What matters most to you when selecting a financial advisor?
Someone who shares your biblical values. How about someone who will take the time to explain your financial options clearly? Certified Kingdom Advisors meet high standards of competence, integrity, and biblical training, equipping them to offer financial advice grounded in God's word. No more wondering if your advisor truly understands what's important to you. Find a Certified Kingdom Advisor near you at findacka.
dot com. That's findacka. dot com. A job can be more than a paycheck. It can open doors to dignity and kingdom impact.
Hi, I'm Rob West. Work isn't just about earning a living. In God's hands, it can transform lives and strengthen entire communities. April Tam Smith joins us today to share how one mission-driven restaurant is using work, hospitality, and generosity to make an eternal difference. Then it's on.
To your calls at eight hundred five two five seven thousand. That's eight hundred five two five seven thousand. This is Faith and Finance: Biblical Wisdom for Your Financial Journey. April Tam Smith works alongside her husband Graham in New York City's financial district. Together with a group of like-minded partners, they're co-founders of a unique nonprofit restaurant, P.S.
Kitchen in Times Square, that uses hospitality and business to serve others' needs. April, what a treat to have you on the program today. Thank you so much for having me. Just talking with you bring a big smile on my face. Thank you, thank you.
We're so thrilled, April. Let's back up and go to the beginning. I want you to share with us what first inspired you to pursue this really unique approach to radical generosity. Yeah, so I think it was a really got planet idea early on when we were first married. We spent a little bit of time just being very involved in different social businesses.
We actually spent part of our time in Haiti for our honeymoon, and we spent part just volunteering for a registered nonprofit helping people get hearing aids and different health services. It was really meaningful. But what really really impacted me though was the idea of social businesses where you have these. Sustainable organism that just continue to generate profits, create jobs, and one thing that I would always hang on to is just this memory, this visual of the people walking inside this industrial park in Haiti, and you just see this dignity and mission that they have, and that's when it really planted the seed of like, wow, how cool it is. To create jobs and how cool it is to like do.
Not only financial giving, but also giving opportunities and dignity, and just all these things that really come with meaningful employment. And that was the the beginning of PS Kitchen. Oh, I love that, and it really is a beautiful picture of whole life generosity. And I love that it's not just financial; it includes so much more than that.
Now, we're going to back up even further to when you and Graham first met. It was at a Bible study. I'd love for you to share a little bit of that story. What drew you guys together? Sure, sure.
Gosh, my four-year-old one day when he hears it, he's so embarrassed. Yes, we met at a Bible study. Of course, Redeemer Bible study, as probably a million couples in New York, you find, and which is really, really cool about Redeemer and how they really, yeah, created so many marriages out of it. But we met at Bible study. I was leading it, and one of the first thing that came up was I started talking nonstop about generous giving and these.
Videos and just quoting so many different things from what I've learned from their jog and the website, and I was like making everybody watch all the videos and and discussing it after us, the leader. And it was really cool that he then later reached out to me and was like, "Wait, what's this website you kept talking about?" And that was really the start of realizing we had so much in common. He just come back from living in Uganda for two months. I'd already been to Haiti a bunch. I actually was like sharing a room with a single mom from Haiti and her four year old because I wanted them to move in with me when they were in between apartments, and we were just kind of living this like kind of parallel lives and working in our respective.
Investment banks, but maybe having something that's slightly less conventional, and that was the start of a lot of really really good conversations.
Well, it's incredible, and obviously the Lord joined the two of you together, and you started dating, and then you got married, and you had to begin to put your finances together. And I'm sure that was an adventure.
Well, when we come back, April, we're going to dive into the business. We're going to talk about PS Kitchen and how you went from a personal vision to a thriving business, and how you've done this right there in Times Square, and just all the details. I know our listeners are so excited. Just to hear what you have created and how you are serving and loving people through this business.
So much more to come, folks, just around the corner. Our guest today, April Tam Smith, and we'll be back with more right after this. What we do is very special and it's very unique. This is Bethany. She is a certified Kingdom Advisor.
I became a CKA because we're not building bigger barns and we're not trying to figure out how can we just amass more and more and more. We're figuring out how much do you really need. What are your priorities? What has God called you to? And then, how can we give it away?
How can we be more generous? You can find an advisor like Bethany at findakka dot com. We are grateful for support from Movement Mortgage, who provides residential home loans and reverse mortgage options in all fifty 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 faithfi.
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Work done God's way doesn't just make a living; it makes a difference. We're joined today by April Tam Smiths. She works alongside her husband Graham in New York City's financial district, and together with a group of like-minded partners, they're co-founders of a really unique nonprofit restaurant. It's right there in Times Square. It's called P.S.
Kitchen, and they use hospitality and business to serve and love people. And April. I want to dig into this business. I'm so excited to unpack it. First, what did you have to learn as you went from this personal vision into a real business there in New York City?
Literally everything. We were we were just nuts. We were kids who were nuts, and I'm really glad that God put us in these. Crazy, completely over your ski situation. Because now that we're still standing, twelve years later, I know that it is absolutely nothing short of an actual miracle.
But yes, it was. It was really everything. I've never been in food business. Obviously, I've been. In equity derivatives for twenty-one years, I never, never even really been a foodie.
But my passion and the only thing that I kind of knew going into it was, I wanted to start a social business, which means that it's a business that it's really not for me, and hopefully, as many aspects of it as possible could be creative and innovative, where it's. Giving back in various ways.
So the food that it served, the people that we hire. The finances, just everything in between. We were trying to be as creative as possible. Of how do we use this business, and how do we use the space? Yeah, I'm sure people are wondering what it looks like practically because nonprofit and restaurant don't normally go together.
And obviously, you're doing it to serve great, creative food, but it's also got to be a great product that people love.
So, at its core, what is PS Kitchen? Yeah, thank you for asking.
So the idea is we wanted to start a beautiful restaurant with innovative, amazing food that hopefully people will want to come no matter what. Which is why I named it P.S. It's the idea that you might come in and you just see a beautiful space, really delicious food, and way later when you're done with the meal, you hear from a friend you're seeing at the very bottom of our menu is that. P.S. We employ people who might need a second chance.
P.S. We are actually using all plant-based food. P.S. This is what we do with all of our profits, and it's just meant to be something that is already attracting you and inviting you in. But it's also secretly or not so secretly doing hopefully a lot of good for the world while you're dining there, and that's the idea.
We seeded it with some friends. With our own money, and other friends come in along the way, and over the years, essentially, a hundred percent of the ownership has been donated to five hundred one c three, so that it's really meant to be us just being a vehicle that made this thing happen, and that's why we call ourselves as co founders and not co owners.
Well, you could have tucked it away in some random location instead, April. You put it right there on Forty Eighth Street in Times Square. How did you choose that location? Yeah, so. It's very intentional.
I've been really blessed by amazing work relationships over the years, where I felt like I always could be very authentic about my passion and who I am. You know, over the years, I've had coworkers come with me to Haiti, South Africa. I've had coworkers and clients come with me into prison. Various colleagues join me in funding schools together in Congo. We've done several schools.
And ultimately, I just keep hearing this desire or interest of like, man, I want to get more involved, or I want to give back more. But maybe I don't necessarily have all the time, or the resources, or mental space.
So the idea was starting something that's so easily conveniently located that even say my colleagues wanted to have a meal and actually get back while they're eating and not really taking a lot out of their time or their work. And same thing for Broadway goers. If you're already in the space and you're looking for food, it's a really good way that you are just doing multiple things at once. And that's the idea.
Now, hiring is central to your mission.
So, tell us a little bit about how you find these team members, and then how you support them once they join your team. Yes.
So another part of the inspiration of this business is Dr. Muhammad Yunus, who has become a mentor and just an inspiration for PS Kitchen. As you may know, he was awarded the Nobel Peace Prize in two thousand and six for creating microfinance. But actually, his next big innovation was the idea of social businesses. And he always said, when you see a problem.
Creative business to solve it, and I just love that.
So that's really was another thing that instigated the idea of PS. Is I continue to volunteer for various anti-trafficking organizations, or I am volunteering in prison and I am sitting with someone. And feeling this connection as humans, and all that they're saying, just like the people that I maybe are walking alongside with Haiti, is that I just want a job. I want that dignity, and I want to provide for my family. And I feel like that became such a big goal in my head that when I started PS Kitchen, that was almost like.
These are the organizations I built PS for. You know, it wasn't so much like now that I built it. Let me go find the organizations that I can now hire from. I mean, the the demand is endless. I I wish we had more, you know, seats, and wish we had even more openings.
Uh, because it's such a big part of the mission. We have since opening hired over 150 individuals from various Partner organizations like Wow, our mission restore and defy, etc., etc. But we really want to do more, and that is like such a big, big part of the mission. Incredible! I can't help but think, with your contagious personality and the joy that just oozes out of you, that there's some people listening today where maybe they have a passion or a vision for a mission-driven business.
What would you say to them? What would be the first thing that They should do. Ah, so good. Um, hey, I I love it. It's funny when I first brought this up to somebody who helped me start PS from the logistics and actual starting the whole business.
He said, "Please don't do this." But if you insist on losing all your money and do something like this, please let me help you. I think, understandably, this has to be something that is really through prayer and knowing that. What you're called to, but the cool thing about I think starting social businesses is that you really are not alone. Even though we founded it and we had to put a lot of our own savings up front throughout the journey, I just felt like such an abundance and outpour of support and generosity from everybody. The fact that we survived COVID when so many restaurants in New York City closed.
The government is allowing you to walk out on your lease, and just all these things that would make you make the practical decision of closing it. It really was such an outpour of people supporting us, and that's what got us to where we are today.
So don't feel like you have to do this alone. Absolutely. Unfortunately, we're out of time. April, thanks so much for sharing your story. Thank you, folks.
Next time you're in Times Square, check out PS Kitchen. Back with your calls after this eight hundred five two five seven thousand. Stick around. We are grateful for support from Praxis Investment Management. Since 1994, Praxis has offered investment products designed to meet practical needs for everyday investors seeking to steward their assets consistent with their desire to promote positive social and environmental impacts.
Praxis aims to bring a faith-based approach to ETFs, mutual funds, multi-fund portfolio solutions, and money market accounts, reflecting. Their 500-year-old Anabaptist Christian faith tradition. More information is available at praxisinvest.com. Are you looking to maximize your charitable impact this season? The National Christian Foundation has a smart solution.
It's called a giving fund, and it helps you give more strategically, grow your balance tax-free, and amplify your charitable impact. If you want a donor advised fund that aligns with your values, open a giving fund today and start making a bigger difference for the causes you love. Learn how at faithfi.com/ncf. C F. Great to have you with us today on Faith and Finance.
Looks like nearly all the lines full, so we're going to try to move through as many questions as we can here. Let's go to Mississippi, Wendy. Thanks for your patience. Go ahead. Thank you for taking my call.
My question is: I am faced with the decision of a pension plan that's being stopped at my employer, and they've given us the option to roll it into our 403b that we have with them, or taking a lump sum cash payout, which I understand has fees and penalties, taxes, those type things. Or doing the annuity where you have the monthly payment, I think that also has fees. My first instinct is just to roll it over to my 403b, and then I got to thinking: the closer it gets to the date of decision, should I take a lump sum and maybe pay off debt? Yeah, I don't have much debt, but I want to make the wisest decision. Yeah, I appreciate that.
And what did you say your age was? Fifty-six.
Okay, and you plan on still working for the foreseeable future, correct? Correct. Yeah, got it.
Well, it's a great question, and you know, I would really lean strongly toward not taking anything out. We don't want to take that taxable lump sum because if you do, you of course, as you said, yes, you could eliminate high interest debt potentially, but you said you don't have a whole lot, and you could get access to the money immediately. But you know, that's going to be taxed as ordinary income, and there's Going to be a ten percent early withdrawal penalty because you're under fifty nine and a half. Not to mention just the opportunity cost, which is simply right now. That's in a tax deferred environment.
You can only put so much in a tax deferred environment each year, and that's a real asset because as it's invested and as it grows for the future to be available in a retirement season of life to supplement Social Security or to be used. For extra spending, or maybe specifically for healthcare-related costs, probably your biggest risk in that season of life, as it's growing, the taxes are not placing a drag on the investments through capital gains tax because it's inside that, you know, pension soon to be either IRA or four hundred three b.
So there's just a real benefit, Wendy, to you leaving it in that tax deferred environment.
So then the question is, okay, if I'm going to do that, do I roll it to the 403b, or do I roll it to an IRA, which keeps it in that tax deferred environment, gives you more investment choices, but with more investment choices comes more complexity.
So my recommendation is going to be. You know, let's focus on getting out of debt through current cash flow and just keeping a good tab on your income and and spending, and try to you know carve out some margin to really go after that debt. But let's leave this retirement plan fully intact and roll it into that new 403b. That's going to keep everything simple because everything's in one place. Both your pension money and then your future salary deferral retirement contributions.
To that new four or three B, all in one place. That means one statement. That four or three B probably has a a limited menu of investment options, which just simplifies things a bit, and it keeps everything focused toward growing for the future, so that you're going to have that nest egg down the road. And I think you'll be glad you did. Does that make sense, though?
It did. It made a hundred percent. Sense and that's where I was leaning. I just wanted some confirmation that I was doing the right thing. Yes, ma'am.
I think you're making a great decision. Your instinct was right. And if I can help further along the way, don't hesitate to reach out. Lord bless you, Wendy. Thanks for being on the program today.
Call any time. Let's see, going down to Kansas. Hey, Paul. How can I help you, sir? Yes, thank you for taking my call.
My question is about a donor advised fund. I use that fund in order to do my charitable contributions, and so I set up the the gifting online through the brokerage donor advised fund, and I can it gives me options how to direct. The gift, like I can give it to a church or other entities, but with my church, I can give it to the general fund or a building fund. There's various different options, like missions, for example. Yeah.
My specific question today is with regard to a summer mission trip. Our church. Sponsors or people at church sponsor summer mission trips where people go for a couple a week or a couple weeks, and they send out letters to people, and then people like myself may sponsor them. But the brokerage website doesn't offer that kind of a detail. I'm wondering: is it is it legal from the IRS standpoint?
To contribute from a donor advised fund directly to an individual going on a mission trip, or should it just go to the general missions fund? Yeah, yeah, it's a great question, and that's really what it's going to come down to. Is there anything that prohibits you from giving from a donor advised fund? And and ultimately, it's the donor advised fund sponsor that has to make the gift. You're just making a recommendation, but as long as it fits within the IRS rules and regs, you know, normally they just you know do whatever the you request that they do as the one who opened the account.
But in terms of you know you being able to give to a designated. Fund. There is not any issue with that, so long as the designated fund is used for the nonprofit purpose of the five hundred one c three. In this case, the church, which it would be to to fund missions, but also that you don't get a personal benefit and that you're not naming the recipient of the the gift.
So, I think that's where we'd come. You know, there may be an issue. Can You give to XYZ Church Dash Mission Fund generally, and then it's used for their tax exempt purpose, and they make the decision on who gets it. Yes, can you give it to XYZ Church Dash Billy's Mission Trip? No, that would be you know where there's a personal benefit there.
So I think what you need to do is if you can't provide some sort of notation on the donor advised fund gift on the the. Brokerage firm's portal. Then you would just want to call the church and let them know that the gift is coming and that's your intent as the donor, and they would likely honor that.
So I can't see any reason why you couldn't accomplish this. The IRS certainly wouldn't prohibit you as long as you meet the criteria I just mentioned.
Okay, well, thanks. Then the church won't be doing anything wrong if they get a recommendation from me for say a trip to a certain country, and they know that there's it's a two-week short-term mission trip. No, I don't think there should be any issue there. I mean, normally it would be a little more broad than that, but again, I don't think there's any problem as long as you're not giving it through a donor-advised fund mechanism with the Intent of it ultimately landing on, you know, for the benefit of a particular individual that you're trying to direct funds to. But if you're giving it generally to the church for a mission trip, and they're ultimately selecting who the recipient or recipients are, then I think you're in the clear there.
But you're going to want to talk to the church and talk to your brokerage fund firm just to make sure you get that squared away. All right.
Okay. Thank you. All right.
God bless. My friend, thank you to Tahira, Amy, Omar, Taylor, and Rihanna. We'll see you next time. Faith in finances provided by Faith by and listeners like you.
