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Giving as a Couple

Faith And Finance / Rob West
The Truth Network Radio
June 12, 2024 1:00 am

Giving as a Couple

Faith And Finance / Rob West

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June 12, 2024 1:00 am

Knowing where and how to give to God’s Kingdom can be a challenge for any individual. But that’s even more true for married couples. On today's Faith & Finance Live, host Rob West will welcome Bob Doll to explain that agreeing with your spouse specifically about giving is just as important as agreeing with them about the rest of your finances. Then Rob will answer calls on various financial topics. 

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Today's version of Faith in Finance Live is actually not live, so don't call in. Knowing where and how to give to God's kingdom can be a challenge for any one person, but all the more so if you're married. Hi, I'm Rob West.

It's a beautiful thing when couples agree on how to manage their money, how much to spend and save, but finding agreement on giving is just as important. Today, Bob Doll shares what he and his wife Leslie have learned about it. And then we have some great calls lined up, but please don't call in today because this program is prerecorded. This is Faith in Finance Live, biblical wisdom for your financial decisions. Well, our guest Bob Doll is Chief Investment Officer and Portfolio Manager at Crossmark Global Investments. Bob joins us weekly to talk about the economy and investing, but today he's going to talk about investing in God's kingdom. Bob, great to have you with us.

Great to be here. Looking forward to it. Bob, you and Leslie wrote an article for the Gospel Coalition titled How to Plan Your Giving as a Married Couple.

We'll, of course, put a link to it in today's show notes. I know the two of you have a lot of practical experience in making your giving decisions as a couple, of course, based on God's Word. Wouldn't you agree?

Yes, we do, thankfully. He's instructed us along the way, and we've learned by doing and making mistakes. That's exactly right. Well, unpack this for us a bit in terms of some of the keys of what you all have learned. So I think what we've learned that every Christian either learns or should learn is this is not our money. It is God's money.

He owns it all. And so after a while, we figure out it's not how much we're going to give, it's how much we're going to keep, and the rest we're going to give away. We recognize that we're on this planet for, you know, kind of a nanosecond, and we're in eternity for eternity, and therefore focusing on the long term and God's plan becomes so much easier if we really understand that. I think we've also learned, Rob, the older we get, we can't take it with us, you know? That's right.

That's exactly right. John D. Rockefeller's account was famously asking, how much did John D. leave? And he famously answered, all of it. And that encourages us to give away as well. And I love all Randy Alcorn has wrote on this subject.

One that sticks with me is, God prospers us not to raise our standard of living, but our standard of giving. And that speaks volume to us. So that's a general principle that we knew at an earlier age, but I think we really believe and are trying to practice as we get older.

Yeah, that's exactly right. We need to renew our minds. Those are truths that we can anchor our framework for giving on. But how does that foundation, Bob, then inform the actual giving decisions you make? So it makes us more generous not to wait to get started, to be all encompassing in how we do it. Look, you know, the article is how to plan your giving as a married couple. It implies we've figured it out. This is an ongoing process, Rob. I think, you know, not so much now, although we still have them, but early on, this was a source of a lot of disagreement.

How much? Which ones? I mean, Leslie's propensity is always to really focus on a few causes and organizations that we know intimately.

And mine, I've never met a charity that I didn't think was good. So therein lies a lot of conflict. And so we've tried to find ways to compromise parameters that help us. For example, Leslie gives approximately 20% away of what we give.

I give 20. Now we have veto power over certain amounts, and the other 60 we come to jointly. So we've just learned over time how to do that. Yeah, we're going to get more deeply into your system, Bob, that you and Leslie have created.

And I know you said it's a work in progress. But I want to come back to one piece that I know is important to you. And that is, many folks will wait to do their giving at death, in terms of their real meaningful giving. And you all really have prioritized trying to give as much away as possible while you're alive, correct? Yeah, you know that they're saying, give it away while you know where it's going. You know, I use the phrase we'd like for our last check to bounce. The joy of giving is a whole lot more powerful if you do it while you're breathing than when you're six feet under. Yeah, that's exactly right. And causes need the money now, Rob, not when we die.

Yeah, no question about it. So what does it look like to give as a married couple? How can we do that in a way that's productive and with unity, where we can get money connected into God's activity right now, as Bob said? Bob Dole with us today, chief investment officer at Crossmark Global Investments, much more on giving as a couple just around the corner. Stay with us. Welcome back to Faith and Finance Live.

Joining me today, my good friend, Bob Dole. He's chief investment officer and portfolio manager at Crossmark Global Investments. We're talking about an article that he and his wife Leslie wrote recently. It was published on the Gospel Coalition's website entitled How to Plan Your Giving as a Married Couple.

What does that look like? What is the process for giving? Obviously, you need to find something that works for you. But I know Bob and Leslie have worked through this and found something that works for them that I think will really be an encouragement to you today. Bob, before the break, you shared that it's something as simple as you directing 20 to the ministries you're passionate about, she directing 20 percent to hers, and then you do the bulk of it 60 percent together. That's something that works for you, because now you can each have your own ministries and really passions reflected in your giving strategy, right? Absolutely.

Early on, we tried to agree on everything, and it just took forever and created too much disagreement. And we, I hope creatively, came up with this, and we're educating each other on the 20 we give individually, so we both understand it, but it's a lot more productive when it goes that way. Leslie knows some ministries intimately that I'll never know intimately, and vice versa, and so let's find ways to express that. Yeah. Talk about your giving strategy with regard to the where, because I know you all have developed somewhat of a pyramid and some processes to think about where your giving ends up. Share that with us.

Sure. So, we give to over a hundred causes. Some of them are individual missionaries, some are big institutions that we all know about. And we give about 90 percent, usually ends up being about 95, to faith-based organizations. We try to seek balances between, for example, evangelism and discipleship, between feeding the poor in spirit and the poor physically. Geography, it's not all to the U.S.

Most of my giving, because this is where I spend most of my time, is in the U.S. Leslie does a lot of ministry work in the Middle East, so a lot of the money she designates go into the Middle East. And yes, you mentioned the word pyramid. The ones we know best, the ones we're on the boards, we tend to give the most to. The ones we know the least tend to be at the bottom of the pyramid.

Smaller amounts and far more of them, and then a couple of levels in between, Rob. Yeah, that's really helpful. Bob, how does prayer fit into the process of you and Leslie determining your giving each year? Very importantly, and again, we've learned this over time, it used to be, okay, December 31st is coming. If we're going to do what we're supposed to do from a tax standpoint, we better get the checkbook out.

And boy, it was a laborious process. As we start earlier, think about it, pray about it individually and together, that gives us a much easier process as we move forward, Rob. We try to do a better job. I tell people all the time, God gave me two ears and one mouth. I should do a far more listening than speaking.

And that applies to all kinds of subjects, including the giving process with spouse. So that's really important. We try to dig into the organizations, particularly the ones we give the most to, get an update.

How's it going? Take a look at their financials. Take a look at their website. Take a look at their 990s. Who's giving?

How much are they giving? And that helps to inform, if we don't know them as well, what it is that God should motivate us to do. Yeah, and that's a really key point. I mean, Bob, you spend most of your work life analyzing, researching companies.

You're very strategic about the investments you're making there as a portfolio manager and CIO at Crossmark Global. You try to be kingdom strategic with your giving, don't you? Hear, hear.

Absolutely. I mean, I just remember God gave us a brain and he gave us responsibility. I like to say, if this were really my money, who cares where I give it?

But it's God's money. So we have to be very strategic about how we do it, not just emotional. I mean, we all fall in love with stories and that can be a good starting point.

But it's like when I analyze companies, if I love the product, it doesn't make it a good stock. And so you've got to work through, you've got to dig in, you've got to think about it, you've got to pray about it and consider what is it that God's calling us to in the giving process. Yeah, that's really helpful. Some may be asking, where is Leslie today? She was going to join us, but she's off with one of the ministries that she's connected to, which brings us to the point about getting engaged in some of the ministries you're giving to. How is that really important?

So important. If Leslie were here, she would really emphasize that. I remember a bunch of years ago, she said, you know, I feel like a checkbook.

I just write checks. And that started the process to say, we've got to be involved in ministries. Now, there's different stages in life.

If somebody's, you know, 32, and they got three kids under the age of four, it's kind of tough to do that sort of thing. But as life progresses, and you find more time getting involved in ministries, particularly those that are kind of to the top of your giving pyramid. It's not just your check that God wants. He wants our involvement.

He wants our lives. And that's another extension of it. Yeah. Bob, I know you've served on and continue to serve on a number of boards of directors. Is that something you consider with regard to your giving, trying to get involved at that level?

Absolutely. You know, there's so many wonderful causes and so many wonderful boards to serve on. And when you're on a board, you see the thick and the thin. You see the good and the not so good in every organization.

And that's informative. And you'll hopefully help it along, not just by writing a check, but by your presence and your ideas along the way. So that's one way to get involved in a ministry is to participate on the board.

But there are lots of others as well. Volunteer. If this is an organization you love, go volunteer, help them do whatever it is that they do.

You'll get to know it better and it'll raise your confidence level. I love that idea. Bob, what about those that are listening today that are saying, well, I'm delighted to hear that you and Leslie are on the same page, but my spouse and I aren't.

I have the giving gift that God has given me. My spouse doesn't really see that as a priority. How do we reconcile that as a married couple? You know, I come back to any reconciliation in a marriage, any subject that creates difficulty. Sit down, talk about it, pray about it. When you pray, you generally come together where you know the old triangle, the closer we are to one another in prayer, the closer we become to God.

And some of those things will break through. I know that sounds an idealistic answer, but it does work. Yeah. Bob, just about 45 seconds left. The need is now there's urgency with regard to the gospel going to the ends of the earth, which you finished by just challenging our audience today about their opportunity to be connected into God's activity through their giving. Sure. I come back to remember it's not your money.

It's God's money. And you already said it. The time is short. The need is great. And in many cases, the cost is high.

So getting started for a lot of people is the hardest part. They might get a little here, give a little there, but get on with it. Decide how much you're going to give away and let it grow over time.

Experiment with increasing it, particularly if you've got a lot of savings, which a lot of people do. You don't want to die with a million dollars that the hearse has to carry. It's not going to carry it.

And if it does, you can't take it with you in the coffin. So start giving it away. Well said. Let's leave it there, Bob. Thanks for stopping by, my friend. My privilege.

That's Bob Dahl. Again, we'll put the link to the article, How to Plan Your Giving as a Married Couple in today's show notes. Well, we're away today, so please hold your calls. But I'm Rob West and this is Faith and Finance, biblical wisdom for your financial journey. Stay with us. Hey, great to have you with us today on Faith and Finance Live. I'm Rob West, your host.

Our team is away from the studio today, so don't call in. But coming up a little later, we'll have more of your questions right here on the program. Hey, let me take a moment to mention the Faith Fi app. We'd love for you to download it. Just head to your app store wherever you download apps and search for Faith Fi. That's Faith Fi.

You can manage your money. You can access the best content in biblical finance, podcasts, articles and videos. You can also participate in our Faith Fi community where you can post questions and get answers from others on their stewardship journey. You'll find it in your app store. Just search for Faith Fi or if it's easier, head to our website at faithfi.com.

That's faithfi.com and you'll see the app right there on the home page. All right, let's get to our calls today that we've lined up. Let's head to Texas. Hi, Patrick.

Go ahead, sir. My question is, I turn 70 in April and my wife turns 70 in February. Can she claim her Social Security benefits when she turns 70 or does she have to wait until I turn 70 in April as she's writing on my benefits? Yeah, so she would be claiming not based on her own work record, but she's planning to claim spousal benefits. Is that right? Correct.

That's right. Yeah, there is a caveat that she has to be at least 62, which she is, but the second piece is that you have to be receiving your benefits. So the spousal benefit cannot be claimed until the worker files for their benefit.

That's you. Now, she's not, her maximum benefit has already been achieved because she's only entitled to up to 50% of your full retirement age benefit, not the increased benefit you'll get by waiting to 72. So her benefit is capped, but she can't claim a spousal benefit until you do. So I have to do the math and decide, so I claim earlier, so she gets her money and figure out if that's cost effective as opposed to just waiting three more months until April.

That's exactly right. Because yours is continuing to rise one 12th of 8% every month. Hers is capped out, but she can't get hers until you do. And longevity runs in both of our families.

So with raging inflation, I probably just have to wait. Yeah, I would have guessed so. And the good news is that, you know, if the Lord tarries and you live about 12 years or more, you're going to be repaid for everything you gave up and you'll have that higher check for the rest of your life. Well, statistically, if I'm 70, I'm good till about 85. Is that accurate? Yeah. When you reach 65, life expectancy for a male is 83.

For a female, it's 86. So yeah, I mean, statistically, you're right in there. All right. Well, God bless you and the team. Thanks for taking my call. Absolutely, Patrick. Thanks for your call today. We appreciate it.

Let's go out to Oregon. Hi, Betty. Thanks for calling. Go ahead.

Thank you for taking my call. I had a question about donor advised funds. Can you kind of give me a synopsis of the pros and cons of using that? And then there's, I understand there's three types of donor advised funds.

And if you can give me an idea of which one you would recommend. Okay. Tell me I'd be delighted to do that. And I'm glad you asked about it. This is one of my favorite giving vehicles. So this is a great question.

What specifically are you looking to do, though, because that may help guide you? Why are you thinking about a donor advised fund? Well, it's so that you can pay less in income taxes, where you do your your donor giving through that advised fund. And, and, and I guess you don't pay income taxes on that. I mean, so that's that the whole idea is to save on income tax.

Yes, potentially. So here's the idea is it's think of it as a charitable checking account. So you're making a contribution or you're making a gift to your donor advised fund. And it could come in the form of cash, it could be assets. So you could actually contribute appreciated stock, you could give a piece of real estate or even a portion or all of a business to a donor advised fund.

When you do that, it does a couple of things. Number one is it becomes immediately a tax deduction. If you're able to itemize now remember, 80 plus percent of taxpayers don't take don't itemize on their taxes because they take the standard deduction. You know, so the standard deduction in 2023 for a joint filer is $20,800 or 27,700 excuse me for joint filers.

So you've got to get above that in order to realize the deduction. Now one of the benefits of the donor advised fund is something called bunching, where essentially you're making maybe multiple years worth of contributions, let's say to your church or other ministries, you know, the equivalent of what you would have given over, let's say the next three years, you make that gift to your donor advised fund all in one year, thereby pushing you above the standard deduction. Therefore, you can itemize your tax deductions, get the full benefit of that deduction potentially. And then you could distribute it or essentially you'd you'd recommend to the donor advised fund sponsor that it be granted out to whatever ministry, charity or your church you want at whatever frequency you want.

And you could do that over the next 36 months. And so that's a way to kind of push that whole amount worth of a deduction into one year, but then give it out over time. So that's one of the ways it can be tax advantaged. The second is you give an appreciated asset to the donor advised fund prior to selling it. So you don't realize a capital gain. So for instance, you had appreciated stock rather than selling it and paying the capital gain, you give it to the donor advised fund. It's sold within the donor advised fund.

Therefore, you don't realize the capital gain. And then it's given away at that point. So that's essentially how how it works. Does does that make sense to you? Yes. Yes. That clears that up. I appreciate that. But what about there's like a national one like fidelity or swab?

Yes. So what I would recommend is that you go to the National Christian Foundation ncfgiving.com ncfgiving.com and set up a donor advised fund there. They call it a giving fund. The reason I would go there is because they'll ensure that you can always give it away to Christian ministries. Those other secular donor advised fund sponsors could eliminate some ministries you want to give to if they don't line up with their values. So ncfgiving.com stay on the line.

We'll talk a bit more off the air. Hey, folks, we're going to pause now for a brief break, but we'll be back with much more on today's Faith and Finance Live. On this program, we recognize God owns it all. We're stewards and money is a gift from the Lord.

It's a blessing. It's a tool to be used for God's glory. We're to provide for our families.

We're to enjoy it. And yeah, we're to hold it loosely and give it away to meet the needs of others. It's a tool, but it's also a testimony to the world how we handle God's money, especially in uncertain and difficult times. It can be a demonstration of our trust in the Lord when we continue to give, saying, God, I trust that you're my provider and therefore I don't have to hold what you've entrusted to me with a clenched fist. I can hold it loosely and give it generously because I know you will continue to provide. That's not prosperity theology.

I don't give to get. God is not a cosmic vending machine, but we do know that we can trust him. His promises are true and he said he'll provide for our needs. Now, that doesn't necessarily mean that'll line up with your wants, but it does mean that we can trust him as our provider. He will never abdicate that responsibility to anyone else. But on this program, we want to help you look at handling God's money as a wise and faithful steward through the lens of scripture. And we do that each day.

Before we head to South Dakota, let me just make a quick comment. You know, before the break, we were talking to Betty about donor advised funds and she was asking about where to open that account. You know, here's the reality is when you make a gift to a donor advised fund, you are in a sense losing control of those funds. Those funds are no longer owned by you, which is how you can get the deduction upon the gift. It's also how you can, uh, you know, miss the capital gains on the asset before the sale because you've given it away to the donor advised fund sponsor. Now, the way the donor advised fund works is you're then able to recommend where those gifts go after they get into your donor advised fund and the donor advised fund sponsor then is supposed to distribute those funds based on your recommendation. So it's donor initiated or donor recommended, but the sponsor actually sends the money and makes the gifts and they can do that either in your name as the owner of the donor advised fund or anonymously and you would choose that. Now they do have the ability to say, we're not going to allow you to give to that ministry because again, they're the one who makes the final decision. Uh, that ministry we believe has somehow been disqualified because of their values or beliefs or practices, which is why I think it's so critical that when you use a donor advised fund, and I'm a huge fan that you use a donor advised fund sponsor that aligns with your values so you would never be prohibited from making a gift to a ministry or your church or charity, uh, in terms of making that recommendation. And that's why we recommend the national Christian foundation founded by Larry Burkett and Ron blue and Terry Parker and exist today to serve God's people as their wise and faithful stewards of God's money.

And so if you want to use a donor advised fund, and I think it's a great tool, I'd head to ncfgiving.com, uh, it stands for national Christian foundation, ncfgiving.com and open what's called a giving fund, which is another word for a donor advised fund. I hope that's helpful and clears up some things. All right, back to the phones we go. Uh, let's go to South Dakota. Hi Steve. Go ahead, sir.

Thank you for taking my call. Yes, sir. I just had a curiosity question that I turned 70 this year, so I will start to draw social security and I was just curious, um, there's a certain percent increase every year, uh, for those already drawing. Now I've, I get, everyone gets 8% a year after your full retirement age.

Is that correct? Uh, only if you delay in taking your benefits. Yes. So 70 this year, so I will start drawing so that 8% a year is, is fixed. So the increases, and I think last year there was 8% increase for everyone that was drawing and I was just curious, do I get the 8% for delaying as well as the increases, any increase that those drawing, uh, would get?

Yes. So what happens is you get the 8% a year and then once you start drawing, you'd get the cost of living adjustment on top of that. Um, so you're, you're getting the, the 8%, actually one 12th of 8% every month up to age 70.

And then once you start drawing, there's only two ways for that check to continue to grow. Uh, one would be the cost of living adjustment that's going to happen every year based on the consumer price index. And then the second is if you were to continue working and in doing so, if you were to replace any one of your, what's called high 35, which is your highest 35 years of earnings, uh, if you draw, you know, knock off one of those lower years and replace it with a higher earning year, then that would allow your benefit to be recalculated once a year based on your work record. Um, but those two things would, would actually play into, uh, you know, your, your increased check. Uh, so yes, you get the cost of living adjustment plus you're getting one 12th of 8% every month you wait until your age 70 birthday.

So yes, the cost of living adjustment is also added to the 8% even if I delayed. Is that what you said? Yes. Oh, okay.

Then that was it. I very much appreciate, um, your knowledge and information. Thank you. Well, you're very welcome, Steve. Thanks for calling. We appreciate you being on the program.

God bless you. Hey, let me mentioned, uh, you know, one of the things we often talk about here on this program is the idea of financial unity in marriage. Uh, you know, financial unity should be a priority, uh, in a Christian marriage.

Here's why. Let me give you some thoughts to consider here because we, we hear from so many folks who are still, you know, kind of keeping their finances separate. And I just believe really strongly that this fosters disunity in marriage and that's not God's intent.

Here's why it's so important to have financial unity. Number one, unity is God's will for the church and marriage is supposed to be a reflection of Christ's relationship with his people. Uh, let me take you to Ephesians four, two and three.

Here's what Paul writes. Be completely humble and gentle. Be patient bearing with one another in love.

Make every effort to keep here. It is the unity of the spirit through the bond of peace. A second life is much more satisfying when you're working together.

Here's what Psalm one in one 33 says, how good and pleasant is it when God's people live together in unity for their, uh, the Lord bestows his blessing even life forevermore. Uh, thirdly, unity is a priority because you made a promise. You may disagree with your spouse about the family finances, but remember why you're together in the first place to love and to cherish right until death do you part as the traditional vow says you're promised to each other before God means you must work together for unity even when you disagree about money issues. And I realize there can be plenty of disagreements in this area of money management. A fourth financial unity builds virtues that keep a marriage strong, including love and trust and patience and forgiveness and generosity and self sacrifice.

You see, when you live out these virtues together, your relationship rises above petty disagreements. And then finally, your financial unity, well, it's a witness. Believe it or not, the way you handle your finances as a couple can demonstrate the hope of Christ to the people who don't know him, your loving attitude towards each other and your generosity and integrity as a couple can have a huge impact on the people around you. So let's pursue unity in our financial dealings with each other.

We're going to head to a break here in just a moment, but let me remind you, our team is away from the studios today, so don't call in, but we have lined up some great questions in advance. And when we come back, we'll dive into those as we apply God's wisdom to your financial decisions and choices. You know, here at Faith and Finance Live, it's all about understanding the heart of God in our role as stewards or managers of God's resources.

It's a game changer when we understand that as our starting point. Much more to come just around the corner right here on Faith and Finance Live. Stay with us. We'll be right back. Great to have you with us today on Faith and Finance Live. Just a quick reminder, we're not here today, so don't call in, but we've lined up some great questions in advance. We'll get to those in just a moment.

First, your emails. These come into us at moodyradio.org slash finance. Sharon writes, what's the safest way to consolidate student loan debt? Well, Sharon, one of the keys here is that you don't want to mix federal and private student loan debt when consolidating. Each has its own mechanism for consolidating. If you mix them, however, you'll have to do that with a private loan, but that will wipe out any of the safeguards you have with federal loans, such as income based repayment plans and deferment. The fact that the interest rates have risen shouldn't affect federal loan consolidation, though.

The new rate will simply be a composite of all of the existing rates on your loans. This next one comes from Judy. She writes, my nephew is 15. He would like to start investing. He has side jobs and has money in a savings account.

What is the next step? You know, as his parents, you can open a custodial IRA for your nephew. This would be a great blessing as you can put in up to sixty five hundred dollars a year, at least for 2023.

That will grow to seven thousand as a limit for 2024. If he has that much in earned income, you could contribute all the way up to those limits. Again, all contributions must be out of at least the amount of earned income that he has. Now, your nephew will gain control of these accounts when he reaches the age of majority. That's something to consider.

But here's the reality. If you could start that now and he has a Roth IRA growing for him for the next 50 years, you can imagine the power of that compounding. I'd probably look to our friends at soundmindinvesting.org for some mutual fund recommendations as you consider that option. Now, if you'd like to send us a question to be read on the air, you can do that on our website, moody radio dot org slash finance. That's moody radio dot o r g slash finance.

Well again, we'll be headed back to the phones here in just a moment. Let me talk for a second about getting rich quick, you know, especially when times get tight and difficult like they are right now. The temptation is to take a shortcut to riches.

You know, we see it in the news. I mean, there's all kinds of crimes, but also even pyramid schemes and get rich quick schemes that are promising to make you rich in no time. You know that whether that's day trading or house flipping or multi-level sales, all you have to do is pay a fee, attend a seminar, order a brochure and make you lots of money without much effort. Well, we need to be careful because when we follow God's principles, God's revealed way for handling his wealth is gradually through hard work and skill. The problem is pride can lead us to think that we can circumvent the Lord's wisdom. Here's what Proverbs 28 verses 19 and 20 say, whoever works his land will have plenty of bread, but he who follows worthless pursuits will have plenty of poverty.

A faithful man will abound with blessings, but whoever hastens to be rich will not go unpunished. So I've got three dangers I want to point out of the get rich quick mentality in just a moment here. We'll get back to those here just after this call. But first, let's head to Ohio. Hi, Natalie. How can I help you? About three years ago, my husband and I went down south to Williamsburg, Virginia, bought into a timeshare thinking we were going to use it.

This would be great. We're both retired. Less than six months after that, my husband was diagnosed with Alzheimer's. Now he does not want to travel with just more difficult to travel anywhere. And we'd like to get out of it out of our contract with this timeshare. But I don't know who to trust or where to start.

Yeah. Well, Natalie, this is a real challenge. And I my heart goes out to you for the situation that you're in. And I can understand absolutely why you'd want to get out of it. The challenge is there's far more people that want to do exactly what you do want to do than there are those looking to buy them. And those who are selling the timeshares have very little incentive to create a market for you to sell this because they're trying to sell new timeshares. They don't want to just help people who have already bought them, you know, get rid of them.

And so it's a really difficult situation. And I just don't have any confidence in any of the kind of exit companies out there that claim they can get you out of these legally. I've just never found what doesn't mean there's not one out there that's legitimate and reputable and, and has some success. I've just never found one that I would be comfortable recommending.

And there's many that are out there that have been seen to be, you know, less than, you know, above board. So what do you do? Where do you go from here? Well, you know, you can try to sell it on the resale market. One website you might want to check out would be the timeshare users group. It's called TUG, T-U-G, and it's on the web at tug2.com.

That's T-U-G, the number two, dot com. On the timeshare users group, you can, they do have a marketplace for buying and selling timeshares. And there's classified listings basically where you could try to sell your timeshare.

So that would be one way to go. The second is, of course, you could call the timeshare developer and just see if they have any options for you to resell this. I don't find that folks have a lot of success with that, but it's worth a phone call. You could try to gift it to a friend, a family member or someone else, but they would obviously have to recognize that they'd be assuming, assuming it's been paid off or paid up, they'd have to assume the ongoing maintenance. But it may be a way that you can at least unload it so that even though you don't get any value out of it, you're no longer responsible for the ongoing maintenance costs. And then you could rent it out is the other option. The challenge is there's just a lot of scams out there, so I would be very leery of trusting someone to quote unquote kind of get you out of it, so to speak, without you finding a legitimate buyer on your own. Does that make sense? Yes, and I'm willing to gift it to anyone who will just take it off our hands, but I don't know all the legalities of if I can even do that.

Yeah. Well, and eventually, you know, that's going to go back to the fine print and the agreement that you signed. It could be that there's somebody, maybe an attorney or someone, you know, in your church that could help you just kind of review that and see what your options are. But, you know, if you do have the option to sell it and then transfer that, you know, responsibility to someone else or to give it away, you know, potentially this timeshare users group marketplace could be a place where you could list that and find somebody who'd be willing to take it off your hands. Again, this is not easy.

I wish I had better news and a kind of a straightforward process that would allow you to dispose of this. Unfortunately, there's just the supply and demand is really out of whack. There's a lot of folks that are looking to unload these and just very few people that are looking to get into them.

And those that are buying into them are often being sold these through, you know, free vacations that, you know, result in a high pressure kind of sales situation. Okay, well, thank you. You said tug2.com?

Yes, tug2.com. Okay, thank you very much. You're welcome, Natalie, and all the best to you. Thanks for being on the program today. All right, let me give you three dangers of the get rich quick mentality here. It's really good to recognize and avoid these get rich quick programs. Number one, getting involved in things you just don't understand. Proverbs 24 verse 3 and 4 reminds us that by wisdom a house is built, by understanding it's established, and by knowledge the rooms are filled with all precious and pleasant riches.

If you can't explain it to your mom, I would pass on it. The second danger in get rich quick is the temptation to risk money you don't have or can't afford to lose. Here's what Proverbs 27 2 warns, the prudent man sees evil and hides himself, the naive proceed and pay the penalty. And then the third problem with trying to get rich quick without hard work or skill is that it usually involves impulsive decisions. Proverbs 28 22 reminds us that a man with an evil eye hastens after wealth and does not know that want will come upon him. So if you're in a high pressure situation, whether it's somebody trying to sell you a timeshare or a steak dinner with a financial product attached to it, or a quote unquote business opportunity that you need to act on today or you'll miss out, those would be telltale signs that maybe you need to hit the pause button for a second, think about it for a couple of days or a couple of weeks before you move forward.

And if it involves an impulsive decision, I would allow that to be your warning sign that maybe you need to pass. Now, even if you're in financial trouble, trusting in a get rich quick program to pull you out is a recipe for disaster. But there is hope. In the end, those who reject God's wisdom will suffer the consequences, but we can be confident that as we trust him and seek to walk in his ways, our needs will be met. And that's a truth from God's word that we can trust on today. Well, folks, I'm so thankful that you were along with us today.

We covered a lot of ground talking about Social Security and timeshares and giving through a donor advised fund and a host of other topics. You know, at the end of the day, though, our goal here in managing God's money as a steward is faithfulness. And at the core of faithfulness is obedience, obedience to God's word, which is truth, which can help us counteract the messages of this world that often tell us our self-worth is equal to our net worth. And we can get caught up in the comparison trap, which is kind of the manifestation of covetousness that is clear in the Bible.

We need to be on our guard against. And when we try to adopt or live out the best version of someone else's life that we see on social media, especially when we do that in a way that causes us to spend money we don't have through debt, that can give us in a real problem situation, but we can counteract that by renewing our mind in God's word. And so let me direct you back to the scriptures today to just meditate on God's word and his promises.

We know those are true and ultimately they will change your life. Well, that's going to do it for us today. Faith and finance live is a partnership between Moody radio and faith five. Thank you to my amazing broadcast team. I couldn't do this without them. I hope you have a great rest of your day and we'll see you next time on faith and finance live.
Whisper: medium.en / 2024-06-12 02:29:09 / 2024-06-12 02:45:35 / 16

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