Rob West: Debt carries a cost beyond dollars. It can steal your sleep, strain relationships, and cloud your view of the future. Hi, I'm Rob West. If debt has taken over your thoughts as well as your budget, today's conversation can help lighten the burden. Neile Simon joins us to discuss the emotional cost of debt and how clarity, wise counsel, and a practical plan can provide a path forward. And then it's on to 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.
Well, our guest today is Neile Simon, a certified credit counselor and director of strategic partnerships at Christian Credit Counselors, an underwriter of this program. Neile, always great to have you here.
Neile Simon: Great to be back, Rob.
Rob West: Neile, most people think of debt in terms of dollars and interest, but there's an emotional burden as well. What have you learned about the hidden weight debt can carry?
Neile Simon: Well, when we talk about debt, most people immediately think about their finances. But I've counseled thousands of individuals and families over the years, and what I've really learned is debt is rarely just a financial issue. It carries a really heavy emotional burden as well, because debt affects far more than just our bank accounts. It impacts our sleep, our relationships, our health, and our sense of peace in that everything is going to be okay, because sometimes fear just takes over.
Rob West: Well, that's exactly right. I mean, these families are navigating difficult seasons. Could be a job loss, medical expenses, rising costs—we're all facing that. What circumstances, Neile, most often lead otherwise careful people into debt, and why is it important for them to know they're not alone?
Neile Simon: So I just want to share with listeners that if you are struggling with that, you're not alone. Many people feel ashamed or embarrassed about their financial situation, but the truth is life happens. I've worked with people who have accumulated debt after losing a job, or went through a divorce, facing unexpected medical expenses, maybe had to retire early, help an aging parent, or even support adult children. Some people, too, are just trying to keep up with the rising cost of everyday living. So sometimes debt isn't just a result of irresponsible spending; it's really a result of doing everything you can just to get by during a difficult time.
Rob West: Yeah, that's exactly right. Now, before someone reaches out for help, what warning signs suggest that a financial problem has become an emotional burden as well?
Neile Simon: Yeah, I think one of the things that we see as credit counselors is that the financial stress often shows up long before someone reaches out for help. People have shared with me during our counseling sessions that they're lying awake at night wondering how they're ever going to get out of their debt, or they avoid looking at their creditor statements because no progress is being made, or maybe people are even working extra hours just to stay current, and that leaves little time for family or rest. So these are some of the signs that the financial burden is now becoming an emotional burden and has been compounded.
Rob West: Yeah, that's exactly right. So for the listener who may be lying awake at night because of debt, what practical next steps and even biblical encouragement would you leave them with today?
Neile Simon: Well, here's what I'd like every listener to remember is that seeking help isn't a sign of failure; it's really a sign of wisdom. Because the earlier you reach out, the more options you'll have and the more empowered you are to take action and find a solution. I think one of the greatest gifts a certified credit counselor can provide to people isn't just a strategy for paying off debt—it's clarity. When people really understand exactly where their money is going, what options are available, and a path forward, it looks like a weight is lifted, and really the peace is able to come in.
So what happens is that that clarity brings hope because people can see the light at the end of the tunnel. And then as believers, we're also reminded that God cares deeply about every area of our lives, including our finances. Scripture encourages us not to be consumed by anxiety, but to bring our concerns to the Lord with prayer while seeking wisdom. That doesn't mean ignoring our financial challenges; it means facing them with faith, sound counsel, and practical steps.
Rob West: Yeah, that is well said. And folks, Christian Credit Counselors can help you find hope in that path forward. Neile, we so appreciate our partnership. Thanks for being here today.
Neile Simon: My pleasure. Thanks, Rob.
Rob West: That's Neile Simon with Christian Credit Counselors. Their non-profit team may be able to help lower your interest rates, create a clear repayment plan, and walk alongside you as you work toward repaying what you owe. Just go to faithfi.com/ccc to learn more. That's faithfi.com/ccc. Your calls are next at 800-525-7000. We'll be right back.
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Rob West: Thanks for joining us today on Faith & Finance on American Family Radio. I'm Rob West. This program every day is for you, to help you live as a faithful steward. Understanding God owns everything, we are then entrusted with resources, with relationships, with influence. We're stewards of God's Word, we're stewards of our skills and abilities, and yes, we're stewards of God's money. We hold them loosely, we manage them for God's glory. Does that mean we can't enjoy it? No! Part of the reason God entrusted to us what He does is for our enjoyment. We see that in 1 Timothy, among other places in Scripture.
God, the Creator of everything, including the resources that you hold, is the author of delight, and joy, and beauty. And so it makes sense that using money for a celebration or a meal to enjoy and deepen relationships is a part of God's desire. We're also to use it to provide for our families and our loved ones—we see that clearly in Scripture. But we should also be thinking about loving our neighbor and taking the Gospel to the ends of the Earth, and protecting the vulnerable. We do that through our giving, we do that also through our investing.
So when we see money as a tool to accomplish God's purposes, everything changes. Well, each day on this program, we want to remind you of those truths that come from God's Word, not just slapping a verse on principles that you might find on Yahoo Finance, but really going into the counsel of Scripture, going deeper, looking at the passages and the stories and the words of Jesus Himself as we see what is on the heart of God. The fact that a man's life does not consist in the abundance of his possessions. So we need to be careful, we don't need to take credit, but we also have hope as stewards that we're not carrying this alone, and humility to know that it's all a result of God's grace. And so we're tasked with being found faithful.
What is the next faithful decision you need to make today? Not when the portfolio is 20% higher than it is, not when you get that next raise at work or a bigger bonus. No, what does faithfulness look like right now with what's in my hands, with what's on the balance sheet and the budget that I'm looking at in front of me today? And how can we make those small decisions? Because faithfulness includes the fact that those who have been faithful with a little will be entrusted with much. And so we recognize that's a part of God's economy.
Well, each day on this program, we want to take your questions and help you understand how to apply biblical, ancient, timeless, relevant wisdom to the decisions and choices you're making right now in your financial life as you give, and save, and spend, and invest. All of those things we can tie back to biblical principles. So whatever you're facing today, maybe you're in a situation like where we started today with Neile Simon and you're experiencing right now the emotional toll of debt, and it feels overwhelming. You don't have to carry that burden alone; we'd love to give you some wise counsel and a clear plan on where you go from here. Call 800-525-7000.
Maybe for you, it's investing. You've been sitting on the sideline, you've been watching the market hit new highs every few days, and you're wondering, "Should I get in? How do I invest? What's the right mix of investments for me?" Maybe you're in the fourth quarter of life and you can't balance the budget, or you're just wondering when to take Social Security. Or maybe you have a required minimum distribution in your IRA, you don't need the money, and you're wondering how to handle that. Any of those questions we can tackle today when you call 800-525-7000.
We're going to begin here in just a moment in Pennsylvania, but first, in the news today: The US Treasury Department and the IRS proposed new regulations this week outlining how employers and employees can contribute to Trump accounts. These are tax-deferred investment accounts for kids. Under the proposal, employers could contribute up to $2,500 annually to an employee's dependent child's account without the contribution being included in the employee's taxable income. That's an important distinction. As we think about that, you know, that allows you to, on a tax-deferred basis, be able to exclude it from income, get it into an account where it's going to grow tax-deferred. Employers could also let workers direct pre-tax payroll contributions—so think 401(k) or 403(b)—into their children's Trump account.
Trump accounts, also known as 530A accounts—that's the section of the tax code where these are made possible—are available to US children under 18. They have to have a Social Security number. Children born between 2025 and 2028, though, may also qualify for a one-time $1,000 federal deposit from the US Treasury. Parents, grandparents, and others can contribute up to $5,000 per year, including employer contributions. Treasury Secretary Bessent said about 7 million children have signed up so far, and more than 50 companies have committed to make employee contributions. The proposed rules are still subject to public comment—this is all happening in real-time, so stay tuned—but an October hearing will happen as well before everything is finalized. Benefits experts say the added guidance could encourage more employers to participate. Nevertheless, we'll keep you posted. This is a great opportunity—don't miss it—to get some additional money on a tax-deferred basis growing specifically for kids and grandkids.
All right, phone lines are open. 800-525-7000. Any financial question, call right now.
Rob West: Let's begin in Pennsylvania today. Ralph, great to have you, sir. Go ahead.
Ralph: Well, thank you. I have invested in some properties I got at really good rates because they were dilapidated properties. Now I'm at the point I don't know what to do. I'm retired. I wanted to leave them to my kids, but I'm worried the kids won't take care of them and be able to upkeep them, so I'm wondering if I should sell them and invest. I'm not sure where to go.
Rob West: Got it. What is the status of these properties? You said you got a good deal because they were dilapidated. Did you go in and renovate them?
Ralph: I completely renovated them. Everything is completely new: wiring, windows, doors, everything. Most of the houses are valued anywhere from $100,000 to $300,000.
Rob West: Okay, got it. Yeah, that's really important, a distinction there. So here's what I would say to that. You know, the issue is less about taxes, more about whether or not these properties would be a blessing or a burden to the kids. The properties are now renovated. I would imagine they're producing income, is that right?
Ralph: Yes.
Rob West: Okay. And I think a big question is: Do the kids want to be landlords? If they have no interest in managing the 10 to 12 rentals, inheriting them could be an administrative burden, even if they're valuable.
Now, professional management could solve much of that problem. A good property manager could handle the leasing, the maintenance, the rent collection, and any tenant issues. That would make the portfolio more passive. And if you kept it until death, under current law, the heirs—your kids—would receive that step-up in basis, which could eliminate capital gains on the appreciation if they have significantly appreciated beyond what you've put in it, which automatically increases the cost basis.
If the children would rather have the cash than the rental properties, then you could sell all or some of them during your life. You just need to be aware of the tax consequences, and then leave instructions for the executor or trustee. You could also have the estate sell the properties after your death if that better aligns with family wishes.
Just generally speaking, how to evaluate whether or not it's time to sell: I would always start with, "Do the properties still serve their purpose?" You know, are they producing good cash flow after expenses? Is the management becoming burdensome? Are major repairs or capital expenditures looming? (Doesn't sound like it, because it sounds like you said they're basically all new with the work you've done.) You've got to know the tax cost of selling: capital gains, depreciation recapture, potential state income tax. And then look at your reinvestment options. You know, do you want to pay the tax and diversify and put it into a portfolio of stocks and bonds? And then you also need to think about estate planning. You know, do you hold them to death, get the step-up in basis, and then have them sold? Or do you talk to the kids about hiring a property management company and keeping them? I think those are all considerations.
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Rob West: Hey, thanks for joining us today on Faith and Finance here on American Family Radio, helping you live as a wise and faithful steward of God's resources. You can call right now with your questions: 800-525-7000. Before the break, we were talking to Ralph in Pennsylvania. Ralph is 68, he's retired, he's got 10 to 12 rental properties he bought them on a very cost-effective basis. They were dilapidated, in his words. He's gone in—all new wiring, renovations, they're like new. They're all valued at somewhere between $100,000 and $300,000. They are generating income, they're rented out, and he's just wondering, given that his plan was to leave them to his heirs, he's not sure they're going to want them, be able to keep them up. So we were talking about how to make that decision on whether or not now is the time to sell, and I think it just to recap, it comes down to, you know, thinking through ultimately whether or not the kids want them and whether they could keep the portfolio with property management, or if they don't want the properties and would rather have the cash, so to speak, would it be better to hold them and then have your trust or trustee sell them after death to avoid the capital gains? Or do we go ahead and sell them now and move it to a more passive investment strategy? And there would be some considerations on that. But give me your thoughts on all that, Ralph.
Ralph: Yeah, that's my question. Do I put all my houses in a trust and leave them that way, and then, you know, my wife would have them, of course, when I pass, and then just leave them to my children? But my biggest concern is they're not going to be able to keep them up. And yeah, I'm not sure what to do, and I don't want them getting stuck with, you know, big capital gains on, you know, on the properties and thing like that, because most of them, I haven't paid a lot for, you know, $6,000, $7,000, you know. And then I refurbished them all, so.
Rob West: Yeah, and you get credit for all the improvements there in the cost basis, but yeah, this is really a question that comes down to trust—meaning a revocable trust—or sell. And, you know, if the goal is to pass them to your wife first—because most of us guys will predecease our wives—and then to your kids, that's where a revocable living trust could be an excellent tool. It avoids probate, allows your wife to continue to own or manage the properties after your death or have a property management company do it, and then pass to your children according to your wishes and preserve the step-up in basis at death because the assets remain a part of your estate. I think the decision to sell really should be based on investment and lifestyle considerations, though, where you'd say, you know, "Do you still want to own 10 to 12 rentals?" It sounds like from your perspective, you're happy continuing. The decision's really coming down to the estate question. Is that right?
Ralph: Yes, sir.
Rob West: Okay, yeah.
Ralph: Yeah, because I'm still planning on fixing properties up, so, you know.
Rob West: Yes, exactly. And I think, you know, that's a key distinction as you think about that. You know, so I would look toward keeping the properties, assuming the numbers still work, you're comfortable managing them, you've renovated them, you have more to do, it's generating good rental income, sounds like you don't need the proceeds for living expenses. So I don't see a compelling reason to sell just because of estate planning. But I would place them in—and you'd want to talk to an estate planning attorney about this—it sounds to me like a revocable living trust would be a great option because that allows you to pass efficiently to your surviving spouse if you predecease her, and ultimately the kids. And then you could place instructions in there that the properties are to be sold, you know, at your passing, depending on whether your wife would like that to happen and certainly if that's what the kids want, but you'd get the benefit of the tax benefit.
Ralph: Oh, okay. Okay.
Ralph: Yeah, I was concerned about my children not being able to keep up with the maintenance and property on it, you know. That's what my biggest concern is. I don't want them to, you know, just walk away with the cash and then once the cash is gone, they have nothing.
Rob West: Yeah, yeah. Yeah, I think that's right. And, you know, if the main concern is, you know, that they won't maintain the properties, you don't have to make today's investment decision based on what the kids might do years from now. You know, if they're producing good income, you're happy to manage them, you can continue to own them, and I think really the next step is to work with that estate planning attorney to create a plan that gives your wife first priority and provides flexibility for the kids. They don't have to become lifetime landlords, you know, and these could be sold at your passing, and it sounds like that would be, you know, what would accomplish everything you're looking for here. And it sounds like you're probably getting some enjoyment out of continuing to own these, so I think we can do both things at once.
Ralph: Okay. Well, thank you very much. I appreciate your advice.
Rob West: All right, Ralph. Yeah, sounds like you have a meeting with an estate planning attorney in your future, so that's probably where I would head next. God bless you, my friend. If we can help further along the way, give us a call. 800-525-7000 is the number to call. We'd love to hear from you today. Let's go out to Texas. Edwina, thanks for calling. Go ahead.
Edwina: Oh, hi. You know, I just had a general question because I don't really understand like a stablecoin and a blockchain and tokens. So I was just curious because I think I read where the SEC is meeting to discuss kind of what their ruling will be on how they're going to put into effect the rules for crypto content.
Rob West: Yes. Great questions. So let me just bring some definition to these terms and then we'll talk about what the SEC's doing. So a stablecoin is a type of cryptocurrency that's designed to maintain a stable value, and that's embedded in the name. And that's usually by being backed one-for-one by US dollars or very safe assets like short-term US Treasuries. So think of these as a digital dollar. You put $100 in a stablecoin, the issuer holds approximately $100 in cash or treasury securities, and it's intended to remain worth a dollar at all times, unlike Bitcoin or Ethereum, you know, whose prices fluctuate dramatically. And there was the GENIUS Act in 2025 that established a federal framework for payment stablecoins backed by reserves—high-quality reserves. Blockchain is simply a digital ledger, like a shared accounting book, you might think about it. So instead of one bank keeping the records, thousands of computers maintain identical copies. Every transaction's recorded, once recorded, it's extremely difficult to alter, everyone on the network can verify the history. So think of it as like a Google Doc that thousands of computers share and verify together, rather than one bank keeping its own private ledger. Now, we're going to take a break. When we come back, we'll talk about why stablecoins are getting so much attention and what about the Securities and Exchange Commission? This is Faith and Finance. Call right now: 800-525-7000.
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Rob West: Thanks for joining us today on Faith & Finance here on American Family Radio. I'm Rob West, taking your calls and questions at 800-525-7000. That's 800-525-7000. You can call right now. Before the break, we were talking to Edwina in Texas, and she was asking about stablecoins and blockchain. In terms of the SEC, you know, the SEC has been clarifying how certain crypto assets fit under security laws because of the newness of all of this. But the biggest recent development has been broader federal regulation. So Congress passed the GENIUS Act to create a framework for payment stablecoins, and regulators, including the Federal Reserve and the Treasury, are continuing to implement the law through new rules. Congress is also considering broader legislation to clarify which digital assets fall under the SEC versus other regulators. So this is just kind of a normal, the normal course of working through just how these are going to show up in our economy and how the regulators are going to approach them. The recent attention around stablecoins is because it really could, stablecoins could make it faster to move money, less expensive to send payments, easier to transfer money internationally, and possibly even settling transactions 24/7 rather than during banking hours. And so, you know, many banks and payment companies are exploring how to use them because the underlying blockchain technology can make payments more efficient. And so that's what's, you know, why they've been getting more attention lately. But is that helpful to you?
Edwina: Yes. And I guess the clarity that didn't go through, what is that supposed to do? And then, I guess, is the SEC going to rule separate from that? Because they're supposed to be meeting or something in the next day or two?
Rob West: Okay. Yeah, so you're aware of a meeting happening this week specifically? Is that what you're asking about?
Edwina: Yeah, the SEC, I guess, is going to rule on it separately or something. I'm not sure I understand it.
Rob West: Okay. Yeah, I'm just looking here at, yeah, it looks like there is an open meeting tomorrow where the Commission is expected to vote on proposing new crypto regulations. And so that could focus on, you know, a regulatory framework that's a little clearer for crypto assets and really establish the path for certain crypto companies to raise capital, which is a key part of this, and then clarify which digital assets are considered securities. So basically, which are considered investments, which would mean that they're subject to SEC regulation. Now, stablecoins would be part of the broader conversation. They're not, based on my understanding, the primary subject of the meeting. Congress has already put legislation in place—they've already enacted it—creating the federal framework for payment stablecoins. Really, the SEC is meeting about the broader crypto market and how securities laws specifically, the laws that govern investments, not payments, but investments, how that applies to these digital assets. And I think that's where you're going to see perhaps some proposed new rules for the crypto industry, not really specifically stablecoins.
Edwina: So would that be to do with stocks and stock market?
Rob West: Well, yes, in part, only because the SEC, the Securities and Exchange Commission, has regulatory oversight over investments. And the extent to which some of the crypto market is being, is considered an investment where there's, you know, you're taking risk and you're investing in something that can rise or fall in value, that's where the SEC would have oversight. In other cases, they're not investments, and the SEC is not the regulatory authority. And I think tomorrow what you're going to see is new rules for the crypto industry where there's a little bit more clarity around which aspects of this industry fall under SEC oversight, and then specifically how the crypto companies can raise money, which is going to provide more certainty for investors and businesses. Less about the stablecoins.
Edwina: Okay. So will... with the stock market, is that going to be on the blockchain eventually?
Rob West: No. No, the blockchain is really just a digital ledger. I mean, the stock market... so when you say the stock market, there are different markets. So you've got the NASDAQ, you've got the New York Stock Exchange, you've got the Chicago Mercantile Exchange. They all maintain their own ledgers and record keeping. Now, whether they'll leverage blockchain technology for a more secure method of keeping some of those ledgers long term, perhaps. I think there are many benefits to the blockchain technology in everything from the financial world to the medical world and beyond. But, you know, it would only be leveraged as a form of technology for more efficiency and security.
Edwina: Okay. All right. Cool. Thank you!
Rob West: You're welcome. Great questions, though! I love that you're so interested in this, and if anything else comes up, don't hesitate to reach out. Lord bless you. 800-525-7000 is the number to call. We're taking your calls and questions today and trying to help you process biblical wisdom as it relates to the decisions you're making every day. Let's go to Mississippi. Wilson, go ahead.
Wilson: Hello, sir. This is Wilson. Good morning. Pray you're having a wonderful morning.
Rob West: Yes, sir.
Wilson: My question is... I have a grandbaby who lives with my wife and I and my daughter. Her dad isn't in her life, so I'm basically both—the only male figure in her life. I have an IRA that I'm putting together for her for when she's older, to have money available to her for school, for a car, or whatever. I have a... I'm hoping to have anywhere between $25,000 and $30,000 when I quit working. I'm 68 now. So it's through my job that I contribute to it every two weeks. My wife and my daughter both know that this money belongs to my daughter—to my granddaughter. But should I put it in her own IRA, or what should I do to let it continue to make money and for it to be for her? Should I just leave it the way it is throughout, or...
Rob West: Yes. It's a great question. I love that you're thinking about it this way. What a gift! Yeah, so one way to approach it would be to keep your wife as the primary beneficiary and then think carefully how to protect your granddaughter if you were to both pass away. But with your wife as the primary beneficiary, then as a surviving spouse, if you pass away first, she would have the most flexibility. She could roll it over to her own IRA or just leave it there and continue to let it grow. And, you know, if your wife predeceases you or after you both are gone, because your granddaughter is only 5 years old, you wouldn't want to leave it directly to her. So you'd name perhaps your daughter as a custodian or the trustee for the granddaughter if you have complete confidence she'll honor your wishes. Or you could work with an estate planning attorney to establish a trust for the granddaughter's benefit. The problem is that's going to be a little bit more costly, and I think given the size of the account, I'd rather all that money go to get the money that you can give to your granddaughter rather than spending several thousand dollars on a trust. But I think what we want to do, given her age, is make sure you've got a clear pathway so that if you pass away first, it gets to your granddaughter at the appropriate age. Let's finish this call and talk more right after this break. Stay there, Wilson, we'll be right back.
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Rob West: Great to have you with us today on Faith & Finance here on American Family Radio. I'm Rob West, taking your calls and questions today at 800-525-7000. That's 800-525-7000. We'd love to hear from you today. We have time and room for a few more phone calls. Don't hesitate to call right now and get in on the conversation. 800-525-7000. Wilson, so I think just to recap with that $25,000 IRA you ultimately want to go to your granddaughter—she's 5 today, your daughter, her mom, and your wife are on board with this being the plan—so, you know, what can be cleaner here is to leave it to your wife, then to your daughter if you trust that she'll carry out your wishes. And, you know, that avoids any guardianship or custodial issues. The daughter then can manage the money and use it for your granddaughter's education or first car as intended. And, you know, if your daughter's in a relatively low tax bracket, the income tax and the distributions may be modest, and your granddaughter isn't forced into inheriting a retirement account as a young child. The other option is you kind of freeze the money that you've got right here. You keep it invested, but you put new contributions into another vehicle that's a little easier to manage—maybe it's a custodial account where it automatically becomes her money at 18. Or, you know, perhaps you put it into a 529 plan to the extent you want it specifically to be for educational purposes. A 529 is really a very powerful tool that would allow it to grow and be available for qualified educational expenses. And maybe the 529 alongside the IRA could be a nice kind of one-two of support for her down the road. But give me your thoughts on all that.
Wilson: That 529, I really didn't think about that. But, you know, I want to make sure that she has a little bit of money to buy a car if she needs a way to get to and from school. Right now, I'm contributing to it through my job, my 401(k) I contribute to, and I'm contributing money to this IRA. When I leave, when I decide to retire, is there an option to keep the money in the IRA for my wife and my daughter to be the custodians of, as you would say?
Rob West: Yeah, you absolutely can keep it in the IRA. They're not going to be the custodians, so just kind of to get the terminology straight, essentially, the IRA is yours—"I" meaning individual—and has to be in one person's name. You can only contribute up to the taxable earned income you have for the year, subject to the maximum contribution limits, which if you're 50 or older is $8,600 this year. And then a spouse can contribute to their own IRA as the spouse of a working spouse. Now, when you leave your job, you can move that IRA wherever you want, but it's still yours. Now, what an IRA has, though, is what's called a beneficiary, or a beneficiary and a contingent beneficiary. And that's ultimately who becomes the owner of the account at your death. It does not go through your estate; it goes directly to the beneficiary. And if you and the beneficiary pass away at the same time, it would go to the contingent beneficiary. The only challenge is that if your granddaughter inherits this as the contingent beneficiary and she's still a minor, it's just going to create a little more complexity here, just because she would have to go into essentially a guardianship-type situation or a custodial situation until she was old enough to be able to access the funds. So that's why I was saying perhaps you'd want to make your wife the beneficiary, your daughter the contingent beneficiary, and then just make sure it's clear to your daughter that this is to be used for the benefit of your granddaughter. But ultimately, she would have to honor that because, from a legal standpoint, it's her money once you pass away and your wife does.
Wilson: Yeah, she would honor it, no problem. So I am going to cap it then at about 25,000 and start on a 529 fund.
Rob West: Yeah, that could be great. You could be the owner of that, your granddaughter's the beneficiary, that helps her in the sense that if she ever was able to qualify for need-based aid, this would be an asset of you and not her, which doesn't count against her as much. And it would be there and available for you to use. Now, you can go to any state to take advantage of a 529; you don't have to use the one in Mississippi, unless there's a benefit because of a state income tax deduction. There's no federal tax deduction, but there are often state income tax deductions. But if your state offers no benefit, you could look at who has the best-rated plan. It changes—currently, I looked at this just the other day, it's Utah and Alaska and Pennsylvania, I think, are the highest rated. But you could go to savingforcollege.com and they could help you determine where to go next and educate you on what 529s are and how they work.
Wilson: Thank you so very much for your information. You are a godsend to us. Thank you so very much.
Rob West: Well, that's very kind, Wilson. Lord bless you, my friend. We appreciate you being on the program today. Let's go out to Texas. Hi Sharon, how can I help you?
Sharon: Hi. I was just trying to see about beginning to invest, and I only have about $500. So I was just wondering, is it too great of a risk to even try investing if you've never done it before?
Rob West: Yeah, it's a great question. And no, I don't think so, as long as you're investing the right bucket of money. Let me back up and explain what I mean. You know, when we think about the money that God has entrusted to us, first, we understand God owns it all, we're stewards of everything that passes through our hands, and we see wise principles in the Bible about how we should manage money. And so we want to live within our means, so that's why we want to create a budget and give every dollar a job. We want to make sure that we're giving and that we're saving for the future, just like Joseph did during the times of plenty to prepare for the famine—he put aside 20% for Egypt, and we see that in God's word. And so we should be savers as well; we give, we save, then we live on the rest. And I think part of that saving, you'll hear me talk about having what I call an emergency fund, which is enough set aside equal to—and this is just a rule of thumb, not a hard and fast rule—equal to 3 to 6 months' worth of expenses. So when you total up all of your expenses on that budget—not your income, your expenses—and you were to say, "I want to be able to cover up to 6 months' worth of expenses out of savings if I lose my job or I have a major unexpected event"—not a known appliance replacement for something that is failing that you know about, or home repairs, but something that comes out of left field that you couldn't have anticipated—that's where that emergency fund is going to protect you against having to put something on a credit card or take on some debt. But once you have that emergency fund in place and you're giving and you're saving, then I think there's an opportunity to say, "Okay, I've got something left over because I'm living within my means, and I want to start investing for the future." And investing is not gambling. You're actually becoming an owner—a very small percentage owner, but nevertheless an owner—of real companies. And I think this is part of God's design. We take His creation, we put it to work in businesses that are creating goods and services, things that are good for people and serving people, creating human flourishing and productivity, and all of that is a good thing. And when you invest in those companies, it gives you the opportunity to take what God has given you, and as long as you have the right, I'll say the word time horizon—which is just simply a fancy way of saying it's not money you need right now or even next year or 5 years from now; typically the money we invest, we don't want to need it for at least 10 years. And we invest it in real companies that are growing, and that's the way that we offset what's called inflation, which is just this increase over time in the price of goods and services, which just simply means if you don't invest it and you put it under your mattress, the purchasing power of every dollar is declining over time because things are getting more expensive. But one of the ways you account for that is you invest it. So as long as you're not in debt, you've got your emergency savings, you're living within your means, you're giving regularly, then I would say yes, it's very appropriate for you to take a portion of what you have, maybe that $500, and put it into an investment. And we could talk about what kind of investment you might want to choose—that's a separate question. But let me stop there and get your thoughts on all that, Sharon.
Sharon: I have heard you say that over and over whenever I listen. So I do understand that. It's just like saying, "Okay, I understand what to do with this money now."
Rob West: Okay. So in terms of the where to go to invest, with $500, you have a few options, but one of them that can be the most cost-effective if you're comfortable going on the internet is what's called a robo-advisor, where essentially they do the investments for you, they're very low cost, and the nice thing about a robo is that you would get, even with $500, you would get broad diversification. You'd own hundreds of companies across the investment landscape, and that just lowers your risk because you're diversified; you don't have all of your eggs in one basket. So I'm going to give you two names to check out or to have a friend or family member help you check out if you're not comfortable doing it on your own. One is called Schwab Intelligent Portfolios. Schwab Intelligent Portfolios. The second is called Fidelity Go. Either one of those I think could be a great solution for you to put $500 into an investment account and let it start growing. And remember, this is not money that you need next month or next year. Take a long time horizon, let it grow, and let's see what it becomes over time. Sharon, stay on the line, I'm going to send you a book. It's called The Sound Mind Investing Handbook. I think it'll help you get your hands around all this, and we appreciate your call today. Folks, that's going to do it for us. So thankful for my team—they're amazing. Devin Patrick, Patty Pumphrey, grateful for Taylor Standridge and everybody here at FaithFi that makes this possible. FaithFi and Faith & Finance is listener-supported, so we'd love to encourage you to consider a gift to the ministry so we can continue to do this to serve you each day. Gifts of one-time amounts or monthly can be made at faithfi.com/give. While you're there, check out the FaithFi Partner Program. That's faithfi.com/give. Come back and join us tomorrow, we'll see you then. Bye-bye.
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Rob West: Debt carries a cost beyond dollars. It can steal your sleep, strain relationships, and cloud your view of the future. Hi, I'm Rob West. If debt has taken over your thoughts as well as your budget, today's conversation can help lighten the burden. Neile Simon joins us to discuss the emotional cost of debt and how clarity, wise counsel, and a practical plan can provide a path forward. And then it's on to 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.
Well, our guest today is Neile Simon, a certified credit counselor and director of strategic partnerships at Christian Credit Counselors, an underwriter of this program. Neile, always great to have you here.
Neile Simon: Great to be back, Rob.
Rob West: Neile, most people think of debt in terms of dollars and interest, but there's an emotional burden as well. What have you learned about the hidden weight debt can carry?
Neile Simon: Well, when we talk about debt, most people immediately think about their finances. But I've counseled thousands of individuals and families over the years, and what I've really learned is debt is rarely just a financial issue. It carries a really heavy emotional burden as well, because debt affects far more than just our bank accounts. It impacts our sleep, our relationships, our health, and our sense of peace in that everything is going to be okay, because sometimes fear just takes over.
Rob West: Well, that's exactly right. I mean, these families are navigating difficult seasons. Could be a job loss, medical expenses, rising costs—we're all facing that. What circumstances, Neile, most often lead otherwise careful people into debt, and why is it important for them to know they're not alone?
Neile Simon: So I just want to share with listeners that if you are struggling with that, you're not alone. Many people feel ashamed or embarrassed about their financial situation, but the truth is life happens. I've worked with people who have accumulated debt after losing a job, or went through a divorce, facing unexpected medical expenses, maybe had to retire early, help an aging parent, or even support adult children. Some people, too, are just trying to keep up with the rising cost of everyday living. So sometimes debt isn't just a result of irresponsible spending; it's really a result of doing everything you can just to get by during a difficult time.
Rob West: Yeah, that's exactly right. Now, before someone reaches out for help, what warning signs suggest that a financial problem has become an emotional burden as well?
Neile Simon: Yeah, I think one of the things that we see as credit counselors is that the financial stress often shows up long before someone reaches out for help. People have shared with me during our counseling sessions that they're lying awake at night wondering how they're ever going to get out of their debt, or they avoid looking at their creditor statements because no progress is being made, or maybe people are even working extra hours just to stay current, and that leaves little time for family or rest. So these are some of the signs that the financial burden is now becoming an emotional burden and has been compounded.
Rob West: Yeah, that's exactly right. So for the listener who may be lying awake at night because of debt, what practical next steps and even biblical encouragement would you leave them with today?
Neile Simon: Well, here's what I'd like every listener to remember is that seeking help isn't a sign of failure; it's really a sign of wisdom. Because the earlier you reach out, the more options you'll have and the more empowered you are to take action and find a solution. I think one of the greatest gifts a certified credit counselor can provide to people isn't just a strategy for paying off debt—it's clarity. When people really understand exactly where their money is going, what options are available, and a path forward, it looks like a weight is lifted, and really the peace is able to come in.
So what happens is that that clarity brings hope because people can see the light at the end of the tunnel. And then as believers, we're also reminded that God cares deeply about every area of our lives, including our finances. Scripture encourages us not to be consumed by anxiety, but to bring our concerns to the Lord with prayer while seeking wisdom. That doesn't mean ignoring our financial challenges; it means facing them with faith, sound counsel, and practical steps.
Rob West: Yeah, that is well said. And folks, Christian Credit Counselors can help you find hope in that path forward. Neile, we so appreciate our partnership. Thanks for being here today.
Neile Simon: My pleasure. Thanks, Rob.
Rob West: That's Neile Simon with Christian Credit Counselors. Their non-profit team may be able to help lower your interest rates, create a clear repayment plan, and walk alongside you as you work toward repaying what you owe. Just go to faithfi.com/ccc to learn more. That's faithfi.com/ccc. Your calls are next at 800-525-7000. We'll be right back.
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Rob West: Thanks for joining us today on Faith & Finance on American Family Radio. I'm Rob West. This program every day is for you, to help you live as a faithful steward. Understanding God owns everything, we are then entrusted with resources, with relationships, with influence. We're stewards of God's Word, we're stewards of our skills and abilities, and yes, we're stewards of God's money. We hold them loosely, we manage them for God's glory. Does that mean we can't enjoy it? No! Part of the reason God entrusted to us what He does is for our enjoyment. We see that in 1 Timothy, among other places in Scripture.
God, the Creator of everything, including the resources that you hold, is the author of delight, and joy, and beauty. And so it makes sense that using money for a celebration or a meal to enjoy and deepen relationships is a part of God's desire. We're also to use it to provide for our families and our loved ones—we see that clearly in Scripture. But we should also be thinking about loving our neighbor and taking the Gospel to the ends of the Earth, and protecting the vulnerable. We do that through our giving, we do that also through our investing.
So when we see money as a tool to accomplish God's purposes, everything changes. Well, each day on this program, we want to remind you of those truths that come from God's Word, not just slapping a verse on principles that you might find on Yahoo Finance, but really going into the counsel of Scripture, going deeper, looking at the passages and the stories and the words of Jesus Himself as we see what is on the heart of God. The fact that a man's life does not consist in the abundance of his possessions. So we need to be careful, we don't need to take credit, but we also have hope as stewards that we're not carrying this alone, and humility to know that it's all a result of God's grace. And so we're tasked with being found faithful.
What is the next faithful decision you need to make today? Not when the portfolio is 20% higher than it is, not when you get that next raise at work or a bigger bonus. No, what does faithfulness look like right now with what's in my hands, with what's on the balance sheet and the budget that I'm looking at in front of me today? And how can we make those small decisions? Because faithfulness includes the fact that those who have been faithful with a little will be entrusted with much. And so we recognize that's a part of God's economy.
Well, each day on this program, we want to take your questions and help you understand how to apply biblical, ancient, timeless, relevant wisdom to the decisions and choices you're making right now in your financial life as you give, and save, and spend, and invest. All of those things we can tie back to biblical principles. So whatever you're facing today, maybe you're in a situation like where we started today with Neile Simon and you're experiencing right now the emotional toll of debt, and it feels overwhelming. You don't have to carry that burden alone; we'd love to give you some wise counsel and a clear plan on where you go from here. Call 800-525-7000.
Maybe for you, it's investing. You've been sitting on the sideline, you've been watching the market hit new highs every few days, and you're wondering, "Should I get in? How do I invest? What's the right mix of investments for me?" Maybe you're in the fourth quarter of life and you can't balance the budget, or you're just wondering when to take Social Security. Or maybe you have a required minimum distribution in your IRA, you don't need the money, and you're wondering how to handle that. Any of those questions we can tackle today when you call 800-525-7000.
We're going to begin here in just a moment in Pennsylvania, but first, in the news today: The US Treasury Department and the IRS proposed new regulations this week outlining how employers and employees can contribute to Trump accounts. These are tax-deferred investment accounts for kids. Under the proposal, employers could contribute up to $2,500 annually to an employee's dependent child's account without the contribution being included in the employee's taxable income. That's an important distinction. As we think about that, you know, that allows you to, on a tax-deferred basis, be able to exclude it from income, get it into an account where it's going to grow tax-deferred. Employers could also let workers direct pre-tax payroll contributions—so think 401(k) or 403(b)—into their children's Trump account.
Trump accounts, also known as 530A accounts—that's the section of the tax code where these are made possible—are available to US children under 18. They have to have a Social Security number. Children born between 2025 and 2028, though, may also qualify for a one-time $1,000 federal deposit from the US Treasury. Parents, grandparents, and others can contribute up to $5,000 per year, including employer contributions. Treasury Secretary Bessent said about 7 million children have signed up so far, and more than 50 companies have committed to make employee contributions. The proposed rules are still subject to public comment—this is all happening in real-time, so stay tuned—but an October hearing will happen as well before everything is finalized. Benefits experts say the added guidance could encourage more employers to participate. Nevertheless, we'll keep you posted. This is a great opportunity—don't miss it—to get some additional money on a tax-deferred basis growing specifically for kids and grandkids.
All right, phone lines are open. 800-525-7000. Any financial question, call right now.
Rob West: Let's begin in Pennsylvania today. Ralph, great to have you, sir. Go ahead.
Ralph: Well, thank you. I have invested in some properties I got at really good rates because they were dilapidated properties. Now I'm at the point I don't know what to do. I'm retired. I wanted to leave them to my kids, but I'm worried the kids won't take care of them and be able to upkeep them, so I'm wondering if I should sell them and invest. I'm not sure where to go.
Rob West: Got it. What is the status of these properties? You said you got a good deal because they were dilapidated. Did you go in and renovate them?
Ralph: I completely renovated them. Everything is completely new: wiring, windows, doors, everything. Most of the houses are valued anywhere from $100,000 to $300,000.
Rob West: Okay, got it. Yeah, that's really important, a distinction there. So here's what I would say to that. You know, the issue is less about taxes, more about whether or not these properties would be a blessing or a burden to the kids. The properties are now renovated. I would imagine they're producing income, is that right?
Ralph: Yes.
Rob West: Okay. And I think a big question is: Do the kids want to be landlords? If they have no interest in managing the 10 to 12 rentals, inheriting them could be an administrative burden, even if they're valuable.
Now, professional management could solve much of that problem. A good property manager could handle the leasing, the maintenance, the rent collection, and any tenant issues. That would make the portfolio more passive. And if you kept it until death, under current law, the heirs—your kids—would receive that step-up in basis, which could eliminate capital gains on the appreciation if they have significantly appreciated beyond what you've put in it, which automatically increases the cost basis.
If the children would rather have the cash than the rental properties, then you could sell all or some of them during your life. You just need to be aware of the tax consequences, and then leave instructions for the executor or trustee. You could also have the estate sell the properties after your death if that better aligns with family wishes.
Just generally speaking, how to evaluate whether or not it's time to sell: I would always start with, "Do the properties still serve their purpose?" You know, are they producing good cash flow after expenses? Is the management becoming burdensome? Are major repairs or capital expenditures looming? (Doesn't sound like it, because it sounds like you said they're basically all new with the work you've done.) You've got to know the tax cost of selling: capital gains, depreciation recapture, potential state income tax. And then look at your reinvestment options. You know, do you want to pay the tax and diversify and put it into a portfolio of stocks and bonds? And then you also need to think about estate planning. You know, do you hold them to death, get the step-up in basis, and then have them sold? Or do you talk to the kids about hiring a property management company and keeping them? I think those are all considerations.
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Rob West: Hey, thanks for joining us today on Faith and Finance here on American Family Radio, helping you live as a wise and faithful steward of God's resources. You can call right now with your questions: 800-525-7000. Before the break, we were talking to Ralph in Pennsylvania. Ralph is 68, he's retired, he's got 10 to 12 rental properties he bought them on a very cost-effective basis. They were dilapidated, in his words. He's gone in—all new wiring, renovations, they're like new. They're all valued at somewhere between $100,000 and $300,000. They are generating income, they're rented out, and he's just wondering, given that his plan was to leave them to his heirs, he's not sure they're going to want them, be able to keep them up. So we were talking about how to make that decision on whether or not now is the time to sell, and I think it just to recap, it comes down to, you know, thinking through ultimately whether or not the kids want them and whether they could keep the portfolio with property management, or if they don't want the properties and would rather have the cash, so to speak, would it be better to hold them and then have your trust or trustee sell them after death to avoid the capital gains? Or do we go ahead and sell them now and move it to a more passive investment strategy? And there would be some considerations on that. But give me your thoughts on all that, Ralph.
Ralph: Yeah, that's my question. Do I put all my houses in a trust and leave them that way, and then, you know, my wife would have them, of course, when I pass, and then just leave them to my children? But my biggest concern is they're not going to be able to keep them up. And yeah, I'm not sure what to do, and I don't want them getting stuck with, you know, big capital gains on, you know, on the properties and thing like that, because most of them, I haven't paid a lot for, you know, $6,000, $7,000, you know. And then I refurbished them all, so.
Rob West: Yeah, and you get credit for all the improvements there in the cost basis, but yeah, this is really a question that comes down to trust—meaning a revocable trust—or sell. And, you know, if the goal is to pass them to your wife first—because most of us guys will predecease our wives—and then to your kids, that's where a revocable living trust could be an excellent tool. It avoids probate, allows your wife to continue to own or manage the properties after your death or have a property management company do it, and then pass to your children according to your wishes and preserve the step-up in basis at death because the assets remain a part of your estate. I think the decision to sell really should be based on investment and lifestyle considerations, though, where you'd say, you know, "Do you still want to own 10 to 12 rentals?" It sounds like from your perspective, you're happy continuing. The decision's really coming down to the estate question. Is that right?
Ralph: Yes, sir.
Rob West: Okay, yeah.
Ralph: Yeah, because I'm still planning on fixing properties up, so, you know.
Rob West: Yes, exactly. And I think, you know, that's a key distinction as you think about that. You know, so I would look toward keeping the properties, assuming the numbers still work, you're comfortable managing them, you've renovated them, you have more to do, it's generating good rental income, sounds like you don't need the proceeds for living expenses. So I don't see a compelling reason to sell just because of estate planning. But I would place them in—and you'd want to talk to an estate planning attorney about this—it sounds to me like a revocable living trust would be a great option because that allows you to pass efficiently to your surviving spouse if you predecease her, and ultimately the kids. And then you could place instructions in there that the properties are to be sold, you know, at your passing, depending on whether your wife would like that to happen and certainly if that's what the kids want, but you'd get the benefit of the tax benefit.
Ralph: Oh, okay. Okay.
Ralph: Yeah, I was concerned about my children not being able to keep up with the maintenance and property on it, you know. That's what my biggest concern is. I don't want them to, you know, just walk away with the cash and then once the cash is gone, they have nothing.
Rob West: Yeah, yeah. Yeah, I think that's right. And, you know, if the main concern is, you know, that they won't maintain the properties, you don't have to make today's investment decision based on what the kids might do years from now. You know, if they're producing good income, you're happy to manage them, you can continue to own them, and I think really the next step is to work with that estate planning attorney to create a plan that gives your wife first priority and provides flexibility for the kids. They don't have to become lifetime landlords, you know, and these could be sold at your passing, and it sounds like that would be, you know, what would accomplish everything you're looking for here. And it sounds like you're probably getting some enjoyment out of continuing to own these, so I think we can do both things at once.
Ralph: Okay. Well, thank you very much. I appreciate your advice.
Rob West: All right, Ralph. Yeah, sounds like you have a meeting with an estate planning attorney in your future, so that's probably where I would head next. God bless you, my friend. If we can help further along the way, give us a call. 800-525-7000 is the number to call. We'd love to hear from you today. Let's go out to Texas. Edwina, thanks for calling. Go ahead.
Edwina: Oh, hi. You know, I just had a general question because I don't really understand like a stablecoin and a blockchain and tokens. So I was just curious because I think I read where the SEC is meeting to discuss kind of what their ruling will be on how they're going to put into effect the rules for crypto content.
Rob West: Yes. Great questions. So let me just bring some definition to these terms and then we'll talk about what the SEC's doing. So a stablecoin is a type of cryptocurrency that's designed to maintain a stable value, and that's embedded in the name. And that's usually by being backed one-for-one by US dollars or very safe assets like short-term US Treasuries. So think of these as a digital dollar. You put $100 in a stablecoin, the issuer holds approximately $100 in cash or treasury securities, and it's intended to remain worth a dollar at all times, unlike Bitcoin or Ethereum, you know, whose prices fluctuate dramatically. And there was the GENIUS Act in 2025 that established a federal framework for payment stablecoins backed by reserves—high-quality reserves. Blockchain is simply a digital ledger, like a shared accounting book, you might think about it. So instead of one bank keeping the records, thousands of computers maintain identical copies. Every transaction's recorded, once recorded, it's extremely difficult to alter, everyone on the network can verify the history. So think of it as like a Google Doc that thousands of computers share and verify together, rather than one bank keeping its own private ledger. Now, we're going to take a break. When we come back, we'll talk about why stablecoins are getting so much attention and what about the Securities and Exchange Commission? This is Faith and Finance. Call right now: 800-525-7000.
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Rob West: Thanks for joining us today on Faith & Finance here on American Family Radio. I'm Rob West, taking your calls and questions at 800-525-7000. That's 800-525-7000. You can call right now. Before the break, we were talking to Edwina in Texas, and she was asking about stablecoins and blockchain. In terms of the SEC, you know, the SEC has been clarifying how certain crypto assets fit under security laws because of the newness of all of this. But the biggest recent development has been broader federal regulation. So Congress passed the GENIUS Act to create a framework for payment stablecoins, and regulators, including the Federal Reserve and the Treasury, are continuing to implement the law through new rules. Congress is also considering broader legislation to clarify which digital assets fall under the SEC versus other regulators. So this is just kind of a normal, the normal course of working through just how these are going to show up in our economy and how the regulators are going to approach them. The recent attention around stablecoins is because it really could, stablecoins could make it faster to move money, less expensive to send payments, easier to transfer money internationally, and possibly even settling transactions 24/7 rather than during banking hours. And so, you know, many banks and payment companies are exploring how to use them because the underlying blockchain technology can make payments more efficient. And so that's what's, you know, why they've been getting more attention lately. But is that helpful to you?
Edwina: Yes. And I guess the clarity that didn't go through, what is that supposed to do? And then, I guess, is the SEC going to rule separate from that? Because they're supposed to be meeting or something in the next day or two?
Rob West: Okay. Yeah, so you're aware of a meeting happening this week specifically? Is that what you're asking about?
Edwina: Yeah, the SEC, I guess, is going to rule on it separately or something. I'm not sure I understand it.
Rob West: Okay. Yeah, I'm just looking here at, yeah, it looks like there is an open meeting tomorrow where the Commission is expected to vote on proposing new crypto regulations. And so that could focus on, you know, a regulatory framework that's a little clearer for crypto assets and really establish the path for certain crypto companies to raise capital, which is a key part of this, and then clarify which digital assets are considered securities. So basically, which are considered investments, which would mean that they're subject to SEC regulation. Now, stablecoins would be part of the broader conversation. They're not, based on my understanding, the primary subject of the meeting. Congress has already put legislation in place—they've already enacted it—creating the federal framework for payment stablecoins. Really, the SEC is meeting about the broader crypto market and how securities laws specifically, the laws that govern investments, not payments, but investments, how that applies to these digital assets. And I think that's where you're going to see perhaps some proposed new rules for the crypto industry, not really specifically stablecoins.
Edwina: So would that be to do with stocks and stock market?
Rob West: Well, yes, in part, only because the SEC, the Securities and Exchange Commission, has regulatory oversight over investments. And the extent to which some of the crypto market is being, is considered an investment where there's, you know, you're taking risk and you're investing in something that can rise or fall in value, that's where the SEC would have oversight. In other cases, they're not investments, and the SEC is not the regulatory authority. And I think tomorrow what you're going to see is new rules for the crypto industry where there's a little bit more clarity around which aspects of this industry fall under SEC oversight, and then specifically how the crypto companies can raise money, which is going to provide more certainty for investors and businesses. Less about the stablecoins.
Edwina: Okay. So will... with the stock market, is that going to be on the blockchain eventually?
Rob West: No. No, the blockchain is really just a digital ledger. I mean, the stock market... so when you say the stock market, there are different markets. So you've got the NASDAQ, you've got the New York Stock Exchange, you've got the Chicago Mercantile Exchange. They all maintain their own ledgers and record keeping. Now, whether they'll leverage blockchain technology for a more secure method of keeping some of those ledgers long term, perhaps. I think there are many benefits to the blockchain technology in everything from the financial world to the medical world and beyond. But, you know, it would only be leveraged as a form of technology for more efficiency and security.
Edwina: Okay. All right. Cool. Thank you!
Rob West: You're welcome. Great questions, though! I love that you're so interested in this, and if anything else comes up, don't hesitate to reach out. Lord bless you. 800-525-7000 is the number to call. We're taking your calls and questions today and trying to help you process biblical wisdom as it relates to the decisions you're making every day. Let's go to Mississippi. Wilson, go ahead.
Wilson: Hello, sir. This is Wilson. Good morning. Pray you're having a wonderful morning.
Rob West: Yes, sir.
Wilson: My question is... I have a grandbaby who lives with my wife and I and my daughter. Her dad isn't in her life, so I'm basically both—the only male figure in her life. I have an IRA that I'm putting together for her for when she's older, to have money available to her for school, for a car, or whatever. I have a... I'm hoping to have anywhere between $25,000 and $30,000 when I quit working. I'm 68 now. So it's through my job that I contribute to it every two weeks. My wife and my daughter both know that this money belongs to my daughter—to my granddaughter. But should I put it in her own IRA, or what should I do to let it continue to make money and for it to be for her? Should I just leave it the way it is throughout, or...
Rob West: Yes. It's a great question. I love that you're thinking about it this way. What a gift! Yeah, so one way to approach it would be to keep your wife as the primary beneficiary and then think carefully how to protect your granddaughter if you were to both pass away. But with your wife as the primary beneficiary, then as a surviving spouse, if you pass away first, she would have the most flexibility. She could roll it over to her own IRA or just leave it there and continue to let it grow. And, you know, if your wife predeceases you or after you both are gone, because your granddaughter is only 5 years old, you wouldn't want to leave it directly to her. So you'd name perhaps your daughter as a custodian or the trustee for the granddaughter if you have complete confidence she'll honor your wishes. Or you could work with an estate planning attorney to establish a trust for the granddaughter's benefit. The problem is that's going to be a little bit more costly, and I think given the size of the account, I'd rather all that money go to get the money that you can give to your granddaughter rather than spending several thousand dollars on a trust. But I think what we want to do, given her age, is make sure you've got a clear pathway so that if you pass away first, it gets to your granddaughter at the appropriate age. Let's finish this call and talk more right after this break. Stay there, Wilson, we'll be right back.
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Rob West: Great to have you with us today on Faith & Finance here on American Family Radio. I'm Rob West, taking your calls and questions today at 800-525-7000. That's 800-525-7000. We'd love to hear from you today. We have time and room for a few more phone calls. Don't hesitate to call right now and get in on the conversation. 800-525-7000. Wilson, so I think just to recap with that $25,000 IRA you ultimately want to go to your granddaughter—she's 5 today, your daughter, her mom, and your wife are on board with this being the plan—so, you know, what can be cleaner here is to leave it to your wife, then to your daughter if you trust that she'll carry out your wishes. And, you know, that avoids any guardianship or custodial issues. The daughter then can manage the money and use it for your granddaughter's education or first car as intended. And, you know, if your daughter's in a relatively low tax bracket, the income tax and the distributions may be modest, and your granddaughter isn't forced into inheriting a retirement account as a young child. The other option is you kind of freeze the money that you've got right here. You keep it invested, but you put new contributions into another vehicle that's a little easier to manage—maybe it's a custodial account where it automatically becomes her money at 18. Or, you know, perhaps you put it into a 529 plan to the extent you want it specifically to be for educational purposes. A 529 is really a very powerful tool that would allow it to grow and be available for qualified educational expenses. And maybe the 529 alongside the IRA could be a nice kind of one-two of support for her down the road. But give me your thoughts on all that.
Wilson: That 529, I really didn't think about that. But, you know, I want to make sure that she has a little bit of money to buy a car if she needs a way to get to and from school. Right now, I'm contributing to it through my job, my 401(k) I contribute to, and I'm contributing money to this IRA. When I leave, when I decide to retire, is there an option to keep the money in the IRA for my wife and my daughter to be the custodians of, as you would say?
Rob West: Yeah, you absolutely can keep it in the IRA. They're not going to be the custodians, so just kind of to get the terminology straight, essentially, the IRA is yours—"I" meaning individual—and has to be in one person's name. You can only contribute up to the taxable earned income you have for the year, subject to the maximum contribution limits, which if you're 50 or older is $8,600 this year. And then a spouse can contribute to their own IRA as the spouse of a working spouse. Now, when you leave your job, you can move that IRA wherever you want, but it's still yours. Now, what an IRA has, though, is what's called a beneficiary, or a beneficiary and a contingent beneficiary. And that's ultimately who becomes the owner of the account at your death. It does not go through your estate; it goes directly to the beneficiary. And if you and the beneficiary pass away at the same time, it would go to the contingent beneficiary. The only challenge is that if your granddaughter inherits this as the contingent beneficiary and she's still a minor, it's just going to create a little more complexity here, just because she would have to go into essentially a guardianship-type situation or a custodial situation until she was old enough to be able to access the funds. So that's why I was saying perhaps you'd want to make your wife the beneficiary, your daughter the contingent beneficiary, and then just make sure it's clear to your daughter that this is to be used for the benefit of your granddaughter. But ultimately, she would have to honor that because, from a legal standpoint, it's her money once you pass away and your wife does.
Wilson: Yeah, she would honor it, no problem. So I am going to cap it then at about 25,000 and start on a 529 fund.
Rob West: Yeah, that could be great. You could be the owner of that, your granddaughter's the beneficiary, that helps her in the sense that if she ever was able to qualify for need-based aid, this would be an asset of you and not her, which doesn't count against her as much. And it would be there and available for you to use. Now, you can go to any state to take advantage of a 529; you don't have to use the one in Mississippi, unless there's a benefit because of a state income tax deduction. There's no federal tax deduction, but there are often state income tax deductions. But if your state offers no benefit, you could look at who has the best-rated plan. It changes—currently, I looked at this just the other day, it's Utah and Alaska and Pennsylvania, I think, are the highest rated. But you could go to savingforcollege.com and they could help you determine where to go next and educate you on what 529s are and how they work.
Wilson: Thank you so very much for your information. You are a godsend to us. Thank you so very much.
Rob West: Well, that's very kind, Wilson. Lord bless you, my friend. We appreciate you being on the program today. Let's go out to Texas. Hi Sharon, how can I help you?
Sharon: Hi. I was just trying to see about beginning to invest, and I only have about $500. So I was just wondering, is it too great of a risk to even try investing if you've never done it before?
Rob West: Yeah, it's a great question. And no, I don't think so, as long as you're investing the right bucket of money. Let me back up and explain what I mean. You know, when we think about the money that God has entrusted to us, first, we understand God owns it all, we're stewards of everything that passes through our hands, and we see wise principles in the Bible about how we should manage money. And so we want to live within our means, so that's why we want to create a budget and give every dollar a job. We want to make sure that we're giving and that we're saving for the future, just like Joseph did during the times of plenty to prepare for the famine—he put aside 20% for Egypt, and we see that in God's word. And so we should be savers as well; we give, we save, then we live on the rest. And I think part of that saving, you'll hear me talk about having what I call an emergency fund, which is enough set aside equal to—and this is just a rule of thumb, not a hard and fast rule—equal to 3 to 6 months' worth of expenses. So when you total up all of your expenses on that budget—not your income, your expenses—and you were to say, "I want to be able to cover up to 6 months' worth of expenses out of savings if I lose my job or I have a major unexpected event"—not a known appliance replacement for something that is failing that you know about, or home repairs, but something that comes out of left field that you couldn't have anticipated—that's where that emergency fund is going to protect you against having to put something on a credit card or take on some debt. But once you have that emergency fund in place and you're giving and you're saving, then I think there's an opportunity to say, "Okay, I've got something left over because I'm living within my means, and I want to start investing for the future." And investing is not gambling. You're actually becoming an owner—a very small percentage owner, but nevertheless an owner—of real companies. And I think this is part of God's design. We take His creation, we put it to work in businesses that are creating goods and services, things that are good for people and serving people, creating human flourishing and productivity, and all of that is a good thing. And when you invest in those companies, it gives you the opportunity to take what God has given you, and as long as you have the right, I'll say the word time horizon—which is just simply a fancy way of saying it's not money you need right now or even next year or 5 years from now; typically the money we invest, we don't want to need it for at least 10 years. And we invest it in real companies that are growing, and that's the way that we offset what's called inflation, which is just this increase over time in the price of goods and services, which just simply means if you don't invest it and you put it under your mattress, the purchasing power of every dollar is declining over time because things are getting more expensive. But one of the ways you account for that is you invest it. So as long as you're not in debt, you've got your emergency savings, you're living within your means, you're giving regularly, then I would say yes, it's very appropriate for you to take a portion of what you have, maybe that $500, and put it into an investment. And we could talk about what kind of investment you might want to choose—that's a separate question. But let me stop there and get your thoughts on all that, Sharon.
Sharon: I have heard you say that over and over whenever I listen. So I do understand that. It's just like saying, "Okay, I understand what to do with this money now."
Rob West: Okay. So in terms of the where to go to invest, with $500, you have a few options, but one of them that can be the most cost-effective if you're comfortable going on the internet is what's called a robo-advisor, where essentially they do the investments for you, they're very low cost, and the nice thing about a robo is that you would get, even with $500, you would get broad diversification. You'd own hundreds of companies across the investment landscape, and that just lowers your risk because you're diversified; you don't have all of your eggs in one basket. So I'm going to give you two names to check out or to have a friend or family member help you check out if you're not comfortable doing it on your own. One is called Schwab Intelligent Portfolios. Schwab Intelligent Portfolios. The second is called Fidelity Go. Either one of those I think could be a great solution for you to put $500 into an investment account and let it start growing. And remember, this is not money that you need next month or next year. Take a long time horizon, let it grow, and let's see what it becomes over time. Sharon, stay on the line, I'm going to send you a book. It's called The Sound Mind Investing Handbook. I think it'll help you get your hands around all this, and we appreciate your call today. Folks, that's going to do it for us. So thankful for my team—they're amazing. Devin Patrick, Patty Pumphrey, grateful for Taylor Standridge and everybody here at FaithFi that makes this possible. FaithFi and Faith & Finance is listener-supported, so we'd love to encourage you to consider a gift to the ministry so we can continue to do this to serve you each day. Gifts of one-time amounts or monthly can be made at faithfi.com/give. While you're there, check out the FaithFi Partner Program. That's faithfi.com/give. Come back and join us tomorrow, we'll see you then. 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.
Debt carries a cost beyond dollars—it can steal your sleep, strain your relationships, and cloud your view of the future. If debt has taken over your thoughts as well as your budget, this conversation can help lighten the burden. On this Faith & Finance on AFR, Rob West and Neile Simon discuss the emotional cost of debt. Explore how clarity, wise counsel, and a practical plan can provide a path forward. Then, it’s on to calls.
(00:00) Rob West and Neile Simon discuss breaking free from financial stress
(08:30) Rob West talks about being a Biblical steward
(12:17) In the News: IRS proposed new rules for Trump accounts
(14:22) Caller Ralph: 68 years old and owns 10-12 rental properties. Wanting to set up an estate plan
(20:47) Rob West continues his conversation with Ralph regarding setting up an estate plan with his rental properties
(25:50) Caller Edwina: Explain stablecoin and block-chain
(31:29) Rob West continues his conversation with Edwina about regulations on stablecoin and cryptocurrency
(37:16) Caller Wilson: Has a $25,000 IRA he set up to go to his 5 year old granddaughter
(42:39) Rob West continues his conversation with Wilson about an IRA intended for his granddaughter
(48:00) Caller Sharon: Has $500 to begin investing. Is investing this too risky?
Debt carries a cost beyond dollars—it can steal your sleep, strain your relationships, and cloud your view of the future. If debt has taken over your thoughts as well as your budget, this conversation can help lighten the burden. On this Faith & Finance on AFR, Rob West and Neile Simon discuss the emotional cost of debt. Explore how clarity, wise counsel, and a practical plan can provide a path forward. Then, it’s on to calls.
(00:00) Rob West and Neile Simon discuss breaking free from financial stress
(08:30) Rob West talks about being a Biblical steward
(12:17) In the News: IRS proposed new rules for Trump accounts
(14:22) Caller Ralph: 68 years old and owns 10-12 rental properties. Wanting to set up an estate plan
(20:47) Rob West continues his conversation with Ralph regarding setting up an estate plan with his rental properties
(25:50) Caller Edwina: Explain stablecoin and block-chain
(31:29) Rob West continues his conversation with Edwina about regulations on stablecoin and cryptocurrency
(37:16) Caller Wilson: Has a $25,000 IRA he set up to go to his 5 year old granddaughter
(42:39) Rob West continues his conversation with Wilson about an IRA intended for his granddaughter
(48:00) Caller Sharon: Has $500 to begin investing. Is investing this too risky?
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