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Thank you in advance for your support and partnership. More stress doesn't always equal higher salary and if you bring home the stress along with the salary, is it really worth it? Hi, I'm Rob West. If you're bringing home stress along with your salary, maybe it's time to rethink the purpose of your work. Today we'll see what it looks like to work as unto the Lord 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. Some statistics claim that 54% of American employees are happy with their jobs. And then again, apparently 83% of us are suffering from work-related stress. Whether those are accurate numbers or not, we all know just from looking around that people are stressed out and work is often the cause.
So what does all this mean for you? If work-related pressure is getting you down, what do you do? Quit? Retrain and change jobs? Grit your teeth and keep going?
Well, let me suggest you step back and ask a different question. As a believer in Christ, why are you working in the first place? The desire to do productive, meaningful work is in our DNA.
In fact, when God created Adam and Eve, he immediately set them to work naming the animals and tending their beautiful garden. Unfortunately, along with everything else, work was twisted by sin after the fall. Now, instead of always being productive and satisfying the way God intended, work can literally make us sick. In Colossians 3 23 and 24, we see the key to rediscovering meaningful work. Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving. Serving God in your work, whether your job is secular or not, is the key to contentment on the job. The verse says whatever you do, so it's not the work itself that matters, it's the boss.
And if you're a Christian, your boss is Jesus, not you and not even your employer. Okay, for those of you who like examples, let me show you someone who did her job as unto the Lord. We don't know her name, but her virtues are outlined in chapter 31 of Proverbs. She's referred to as a wife of noble character. But her actions and attitudes are worth studying and imitating no matter who you are. One characteristic of this Bible hero that stands out to me is what we might call her work ethic. Here are some of the phrases that describe this woman of noble character.
You can ask yourself, does this describe me too? She works with eager hands. A person of noble character has a positive attitude towards work, knowing that diligence can produce many benefits. She gets up while it's still dark. She provides food for her family.
The Bible makes it clear that providing for your family is a primary responsibility. She takes it very seriously. She considers a field and buys it. Out of her earnings, she plants a vineyard.
Part of the biblical work ethic involves expertise, gaining useful skills and using them for the benefit of your family and community. She sets about her work vigorously. Her arms are strong for her tasks. This hero is aware that living well requires strength and determination.
You don't get there sitting on the couch watching YouTube. She opens her arms to the poor. This woman of character is so successful in her work that she is able to be generous with her surplus.
Are you working just for yourself or so you can help others also? She speaks with wisdom. A person of noble character develops enough experience to teach others. Her work ethic is the water that raises all boats because everyone benefits from her industry. She does not eat the bread of idleness.
It's pretty clear that a biblical work ethic means not being lazy. And the most important quality of the woman of noble character is that she follows and honors the Lord. A woman who fears the Lord is to be praised.
Everything she does comes from a desire to serve God and all of her success springs from this priority. We can learn a lot from the Proverbs 31 woman about working as unto the Lord. I encourage you to read through Proverbs 31 and make it a point to follow her example. Finally, as you consider your own job stresses, remember Proverbs 3, 5 and 6. Trust in the Lord with all your heart and lean not on your own understanding. In all your ways acknowledge him and he will make your paths straight. You see folks, we serve an audience of one. We're not playing to a chorus of men, we're playing to God himself.
And when that's the focus of our heart, it puts everything in perspective. All right, your calls are next 800-525-7000. That's 800-525-7000. Stick around. Find out where they live and work through our national radio program, app, resources and website to influence widespread positive change in our culture. Please consider becoming a monthly partner at faithfi.com slash give. Faith and Finance is grateful for support from Soundmind Investing. For more than 30 years they've offered financial wisdom for living well.
SMI provides step-by-step guidance for do-it-yourself investors. From those just getting started to those getting ready for retirement. More information including a short video webinar on profit and peace of mind, no matter what's happening in the market is available at soundmindinvesting.org. Grateful to have you with us today on Faith and Finance. Delighted you're with us today as we come alongside you to encourage you, to help you apply God's wisdom to your financial decisions and choices. We've got some lines open today. We're ready to take your phone calls. That number to call today 800-525-7000.
Again 800-525-7000 is the number to call. Before we dive into those phone calls today in the news, Americans are still splurging on travel and entertainment even as credit card debt tops $1 trillion. That's exactly right. That's trillion with a T. Revenge spending is not dead. The credit card balance total right now $1.14 trillion. And we're still seeing splurging on impulse purchases. It's a phenomenon also known as doom spending or spending money despite economic and geopolitical concerns. Roughly 38% of adults plan to take on more debt to travel, dine out and see live entertainment in the year ahead. According to a recent report by Bankrate, one quarter, just over one quarter, 27% of those surveyed said they would go into debt to travel this year.
While 14% said they'd dip into the red to dine out and another 13% would lean on credit to go to the theater or see a live sporting event or perhaps attend a concert. Some of that reflects a you can only live once mentality that intensified during the pandemic. And some of that is because of many economic indicators, including GDP growth and unemployment rate are in favorable shape, although deteriorating rapidly. Younger adults, particularly Gen Z and millennials, were more likely to splurge on those discretionary purchases, Bankrate found. Although an increased cost of living has made it particularly hard for those just starting out, young adults are taking a more relaxed approach to their long term financial security. Other studies show that rather than cut expenses to boost savings, 73% of Gen Zers between the ages of 18 and 25 said they would rather have a better quality of life than extra money in the bank.
That's from a study by Intuit Gen Z workers are all the also the biggest cohort of non savers according to a separate Bankrate survey, you put all that together. And the bottom line is whether you're, you know, matter the generation that you're in, we have to take a step back and say, you know what, everything we have is entrusted to us by God, we are stewards and therefore accountable for how we manage God's money. And we need to live within our means once we recognize lordship, that is that God is Lord of all and the owner of everything and therefore we're stewards and now money is a tool. This next foundational idea is we've got to spend less than we earn. And I realized that's harder now than ever with expenses up across the board. But we've got to have a plan, we've got to dial back spending, we've got to live within our means.
I think that's really the blocking and tackling, if you will, of faithful stewardship. And really, the only way you're going to do that is to have a plan. Now, that plan can look different. It can be a physical envelope system, it can be an Excel spreadsheet, it can be the faith via app in the palm of your hand on your smartphone, whatever works for you is key. But you'll never be able to live within your means without that plan.
And when we create it that budget, we can't stick it in the drawer, we have to have a system to control the flow of money in and out. So hopefully, that's an encouragement to you today, we would encourage you to pick up that app, faith via app if you don't have a way to manage your spending at faith via.com. All right, let's dive into some phone calls today. Again, we've got lines open 800-525-7000. You can call right now.
Let's begin in Tennessee. Hi, Kelsey, go ahead. Hey, Rob, thanks for answering my question.
I was just curious. So my husband and I were in our mid 20s. We're expecting our first baby here in a few months. Awesome.
And we're super excited. We've been told about a 529 account. And we're just kind of wondering your suggestions on ways to set her up for financial success in the future if the 529 account is something you would start with or if you had any other ideas.
Yeah. Well, first of all, Kelsey, congrats to you and your husband. That's amazing. There's no greater joy than the blessing of being able to have a family.
And so that's incredible. I love that you're already thinking about how to set her up in the future. I guess the first thing I would say is, and we'll get into the specific account type here in just a second. Let's make sure, though, before you do that, because you do have time, you know, to put money aside. And there are other ways to pay for college if that's the direction she goes. But I would want to make sure that before you do that you have some other priorities in place, namely, you've got that emergency fund, I recommend three to six months expenses. Secondly, that you don't have any high interest credit card debt. Thirdly, that you are putting something on a systematic basis away for retirement. At the very least, taking advantage of any matching that you have in a company sponsored plan.
So do you have all those boxes checked? We do. Okay, great. And so then I think being able to start to put something away for college per se can be a great option because as you well know, compounding works most effectively for you when it's over a long period of time. And so starting early would be great. I do like the 529 plan, and I like it now more than ever.
And here's why. Listen, we realize that, you know, going to college is still a great option. It's a great option for most kids coming out of high school, it gives you preparation and the ability to get a degree, hopefully that leads to a better paying job.
And so I think, you know, the data says that's a very appropriate track for most students. However, there will be students that decide that's not for me, for whatever reason. They want to pursue something where it makes more sense to go to a trade school or get a specific type of training for, you know, what it is God has in store for them or starting a business or any number of things. And so the nice thing about the 529 is number one, you can save like a Roth IRA where it's tax deferred or tax free growth, as long as you use it for qualified educational expenses. So that's number one, you get tax benefits. Number two is, if she were to get scholarships and or grants, you can get the money back on a pro rata basis without any penalties. And then number three is the new piece of this is that she would be able if she didn't use it all, she could roll up to $35,000 of it over into a Roth IRA, and then it just could continue to grow for retirement, which would give her just a really great head start on having some money that could continue to grow tax free throughout her working years and have a really nice nest egg in retirement. And so that wasn't available before, but it is now and so I think for those reasons, this really is my preferred option for saving for college. The only other consideration Kelsey is just if you wanted that money more widely available for any purpose beyond college, then you may want to think about saving in a different way. But if you're comfortable earmarking it for college, and knowing that she can get it back for scholarships and grants, knowing that she has the option to, to roll up to 35,000 into the Roth, then I would say go for it.
And the place I would go to determine which states 529 to use as a website called saving for college calm, because you may find that even though you're there in Tennessee, that another state's plan is better just based on the fees or the performance historically of the investments and saving for college will help you determine that. Does that all make sense though? It does. I really appreciate that. You're welcome. Listen, if you just set up an automatic debit, you know, could be $25 a month, it doesn't have to be a lot. But just given the fact that you'd be putting this money away systematically for the next 18 years, you'll be surprised at how much you'll be able to build up over time and with that tax free growth. You've got you know that on top of it.
So hopefully that helps God bless you and congratulations again on this new little one back with more questions 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 slash give. We are grateful for support from Praxis Mutual Funds. Praxis Mutual Funds has seven impact strategies that are designed to create positive real world change. More information is available at praxismutualfunds.com. The funds investment objectives, risks, charges and expenses are contained in the prospectus and summary prospectus. This and other information is available at praxismutualfunds.com. Investments involve risk.
Principal loss is possible. Foresight Fund Services LLC. It's great to have you with us today on Faith and Finance. I'm Rob West.
All our lines are full so let's head right back to the phones to Round Lake Heights, Illinois. Hi Moses, go ahead. Hi Rob, thank you for taking my call. I'm a first time caller and I've been listening to your ministry for over five years. I'm so grateful for your ministry.
It is a huge blessing and I pray that God continues to bless you for that. Thank you. I have a testimony, a confession and a question. Okay, I'm ready. In that order, I guess?
Yes. Okay, let's do it. My testimony is that when I first started listening to your program, I heard about Christian Credit Counseling. My wife and I were desperately in need of credit card relief. I wanted to file for bankruptcy but I felt convicted by the Holy Spirit and listening to your words that I needed to pay this off.
In less than five years, we paid $36,000 worth of credit card debt. Wow. That's my testimony. Incredible.
My confession is, believe it or not, we were never able to manage to put a budget together. It's something that gives me anxiety. I kind of freak out about it. We tried to do it before. I even try to go and do the app that you suggest. And when I try to link it to my bank account, it did not allow me. I ended up having to reset my bank password.
So my question is, how do I make a budget and how do I keep it? I'm like totally scared to do it. Yeah. Well, I appreciate you sharing that. And first of all, let me celebrate the testimony that you shared there, Moses. That's incredible.
$36,000 in five years using our friends at Christian Credit Counselors. I can't wait to tell the team there. They will be so excited. And they, of course, already know, but just the fact that you called in and shared that. What an encouragement. Second, I appreciate your transparency on your confession and just the idea that you've never been able to put a budget together. And in your words, you're scared to do so.
What do you think it is, Moses? What is it that's tripping you up? Where is that anxiety coming from related to a spending plan? When I try to put the budget together and I start seeing everything that needs to get paid, I'm afraid it scares me. I get worried.
I got three kids. The full budget, this happens, that happens. Yeah, I can certainly understand that. How are you doing on a monthly basis? I mean, you obviously were able to stay laser focused on getting out of debt.
What a blessing that is. You now have recouped that amount that you were sending to pay off all that credit card debt back in your budget. Are you seeing any kind of surplus each month? We were, to be honest with you, pretty much living paycheck to paycheck. I was expecting to have a surplus after this. And then, unfortunately, Illinois raised my taxes on my home. So that surplus just got cut in half.
But we're probably just going to have like a surplus of $400. Okay. Well, here's the thing. I mean, you know, as you think about your role as a steward and as I think about my role, it's a pretty high calling that the Lord has given us. It all belongs to him. So you and I are money managers for the King of Kings. And that's a privilege.
It shouldn't be something that we should be scared of because the Lord has said he'll never leave us or forsake us. He is our provider. Moses, everything you have belongs to him. And we have the privilege, after we surrender our lives to Jesus and place our trust in him, of being stewards. Stewards of our time and our relationships. You're stewards of those precious children the Lord has entrusted to you.
You're also stewards of God's resources. And so I think, you know, really seeing every spending decision ultimately is a spiritual decision. I think perhaps seeing that budget not as an obligation, but perhaps as a way to celebrate God's provision in your life. The fact that you are able to cover those bills and put food on the table to care for those children and, you know, put clothes on their back. And I mean, you know, as you look at that budget, I think there's an opportunity to perhaps change and shift your mindset around, wow, look at all these things I have to do. Instead, look at all the things I get to do. Because of God's provision, I'm able to write this check and cover this bill and keep the lights on and keep gas in the car.
And, you know, every now and then maybe do something fun with the kids and go out and celebrate and get some pizza or, you know, take in a baseball game or go on a vacation. And, you know, I realize it's challenging, and it's more challenging now than ever. And by God's grace, because of your diligence, you were able to absorb those increases in property taxes that might otherwise have thrown your budget into a tailspin. And that's a direct result of first, God's provision in your life, but second, your diligence to focus on getting that debt paid off. I mean, that's remarkable that you paid off $36,000 in credit card debt in five years.
It's something to celebrate. And I think, you know, hopefully as you begin to look differently at your budget, not as what I have to do, but what I get to do, you know, perhaps that subtle shift will allow you to begin to see differently the opportunity to be faithful in managing God's money. And you really can't do it effectively, not nearly as effectively without a plan.
Because until we know where we're going and chart a course to get there, we're pretty much going to miss it every time. Here's what I would love to do for you. If you'd be willing to do it, I'd be happy to connect one of our Christian financial counselors to you at no cost, we'll cover the cost, for that person to help you set up that budget, pray with you, encourage you, talk to you about how mechanically you should operate the budget on a monthly basis, and perhaps give you some, you know, some tools and some thoughts on, you know, what it looks like to get it in place. And then, you know, perhaps once it's there, you know, you would then be better positioned to carry it out on a monthly basis. Now, if you're not going to follow through, just tell me that we won't, we won't take the time. But if you will, I'd be happy to get somebody connected to you that can journey alongside you as you do this.
Give me your thoughts. I absolutely would follow through just, just speaking with you and hearing your wisdom. And this is not something that's to be forced on. It's a privilege. It's an honor to manage God's money. Like that's so encouraging for me to change my perspective and look at things that way. I think sometimes we get caught up so much on what I have to do in regards instead of what I need, what I am privileged to do. So absolutely, I'm glad I called and thank you so much.
Thank you, Moses. I'd be delighted to do it. So here's what we're going to do. You stay on the line. We're going to get your information. We'll get one of our Certified Christian Financial Counselors in touch with you. They'll encourage you.
They can sit down with you and your wife, you know, over the phone or a virtual call and have an opportunity just to talk through your income and expenses, put a plan in place, get that budget finally in place. But also help you think through the best way to manage that, whether that's the FaithFi app or something else. And I'm confident that'll be a blessing to you. Let me pray for you. Father, I just pray that you would just open Moses' eyes to just how much you love him and his kids and his wife and your promises are true and you're trustworthy, Lord. Thank you for the incredible work he's been able to do to eradicate that credit card debt. And I just pray that you journey alongside him as he is a father and a husband and a money manager.
We ask this in Jesus' name. Amen. Folks, that's going to do it for us. A big thanks to my team today, Jim Henry, Devin Patrick. We're also grateful for Pat, as well as Adam, who work as a team to handle our phones. You have a great day and come back and join us tomorrow. We'll see you then. Bye bye. Faith in Finance is provided by FaithFi and listeners like you.
