Rob West: Women currently control the majority of wealth in the United States and their financial influence is growing. Hi, I'm Rob West. New research is giving us a fascinating look at how Christian women are approaching generosity and stewardship through the lens of their faith. Julie Wilson joins us today to unpack the findings. Then we have lots of great listeners questions ahead, but we won't be taking your live calls today because this program is pre-recorded. This is Faith & Finance on American Family Radio. Biblical wisdom for your financial decisions.
Well, our guest today is my friend, Julie Wilson, President of Women Doing Well, a non-profit that helps women discover their God-designed purpose, identify their passions, and develop a plan for living generously. Julie, so great to have you here.
Julie Wilson: I'm so good to be here with you, Rob.
Rob West: Julie, we've been talking about this research that we're going to unpack today. I'm so excited about it. We've also been telling listeners about our special issue of Faithful Steward Magazine, which has an entire focus, the entire issue, on women and their finances. And in that issue, you and Mary Shaw, your co-author, share this fascinating new research. But I want to back up and begin with a story on Leanne Horton that you have in the article. I know she was already a faithful giver, but something shifted in the way she approached generosity, and I'd love for you to tell that story as our beginning point today.
Julie Wilson: Sure. Well, Leanne actually was a friend I was on a board with her, and she would have been someone I described as one of the more generous women I knew 20 years ago. She is a CPA and a serial entrepreneur. She and her husband run four companies. And she brings that same business and numbers approach to her giving. She would tell us that she tracked everything carefully, read everything she could about money and God, and she really wanted to get it right. Then she came to a Women Doing Well event and found herself surrounded by women who love generosity and talked openly about using what God had entrusted to them for kingdom purposes. And she called me later and said something clicked. She realized that her meticulous approach had quietly become more legalistic than spiritually forming.
Rob West: Yeah.
Julie Wilson: Giving really had become about duty and not about responding to God's goodness.
Rob West: Mm, so good. And the reason I wanted to start there is because I think there's something in that story that really reflects what showed up throughout this study, Women, Wealth, and Faith, that you conducted in partnership with the Lake Institute on Faith and Giving. Take us into that study for a moment. What were you and the team hoping to better understand through the research and then, what did you discover?
Julie Wilson: Well, we had been seeing for the last decade plus that women have more financial influence than ever before. They currently control the majority of wealth in the U.S. 95% of them will be the primary financial decision maker for their families at some point, mostly due to the average age of a widow being 59, which most women do not know. We also control a lot of estates worth more than 5 million, more than half. And with the great wealth transfer, women are going to be inheriting 70% of the $124 trillion changing hands, and that's just game changing.
So the question for us increasingly becomes: what do we want money to accomplish, right, as women? And we partnered with the Lake Institute to find out what is it that Christian women are thinking about generosity and stewardship 13 years later, because we did our first study and released it back in 2012.
What we found is really encouraging. These women aren't standing on the sidelines. They're already engaged, they're discerning, they're leading, and they're often deeply confident about the purpose God has placed before them. So it's totally a different story than the first research.
Rob West: Well, it's compelling and we're going to unpack more of it today. We have just about 45 seconds. Begin to explain one of the first findings around married women and the role they play in household giving decisions. There was so much that was fascinating in the research. This is certainly one of those. What did you learn?
Julie Wilson: You know, it was shocking to hear that 72% of married women say charitable giving decisions are being made with their spouse in some way. That is amazing. And that that shared expression of stewardship is really life-giving to them. So I think we can explore that a little bit more, but it was shocking to see that women are leading the conversation with their families and enjoying it.
Rob West: Yeah, I know they are. Well, there was so much that came out of this. We'll continue to unpack it just around the corner. And folks, we want you to get your hands on this beautiful new special edition of Faithful Steward, all about women and wealth, and it features all of this research. If you'd like to pick up a copy, you can head to our website faithfi.com/shop. Back with Julie Wilson, President of Women Doing Well, right after this break. Don't go anywhere.
SEGMENT 2
Rob West: As more wealth comes under the stewardship of women, the opportunity for kingdom impact is tremendous. We're talking today about brand new research from Women Doing Well that gives us every reason to be encouraged that women are already asking thoughtful questions about how to steward wealth with faithfulness, wisdom, and generosity. We're joined today by Julie Wilson, President of Women Doing Well, a non-profit that helps women discover their God-designed purpose, identify their passions, and develop a plan for living generously. You can learn more at WomenDoingWell.org.
This study and the research that uncovered so much about women, wealth, and faith is the centerpiece of our 80-page special edition of our Faithful Steward Magazine. If you want to check it out or pick up a copy, just go to FaithFi.com/shop.
Julie, before the break, we were talking about one of the first observations of so many, and that has to do with married couples and their giving. And you said that the research pointed to the fact that 72% of married women said charitable giving decisions are made jointly with their spouse, and that's encouraging. But anything below the waterline that you uncovered there?
Julie Wilson: Yes, we uncovered that women are engaging and making these decisions with their families, with their spouse. Sometimes they're the leader, though, and they're not actually invited to the deeper conversation, either with the mission that they're supporting or in an advisory role. What they're really looking for is a place to have conversation about it. So a practical example is she's writing the check, making the recommendations for where those gifts are given, and he gets the thank-you note, the invite to fly fishing, the invite to the golf tournament. And she's kind of like, "But me, I'm the one over here. I want to know what the work's doing." But she wants to be respectful and is waiting for that invitation. So I think the research is showing that with clarity.
Rob West: And what a takeaway for ministry leaders to say, "Yeah, we need to engage both givers here in a couple relationship." Julie, I know there was also some observations related to couples around alignment. You know, giving from the same checking account doesn't necessarily mean the couple is truly aligned in their generosity. So what kinds of conversations can help get them on the same page?
Julie Wilson: Yes, I think that oftentimes there is lots of giving being done, but not really talking about the overall goals of that giving for their family, for what they feel called to. So there's, of course, each person is going to have different areas that they want to give to, different passion areas is what we call them at Women Doing Well. And each member of the family also has a different purpose that God's given them that we see in Ephesians 2:10. We're all created for purpose, right?
And so linking those things up is incredibly important to her generosity. She wants to have that family working as a unit, or if she's single, that community that she's giving with working as a unit. And so, just because you're giving out of the same account doesn't always mean there's that unity and that experience of, "We're on mission together with all of our resources, but specifically today, with our money," and where it's going and how it's working.
Rob West: Now, I know this idea of alignment extends beyond marriage. What did you learn about the influence of family and other relationships on women's generosity?
Julie Wilson: Whether you're single, widowed, divorced—it doesn't matter. I think everyone needs community, but women are really motivated by community. And so, you know, 98% of the women we surveyed say their values were important or very important, and 95% said the same thing about their faith. So they want to give with others. They want it to be faith-aligned, and they want their values to be known and considered, right? You can't have a perfect fit every time, but giving being shaped through conversations with their extended family, their friends, their church leaders, trusted mentors, trusted advisors—this is what brings her generosity to flourishing. And I just think it's such an opportunity for all of us to engage in that conversation with her.
Rob West: It certainly is. We also found in the study that purpose is often discovered through participation. You touched on this a moment ago about engaging with ministries and how they're not speaking to her in so many cases in a married couple situation. But I know you found that personal exposure to needs and even hands-on involvement with these ministries has a powerful influence on generosity, right?
Julie Wilson: It sure does. 43% of the women we surveyed named personal exposure to needs as the most powerful resource for developing their giving. And the same percentage named involvement with non-profit organizations. So I think oftentimes the ministry needs money, and so they're asking for money. But what they miss out on if they don't give her exposure and engagement is that deeper generosity. She might write like a starter gift for you, but if she gets her hands in the ministry, goes on a vision trip, really sees things first-hand, she's going to exponentially have understanding of what her "more" could do for that mission. So we can't promise she'll give, but man, that's the way that these, what we call trailblazers, are really showing up in bigger ways with their financial giving.
And so I think this idea that what we see with our eyes is what we feel compelled to give more to. And we see that in Scripture. Ruth stayed close to Naomi in her poverty and need, and that proximity shaped everything, a whole generation. And then Tabitha in Acts 9, who saw all the widows around her and simply responded, making tunics, meeting needs, giving from what was right in front of her. So this proximity has always been part of how God moves people to give, and women in the study just said how essential that aspect is to help her give even more than she thinks she can.
Rob West: What a powerful insight. Julie, we talk a lot about giving purpose when we talk about women and their generosity. And some women may assume that's just for wealthy philanthropists or sophisticated givers, let's say, but that's not true, is it?
Julie Wilson: Nope. I mentioned Ephesians 2:10. It is for everybody. It's interesting—purpose gets thrown around a lot. There's about 10,000 books and programs on purpose. And so at Women Doing Well, the research was really clear that purpose is a key driver. And purpose in our context isn't what you're doing—that's your passions. It's who you are. First and foremost, deeply rooted in Scripture, you are a loved child of God.
And then, you know, based on many Scriptures, but I always highlight Ephesians 2:10, you are here for special work, and that special work is your purpose. It's how we show up and contribute. So my two-word purpose is "cultivating transformation." You're going to get the best out of me in every way if you allow me to cultivate transformation. And that doesn't tell me where to give or what to give to, but it tells me the things that motivate me deeply at that DNA level, because it's in me. That's what God put me in this world to help do, and I'm willing to sacrifice for those things because it's so natural for me to just think that way.
So purpose and passion combined when they're in alignment—so purpose, who you are; passion, what you care about enough to sacrifice for—when those are in alignment and you have a giving plan, woo! I mean, look out! It is really powerful, and that's it! It's so easy. We're seeing it every year. Women are going through our Women Doing Well pathway, getting clear on their purpose, passion, plan. It's simple, it's actionable, and we want to activate them, get them out. It is not just for the wealthy, it's for everyone. But I'm telling you, it is game-changing for your giving. Game-changing.
Rob West: Wow, it sure is. And this research gives us every reason to be encouraged that women are already asking these thoughtful questions about how to steward that wealth with faithfulness and wisdom and generosity. And Women Doing Well is doing an incredible job to help them uncover their passion and purpose so they can steward wealth with intention.
Julie, thanks for your time today.
Julie Wilson: Great to be with you.
Rob West: That's Julie Wilson, President of Women Doing Well. If you want to learn more, go to WomenDoingWell.org. If you'd like to pick up a copy of the special edition of Faithful Steward, head to FaithFi.com/shop. As I said, we're off today, so don't call in, but we've got some great calls lined up in advance, so we'll go to those just around the corner. I'm Rob West, and we'll be right back.
SEGMENT 3
Rob West: Well, it's great to have you with us today on Faith & Finance. By the way, if you've not checked out our website recently, we'd love for you to do that. The wealth of content, articles, podcasts, and videos there to help you be a wise and faithful steward of God's money is incredible. You'll find it all at faithfi.com. You can visit that on your smartphone or on your desktop. Again, faithfi.com. Also, while you're there, check out the FaithFi app that can help you manage God's money and access all of this great content on the go. Just click the App tab. Again, it's all at faithfi.com. Let's go to Waterloo, Illinois. Brittany, how can I help?
Brittany: Hi. Yes. It's been on my heart a lot lately just about being good stewards of our money, and so when I heard this, I wanted to call in to ask this particular question, and that is: Jesus tells us not to store up earthly treasures, and so how can we be wise, and is there a certain percentage or amount that we should be spending on things of that nature, like vacations or home renovations and things like that?
Rob West: Yeah, I love that question, Brittany, because clearly you want to honor the Lord with what He's entrusted to us, and that or to you, and that should be the heart posture each of us has. We actually just produced our first what we call FaithFi Field Guide, which is, in addition to our studies where we go deep into a passage of Scripture, and our devotionals, the field guides are really meant to tackle a very specific question where our faith intersects with our financial journey. And our first field guide is right on this topic of answering the question, "How much money is enough?" And I'm going to send you that field guide as our gift to you, just to be able to have you wrestle through this. But let me say, the Bible doesn't give us a specific percentage for how much we should spend on non-essential things. Rather, this is something I think we prayerfully determine with the Lord as we submit our budget and what He has provided to us. We want to be wise with our money, so that means we avoid debt when possible, and we give generously to our local church and causes on the heart of God, and we faithfully steward what He's entrusted to us. At the same time, we don't want to communicate that it's wrong to enjoy God's creation. Both Ecclesiastes and 1 Timothy make it clear God gives us good things to enjoy. He's the author of delight and beauty, and I think using His resources entrusted to us for a dinner to celebrate and enjoy family and deepen relationships, or to take a trip together and build memories together, are all beautiful examples of how money is a good gift for our enjoyment. I think the concern comes in, if there is one, when spending on non-essentials replaces generous giving, or faithfully paying down debt, or reasonable and responsible stewardship. But there's nothing inherently wrong with spending money on things we simply enjoy. So, where does that leave us? Well, I think ultimately what that means is this is something we have to approach prayerfully, and if married, together with your spouse. We need to be asking the Lord, "Lord, what does faithful stewardship look like for me?" And I don't think there's a decision that's right for everyone—that's ultimately between you and the Lord. And part of this comes down to how you use what He has provided for you for His glory. You know, is it ultimately just more accumulation of toys, or are we actually using God's money both to enjoy, but also to create opportunities to love and serve others in a more meaningful way? And you know, I think that's something we all have to wrestle through, and it's why at its core, I think money management is spiritual formation, because we're actively working out through our budget, and our plans, and our spending, what's most important to us, because it's one of the clearest barometers into what's going on in our lives spiritually—the way we handle God's money. But let me stop there and just get your thoughts.
Brittany: Yes. No, I completely agree. I think for for me, as a stay-at-home mom, I certainly want to be a good wife in the sense of I'm being a good steward of the money that my husband brings in, and I think all women, if we're honest, we love to, you know, make our homes look, you know, cozy, and and I think there's a place in our heart, exactly like you said, where how how far are we taking that and to what... And it's just been on my heart so much recently about, am I being a good steward of the money that my husband brings in? And and that's really why I was I was really, when I heard the question, I I had to ask because it has been... I feel the Lord is just really wanting me to really reexamine that and to spend more time into that because I completely agree with you. We should absolutely be giving to the local church and other organizations that are glorifying God, and I do agree with everything that God gives us, we can, like you said, delight and spending time as a family. It's just really hard as a stay-at-home mom to know where is that cutoff for just things that really don't matter, like, you know, I...
Rob West: Oh, unfortunately, we lost you, Brittany, but let me just put a bow on this by saying I so appreciate what you're saying, and here's what I would say. You know, I would back up, and before you even get to, "How much should I spend on decorations for the house?"—which, again, there's nothing wrong with that, making the home beautiful and welcoming and inviting and a place of respite and to enjoy as a family is a good thing—but I think it starts with, at a higher level, what are our goals? What are we trying to accomplish? How much do we want to be able to give? What's the appropriate amount for us to live on for our lifestyle, and allow that to be informed by your values and priorities as a Christ-follower through prayer? And then once you decide what's available for lifestyle, then at that point, it's just a matter of creating a plan and dividing it up—limited resources among unlimited opportunities. Thanks for your call, it's a great question. We'll be right back.
SEGMENT 4
Rob West: Great to have you with us today on Faith & Finance on American Family Radio. I'm Rob West. Well, the lines are filling up, so we're going to get to as many calls as we can here in this next segment and throughout the rest of the broadcast. Let's go to Illinois. Hi Jeanie, go ahead.
Jeanie: Hi. Thank you so much for taking my call.
Rob West: Sure.
Jeanie: So I have a question. Um my husband, we released him to Jesus in January. And um I wanted to find out whether I should take my... um I'm 65, whether I should take my benefits early, because I'm supposed to be like 67, but Scott was full retirement, 66 and 10. Um they said because of that they'll let me do 66 and 10. There's also some grandfathering where there's an extra two months for survivors. I'm just checking to see if that's accurate and if it's better for me to take mine now, and then when I'm full retirement age, to switch to my husband's.
Rob West: Yeah, and a great question. And I'm so sorry to hear about your husband's passing, Jeanie.
Jeanie: Oh, thank you.
Rob West: Um what is your age currently, did you say?
Jeanie: So I just turned 65 in March, and I'm um not currently working. I was released from my job end of June.
Rob West: Okay, got it. Yeah, so this is a classic decision that you need to work through, and it's it's where one of those situations where a widow can have a valuable claiming strategy, because, uh, different from spousal benefits, the survivor's benefits are treated uh in a different uh scenario. So, you do um you do not have to claim your own retirement benefit and the survivor benefit at the same time. You could potentially take one first and then switch to the other. So, since um you you turned 65 last March, is that right?
Jeanie: March of '26.
Rob West: Okay, this this past March. Got it. Yeah. So, um, you know, given your situation here, um, you're that uh it makes the I think this comparison a little more concrete, because you have two basic strategies. You can take your survivor benefit now and your own benefit later. So, if your own Social Security benefit has the potential to become the larger benefit, then you could go ahead and claim your survivor benefit now, let your own benefit grow through as late as age 70, and it would be about 25% higher than what it is at full retirement age even, and then switch to your own at that point, because your own would earn those delayed retirement credits after full retirement age up until age 70. The other option is if your deceased husband's record produces the larger long-term benefit, then you could take your own benefit now and the survivor benefit later. So, you know, you would switch to the survivor benefit when it reaches the maximum. And, you know, the survivor benefits can increase when claiming is delayed, but there's no advantage to delaying beyond full retirement age like there is with your own. So, do you know which one has the potential to be the largest?
Jeanie: Yes, that would be my husband's.
Rob West: Okay, yeah. So that would be where you would look to go ahead and take your own now, and then you could let that grow until full retirement age, and and then switch to your survivor benefit later, and then you'd get the benefit of having some income now, but having, you know, that larger benefit down the road.
Jeanie: Okay, so taking mine now, even though I'm not full retirement, which would reduce sum sum of what I would get normally if I it would have to be 66 and I think eight months with that grandfathering in for survivors. Um normally it's 67, they told me, but um definitely his would be larger, so then I would switch when I reach that grandfathered-in retirement age, you're saying?
Rob West: Yeah, so that's exactly right. So, um, you know, the the biggest reason is it would, you know, it permanently reduces your own retirement benefit. Um, but in this situation, taking yours early is a smart strategy, because if your husband's survivor benefit will ultimately be the larger benefit, then, you know, you'll you'll be uh in a position where that's going to continue to grow up until full retirement age, but it doesn't grow after uh the survivor's full retirement age. So, you know, your own benefit could grow to age 70, but the survivor benefit only increases up through your survivor full retirement age, and then it's at that point that you're going to want to switch. So let's just use some round numbers. Let's say your benefit's $1,500 a month now at the reduced amount. Let's say survivor benefit is 2,800, excuse me, a month now, but would ultimately be 3,200 at your full retirement age. You could take your 1,500 now, even though it's permanently reduced, um for the next couple of years, and then switch to the 3,200 in my example at your full retirement age, because it it doesn't impact, you know, one doesn't impact the other.
Jeanie: Okay, so it wouldn't reduce his value because he reached full retirement age um by me taking it like mine now. Mine doesn't affect the down-the-road one for him, is that what you're saying?
Rob West: That's exactly right. Yeah. Uh so taking your own benefit early does not by itself reduce the survivor benefit you can receive later. They're treated as separate benefits for claiming purposes. So if you claim yours now at 65, uh, yeah, yours is permanently reduced, but the goal is ultimately for you to switch to his higher survivor benefit, and that benefit is determined based on the survivor rules and the age at which you claim the survivor benefit, not the age at which you start your own retirement benefit.
Jeanie: Okay. And are you aware of any I I heard through another friend that there's some grandfathering in for survivors that they're no longer doing going forward, but for this set of people it is, they're giving you a couple extra months to collect early?
Rob West: Um, yeah, I think the um, you know, you don't have to be grandfathered to use the survivor benefit strategy uh we've been talking about, so I'm not sure what they would necessarily be uh referring to on that, um because you really don't need any grandfathering given the way they calculate survivor's benefits here.
Jeanie: Okay, well, thank you so much. That's so, so helpful.
Rob West: You're very welcome. I appreciate your call today, Jeanie. If we can help further along the way, please uh please don't hesitate to reach out. Hang on the line, I'm going to send you a book called Wise Women Managing Money that I think will be a blessing to you. It'll be our gift to you. Uh let's go to Ohio. Sally, go right ahead.
Sally: Thank you so much for your ministry, Rob. It's been a tremendous help to all of us so that we may better serve the Lord with what he's given us.
Rob West: Well, thank you. That's so kind.
Sally: Yeah, you've been a big help. My question is about legal separation. It's against medical advice for me to live with my abusive alcoholic husband. I moved out in 2013. He's now 90 years old. He's been with hospice since last August. He has medical and memory problems, and but I have continued to look after him in his home. I have power of attorney, and I pay his bills. Uh we still have a joint checking account and jointly own the house where he's living. My financial advisor urged me a couple years ago to get a legal separation as opposed to just being separated. Um he's presently in a skilled nursing facility for rehabilitation after a fall that broke his back, but he's to be discharged home. So, what say you, Rob? I I really place a high value on your advice. Um, what am I in some kind of danger because I don't have a legal separation?
Rob West: Yeah, you know, at the end of the day, Sally, um that really is a legal question. I am not an attorney, and so I really would want you to connect with a a family or elder law attorney that could walk you through the various implications of this. Professor, um, preferably one who's a Christ follower who can also bring the biblical perspective in this about how you can honor your husband by managing his care, even while living separately if that's what safety requires. Certainly, you want to make that paramount. But what does it look like from a biblical perspective to protect yourself and, you know, to be faithful in whatever way the Lord is calling you to? Ultimately, this is going to be a matter of a legal nature. Hang on the line.
SEGMENT 5
Rob West: Thanks for listening to Faith and Finance Today. I'm Rob West. Here in our final segment, we're going to get to as many calls as we can. We've got some good ones coming up. Let's go right out to Florida. Lisa, go ahead.
Lisa: Yes, thank you for taking my call. My question was that we're debating whether to do a HELOC or a reverse mortgage in order to renovate a rental that we have that we're planning to downsize and move into in the future.
Rob West: Yeah. So the property that you would be renovating is not your primary residence today, but it will be in the future?
Lisa: Yes.
Rob West: Okay. And you're wondering about taking a HELOC or are you considering anything else, or is that really the only consideration?
Lisa: A HELOC or reverse mortgage, which do you think would be best?
Rob West: Yeah, well, the reverse mortgage can only be done on your primary residence, so you'd have to live there as your primary residence. And you'd have to have enough equity, at least 50% on average. Would you ultimately be staying in this house long-term or is it temporary?
Lisa: No. So where I live right now is where I'm considering wondering if I do a HELOC or reverse mortgage. And yes, we have substantial equity in it.
Rob West: Okay. Yeah, well, the challenge with that is, you know, once you permanently move out and make that rental property your primary residence, if you had a reverse mortgage on the—what would be the old house, your current primary residence that you'd move out of—it becomes due and payable. So that would make a reverse mortgage a poor match for a house you expect to leave. Not to mention there are costs, most notably the 2% FHA fee right upfront, and then, you know, some other ongoing expenses beyond the interest.
So I think in this case, because you're doing some renovations and you're looking to get to, you know, to borrow against a property you will be vacating or selling or moving out of, you know, in the not-too-distant future, I would say the reverse mortgage is really not an option. So that leaves us with the HELOC. It would allow you to borrow against the equity in your current home. You can make payments according to the HELOC terms, gives you a little more flexibility, and then you could pay it off out of the proceeds of the sale if you're planning to sell it when you move out. If you're not and you're going to hang on to it, then you would just continue to pay it down. Really, the key would just be, you know, do you have the income to comfortably handle the HELOC payments? But I don't think a reverse mortgage is an option here.
Lisa: Okay. Thank you very much.
Rob West: All right. Thanks for your call, Lisa. God bless you. We're going to stay in Florida, actually South Florida. Nadia, go ahead.
Nadia: Hi. I'm really glad that I was going to be able to make it. So, to be honest, like stock market and all of that is an area that I'm really not knowledgeable about. So is it something that you would recommend me looking into as a Christian? And if so, where do I start?
Rob West: Yes. Yeah, absolutely. I would say Christians can participate in the stock market. You know, a lot of people ask the question, "Is stock market investing gambling?" And it really is not. I mean, these are two totally different things. I mean, with gambling, it's a zero-sum game. There's always a loser in that equation. That's not the case with investing.
Keep in mind, at its core, if you say, "Okay, what is investing?" Well, think about it like this: You're supplying capital—money—that supports business in exchange for the rights of profits, which is called the return, and you also get the dividends alongside the appreciation. So you're giving capital for business to use in exchange for the profits, the dividends, and the stock appreciation. The primary purpose is to enable and enlarge the work of business, which ultimately, at the end of the day, is to promote human flourishing. Business is what generates the wealth that ultimately results in people getting paychecks. It all belongs to God, but it's the means by which people get paychecks. Every dollar given to a local church or a ministry is a result of business endeavor, and business is funded through the investment markets. It's essentially the means by which the market supports business. There's the primary market, which is the capital that goes into a business directly, and then there's what's called the secondary market, which is like the stock exchange.
But our investments in the secondary markets help companies directly because ultimately their ability to get access through the primary markets is dependent upon a healthy secondary market where people can buy and sell into specific companies. Now, I'm probably giving you more than you want, but let me just sum all that up to say that part of God's design for economics and wealth creation is capital—resources that have been entrusted to you and to me—being put into business through investment. So I think that's a very God-honoring thing.
Now, once we say, "Okay, as Christians, then yes, we can invest," then the question is, "What are we going to invest in?" And I think that's where there's a whole emerging space in the investment markets around what we call faith-based investing, where Christians thoughtfully consider what investments they support and own. Believers will reach different conclusions about particular companies and investment strategies. Some want to avoid certain industries because they might be in the creation of alcohol products or tobacco, or maybe it's a media company that includes streaming pornography and things that Christians don't want to be involved in. And there is an opportunity to avoid those altogether through what are called faith-based investments.
And so that's why I think, Nadia, this is really a key area where you want to seek wise counsel. And you know, perhaps even a Certified Kingdom Advisor, somebody who can help you invest in the stock market in a God-honoring way. But just to kind of bring that to full circle, I would say, yes, it's an appropriate place for Christians to participate. I think it's a part of good stewardship; we see that in the parable of the talents, among other places. And there is a way to do it to make sure that you're not investing in companies that would be misaligned with your values as a Christ follower. And then lastly, I would say that's where the importance of an investment advisor comes in, a professional who also understands your values as a Christian who can make the investment selections for you. And if you go to findacka.com, you could find a Certified Kingdom Advisor there in South Florida that could help you do the investments.
Let me just finish by saying this: I'd love to send you a book that I think will be a helpful resource for you to begin to get some more understanding around what it looks like to be an investor. It's called The Sound Mind Investing Handbook, and I'd like to send it to you as our gift to you. Would that be okay, Nadia?
Nadia: Thank you! That sounds wonderful. My last kind of question is: Does that work for me even if I don't really like to take like big risks?
Rob West: Well, at the end of the day, you are the steward, Nadia, so you have to make that decision. But here's what I would say: You can take as little or as much risk as you want and are comfortable with. And that's part of what an advisor would help to uncover—what they call risk tolerance. What is your risk tolerance? And your risk tolerance, along with your goals and objectives and income needs and all the pieces that tell a story about your financial life, need to be brought together. And then out of that comes the investment strategy. And so if you're not comfortable taking any risk, then you don't need to invest in the stock market. And so then you can stay on the more conservative end of the investment spectrum, and that would be things like CDs, high-yield savings, Treasury bonds from the U.S. Treasury, those kinds of things. Now, you're not going to get the same return, so there is a tradeoff, but it would allow you to stay on the most conservative or safe end of the risk spectrum.
Nadia: Thank you so much! That was such a wonderful explanation.
Rob West: You're welcome. And it was probably more than you wanted, but hopefully it gives you a few things to think about. Let's do this: Hang on the line. My producer is going to get your information, and we're going to put The Sound Mind Investing Handbook in the mail to you. And I think it'll be a blessing to you.
Nadia: Thank you. I really appreciate it. God bless you.
Rob West: God bless you too, Nadia. Thank you. Well, folks, we covered a lot of ground today, including finishing around this idea of what does it look like to invest. And you know, when we think about God's plan for investing, it really is a privilege to be able to take a portion of what God has entrusted to us and use it for the flourishing of others. And that's really what happens when we invest, especially when we do it in a way that is God-honoring.
And what's really exciting is, you know, all of the sponsors of this program, the asset managers like Eventide, GuideStone, and Movement Mortgage—these are faithful asset managers building investment products and solutions, exchange-traded funds, and mutual funds that are explicitly not only to provide a return—a compelling return—to their investors, but to do it in a God-honoring way, to avoid companies that are causing harm or misaligned with your values as a Christ follower. If you want to check them out, just go to our website, faithfi.com, click on "The Show."
And while you're there, if you'd like to support Faith & Finance Live, we'd certainly be grateful. We're a listener-supported ministry, so in addition to those local and national sponsors, your listener support is a key part of how we bring you this show every day. We'd certainly be grateful if you'd consider becoming a FaithFi Partner, or perhaps you'd want to make a one-time gift. You can learn all about it when you head to faithfi.com/give. That's faithfi.com/give. Thanks in advance!
Unfortunately, that's going to do it for us. Listen, folks, always appreciate you stopping by on the program. I hope today you found something helpful and encouraging. I hope above all else we pointed you back to Jesus, because here's the reality: Money is a good gift, it's a tool. We want to steward it wisely, hold it loosely, yes, enjoy it and provide, but also use it to further God's purposes through our investments and our generosity.
Listen, I couldn't do this without my amazing team each day. Today: Devin Patrick, producer; Sandy, Patty, Taylor, and everybody here at FaithFi that makes this possible. Come back and join us next time. We'll see you then. Bye-bye.
Rob West: Women currently control the majority of wealth in the United States and their financial influence is growing. Hi, I'm Rob West. New research is giving us a fascinating look at how Christian women are approaching generosity and stewardship through the lens of their faith. Julie Wilson joins us today to unpack the findings. Then we have lots of great listeners questions ahead, but we won't be taking your live calls today because this program is pre-recorded. This is Faith & Finance on American Family Radio. Biblical wisdom for your financial decisions.
Well, our guest today is my friend, Julie Wilson, President of Women Doing Well, a non-profit that helps women discover their God-designed purpose, identify their passions, and develop a plan for living generously. Julie, so great to have you here.
Julie Wilson: I'm so good to be here with you, Rob.
Rob West: Julie, we've been talking about this research that we're going to unpack today. I'm so excited about it. We've also been telling listeners about our special issue of Faithful Steward Magazine, which has an entire focus, the entire issue, on women and their finances. And in that issue, you and Mary Shaw, your co-author, share this fascinating new research. But I want to back up and begin with a story on Leanne Horton that you have in the article. I know she was already a faithful giver, but something shifted in the way she approached generosity, and I'd love for you to tell that story as our beginning point today.
Julie Wilson: Sure. Well, Leanne actually was a friend I was on a board with her, and she would have been someone I described as one of the more generous women I knew 20 years ago. She is a CPA and a serial entrepreneur. She and her husband run four companies. And she brings that same business and numbers approach to her giving. She would tell us that she tracked everything carefully, read everything she could about money and God, and she really wanted to get it right. Then she came to a Women Doing Well event and found herself surrounded by women who love generosity and talked openly about using what God had entrusted to them for kingdom purposes. And she called me later and said something clicked. She realized that her meticulous approach had quietly become more legalistic than spiritually forming.
Rob West: Yeah.
Julie Wilson: Giving really had become about duty and not about responding to God's goodness.
Rob West: Mm, so good. And the reason I wanted to start there is because I think there's something in that story that really reflects what showed up throughout this study, Women, Wealth, and Faith, that you conducted in partnership with the Lake Institute on Faith and Giving. Take us into that study for a moment. What were you and the team hoping to better understand through the research and then, what did you discover?
Julie Wilson: Well, we had been seeing for the last decade plus that women have more financial influence than ever before. They currently control the majority of wealth in the U.S. 95% of them will be the primary financial decision maker for their families at some point, mostly due to the average age of a widow being 59, which most women do not know. We also control a lot of estates worth more than 5 million, more than half. And with the great wealth transfer, women are going to be inheriting 70% of the $124 trillion changing hands, and that's just game changing.
So the question for us increasingly becomes: what do we want money to accomplish, right, as women? And we partnered with the Lake Institute to find out what is it that Christian women are thinking about generosity and stewardship 13 years later, because we did our first study and released it back in 2012.
What we found is really encouraging. These women aren't standing on the sidelines. They're already engaged, they're discerning, they're leading, and they're often deeply confident about the purpose God has placed before them. So it's totally a different story than the first research.
Rob West: Well, it's compelling and we're going to unpack more of it today. We have just about 45 seconds. Begin to explain one of the first findings around married women and the role they play in household giving decisions. There was so much that was fascinating in the research. This is certainly one of those. What did you learn?
Julie Wilson: You know, it was shocking to hear that 72% of married women say charitable giving decisions are being made with their spouse in some way. That is amazing. And that that shared expression of stewardship is really life-giving to them. So I think we can explore that a little bit more, but it was shocking to see that women are leading the conversation with their families and enjoying it.
Rob West: Yeah, I know they are. Well, there was so much that came out of this. We'll continue to unpack it just around the corner. And folks, we want you to get your hands on this beautiful new special edition of Faithful Steward, all about women and wealth, and it features all of this research. If you'd like to pick up a copy, you can head to our website faithfi.com/shop. Back with Julie Wilson, President of Women Doing Well, right after this break. Don't go anywhere.
SEGMENT 2
Rob West: As more wealth comes under the stewardship of women, the opportunity for kingdom impact is tremendous. We're talking today about brand new research from Women Doing Well that gives us every reason to be encouraged that women are already asking thoughtful questions about how to steward wealth with faithfulness, wisdom, and generosity. We're joined today by Julie Wilson, President of Women Doing Well, a non-profit that helps women discover their God-designed purpose, identify their passions, and develop a plan for living generously. You can learn more at WomenDoingWell.org.
This study and the research that uncovered so much about women, wealth, and faith is the centerpiece of our 80-page special edition of our Faithful Steward Magazine. If you want to check it out or pick up a copy, just go to FaithFi.com/shop.
Julie, before the break, we were talking about one of the first observations of so many, and that has to do with married couples and their giving. And you said that the research pointed to the fact that 72% of married women said charitable giving decisions are made jointly with their spouse, and that's encouraging. But anything below the waterline that you uncovered there?
Julie Wilson: Yes, we uncovered that women are engaging and making these decisions with their families, with their spouse. Sometimes they're the leader, though, and they're not actually invited to the deeper conversation, either with the mission that they're supporting or in an advisory role. What they're really looking for is a place to have conversation about it. So a practical example is she's writing the check, making the recommendations for where those gifts are given, and he gets the thank-you note, the invite to fly fishing, the invite to the golf tournament. And she's kind of like, "But me, I'm the one over here. I want to know what the work's doing." But she wants to be respectful and is waiting for that invitation. So I think the research is showing that with clarity.
Rob West: And what a takeaway for ministry leaders to say, "Yeah, we need to engage both givers here in a couple relationship." Julie, I know there was also some observations related to couples around alignment. You know, giving from the same checking account doesn't necessarily mean the couple is truly aligned in their generosity. So what kinds of conversations can help get them on the same page?
Julie Wilson: Yes, I think that oftentimes there is lots of giving being done, but not really talking about the overall goals of that giving for their family, for what they feel called to. So there's, of course, each person is going to have different areas that they want to give to, different passion areas is what we call them at Women Doing Well. And each member of the family also has a different purpose that God's given them that we see in Ephesians 2:10. We're all created for purpose, right?
And so linking those things up is incredibly important to her generosity. She wants to have that family working as a unit, or if she's single, that community that she's giving with working as a unit. And so, just because you're giving out of the same account doesn't always mean there's that unity and that experience of, "We're on mission together with all of our resources, but specifically today, with our money," and where it's going and how it's working.
Rob West: Now, I know this idea of alignment extends beyond marriage. What did you learn about the influence of family and other relationships on women's generosity?
Julie Wilson: Whether you're single, widowed, divorced—it doesn't matter. I think everyone needs community, but women are really motivated by community. And so, you know, 98% of the women we surveyed say their values were important or very important, and 95% said the same thing about their faith. So they want to give with others. They want it to be faith-aligned, and they want their values to be known and considered, right? You can't have a perfect fit every time, but giving being shaped through conversations with their extended family, their friends, their church leaders, trusted mentors, trusted advisors—this is what brings her generosity to flourishing. And I just think it's such an opportunity for all of us to engage in that conversation with her.
Rob West: It certainly is. We also found in the study that purpose is often discovered through participation. You touched on this a moment ago about engaging with ministries and how they're not speaking to her in so many cases in a married couple situation. But I know you found that personal exposure to needs and even hands-on involvement with these ministries has a powerful influence on generosity, right?
Julie Wilson: It sure does. 43% of the women we surveyed named personal exposure to needs as the most powerful resource for developing their giving. And the same percentage named involvement with non-profit organizations. So I think oftentimes the ministry needs money, and so they're asking for money. But what they miss out on if they don't give her exposure and engagement is that deeper generosity. She might write like a starter gift for you, but if she gets her hands in the ministry, goes on a vision trip, really sees things first-hand, she's going to exponentially have understanding of what her "more" could do for that mission. So we can't promise she'll give, but man, that's the way that these, what we call trailblazers, are really showing up in bigger ways with their financial giving.
And so I think this idea that what we see with our eyes is what we feel compelled to give more to. And we see that in Scripture. Ruth stayed close to Naomi in her poverty and need, and that proximity shaped everything, a whole generation. And then Tabitha in Acts 9, who saw all the widows around her and simply responded, making tunics, meeting needs, giving from what was right in front of her. So this proximity has always been part of how God moves people to give, and women in the study just said how essential that aspect is to help her give even more than she thinks she can.
Rob West: What a powerful insight. Julie, we talk a lot about giving purpose when we talk about women and their generosity. And some women may assume that's just for wealthy philanthropists or sophisticated givers, let's say, but that's not true, is it?
Julie Wilson: Nope. I mentioned Ephesians 2:10. It is for everybody. It's interesting—purpose gets thrown around a lot. There's about 10,000 books and programs on purpose. And so at Women Doing Well, the research was really clear that purpose is a key driver. And purpose in our context isn't what you're doing—that's your passions. It's who you are. First and foremost, deeply rooted in Scripture, you are a loved child of God.
And then, you know, based on many Scriptures, but I always highlight Ephesians 2:10, you are here for special work, and that special work is your purpose. It's how we show up and contribute. So my two-word purpose is "cultivating transformation." You're going to get the best out of me in every way if you allow me to cultivate transformation. And that doesn't tell me where to give or what to give to, but it tells me the things that motivate me deeply at that DNA level, because it's in me. That's what God put me in this world to help do, and I'm willing to sacrifice for those things because it's so natural for me to just think that way.
So purpose and passion combined when they're in alignment—so purpose, who you are; passion, what you care about enough to sacrifice for—when those are in alignment and you have a giving plan, woo! I mean, look out! It is really powerful, and that's it! It's so easy. We're seeing it every year. Women are going through our Women Doing Well pathway, getting clear on their purpose, passion, plan. It's simple, it's actionable, and we want to activate them, get them out. It is not just for the wealthy, it's for everyone. But I'm telling you, it is game-changing for your giving. Game-changing.
Rob West: Wow, it sure is. And this research gives us every reason to be encouraged that women are already asking these thoughtful questions about how to steward that wealth with faithfulness and wisdom and generosity. And Women Doing Well is doing an incredible job to help them uncover their passion and purpose so they can steward wealth with intention.
Julie, thanks for your time today.
Julie Wilson: Great to be with you.
Rob West: That's Julie Wilson, President of Women Doing Well. If you want to learn more, go to WomenDoingWell.org. If you'd like to pick up a copy of the special edition of Faithful Steward, head to FaithFi.com/shop. As I said, we're off today, so don't call in, but we've got some great calls lined up in advance, so we'll go to those just around the corner. I'm Rob West, and we'll be right back.
SEGMENT 3
Rob West: Well, it's great to have you with us today on Faith & Finance. By the way, if you've not checked out our website recently, we'd love for you to do that. The wealth of content, articles, podcasts, and videos there to help you be a wise and faithful steward of God's money is incredible. You'll find it all at faithfi.com. You can visit that on your smartphone or on your desktop. Again, faithfi.com. Also, while you're there, check out the FaithFi app that can help you manage God's money and access all of this great content on the go. Just click the App tab. Again, it's all at faithfi.com. Let's go to Waterloo, Illinois. Brittany, how can I help?
Brittany: Hi. Yes. It's been on my heart a lot lately just about being good stewards of our money, and so when I heard this, I wanted to call in to ask this particular question, and that is: Jesus tells us not to store up earthly treasures, and so how can we be wise, and is there a certain percentage or amount that we should be spending on things of that nature, like vacations or home renovations and things like that?
Rob West: Yeah, I love that question, Brittany, because clearly you want to honor the Lord with what He's entrusted to us, and that or to you, and that should be the heart posture each of us has. We actually just produced our first what we call FaithFi Field Guide, which is, in addition to our studies where we go deep into a passage of Scripture, and our devotionals, the field guides are really meant to tackle a very specific question where our faith intersects with our financial journey. And our first field guide is right on this topic of answering the question, "How much money is enough?" And I'm going to send you that field guide as our gift to you, just to be able to have you wrestle through this. But let me say, the Bible doesn't give us a specific percentage for how much we should spend on non-essential things. Rather, this is something I think we prayerfully determine with the Lord as we submit our budget and what He has provided to us. We want to be wise with our money, so that means we avoid debt when possible, and we give generously to our local church and causes on the heart of God, and we faithfully steward what He's entrusted to us. At the same time, we don't want to communicate that it's wrong to enjoy God's creation. Both Ecclesiastes and 1 Timothy make it clear God gives us good things to enjoy. He's the author of delight and beauty, and I think using His resources entrusted to us for a dinner to celebrate and enjoy family and deepen relationships, or to take a trip together and build memories together, are all beautiful examples of how money is a good gift for our enjoyment. I think the concern comes in, if there is one, when spending on non-essentials replaces generous giving, or faithfully paying down debt, or reasonable and responsible stewardship. But there's nothing inherently wrong with spending money on things we simply enjoy. So, where does that leave us? Well, I think ultimately what that means is this is something we have to approach prayerfully, and if married, together with your spouse. We need to be asking the Lord, "Lord, what does faithful stewardship look like for me?" And I don't think there's a decision that's right for everyone—that's ultimately between you and the Lord. And part of this comes down to how you use what He has provided for you for His glory. You know, is it ultimately just more accumulation of toys, or are we actually using God's money both to enjoy, but also to create opportunities to love and serve others in a more meaningful way? And you know, I think that's something we all have to wrestle through, and it's why at its core, I think money management is spiritual formation, because we're actively working out through our budget, and our plans, and our spending, what's most important to us, because it's one of the clearest barometers into what's going on in our lives spiritually—the way we handle God's money. But let me stop there and just get your thoughts.
Brittany: Yes. No, I completely agree. I think for for me, as a stay-at-home mom, I certainly want to be a good wife in the sense of I'm being a good steward of the money that my husband brings in, and I think all women, if we're honest, we love to, you know, make our homes look, you know, cozy, and and I think there's a place in our heart, exactly like you said, where how how far are we taking that and to what... And it's just been on my heart so much recently about, am I being a good steward of the money that my husband brings in? And and that's really why I was I was really, when I heard the question, I I had to ask because it has been... I feel the Lord is just really wanting me to really reexamine that and to spend more time into that because I completely agree with you. We should absolutely be giving to the local church and other organizations that are glorifying God, and I do agree with everything that God gives us, we can, like you said, delight and spending time as a family. It's just really hard as a stay-at-home mom to know where is that cutoff for just things that really don't matter, like, you know, I...
Rob West: Oh, unfortunately, we lost you, Brittany, but let me just put a bow on this by saying I so appreciate what you're saying, and here's what I would say. You know, I would back up, and before you even get to, "How much should I spend on decorations for the house?"—which, again, there's nothing wrong with that, making the home beautiful and welcoming and inviting and a place of respite and to enjoy as a family is a good thing—but I think it starts with, at a higher level, what are our goals? What are we trying to accomplish? How much do we want to be able to give? What's the appropriate amount for us to live on for our lifestyle, and allow that to be informed by your values and priorities as a Christ-follower through prayer? And then once you decide what's available for lifestyle, then at that point, it's just a matter of creating a plan and dividing it up—limited resources among unlimited opportunities. Thanks for your call, it's a great question. We'll be right back.
SEGMENT 4
Rob West: Great to have you with us today on Faith & Finance on American Family Radio. I'm Rob West. Well, the lines are filling up, so we're going to get to as many calls as we can here in this next segment and throughout the rest of the broadcast. Let's go to Illinois. Hi Jeanie, go ahead.
Jeanie: Hi. Thank you so much for taking my call.
Rob West: Sure.
Jeanie: So I have a question. Um my husband, we released him to Jesus in January. And um I wanted to find out whether I should take my... um I'm 65, whether I should take my benefits early, because I'm supposed to be like 67, but Scott was full retirement, 66 and 10. Um they said because of that they'll let me do 66 and 10. There's also some grandfathering where there's an extra two months for survivors. I'm just checking to see if that's accurate and if it's better for me to take mine now, and then when I'm full retirement age, to switch to my husband's.
Rob West: Yeah, and a great question. And I'm so sorry to hear about your husband's passing, Jeanie.
Jeanie: Oh, thank you.
Rob West: Um what is your age currently, did you say?
Jeanie: So I just turned 65 in March, and I'm um not currently working. I was released from my job end of June.
Rob West: Okay, got it. Yeah, so this is a classic decision that you need to work through, and it's it's where one of those situations where a widow can have a valuable claiming strategy, because, uh, different from spousal benefits, the survivor's benefits are treated uh in a different uh scenario. So, you do um you do not have to claim your own retirement benefit and the survivor benefit at the same time. You could potentially take one first and then switch to the other. So, since um you you turned 65 last March, is that right?
Jeanie: March of '26.
Rob West: Okay, this this past March. Got it. Yeah. So, um, you know, given your situation here, um, you're that uh it makes the I think this comparison a little more concrete, because you have two basic strategies. You can take your survivor benefit now and your own benefit later. So, if your own Social Security benefit has the potential to become the larger benefit, then you could go ahead and claim your survivor benefit now, let your own benefit grow through as late as age 70, and it would be about 25% higher than what it is at full retirement age even, and then switch to your own at that point, because your own would earn those delayed retirement credits after full retirement age up until age 70. The other option is if your deceased husband's record produces the larger long-term benefit, then you could take your own benefit now and the survivor benefit later. So, you know, you would switch to the survivor benefit when it reaches the maximum. And, you know, the survivor benefits can increase when claiming is delayed, but there's no advantage to delaying beyond full retirement age like there is with your own. So, do you know which one has the potential to be the largest?
Jeanie: Yes, that would be my husband's.
Rob West: Okay, yeah. So that would be where you would look to go ahead and take your own now, and then you could let that grow until full retirement age, and and then switch to your survivor benefit later, and then you'd get the benefit of having some income now, but having, you know, that larger benefit down the road.
Jeanie: Okay, so taking mine now, even though I'm not full retirement, which would reduce sum sum of what I would get normally if I it would have to be 66 and I think eight months with that grandfathering in for survivors. Um normally it's 67, they told me, but um definitely his would be larger, so then I would switch when I reach that grandfathered-in retirement age, you're saying?
Rob West: Yeah, so that's exactly right. So, um, you know, the the biggest reason is it would, you know, it permanently reduces your own retirement benefit. Um, but in this situation, taking yours early is a smart strategy, because if your husband's survivor benefit will ultimately be the larger benefit, then, you know, you'll you'll be uh in a position where that's going to continue to grow up until full retirement age, but it doesn't grow after uh the survivor's full retirement age. So, you know, your own benefit could grow to age 70, but the survivor benefit only increases up through your survivor full retirement age, and then it's at that point that you're going to want to switch. So let's just use some round numbers. Let's say your benefit's $1,500 a month now at the reduced amount. Let's say survivor benefit is 2,800, excuse me, a month now, but would ultimately be 3,200 at your full retirement age. You could take your 1,500 now, even though it's permanently reduced, um for the next couple of years, and then switch to the 3,200 in my example at your full retirement age, because it it doesn't impact, you know, one doesn't impact the other.
Jeanie: Okay, so it wouldn't reduce his value because he reached full retirement age um by me taking it like mine now. Mine doesn't affect the down-the-road one for him, is that what you're saying?
Rob West: That's exactly right. Yeah. Uh so taking your own benefit early does not by itself reduce the survivor benefit you can receive later. They're treated as separate benefits for claiming purposes. So if you claim yours now at 65, uh, yeah, yours is permanently reduced, but the goal is ultimately for you to switch to his higher survivor benefit, and that benefit is determined based on the survivor rules and the age at which you claim the survivor benefit, not the age at which you start your own retirement benefit.
Jeanie: Okay. And are you aware of any I I heard through another friend that there's some grandfathering in for survivors that they're no longer doing going forward, but for this set of people it is, they're giving you a couple extra months to collect early?
Rob West: Um, yeah, I think the um, you know, you don't have to be grandfathered to use the survivor benefit strategy uh we've been talking about, so I'm not sure what they would necessarily be uh referring to on that, um because you really don't need any grandfathering given the way they calculate survivor's benefits here.
Jeanie: Okay, well, thank you so much. That's so, so helpful.
Rob West: You're very welcome. I appreciate your call today, Jeanie. If we can help further along the way, please uh please don't hesitate to reach out. Hang on the line, I'm going to send you a book called Wise Women Managing Money that I think will be a blessing to you. It'll be our gift to you. Uh let's go to Ohio. Sally, go right ahead.
Sally: Thank you so much for your ministry, Rob. It's been a tremendous help to all of us so that we may better serve the Lord with what he's given us.
Rob West: Well, thank you. That's so kind.
Sally: Yeah, you've been a big help. My question is about legal separation. It's against medical advice for me to live with my abusive alcoholic husband. I moved out in 2013. He's now 90 years old. He's been with hospice since last August. He has medical and memory problems, and but I have continued to look after him in his home. I have power of attorney, and I pay his bills. Uh we still have a joint checking account and jointly own the house where he's living. My financial advisor urged me a couple years ago to get a legal separation as opposed to just being separated. Um he's presently in a skilled nursing facility for rehabilitation after a fall that broke his back, but he's to be discharged home. So, what say you, Rob? I I really place a high value on your advice. Um, what am I in some kind of danger because I don't have a legal separation?
Rob West: Yeah, you know, at the end of the day, Sally, um that really is a legal question. I am not an attorney, and so I really would want you to connect with a a family or elder law attorney that could walk you through the various implications of this. Professor, um, preferably one who's a Christ follower who can also bring the biblical perspective in this about how you can honor your husband by managing his care, even while living separately if that's what safety requires. Certainly, you want to make that paramount. But what does it look like from a biblical perspective to protect yourself and, you know, to be faithful in whatever way the Lord is calling you to? Ultimately, this is going to be a matter of a legal nature. Hang on the line.
SEGMENT 5
Rob West: Thanks for listening to Faith and Finance Today. I'm Rob West. Here in our final segment, we're going to get to as many calls as we can. We've got some good ones coming up. Let's go right out to Florida. Lisa, go ahead.
Lisa: Yes, thank you for taking my call. My question was that we're debating whether to do a HELOC or a reverse mortgage in order to renovate a rental that we have that we're planning to downsize and move into in the future.
Rob West: Yeah. So the property that you would be renovating is not your primary residence today, but it will be in the future?
Lisa: Yes.
Rob West: Okay. And you're wondering about taking a HELOC or are you considering anything else, or is that really the only consideration?
Lisa: A HELOC or reverse mortgage, which do you think would be best?
Rob West: Yeah, well, the reverse mortgage can only be done on your primary residence, so you'd have to live there as your primary residence. And you'd have to have enough equity, at least 50% on average. Would you ultimately be staying in this house long-term or is it temporary?
Lisa: No. So where I live right now is where I'm considering wondering if I do a HELOC or reverse mortgage. And yes, we have substantial equity in it.
Rob West: Okay. Yeah, well, the challenge with that is, you know, once you permanently move out and make that rental property your primary residence, if you had a reverse mortgage on the—what would be the old house, your current primary residence that you'd move out of—it becomes due and payable. So that would make a reverse mortgage a poor match for a house you expect to leave. Not to mention there are costs, most notably the 2% FHA fee right upfront, and then, you know, some other ongoing expenses beyond the interest.
So I think in this case, because you're doing some renovations and you're looking to get to, you know, to borrow against a property you will be vacating or selling or moving out of, you know, in the not-too-distant future, I would say the reverse mortgage is really not an option. So that leaves us with the HELOC. It would allow you to borrow against the equity in your current home. You can make payments according to the HELOC terms, gives you a little more flexibility, and then you could pay it off out of the proceeds of the sale if you're planning to sell it when you move out. If you're not and you're going to hang on to it, then you would just continue to pay it down. Really, the key would just be, you know, do you have the income to comfortably handle the HELOC payments? But I don't think a reverse mortgage is an option here.
Lisa: Okay. Thank you very much.
Rob West: All right. Thanks for your call, Lisa. God bless you. We're going to stay in Florida, actually South Florida. Nadia, go ahead.
Nadia: Hi. I'm really glad that I was going to be able to make it. So, to be honest, like stock market and all of that is an area that I'm really not knowledgeable about. So is it something that you would recommend me looking into as a Christian? And if so, where do I start?
Rob West: Yes. Yeah, absolutely. I would say Christians can participate in the stock market. You know, a lot of people ask the question, "Is stock market investing gambling?" And it really is not. I mean, these are two totally different things. I mean, with gambling, it's a zero-sum game. There's always a loser in that equation. That's not the case with investing.
Keep in mind, at its core, if you say, "Okay, what is investing?" Well, think about it like this: You're supplying capital—money—that supports business in exchange for the rights of profits, which is called the return, and you also get the dividends alongside the appreciation. So you're giving capital for business to use in exchange for the profits, the dividends, and the stock appreciation. The primary purpose is to enable and enlarge the work of business, which ultimately, at the end of the day, is to promote human flourishing. Business is what generates the wealth that ultimately results in people getting paychecks. It all belongs to God, but it's the means by which people get paychecks. Every dollar given to a local church or a ministry is a result of business endeavor, and business is funded through the investment markets. It's essentially the means by which the market supports business. There's the primary market, which is the capital that goes into a business directly, and then there's what's called the secondary market, which is like the stock exchange.
But our investments in the secondary markets help companies directly because ultimately their ability to get access through the primary markets is dependent upon a healthy secondary market where people can buy and sell into specific companies. Now, I'm probably giving you more than you want, but let me just sum all that up to say that part of God's design for economics and wealth creation is capital—resources that have been entrusted to you and to me—being put into business through investment. So I think that's a very God-honoring thing.
Now, once we say, "Okay, as Christians, then yes, we can invest," then the question is, "What are we going to invest in?" And I think that's where there's a whole emerging space in the investment markets around what we call faith-based investing, where Christians thoughtfully consider what investments they support and own. Believers will reach different conclusions about particular companies and investment strategies. Some want to avoid certain industries because they might be in the creation of alcohol products or tobacco, or maybe it's a media company that includes streaming pornography and things that Christians don't want to be involved in. And there is an opportunity to avoid those altogether through what are called faith-based investments.
And so that's why I think, Nadia, this is really a key area where you want to seek wise counsel. And you know, perhaps even a Certified Kingdom Advisor, somebody who can help you invest in the stock market in a God-honoring way. But just to kind of bring that to full circle, I would say, yes, it's an appropriate place for Christians to participate. I think it's a part of good stewardship; we see that in the parable of the talents, among other places. And there is a way to do it to make sure that you're not investing in companies that would be misaligned with your values as a Christ follower. And then lastly, I would say that's where the importance of an investment advisor comes in, a professional who also understands your values as a Christian who can make the investment selections for you. And if you go to findacka.com, you could find a Certified Kingdom Advisor there in South Florida that could help you do the investments.
Let me just finish by saying this: I'd love to send you a book that I think will be a helpful resource for you to begin to get some more understanding around what it looks like to be an investor. It's called The Sound Mind Investing Handbook, and I'd like to send it to you as our gift to you. Would that be okay, Nadia?
Nadia: Thank you! That sounds wonderful. My last kind of question is: Does that work for me even if I don't really like to take like big risks?
Rob West: Well, at the end of the day, you are the steward, Nadia, so you have to make that decision. But here's what I would say: You can take as little or as much risk as you want and are comfortable with. And that's part of what an advisor would help to uncover—what they call risk tolerance. What is your risk tolerance? And your risk tolerance, along with your goals and objectives and income needs and all the pieces that tell a story about your financial life, need to be brought together. And then out of that comes the investment strategy. And so if you're not comfortable taking any risk, then you don't need to invest in the stock market. And so then you can stay on the more conservative end of the investment spectrum, and that would be things like CDs, high-yield savings, Treasury bonds from the U.S. Treasury, those kinds of things. Now, you're not going to get the same return, so there is a tradeoff, but it would allow you to stay on the most conservative or safe end of the risk spectrum.
Nadia: Thank you so much! That was such a wonderful explanation.
Rob West: You're welcome. And it was probably more than you wanted, but hopefully it gives you a few things to think about. Let's do this: Hang on the line. My producer is going to get your information, and we're going to put The Sound Mind Investing Handbook in the mail to you. And I think it'll be a blessing to you.
Nadia: Thank you. I really appreciate it. God bless you.
Rob West: God bless you too, Nadia. Thank you. Well, folks, we covered a lot of ground today, including finishing around this idea of what does it look like to invest. And you know, when we think about God's plan for investing, it really is a privilege to be able to take a portion of what God has entrusted to us and use it for the flourishing of others. And that's really what happens when we invest, especially when we do it in a way that is God-honoring.
And what's really exciting is, you know, all of the sponsors of this program, the asset managers like Eventide, GuideStone, and Movement Mortgage—these are faithful asset managers building investment products and solutions, exchange-traded funds, and mutual funds that are explicitly not only to provide a return—a compelling return—to their investors, but to do it in a God-honoring way, to avoid companies that are causing harm or misaligned with your values as a Christ follower. If you want to check them out, just go to our website, faithfi.com, click on "The Show."
And while you're there, if you'd like to support Faith & Finance Live, we'd certainly be grateful. We're a listener-supported ministry, so in addition to those local and national sponsors, your listener support is a key part of how we bring you this show every day. We'd certainly be grateful if you'd consider becoming a FaithFi Partner, or perhaps you'd want to make a one-time gift. You can learn all about it when you head to faithfi.com/give. That's faithfi.com/give. Thanks in advance!
Unfortunately, that's going to do it for us. Listen, folks, always appreciate you stopping by on the program. I hope today you found something helpful and encouraging. I hope above all else we pointed you back to Jesus, because here's the reality: Money is a good gift, it's a tool. We want to steward it wisely, hold it loosely, yes, enjoy it and provide, but also use it to further God's purposes through our investments and our generosity.
Listen, I couldn't do this without my amazing team each day. Today: Devin Patrick, producer; Sandy, Patty, Taylor, and everybody here at FaithFi that makes this possible. Come back and join us next time. We'll see you then. Bye-bye.
Women currently control most of the wealth in the United States—and their financial influence is growing. New research provides a fascinating snapshot of how Christian women approach generosity and stewardship through the lens of their faith. On this Faith & Finance on AFR, Rob West and Julie Wilson unpack the findings. Then, it’s on to calls.
Live
Did you know American Family Radio is listener-supported? Your monthly financial support will allow us to continue upholding Godly values through our numerous channels, like American Family Radio, One Million Moms, The Stand magazine, and many more.
Become a Great Commission Partner TODAY to help AFR transform culture by rebuilding the family. When you donate today, you’ll get access to:
