Every day, FaithFi is making a profound difference in the lives of thousands of Christians. We help them integrate their faith and financial decisions, all for the glory of God. Our resources, including Bible studies, devotionals, the faith and finance program, articles, videos on faithfi.com, and the FaithFi app are instrumental in this transformative journey. We are so grateful for your faithful love and support of this ministry, and we'd like to invite you to partner with us in this work. Has God provided financial answers for you through this ministry? If so, please consider becoming a monthly FaithFi partner by visiting faithfi.com and clicking give. That's faithfi.com and click give. We'd like to think that our actions are always pleasing to God and certainly don't offend him, but we also know that isn't always true. Hi, I'm Rob West. Christians are called to do good works so that the world will see them and God will be glorified.
So it shouldn't surprise us that God takes stinginess and generosity personally. Randy Alcorn joins us today to talk about it. Then it's on to your calls at 800-525-7000.
That's 800-525-7000. This is Faith and Finance, biblical wisdom for your financial journey. Well, it's a real pleasure to have my friend Randy Alcorn back with us. He's the author of a library full of books on Christian living and the founder and director of Eternal Perspective Ministries. Randy, a joy to have you back with us.
Always a pleasure, Rob. Randy, for the last few weeks, we've been telling folks about our new study, Rich Toward God, which of course is based on the parable of the rich fool in Luke 12. And I'd love to get your thoughts on this passage. And I'll start by asking from the end of that passage of scripture, what does it mean to be rich toward God in your view? Well, I think to be rich toward God involves several things simultaneously. One is that God is the source of our true riches, our spiritual riches in Christ, but he's also the object of our riches. We should evaluate true wealth by what it means in terms of our relationship with him. Practically speaking, I think it means in this context in Luke 12, which is very close to the context of Matthew 6 about storing up treasures in heaven.
In fact, he mentions that later on in Luke 12. But I think what it comes down to is just to give lavishly, to give sacrificially. To be rich toward God is to not hoard, not to spend everything on ourselves without regard to others. That's what the rich man, the rich fool in the parable did. And God accepts our gifts to the needy as if they were given directly to him.
This is this incredible passage in Proverbs 19 and 17 that I think we do not ponder enough. Whoever is generous to the poor lends to the Lord, and he will repay him for his deed. Now, think of that lending to God. God doesn't need to borrow from anybody, so this is not about his need. This is about our need and our opportunity for eternal reward. When we're generous to the poor, God says, I'm going to pay you back. Now, if we came up with that idea, that would be blasphemous. God should never have to pay us back for anything. I mean, it's completely a reversal of what we would think, but that's the nature of eternal rewards. I'm going to honor you, and I'm going to reward you.
I'm going to repay you for your deed of being generous to the poor. Wow. Yeah, that's powerful.
And Randy, I want to go back to something you said a moment ago because you said God is the source. I mean, he is our provider, but he's also the object of our value. It's this idea that being rich toward God causes us to count God as greater riches than anything in this world, right?
Absolutely. And you think about this. He is the source of all of our wealth, but it's more than that. He is our wealth. I mean, it all comes from him, and there's the primary and there's the secondary. The primary is God himself, and sometimes we focus so much on the secondary that we fail to trace it back to the primary because, yes, he provides us with maybe a wonderful marriage, a wonderful family, a wonderful business, whatever good blessings that God has given us in our life. It might be our church, you know, whatever, our neighbors, but he's the source of that. It comes from him. So, those secondary blessings are from his hand, and he is the primary. He's the source. That is so powerful. What if we were to handle God's resources because it all belongs to him in such a way that it was evident to the world that God was our ultimate treasure?
We're talking today with Randy Alcorn. He's the founder and director of Eternal Perspective Ministries and author of so many books, including the one that had the most profound impact on me other than the Bible, Money, Possessions, and Eternity. When we come back, we'll talk about the good life.
What is the good life? What about materialism, and how can that compete with our hearts for our devotion to the Lord? Much more just around the corner, and then it's on to your calls and questions at 800-525-7000.
You can call right now at 800-525-7000. This is Faith in Finance, we'll be right back after this. When you hear the phrase rich toward God, what comes to mind? Surely it doesn't mean making God rich. Is it about us becoming rich so we can give?
Or maybe it's an invitation to something much bigger. In the new Rich Toward God study, Faith Fi has created a way for you to explore and reflect on a well-known biblical parable about a very rich man with a very big problem. Request a copy of the Rich Toward God study today with your gift of $25 or more by going to faithfi.com slash give. So delighted to have you with us today on Faith in Finance. I'm Rob West.
With me today, my friend Randy Alcorn. He's the author of a shelf full of books. He's the founder and director of Eternal Perspective Ministries.
You can find EPM on the web at EPM.org. We're talking today about our devotion to God, counting God as our true treasure. We started today by talking about the parable of the rich fool and what it means to live rich toward God. Let's dial into that word fool, Randy. This man in the parable is of course described as a fool. In this context, what does it mean to be a fool? A fool is someone who is ignorant of the things of God or ignores the things of God, who makes choices based on his own kind of desires and intuitive, oh, this is right, but it's really not this is right, it's this is what I want to do.
A fool is the person who does what he wants to do all the time. And that to me is utter foolishness. And the thing that's interesting about this is that God calls upon us to do things because they are right. But that's not the only reason. He also calls upon us to do the right things because they are the smart things.
They are the things that will pay off in life. So, the fool is missing it on two levels. One is he's doing the wrong thing, but the wrong thing is also the stupid thing. It's the foolish thing. That's why he's a fool.
And so, the interesting thing is that to do the right thing is always in our best interest. So, when it comes to materialism, when it comes to storing up things in the barn and eat, drink, and be merry and, you know, I've accomplished all this and here it is, it's not just that it's the wrong thing to do, it's the foolish thing to do because God's going to take it away from you. I mean, you're going to die or before you die perhaps it'll all be taken away from you. But one thing is certain, you're not going to have an eternal relationship with your possessions in this life.
I mean, that's just obviously true, but it's not obvious to the fool. And so, what God is calling upon us to do is to direct those treasures toward God and to invest in the lives of other people and to do with those things what will count and last for eternity so that we will not only be righteous, but in being righteous we will be wise. Yeah, that's so good. You know, I was thinking about this. You know, when we think about this fool, Randy, you know, this rich man in the parable, he's saying, you know, his security comes without considering God. He's using his wealth to provide for his own security, leisure, and identity without acknowledging any need for God and his grace. You know, when I look at this passage, I'm reading right from Luke verse 19, he says, and I will say to myself, you have many goods stored up for yourself for many years. And he just keeps saying, I and me, this is what I will do.
I will tear down my barns. And it's just clear that he's not acknowledging God for any of this, right? Right. I mean, he's acknowledging his own wisdom skill or maybe mother nature that provided these things, but it's just not about God. And when you don't see God as the source, then that's where everything goes wrong. And that's why any time at any conference related to money-giving finances, if it's from a Christian perspective, something's got to be said about God owns it all. You know, the earth is the Lord's and everything in it, the world and all who live in it.
That's Psalm 24 one, Haggai 2 eight, the silver is mine and the gold is mine, declares the Lord almighty. I mean, he just makes emphatically clear that it all belongs to him. And I actually was speaking at a conference one time where somebody said to me, I hope you guys aren't going to say that thing about how God owns it all. And I said, well, why? Because we all know it. And I said, well, we've all heard it, but that doesn't mean that we know it in the sense of we own it and we're living that way. And I felt like the very fact that he didn't want to hear it said, suggested that he doesn't really believe it, or maybe he believes it in theory, but does not live like it's true.
Chris Yeah, there's no doubt about that. Well, to take this one step further, let's talk about materialism, which of course, is a huge problem, especially here in the West. And in a sense, Randy, we're the victims of our own financial success. What is the real danger with materialism? Randy Well, materialism is the love of money and things. And the problem with money and things is, or one problem with them, is the more of them we accumulate, the more mass they have in our lives, the more they become our center of gravity.
So then we orbit around them. And God calls upon us to orbit around him. The only thing that can break the back of the hold of materialism really is giving. We have to part with our stuff in order to be freed from the hold of our stuff. And the great thing is that God has built the world in such a way that when we part with it, not only does it honor God and benefit him in that sense, but it benefits other people who need what we and our abundance can help provide. And it's also in our best interest, because it frees us from the bondage of materialism. Chris Yeah, that's well said. And let's dig into that a bit more because you're headed where we want to go. And that is the antidote to money having a grip on us. What is the good life look like for us as believers?
And how do we find it? Randy Well, I think the good life is interesting. I had a conversation with someone a few years ago. And they were telling me how their life was miserable. Okay, so and think about what the word miserable comes from.
That's the word they used. It comes, it's related to at least the word miser. Okay, so a miser is one who holds on to everything. And a miser is miserable. He is miserable.
That's, that's the nature of it. So you would think, okay, he's doing this so he can be happy. He's being selfish, so he can be happy.
So he can live the good life. Well, this particular man went through a litany of things that happened with him that were just awful things. And he had been sexually immoral.
This had happened, this had happened. He lost his marriage. He lost his children, or at least the respect of his children. So many things he lost. He brought shame to the name of Christ, to his church, all of that. And then he said, and this is, I'm going to say, we were on the phone, so you know, when I say he did it with a straight face, what I mean is it sounded like he was doing it with a straight face when he said, and so I was living the good life.
And as a result, all these things happen. And even as he said those words, I was living the good life. I thought, what an irony. He doesn't even, I don't think, I couldn't see him, but I don't think he was doing air quotes when he said I was living the good life.
We're so used to thinking of that as the good life that even when it ruins us, we're calling it the good life, but it's not. Yeah. Wow. So good. Randy, we're going to have to have you back. We've just scratched the surface, but profound thoughts and ideas about what the good life really is. We appreciate you stopping by today.
Hey, great to be with you, Rob. That's Randy Alkort, founder and director of Eternal Perspective Ministries. You can find out more at EPM.org. That's EPM.org. Your calls are next, 800-525-7000.
That's 800-525-7000. And if you prefer not to call, you can always send us an email at AskRobatFaithFi.com. I'm Rob West, and this is Faith in Finance. If you enjoy this radio program, you're going to love all of the many different resources waiting for you at FaithFi.com and the FaithFi app. You'll find powerful wisdom, free podcasts, articles, videos, and more from leading voices such as Randy Alkort, Howard Dayton, Ron Blue, and our own Rob West.
Grow in wisdom and knowledge by connecting with a community of thousands of Christians striving to be good and faithful stewards at FaithFi.com or by downloading the FaithFi app. 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. So thankful to have you with us today on Faith in Finance. Hey, before we head to the phones, let me mention that, you know, Faith in Finance is listener supported.
That just simply means we can only bring you this broadcast and all of the amazing resources our team produces here at FaithFi because of your generous support. So let me invite you to be either a FaithFi partner where you partner with us at $35 a month or more, and that would keep you up to date on the ministry with quarterly updates. You'd get a pre-release copy of all of our new studies, including our Rich Toward God study and the brand new study we're working on now called Look at the Sparrow, a 21-day devotion on fear and anxiety related to money.
And then in the fall, our new study on the Book of Ecclesiastes. And right on from there, we'll be sure to send it to you before it even is available to the public. And that's just our way of saying thanks for being a part of this ministry and being invested in our work. Again, that's for FaithFi partners partnering with us at $35 a month or more. Or if you'd rather just make a one-time gift, a gift of $25 or more would allow us to send you the new FaithFi study Rich Toward God just as our way of saying thanks. But in either case, we just are so thankful when you stand with us and say, I value this ministry, I've benefited from it, and I want to get in the boat with you. If you'll head to faithfi.com and click Give, that'd be a huge blessing. Again, faithfi.com and just click Give at the top of the page. All right, let's head to the phones.
Carol is in northern Wisconsin. Go right ahead. Well, my husband recently passed away and so I have received money from insurance. I have about $126,000 and not quite knowing what to do with it. I plan to put some of it as liquid savings. Our local bank is offering 7% for a seven-month CD, which is certainly a lot more than I can get elsewhere.
So I was wondering if I should put all of it there for a while or what would you advise? Yes, ma'am. Well, first of all, Carol, let me just tell you that I'm so sorry to hear that your husband passed. I'm delighted that you called today and would love to help you think through this decision. Did you say that they were offering on a seven-month CD? What was the interest rate? Seven percent.
Okay, yeah, that's tremendous. And is this a bank or a credit union? It's a bank. It's an associated bank here in Wisconsin.
It's the bank that I bank with. Yeah, and that's FDIC insured, I assume? Right.
Okay, great. I mean, that's a tremendous rate. Obviously, they're using that as kind of an introductory rate, I suspect, or maybe for a limited time. It's considerably above, maybe as much as 2% above the average of even the online banks. And this is a brick and mortar, so that's great.
Let's kind of zoom out, though, for a second and just talk about the bigger picture. So what are your income sources moving forward, Carol? Part of my husband's pension and Social Security. Okay, great. And will you be moving to survivor's benefits, or will you stay on your own benefit?
Do you know which is higher? Survivor's benefits. Okay. And then the combination, Carol, of his pension plus the survivor's benefits, have you been able to build a budget around that, and do you feel like that'll give you enough to maintain your lifestyle?
Yes. Okay, very good. And it's worth about $500,000. And I have a car, and it's paid for, and I have no other debt.
Well, that's tremendous. And do you have other liquid savings apart from the $126,000? A small amount in the bank. But I just paid off $16,000 for a funeral, and still have to buy a headstone. I lost a lot of money back in 2008. Okay, all right.
And let me ask this. What are your total monthly expenses, do you think, in a typical month? Probably about $1,200. Okay, so let's round up and say it's $1,500. I mean, I'd probably want you to have a good 12 months worth of expenses in the bank. So that'd be somewhere between $15,000 and $18,000 that I would probably set aside into a high-yield savings account, just so you've got plenty of cushion there for the unexpected.
And then I think, you know, you taking advantage of with whatever's left. So let's say, you know, you were to put roughly $100,000, or maybe even $110,000 into the CD, I think, I mean, that's a tremendous interest rate at 7%. And then at some point down the road, we'll need to think about kind of where you go from there, whether that's turning that over to an advisor to manage continuing to ladder CDs, you know, you could even buy some individual bonds, I mean, for instance, the 10 year US Treasury bond, if you hold the maturity for 10 years, you get all your money back, backed by the US government.
And that's, you know, over four and a half percent right now. And so, you know, there are some attractive rates out there longer term, where you're essentially minimizing dramatically any risk, even though there's there's nothing that's risk free, as long as you're backed by the US government, that's pretty close to it. So I like this as kind of a temporary solution to get your legs under you and kind of figure out what the Lord has next for you. And then from that point forward, perhaps engaging with an advisor who could be a sounding board for you moving forward, but I think in the meantime, set a siding and building up the emergency fund, and then using the CD sound like great choices for me. All right, thank you so much. I really appreciate it. Absolutely, Carol. Hey, stay on the line.
I'm going to send you a book of Miriam Neff wrote a wonderful book called wise women managing money, when her husband passed to be an encouragement to widows who were all of a sudden in the seat of financial manager for their family household. And I think it'll be an encouragement to you even even really helpful practically. So stay on the line, we'll get your information. And that'll be our gift to you. And we'll put that in the mail. May the Lord bless you. Let's finish in Delray Beach, Alice, I've just about a minute left.
How can I help? I just have a quick question. I wanted to know where would be the best place for me to look into getting a high yield savings account and also wanted to know the interest on that savings account. Is that something that's added monthly? And how does that work?
Yes, very good. And the place I would go is bank rate.com bank rate.com. And you will be able to look through just click on high yield savings, you'll see the online banks that have the most attractive rates. Typically, that is credited monthly. And it's completely liquid, you're going to want to make sure you're within the FDIC insured bank. But as long as you use one that's, you know, highly rated, they have a five star rating system and bankrate.com, you'll get that monthly interest, it'll be really attractive right now at about 5% plus, and you'll have the backing of the US government. And many of those are fee free.
So check them out bankrate.com. Thanks for your call today. Well, folks, we covered a lot of ground today, always a joy to be along with you. I'm grateful for the invitation you give us into your financial lives each day when you call and share your story and ask questions.
It's a sure privilege to be able to walk alongside you encourage you and, you know, as we take on this large responsibility, it's massive of being a money manager for the King of Kings, we want to be found faithful. That's our goal. We want to make God our ultimate treasure, not the things of this world.
They don't last, they don't satisfy. God alone is our abundance. But money is a good gift from God. We want to use it wisely. We want to spend it well, even enjoy it and give it to be a part of God's activity. And when we do, we experience blessing that follows may not be financial, but there certainly is blessing when we give generously. Hey, let me mention if you'd like to check out our faith by app, maybe you're having trouble staying on budget, you can download the app that Julie and I use to manage our finances called faith via on our website faithfi.com. Just click app and again, if you'd like to support our work, just go to faithfi.com and click give any gift of $25 or more we'll put our new study rich toward God in the mail to you as our thank you. Hey, a big thanks to my team today, Jim Henry, Devin Patrick, Dr. Robert Youngblood and the rest of the team here at faith via have a wonderful day and we'll see you tomorrow. Bye-bye faith and finances provided by faith by and listeners like you
