Then I saw that all toil and all skill and work come from a man's envy of his neighbor. This also is vanity and a striving after wind. Ecclesiastes four four. Hi, I'm Rob West. Ecclesiastes shows us how even good work can go wrong when driven by envy. What starts as diligence can quickly become a pursuit of status. Today we'll look at how chasing approval leaves us empty and how God invites us into something much greater. Then it's on to your calls at 855 7000. This is faith and finance.
Live biblical wisdom for your financial journey. The Bible says Ecclesiastes targets all the ways we try to build meaning and purpose in life apart from God. It gives voice to the preacher, who carefully exposes the emptiness of paths like pleasure, wealth, and status. In recent weeks, we've looked at the idols of pleasure and accumulation. Today we turn to the idol of status. This one can be harder to spot. The line between excellence and envy is thin.
Ecclesiastes four four says, then I saw that all toil and all skill and work come from a man's envy of his neighbor. That's a striking thought. Our motivation may not be love of the work or calling. It's often the quiet urge to compete, to keep up, to be seen. That's what status does. It whispers you're not enough unless others notice you. And without realizing it, our careers, spending, and even our generosity can become ways of proving our worth.
Keeping up with the Joneses isn't just a saying, it's a way of life for many. We compare houses, vacations, schools, and the pressure to match others can lead to debt, burnout, and dissatisfaction with what God has already provided in our digital age. The pressures amplified. Social media showcases only the highlight reel, not the debt, exhaustion or stress that often accompany it. But we still scroll and wonder why not me?
Ecclesiastes answers that longing with honesty. In verse eight, the preacher describes someone who works tirelessly, builds wealth, but has no one to share it with. There is no end to all his toil, and his eyes are never satisfied with riches. It's a picture of success without joy, activity without peace. A full schedule, but an empty soul. But then he offers a better way. In verse six, we read better is a handful of quietness than two hands
full of toil and a striving after wind. In other words, it's better to have less with peace than more with anxiety. That's not laziness, it's wisdom. A life lived with margin grounded in God's provision. This is the invitation Ecclesiastes extends not to give up on excellence, but to anchor it in the right place. When our work flows from a love for God and a desire to serve others, it becomes a blessing, not a burden. It becomes worship. We don't need applause. We need peace. And in Christ we
already have it. His approval is not based on performance. It's based on grace that frees us from striving to be seen and lets us rest in being known. Maybe that's where you are tired, overextended, wondering what you're chasing. Ecclesiastes invites you to step off the treadmill of comparison. You don't have to strive for identity. You already have it. In Jesus, we see examples of this all the time. A professional sacrifices evenings and weekends to climb the corporate ladder,
only to feel lonely at the top. A family maxes out their budget to project an image while tension quietly builds at home. These aren't just stories, they're warnings. They also echo Ecclesiastes caution about what we're trading in our pursuit of more. Sometimes this isn't just about envy. It's about fear. Fear of being unseen, of being left behind. So we push harder, hoping success will quiet that fear. But only God can give the peace we're looking for.
Contentment doesn't mean quitting. It means redefining success. It means anchoring your worth in something that lasts. When you stop striving in vain, your ambition gets reoriented. Your work becomes more joyful. Your giving becomes more meaningful. So today, ask yourself, who am I trying to impress? What am I really chasing? If your hands are full but your heart is empty, Ecclesiastes invites you to trade performance for peace. True success
isn't about being noticed or admired. It's about being faithful with what God has given you. It's not something you have to earn or achieve. In Christ, you have nothing to prove, because in him you are deeply loved, fully known, and eternally valued. And if you want to dig deeper into these themes, we've created a new study just for you. It's called Wisdom Over Wealth, and it explores what Scripture, especially the book of Ecclesiastes, has to say about money, work,
and living for what really matters. This month, when you give $35 or more to support the ministry, we'll send it to you as our thanks. Just visit giphy.com. We'll be right back.
The opinions offered during this program represent the personal or professional opinions of the participants, given for informational purposes only. Any information provided is not intended to replace advice from a financial, medical, legal or other professional who understands your specific situation.
Great to have you with us today on Faith and finance live. I'm Rob West. Well, it's time to take your calls and questions today. We'd love to tackle whatever you're thinking about in your financial life. That number to call today to get in on the conversation with lines open is 800 525 7000. Again, that's 800 525 7000. We'd love to consider whatever you're considering. Perhaps it's paying off some debt. Maybe you're stuck in some high interest debt. You just can't seem to shake it. Well, we can
give you some thoughts moving forward. Perhaps it's your credit score. Maybe you want to try to get that up or investing for the future. Maybe it's aligning your values to your investments. You know, there's a growing movement of faith based investing that is really exciting right now with some world class products, not only in the mutual fund space, but exchange traded funds as well, which makes these investments more accessible than ever before. In fact, there's some really
new developments coming. I was on a part of a meeting last week with a new startup around a robo advisor for faith based investing. That's right. Robo advisors essentially allow you to start with a very small amount. You answer some questions. An algorithm essentially builds the portfolio for you using often exchange traded funds. So you capture the broad moves of the market over time. It's very low cost, really efficient way, especially for new investors. But this solution
would basically do the same thing. Smartphone driven, beautiful website, but only with faith based investments. So these these robo advisor portfolios would consist of a mix of all of the best asset managers in the faith based investing space. You could get started with as little as $50 and invest systematically. Well, that's just an example of the kind of innovation that's happening in the space that I am
really excited about. So whatever you're thinking about in your financial life today, our goal to help you be a wise and faithful steward. So call right now with your questions 800 525 7000. Before we head to the phones in the news today, the soaring cost of college and unclear degree pathways are pushing many students to skip or drop out. According to a recent survey by Lotion, a higher education technology provider. Here's a breakdown 59% of current
students have considered dropping out due to financial stress. That's led to a significant drop in college enrollment. Only 62.8% of 2024 high school grads enrolled in college. That's a four point decline. Since 2019, 56% of non enrollees and 53% of current students cited expense as the main deterrent. A nearly 25% of respondents who had dropped out of college say they won't return due to upfront costs and feel they're too burdened by existing debt. With college debt these days,
it's a wonder that number isn't even higher. Students are also looking for alternatives and are turning to vocational training and certificates, but over half are still unaware of these options. Here's what I would say. There are other options to pay for college or a trade or vocational school other than borrowing, so keep your borrowing as low as possible. In fact, better yet, no borrowing would be my ideal for you as you think about entering college. Get creative
scholarships and grants. You've got to be intentional and you've got to be really thoughtful about it. But you can earn scholarships and grants. Also working as an option on campus. You know, it won't surprise you, but I manage the Christian radio station at at my college the final year, I was also an RA, a resident assistant and had my room and board covered. My wife, well, she got over $150,000 in scholarships. They were very intentional about it.
She applied probably for hundreds of scholarships. So there are
ways to pay for school. Don't just default automatically to those, uh, those student loans, which I think in part has made college, uh, unaffordable for so many, specifically because they've been able to continue to raise the price of of the sticker price of the tuition because they know that students are able to basically borrow an unlimited amount, and that's allowed them to far outpace, uh, regular inflation with regard to tuition inflation.
So some things to think about, especially as we get prepared to, uh, send another crop of, uh, freshmen off to begin their college experience. One of mine will be included in that. My second oldest headed off to college this fall and really excited for him. But hey, let's turn our attention to your questions today. We'll be diving into those in just a moment. The number to call to get in on the conversation today is 800 525 7000.
Let's begin in chat. Chat about recently. Um is more and more of our listeners are wanting to align their values with their, uh, let's call it financial institutions. So as you think about who you do business with, and I was just talking about the opportunity for you to align your faith with your investment decisions, uh, you know, that can carry over into other aspects of your financial life. It can go beyond that. But certainly in your financial life.
And what increasingly, some of our listeners are finding is that, uh, they want to do that with their banking relationship, especially with some of the bigger banks, perhaps giving money, part of the profits they're earning from your account to things that, uh, our listeners don't agree with or don't align with. And one of those opportunities is to be able to use
a banking partner like Kcu consumer. Christian. Excuse me, Christian Community Credit Union and what the team at Kcu has done as of late is put a special incentive in place that they're really excited about that has allowed specifically Faith VI partners to earn a bonus when they open a checking savings or visa cash back card. Kcu has been providing Christian banking solutions to thousands of Christ followers
and ministries over the last 68 years. So they've been at this a long time, and not only are they there to serve believers, but a portion of every dollar is given to Christian ministries. So if you'd like to learn about this special offer, we would just encourage you to head to faith banking. That's faith. And then when you're there, be sure to enter the code faithfully, and that will ensure that you get to take advantage of
this bonus again, faithfully. All right. Looks like John is ready, but we're going to head to a break here in just a second. We did have some technical issues, but I think the team has been able to resolve those. So John, if you stay on the line as soon as we get back from this break, we will dive into your question. I know Mary is holding as well and we've got room for you. So if you'd like to jump in on the conversation today, go ahead and do that right now. When you call 800 525 7000.
You know here on Faith and Finance Live. Our goal each day is that we would encourage you, equip you to live as a wise and faithful steward, ultimately for you to see God as your ultimate treasure. There is nothing in this world that will satisfy you your longings for connection and for fulfillment and your identity. All of that is found in Christ money. Well, it's a tool to accomplish God's purposes. So we want to help you get in its proper place. This is faith in finance. Live.
I'm Rob West. A quick break and back with much more after this. Stay with us.
And great to have you with us today on faith and finance live. I'm Rob West. Let's head right back to the phones. Chatsworth, GA.
That's Georgia, by the way. John, thanks for calling today. Sorry we had some trouble getting you on. I think we've got you there now. Go ahead. Sir.
Yes, sir. I was going to. I'm 60 years old. I'm disabled, and I'm wondering if money is so tight. Is it worth my time and trouble investing a few dollars a month in acorns?
Hmm.
Yeah.
Uh, you know.
I think it can be a great way. So, for the benefit of our audience, it's essentially acorns is a part of the fintech movement that is financial technology that's largely app and web based. It's essentially a Micro-investing app. That means small investments that add up over time. And what they're best known for is they're what's called roundup, where they round up your everyday purchases and invest spare change. So essentially it's an automatic savings and investing approach. So
you spend you know, $1.72. And then they're going to round it up to $2 and put $0.28 in your investment. Or yeah, in your investment account. And the thing that they're kind of driving at is you don't even really feel it, but that over time these micro investments can really add up. And I like the automatic nature of it. I think especially when you're just getting started being automated with your savings and your investments is always a good thing.
I like that it's a dollar cost averaging approach, meaning you're investing, you know, no matter whether the market is up or down, you're just consistently investing. That's a good strategy. It's beginner friendly. Um, now it skews younger. Just because, you know, the younger generations are more apt to use, uh, apps and websites. But, um, it is, it's beginner friendly. So there's a simple interface which makes it ideal for new investors. Uh, they use ETFs, so it's plenty diversified,
which is a good thing. And then they try to bring in some education along the way. Um, it can be a little high on the price, especially for smaller balances because you're going to pay, you know, maybe $5 a month, which, you know, if you only have $25 invested, that's a lot of money percentage wise. But as you build up the balance, you know that that fee becomes
pretty minimal. Um, you can't choose specific investments, but that's not a bad thing as you're getting started and, um, you know, I think as you become a larger investor over time, there will be better options for you. So that's a long answer to a short question if you're just starting out. Yes, I like it. I think it can add up over time. And the key is, you know, you stay consistent, you smart, you start small and you'll
have something meaningful in due time. I would be looking John along the way to see how can I do even more. I mean, it's one thing to do rounding up to the next dollar and investing a micro deposit. It's another thing for you to go back to the budget and say, what can I cut back so that I can just automatically sweep, you know, $200 or $400 into my investments every month? You may not be able to do that, but if you could, you know, obviously
that's going to be more meaningful over time. But at the end of the day, I think it can be a great way for you to get started. Does that make sense?
Thank you so much. Absolutely does.
Alrighty. Thank you for your call today, John. We appreciate you being on the program. Uh, 800 525 7000 to Twin Lakes, Wisconsin. Hi, Mary. Go ahead.
Hi. Um, I owe $15,000 to IRS due to capital gain tax. I have $180,000 CD that's going to mature, and I'm wondering if it's better to take that 100, take 15 out of the 180, because the 180 was going to be used to bring our, um, uh, our mortgage down, or should I take the, um, or should I take, uh, like a small loan from the IRS and just pay off the $15,000 slower?
Yeah. Well, you know, I want to get into some of the details here, but I would just say right up front, if you've got a $15,000 tax bill, that should be your biggest priority because that the IRS is the worst creditor, not mainly because of the financial implications, because when you put the interest and the penalties together, it can run you 30% a year. So that's even more than a credit card. And so we want to get that paid off. And I'd rather you do that
not by borrowing. Um, but if you've got the money to do it, let's get it done. But let's talk about this idea of you taking this CD money to put into the house through a refi. What is your house worth today based on everything you know.
About 350.
All right. What do you owe on it currently?
Oh, we just bought in October, so we're still way up there with what we owe.
Okay. So what?
Our mortgage is insanely high.
Our mortgage is, like.
26 right now. The rate is, um, I think, uh, seven point, uh, 7.6, 7.7, I think.
Okay.
All right. And what were you saying your way up there? What did you mean by that? You mean the balance on the mortgage?
Oh, yeah. The balance on the mortgage is huge. It's over 300,000, but I don't I want to maybe reinvest that money minus the 15,000. Um, so that I could wait a little bit longer for the interest rates to drop because I don't want to refinance now, but my CD is coming to maturity now, so.
I want to.
Refinance in in time.
Yeah. No, I think that's right. You really want to save at least a point and a half, maybe two points. So that means you'd want a rate of at least 6% or less, preferably five and a half, because you've got, you know, perhaps as much as 5% in just fees and expenses and closing costs on that refinance, so on a $300,000 loan. And I realize it might be less than that if you put some of this 180 toward it, but,
you know, that's $15,000 in fees right up front. And so you've got to be able to save a point and a half to two points so that that savings from the interest, as long as you're going to stay there at least 5 to 7 years, you're going to be paid back in the form of lower interest, um, you know, by waiting. And then you'll enjoy that lower payment, that lower interest rate for the rest of the mortgage.
So what I would say is you're absolutely right, now is not the time to refinance until you can get at least 6% or lower, preferably five and a half. But I would when this CD comes due, go ahead and take care of that IRS debt. And then depending on your time horizon for that money, either roll it over into another CD or keep it in high yield savings. Um, but I would get that IRS debt paid and I'd wait on refinancing. Thanks for your call, Mary. We'll be
right back on Faith and Finance Live. Hey, thanks for being with us on Faith in finance. Live here on Moody Radio. Let's head right back to the phones. By the way, I do have a few lines open if you have a question today. Something going on in your financial life, call right now 805 257. And we welcome Mark to the broadcast. Go ahead sir.
Hi, Rob. I just wanted to find out from you where would you place, uh, tax free municipal bonds in a portfolio?
Yeah, it's a good question, mark. I mean, basically, these can be a smart fit for conservative portfolios or for that conservative portion of the portfolio or specifically for the income generating part of your portfolio, especially if you're in a higher tax bracket because they offer steady income that's usually exempt from federal and even sometimes state taxes. Uh, as you probably know, they don't grow like stocks, but they can help preserve the wealth and reduce your overall
tax bill. So this is a good option for retirees or those needing lower risk, tax efficient income. So I would say, you know, that's really kind of how you want to think about it in that income generating or the more conservative kind of portion of that portfolio. So, you know, if we were, you know, if you're 70 years old, uh, you know, we might say, okay, we'd want 40% somewhere between 30 and 40% to stay in,
in stocks. And then we'd want, uh, you know, 60%, um, to be in, uh, bonds, uh, or maybe as much as, as 70%, depending on how conservative you want to be. And then for that bond portion, maybe you put somewhere between 25 and 50% in munis, especially if you're in a high tax bracket. Does that make sense?
Yes it does. Thank you very much. I'm going to give that some consideration. Thank you.
All right Mark, thanks for your call today. Uh, Chicago is where Lorraine is located. Hi, Lorraine. Go ahead.
Uh, yes, I would like to ask the question about annuities. Um, I was thinking of investing in annuity, um, 19,000 into a fixed annuity. And it supposed to be an income for life.
Okay, yeah. So you're wondering about, uh, with fixed annuities, essentially, uh, this is a type of investment that's going to give you a guaranteed. Um, they are complex, though, in the sense that, you know, they're not all created equal. They've got a lot of fees and expenses. And, you know, they, um, you are going to lose access to the money, at least for a period of time. Um, are you looking to just continue to grow this or are you wanting to convert it to an income stream right now?
No, I'm looking to grow it. But where it's at now, it's not growing any interest. This is a 401 K from an old job, so it's not growing anything. So I want to move it.
Yeah. Yeah. So you know the, the other option, which would be more in line with where I would typically go, is just to roll that old 401 into an investment account. Well back up. Do you have an existing 401 with a new employer or are you retired? What's your situation?
No, I'm not retired and I don't plan on investing in the company that I'm in because I'm planning on getting back into the school system where my pension is still sitting there.
Ah. Got it. Okay. And what do you have in this 401 K from the previous employer?
Uh, 19,000.
Okay. Got it. Yeah. And do you have an IRA Roth or traditional?
Um, I do have a no, I don't, because I have a fidelity. Uh, I mean, Merrill Edge, something like that. And it's not. It's doing pretty decent, but I don't.
Know.
What type of account is that. Is that an IRA.
Is this IRA? Yes, that's what it says.
All right. And what about moving? Just rolling this into that IRA and investing it in the same things rather than the fixed annuity? What is it that's drawing you to the fixed annuity?
Um, I'm a little confused because they had said, you know, income for life, but you won't start collecting that income for life until age 74. So that's why I don't think I don't I'm not going to do that.
Yeah. Okay. Well, essentially an annuity is an insurance contract where you give them a lump sum of money and then in return, they promise to pay you a fixed amount, usually monthly, for a set period of time. Now you don't have to annuitize right away. You can just earn whatever rate they're providing until you're ready to annuitize. And
then essentially it becomes a personal pension. So just kind of like your teachers pension, this would be a personal pension where you're turning over a lump sum of money that that again grows at a guaranteed interest rate. And then you don't lose money when the market drops, but you also won't see big gains. And then you could convert that into an income stream. Now, it wouldn't be very much with 19,000 in terms of an income stream, but it does give you that guaranteed increase. The downside
is there's limited growth. I mean, it's going to be pretty modest in terms of what amount they're guaranteeing per year the the interest rate. And there's less less flexibility because you don't have access to the money. And there's typically high fees and surrender charges. So the other option would be you roll that 401 K into your IRA that you said is already doing well. It gives you
more investment choices. Maybe you just align that new money from the 401 K into the same investment you've got, which gives you the potential for higher returns. And then you can control how conservative or aggressive you want to be in whatever investments you pick, but you don't have the money locked up like you will in the fixed annuity.
So I'm just not sure. You know, unless you're just looking for ultimate safety and you're willing to give up the upside of investing in the IRA and getting a return, more like probably what you're already receiving in that IRA. Unless that's your ultimate goal. I would probably say the IRA is better because you still have access to the money. You have much more in the way of investment choices.
You have the ability for higher returns, and you could just grow it, you know, for for a supplement in retirement down the road.
All right.
Is that helpful? Do you have any confusion around any of that though?
No. You you answered the question.
Thank you.
Very much.
For taking. You're welcome.
Absolutely, Lorraine. And call back any time if we can help you further. Uh, let's go to South Florida. Hi, Paul. Go ahead.
Yes. Hi. I have a can you hear me? Okay.
Oh, yeah. Sure can.
Oh, yeah. Yeah. Okay. I have a interest rate right now of 6.25% on $98,000 on my loan for my home. I have $47,000 in investments that I want to liquidate. And I want to throw on my mortgage. Is that a good idea? I found out that I'm only getting about 3% from the last year on that 47,000, and I want to reduce my debt on my house.
Yeah. Yeah. What type of account is that? That the investments the 47,000 are in? Is that just a taxable account or is it some sort of a retirement account?
Has has a Roth in it. It has cash in it and it has stocks in it.
Okay. Well it wouldn't have a Roth in it. So the question is first of all, is that 47 in 1 account or is it multiple accounts.
It's multiple accounts.
Okay. So break that down for me. So you have a Roth. How much is in that?
Uh, there's only about six, 6 or 8000. I think there's $6,000 in that.
Okay.
And then a bunch of money in the stocks.
And what? What is that account? What is the title on that stock portion? Is that just in your name, like a taxable brokerage account?
Yes it is.
Okay. And are there some gains in there or losses or a mix of the two.
There are not.
Much.
Uh, there's only $1,700 in gains. Okay. I just got, like, major stocks, that's all.
Got it, got it. Well, listen, I mean, if it's not been doing well and your conviction is to pay off, uh, you know, the house or pay it down as quick as you can, then I'd say go for it and don't look back. Uh, apart from that, we could consider some other options. I've got to hit this break. Let's talk a bit more off the air. We'll be right back. Stay with us. This is faith in finance. Live. I'm Rob West here in our final segment today. We've got room for maybe a 1 to 2 more phone calls.
If you have a question, something going on in your financial life, we'd love to hear from you. The number to call today to get in on the conversation is 800 525. That's 805, two five 7000. I'm going to give you those last four. 800 525 7000 to Saint Charles, Missouri. Hi, Andrew. Go ahead sir.
Hi, Rob. Thank you for your show. It's very helpful information for many of us. So thank you.
Thank you very much.
I created an LLC with a rental property. I'm the sole member manager. It was my understanding that the tax filing could be a pass through as a disregarded entity. And so I could just add it to my 1040 tax filing due every April 15th. So tax preparer is stating that I'm going to owe a quarterly tax and estimate tax. And I was hoping not to get into that. Um, is it mandatory that I file that quarterly estimate tax.
Yeah. So here's my understanding on that. I'm not a CPA, but I've got a working knowledge of all this. If you're a sole member LLC, the IRS treats you as a sole proprietor for tax purposes, which means you are correct. You can file your income and expenses on schedule C with your 1040 each year. If you owe more than $1,000 in taxes for the year, then the IRS does expect you to make quarterly estimated payments. So yes, you file the 1040 annually, but quarterly payments are still required
to avoid penalties. Now, it's easier than ever to just jump on their website at irs.gov. You've got an account, you know, do your ACH transfer and you're done. But if you owe more than a thousand in taxes, they are going to ding you if you don't get that quarterly payment in.
Okay. Well that's very good to know. So but that answers my question. I appreciate your time.
Well you're welcome sir. Thanks for your kind remarks about the program. Call anytime. Uh, let's go to Alabama. Hi, Mike. Go ahead.
Hey. I am 62.5. 63in December. I'm looking to possibly retire early. Um, I a company I work for right now. I'll be there 25 years. Uh, come August, management and my values are getting further and further behind. So that is a emotional component to it. Since I have never retired before, uh, I am looking at strictly at the money and the insurance right now. And if I retire in January, I'll be taking home 1835. Uh, Social Security, I'm doing 2200, give or take, if we're on overtime
or not now. So that's a $500 difference. I can make that up. I'm also self-employed. I'm speaking with a financial planner tomorrow to run a bunch of numbers, to see where we're at and what I can do. My wife's working. Uh, she'll be the insurance provider. She's still working. She's 65. So what I'm wondering is, uh, absent of the emotional component of this. What am I missing? I'm sure. I'm sure I'm missing something. Uh, something to look at. Because, like I said, I've never retired before.
Yeah. Um, well, here's the reality. I mean, you need to consider is that, uh, taking, uh, Social Security early, uh, your benefits are going to be reduced by about 8% for every year you take them early. So are you factoring that in when you look at your primary insurance amount? Uh, at my ssa.gov.
Yes. I actually talked with a representative, uh, at one of our Social Security offices, uh, in, in the area. And, uh, that's the number she gave because I was telling her I was looking at 2000, uh, at 20, 27in January, it'd be 1960, and June of 2027 would it'll be 2028 absent any cola. So.
Yeah. Got it. Okay. Yeah. So I mean, as long as you understand that. But that's permanent. So you know, every year you could wait. And I realize it's not just financial because you said your values are misaligned. You may feel like, you know, I just need from a conviction standpoint, I need to move out from under this company. And I would say if that's true, then then you do that. Um, and then the question is, is there
another way to solve for this income? You know, could you somehow delay this and maybe move to another, more full time job? Uh, is there a way to ramp up what you're doing in your, your small business? Um, but if not, and you really feel convicted that this is the way to go, then you just need to understand you are locking in that permanent reduction, and you've also got the income limit of 22,320 $22,320 for 2025.
So that's the maximum you can earn from work, not investments or pension, Engine, but work before triggering a penalty, which is a dollar withheld for every $2 you earn over that $22,000 limit. Now, eventually, once you reach full retirement age, they're going to give that money back to you incrementally by adding it to your monthly benefit until you're caught up. Um, but you it will, you know, reduce what you're getting in Social Security in the meantime.
But you may not be planning to earn that much, so that may not be a factor.
Well, I can, uh, what the lady told me was that that, uh, that earning limit is since I'm self employed, is is after expenses. So it's not gross. It's net after expenses. So, um, you know, I could I could ramp up the business and cover that. Uh, but what I was looking for is, you know, from you and you've explained it extremely well, like you always do the, uh, the ins and outs of, you know, doing this, uh, absent of the absent of the emotional, you know, component
of it. But yeah, I am done. Done. You understand?
I sure do. Yeah. Yeah. So I think the only question would just be kind of run these scenarios out with this financial advisor. Um, where you say, okay, if if we're going to count on, you know, basically a little less than 1900 a month, uh, for the rest of my life with the cost of living adjustments, um, and my small business, what does that look like? And
and what other assets do I have? How long is your wife going to work and begin to run some of those cash flow projections out through, you know, age 90 or 95 and just kind of understand the implications of all of that, uh, before you make that call. But it sounds like you, you feel set that you need to make the change, I get that. So the question is, just how do we solve for that income? Is it a combination of your business plus Social security early?
Find a way to delay Social security. Um, and let that check continue to build, which will appreciate when we get to that. Uh, you know that higher check. But you may not be wanting to work as hard as it would require for you to fully replace the income that you've been receiving from your current job. And I get that. So you just need to factor that into the planning. But I think you're thinking through this. Well.
Okay. Sounds good. I've got 165,000in a 401 K also, and I'm I'm not planning on even touching that at all. If I can do the Social Security with my personal business and get up to the $22,400 a month mark, because that's where I'm at now with virtually, you know, we're virtually debt free, with the exception of our two automobiles, which will be ones December and ones the next December. And their interest is dirt cheap.
So yeah.
Excellent. And then after that will be after that will be free.
So okay. Great. Yeah. Now SSA is going to look at your net business income after expenses. So you're good on that. Um, so yeah, I like it. And I'm glad you're meeting with an advisor to kind of review all of this in detail. So, Mike, call anytime. Thanks for being on the program today. Uh, let's go to Chicago. Hi, Nancy. Go ahead.
Hi, Rob. Thanks for taking my call. Sure. Um, so I am 40 years old, and I have three 401 K accounts from previous employers just kind of sitting there. And, um, I've been talking to some financial advisors. Um, a couple of them are saying that I can now combine them into one account and my return would be like 8 to 10%. But another financial advisor, um, is telling me that I can, um, he can invest in, like, a hedge fund. And I would be, um, getting between 15 to 17% return.
Okay.
Yeah. The question, uh, is always, uh, with what amount of risk? Uh, so, you know, is there something that could, you know, and has generated 15 to 17%? 14%. Uh, yes, but hedge funds are high risk. Um, and so, you know, the that promise should raise a red flag, especially if they're offering any kind of guarantee or expectation that that should automatically be earned. Uh, anytime an advisor is making bold claims like that, I would get a second opinion,
especially with your retirement, uh, money. I'd want to know what the fund is, what it invests in, what the risks are. And I'd make sure that this advisor is a fiduciary who's legally required to ask in your best interest. But bottom line is, um, promised high returns beyond the norm. And I would say that's, you know, anything above just historical averages of 7 to 9%. Um, should be a red flag number one and would typically mean, uh, that,
you know, you have a high risk situation. And I'm just not sure that's the kind of situation you want to be in with your, you know, lifetime of savings from retirement.
Yeah. Okay. Thank you. I just wanted to get your input.
Absolutely. Nancy, we appreciate your call. Thanks for being on the program today. Well, I'll tell you, uh, great opportunity to be with you today. Some wonderful questions. We covered a lot of ground today. And listen, our heart here at Faith and finance is along with the entire team that makes this possible each day, which, by the way, today was Amy and Anthony and Omar and Jim and everybody here at Faith. By making this possible, we want to just be an encouragement to you, help you to
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