Redeeming Money

Today's version of moneywise live display reporting to our phone lines are not licensed to a warns to it that no one takes you captive by philosophy and empty deceit, according to human tradition, according to the elemental spirits of the world and not according to Christ by Rob West.

Our view of the world shapes our lives, especially how we manage money talk about that today, first with Paul David Tripp. We have some great calls lined up will be taking your life calls today because we're prerecorded. This is moneywise live biblical wisdom for your financial decision yesterday as Pastor Paul David Tripp.

He is the author of more than 30 books and videos on Christian living in one of his most recent is redeeming money how God reveals and re-orients our heart, all welcome to the program but I gotta tell you, I've been reading your books for a long time and then all of a sudden out of nowhere. I was so excited to see one on money and it's deeply impacted me. I would go as far as to say everyone listening to this program needs to read this book because Paul you've hit on something that I've talked about for a long long time and that is money issues are heart issues and if you don't understand that if you don't begin their euphemistic according to God's word is that really one of the key things that led you to write this money problems are not actually money problems there are problems that reveal themselves as money problems so yeah yeah's the late Larry Burket used to say money is the clearest indicator or the way we handle it into what's going on in someone's life spiritually, because how we handle our money reveals what we value, where we placed our trusted tells us what's important to us and so we have to begin there. And I know you talk a lot about identity.

What is it about identity and money that we need to understand the Bible assigned to our identities creature center suffer saying they had everything to do with money creature money really does define how you think about who you are. Center where to where does your use of money expose your need for heart change suffer where's your evidence to your use of money that I mean you you got out of the goodness of God, give taken your money life into your own hands and saying how was your funny life in shape by the blessing of knowing that you're one of God sanctioned one of God's children. So Shumway are always living in your money world out those for identities whether you know it or not that's a really big idea which also says Paul that's you notes fixing our money problems the for in a money mass. Yeah, we need a budget but it's so much bigger than that and it really has to begin with our heart because we can't solve these problems related to money with more money right of a lot of the money even the money it rules out a budget could sell your money problems. Jesus would've never had to come across teaches us something deeper that's broken and unless I get it that I won't solve my money problems that's exactly right.

So how would you then articulate as you read the Council of Scripture and meditated on these literally thousands of passages that deal with money and possessions. How would you articulate that a biblical worldview money so you know that there are 44 things that I think are just so important to let Shay the way you approach money one is in the center of the world is the start of calculable glory of the glory. I was meant to live for is not the glory of physical things, not the glory of the amount of pressure in the bank but for the glory of God that just changes everything.

This the Bible tells us also that the world is terribly broken by sin that sin is deceitful and seductive and controlling and so one of the ways that that money gets us in trouble is, it becomes an idol for us that distorts the way we live. We also know that God offers us his his amazing life transforming grace.

So I hide my money problems I can come to him and confess those in and finally we are called to live for something bigger than our own pleasure were called to live for God's kingdom, and all those things change the way that you approach this thing called money. Paul David Tripp as our guest today is book is called redeeming money how God reveals and reorients our hearts. More to come. Just after the spring. Thanks for joining us today on moneywise. Our guest today is Paul David Tripp, author of redeeming money how God reveals and reorients our hearts. Polls really offering some fresh insights about how we should handle God's money and I'll tell you, this book is deeply impacted me. I would say everyone needs to read it and in fact we believe that so strongly were making it available as a gift from moneywise with every donation of at least $25 between now and December 31. Just go to moneywise.org and click the donate button and again will get a copy of this book right out to you about Paul just before the break we were talking about this idea of money being so connected to our hearts. And really, if we understand a biblical worldview.

It changes how we view and handle God's money that you encountered a passage in Ephesians that you believe changed everything for you and I look for you to unpack that a bit forced. Start with a helicopter view first, the Bible is the world best generosity story God. Generosity is on every page of Scripture. It could be summarized by nine words for God so loved the world that he gave you don't understand the biblical story that you understand the generosity story and that comes down to the way that we think about our work and our money. Ephesians 428 says this letter. Still no longer, but rather let him labor are doing honest work with his own hands.

Now, I would expect that would stay next so that he can provide for himself and his family. But that's not what it says. Next, doing honest work with his own hands, check this out so that he may have something to share with anyone in need. Paul is saying.

The purpose for your money if not first to provide for you and your family. The purpose for your money.

First, the primary purpose is so that you can be part of God's grand generosity agenda that just changes everything.

It really does and I think it's such a critical and foundational idea that you cannot hear Paul because we tend to start there with provision. The challenge is when we begin with provision, we can end up with an endless list of needs and wants that never allows us to move beyond that into generosity. What you said is clearly at the heart of what God wants for us exactly why what he said, flipping the game honest here Scott plan, God makes his invisible generosity visible by sending generous people to give generously to people who need generosity.

While there is and so immediately. Once I am his child. I am an ambassador than of his generosity that the purpose of money that he puts in my hands. Primarily, and he has promised that I give myself the generosity mission team will provide for me. Matthew six. As we have a heavenly father knows what we need.

That's good for us because we let the minute we get needs and wants computers all the time. Well, we sure do love what you talking about here related to God's generosity story notes.

We talk a lot about the fact that if something is going to compete with the Lord for first position in our lives. It's most often we see in Scripture going to be money.

You cannot serve both God and money. When we look at the parable of the sower.

The way I read it 2 1/2 maybe out of the three reasons Jesus gives for the word being choked out was the cares of this world, the deceitfulness of riches the desires for other things and what we also understand is that giving generosity is what calibrates our hearts to the ultimate giver and it literally breaks the grip of money over our lives.

As you process the opportunity to participate in God's activity through giving Paul what you believe that act does to our hearts that really changes everything about how we view our money that we all struggle with all Paul says is that we live for ourselves.

Jesus came so that we would no longer live for ourselves is the selfishness of that wants and needs and feelings and so hard for me to get beyond me. And so when God gives me a grander greater vision. He's not just taking money from me. This is so important and love. He's liberating me for my bondage to me.

Yes, that's the best way to live because I was I was created to live for something bigger than me and when I do that there's contentment and satisfaction and joy that you won't find any other way to a call to generosity is actually a welcome to the good life serious Paul I know you've written a lot on marriage and relationships. Let's apply this to the marriage relationship because you know when we hear from folks on this program and say we've got a breakdown in communication over money. It's not working and we then step back and say first and foremost this is a hard issue and you need to get a vision for where God is taking you as a couple and see money as a tool to accomplish that it changes everything that take everything you just described about money in our hearts and apply it into how we need to interact as a married couple will I will talk about right now is the only solution. Often what you have in this debate between two different purposes for money like this is the way I think about her money. Husband said this is where I think about money and they don't have a higher agenda to solve the debate and such as the endless battle and it begins to break break down their love and their intimacy with one another. When I say that there's a bigger agenda generosity agenda and there's something both of us can sign on to both of us can submit to greater, deeper level of unity that we can enjoy allows us to be on the same page in the way that we think about our use of money and budget our needs and the greater need for God is called us to be involved with this exact right because it does, in fact, then change everything. It's no longer about I get to do this and you get to do that.

It's about what is God doing in our lives and how can this tool of money be aligned with his purposes for us to be able to be connected to God's activity in the world. I love this visual Paul of not being a bucket were God's provision stops with us, but in fact being a pipeline where were connected into God's activity, which is where real joy is found right related to our Lord wants us to thrive. He loves us and thriving life as much as we think that keeping it all and spin it. The good life. It's not the good life and so I think one of things I want to say is that you have to understand that the money in your pocket is a visual picture of a spiritual warfare that is taking place in your heart.

Where is that were taking you what lives in control of your heart, who's winning that battle of who will set the agenda for your life and who won't.

And every time you look at a dollar you think God and am I surrendering not just this dollar, but everything in my life to the greater better agenda that you have for me. While that is powerful and for summer at a time.

Organ have to have you back to talk more about this Paul, thank you for some refreshingly wonderful insights about how we should view and handle our money. God bless you sir, thank you so much fun to be with you. Our guest is been pastor Paul David Tripp, author of redeeming money how God reveals and reorients our hearts. You can get a copy with a minimum donation of $25 to moneywise from now until December 31.

Just click donate.

When you visit moneywise live.org. Today's program is prerecorded, so keep that in mind when you hear phone numbers were going to pause for a brief break now, but Rob West will be back in a moment with more money. Wise live to moneywise live God's wisdom decision last week delighted to have you along with us today. Their team is taking some time off today so were prerecorded so I would encourage you not to: however, we have some calls that we've lined up in advance that I know you'll enjoy beginning with Sue in Chicago hello Sue, how can I help you today. Thank God my daughters, next month when I got my daughter will be starting grad school and subsidized loans for grad school, but shall stop coming to their ability be like a grant plastic and really benefit you and the greater income but I do have a house cake or in cottage on quite a bit of money that's good that could help her yes okay with these the assets that you would not need. For some reason she was unable to pay this money back. That is correct okay yeah you I think as you go into this you would just kinda need to make some key decisions in your mind and then talk it through with her. I generally discourage folks from lending to family members, and certainly that would include a child unless you're ready, willing and able to forgive the note in any point, if it required its fits required and here's why that unit we see in the Bible that their relationship changes when you become a lender and a borrower. It says the borrowers servant to the lender, which means that your borrowers the lender slave in a sense. And so you know there's a relationship. The changes there as you go from mother daughter to lender, borrower, and it has the real potential to cause a strained relationship. If even you know if everyone goes into with the best of intentions, and she's unable to get the job she wants. The Lord redirects into something outside of the field. She's been studying for that is not can earn anywhere near the amount of money and so therefore she's not able to pay it back and you know so you get into those situations, and collateral damage a relationship is not worth any amount of money and so that's why we just err on the side of just you know passing even if it's going to cost her more in the long run. Now if you were to say to be Rob.

I think this can be a blessing to her. I have the financial wherewithal to do it even if I had to forgive the loan and I'm ready, willing and able to do so under the right terms and conditions or situations and there's a real healthy communication and dialogue about that on the front end so that there's not even you know guilt on her part.

If that were to have to happen because she knows it going into it.

These are the conditions under which I would only you'll be guilty at all comfortable with you doing this. Does that make sense though Sue all all whole, all will will you certainly could want to have to all that in writing ahead of time so there's not any kind of misunderstanding as you go into it, but what I think is more important than her feeling like I've taken advantage of mom because I can see her just now seeing you as wanting to help and being really grateful for that.

We've gotta think about the worst case scenario and deal with that first and that worst-case scenario is she's just unable to pay it back anytime soon and you were 10 years down the road and she is still working on the other debt that you know has real lenders that are not related to her and she hasn't been able to touch yours and she had told you she was going to plan to start to pay it back and she hasn't been able to in again it could be for any number of reasons, and then all of a sudden now we've got in a potential conflict between a relationship and it's just not worth it.

So I think that's where you need to go into it saying I have the ability and am willing to forgive this if it comes to that, because I'm not willing to allow this to come between us. You follow okay so I think as long as you wrestle through that and then based on what you've decided you will sit down and have an open and honest conversation about it and then whatever is decided is is then reduced to writing that you both have agreed to so there's no unmet expectations or potential conflict that I think that's than the position that would allow you to move forward and do something that would be a real blessing to her.

But with proper understanding so that we elevate the relationship above the financial situation and we appreciate your call today. Let us know how it turns out Wilson will be praying that God will work in that situation, Robertson Pennsylvania, Robert, we have just about a minute left. How can I help you vehicle maintenance. But it is concerned. Yeah that's a good question.

You know, if you were to look at this vehicle.

What would you say it's worth questioning to me work through it, but yeah I mean you know typically if it's something you're paying for me. Have a note on anything that's more than 12 months worth of payments.

Certainly if the costs get up to more than 50% of the value of the car.

I think that's really the key deal, but in most cases, you just want to evaluate what's the market value of this car how much of I spent in the last in the trailing 12 months and you know what percent of the value of the car is that and when I begin to push over 25% heading toward 50. Clearly, it's time to make a change and again you got always be evaluating what is the underlying condition of this card is it something that's just going to continue to have problems or did I just have one major event like a transmission that an independent mechanic look over it.

I made the decision yet, but if I make this investment to build get another hundred thousand miles out of the start, then it might make some sense, but I think those two rules of thumb certainly could be your guide. Apart from anything. We appreciate you checking positively think this is moneywise live with God's word financial decision just around right now were delighted with us today and moneywise live were taking some time off, so I team is not here so don't call in. However, we have some wonderful calls lined up in advance that I know you'll enjoy and benefit from beginning today in Texas with Lee Lee. How can we help you. Thank you.a 34 dating a young man hit 38 and that she is her second marriage and he's never been married. They are both God-fearing and wonderful Christian young people that he is that much more unstructured about money and lifestyle than she is. She has a sales job on that from Israel and that she does in a short remotely and then he is sound more of freelancing heat very knowledge about plants and he growth and self transcendence and landscaping, but it just seems like he you know when he has enough money. He did he think interest practically. Can he drop something today. Though I will weekend mission trip when he actually should be taking care of some other avid sound business chant. I keep he structured to you know talking about providing for their future of our heat very generously give away what happened before I die before they can go to get some counseling or something like that.

Yeah.

Very good and so she sees this as a concern. It's not just you correct that yeah okay and how close are they to marriage me know they actively talking about engagement. I cannot and we have and I are planning to see a wonderful marriage counselor peak payment cancer, but they are well. Clearly this is something that needs to be addressed in a candy you know because this is a part of what needs to happen is no part of godly premarital counseling. They need to really lean in to this area of finances. Especially given the concerns that she has, beginning with just a lot of dialogue around how was money handled growing up and what are their thoughts on the way money should be handled and what lifestyle do they think God is calling us them to you as a married couple. If that's the way the Lord ends up leaving and what about giving and generosity and what is that spending plan to look like me. I think that conversation is going to be key for them getting on the same page then second, I would encourage you once they decide they are going to move to engagement. I would have them connect with one of our moneywise coaches that moneywise live.org just click connect with the coach and have 1/3 party that can walk with them and not only teaching.

Some of these biblical principles we talk about here on the program but actually helping them develop their budget, their spending plan and talk about how they're going to control the flow of money. You know on a monthly basis and some of the decision-making processes that are going to take place. That's gonna be really key. Making sure that they're on the same page with regard to transparency as well as a oneness that they're going to combine their finances and develop a shared vision even if there's one bookkeeper for where they're going. Moving forward, and then I think the last pieces you know if they would be willing to have a mentor financial couple from their church. So perhaps you know praying. Think about who might be an older couple that would walk with them for the first year financially just help them deal with Canada. The issues that will come along and I think if they're willing to take those steps a good bit of talking and dialogue really unpacking a lot of the things that that you don't lead to how they both handle money and then there can be different you know each bring our money personalities to the table but it's her, it's about recognizing each other's strengths and weaknesses and then developing a shared vision moving forward, then working with the coach to get the actual plan. It's one thing to have a plan, then you have to stick to it and that's where the mentor couple will come in if they would be willing to do those things. I would feel a lot better. The last thing I would say liaison to send you a copy of our Dean's book money and marriage God's way and I want you to ask them to. Perhaps you know go through that. Maybe wax it will send you two copies and they can each read a chapter in the maybe they come together on a date night once a week and talk about it. I think if they do those things. They'll be in your real good place to at least identify where there's going to be a real conflict to moving forward that needs to be addressed or whether not they can come to a shared vision, moving forward, to some extent so that couch again. Yeah, just go to our website moneywise.org and click connect with the coach and these are volunteers that are specially trained in all of this that would be willing to walk with them for six weeks or more to not only teach these principles, but to set up their spending plan debt repayment plan giving plan and and work all of that out in advance with them okay that's wonderful at getting a hold on I yes ma'am you hold the line, my producer, Deb will get your information will get those books out to you today. We appreciate your call to Chicago, Illinois Maria, thank you for your patience. I can help you know okay my employer. I a 40141 plan 19 employer very good. So what you have saved up in retirement assets.

Maria, I want okay and going home right now will pray that about 348 out might okay is that the rental property okay are you give good cash flow coming off of that $100 on okay after all of the expenses are paid right okay and do you plan on collecting Social Security when you retire in a couple years while know okay I didn't realize how old you were very good. Yeah, you need to wait till at least 62 and I probably wait till full retirement age. If you can Maria have you put a budget together. Do you know what it's gonna take to fund your lifestyle. Once the house is well. The home is Artie paid off. So given the rental income that you have coming in without taking Social Security what you think you need either monthly or annually. In order to fund your expenses. Do you think it's more than 6000 a month okay great. Because here's the thing you know, not counting the rental income and not counting Social Security and with 1.8 million in whatever that grows to over the next couple years. You should easily be able to pull off 70,000 a year out of that without ever touching the principal and so because you kept your lifestyle modest. You paid off your debt.

Your you're working toward it. You know I think you're in a really good spot here and then when you begin to collect Social Security sometime down the road that'll just be additional funds that you have available.

So I think you're a great spot to really ask the Lord to give you vision for this next season of life I would connect with a financial professional. If you don't have somebody managing that money. It's can be really critical. That's a lot of money. The Lord has led you to put away to fund your needs moving forward. As you move into this exciting chapter. I would encourage you to connect with a couple of certified kingdom advisors and find the one that's the best fit for you. If you don't Artie have that covered. If you do, that's great. If not, go to moneywise.org click find a CK search using your ZIP Code. Apart from that, I think you've got a great plan here, you've obviously been a diligent saver and it sounds like you're right on track so all the best to you as you move forward to take a quick break we come back much more on moneywise live for God's word intersects with your finances stay with moneywise live so long with us today. Their team is taking some time off today so don't: this is pretty recorded but we have some calls lined up that I know you'll enjoy to talk to Lori in Arizona just a moment the first Howards in Chicago and Howard.

How can we help user yes I have about 58 and I have 50 more years of working, but I'm wondering where I should be focusing in terms of whether I should be paying off my home, which is about 250,000 left or whether I should focus more on 401(k) retirement savings yeah well it's a great question because it only think about the use of God's money. It's all about priorities right and we want to start with.

What are our values.

What's most important to us and realize that the way we allocate God's money says where we placed our trust in you know really what we believe God wants us to do with his resources because it's a tool to accomplish his purposes, and clearly part of that is to become debt-free over time and to save for the future you assuming were providing for a family. Assuming were giving systematically I would say even sacrificially and we brought some planning to your ultimate savings goals are not just you know accumulating for accumulation sake. But we know where were headed.

We've established a financial finish line. So all these things are good. So it is long Howard is you have that emergency fund in place you're giving at the level you feel like the Lord is leading you you taking care of any consumer dad and you're on track with your retirement savings. Then I think you know as you look at your allocating beyond that I would do this you know the benefit of compound returns is you invest systematically over time for the long haul. As you dollar cost averaging you're buying into the market at high points and low points and you continue to put that money in and yell over a long period of time. It grows and builds wealth. In fact, the stock market is been the very best place to build wealth over the last hundred years with systematic investments and with the least amount of risk, but we also want to be moving toward being debt-free.

So the way I would strike that balance is to at a minimum, make sure that you're on track to have the home paid off by the time you reach retirement age so if you think that's seven years from now the question I would ask is your based on the current term of the mortgage. Could you add enough to it each year. In terms of adding to your minimum payment so that you align the payoff of the mortgage with your expected retirement which we know could change one way or the other and then any additional surplus you would continue to plow into that 401(k) so it's growing on a tax-deferred basis.

Now your financial situation may or may not allow you to do that. But that would be kind of my starting point. Give me your thoughts. Yeah so you kind of described exactly where I'm at in terms of all my other yell I don't have any other debt I'm tithing as my number one priority and then obviously taking care of the rest.

My you know monthly expenses so that parts yell out of the way. Yeah, I mean if I just went to the house right now that the mortgage isn't due until latter know exactly what year it is. But it's like 20 for the year 2035 or something.

So it's I can't just play that out. So I guess what I was also thinking was to take advantage. I think I was planning on taking advantage of the 401(k) match that my company was doing at the minimum just to make sure that I get that and then focus on the house and then whatever is left. I can do for 401(k) yeah I do you feel like you're on track with your retirement savings. Do you have a sense of what your ultimate goal is to be able to continue to fund your lifestyle once you retire you off of the just based on the income you could produce from those retirement savings.

I feel like I'm in pretty good position but you know that's a big? For everybody right, what is the right number and then there's a level of you know, trust in the Lord and providing that when that time comes.

So I try to talk about. Let's get into all the details so I've asked the question but well so here's my thought on that. I think you're exactly right. Here we need to have a plan. We need to consider that plan prayerfully.

As I said, I think it's important to know your your finish line beyond which you will continue to accelerate your giving and love the Lord to change those plans over time. So what I would recommend is you connect with a certified kingdom advisor there in Chicago. Even if you don't use that individual for investment management just to do some straight planning to really have 1/3 party who understand God's heart related to money who can really help you determine based on what you expect your lifestyle needs to be in retirement. Subtracting any guaranteed income sources you might expect, like Social Security, and then projecting out based on your current trajectory, where your 401(k) will be and what can income that could throw off on a using let's say 4% a year where you're not drawing out the principal you just living off of the income with a largely fixed income portfolio, but with a smaller growth allocation to stocks you would that meet your needs. Based on your current trajectory, or are you behind or maybe you're ahead of the game you know and just put all of that into the equation so that you at least know where you're headed and you've got somebody else looking at it from that perspective.

So that's the direction I would head, but just generally.

I love what you're hearing you're trusting the Lord your prioritizing your giving living within your means you want to focus on debt reduction. You want to save for the future. That's all good but I thinking of bringing that finer point of planning to the equation so you know where you're headed. And you have some peace of mind that you're on track to get there.

I think will that will really help and you can connect with the CK there in chicago@ourwebsitemoneywiselive.org just click find the CK.

We appreciate your call but sent to Yuma Arizona Lori what's on your mind. Thank you for taking my call where purchasing a home and I'm very abundantly clear to lender that interest rate with huge and important, so much so that another home that we came one HQ eight rated and so I took out the loan in my name only, so that I could get it as a primary residence. Tell without care eyewear q. week away from closing and me a letter that my interest rate. My choices were to lock it in at 4.375 with with no point.

When contract at 3.5 and I thought he had not my click is there anything I can do now that they did not lock it in. Well, I think the question is going to come down to and you need to escalate this, perhaps beyond the person you're talking to you know whether or not they should have locked it in. Based on the communication you had and whether they're willing to take responsibility for that. I suspect if it wasn't locked. Unfortunately are knocking to be able to get the rate that was promised to you and you know you could go back and trace your communications to determine what the expectations were based on the instructions you provided and if they failed to comply or act on those instructions and clearly you know if there are reputable company. I would hope they would make that right to you in the form of reduced closing costs or discount points that you don't have to pay for to get that rate back down to what it was but I suspect there was some sort of miscommunication and therefore it other than to say just wasn't locked, and this is the prevailing rate today. Now keep in mind Lori and I know you probably don't want to start this process over your rates are lower than that. If you have your good credit, you should not be paying that high of a rate right now so it may be worth just going to bank rate.com to see what other programs are out there because you don't want to start buying that rate down that's going to get pretty expensive pretty quickly gives can be typically about 1% of the mortgage amount for each percentage point you want to buy it down so you one point on the 300,000 mortgages like three grand.

So that's can add up quickly and so you know I would start with where you're at. Tell them listen you been in this process, you had certain expectations that haven't been met and see what they can do for you at the same time, I would probably start seeing what else is out there get on it started bank rate.com to see what loan programs you might be able to find it could do a lot better because keep in mind you want to try to find you know the best current prevailing rate today and you want to not really spend more than 1 to 2% of the mortgage on the costs of the refinance because we go much over that it's going to take too long to pay it back settle make sense to you about that one in writing that commitment to 3.5 and he told me that way. The best rate now with my credit is really good so thank rate.com to see if they have a better interest rate. But when you change the interest rate is there anything they can do besides maybe offering take point on himself. No, probably not, because the rates are moving around all the time and that rate wasn't locked in guaranteed for you for a period of time, usually 30 or 60 days to give you enough time to get it closed, then you know they have the ability to move that around.

So just depends on how that rate was promised to you and whether there was any kind of lock meal for a fixed period of time that would allow you to get them to make good on what they had to offer to you.

So I go back to the company have all your documents in place. Look at it and then you don't understand exactly what was said, so that you can get to the bottom of this is frustrating. I think your best is to try to get somebody on the phone as a manager who can walk you through exactly where you stand. We appreciate your call today will ask him what he was like praying for you as you sort all this out. Love upsets you to do it for us today. Something wrong with us today moneywise live is a partnership between Moody radio and moneywise media and so thankful for my team every day that supports me in this great work. Jim Henry Leo Stan Anderson thank you for being here will be back next time with another edition of moneywise the work God's word intersects with your in the meantime they got