Serving Every Christian with Lauren Gajdek

This faith and finance podcast is underwritten in part by Christian Healthcare Ministries. Are you finding it increasingly challenging to find affordable healthcare? Christian Healthcare Ministries is a budget-friendly, biblical, and compassionate healthcare cost-sharing alternative that aligns with your Christian values.

And it's available in all 50 states and around the world. Learn more at chministries.org slash faith buy. I praise you for I am fearfully and wonderfully made. Wonderful are your works. My soul knows it very well. Psalm 139 14.

I am Rob West. God made each of us in His image yet unique in our own way. We have different abilities to serve the kingdom and different needs.

For example, our healthcare needs may differ. I'll talk with Lauren Gydeck today about a great way to help you pay your individual healthcare costs. 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 decisions. Well, if you like hearing about innovative ways to cover healthcare expenses, you never want to miss Lauren Gydeck's visit to the program. Lauren is the vice president of communications and media at Christian Healthcare Ministries, an underwriter of this program. Lauren, great to have you back. Thank you, Rob.

Thank you for having me today. Lauren, we always discuss medical cost sharing when you're with us because it provides so many blessings. Right now, you want folks to know about one of them in particular, and that is that Christian Healthcare Ministries strives to serve every Christian. Share more about that.

Yeah, I'd be glad to do that. So Christian Healthcare Ministries, or as we like to call it, CHM, it really is for every Christian, you know, regardless of where you live in the country or what denominational background, it's the body of Christ coming together to share each other's healthcare costs. And, you know, the common bond we share is our love for God and the salvation that we have through Jesus Christ.

Yeah, that's well said. We said that our healthcare needs differ and they change over time, so share with us some of the stages and even changes that folks go through that make their healthcare needs change. Yeah, we like to say CHM is for every age and stage. So what we mean by that is, you know, if you're a single person, if you're a married couple, a younger married couple, older married couple, if you have kids in the home, if you're an entrepreneur and you want to start a business, you know, you can take CHM with you wherever you go.

Or if you're a little further along in life and you're getting ready for retirement, you know, CHM can be a great solution for you. Let's dive into those specifically. Share the options that you have available for these folks.

Yeah, I'd be happy to do that. So we have four programs. We have gold, silver, bronze, and senior share. And those programs are, you know, tailored to different budgets.

So our programs start as low as $92 a month. And you, you know, you can change your program, you can have a different family members on different programs. So there's a lot of flexibility with that. And I know one of the differentiators with CHM is not just how effective it is at reducing the cost of making sure you have proper care for yourself or your family, but it's also the sense of belonging that comes with being a part of CHM. Share that with us.

Yes, definitely. So one of the best things about CHM, in fact, it's critical to who we are, is that we are, you know, a Christian organization. We are a ministry first and foremost. And, you know, we talk to people all the time who are going through some very, very difficult times in their lives. And it's just another way that the body of Christ ministers to each other by participating in this program, because you're receiving prayer and encouragement at the time of your life when you need it most, you know, when you're in the midst of a health incident. And 1 Corinthians 12 27 says, you are the body of Christ, and each one of you is a part of it. And we really believe that at CHM.

Yeah, I know you do. I want to drill down on one specific aspect of the ministry and the offerings that you have before we wrap up today. You mentioned Senior Share. Will you share just for a moment about how CHM works with Medigap or Medicare Advantage plans? Yes, so CHM will jump in and help with the costs that Medicare will not cover. So if you're of the proper age, we do require Medicare enrollment.

But you know, if there's a gap there, and Medicare doesn't cover everything, then CHM can come in and help pick up the slack on those costs. Excellent. Well, we're grateful for our long term partnership, Lauren, with Christian Healthcare Ministries. I know you've served hundreds and hundreds, if not thousands of our listeners, and some of our own team members here at Faithfi. So we appreciate all your great work. And thanks for stopping by today. Thank you so much.

Have a good one. Folks, if you want to learn more, go to CHMinistries.org slash Faithfi. That's CHMinistries.org slash Faithfi.

That was Lauren Gidek with us today. Back with your questions after this 800-525-7000. Stick around. God has entrusted his finances to you. And we at Faithfi have designed our Faithfi app to help you live, give, owe, and grow with that perspective. Our Faithfi app is the leading biblically-based finance app. You can manage your money, get top biblical financial resources, and interact with a community of like-minded believers, where you can ask questions, get answers, and share what you're learning.

Go to Faithfi.com and click the word app to get started. Paying too much for health insurance? Frustrated by high deductibles and increasing premiums?

There's a better way. Christian Healthcare Ministries. CHM is a Christian community delivering a faith-based solution to the high costs of healthcare. Take control over your healthcare costs with a program from CHM that could save you up to 40%. Learn more and enroll today at CHMinistries.org slash Faithfi.

That's CHMinistries.org slash Faithfi. I'm so glad you're with us today on Faith and Finance. I'm Rob West. We're taking your calls and questions today. The number to call, I've got some lines open right now with your financial question, 800-525-7000. Again, that's 800-525-7000. You can call right now. Let's head to Chicago. Hi, Beverly.

How can I help? Hi, Rob. Thank you for taking my call. My question has to do with, you know, there's been a lot of, I get a lot of emails that are fear monger type emails about what's happening in the world. But the one that concerns me is the one that apparently is taking place with banks like Wells Fargo, Chase, and a few others that are following the instructions of our current presidents leading to go to cryptocurrency.

And, you know, I've gone out on AI and AI hates me because I argue with it. And I've asked the question, what's that going to do to credit? What's that going to do to interest payments?

What's that going to do if we do away with the dollar? And the answers I get back are, interestingly enough, oh, yeah, that is a concern. Well, my concern is I just recently came into an inheritance. And long story short, I've invested the money, but I'm concerned about about my money. Is that money going to grow for me? Or am I going to have to look to alternatives like gold and the rest of it?

Get away from this cryptocurrency nonsense? Yeah. So a couple of thoughts on this, Beverly, I think you're combining several things into one. And let me just provide a little bit of clarity.

And then we'll see what other questions you might have. But so there's a difference between a central bank digital currency, what's often called a CBDC. And that would be where you have a digital dollar that could either be in addition to regular coinage, like we have now paper money and coins or replace the coinage now and become the only available dollar and it would be digital in form and it would run through the US Treasury. That's a central bank digital currency, which is completely different than cryptocurrency, which is essentially, you know, outside of government control, and checks all the boxes of functional money. And, you know, the most common or well known of which is Bitcoin. And it's based on the blockchain technology, which is a decentralized way of having a string of computers together and it has far reaching implement, you know, purposes beyond just currencies from, you know, everything from healthcare to a variety of other places. So those are two different things in terms of the cryptocurrency.

I think it's here to stay. But I think there's a lot of questions that remain, because it's decentralized and outside of government control. You know, I think there's still some questions as to how the central banks of the world are going to ultimately respond and try to regulate these cryptocurrencies, because, you know, which make them pretty speculative in terms of an investment, because we just don't know number one, which of the currency exchanges are going to make it and then to how ultimately, are the governments of the world, you know, going to impose regulations on these cryptos. That's different from a central bank digital currency. Now, you mentioned President Biden and what happened there is he signed an executive order a couple of years ago calling for what amounts to a study on the practicality of implementing some form of digital currency. And then alongside that there was he asked for recommendations on crypto as well. But again, that's completely different.

And they came back with a range of recommendations and proposals. But the bottom line is that the executive branch can't do this alone. He doesn't have the authority. It's constitutionally clear that coinage is a congressional function, and the Treasury regulates banks. So you know, it's going to be very difficult to get legislative buy in due to the lack of trust in big government overseeing all of our transactions.

And I think for good reason. You know, if you were to tell me that they would have the ability to essentially turn off our access to funds, based on some sort of social control, there would be a lot of folks and including a lot of congressional leaders that are not on board with that and would have a lot of concerns just because of loss of privacy. And it's for that reason that the state of Florida got out ahead of everybody and said, central bank digital currencies don't comply with our uniform commercial code, which just basically means it's not going to be accepted as legal tender here, because they're trying to drive a stake in the ground to say, this is not something that that we want. And so I think it's a long way off if we ever see it. And I certainly don't think, just based on the current environment in Congress, that we would ever see the outlawing of traditional currency, I just don't think you're going to get enough lawmakers to get on board with that.

So I I don't think there's anything to be concerned about in the in the near term. Now, does that mean we stick our head in the sands? No, I'm not saying that at all.

You remember, we saw the men of Issachar in the Bible, they understood the times. And I think we need to understand the times. And there are a lot of things, you know, to be concerned about with regard to our economy and the future of the dollar and some of the macro trends. But I will say if we're grading on a curve and looking in our rear view mirror, there really is no other legitimate rival to the US dollar in terms of a world reserve currency, because any of the other players just typically can't be trusted. And it requires massive amounts of trust to be able to occupy that position in the world.

So despite our challenges, I don't see any rival that could kind of dethrone, if you will, the US dollar from its current status. Now, obviously, I've thrown a lot at you there. But give me your thoughts on all that. You know, actually, you have alleviated some of the angst that I was anticipating after reading some of this stuff. And I just want to say I, you know, I thank you for that. It is a little bit clearer for me, I am a conservative by nature.

And I certainly if that were to raise its ugly head as potential for the future, as long as I have living breath, I would oppose it. So I want to thank you for all the work that you do. But most of all, I want to thank you for this answer, because it is, it's clarified a lot for me.

And it takes the wheels that are turning in my head, and it kind of shuts them down. And I just need to be conscious of what I'm doing with my inheritance. And I'm using some of it to fix up my house. So that, you know, my house is livable until the day that I die. So and the rest of it is invested in will go to the various organizations that I believe needed.

So now my my other question is, and I'll keep it real quick. My advisor, who I've had for many, many years is retiring. And I know my investments are going to go into another advisors hands. Is it advisable for me to look at a kingdom advisor and maybe transfer that into someone's hands, where I would feel a little more comfortable? You know, I like the idea, especially if your advisor is retiring, this is a great time to take a step back and just say, you know, who is the witch advisor is the best fit for me moving forward. And I would certainly use among a number of criteria to evaluate that advisor whether he or she shares your values, and understands the heart of God as it relates to our role as stewards and managing God's money. I think you would go a long way to having somebody who could really walk alongside you in that way. So yeah, I would encourage you to interview two or three you can find a CKA in your area at faithfi.com.

Just click find a professional. Hey, God bless you, Beverly. Thanks for being on the program. All right, folks.

So we're just getting started today. Plenty more time for your questions on anything financial will help you apply the wisdom from God's Word to those decisions and choices you're making call right now. I've got a few lines open 800-525-7000. By the way, if you want some help in your financial life, maybe it's a professional you need. You can find a certified kingdom advisor on our website at faithfi.com. Or maybe it's budgeting or communicating with your spouse. That's where a certified Christian financial counselor comes in. You can find a CERT CFC on our site as well.

Just go to faithfi.com and click find a professional. Back with more after this. Stick around. 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, Faithfi 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.

I'm so glad to have you with us today on Faith and Finance where we want God to be your ultimate treasure and for you to see money as a tool to glorify God and accomplish his purposes. All right, let's head back to the phones here as we round out the broadcast. Athens, Tennessee.

Didn't know there was an Athens, Tennessee. Hi, Greg. Go ahead, sir. Hey, thank you for taking my call. I really appreciate it and appreciate all you do. Thank you.

But anyways, my question is, we inherited, my wife and I inherited, it's an inherited IRA and it must have been probably around 2021. My mother passed away from COVID, which I'm so sorry. Yeah, well, it was just a year after I about died from it. I was on life support for over a month on it here, but wow. Yeah, I about died. And then my mother ends up, and she was as healthy as a gold mine mule. And then she gets it and passes away.

It was terrible. But be that as it may, my sister and brother and myself inherited the IRA. And I started out with about 215,000. Today I checked it. It's about 235. It goes, the highest it's been is 237. And my question is with all this, everything that's going on in the market, it's up and down.

It makes me nervous. We built a house in the year that I got COVID. And I remember telling the Lord that I was building this house. I didn't, I don't care what you say.

I don't care if it cost me every diamond and about did. And we had some money and this is what I did. And we built this house, but we got a mortgage of about 230. Now we, it was about 250. We paid some of it down, but our interest rate is 2.85. We got it during the COVID pandemic and when it was down. So thank God for that.

But at the same time, my wife and I are kind of going back and forth, you know, should I, at some point, look at this, if I gain a little bit more money in this and pay the house off, or should I keep it in the market? Yeah. Yeah.

It's a good question. What about the rest of your investable assets? Greg, do you have other retirement accounts? Do you feel like you're on track for retirement? Well, I am retired technically. I retired twice from one Southern California, the Riverside County Sheriff's Department there. And then I've been on this department here in McMinn County for about 18 years.

I do have a retirement from there also. After I got COVID and I did recover, they said that it was like miraculous. The things that, I mean, if you only knew what happened, it was, but they said my recovery was absolutely miraculous because I shouldn't have recovered for one thing. And the way I did, you know, it got to the point where, you know, my chief called me about a year and a half, two years ago and asked me if I would be willing to come back and help them out.

And I couldn't say no. So I'm kind of working. I still have my retirement, but we don't have any, that's the thing about my life is that I should have been a millionaire. And I look back and some of the opportunities I had, and I blew it. I just, you know, took care of kids, college, that kind of thing. And, but that's my own fault.

I don't have anybody to blame but myself. And so my wife has an IRA in her retirement. She works down at TDOT. She's a finance administrator down there.

I mean, she's good at it, but it was my fault. I, you know, I should have planned. Well, here's my thoughts on that.

And that's all helpful background. You know, I think the reality is you're probably going to have to get this because it's a non-spouse IRA. You're probably going to have to have this out in 10 years. Your CPA can confirm that. But under SECURE Act 2.0, you're going to have to have it all out in 10 years. You know, can you do better than the market in the market than 2.3% annualized return?

You should be able to without any trouble. So could you do better by leaving this there and keep it invested with a 10 year time horizon, working with your CPA and, and letting this grow and then pulling it out down the road, hopefully when, you know, your, your home is closer to being paid off. Probably that makes sense on paper.

I think the only exception to that would be if you and your wife just really want to be unencumbered, you have a conviction to be debt free, then I would say go ahead and pay it off. If you did that, I'd probably stage it between now and the end of the Trump tax cuts, which will be at the end of 25. So I might take half this year and half next year. And that way you wouldn't push yourself up into a higher bracket because the other piece of this is if you take it all at once, it's all going to be added to your taxable income in one year. But if you wait and spread it out, you'll layer that in an addition to your taxable income. Number two, we're probably going to have higher tax rates in the future. They're not likely to be lower than where they are today. So there is a case for you to go ahead and get it out now and pay it off, assuming you have a conviction to be debt free.

But if you are comfortable hanging on to this mortgage and you just want the best return, I would say hire an advisor and you're probably going to do better to keep this invested over the next decade and just get it out in time for the IRS requirements. That's my best advice, Greg, all the best to you, my friend. Let's finish up today in Nashville. Hi, Betty.

Go ahead. I have received some Walmart stock, 10 percent of my sister's, which didn't amount to much like $5,200, but the attorney sent me cash. So how do I pay taxes on that?

Does the attorney send me a 1099 or I just turn in the $5,200? Well, where did it come from? Was it an inheritance, Betty? It was an inheritance, yes. Okay.

So she passed away and then it was paid to you out of her estate as an inheritance? Yes. Okay. And who sold the shares of stock?

Do you know? It was Walmart. Right.

But who actually placed the trade? So did the the shares were in the estate and then the personal representative liquidated the shares, so I was the one that represented everybody and they wanted to cash it out. Okay. You sold the shares of stock in Walmart pretty soon after her passing?

Well, no, it was like two and a half years later because we didn't realize that it was there. Okay. Yeah. So you're going to want, do you normally file your own taxes or do you have a CPA? I usually file my own.

Okay. So what would happen is the shares of stock, the cost basis on those would be reset to the market value of the shares as of the date of her death. And then any gain in those shares would be a capital gain from the date of death until the day you sell it. And then obviously whatever portion of that was yours, you would be responsible for the gain on your portion. And so you don't, it's not taxable income. It's just the difference between the selling price minus the value of those shares as of the date of death is the gain. And then you would pay capital gains according to the capital gains tax.

Does that make sense? So how would I go about finding out that? Do you file taxes as a single person or married? Married. Okay. And so if you're married, filing jointly for 2024 is your income, your combined income, not the game, but your income, is it less than 94,000?

Yes, we're retired. Okay. Then it would be a 0% capital gain rate. So you should not have any taxes that you owe on that.

Okay. No taxes. And there's no way that I need to show proof or anything. No, it's an inheritance. So you wouldn't have to worry about that.

And yeah, as long as you don't have any capital gains due, then you can justify that all day long. So we appreciate your calling. Unfortunately, I'm out of time. God bless you though, Betty. Well, that's going to do it for us today, folks. Thanks for being along with us. On behalf of my team today, Autumn Simmons, answering our phones today, grateful for Autumn, Devin Patrick, my producer and on research today, Mr. Jim Henry for everyone here at Faithfi. May the Lord bless you. Come back and join us tomorrow. We'll see you then. Bye-bye. Announcer Faith and Finance is provided by Faithfi and listeners like you.