Rob West: You can't serve God and money, but you can serve God with money. Hi, I'm Rob West. Most of us don't wake up wanting to serve money, but it's easy for financial pressure and financial goals to quietly shape our lives. Today, we'll look at how scripture frees us to see money, not as something to chase, but as a tool God gives us to accomplish His purposes. And then we'll take your calls at 800-525-7000. That's 800-525-7000. This is Faith & Finance on American Family Radio. Biblical wisdom for your financial decisions.

One of the most common questions I hear is, "What's the biblical approach to money?" And it's a great question because the Bible talks about money a lot—more than 2,300 verses touch on wealth, possessions, generosity, and stewardship. And one of the clearest principles is this: Money itself is not the goal; it's a tool.

First, scripture reminds us that money is a gift. Ecclesiastes 5:19 says, "Everyone also to whom God has given wealth and possessions and power to enjoy them—this is the gift of God." In other words, God isn't against provision or enjoyment. When He provides, we're meant to receive His gift with gratitude. We see this clearly when Jesus feeds the 5,000 in Matthew 14. Not only does He meet their immediate need, but scripture tells us there were 12 baskets of leftovers. The point isn't excess; it's that God's provision is generous. He delights in caring for His people.

But here's where things get tricky. Money may be a gift, but it also carries spiritual weight. It reveals what we trust. Paul warns in 1 Timothy 6:10, "The love of money is a root of all kinds of evils." Notice he doesn't say money itself is evil; it's the love of money when we look to it for security, identity, or peace that leads us astray. Money is morally neutral, but how we use it is deeply spiritual. Every spending decision, every saving decision, every act of generosity asks the question: What am I trusting right now—God or money?

And that leads to the third truth: Money is meant for Kingdom impact. Ephesians 4:28 tells us we should work so that we may have something to share with anyone in need. We don't earn simply to accumulate; we earn so we can provide, plan wisely, and bless others. Think about that shift. Work isn't just survival; it's participation in God's generosity. Saving isn't fear; it's preparation. Investing isn't greed; it can be stewardship when it supports future generosity and responsibility.

And practically speaking, this can show up in small, everyday ways: choosing generosity when budgets feel tight, planning ahead so you're not burdened by debt, or creating margin so you're ready when God places a need in front of you. Over time, those small decisions shape both our finances and our hearts. In other words, money becomes powerful when it flows outward rather than being hoarded inward.

Jesus Himself said in Luke 16:13, "You cannot serve God and money." But notice, He doesn't say money is useless. Instead, He makes clear that money must be placed in its proper role: servant, not master.

In his sermon The Use of Money, John Wesley said that money is an excellent gift of God, answering the noblest ends. In the hands of His children, it's food for the hungry, drink for the thirsty, raiment for the naked; it gives to the traveler and the stranger where to lay his head. That's a beautiful picture of money redeemed—money used for eternal purposes.

And here's the freeing truth: Money is temporary. 1 Timothy 6:7 reminds us, "We brought nothing into the world, and we cannot take anything out of the world." Every dollar we manage is temporary, but how we use it can have an eternal impact.

When we remember that, we hold money loosely. We enjoy God's provision without being controlled by it. We plan wisely without placing our hope in wealth, and we give generously because we know God is the true provider.

So before your next financial decision—whether it's spending, saving, investing, or giving—try a different question: "Lord, how can this money serve You and others?" Because money is never the destination; it's simply a tool God places in our hands to accomplish something far greater than ourselves.

This is a key theme I explore in my devotional Our Ultimate Treasure, a 21-day journey that helps you use money as a tool rather than a treasure so it finds its proper place in your life. You can get your copy or order copies for your church or small group at faithfi.com/shop. That's faithfi.com/shop.

All right, your calls are next. The number: 800-525-7000. I'm Rob West, and this is Faith & Finance on American Family Radio. Biblical wisdom for your financial journey. We'll be right back.

David Wollen: For your walk with Jesus, I'm David Wollen with Haven Today, inviting you to anchor your day in God's Word. Abraham gave his son an important task: travel to a distant land and find a wife for his son Isaac from among his own people. It was a formidable responsibility, but his servant did not rely on luck or guesswork; instead, he turned to the Lord in humble prayer. Genesis 24:42 records his words: "Lord, God of my master Abraham, if You will, please grant success to the journey on which I have come." He didn't demand a result; he simply asked God for His will to be done. What a model for us! When we pray, we can bring our hopes and needs before God, but also trust that His will is wiser and better than our own. Get more encouragement for your walk with Jesus at haventoday.org.

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Rob West: Great to have you with us today on Faith & Finance here on American Family Radio. As we begin a new week, we're looking forward to tackling your questions. Maybe there's something over the weekend you were wrestling with in your financial life. Maybe it's around investing and navigating this volatile stock market—selling off last week, now rebounding nicely. The Dow Jones up nearly 700 points at the open. That's a broad rally as oil prices slide. That's on the news that perhaps more negotiations are afoot between the U.S. and Iran, commencing even today, as the President saying over the weekend that he was holding off on a planned attack at the urging of both Iran, but most notably, some Middle Eastern countries, hoping to get everyone back to the negotiating table. The market reacting very positively across the board, everything green, at least at the moment, as oil prices come down.

We'll get Bob Doll's take on that in the final segment today. Bob is our go-to guy on the markets. He's the CEO and Chief Investment Officer at Crossmark Global Investments, a regular on Fox Business and CNBC. Bob's a Christ-follower, a Wall Street veteran of more than 40 years, and he joins us each week with his market commentary. We'll look forward to hearing from Bob on the broadcast today.

We will be taking your questions, though. So whether it's investing or paying down some debt, maybe you're struggling with that credit score—how do you get it up? Or maybe it's, "When do I take Social Security? Do I take it at full retirement age, early, or do I delay it until age 70?" Any of those questions in play today, the number to call: 800-525-7000. That's 800-525-7000. We will dive into those questions here beginning in just a moment, so go ahead and call right now.

Mortgage rates are moving higher again, reaching their highest level in about a year. The average rate on a 30-year fixed-rate mortgage is now around 6.8%, according to several industry surveys. Why? Well, rising Treasury yields, persistent inflation concerns, and even global uncertainty have all contributed to the increase, even after the Federal Reserve chose to leave its benchmark interest rate unchanged last week. While the Federal Reserve directly influences the federal funds rate, mortgage rates are driven more by the bond market, particularly yields on the 10-year Treasury note. That's why mortgage rates can rise even when the Fed leaves its benchmark rate unchanged.

Higher rates have, of course, made affordability more challenging for home buyers. So take a $400,000 mortgage—even a half-a-point increase can add well over $100 to the monthly payment, and of course, tens of thousands of dollars in interest over the life of the loan. Many homeowners remain reluctant to sell because they're locked into these low mortgage rates we got very accustomed to. Well, it's been three or four years, but before that, for about 20 years plus, we were accustomed to those 2%, 3%, and 4% rates. Well, that continues to limit the supply of homes for sale as homeowners hang on before selling. That's keeping prices elevated in many markets, even though the increase has slowed; we're certainly not seeing any kind of pullback across the country.

If you're shopping for a mortgage, don't assume every lender offers the same rate. Bankrate notes that comparing multiple lenders can potentially save borrowers thousands, sometimes even tens of thousands, over the life of the loan. So just keep that in mind. I would encourage you to get at least three bids. You know, this is your largest transaction you'll ever have. Going with just one lender is probably not the best idea.

It's also wise to remember that the right home isn't necessarily the most expensive one the lender will approve. Buying below your maximum budget leaves room to save, give generously, and even weather unexpected financial setbacks. For Christ-followers, this is a good reminder that stewardship isn't about trying to predict where interest rates are headed next; it's about making wise decisions. What is the next faithful step for me? We don't know where interest rates will be a year from now, but we can make prudent, faith-filled, faithful decisions today, and that really needs to be our goal. I hope that's helpful to you.

All right, we're ready to dive into your questions. Again, lines are open; we're ready for you at 800-525-7000. That's 800-525-7000. You can call right now. Let's begin today in Texas. Gary, how can I help you?

Gary: Yes, I heard you talking to somebody, and I drive a truck, so I have to jump out every once in a while to do something, and I didn't catch everything that y'all were talking about. But anyways, I was wanting to know about a reverse mortgage, and the fact that I bought a house in October of last year, and I figured out real quick how much money is going into interest and how much to principal. So I just want to know, if it's worth $200,000 and I borrowed $150,000, which turned into $167,000 after the closing costs, how much I would need to save to put down—I mean, to get that down to get a reverse mortgage?

Rob West: Sure. Well, that's a great question, Gary, and I appreciate you asking. What is your age, if you don't mind me asking?

Gary: 62.

Rob West: Okay, great. Yeah, so you are of age in that you have to be at least 62 for a Home Equity Conversion Mortgage—the official name of a reverse mortgage, the only kind I would look at. There are other varieties, but this is the one where the FHA is guaranteeing it, so it's a non-recourse loan, meaning despite what your home value does, you would never, or your estate would never, owe more than the home is worth. And of course, any equity that remains based on what you borrow and the interest and fees accruing to it would be for you to either take when you sell it once the reverse mortgage is paid off, just like a forward mortgage, or at your passing, be available for your estate.

So you still retain ownership of the home; you can live in it as long as you want. It's just when you move out or pass away, it's sold, the mortgage is paid off, and then whatever remains is available.

The key here would be you'd have to have at least 50% equity, generally, as a starting point. And so that would mean your mortgage balance would need to be down—if the home appraised at $200,000—down at $100,000 in order for you to be able to consider this. Possibly 60% equity, $120,000, but in most cases, 50%, so $100,000.

So it sounds like you are a bit away from that in the sense that you would need to bring down that mortgage to that $100,000 to $120,000, and then at that point, you could refinance the mortgage with reverse, which would mean that that payment would become optional.

So you would need to wait that out. I will say, to your point about the amount of interest going—or the amount of the payment going to interest, an amortized mortgage, which is what you have, is designed so that your monthly payment stays the same over the life of the loan, but in the early years, because your loan balance is at its highest, most of each payment goes toward interest. And then as you gradually pay down the principal, the interest portion gets smaller and more of each payment goes toward reducing the loan balance.

That's just the way an amortized mortgage works, which is why you need to be careful. You know, a lot of people, when rates come down, will refinance, which can be great, but if you're five years into a mortgage and now you're just getting to the point where you've got a bit more going to principal, and then you start over in a new 30-year, you know, you're resetting back to where the vast majority is going to interest. So you just need to be careful of that because that's the way an amortized mortgage works. But at the end of the day, your target needs to be that 50% before this is a viable option for you. Gary, I hope that helps. Thanks for your call. We'll be right back.

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Rob West: Great to have you with us today on Faith and Finance here on American Family Radio. This is where we help you think about the practical questions you have in your financial life through the lens of biblical wisdom. So now's a great time to call, we've got lines open. We'll begin taking more questions in just a moment. So, if you have a financial question today, something going on in your life, we'd love to weigh in on it, help you think about it in light of biblical wisdom. 800-525-7000 is the number to call. That's 800-525-7000. You can call right now.

This is American Family Radio's campaign this week for Truth for Youth Bibles. That's right, it's Truth for Youth Bible Week. We look forward to this week every year as we have the opportunity to partner together to give away thousands of free Bibles to young people across America. That's right, AFR and Revival Fires International partner to provide the only hope for teens as they return to school and reach this generation of young people to get the word of God back into the public schools through the distribution of the popular Truth for Youth Bible to teens across our nation.

And so here's our ask. Revival Fires International is giving one free Truth for Youth Bible to every student between the ages of 13 to 18 who promise to pass it along to a friend this school year. The Truth for Youth Bible, if you haven't seen it, it's beautiful, it's designed in a way that appeals to young people, it consists of the entire New Testament, it's got full-color comics that present the gospel and moral truths, and it's also available in Spanish. And if you've not been a part of this in the past, let me just tell you, this has been incredible. Over a million Truth for Youth Bibles have already been given away over the past 25 years through this project, and thousands of young people have received Christ—more than 30,000 over the last 25 years.

So here's our goal as AFR partners with the folks at Revival Fires International: we want to get out 65,000 Bibles into the hands of teens this year, and we can't do it without you. So I'm going to give you a phone number where you can get on the phone with one of the team members from Revival Fires International. As a parent, you can order the Bible on behalf of your son or daughter or teens, and they can call to get one on their own as well. But feel free to call yourself and get one mailed to your door. You can also order large quantities of the Bible for just $2 each if you want to be able to give them maybe to a club or some other friends or family members.

So you can head or actually call this number: it's 800-733-4737. That's 800-733-4737, or if it's easier to remember, it's 800-RF-FIRES. 800-RF-FIRES. And if you do that between 8:30 and 4:00, which is right now, you'll get one of their team members on the line, you can place your order, and perhaps you want to figure out how you can support this great work financially, you can do that as well. We're going to have Tim Todd with us on Wednesday, and so we'll be able to talk more about this exciting initiative. But as we head back to school—and depending on what part of the country you're in, you may say, "Wait a minute, I thought it was still summer." Well, no, here in Atlanta where I am, the buses were rolling, kids are back in school this morning, and we're off to the races. So we want to meet that opportunity with God's word so that young people's lives can be transformed through the saving knowledge of Jesus Christ, and that means getting God's word into these schools.

So again, call the number 800-733-4737, and you can order some Bibles for the young people in your home today.

Rob West: All right, we're going to dive back into your questions here in just a moment. We do have some lines open, so if you've got something happening in your financial life, call right now: 800-525-7000. We'd love to hear from you.

Rob West: We just rolled out this last week our first-ever field guide, and we are really excited about it. Essentially, here at FaithFi, you know, we have been for the last several years producing studies going deep into God's word around passages related to a biblical approach to finances. You know, our first one was on the parable of the rich fool, and it's just gotten an incredible response as so many people across the country are using it in their small group. We've also produced devotionals—we did our first one on Look at the Sparrows on financial fear, and then last year I came out with my new devotional, Our Ultimate Treasure. And we've added a third product category that we call field guides, really to press more into the practical questions that you're asking that intersect with faith and finance.

And so the first field guide, just released last week, is the Field Guide on How Much Money Is Enough?—really a guide to discover contentment and generosity and purpose through what we call a financial finish line. It's this idea that you would draw a line in the sand and say, "Here's enough." You know, it's one way many families answer that question, "What does enough look like in my life?" and it's this idea of a financial finish line. It's simply a way to define enough, and you can do it through two expressions. The first is what we call a lifestyle finish line, and the second is a lifetime finish line.

Let me unpack those, because this is really, I think, a big idea that we each need to work through prayerfully. A lifestyle finish line is really that level of spending you intentionally choose not to exceed, even if your income continues to grow. So rather than just the gravitational pull allowing your standard of living to expand automatically, it really helps you decide in advance what level of lifestyle is truly sufficient. And then, as the name suggests, the lifetime finish line is really that maximum amount of wealth you'd need to sustain your lifestyle over the long term. And then beyond that point, additional growth is no longer directed toward accumulation.

And as these two things come in focus—both the lifestyle and the lifetime finish line—well, it becomes very clear then what you have available to give, because a finish line doesn't just create boundaries around spending; it really creates, more than anything, a vision for generosity. It helps you recognize surplus not as something to absorb into your lifestyle, but as something you can steward with purpose, as God leads.

So we're going to have a special launch of our field guides tomorrow where they're going to be offered at an introductory discount, so you're going to want to check that out tomorrow. We'll be right back.

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Rob West: Well, the market higher across the board today: Dow Jones, S&P 500, Nasdaq, all higher by at least 1% as oil prices slide. That's on the heels of the announcement that President Trump calling off Friday and through the weekend the attack that was imminent on Iran. Lord willing, they're back at the negotiating table today and through the week, as several Middle Eastern countries are pushing for a resolution. And the market's reacting very positively. Bob Doll stops by in our next segment; we'll get his take on what's moving the markets today. In the meantime, we're taking your calls and questions. That number is 800-525-7000. Again, that's 800-525-7000. You can call right now. Let's go out to Arkansas. Jeff, how can I help you, sir?

Jeff: Uh yes, thank you for taking my call. I am a retired federal employee with a Thrift Savings Plan.

Rob West: Yes, sir.

Jeff: Currently, I've got the entire TSP in the G Fund, but I was wanting to change a percentage of it to a fund that would earn more interest, maybe a lifecycle fund, something like that. But my question is: when do you do an interfund transfer? Is it when the market's up or down, or does it matter?

Rob West: Yeah. You know, I really would not try to time that based on whether you think the market is high or low. I mean, it really is difficult to do consistently. So, really my approach would be to say: let's think about the asset allocation that fits your goals and risk tolerance, and then use those interfund transfers primarily to rebalance your portfolio back to the target allocation, irrespective of what the market is doing at that moment. You know, typically we would say—just as a starting point, it doesn't mean that that's right for you—but typically at 68, approaching 70, you know, we would probably have 60% in bonds, 40% in stocks, just as a starting point, and then you could dial it up more conservative or more aggressive from that point.

So for you, that would mean, you know, 60% in the F Fund, and then for the 40%, I'd probably take half of that, so 20%, and put it in the C Fund, the common stock, and then 10% and 10% in the International and the Small Cap—the S and the I Funds. And, you know, that would be a good, you know, mix for you. You could also use the lifecycle fund as well, but I think, you know, you can do it yourself with the letters, and they make it really easy to do. And the TSP has had phenomenal performance, and, and really, I think, reasonable fees.

But in terms of, you know, when you'd make that adjustment, I think the first question is: what is the target allocation? And then second, I'd go ahead and start moving it. Now, if you wanted to do it over, let's say, 90 days or something like that, you could, but for me, I wouldn't try to pick the top or the bottom. I'd just say once I know what the target allocation is, I rebalance, and I'm in it for the long haul, especially because in your situation, Jeff, you know, you've got some income coming in such that you're not having to draw the proceeds. That's a great position to be in.

So, even at age 70, we need to be looking at this as, you know, a time horizon of a couple of decades or more, which means that even if we hit a recession two or three years from now, you wouldn't touch that stock portion; you would just let that wait, you know, you'd wait out a recovery, and that's a great place to be. Because, you know, that's the growth component to your portfolio, and if we look back historically, we see that every major problem that has caused the market to go down, either in a correction or even a crash, has always rebounded and moved to higher ground in roughly, you know, a 10-year time horizon. And it seems like as of late, you know, when we look at the pandemic or the Great Recession, it happens much quicker than that. But give me your thoughts on all that.

Jeff: Oh, that's good. And so, would you recommend more the stocks and common over the lifecycle fund?

Rob West: You know, I prefer that approach just because you can dial that allocation into exactly what your goals and risk tolerance are, rather than delegating that to them just based on your target retirement date. And so I think that's where you really need to decide, you know, what is the right mix of stocks versus bonds, and then everything else falls out of that. So if you go with my, you know, kind of default recommendation for somebody 70, you know, it would be that 60/40 portfolio, then it'd be really easy for you to go 60 in the F, 20 in the C, and then 10 in the I and the S. But again, if you want to be a little more conservative, you could dial that F up to 70; if you want to be a little more aggressive, you could dial it down to 50, and then everything else on the stock side—the equity side—falls out of that.

Jeff: Okay. Well, I had understood that you should be in... I've been in the G Fund for eight years since I retired because I... yeah, I messed up, so I thought you were supposed to be in the conservative fund around retirement, and I've learned different now, so...

Rob West: Yeah, it's okay. I mean, I think the key is moving forward, what is the right move for you? You know, the challenge with the G Fund is, although it's a great—I mean, it's basically a government money market, so it's like a savings account, which is not a bad thing, you've preserved what you've had—but I think the idea is that given inflation and given, you know, just the rise in the cost of healthcare, which is probably your biggest risk in this next season of life, you know, we want to try to outpace that inflation. The way we grow it is not taking unnecessary risk, but also recognizing that, you know, we've got time on our side.

When you hit retirement, you still have a 20-, 30-plus year time horizon. Now, the Lord could call you home at any hour, as He could any of us, but, you know, as long as you're healthy, you know, we're looking out saying that we want to manage this for the future so we can still take a long-term perspective even though we're no longer working. And if you think about a portion of it going to, let's say, heirs, you know, that just even extends the time horizon. So I think, you know, being in that stock/bond mix that's right for you based on your age and your goals is probably the right approach, and less so on the G Fund, the government money market.

Jeff: Okay. That sounds good. I appreciate your help.

Rob West: Absolutely, Jeff. Anything else on your mind today?

Jeff: No, that'll be it. Thank you a lot.

Rob West: Absolutely, sir. God bless you. Hey, let me mention—I'll let you go, but we appreciate your call—you know, the other consideration here for anybody listening today that is entering into this season of life or, you know, is already there, is, you know, you spend your working career kind of building and amassing wealth, and that's great. And I love the fact that whether you're in the TSP or the 401(k), you know, that menu of investment options is limited, and really that's a good thing because it simplifies the decision-making. You know, if you took the blinders off and you were in an IRA and you have unlimited investment options, on one hand that's good because you have unlimited options; on the other hand, you can have some analysis paralysis. It makes it more difficult.

So I think the TSP and the 401(k) model works while you're building wealth, but often as folks transition into retirement, I think therein lies an opportunity to bring an advisor to the table who could help really tailor that portfolio to your unique needs. Now, does that mean you can't just stick with the TSP? No, absolutely not. It's a great model; those funds have done well. Again, I think the expense ratios are right.

But moving to an advisor for both the planning in terms of the timing, for the distributions, the tax considerations, the giving opportunities, and just tailoring that portfolio to your unique needs for income, preservation, and accumulation, there's a real opportunity there. And an advisor could bring—the right advisor—a faith-based approach to the table as well, where the investments are screened for biblical values. So if you want to find an advisor to come alongside you in this season, the best place to go is findac ka.com, and you can do a quick zip code search.

Back with Bob Doll after this. Stick around.

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Announcer: As the leading advocate for the Christian financial industry, Kingdom Advisors serves the public by promoting the integration of a biblical worldview across every aspect of the financial services industry. And we serve a growing network of thousands of Christian financial professionals, equipping and empowering them to carry biblical financial wisdom to their clients, peers, and community. For more information, visit kingdomadvisors.com. That's kingdomadvisors.com.

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Rob West: Thanks for joining us today on Faith & Finance, here on American Family Radio. We're taking your questions today. I've got room for one or two more. You've got a question, call right now: 800-525-7000. That's 800-525-7000. Well, despite the planned attack on Friday and through the weekend on Iran, the President came out and said that the urging of not only Iran, but perhaps more importantly, some of the Middle Eastern countries, he was going to hold off and hopefully head back to the negotiating table today. As a result of that, Bob, I would imagine your board is pretty green at the moment. Is that right?

Bob Doll: It sure is, except for certain pockets in technology. The board is green, and you just gave a lot of the reason why. We're not going to war—at least not today.

Rob West: Yeah. That on-again, off-again has us in kind of a yo-yo here. How do you navigate that, Bob, as somebody who's managing literally billions of dollars in the market?

Bob Doll: With great difficulty, is the answer. Look, I think that we've seen this pattern, and there are probably more chapters to come. So, you know, when the market's kind of down the limit, look for good companies at reasonable prices and do some accumulating. And when they run them up on hopes for peace, let some go. I hate to sound like a trader, but around the edges, you can do it.

Rob West: Yeah, no doubt about it. Bob, we saw mortgage rates tick up to their highest levels over the weekend. Your thoughts on where that might be headed, and where those mortgage rates are pegged to, largely?

Bob Doll: Yeah, the—that is problematic. We were saying $4 gas and 6% mortgages, that's trouble for the consumer. They're spending money on other things, obviously, and that's keeping the economy going. But home prices haven't come down a whole lot, and so the housing market is sitting by without a whole lot of hope in the near term.

Rob West: Yeah. The Fed, of course, is at the center of all this, and they held steady. But just given inflation and some of the narrative out there, and even what you're seeing with bond yields, what do you think the future holds for interest rates?

Bob Doll: Well, it seems as though the bond market wanted the Fed to raise rates 25 basis points. I say that because both the widening of the yield curve, that is the move up in longer-term yields, as they're kind of protesting—look, inflation is stubborn. And unless you know something I don't know, it's likely to stay stubborn. And therefore, if the Fed really is intent on getting inflation down to 2% in the long term, they're probably going to have to raise rates at some point in time to combat the inflation problem.

Rob West: Yeah. But despite that, net-net, Bob, where do you see this economy and the U.S. consumer? Are we holding up?

Bob Doll: Yeah, we're holding up just fine in the face of, you know, $100 oil, threat of more tariffs, the inflation issue. The U.S. economy is hanging on just fine, thank you. And that's powered these earnings higher. And we say it—it seems like every time we talk, earnings are the story, and they've been amazing.

Rob West: Yeah, they sure have. Bob, obviously, we can look throughout history and we can draw trend lines. One of those trend lines you talked about in your Doll's Deliberations this week was what happens to the market after a midterm election. Walk us through that.

Bob Doll: Yeah, there's often a period before the midterm election of squeamishness and sell-off and consolidation. But since World War II, every midterm election, the stock market's been higher nine months later. So, I guess the moral of the story is: election day, close your eyes, buy some stocks, and wake up nine months later and see how much money you've made.

Rob West: Yeah, not a bad idea. Very good. Well, that's a helpful perspective, and hopefully that holds true again moving into next year. What about the bond market? You touched on yields and what happened following the Fed's meeting, but just what do you see kind of as you look out over the balance of the year?

Bob Doll: What I don't see is a whole lot of downward movement in interest rates. Might they drift higher? Yes, it's very possible. As you know, the 30-year a few weeks ago crossed to the upside, 5%, and is now at the highest level we've seen in nine years. So from the low recorded in the middle of the pandemic in 2020, it's been a not-very-fun bear market in bonds.

Rob West: Mm, yeah. Bob, obviously you mentioned just the impact to the consumer on both interest rates as well as oil and gas prices, really. Are we hitting a point now at the beginning of August with elevated gas prices where we're going to start to see this deterioration start to show up in the data?

Bob Doll: Hard to say. A lot of people have been calling that for some time now, and we've not seen deterioration. The big change, from my point of view, is remember when we got oil unexpectedly up to $100 at the beginning of the war, we had the tailwinds of the One Big Beautiful Bill, which included tax cuts for individuals, good news for corporations. So that offset. If oil goes back up to $100 and stays there, yeah, I think we'll get some weakness in the economy. But maybe it won't; maybe we're going to make a deal here.

Rob West: Yeah. Well, we'd certainly love to see that. Bob, we talk a lot about just the opportunity that Christians have to really bring their faith with them into their portfolio, and often at the behest of an advisor who can help them implement these strategies. Talk for a second just about the impact to performance, if any, when you go that direction.

Bob Doll: The answer is there is no impact. Now, that doesn't mean it's identical basis point to basis point every day, even every year, but over time, there's so many empirical studies to show you don't give up anything. So I like to say, if you've got a good portfolio for both this life and the life thereafter, why wouldn't you go there?

Rob West: Yeah, no doubt about it. And then lastly, Bob, just give us a peek behind the curtain. What does that look like for you and your team as you not only look for compelling value as you buy stocks, just in terms of the financials of the company and their business, but as you also now bring this added layer of a faith screen?

Bob Doll: Yeah, so I'm glad you pointed that out. A lot of people think we don't pay attention to secular fundamentals and valuation. Of course we do—you have to have a good company. But what we do is screen out bad companies—companies that addict people, that maim people, that sadly have products that kill people—and emphasize on the positive side companies that are doing good: how they're treating their customers, their suppliers, their employees, their community. You can put that all together, you have a faith-based portfolio that hopefully over time, and most of the time, will outperform.

Rob West: Bob, it seems to me, just as I have conversations and we hear from people on this program regularly, that as Christians begin to discover that this is an opportunity that exists—yes, they can limit their lifestyle and look to give generously, and we should do that as a response to even the grace that God has extended to us—but that we can also bring our faith to the other side of the ledger, if you will, in terms of the capital that we're deploying. That's a new idea, but I'm finding that when Christians are met with this idea, they enthusiastically and wholeheartedly want to move in this direction. Would you agree?

Bob Doll: Absolutely. We want to line up all our life with God's values. And when we do that, it speaks to how we earn our money, how we invest our money, how we give our money away, and how we spend our money.

Rob West: Yeah, well said, Bob. Well listen, thank you for your time today, as always, and we'll look forward to having you back next week.

Bob Doll: God bless.

Rob West: All right. That's Bob Doll. He's CEO and CIO at Crossmark Global Investments. By the way, when you head over to crossmarkglobal.com, you can sign up for his Doll's Deliberations. That's his weekly investment commentary.

Rob West: By the way, folks, you know a lot of people ask us from time to time, "What does it look like? What are the various approaches to having a faith-based investment portfolio?" And you know, what we're finding is that Christians really are approaching this idea of faithful investing in different ways. Some, as Bob said, are choosing to avoid certain industries. You know, they might say, "Listen, if this is a media company that has any part in pornography, I'm out. If this is a company that offers anything related to tobacco or perhaps gambling, I'm done." So they're avoiding certain industries and really taking that total population, let's say of the S&P 500, and saying, "Now let's pare it back to those that would not be misaligned with my values."

Secondly, and we talk about this each Friday on this program, others are choosing to, in addition to that, engage—using their position as owners of companies to say, "You know what? That's a platform to vote proxies. That's a platform to engage around key issues related to Christian values." And so I'm going to engage with the company. Still others really, as Bob said, are seeking to select those investments that promote human flourishing directly, or maybe advance the common good, or loving their neighbors and their stakeholders, or even advancing the gospel with a Kingdom approach. And in that lies an opportunity for you to think about how you're investing in a way that aligns with your Christian values.

If you'd like to find an advisor who can help you bring that kind of thinking to bear inside your portfolio, we have made available in the findacka.com search the ability for you to say, "I want a CKA who can expressly bring a biblical approach." And so if you want a faith-based investing approach that only uses those asset managers that bring this approach to the table, just be sure when you go to findacka.com and you choose the investing category that you say, "I want a faith-based CKA in terms of their investments." And that's going to limit the results to only those Certified Kingdom Advisors that have met our criteria to say, "Yes, they can offer a faith-based investing approach to their clients." Again, just head to findacka.com to learn more.

Rob West: Well listen, so grateful to have you along with us today. Don't forget, this is a really important week for us here at AFR because it's Truth for Youth Bible Week all week long. Tim Todd will be by on Wednesday. But listen, if you want to have one of your teens contact Revival Fires International, or you want to contact them on behalf of a teen that you have or a young adult, and get one of the Truth for Youth Bibles mailed to your door so they can give it away to a classmate at school, just call this number: 800-733-4737. Our goal: 65,000 Bibles into the hands of teens. That's our goal this year—AFR and Revival Fires International: 800-733-4737. Come back and join us tomorrow. We'll do it all over again. Until then, God bless you. Bye-bye.

Announcer: The views and opinions expressed in this broadcast may not necessarily reflect those of the American Family Association or American Family Radio.

You can’t serve God and money (Matthew 6:24), but you can serve God with money. Most of us don’t wake up with the intent to serve money—but it’s easy for financial pressure and financial goals to quietly shape our lives. On this Faith & Finance on AFR, Rob West explains how, through Scripture, we are freed to see money, not as something to chase, but as a tool God gives us to accomplish His purposes. Then, it’s on to calls.

(00:00) Rob West talks about using money as a tool
(08:30) Rob West gives an update on the stock market
(10:26) In the News: Mortgage rates have increased
(13:21) Caller Gary: What are requirements for talking out a reverse mortgage
(21:09) It’s Truth for Youth Bible Week on AFR – Visit tfy.org or call 800-733-4737
(24:56) FaithFi has rolled out their first Field Guide and it addresses the question “How much is enough?”
(31:10) Rob West gives updates on the markets and oil prices
(32:03) Caller Jeff: Retired government employee with TSP. How can he maximize returns
(42:28) Bob Doll of Crossmark Global joins Rob West to discuss the current condition of stock markets
(45:38) Bob Doll gives his thoughts on what affect mid-term elections could have on markets
(46:26) Bob Doll gives his projection on what bond markets are likely to do
(47:05) Bob Doll talks about projections for oil prices and how they affect the economy
(48:02) Bob Doll discusses the increase in faith-based investing