FaithFi’s 2024 Impact Report with Chad Clark

Through FaithFi's biblically based tools and resources, we're helping millions of Christians navigate their financial lives each week so that they can see God as their ultimate treasure. As we look ahead to the new year, we at FaithFi want to invite you to partner with us as we seek to continue equipping more good and faithful financial stewards for God's kingdom. Every donation made to FaithFi between now and the end of the year will be doubled up to $150,000 through a generous matching gift opportunity. This means your donation will have twice the impact in helping us reach more Christians with biblical financial wisdom. You can make your year-end gift by visiting faithfi.com, that's faithfi.com, and clicking Give, that's faithfi.com slash give.

Now, let's jump into the podcast. And whatever you do in word or deed, do everything in the name of the Lord Jesus, giving thanks to God the Father through him. Colossians 3 17.

I'm Rob West. God created man for his glory. That means everything we do should glorify God, including how we manage money. Chad Clark joins us today to talk about how FaithFi is helping God's people be more faithful stewards, all for his glory. And 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. This is faith and finance, biblical wisdom for your financial journey. Well, our guest today is Chad Clark, executive director here at FaithFi, and he has a passion for ensuring we are teaching God's financial principles. Chad, great to see you.

Yeah, thanks for having me. Chad, FaithFi recently came out with our annual impact report for 2024, and it has some incredible numbers that we'll talk about today. But first, I'd love for you to share why the work of this ministry in your view is so critical.

I really do believe that the work we're doing here is absolutely critical, primarily because it's what we see in Scripture. It's an area that is often not easy to talk about, which is money. But we see it both in the Old and the New Testament, how money and possessions often lead to pride, greed and idolatry, which unfortunately, in the Bible, drew people's hearts away from God. And it continues to do the same to our hearts today. Yeah, there's no question about it. Money issues are heart issues, and so we want to help God's people steward money wisely, but through the lens of a biblical worldview, right?

Absolutely. So the need to address our relationship with money from a biblical perspective is absolutely critical. And a recent study found that 94% of Christians don't hold a biblical worldview, which means they're being shaped more by the world than by God's word when it comes to finances. And that's why we exist, to equip and encourage Christ followers to adopt a biblical worldview of money and to live accordingly. At Faithfy, our mission is literally to equip Christians to integrate faith and financial decisions for the glory of God, and our vision, I love this, is for every Christian to see God as their ultimate treasure. We want to encourage and equip Christians to go from greed and idolatry to generosity that flows from a heart that treasures God above all else, which leads to peace and true contentment.

Yeah, it is really a game changer when that happens. Now, let's share with our listeners exactly how we do that. Yeah, one of the biggest ways we do that is through this radio program. Every day, the Faith and Finance show airs across the nation on over 1,900 radio signals, and through our podcast, we reach an estimated 1.5 million weekly radio listeners, in addition to 825,000 annual podcast downloads. And this reach is impressive, but it's really about the impact the program has on individual lives, like Walter from my home state in New Mexico.

Let's take a listen to his story. I really recognize you as an accountability partner, really, with my finances. God has just been so good to me and my company over the years and truly blessed. So I listen to you religiously, and I try to listen to those topics that are really relevant, which all it really is. It's God's money, and he allows me to earn it. And as you said, the more I make, the more I can give away. I love how Walter says we're his accountability partner. That's such a great picture of the role we can play. But it's not just about the radio, Chad. It's a lot more than that, isn't it?

Yeah, it really is. Another accountability partner for many people is the FaithFi app. Over 65,000 FaithFi app members are using the app to wisely steward what God has entrusted to them. And in that app, we have a robust FaithFi community of people asking questions and supporting each other on their stewardship journeys. But it's not only just people helping each other, but getting them connected to professionals such as certified Kingdom advisors and certified Christian financial counselors. Yeah, we added a big piece last year as well with our studies and devotionals, and now our publication, right? Yeah, that's a really big piece of what we've now expanded the ministry to do in 2024, such as our study Rich Toward God, a study on the parable of the rich fool, and our devotional Look at the Sparrows, which addresses financial fear and anxiety.

And these studies and devotionals are designed to help people really address the heart issues related to money. Well, folks, as we continue all of this in the new year and so much more, we can't do it without you. As a listener supported ministry, your support is critical. Now, between now and the end of the day tomorrow, December 31st, every gift is doubled because of some generous supporters. So would you consider a gift right now and go to FaithFi.com and click Give? Gifts of all sizes doubled.

FaithFi.com, just click Give. All right, your calls are next. The number 800-525-7000.

We'll be right back. All cap strategies, including equity, fixed income and balance strategies. They are led by industry veteran Bob Doll CFA, a regular guest on the faith and finance program.

More information is available at Crossmark Global dot com. Health care is complicated. It doesn't have to be if you don't love how your health insurance works. Maybe it's time to leave traditional health insurance behind. Take charge of your health care with Christian Health Care Ministries. CHM offers you flexibility. Enroll anytime.

Choose your own provider and select the program that fits your needs and budget. CHM is the original faith based way of taking care of your medical bill costs. Learn more at CHMinistries.org slash FaithFi. Hey, great to have you with us today on faith and finance.

I'm Rob West. This is a really important time for us here at FaithFi. If you count on the broadcast, maybe you really enjoy it. You listen regularly. Perhaps you've been able to find something to apply in your own life or we've been an encouragement to you. I would invite you to be a supporter here at FaithFi. We're a listener supported ministry, which means in part your listener support is how we fund this work to bring this godly wisdom from his word to stewards literally around the globe. And if you would step up and help us here at the end of the year, we would certainly be grateful to encourage you to that end. Every gift is doubled between now and the end of the year. And we're just over one hundred thousand dollars away from reaching our listener support goal for the entire year. And yeah, that's a big number, but we can get there.

We serve a big god. So gifts of any amount, 50 or one hundred dollars, all those are doubled. If you have a bit more capacity and you could do a gift or a thousand or five thousand dollars, those would be doubled as well until we reach our goal.

And as I said, we're about one hundred and five thousand dollars away. If you'd like to learn more, read all about what we're doing here at FaithFi and where the Lord is leading. Just head to our website, faithfi.com and click Give. That's faithfi.com and click Give. You can track our progress between now and the end of the year toward that goal and make a gift right there securely and quickly on that page. Again, faithfi.com, click Give. Every gift doubled and we could use your support.

Thanks in advance. All right. We've got calls coming in and we want to dive into those calls. So let's begin that now. We're going to start today in Pennsylvania. Randall, you'll be our first caller, sir. Go ahead.

Hi, Robbie. Both my wife and I are retired and drawing Social Security benefits. However, we're both going to be turning 65 in the next several months. And I've been moving like most people my age, I guess, when the common knowledge was to put your money into a traditional IRA way back before there were even Roths. But I've been looking at and doing some transferring from the traditional converting into the Roth over the last two years. And the advice I got from my CPA was to go to the top of my tax bracket.

And I've done that the last two. But recently I've come across information about accelerated Roth conversions. And this gentleman presented the impact of the RMDs on future taxes, on possible increases to Medicare premiums. And of course, Social Security benefits possibly being taxed as well. And he points out that eventually you're going to pay the piper. So what they do, they formulate a specific game plan to minimize the long term tax impact. But he speaks mostly in terms of IRA millionaires. We're not quite there yet. We're like three quarter of the way as far as our traditional IRA stuff. And I just wondered, would this still be a benefit? Something we should look at really accelerating it?

And especially with end of the year here, should I get started on it this year rather than next? Well, it's a great question, Randall. And I do like the use of the Roth IRA conversion where it makes sense. This is probably a legitimate operation.

I have no idea, but I'm suspecting it is. I will say, though, that I think it's unnecessary. You can do this yourself. And basically your IRA custodian can provide you with the Form 60, the IRA conversion form. And you'd specify the amount you want to be converted and the investments and where you'd like the money to go into the Roth. I would work with your CPA, not a third party, to determine the appropriate amount to convert in any one year just to not push any portion of it, if possible, up into a higher tax bracket. And then you would report the conversion when you file your taxes and pay ordinary income taxes.

Now, I will say I agree with a lot of what you pointed out that he indicated to you. And that is that, yeah, because it's recognized as income, when you take it out of the traditional IRA, it can affect your IRMA, which is related to Medicare premiums. As long as you're full retirement age, there is no bearing on whether or not your Social Security is reduced, although you may end up paying more taxes on Social Security. But you can earn as much as you want once you get to full retirement age, so that isn't an issue.

And to his point about you absolutely have to pay the piper at some point, that's not necessarily true, and here's why. With the traditional IRA, once you're 70 and a half, you have the opportunity to do a qualified charitable distribution. And so that's a great opportunity where if you're doing giving right now, or you have planned giving that's coming out of taxable assets, money you've already paid tax on that's sitting in a checking or a savings account, at the very least, you could replace that same giving with pre-tax dollars coming out of the IRA going straight to your ministry or charity or church of choice. And that's the way that the money goes in tax-free through the 401k or IRA contributions and comes out tax-free because it goes straight to that 501c3 nonprofit. And so you're going to miss that opportunity if you convert it to the Roth because you're going to go ahead and pay the tax on it, which you would not have to do otherwise with the QCD. So that's why I like perhaps leaving some of this there.

The other factor is, although we don't know what tax rates are going to look like much further down the road, the idea that the Tax Cuts and Jobs Act was going to expire next year and potentially go up dramatically, that risk has been significantly lessened with the Republican control of the House and the Senate and the Trump presidency, where we perhaps are going to see that extended, maybe even made permanent, possibly even tax reductions, but we certainly don't expect increases just given the outcome of the election. So I think for all those reasons, number one, if you want to do the conversion, I wouldn't do it on all of it because of the QCD. And number two, you don't need to pay anybody to do anything for you. This isn't complicated. It's really just a matter of working with your CPA to make sure you understand how much to convert in any one year.

Does that all make sense, though? It does. Yeah, I think my biggest motivator is I have the lion's share of traditional and a significant amount in the Roth, but I'd like it to be the other way around because I manage my own nest egg. So I do some active trading, and what I could do in the Roth obviously wouldn't be taxed.

It would grow faster, and I guess it would grow at the same rate. Well, right, yeah, because there's no tax burden, if you will, or drag, you might say, on the investments inside the account in either case. Both of them are growing in a tax-deferred environment. The question is just whether you're going to pay tax when it comes out as ordinary income because there's no capital gains. And again, the portion that you would be giving away, I like you for sure leaving in the traditional. But if you're doing well and you're seeing some gains and you'd rather be able to grow that, knowing that you can take as much of it out when you need it and never pay any tax on it, and so that behooves you to go ahead and pay the tax today, then I'm on board with that.

I would just say that I don't think you need to pay anybody to help you with that strategy. Okay, appreciate that very much. Thank you. All right. God bless you, sir. We appreciate your call today.

Hope Sound, Florida. Charles, how can I help you, sir? Yes, sir. Quick question on Social Security. So I turned 66 and a half June the 18th of this year, drew my first check July the 18th. My question is, can I still work and make unlimited, or is there a cap on what I can make a year? Yeah, once you reach full retirement age, which you're right, because you were born in December of 57, your full retirement age is 66 and six months, which it sounds like is when you started taking your Social Security. From that point forward, there is no earnings limit.

You can earn as much as you want, as long as you're full retirement age, and you absolutely are. All right. That was my question. Thank you. Absolutely, Charles. All the best to you. Well, folks, we're going to head into our first break here in just a moment, but we do have some lines open today. So if you have a financial question, you'd love to wrestle with it, we'd love to talk to you about it.

You can call 800-525-7000. We want to help you see God as your ultimate treasure and money a tool to accomplish God's purposes. Let's do that together as we talk about a biblical worldview of money right after this break.

We'll be right back. As 2025 approaches, we want to invite you to partner with us at Faithfi and equipping faithful financial stewards for the Kingdom of God. Every gift made between now and December 31st will be doubled up to $150,000 through a generous matching opportunity. Your donation will have twice the impact, helping us reach more Christians with biblical financial wisdom. Make your year-end gift today by visiting Faithfi.com and clicking Give. That's Faithfi.com slash Give.

Have you ever wondered where your money goes when you deposit it in a bank? Christian Community Credit Union believes in helping advance God's Kingdom through everyday financial transactions. For over 67 years, they have provided values-aligned banking solutions to thousands of Christians and ministries. Consider Christian Community Credit Union as your banking institution by visiting JoinChristianCommunity.com. Membership eligibility required. Each account is insured up to $250,000.

This institution is not federally insured. You know, in hosting this broadcast for the last six years and answering more than 20,000 questions, I've come to the conclusion that money is one of the most common counterfeit gods. You see, if something is going to rival your heart for devotion and surrender to God, it's most often going to be money.

But it doesn't have to be that way. Here on this broadcast and in all the ministry offerings of Faithfi, our goal is to help you see God as your ultimate treasure. And money, a good gift from God, a tool to accomplish His purposes. Well, as we do that into 2025, we have brand new ways we're going to serve and equip you. New Faithfi studies and devotionals, a brand new version of the Faithfi app, a new quarterly publication called Faithful Steward, and so much more.

Now, it only happens through your support. That's right, we're a listener-supported ministry. And between now and December 31st, every gift is doubled when you go to Faithfi.com. That's right, Faithfi.com, and just click Give before December 31st.

Thanks in advance. Here in our final segment today, we're taking your calls and questions on anything financial. That number to call, 800-525-7000. That's 800-525-7000. I've got room for a couple of additional questions today, so give us a call right now.

Let's go to Texas. Hi, Daniel. Thanks for your patience. Go ahead. Thank you for taking my call.

Sure. So, I just wanted to ask you, I'm a recent high school graduate, and I'm looking to go to college in the fall of this coming year. And I just wanted to know, what are your thoughts for me? Should I get a job and just put all the money into savings? And, you know, live as sparingly as I can, or should I try to invest to make that money work for me in that interim period? Yeah. And so, you just graduated, and this is money that you're going to use in the next four years, because it's all money that's going to pay for your tuition, is that right? Yes, sir.

Yeah. So, I think just by definition, Daniel, we really don't have the time horizon for you to invest this money. You know, if you had at least five years, you know, preferably closer to ten years, I'd say it's a no-brainer. Let's, you know, put this money away, get it invested, whether it's in a taxable account because you need it a little sooner, or you start seeding a Roth IRA for retirement. I mean, what an amazing blessing if, for the next 50 years, that money could compound in that account. I mean, it would be amazing. And, you know, that demonstrates the power of compounding.

It's just so powerful. But just kind of given the use of this money that you're talking about, you know, if you go out and get a part-time job, and you're trying to, you know, create some more capacity to be able to graduate with as little debt as possible, hopefully none, yeah, there's just really not a case for investing at that point, because what you may find is, especially just given how high this market is right now, I mean, just on the heels of this election with November and December typically being pretty strong for the market on top of the enthusiasm for the incoming administration. We've, you know, we've been hitting new highs in the broad market indexes just about every day. And so for you to put money in, let's say we were to have that, you know, five or ten percent or more correction, that would be very normal, despite the fact that I think everything that is being talked about with the Trump administration, you know, has to do with long-term growth and is very positive for the U.S. economy, there are going to be corrections in the market along the way. And what I wouldn't want for you to have happen is you're working hard, you're going to school, you're putting money in the market, and that bill comes due and the investments you have are down five or ten or fifteen percent, you're having to sell at a loss.

So I think for that reason, I'd just put it in a high-yield savings account, find the one with the best interest rate at Bankrate.com, it's probably going to be an online bank, I'd look for one four or five star rated, and at least you're getting a little interest along the way, but the key is to have access to the money when you need it and not put it at risk. Does that make sense? Yes, sir, totally. Thank you.

Awesome. Hey, congrats to you, and we appreciate you being on the program today. Hey, stay on the line, I want to send you a resource. Some friends of ours put together an incredible resource called Open Hands Finance, and it was written for college students just to help them understand both the practical side of money management and God's heart and how those come together.

Rachel Wong and her husband Brian put this together, and it's amazing. I think it'll be a blessing to you. If you stay on the line, we'll send you a copy of Open Hands Finance, okay? Thank you very much, and thank you for your ministry. Thank you, buddy. Appreciate you saying that.

Let's stay in Texas and talk to Crystal. How can I help? So, we have basic ideas to teach our kids about giving or anything about what the Bible is talking about, financial wisdom, but not necessarily, I guess you could say, we don't have a structure necessarily, we just have random thoughts here and there, and I was just wondering if you have any resources or books that you recommend specifically for kids to kind of guide them in that area for wisdom, financial wisdom? Yeah, absolutely. So, a couple of thoughts, and I love that you're thinking about this, because it's really important that we get in front of our kids early and model good financial decision-making, both from a practical standpoint as well as a biblical worldview, and there's a couple of resources that I think could be helpful. What are the ages of the kids? Between seven and twelve.

Okay, cool. Yeah, so there's a series of books by a contributor here at Faith and Finance, one of our friends, Dr. Art Rainer. It's called The Secret Slide Money Club, and it's a series of books meant to teach biblical principles of money management, but in a fun, entertaining read. It's an early reader fiction series, so it's geared toward kids ages six to nine, and it uses humor and adventure to teach kids these foundational principles of financial health, give, save, and live. And it's fast-paced, and there's a lot of fun in it, so if you just go wherever you buy books, you could go to Amazon, you could go to ArtRainer.com, but again, it's called The Secret Slide Money Club, and there's a series of them. You could start with one, see if they like them, and then pick up some others.

I think that would be great. Also, our friends at Compass Financial Ministry, compassfinancialministry.org, they have some great resources for adults and kids to think about family financial discipleship, so that could be another great resource for you as well, okay? Thank you so much. You're so welcome. Thanks for calling today. Lord bless you. 800-525-7000.

Let's see, we're going to go to Tamarack, Florida. Barbara, go right ahead. Hi, I was going to be applying for Social Security, and I wanted to know, is it the best way to apply for it online, go in to the office, or I can do it by phone, but I want to do it online. Is it okay to do it online? Yeah, so there's an online application, and so yeah, it's convenient.

You can do it in 15 minutes or less, and it's the way a lot of folks do that. You just go to the ssa.gov website, and you navigate the benefits application section. I like that a lot.

I mean, you can do it in person or over the phone, but I think going through the ssa.gov website is a great way to go. Okay, thank you very much. All right, you're very welcome. Thanks for your call today.

Well, that's going to do it for us today. Again, every gift to FaithFi doubled, and this is a really important time between now and year-end. Would you head to faithfi.com and click Give today? Gifts of all sizes doubled, and we would be incredibly grateful. Big thanks to my team today, Devin Patrick, Sandy Dickinson, Taylor Stanrich, and everybody here at FaithFi that makes this happen. Lord bless you. Thanks for being along with us today. We'll see you tomorrow. Faith and Finance is provided by FaithFi and listeners like you.