Folks, the cure for comparison isn't having more. It's remembering who you are in Christ and faithfully stewarding what God has entrusted to you. If you want to learn more about Pando Wealth, go to pandowealth.com.
That's pandowealth.com. If you'd like to find a certified kingdom advisor like Jim in your area, go to findacka.com. Back with your. Questions after this: 800-525-7000. Or if you'd prefer to email your questions, send it to us at askrob at faithfy.com.
We'll be right back. 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. 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. Great to have you with us today on Faith and Finance. We're taking your calls at 800-525-7000. All right, let's head to the phones. Hi, Phyllis.
Thanks for calling from Florida. Go ahead. Yes, hi. I've listened before, but I've always been driving when you're discussing reverse mortgages with other callers. And you usually throw in that would be the one I would prefer, or I advise you check with them.
What was the name of that company? Do you recall? I sure do. Yes, we have a trusted partner, an underwriter here at Faith Phi called Movement Mortgage. And they're a national lender, and they are run by believers and really operated based on biblical values.
And not only do they provide nationwide mortgages that are very competitive, which is their primary business, they really use the business as a means to, in part, fund a lot of great ministry work. They've started movement schools around the world to not only provide safe and effective schooling, but also share the love of Christ and just incredibly generous. Hundreds of millions of dollars have been given to ministry. But they also are specialists in this area of reverse mortgages.
So if you want to reach out, I'd be happy to give you a phone number and then I'll ask you to hold. And if you didn't get it, our team can make sure you get it. But it's 855-8555. 970-1084. Again, it's movement mortgage, 855-970-1084.
And if you hang on the line, our team will make sure you've got that. Here's the key, though, Phyllis. You know, I think reverse mortgages aren't for everyone. We talk a lot about getting out of debt and staying there. And, you know, you may be in a position where you say, listen, I have a conviction, I want to be debt-free.
And I'd say, great. Do it and don't look back for some that have gotten into this season of life, and you know, maybe they still have a mortgage and they're struggling to put food on the table and balance the budget because they've got a mortgage and they've got limited income, or others who just you know they're right up to the edge and they've got some projects they'd like to do around the house, or maybe they'd like to have a little bit more disposable income just to do some things that they might enjoy in this season of life. Either paying off an existing mortgage with a reverse mortgage where the payment goes away. or having access to a line of credit. Or getting an income stream, a monthly check for life to tap into what is your biggest asset for most folks in this season of life is an opportunity because we look at our financial life and we say, okay, what are all of the assets we have?
Well, I've got an IRA and I've got a 401k and I've got a home with a bunch of equity and it got more equity now than I've ever had in that home. And, you know, I've got different things. And so we say, what is the best asset to pull from to meet my needs that align with my values as a Christ follower? And for some, they have limited options, and that home equity is the way that they can finally make the budget balance in this season of life.
Well, that's where I think it's at least worth considering as a planning tool. Again, it's not for everyone. And yeah, there's a cost. I mean, that balance, because you're not paying them payment, is growing with interest and fees. And there's a fee on the front end, a 2% fee right up front that's the FHA charge to ensure that you never owe more than the house is worth.
So that at your death, there's not a balance after the house is sold.
So, you know, there are fees and expenses you just need to be aware of. But if you are going down this road and you believe it's the best option for you, or at least you want to explore it, that's where our friends at movement.com/slash faith could be a great help to you. Thanks for your call today. We appreciate it. Let's go to Tennessee, Barbara.
How can I help you? Uh I had a question concerning um A 401k, I'm retired and I still have a 401 with my past employer. And um Have always heard that you had to start taking required monthly distributions at seventy and a half. And then I heard something about seventy three point five.
So I was wanting to know if that's changed or Yeah, great question, Barbara. And this is a point of confusion. Yeah, 70 and a half was the required, and it's minimum, required minimum, not monthly, because you don't have to take it monthly. You just have to get it out each year by 1231, December 31st, based on your age and your account balance from the prior year. But that required minimum age for many years was, in fact, 70 and a half.
If you reached 70 and a half before January the first, twenty twenty. then you generally remained under that rule.
Now under the first Secure Act of twenty nineteen, it raised it to seventy two. If you were not yet seventy and a half by twenty nineteen, And then Secure Act 2.0 of 2022 raised the RMD to where it is today, which is 73, not 73 and a half, 73, beginning in 2023.
So if you were born between 1951 and 1959, your required minimum distribution age is 73. And you have to take it by April 1st of the year following the year you turn 73. All right. Yeah. That explains it.
That clears it up for me.
Okay, great. And you will have April 1st of the year after you reach your required minimum distribution age.
So for you 73, but then all subsequent RMDs have to be taken by December 31st.
So that April 1 deadline is only for that first year. And then December 31st. You know, beginning later that year and each year following.
So, you know, if you delay it, you're actually going to have two RMDs in the same calendar year because you'd have the first one for the year you turn 73 by April 1st, and then you'd have the one for the following year that same year by December 31st.
So just be aware of that. Otherwise, do it by, you know, do them all by 1231. The IRS.gov website will give you the details on how much you need to take out, but your custodian, whoever has your IRA or 401k, should also notify you. But you could, you know, have your own CPA calculate that for you as well.
Now, one other thing to remember, Barbara, is that if you don't need the money, And a lot of people are in a position where they're saying, listen, my income is covered from other sources. And I'm being, you know, I'm being required to take this out. I don't really want to, but I have to, and it's going to add to my taxable income for the year. You do have an option to do instead something called a qualified charitable distribution, where you could take the same amount of your RMD and instead of having it paid to you, have it paid directly to, let's say, your church or any other not-for-profit. Uh and It would not add to your taxable income for the year, and it will satisfy your required minimum.
So it's a great way to do some giving. that would otherwise become taxable income to you, if that makes sense. And if you decided to do that and then say Five years later, you didn't want to do that anymore. Could you just go back to getting the money if you wanted or needed the money then? Oh, absolutely.
Yeah, that's not a recurring decision. You will make that decision each year. And so you'll have a required minimum each year by 1231, and you could decide to do it as a qualified charitable, and that might be the only time you ever do that. And from that point forward, you might take it as a distribution. You're not committing to that in future years.
Okay. All right, that explains it. I appreciate all the information. Barbara, thanks for your call today. Lord bless you.
Big thanks to my team today: Sandy, Devin, Taylor, and everybody here at Faith By. Come back and join us tomorrow. We'll see you then. Bye-bye. Faith in Finance is provided by FaithFy and listeners like you.
