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Finding Victory in Uncertain Circumstances

Faith And Finance / Rob West
The Truth Network Radio
March 1, 2024 3:00 am

Finding Victory in Uncertain Circumstances

Faith And Finance / Rob West

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March 1, 2024 3:00 am

FINDING PEACE IN UNCERTAIN TIMES
  • Navigating Financial Uncertainty: In today's world, uncertainty abounds, especially in financial matters like home-buying, career changes, and retirement. This uncertainty often leads to worry and sleepless nights.
  • Guidance from Scripture: Drawing from Psalm 119:105, we find reassurance that God's Word illuminates our path, preventing us from stumbling in the darkness of uncertainty.
  • Casting Anxiety on God: First Peter 5:6-7 reminds us that God cares for us deeply, encouraging us to cast all our anxieties on Him through humble submission.
 FOUR STEPS TO CONQUERING ANXIETY
  • Step One: Rejoice in the Lord: Philippians 4:4 instructs us to rejoice always, recognizing that everything God allows into our lives is ultimately for our benefit.
  • Step Two: Prayer and Thanksgiving: Philippians 4:6 urges us to present our worries to God in prayer, with thanksgiving, trusting in His provision and care.
  • Step Three: Think Truth: Philippians 4:8 advises us to focus our minds on what is true, noble, right, pure, lovely, admirable, excellent, and praiseworthy, finding solace in the truth of God's Word.
  • Step Four: Do What's Right: Philippians 4:9 encourages us to follow the example of Christ in our actions, trusting that obedience to God's commands brings peace.
 FAITHFULNESS AMIDST CHALLENGES
  • Victory in Christ's Resurrection: 1 Corinthians 15 reminds us of the victory we have through Christ's resurrection, urging us to stand firm and remain steadfast in our commitment to godly principles.
  • Assurance of God's Provision: Romans 8:28 and Philippians 4:19 reassure us that God works all things for our good and will meet all our needs according to His riches in Christ Jesus.
  • Purpose in Faithfulness: Our faithfulness in following godly financial values serves as a witness for Jesus, an investment in God's kingdom, and a means of drawing closer to the Lord.
 FINAL ENCOURAGEMENT

Despite challenges, remaining faithful to godly financial principles brings peace on earth and treasures in heaven, fulfilling God's purposes for our lives.

 

ON TODAY’S PROGRAM, ROB ALSO ANSWERS LISTENER QUESTIONS:

  • Can National Debt Relief justify its fees considering the caller's situation?
  • How should Conrad begin retirement planning, especially with access to a 401(k) plan?
  • What steps are needed to transfer ownership of a home and continue mortgage payments after a parent's passing?
  • Are gold coins a wise investment, given the risks and benefits?

 

RESOURCES MENTIONED:

 

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

 

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

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This faith and finance podcast is underwritten in part by Praxis Mutual Funds. They are a leading faith-based family of mutual funds helping people integrate their finances with their values since 1994. With Praxis, your investments can make a difference for you and the world around you. Learn more at Praxismutualfunds.com. When life is uncertain and your money matters are all messed up, you can always turn to God's Word for hope and peace.

Hi, I'm Rob West. Philippians 4-4 reminds us to rejoice in the Lord always. If rejoicing isn't your go-to response to financial stress, maybe it should be. We'll talk about that today and then we'll take your calls at 800-525-7000.

That's 800-525-7000. This is Faith and Finance – biblical wisdom for your financial journey. Uncertainty seems to be the name of the game these days, especially in the financial realm.

Financial plans are up in the air for so many people, from home buying to career changes to retirement, and the end result is a lot of worry. So if fear and doubt about money issues are making you lose sleep at night, what you need is a good word, from God's Word. According to Psalm 119 105, God's Word is a lamp to your feet and a light to your path.

The lamp keeps you from stumbling, and the light shows you the way forward. The Bible assures us that our circumstances matter to God. 1 Peter 5, 6 and 7 explains that when we humble ourselves under God's mighty hand, He will lift us up in due time, so we can cast all our anxiety on Him because He cares for us. And what about the idea of rejoicing in the face of financial stress?

Seems counterintuitive, doesn't it? Well, let's look more closely at Philippians 4 and four steps to conquering anxiety in uncertain times. Philippians 4 tells us that step one for handling anxiety is praise. The apostle Paul writes, Rejoice in the Lord always, I will say it again, rejoice. God is good, and everything He allows into our lives is for our benefit, even if it seems tough at the time.

We can trust the Lord to provide for us, so we rejoice. Step two for conquering uncertainty is to submit all your worries to the Lord in prayer and thanksgiving. Verse six reads, Do not be anxious about anything, but in everything by prayer and petition, with thanksgiving, present your request to God. Step three for facing life's uncertainties is to think truth. Philippians 4, 8 explains it, Whatever is true, whatever is noble, whatever is right, whatever is pure, whatever is lovely, whatever is admirable, if anything is excellent or praiseworthy, think about such things. The more you fill your mind with truth from God's Word, the less likely you'll be tempted to fall into despair.

Step four is to do what's right. Verse nine continues, Whatever you have learned or received or heard from me or seen in me, put it into practice. Paul demonstrated Christ-like living to the Philippians, and he's telling them, and us, to follow his example. We may not understand why we struggle, but the answer to what should I do is always do the right thing.

Our best example for that is Jesus Christ. I think the best part of this Philippians passage is the promise at the end. When we rejoice in the Lord, give our worries to God, think truth, and do what's right, Paul says the God of peace will be with you.

Now, anxiety isn't the only challenge that can arise when times are tough. If you find your faith wavering under difficult financial circumstances, well, you're not alone. It's tempting to let the budget slide or even give up on your giving, but we can go to God's Word for reassurance and victory here too. 1 Corinthians 15 is all about the victory we have because of Christ's resurrection. The last verse of the chapter says, Therefore, my dear brothers and sisters, stand firm.

Let nothing move you. Always give yourselves fully to the work of the Lord, because you know that your labor in the Lord is not in vain. So here's why we stick to godly financial principles no matter what. First, your hard work to follow God's principles is not in vain. God has a victorious plan for you. Romans 8 28 says, For we know that in all things God works for the good of those who love Him, who have been called according to His purpose. And remember, God sees you. He knows your circumstances and will provide what you need to live and to do what's right.

Suffering is a part of life in a fallen world, but God's love never fails. Philippians 4 19 reassures us, And my God will meet all your needs according to the riches of His glory in Christ Jesus. Finally, your faithfulness has a purpose. When you choose honesty in your business dealings, you're being a witness for Jesus. When you give sacrificially, you're investing in God's kingdom. When you pursue wisdom in your financial choices, you're drawing closer to the Lord. So stay the course. Your faithfulness in following God's financial values will result in peace for you on earth and treasures in heaven.

I hope that's an encouragement to you. All right, your calls are next. 800-525-7000. I'm Rob West and this is Faith and Finance.

Stick around. As a faithful listener of this program, you know that there's life changing financial wisdom in God's word, and FaithFi is here to help you and millions of others learn to be good and faithful stewards. As a nonprofit organization, we rely on help from monthly FaithFi patrons, supporters of this mission, to help us continue and expand our outreach. Has God provided financial answers for you through this ministry? If so, consider becoming a monthly FaithFi patron.

Visit faithfi.com and click Give. We are grateful for support from One Ascent Investments on the Faith and Finance program. They manage a comprehensive suite of value-based investment strategies designed to help Christian investors live aligned with what they value most. One Ascent believes that if your values inspire the way you live, they should also inspire the way you invest.

This can be a unique form of worship. More information is available at investments.oneascent.com. That web address is investments.oneascent.com. Welcome back to Faith and Finance. I'm Rob West. All right, it's time to take your calls and questions today.

The number to call, 800-525-7000. We know you have financial questions. We have some answers. Well, God's word has the answers.

We looked at Scripture to pull out the principles to apply those to the practical decisions you're making every day as you manage God's money and seek to be found faithful as a wise steward. So let's talk about it. What are you thinking about in your financial life? You can call right now with lines open. 800-525-7000 is the number to call. All right, we're going to begin today in New York. Cheryl, you'll be our first caller.

Go ahead. Hi, so my husband is 100% disabled veteran. He gets Social Security disability because of his disabilities through the VA and the VA pension that comes out to around $65,000 a year. His previous wife, before she died, they had a whole lot of debt. And I added up the debt that he registered with the National Debt Relief Agency.

He paid $409 and some change a month to this company. And all the debts that they have registered, I added up, only come to $20,000. But they're saying his debt is just over $30,000.

And I'm wondering if it's costing him more than it should to try to get rid of the debt through the National Debt Relief Agency. Well, the challenge with National Debt Relief is it's a debt settlement company that essentially tries to negotiate with creditors to lower their clients' debt balances. They're a legitimate company, but I don't prefer or recommend that approach, debt settlement. It essentially requires you to get into arrears, get into a past-due status. And then the company, in this case, National Debt Relief, is coming in and trying to negotiate a reduced payoff. And then they're collecting that payment in the meantime to try to build up a cash reserve. It can really harm your credit, and it's just not my preferred approach. What I would prefer instead, Cheryl, is what's called debt management.

It's different than debt settlement. Essentially, what happens is through a credit counseling agency, and we recommend Christian Credit Counselors. You'll find them at christiancreditcounselors.org. Basically, each of the creditors that your husband has accounts with, they have what's called a credit counseling rate.

And as long as you go through a nonprofit credit counseling agency like Christian Credit Counselors, they will drop the rate to the credit counseling rate, usually bringing it down from 22 to 30 percent, down to generally 8 to 12 percent, could be even lower than that. And then you make one monthly payment to Christian Credit Counselors. They then distribute it out to each of your creditors. It keeps you in good standing. Nothing gets behind or in collections. You get the lower interest rate and the combination of that lower interest rate plus that consistent monthly payment, even as the balances are declining, allow you to pay it off on average 80 percent faster.

So that would be my preferred approach. Now, the payment will often be, you know, could be as high as 3 percent. So if he owes 25,000, you know, that could be 700 plus a month.

So it may be a bit more, but at least it'll keep it current and it'll have a lot more going to principal reduction with those lower interest rates. Does that make sense? Yeah, it does. It makes a lot of sense. However, he was already behind on these payments.

Yeah. Well, when you go into credit counseling, it re-ages the accounts. So it essentially draws a line in the sand that says, okay, if you're entering credit counseling, you're current as of today, and then as long as you make the scheduled monthly payment, then you'll stay current. And they'll work the very first step, which doesn't cost him or you anything, is to create a budget just to make sure that that payment fits within his monthly budget, you know, inside his monthly pension coming from the VA. But if it fits again, those accounts would be re-aged and then he could pick up and move forward from there. So it's not too late then to do something like that? It's not because of the re-aging that happens once you enter credit counseling.

So what I would recommend that you advise him to do is just reach out to our friends. Again, it's christiancreditcounselors.org on the web. They've worked with hundreds, if not thousands, of our listeners over the years and, you know, they're all believers and we've just gotten wonderful reports back about the work that they do. Oh, well, awesome. Thank you so much, Mr. West. All right, Cheryl. Thanks for your call. And tell your husband we're grateful for his service to our country. We appreciate your call today.

To Bradenton, Florida. Hi, Conrad. Go right ahead.

Hey, man. I was just wondering about retirement. I'm 25, so I haven't really started anything. I just want to start something and if you have any information about it.

I do. Yeah, you know, I'm delighted to hear you're thinking about this now, Conrad. As you probably know, investing in compounded growth is most powerful over a long period of time. If you just live within your means and give generously and on a disciplined basis set something aside and invest it over, you know, the next 40 years between now and whenever you transition to what God has for you in the retirement season of life. You'll have a whole bunch of money put aside. Einstein called compound interest the eighth wonder of the world and it's because it's such a powerful force.

So I love this. Let me ask you, do you have a retirement plan like a 401k available at work? I do and they do a 5% match.

Oh, wow. Yeah, that's phenomenal because that means, you know, that first 5% is going to be doubled. And so now you got 10% going into your 401k every month.

And that's what we generally recommend. I mean, if you at your age, if you just put away 10% of your income and you just get used to that and as your income grows, you continue to put 10% away. You'll be right on track, you know, for retirement. Now, at some point, you're going to want to do some retirement planning, but just by you starting now and maximizing that dollar for dollar match, that's free money.

So you don't want to pass that up. So I would say start right there and let's try to get up to that full 5%. If you can do that right away, great. If you can't, now you've got a goal that you're working up to and the idea would be that money's going in out of salary deferral, it's going in tax deferred, which means that amount that you contribute is going to be excluded from your taxable income. So you get a deduction and then it's going to grow on a tax deferred basis as you invest it and there'll be a menu of investments inside the 401k. And now as it grows and you buy and sell things or the mutual fund you select buy and sell stocks, there's no impact of the taxes.

So it's not going to put a drag on the returns, which means it's going to continue to compound until you pull it out in retirement and then you'll pay tax on it as income at that point. So if I were you, I would just try to get to that 5% as quickly as you can. Gotcha.

Is that helpful? I think that's all I got, man. All right. Very good.

Let me do this. I want to send you a copy of Ron Blue's book, Master Your Money. It was really influential in my life, Conrad, when I was 25. It'll give you a good overview of God's way of handling money. It'll also dive into a lot of these key areas of spending less than you earn and avoiding the use of debt, the importance of investing wisely, giving generously and how giving breaks the grip of money over your life. So I think it'll be a really key primer, if you will, to biblical money management as you're just getting started here.

So you stay on the line, Conrad. Our team will get your information and we'll put Master Your Money in the mail as our gift to you, my friend, and you enjoy that. Hey, thanks for being on the program today.

May the Lord bless you. Well, folks, we're just getting started here. Your question is just around the corner and we've got lines open. You can call right now, 800-525-7000. We'll talk to Robin and Bob and Frank just around the corner.

Stay with us. Because of my past health history, finding affordable health care was nearly impossible. But then I found CHM, where costs are not adjusted based on medical history. Christian Healthcare Ministries even provides the freedom to choose my own providers.

And the best part? CHM members pray for me. Too good to be true?

It's not. I'm a proud member of Christian Healthcare Ministries. And if you think it could be right for you, learn more at chministries.org slash faithfi. We're grateful for support from Eventide Investments on the faith and finance program. Eventide's approach to values based investing is grounded in the belief that humankind was created in the image of God with intrinsic dignity, value and worth. Eventide calls this investing that makes the world rejoice. More information is available at eventideinvestments.com.

That's eventideinvestments.com. Welcome back to Faith and Finance. I'm Rob West. All the lines are full, so let's dive right back in. We're going to go to Wellington, Ohio. Hi, Robin.

How can I help? Hi, Rob. Thank you so much for taking my phone call.

Sure. I am trying to get some assistance or some information on my mother's home. I wanted to know if I can do a transfer on deed or on death. She's willed the home to me when she passes, and what I'd like to do is just continue to make the house payment with who she already has her credits with. So I'm a little confused on what I need to do with that besides trying to refinance and put myself on the home itself. Yes, you can do a TOD deed in Ohio, so not every state will allow them, but Ohio does. Basically, that allows the owner of real property, in this case your mom, to designate you or multiple individuals, but in this case you, as the TOD recipient so that it will pass directly to you outside of probate. And then, essentially, if you bequeath your home to someone, then that person will decide what to do with the home and the mortgage.

Generally speaking, the person who inherits would either assume the mortgage and start making payments or arrange to sell the property. That's generally the way that it happens. So would you want to just continue on with the mortgage? Is that right? Correct. I want to just continue on with the payments that she's currently making, and I was a little worried about how to go about that.

Yeah. Well, you would want an attorney involved with the TOD deed anyway, so I would go to a real estate attorney and they can explain to you how this is done. But essentially, just generally speaking, and I'm not an attorney so it's always good to get legal advice, federal law requires lenders to allow family members to assume a mortgage if they inherit a property. So basically, after the death, based on the transfer on death deed, it would automatically transfer into your name, where you would, by providing the death certificate, be able to then move the deed into your name only and then assume the mortgage. You'd let the mortgage company know. They would generally be contacted anyway as a part of the estate.

You would be responsible then for settling any outstanding debts and then distributing the assets. Okay. Okay. Well, thank you so much for your help. It's very, very helpful to me and I'm thankful for that.

Well, you're welcome. And I think your next step is to contact a real estate attorney to put that TOD deed in place. The only other consideration is just how this affects your mom's estate plan. So, for instance, if she's wanting to distribute her estate equally to you and your siblings and she's leaving the home exclusively to you, does that change the distribution of the rest of the assets based on the will to the other children? Or, you know, if she leaves everything else, because this is outside of the will, because it's a TOD deed, then if she leaves it equally, you're going to end up with more. So I think she would just want to visit with an estate attorney, perhaps the person that drafted the will, explain her desire for the entire plan, including the home, and make sure that the will and the TOD deed and the beneficiary designations on any other accounts reflect what she's ultimately trying to accomplish. And then that person can also explain to you the process that you would be undertaking as the executor. So getting some wise counsel here, I think would make a lot of sense.

But the bottom line is, yes, a TOD deed can accomplish what you're looking for there in the state of Ohio. Robin, thanks for your call today. We appreciate it. All right, let's head back to the phones here as we round out the broadcast to Missouri. Hi, Judy, go ahead. Hi, thanks for taking my call. I've been listening and learning quite a bit while I've been listening to you, especially the 65-year-old gal who doesn't know much about investing.

That's me. And I received or I will be receiving life insurance from my husband's passing. I feel that I'm in good shape financially. I have a nice home paid for, my car is paid for.

I have no debt and I can live quite well on my income right now from Social Security and his Social Security. I was called by a salesman in a gold company about investing in gold coins. And I would like to know, would you advise that or not? You know, I like gold, but I wouldn't overweight there. So out of your total portfolio, your total investable assets, I generally recommend five, certainly no more than 10%. Now, often we will do maybe 5% in physical gold, so that would include the gold coins. But I'd be careful there, not just buying from somebody who called you over the phone. I'd do your homework, know the spot price of gold, make sure you understand what premium you're paying, and use somebody who's reputable and trustworthy. But I wouldn't go over 5% for me in the physical gold. And if you want to do another 5%, you can add it through the exchange-traded funds where it tracks just the price of gold, but you don't actually have to take physical possession. Now, if you wanted to go a full 10% physical gold, you could, but you've got to secure it and store it and all of that. And you just, again, need to make sure you're working with somebody who's reputable.

But I just wouldn't overweight there. Gold doesn't perform as well, it doesn't generate an income, it's more volatile than a properly diversified stock and bond portfolio. Well, that's interesting, because they make it sound like you can't lose.

And make it sound, go safe. Yeah, and it's a store of value, and it's a fear trade, and if everything else is declining, it's a way to have an uncorrelated asset. And that's a good thing, but we're just now getting back to where we were three years ago on the price of gold, and you would have thought with inflation and all the things we're dealing with, that gold would be through the roof. And it has done well as of late, but over the last few years, there's not a whole lot of performance there. And it doesn't generate an income, so you can own a stock or piece of real estate and you get income while you're holding it, while the price of it is increasing.

Gold doesn't do that. So that's why I think it's a good place, good to have it in your portfolio, I just wouldn't go more than 10%. Hey, Judy, all the best to you. Stay on the line. I want to send you a gift. It's a great book called Wise Women Managing Money by a wonderful lady that was a widow and wrote this book for ladies just like you. I think it'll be an encouragement to you. God bless you. I hope you'll make plans to join us again next time for another edition of Faith and Finance. Faith and Finance is provided by Faith Buy and listeners like you. Thank you.
Whisper: medium.en / 2024-06-29 03:30:37 / 2024-06-29 03:40:16 / 10

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