Rob West: Money stress doesn't just affect your budget. It can shape the atmosphere of your home and the lessons your kids carry into adulthood. I'm Rob West. When parents feel overwhelmed financially, it's easy to assume the only answer is more income. But relief often begins with small, intentional choices that create healthy money habits over time. Crystal Paine joins us today to talk about managing money while raising kids. 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 journey.
Rob West: Crystal Paine is the creator of moneysavingmom.com and the author of The 7 Habits of Financially Healthy Women, a title that gives a nod to Stephen Covey's classic while focusing on the habits that help women approach money with wisdom and purpose. By the way, the book releases tomorrow. Crystal, welcome back. It's great to have you with us.
Crystal Paine: Thank you so much for having me.
Rob West: Absolutely. You know, one thing I appreciate about your new book is that you don't begin with spreadsheets or formulas. You actually begin with fear. You share about being married, raising a toddler, expecting another baby, watching your bank account shrink, and wondering how you were going to make it. So, why was that the right place to start?
Crystal Paine: Well, I feel like there are so many books that are written kind of from this place of like, "I've figured it all out." And I really wanted women to know I've been where they are, and I've experienced those fears. And actually, in writing the book, I surveyed 4,000 women about their feelings around money. And one of the biggest things I noticed is that there was so much fear. And financial stress—it can often feel isolating and shameful. And I really wanted the readers to know that they're not alone. Fear really loses some of its power when we bring it into the light. And so that was my hope and my heart: to give people this trajectory that they could be on with healthy financial habits. But it had to start with honesty and not feeling like, "She's got it all figured out, what's my problem?"
Rob West: Yes. Oh, that is so good. And I love what you said about fear and bringing it into the light, starting with a place of vulnerability, because it's just so inviting and, you know, I think is going to be helpful for so many. I also think, Crystal, a lot of parents listening can relate to the kind of pressure you're describing. You know, it's not just about paying the bills. It's the desire to provide stability for your children, and what I'll call the quiet question of whether you're doing enough.
Crystal Paine: Yes. And you know, the interesting thing was when I did that survey, even women who were doing what we would consider really well financially carried a lot of stress—like the "what ifs" and the unknowns of the future. It's just like that constant mental load, that pressure to create a good life for your kids and then prepare them for the future. And social media, comparison culture—it can make it so much harder, feeling like, "Well, you know, how come they're doing so well and what's wrong with me?" But financial health isn't about a perfect life, it isn't about looking good on social media, it's not about a huge income, it's not even about being out of debt, it's not about having a lot of money in the bank account—it's really about managing your money with purpose and intention instead of fear.
Rob West: Mmm. Let's talk about that for a moment. Just this idea of managing your money with purpose. What does that look like in your mind?
Crystal Paine: For me, it's really that you recognize that money is a tool and that it can do so much good, and there's so much that you can accomplish with it. But you don't have to have a lot of it; you just have to make small choices. And so that's really what this book was about. It's these seven healthy habits that you can make that anyone, no matter your financial situation—if you have a lot of money, if you have a little of money, if you're really struggling, or you're doing well—you can choose to take these habits and make them something that are a part of your life, and it really can totally change your future.
Rob West: Talk about that for a moment, because you mention that in the book—and this is a constant theme—that small choices matter. Unpack that for us.
Crystal Paine: You know, sometimes I think that we discount our daily choices and that we don't really realize how much of a difference that it makes over time. I talk about in the book, you know, just drinking water, and how you can choose to bring water with you. You can choose to buy a water bottle, and it might seem like such a small thing throughout the day. You know, go to a gas station, buy a water bottle, or you buy a water bottle at the vending machine. But bringing your water versus buying it at the gas station—if you add up how much that costs you over time or saves you, is phenomenal. Your daily choices truly do matter.
Rob West: Oh, that is so good. Well, after the break, we're going to continue to unpack that. Crystal Paine's here today. She's the creator of moneysavingmom.com and the author of the brand new The 7 Habits of Financially Healthy Women. It releases tomorrow. You can get it wherever books are sold. Back with more right after this. Stick around.
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Rob West: Thanks for joining us today on Faith & Finance on American Family Radio. We're talking about building healthy money habits while raising kids. Crystal Paine is here today. She's the creator of moneysavingmom.com. She's a regular contributor to the program, and her brand-new book releases tomorrow. It's called The 7 Habits of Financially Healthy Women. That's our topic today. By the way, you can pick it up wherever you buy books. And Crystal, before the break, we were talking about one of the themes that runs through the book, and it's this idea that small choices matter, and that this really affects how we handle our lives and our families. I'd love for you to talk a bit more about that idea.
Crystal Paine: Yes. Well, you know, one of the things that I remember when my older three were younger, how they were paying such close attention. And I remember explaining to them like why we're paying cash, why we're making these choices, these daily choices, and how much it actually impacted them. And it's so cool to see my older kids now—they are 21, almost 19, and 17—and the decisions that they saw us make when they were little kids, they're now experimenting and making some of those same decisions. And it's so cool, and to realize that, you know, the atmosphere we create in our home around money, it makes such a difference. And our kids are really learning from what we model, and they notice whether the money conversations create panic or whether they see that we're spending our money and saving our money with purpose.
Rob West: Yeah, that is so good. And we know more is caught than taught, so this idea of modeling is so key. You shared some stories about your parents modeling discipline and sacrifice in the book. Crystal, how did their example shape the way you approach money in your own marriage and family?
Crystal Paine: It shaped everything, and I owe so much to my parents for where we are financially. My husband and I always say we feel like we're standing on our parents' shoulders, and we want our kids to be able to stand on our shoulders and go even further. But I talk in the book about my parents making a commitment to pay off their house and then save money, and then we moved out to land and lived in this old trailer while they built a house debt-free. And just watching the decisions that they made, the sacrifices that they made, but how it gave them the ability to have such freedom to be givers. And that impacted me so much, and that's what for my husband and I, the decisions that we make now, we make them because we want to be in a position to be able to give generously.
Rob West: Oh, that is so good. Now, of course, not everyone grew up with that example, right?
Crystal Paine: Yes, and that's one of the things that I really unpack in the book is how much of our upbringing impacts our financial decisions, and oftentimes we don't even realize it. Some people who are, you know, want to spend more, and they don't even realize they're doing it because they're trying to fill a hole in their heart that wasn't filled when they were a child. And so really going back to what were the conversations around money, what was modeled for you, and what can you learn from that so that you don't have to become a victim to that, but that you can then make new choices and new pathways with your money.
Rob West: Mmm. One line that really stood out to me in the book was this one: You said, "You can't change what you won't confront." And I think many people avoid looking at the numbers altogether because they're just afraid of what they might find.
Crystal Paine: You know, it's so interesting. When I surveyed those 4,000 women, the thing that kept coming up was so many women don't look at the numbers because they're too scared of what they're going to find. And here's the thing: that's never going to benefit you long term. And it can be scary, yes. Avoidance feels safer in the short term, but in the long run, if you're willing to do the hard work, it is going to pay off in big dividends for you and the legacy that you're leaving.
Rob West: Mmm. Crystal, obviously, you have the blessing that you and your husband are on the same page, and I don't want to pretend like that always works. I mean, we all have challenges along the way. But for somebody who's listening today saying, "My husband and I or my wife and I are at completely different places," how do you start to make steps toward having more unity in this area of money?
Crystal Paine: I think the biggest thing is, you know, as therapists will say, stay in your own circle. So, what can you fully take charge of? You know, maybe you are in charge of, let's say, you're a woman who does all the grocery shopping. Well, you can take charge of that. But then also, when it comes to your marriage, do not approach these conversations with "I'm right, you're wrong," but approach it with a "How can I hear where you're coming from?" And in the book, I even give some questions that you can ask to start having these conversations around money that don't feel shameful, don't feel like you're criticizing, but just to help you understand your spouse more, because when you understand them, you're going to have a lot more compassion. And then when you have that, it's going to probably give you a lot closer relationship and ability to work together.
Rob West: Yeah, that's so good. I think understanding is really key as we go back to the idea that what was modeled when we were children shapes us. And it's not only important to understand what was modeled for you and how that affects how you handle money today, but it also is important that you understand the same for your spouse, right?
Crystal Paine: Yes, 100%. And to understand that these things that they're doing that to you might feel really frustrating, to them, maybe that's a coping mechanism that they learned from an early age that has helped them to survive.
Rob West: Yeah. Yeah, that's really good. Talk about priorities and our values, and how that needs to be really clear and serve as the foundation to our money decisions.
Crystal Paine: So often we don't realize that in our spending decisions, we're actually showing what's important to us. And so look at your spending over the last three months, and it's going to tell you a tale of what actually matters to you. And then you look at it and you can hold it up to: Is this really how I want to be spending my life? Is this really what is a priority to me? What matters most to your family? Maybe it's generosity, maybe it's having margin in your life or family experiences, education, getting out of debt—whatever it is, really make sure that those little choices that you're making on a daily basis are adding up to showing that those things are a priority for you.
Rob West: Yeah, that's so good. Let's talk about the B-word. I know this is where you spend a lot of time, but I appreciate in the book that you don't frame budgeting as punishment. So, how do you approach it?
Crystal Paine: Yes, and one of the things that I really wanted to do is to give people a very different perspective on the word budget, because I feel like it has so much baggage that is attached to it. And I even give people a lot of different words if you want to call it something different, like a money plan, a spending plan. Like, you figure out what works for you that's going to give you motivation, but recognizing that when you have a plan for your money, it's going to give you so much freedom and it's going to give you so much more peace because your money's not just going to slip through your fingers. It's going to allow you to prioritize, like we were just talking about, and then you're going to have this, you know, you can look back and say, "Look, I spent my money according to what was my priority, and I don't have to fear for the future." And it really allows you to just have more stewardship and purpose in how you spend.
Rob West: That is so good. Crystal, what's one thought—we have just about 20 seconds—you would leave with somebody who's listening to this today?
Crystal Paine: I just want to encourage you that you are not stuck unless you choose to be. Moving forward, even at a microscopic rate, is still moving forward. And I'm over here cheering for you. You can do this one tiny step at a time.
Rob West: Crystal, we're so thankful for you. I'm really excited about the book. Thanks for stopping by today.
Crystal Paine: Thank you so much for having me.
Rob West: Folks, healthy money habits are built one intentional choice at a time, and those choices can shape your children for generations to come. Our guest today has been Crystal Paine, regular contributor, creator of moneysavingmom.com, and the author of the brand-new The 7 Habits of Financially Healthy Women. It releases tomorrow. You can get it wherever you buy books. Back with your questions after this. Stick around.
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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. Well, looking forward to taking your calls and questions today at 800-525-7000. Again, that number 800-525-7000. The calls have started coming in, but we've still got room for you. Great to have Crystal Paine with us today. You know, I really appreciated that conversation, would love for you to pick up a copy of her book. You know, just this idea of thinking about what we're modeling for our kids and really thinking with intentionality about how we can make sure that we're living out these principles, these values that we hold so dearly, such that our kids see that demonstrated on a daily basis. We know more is caught than taught. And so what does it look like for us to live out a biblical worldview of money management? You know, we can do that in the normal course of our everyday lives. I love what Howard Dayton, the former host of this program, says. He talks about being MVP parents. And so we want to model it, we want to verbally discuss money management, and we want to find practical ways to live it out. So it's not just a matter of saying when little Johnny says, "Hey, can we can we get this on, you know, at the grocery store?" "Ah, we can't afford that." No, this is a great opportunity to say, "You know what, we have limited resources, and so we set a budget and we set limits on what we spend in certain areas so that we can do what's most important." And yes, we need to put food on the table and we do that, but we also need to save and we also want to give. And so having these conversations really are so key. You know, one of the other key decisions that more and more of our listeners are leaning into is really this question around enough. What does enough look like in my life? And many families have answered that question of enough by creating a financial finish line, either a lifestyle or a lifetime finish line, or really both. And I often like starting with the lifestyle finish line to say, "Lord, what have you called me to in terms of a lifestyle?" And that's not an answer anyone else can answer for you. It's not in God's word. It's really a conversation, if you're married, between you and your spouse and the Lord; if you're single, between you and the Lord, just to say, "How much is enough?" And we lay out in our new FaithFi field guide How Much Money Is Enough? three approaches to how you might do that. The first is a benchmark approach where you say, "I'm going to either take a median income from a geographical area, I'm going to take a profession's median income—you pick, again, this is just a starting point—and set a cap on your lifestyle and then say, "Okay, we're not going to spend anything above that." Another approach is what we call the maintenance finish line for your lifestyle, and that just simply says, "You know what, we're going to cap our lifestyle spending right here, where we're at today." And so as future income increases happen, or as we get more bonuses down the road, guess what? We're not going to allow that lifestyle creep to occur, because so often our level of spending always rises to our level of income unless we protest to the contrary. And the maintenance approach says, "We're not going to do that. We're going to cap it right here." Those increases are then available. A third is a future approach where you say, "I'm not anywhere close to where I want to be, but I do want to go ahead and set that cap so that I know when I reach it, Lord willing, I know what everything else is available for." And here's the "available for" opportunity: when we set that lifestyle finish line, you know what comes into view? How much you have to give. It really becomes so much clearer, because you know everything that comes in beyond that, we can give it away. We've set our lifestyle cap. Now, does that mean it's hard and fast, you don't revisit it over time? Absolutely not. Things change, the kids grow up, we're going to need, you know, other things, we've got inflation, we've got a whole host of other considerations, and so you may revisit it from time to time. But at least it's going to provide that framework that says we've thought about this, we're being intentional, we're not just going to allow the gravitational pull of more spending to occur without really a thought process behind it. One of my friends, Cody Hobelmann, says it's kind of like an anchor on a boat. You know, when you drop that anchor and you're right on top of it, you don't even know that it's there. You start to feel the tension, though, as your boat drifts off that spot and it starts to pull against the line, and it's just a reminder that, "Hey, we're drifting away, and we can see the tension there." And that's what the lifestyle and lifetime finish line cap does, is when you start to get above it, you say, "Well, wait a minute, we're slipping beyond this. Why? What do we need to do?" If you'd like to explore this deeper, this is exactly why we wrote the FaithFi field guide How Much Money Is Enough? It's available at faithfi.com/shop, and so many of our listeners are finding immense value in that tool. All right, we want to dive into your questions today. We've got room for you at the moment. The number: 800-525-7000. Any financial question today, we'd love to hear from you: 800-525-7000. Let's begin in North Carolina today. Keith, go right ahead, sir.
Keith: Hey, good morning, Rob. How are you today?
Rob West: I'm doing well. Thanks for your call.
Keith: Great. We listen to you constantly, and we've been talking about our situation right now. I mean, we're retired, we're in our mid-60s. We just have Social Security for income, and we've got a small stipend from—my wife has an inheritance from her mom, which she really can't touch until she's 72 years old without heavy-duty penalties. So, I mean, we're paying all our bills right now. We're okay. We need for nothing, we want for nothing, we have everything, we are blessed. But the question comes up: what if we wanted to take a vacation, like something really nice, like a trip to Italy or something? Then we started talking about a reverse mortgage. Can you explain to me how a reverse mortgage works? We own our house, we own everything, but like I said, our only income is this $1,500 a month stipend and our two Social Security checks, which comes out to just a little bit over like $5,000 or $5,500 a month. So we don't have disposable income.
Rob West: Yeah, yeah. And do you—have you talked to the kids about the house and whether they'd like to keep it eventually when you all pass away? Have you had that conversation?
Keith: Yeah, I forgot to mention that part. They don't want anything. They're doing quite well. They don't need money, they don't need property. We have a beautiful house on two acres that's paid for, and it's probably worth between $450,000 and $500,000. And we love it, but it's getting difficult for us to mow two acres.
Rob West: I get it. I'm going to give you my thoughts right after this break, Keith. Stay right there. We'll be right back.
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Rob West: So glad to have you with us today on Faith and Finance here on American Family Radio. I'm Rob West. We have some lines open. We're taking your calls in this segment. 800-525-7000, any financial questions, 800-525-7000. Coming up in the next segment, Bob Dahl stops by, a lot going on in the markets today. Oil up. We've got this call for slowing the pace of AI from the CEOs of all the major players over the weekend, the president weighing in just moments ago. We've also got potential Fed rate hike coming this week as well. All of that's weighing on the markets. We'll get Bob to weigh in on that straight ahead. First, Keith called from North Carolina. Keith and his wife are both on social security. They are living modestly, but have everything that they need, based on the income they have coming in, but not a whole lot extra if they want to do something really special, take a big trip, or maybe they needed to do, you know, down the road, some repairs on their property. They love their place. It's free and clear between 4 and 500,000, they've got a couple of acres with it. But the kids don't want it. So it'll eventually get sold, and Keith is just wondering about a reverse mortgage. And Keith, this is where a reverse mortgage could be a great option. Essentially, where it allows you to turn some of your home equity into spendable money without selling the house or without adding a monthly mortgage payment, which would further obligate the resources that you have coming in. The version that we would only ask you to consider would be what's called a hecm, a home equity conversion mortgage. It's available starting at age 62. It's non-recourse debt. You do pay a fee of 2% upfront to the FHA, but from that point forward, you can never owe more than the home is worth. And you keep the home. You're still the owner of it on the deed, and you just tap into that equity as you want, but the payment is optional. You can pay it back at any point, but you don't have to. The most common way to access that is through a line of credit. And so you'd be able to tap into that as you needed, if you needed to do a major repair, you wanted to take a big trip. And again, you don't have any kind of payment that is required. The trade-off is whatever you pull out does grow over time with interest and fee. So the balance would rise. The interest rate is just right at maybe slightly higher whatever the 30-year prevailing conventional rate is, and it is variable. So as rates come down, it would come down with it. And then, you know, your home would continue to appreciate. You'd of course have to continue to pay property taxes and homeowners insurance. And then when the last applicable borrower dies, the home is then or you sell the house or permanently move out, then the loan becomes due just like a conventional mortgage. At that point, the home would then typically be sold, and the reverse mortgage balance would be repaid from the proceeds and any equity remaining belongs to you or your estate, certainly doesn't go to the lender. So it's a great option because the, you know, really the other approach that some people take is to sell and downsize to be able to extract some of that equity. But this allows you, especially if you enjoy home, it's suitable for you all as you age. Again, your kids are saying, we don't want it. We don't need it. We're doing well. Mom and dad, we want you to enjoy this fourth quarter of life, and if this is the place you want to do that, this allows you to stay right where you are, but to go ahead and tap into some of that equity without having to sell the house, which, you know, sounds like you don't want to do. But let me stop there, Keith, and get your thoughts on all that.
Keith: Well, we we did about a year ago, we did decide we wanted to downsize, and we looked around. We wanted to move closer to the North Carolina mountains, like move move further west. And it's just the two of us in a a large four or five bedroom house. Um, but we looked for a year, and we couldn't find anything. We were hoping to be able to sell our house, put $100,000 aside, um, for the future, and and purchase a house. Everything we looked at in our price range needed another $100,000 put in it. Yes. So we prayed on it, and and God said, you just need to stay here. We have a wonderful church, and that is the main the main reason we stay here is because of our church family. Um, that is our family. I love that. Um, but we do have we do have a a line of an equity line of credit through a credit union and uh we did we do owe I think $20,000 on that. Um we purchased a a class A RV a few years back. Um, but to borrow money against or to take money out on the uh credit union it increases your your monthly payment, um no matter how far down it's not like a credit card um like if if if if we wanted to borrow $20,000 or something, the payment would be you know, over $1,000 a month, but it wouldn't go down. Um, so that's what I didn't like about that equity line of credit. And then my wife had mentioned the reverse mortgage, and so I thought, well, let's at least question it. Let's look into it.
Rob West: Yeah. Yeah, that's helpful context, and I think you're exactly right is that, you know, the other way to tap into that home equity is through that home equity line of credit, but you're right, now all of a sudden you have this additional and perhaps in some cases, depending on how much you borrow, major expense that you now have to absorb in your fixed income. And you guys, as you said, you're living well, you have everything you need, you love your area, you love your church, but adding more expense is counterproductive, especially if you wanted to, to your point, do something extra, take a big trip or or do something like that. That's where the reverse mortgage, I think can be helpful and what people are saying in this season of life without other major assets that they can tap into as much as they like the idea of owning their home and owning it free and clear, it's just saying, listen, this is an asset just like any other asset, my IRA or my savings account, it's after tax because this is mine. I've already earned it. It's not like income. And so being able to tap into it as needed for some of the extra things without adding that mortgage payment is really helpful. Others will get it as a monthly payment. I don't think you need that. Um, some will just take a lump sum. You of course would pay off the existing Heloc, you know, at the outset. So you'd have a little bit borrowed right away, but then as that line of credit becomes available, then, you know, you just pull it as you needed. If you had some extra you wanted to pay it down, you could. And remember, uh the the line typically grows as the home appreciates because your home is still appreciating, you're getting older, and so usually every year more of that line becomes available, but it's always an optional payment, which is really right.
Keith: Yeah. And uh, but it is accruing interest every month also, right? Yeah.
Rob West: It is. Yeah. So the balance is growing, so go ahead.
Keith: I'm sorry. Who would be the best company? Can you steer us towards the best uh organization to take this a little further?
Rob West: Yeah, I'd be happy to. We have uh the gentleman that we have on regularly that is really our go-to guy on this topic. His name is Harlon Accola and he leads the reverse team at Movement Mortgage, and um is just fabulous. In fact, I'll send you a copy of Harlon's book, Home Equity and Reverse Mortgages, that just gives you a little more education in case you want to get into it and understand the finer points. Um we'll send that to you as our gift today. But just go to faithfi.com/movement, that's faithfi.com/movement. Uh they really lead with education. I know Harlon would be delighted to talk to you and just talk you through all the specifics for your situation. Uh they're fabulous in that regard. The book will help, but again, the website, faithfi.com/movement, and um the team at Movement Mortgage would love to chat with you.
Keith: Thank you so much.
Rob West: Is that helpful?
Keith: Yes, sir.
Rob West: Hey, God bless you, Keith. Thanks for being a regular listener and for for calling in today. I hope uh you got some things that will be uh helpful to you moving forward. Stay on the line. We'll get your information, get that book right out to you. A quick break, back with Bob Doll and more questions. If you've got one, 800-525-7000. We'll be right back.
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Rob West: We will likely have room for one to two more questions before we round out the broadcast today. If you've got something on your mind financially, call right now: 800-525-7000. Well, I bet Bob Doll has a lot on his mind this morning. Bob Doll is here; he's CEO and CIO of Crossmark Global Investments. And Bob, there are so many places we could go today. The 10-year Treasury at 5%, we've got oil, Brent Crude at $109 a barrel, we've got the AI CEOs saying we need to slow down, and then the President out a few moments ago with his thoughts. Where do you want to start today?
Bob Doll: You just gave the list. That combination is not a lot of good news for the moment. In some ways, it's a surprise the market's not down more, but of course, it's been struggling here for the last few weeks. But this combination of oil and interest rates, and then you layer the icing on the cake, the AI on top of it, it's spooking appropriately. It's spooking investors for the time being. The good news, Rob, among other things, is corporate America and earnings are doing just fine, thank you.
Rob West: Yeah. Yeah, that's exactly right. Bob, we've also got, of course, the Fed meeting this week. What are you expecting? What is the market expecting? Where do we go from here?
Bob Doll: Yeah, the consensus now is, and I'm with it, that the Fed is going to raise rates 25 basis points. The futures curve suggests that as well, so the big surprise would be if they don't raise rates. I think what the markets will be curious about is does the Fed chair say anything about going forward? In other words, is this one and done, which would be rare, or are there more increases to come in the next bunch of months?
Rob West: I think that's obviously a key point, Bob, because, you know, historically, unless some major event occurs, when you start raising rates or lowering rates, you usually continue going in the same direction. I mean, a quarter point doesn't typically do a whole lot, so it'd be a quarter followed by a quarter followed by, you know, something else. And if that's the direction we're going, where we're starting to move higher on a concerted basis, is that a reason for concern?
Bob Doll: No question. And of course, the main reason is inflation. To review, the Fed has two things to keep track of: one, employment, and two, inflation. The employment front is, at worst, a yellow light, but probably a green light. They don't have to worry about that for now. So all their attention needs to be focused on inflation. And they've been targeting 2% for in their six year, and the trailing 12-month inflation number is over three. So they've got some work to do, and that would not be good for risk assets, to include stocks, because, you know, when rates go up, P/E ratios come down. So we'll have to watch that very carefully.
Rob West: Bob, bring our listeners up to speed on what happened over the weekend with these AI CEOs, and then the President's response today, and what to make of all this.
Bob Doll: Yeah, AI's been galloping forward at 100 miles an hour, as you know. And there are more uncertainties than there are things we can hang our hat on because it's an embryonic sort of technology. And there are fears now that perhaps it's getting ahead of itself, and the negative possibilities aren't being checked as much as possible. And that's why these CEOs are saying, "You know, let's slow this down a little bit so we can get our arms around what this technology really is, and that it doesn't get away from us and do negative things." That's what the concern is. And of course, the President is saying, "No, no, no, no! Full speed ahead. Let's just get it done," because this is all part of his growth plan, quote-unquote.
Rob West: Yeah. Well, and there's also, which I think some of the CEOs, including the CEO of Anthropic, acknowledged over the weekend, one of the risks of slowing is China's not slowing anytime soon, and probably won't. And so we run the risk of getting behind, right?
Bob Doll: Correct. Correct. That is definitely a risk. And of course, the President had to be careful what he says in view of the fact that he and the Chinese leader will be getting together here in a couple of weeks, and what posture do we want to have going into those meetings. But you're right, China is full speed ahead just like we are. And some parts of AI, they're ahead of us; other parts, we're ahead of them. And these scientists don't want to lose that lead.
Rob West: Bob, oil seems like it's really problematic here. I mean, we really don't see the end in sight to the Strait of Hormuz. I mean, the numbers I'm seeing are we're still, you know, perhaps at only 20 to 25% of the oil that was moving through the strait prior to this conflict actually moving now. And then over the weekend, we had another announcement that related to the key pipeline that bypasses the strait, right?
Bob Doll: Yes. Yes. That's being questioned as well, and that pipeline, among other things, and other land routes, was making up for the paucity of stuff coming through the Strait of Hormuz. If any of that gets put in question, oil prices will go higher, and that's not good for inflation or oil supply. And we're back in the soup again if that really happens.
Rob West: Yeah. Obviously, the President has a lot at stake with the midterms coming up with, you know, we're seeing reports over the weekend at with diesel at—I don't know, I mean, these are highs that go back a long way, aren't they?
Bob Doll: Yes, they are. You know, when you go back even to the back part of last year, oil prices were low enough that it was a stimulant to global economic activity. That's part of why corporate America and non-U.S. corporations were doing so well. Now we're kind of moved through a normal range, and now it's being punitive to growth. And that's got to be concerning because for the economy and corporate America and earnings to do well, that's a necessary condition for people to have jobs and for markets to do okay.
Rob West: Yeah. Bob, put in perspective the 10-year Treasury at 5% just over the long haul, historically. Where is that?
Bob Doll: Yeah, over the long haul, 5% is not a real high level. It's because we've come from—well, the 10-year yield was close to zero, about a half of 1% in COVID, and since then it's been moving irregularly higher. So if you were at 0.5% or 1%, 5% seems like a very high number. But relative to history, the long-term average is about 6%. So we're still below that level. But if interest rates are 5% and moving higher, that begins to threaten parts of the economy that are interest-rate dependent. I mean, you and I have talked about housing before. Housing is in the soup, and part of the reason is mortgages aren't 2% anymore, Rob.
Rob West: Yeah, no doubt about it. Bob, final question. Obviously, the Republican midterm convention, which was unusual in and of itself just to have that, happened last week. The President, with this announcement about if the Republicans win the midterms, $5,000 to every American, some have that price tag between 1 and 2 trillion. It seems a bit tone-deaf just given what the current discourse is around the national debt, doesn't it?
Bob Doll: Totally agree with you. No surprise that the Democrats came out criticizing both the deficit consequences and the kind of "buy the vote" consequences that it seems to be, but not surprisingly, a number of Republicans have said the same thing. It's an interesting, but reading between the lines, what you—I think you're going to agree with me—it's a crazy idea.
Rob West: Yeah, yeah. Well, and you know, just given where we're at with the national debt, I mean, what could do you think he's potentially thinking here in terms of, "You know, we're just going to grow our way out of this"? I just don't see any kind of realistic options here being put on the table from either side.
Bob Doll: Agreed. It's, "Yeah, we're going to grow our way out of it," slash, "I'm the President and I'm only in for two more years," or "I'm a representative and I get re-elected in a few weeks," or "I'm a senator and I have at most four years left." No one has consequences for 6, 8, 10, 20 years, and therefore everything is so short-term, and they don't worry about the deficit.
Rob West: All right. Well, Bob, put your seat belt on. It's going to be a wild week, but I know you're up for the job.
Bob Doll: Well, and thankfully, we also know who's on the throne and in control.
Rob West: That's right. Yeah, amen. Thank you, sir. We appreciate your time as always.
Bob Doll: Blessings. Bye-bye.
Rob West: That's Bob Doll. He's CEO and CIO at Crossmark Global Investments, managing billions of dollars in the market. He's a Christ follower. You'll see him regularly on CNBC and Fox Business. He joins us each week with his market commentary.
Well, we're about out of time. We had a lot to cover there in that segment. Let me mention a couple of things before we go today. One is our friends at Buckner Shoes for Orphan Souls. You know, each quarter, we put a spotlight on a ministry beyond AFA, beyond FaithFi, beyond your local church, that you may not know about, because we know that as you manage God's money God's way, one of the benefits of that is being able to give more, because we want to be able to lean into what God might have for us in terms of supporting the needs of others, protecting the vulnerable, loving our neighbor, meeting the needs of those who are really in a difficult spot in terms of their economic status.
And that would be true of children around the world that don't have a pair of shoes. That's obviously putting them in danger with foot-borne illness, it's preventing them from going to school. Well, Buckner Shoes for Orphan Souls has been doing something about that for a long, long time. Right now, based on their estimates, 37,000 children are waiting for a new pair of shoes and socks in one part of the world. And we want to take care of a thousand of those here at FaithFi during the month of September.
Every $15 given is going to provide a new pair of shoes, socks, and the cost to transport them to the shoe distribution in some part of the world where Buckner is serving. If you'd like to jump on board with us and help us meet this goal of 1,000 pairs of shoes—again, every $15 will cover one, $150 covers 10 pairs of shoes, you can do the math—here's the website: giveshoestoday.org. We've just have until September 30th to try to reach this goal. 1,000 children with shoes on their feet, and when they do it, they'll share the love of Jesus with them at the same time. Again, that website: giveshoestoday.org.
Hey, big thanks to my team today. Grateful for Adam Duddles pitching in, hitting pinch hitting, I meant to say, for Devin Patrick, who's been off. Grateful for Taylor Stanrich, Patty Pumphrey. We're so thankful just for the rest of the team here at FaithFi as well. I hope you found something helpful and encouraging today, and I hope you'll come back and join us tomorrow. Lord willing, we'll do it all over again. Until then, may God bless you. Thanks for being here today. Bye-bye.
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Rob West: Money stress doesn't just affect your budget. It can shape the atmosphere of your home and the lessons your kids carry into adulthood. I'm Rob West. When parents feel overwhelmed financially, it's easy to assume the only answer is more income. But relief often begins with small, intentional choices that create healthy money habits over time. Crystal Paine joins us today to talk about managing money while raising kids. 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 journey.
Rob West: Crystal Paine is the creator of moneysavingmom.com and the author of The 7 Habits of Financially Healthy Women, a title that gives a nod to Stephen Covey's classic while focusing on the habits that help women approach money with wisdom and purpose. By the way, the book releases tomorrow. Crystal, welcome back. It's great to have you with us.
Crystal Paine: Thank you so much for having me.
Rob West: Absolutely. You know, one thing I appreciate about your new book is that you don't begin with spreadsheets or formulas. You actually begin with fear. You share about being married, raising a toddler, expecting another baby, watching your bank account shrink, and wondering how you were going to make it. So, why was that the right place to start?
Crystal Paine: Well, I feel like there are so many books that are written kind of from this place of like, "I've figured it all out." And I really wanted women to know I've been where they are, and I've experienced those fears. And actually, in writing the book, I surveyed 4,000 women about their feelings around money. And one of the biggest things I noticed is that there was so much fear. And financial stress—it can often feel isolating and shameful. And I really wanted the readers to know that they're not alone. Fear really loses some of its power when we bring it into the light. And so that was my hope and my heart: to give people this trajectory that they could be on with healthy financial habits. But it had to start with honesty and not feeling like, "She's got it all figured out, what's my problem?"
Rob West: Yes. Oh, that is so good. And I love what you said about fear and bringing it into the light, starting with a place of vulnerability, because it's just so inviting and, you know, I think is going to be helpful for so many. I also think, Crystal, a lot of parents listening can relate to the kind of pressure you're describing. You know, it's not just about paying the bills. It's the desire to provide stability for your children, and what I'll call the quiet question of whether you're doing enough.
Crystal Paine: Yes. And you know, the interesting thing was when I did that survey, even women who were doing what we would consider really well financially carried a lot of stress—like the "what ifs" and the unknowns of the future. It's just like that constant mental load, that pressure to create a good life for your kids and then prepare them for the future. And social media, comparison culture—it can make it so much harder, feeling like, "Well, you know, how come they're doing so well and what's wrong with me?" But financial health isn't about a perfect life, it isn't about looking good on social media, it's not about a huge income, it's not even about being out of debt, it's not about having a lot of money in the bank account—it's really about managing your money with purpose and intention instead of fear.
Rob West: Mmm. Let's talk about that for a moment. Just this idea of managing your money with purpose. What does that look like in your mind?
Crystal Paine: For me, it's really that you recognize that money is a tool and that it can do so much good, and there's so much that you can accomplish with it. But you don't have to have a lot of it; you just have to make small choices. And so that's really what this book was about. It's these seven healthy habits that you can make that anyone, no matter your financial situation—if you have a lot of money, if you have a little of money, if you're really struggling, or you're doing well—you can choose to take these habits and make them something that are a part of your life, and it really can totally change your future.
Rob West: Talk about that for a moment, because you mention that in the book—and this is a constant theme—that small choices matter. Unpack that for us.
Crystal Paine: You know, sometimes I think that we discount our daily choices and that we don't really realize how much of a difference that it makes over time. I talk about in the book, you know, just drinking water, and how you can choose to bring water with you. You can choose to buy a water bottle, and it might seem like such a small thing throughout the day. You know, go to a gas station, buy a water bottle, or you buy a water bottle at the vending machine. But bringing your water versus buying it at the gas station—if you add up how much that costs you over time or saves you, is phenomenal. Your daily choices truly do matter.
Rob West: Oh, that is so good. Well, after the break, we're going to continue to unpack that. Crystal Paine's here today. She's the creator of moneysavingmom.com and the author of the brand new The 7 Habits of Financially Healthy Women. It releases tomorrow. You can get it wherever books are sold. Back with more right after this. Stick around.
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Rob West: Thanks for joining us today on Faith & Finance on American Family Radio. We're talking about building healthy money habits while raising kids. Crystal Paine is here today. She's the creator of moneysavingmom.com. She's a regular contributor to the program, and her brand-new book releases tomorrow. It's called The 7 Habits of Financially Healthy Women. That's our topic today. By the way, you can pick it up wherever you buy books. And Crystal, before the break, we were talking about one of the themes that runs through the book, and it's this idea that small choices matter, and that this really affects how we handle our lives and our families. I'd love for you to talk a bit more about that idea.
Crystal Paine: Yes. Well, you know, one of the things that I remember when my older three were younger, how they were paying such close attention. And I remember explaining to them like why we're paying cash, why we're making these choices, these daily choices, and how much it actually impacted them. And it's so cool to see my older kids now—they are 21, almost 19, and 17—and the decisions that they saw us make when they were little kids, they're now experimenting and making some of those same decisions. And it's so cool, and to realize that, you know, the atmosphere we create in our home around money, it makes such a difference. And our kids are really learning from what we model, and they notice whether the money conversations create panic or whether they see that we're spending our money and saving our money with purpose.
Rob West: Yeah, that is so good. And we know more is caught than taught, so this idea of modeling is so key. You shared some stories about your parents modeling discipline and sacrifice in the book. Crystal, how did their example shape the way you approach money in your own marriage and family?
Crystal Paine: It shaped everything, and I owe so much to my parents for where we are financially. My husband and I always say we feel like we're standing on our parents' shoulders, and we want our kids to be able to stand on our shoulders and go even further. But I talk in the book about my parents making a commitment to pay off their house and then save money, and then we moved out to land and lived in this old trailer while they built a house debt-free. And just watching the decisions that they made, the sacrifices that they made, but how it gave them the ability to have such freedom to be givers. And that impacted me so much, and that's what for my husband and I, the decisions that we make now, we make them because we want to be in a position to be able to give generously.
Rob West: Oh, that is so good. Now, of course, not everyone grew up with that example, right?
Crystal Paine: Yes, and that's one of the things that I really unpack in the book is how much of our upbringing impacts our financial decisions, and oftentimes we don't even realize it. Some people who are, you know, want to spend more, and they don't even realize they're doing it because they're trying to fill a hole in their heart that wasn't filled when they were a child. And so really going back to what were the conversations around money, what was modeled for you, and what can you learn from that so that you don't have to become a victim to that, but that you can then make new choices and new pathways with your money.
Rob West: Mmm. One line that really stood out to me in the book was this one: You said, "You can't change what you won't confront." And I think many people avoid looking at the numbers altogether because they're just afraid of what they might find.
Crystal Paine: You know, it's so interesting. When I surveyed those 4,000 women, the thing that kept coming up was so many women don't look at the numbers because they're too scared of what they're going to find. And here's the thing: that's never going to benefit you long term. And it can be scary, yes. Avoidance feels safer in the short term, but in the long run, if you're willing to do the hard work, it is going to pay off in big dividends for you and the legacy that you're leaving.
Rob West: Mmm. Crystal, obviously, you have the blessing that you and your husband are on the same page, and I don't want to pretend like that always works. I mean, we all have challenges along the way. But for somebody who's listening today saying, "My husband and I or my wife and I are at completely different places," how do you start to make steps toward having more unity in this area of money?
Crystal Paine: I think the biggest thing is, you know, as therapists will say, stay in your own circle. So, what can you fully take charge of? You know, maybe you are in charge of, let's say, you're a woman who does all the grocery shopping. Well, you can take charge of that. But then also, when it comes to your marriage, do not approach these conversations with "I'm right, you're wrong," but approach it with a "How can I hear where you're coming from?" And in the book, I even give some questions that you can ask to start having these conversations around money that don't feel shameful, don't feel like you're criticizing, but just to help you understand your spouse more, because when you understand them, you're going to have a lot more compassion. And then when you have that, it's going to probably give you a lot closer relationship and ability to work together.
Rob West: Yeah, that's so good. I think understanding is really key as we go back to the idea that what was modeled when we were children shapes us. And it's not only important to understand what was modeled for you and how that affects how you handle money today, but it also is important that you understand the same for your spouse, right?
Crystal Paine: Yes, 100%. And to understand that these things that they're doing that to you might feel really frustrating, to them, maybe that's a coping mechanism that they learned from an early age that has helped them to survive.
Rob West: Yeah. Yeah, that's really good. Talk about priorities and our values, and how that needs to be really clear and serve as the foundation to our money decisions.
Crystal Paine: So often we don't realize that in our spending decisions, we're actually showing what's important to us. And so look at your spending over the last three months, and it's going to tell you a tale of what actually matters to you. And then you look at it and you can hold it up to: Is this really how I want to be spending my life? Is this really what is a priority to me? What matters most to your family? Maybe it's generosity, maybe it's having margin in your life or family experiences, education, getting out of debt—whatever it is, really make sure that those little choices that you're making on a daily basis are adding up to showing that those things are a priority for you.
Rob West: Yeah, that's so good. Let's talk about the B-word. I know this is where you spend a lot of time, but I appreciate in the book that you don't frame budgeting as punishment. So, how do you approach it?
Crystal Paine: Yes, and one of the things that I really wanted to do is to give people a very different perspective on the word budget, because I feel like it has so much baggage that is attached to it. And I even give people a lot of different words if you want to call it something different, like a money plan, a spending plan. Like, you figure out what works for you that's going to give you motivation, but recognizing that when you have a plan for your money, it's going to give you so much freedom and it's going to give you so much more peace because your money's not just going to slip through your fingers. It's going to allow you to prioritize, like we were just talking about, and then you're going to have this, you know, you can look back and say, "Look, I spent my money according to what was my priority, and I don't have to fear for the future." And it really allows you to just have more stewardship and purpose in how you spend.
Rob West: That is so good. Crystal, what's one thought—we have just about 20 seconds—you would leave with somebody who's listening to this today?
Crystal Paine: I just want to encourage you that you are not stuck unless you choose to be. Moving forward, even at a microscopic rate, is still moving forward. And I'm over here cheering for you. You can do this one tiny step at a time.
Rob West: Crystal, we're so thankful for you. I'm really excited about the book. Thanks for stopping by today.
Crystal Paine: Thank you so much for having me.
Rob West: Folks, healthy money habits are built one intentional choice at a time, and those choices can shape your children for generations to come. Our guest today has been Crystal Paine, regular contributor, creator of moneysavingmom.com, and the author of the brand-new The 7 Habits of Financially Healthy Women. It releases tomorrow. You can get it wherever you buy books. Back with your questions after this. Stick around.
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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. Well, looking forward to taking your calls and questions today at 800-525-7000. Again, that number 800-525-7000. The calls have started coming in, but we've still got room for you. Great to have Crystal Paine with us today. You know, I really appreciated that conversation, would love for you to pick up a copy of her book. You know, just this idea of thinking about what we're modeling for our kids and really thinking with intentionality about how we can make sure that we're living out these principles, these values that we hold so dearly, such that our kids see that demonstrated on a daily basis. We know more is caught than taught. And so what does it look like for us to live out a biblical worldview of money management? You know, we can do that in the normal course of our everyday lives. I love what Howard Dayton, the former host of this program, says. He talks about being MVP parents. And so we want to model it, we want to verbally discuss money management, and we want to find practical ways to live it out. So it's not just a matter of saying when little Johnny says, "Hey, can we can we get this on, you know, at the grocery store?" "Ah, we can't afford that." No, this is a great opportunity to say, "You know what, we have limited resources, and so we set a budget and we set limits on what we spend in certain areas so that we can do what's most important." And yes, we need to put food on the table and we do that, but we also need to save and we also want to give. And so having these conversations really are so key. You know, one of the other key decisions that more and more of our listeners are leaning into is really this question around enough. What does enough look like in my life? And many families have answered that question of enough by creating a financial finish line, either a lifestyle or a lifetime finish line, or really both. And I often like starting with the lifestyle finish line to say, "Lord, what have you called me to in terms of a lifestyle?" And that's not an answer anyone else can answer for you. It's not in God's word. It's really a conversation, if you're married, between you and your spouse and the Lord; if you're single, between you and the Lord, just to say, "How much is enough?" And we lay out in our new FaithFi field guide How Much Money Is Enough? three approaches to how you might do that. The first is a benchmark approach where you say, "I'm going to either take a median income from a geographical area, I'm going to take a profession's median income—you pick, again, this is just a starting point—and set a cap on your lifestyle and then say, "Okay, we're not going to spend anything above that." Another approach is what we call the maintenance finish line for your lifestyle, and that just simply says, "You know what, we're going to cap our lifestyle spending right here, where we're at today." And so as future income increases happen, or as we get more bonuses down the road, guess what? We're not going to allow that lifestyle creep to occur, because so often our level of spending always rises to our level of income unless we protest to the contrary. And the maintenance approach says, "We're not going to do that. We're going to cap it right here." Those increases are then available. A third is a future approach where you say, "I'm not anywhere close to where I want to be, but I do want to go ahead and set that cap so that I know when I reach it, Lord willing, I know what everything else is available for." And here's the "available for" opportunity: when we set that lifestyle finish line, you know what comes into view? How much you have to give. It really becomes so much clearer, because you know everything that comes in beyond that, we can give it away. We've set our lifestyle cap. Now, does that mean it's hard and fast, you don't revisit it over time? Absolutely not. Things change, the kids grow up, we're going to need, you know, other things, we've got inflation, we've got a whole host of other considerations, and so you may revisit it from time to time. But at least it's going to provide that framework that says we've thought about this, we're being intentional, we're not just going to allow the gravitational pull of more spending to occur without really a thought process behind it. One of my friends, Cody Hobelmann, says it's kind of like an anchor on a boat. You know, when you drop that anchor and you're right on top of it, you don't even know that it's there. You start to feel the tension, though, as your boat drifts off that spot and it starts to pull against the line, and it's just a reminder that, "Hey, we're drifting away, and we can see the tension there." And that's what the lifestyle and lifetime finish line cap does, is when you start to get above it, you say, "Well, wait a minute, we're slipping beyond this. Why? What do we need to do?" If you'd like to explore this deeper, this is exactly why we wrote the FaithFi field guide How Much Money Is Enough? It's available at faithfi.com/shop, and so many of our listeners are finding immense value in that tool. All right, we want to dive into your questions today. We've got room for you at the moment. The number: 800-525-7000. Any financial question today, we'd love to hear from you: 800-525-7000. Let's begin in North Carolina today. Keith, go right ahead, sir.
Keith: Hey, good morning, Rob. How are you today?
Rob West: I'm doing well. Thanks for your call.
Keith: Great. We listen to you constantly, and we've been talking about our situation right now. I mean, we're retired, we're in our mid-60s. We just have Social Security for income, and we've got a small stipend from—my wife has an inheritance from her mom, which she really can't touch until she's 72 years old without heavy-duty penalties. So, I mean, we're paying all our bills right now. We're okay. We need for nothing, we want for nothing, we have everything, we are blessed. But the question comes up: what if we wanted to take a vacation, like something really nice, like a trip to Italy or something? Then we started talking about a reverse mortgage. Can you explain to me how a reverse mortgage works? We own our house, we own everything, but like I said, our only income is this $1,500 a month stipend and our two Social Security checks, which comes out to just a little bit over like $5,000 or $5,500 a month. So we don't have disposable income.
Rob West: Yeah, yeah. And do you—have you talked to the kids about the house and whether they'd like to keep it eventually when you all pass away? Have you had that conversation?
Keith: Yeah, I forgot to mention that part. They don't want anything. They're doing quite well. They don't need money, they don't need property. We have a beautiful house on two acres that's paid for, and it's probably worth between $450,000 and $500,000. And we love it, but it's getting difficult for us to mow two acres.
Rob West: I get it. I'm going to give you my thoughts right after this break, Keith. Stay right there. We'll be right back.
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Rob West: So glad to have you with us today on Faith and Finance here on American Family Radio. I'm Rob West. We have some lines open. We're taking your calls in this segment. 800-525-7000, any financial questions, 800-525-7000. Coming up in the next segment, Bob Dahl stops by, a lot going on in the markets today. Oil up. We've got this call for slowing the pace of AI from the CEOs of all the major players over the weekend, the president weighing in just moments ago. We've also got potential Fed rate hike coming this week as well. All of that's weighing on the markets. We'll get Bob to weigh in on that straight ahead. First, Keith called from North Carolina. Keith and his wife are both on social security. They are living modestly, but have everything that they need, based on the income they have coming in, but not a whole lot extra if they want to do something really special, take a big trip, or maybe they needed to do, you know, down the road, some repairs on their property. They love their place. It's free and clear between 4 and 500,000, they've got a couple of acres with it. But the kids don't want it. So it'll eventually get sold, and Keith is just wondering about a reverse mortgage. And Keith, this is where a reverse mortgage could be a great option. Essentially, where it allows you to turn some of your home equity into spendable money without selling the house or without adding a monthly mortgage payment, which would further obligate the resources that you have coming in. The version that we would only ask you to consider would be what's called a hecm, a home equity conversion mortgage. It's available starting at age 62. It's non-recourse debt. You do pay a fee of 2% upfront to the FHA, but from that point forward, you can never owe more than the home is worth. And you keep the home. You're still the owner of it on the deed, and you just tap into that equity as you want, but the payment is optional. You can pay it back at any point, but you don't have to. The most common way to access that is through a line of credit. And so you'd be able to tap into that as you needed, if you needed to do a major repair, you wanted to take a big trip. And again, you don't have any kind of payment that is required. The trade-off is whatever you pull out does grow over time with interest and fee. So the balance would rise. The interest rate is just right at maybe slightly higher whatever the 30-year prevailing conventional rate is, and it is variable. So as rates come down, it would come down with it. And then, you know, your home would continue to appreciate. You'd of course have to continue to pay property taxes and homeowners insurance. And then when the last applicable borrower dies, the home is then or you sell the house or permanently move out, then the loan becomes due just like a conventional mortgage. At that point, the home would then typically be sold, and the reverse mortgage balance would be repaid from the proceeds and any equity remaining belongs to you or your estate, certainly doesn't go to the lender. So it's a great option because the, you know, really the other approach that some people take is to sell and downsize to be able to extract some of that equity. But this allows you, especially if you enjoy home, it's suitable for you all as you age. Again, your kids are saying, we don't want it. We don't need it. We're doing well. Mom and dad, we want you to enjoy this fourth quarter of life, and if this is the place you want to do that, this allows you to stay right where you are, but to go ahead and tap into some of that equity without having to sell the house, which, you know, sounds like you don't want to do. But let me stop there, Keith, and get your thoughts on all that.
Keith: Well, we we did about a year ago, we did decide we wanted to downsize, and we looked around. We wanted to move closer to the North Carolina mountains, like move move further west. And it's just the two of us in a a large four or five bedroom house. Um, but we looked for a year, and we couldn't find anything. We were hoping to be able to sell our house, put $100,000 aside, um, for the future, and and purchase a house. Everything we looked at in our price range needed another $100,000 put in it. Yes. So we prayed on it, and and God said, you just need to stay here. We have a wonderful church, and that is the main the main reason we stay here is because of our church family. Um, that is our family. I love that. Um, but we do have we do have a a line of an equity line of credit through a credit union and uh we did we do owe I think $20,000 on that. Um we purchased a a class A RV a few years back. Um, but to borrow money against or to take money out on the uh credit union it increases your your monthly payment, um no matter how far down it's not like a credit card um like if if if if we wanted to borrow $20,000 or something, the payment would be you know, over $1,000 a month, but it wouldn't go down. Um, so that's what I didn't like about that equity line of credit. And then my wife had mentioned the reverse mortgage, and so I thought, well, let's at least question it. Let's look into it.
Rob West: Yeah. Yeah, that's helpful context, and I think you're exactly right is that, you know, the other way to tap into that home equity is through that home equity line of credit, but you're right, now all of a sudden you have this additional and perhaps in some cases, depending on how much you borrow, major expense that you now have to absorb in your fixed income. And you guys, as you said, you're living well, you have everything you need, you love your area, you love your church, but adding more expense is counterproductive, especially if you wanted to, to your point, do something extra, take a big trip or or do something like that. That's where the reverse mortgage, I think can be helpful and what people are saying in this season of life without other major assets that they can tap into as much as they like the idea of owning their home and owning it free and clear, it's just saying, listen, this is an asset just like any other asset, my IRA or my savings account, it's after tax because this is mine. I've already earned it. It's not like income. And so being able to tap into it as needed for some of the extra things without adding that mortgage payment is really helpful. Others will get it as a monthly payment. I don't think you need that. Um, some will just take a lump sum. You of course would pay off the existing Heloc, you know, at the outset. So you'd have a little bit borrowed right away, but then as that line of credit becomes available, then, you know, you just pull it as you needed. If you had some extra you wanted to pay it down, you could. And remember, uh the the line typically grows as the home appreciates because your home is still appreciating, you're getting older, and so usually every year more of that line becomes available, but it's always an optional payment, which is really right.
Keith: Yeah. And uh, but it is accruing interest every month also, right? Yeah.
Rob West: It is. Yeah. So the balance is growing, so go ahead.
Keith: I'm sorry. Who would be the best company? Can you steer us towards the best uh organization to take this a little further?
Rob West: Yeah, I'd be happy to. We have uh the gentleman that we have on regularly that is really our go-to guy on this topic. His name is Harlon Accola and he leads the reverse team at Movement Mortgage, and um is just fabulous. In fact, I'll send you a copy of Harlon's book, Home Equity and Reverse Mortgages, that just gives you a little more education in case you want to get into it and understand the finer points. Um we'll send that to you as our gift today. But just go to faithfi.com/movement, that's faithfi.com/movement. Uh they really lead with education. I know Harlon would be delighted to talk to you and just talk you through all the specifics for your situation. Uh they're fabulous in that regard. The book will help, but again, the website, faithfi.com/movement, and um the team at Movement Mortgage would love to chat with you.
Keith: Thank you so much.
Rob West: Is that helpful?
Keith: Yes, sir.
Rob West: Hey, God bless you, Keith. Thanks for being a regular listener and for for calling in today. I hope uh you got some things that will be uh helpful to you moving forward. Stay on the line. We'll get your information, get that book right out to you. A quick break, back with Bob Doll and more questions. If you've got one, 800-525-7000. We'll be right back.
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Rob West: We will likely have room for one to two more questions before we round out the broadcast today. If you've got something on your mind financially, call right now: 800-525-7000. Well, I bet Bob Doll has a lot on his mind this morning. Bob Doll is here; he's CEO and CIO of Crossmark Global Investments. And Bob, there are so many places we could go today. The 10-year Treasury at 5%, we've got oil, Brent Crude at $109 a barrel, we've got the AI CEOs saying we need to slow down, and then the President out a few moments ago with his thoughts. Where do you want to start today?
Bob Doll: You just gave the list. That combination is not a lot of good news for the moment. In some ways, it's a surprise the market's not down more, but of course, it's been struggling here for the last few weeks. But this combination of oil and interest rates, and then you layer the icing on the cake, the AI on top of it, it's spooking appropriately. It's spooking investors for the time being. The good news, Rob, among other things, is corporate America and earnings are doing just fine, thank you.
Rob West: Yeah. Yeah, that's exactly right. Bob, we've also got, of course, the Fed meeting this week. What are you expecting? What is the market expecting? Where do we go from here?
Bob Doll: Yeah, the consensus now is, and I'm with it, that the Fed is going to raise rates 25 basis points. The futures curve suggests that as well, so the big surprise would be if they don't raise rates. I think what the markets will be curious about is does the Fed chair say anything about going forward? In other words, is this one and done, which would be rare, or are there more increases to come in the next bunch of months?
Rob West: I think that's obviously a key point, Bob, because, you know, historically, unless some major event occurs, when you start raising rates or lowering rates, you usually continue going in the same direction. I mean, a quarter point doesn't typically do a whole lot, so it'd be a quarter followed by a quarter followed by, you know, something else. And if that's the direction we're going, where we're starting to move higher on a concerted basis, is that a reason for concern?
Bob Doll: No question. And of course, the main reason is inflation. To review, the Fed has two things to keep track of: one, employment, and two, inflation. The employment front is, at worst, a yellow light, but probably a green light. They don't have to worry about that for now. So all their attention needs to be focused on inflation. And they've been targeting 2% for in their six year, and the trailing 12-month inflation number is over three. So they've got some work to do, and that would not be good for risk assets, to include stocks, because, you know, when rates go up, P/E ratios come down. So we'll have to watch that very carefully.
Rob West: Bob, bring our listeners up to speed on what happened over the weekend with these AI CEOs, and then the President's response today, and what to make of all this.
Bob Doll: Yeah, AI's been galloping forward at 100 miles an hour, as you know. And there are more uncertainties than there are things we can hang our hat on because it's an embryonic sort of technology. And there are fears now that perhaps it's getting ahead of itself, and the negative possibilities aren't being checked as much as possible. And that's why these CEOs are saying, "You know, let's slow this down a little bit so we can get our arms around what this technology really is, and that it doesn't get away from us and do negative things." That's what the concern is. And of course, the President is saying, "No, no, no, no! Full speed ahead. Let's just get it done," because this is all part of his growth plan, quote-unquote.
Rob West: Yeah. Well, and there's also, which I think some of the CEOs, including the CEO of Anthropic, acknowledged over the weekend, one of the risks of slowing is China's not slowing anytime soon, and probably won't. And so we run the risk of getting behind, right?
Bob Doll: Correct. Correct. That is definitely a risk. And of course, the President had to be careful what he says in view of the fact that he and the Chinese leader will be getting together here in a couple of weeks, and what posture do we want to have going into those meetings. But you're right, China is full speed ahead just like we are. And some parts of AI, they're ahead of us; other parts, we're ahead of them. And these scientists don't want to lose that lead.
Rob West: Bob, oil seems like it's really problematic here. I mean, we really don't see the end in sight to the Strait of Hormuz. I mean, the numbers I'm seeing are we're still, you know, perhaps at only 20 to 25% of the oil that was moving through the strait prior to this conflict actually moving now. And then over the weekend, we had another announcement that related to the key pipeline that bypasses the strait, right?
Bob Doll: Yes. Yes. That's being questioned as well, and that pipeline, among other things, and other land routes, was making up for the paucity of stuff coming through the Strait of Hormuz. If any of that gets put in question, oil prices will go higher, and that's not good for inflation or oil supply. And we're back in the soup again if that really happens.
Rob West: Yeah. Obviously, the President has a lot at stake with the midterms coming up with, you know, we're seeing reports over the weekend at with diesel at—I don't know, I mean, these are highs that go back a long way, aren't they?
Bob Doll: Yes, they are. You know, when you go back even to the back part of last year, oil prices were low enough that it was a stimulant to global economic activity. That's part of why corporate America and non-U.S. corporations were doing so well. Now we're kind of moved through a normal range, and now it's being punitive to growth. And that's got to be concerning because for the economy and corporate America and earnings to do well, that's a necessary condition for people to have jobs and for markets to do okay.
Rob West: Yeah. Bob, put in perspective the 10-year Treasury at 5% just over the long haul, historically. Where is that?
Bob Doll: Yeah, over the long haul, 5% is not a real high level. It's because we've come from—well, the 10-year yield was close to zero, about a half of 1% in COVID, and since then it's been moving irregularly higher. So if you were at 0.5% or 1%, 5% seems like a very high number. But relative to history, the long-term average is about 6%. So we're still below that level. But if interest rates are 5% and moving higher, that begins to threaten parts of the economy that are interest-rate dependent. I mean, you and I have talked about housing before. Housing is in the soup, and part of the reason is mortgages aren't 2% anymore, Rob.
Rob West: Yeah, no doubt about it. Bob, final question. Obviously, the Republican midterm convention, which was unusual in and of itself just to have that, happened last week. The President, with this announcement about if the Republicans win the midterms, $5,000 to every American, some have that price tag between 1 and 2 trillion. It seems a bit tone-deaf just given what the current discourse is around the national debt, doesn't it?
Bob Doll: Totally agree with you. No surprise that the Democrats came out criticizing both the deficit consequences and the kind of "buy the vote" consequences that it seems to be, but not surprisingly, a number of Republicans have said the same thing. It's an interesting, but reading between the lines, what you—I think you're going to agree with me—it's a crazy idea.
Rob West: Yeah, yeah. Well, and you know, just given where we're at with the national debt, I mean, what could do you think he's potentially thinking here in terms of, "You know, we're just going to grow our way out of this"? I just don't see any kind of realistic options here being put on the table from either side.
Bob Doll: Agreed. It's, "Yeah, we're going to grow our way out of it," slash, "I'm the President and I'm only in for two more years," or "I'm a representative and I get re-elected in a few weeks," or "I'm a senator and I have at most four years left." No one has consequences for 6, 8, 10, 20 years, and therefore everything is so short-term, and they don't worry about the deficit.
Rob West: All right. Well, Bob, put your seat belt on. It's going to be a wild week, but I know you're up for the job.
Bob Doll: Well, and thankfully, we also know who's on the throne and in control.
Rob West: That's right. Yeah, amen. Thank you, sir. We appreciate your time as always.
Bob Doll: Blessings. Bye-bye.
Rob West: That's Bob Doll. He's CEO and CIO at Crossmark Global Investments, managing billions of dollars in the market. He's a Christ follower. You'll see him regularly on CNBC and Fox Business. He joins us each week with his market commentary.
Well, we're about out of time. We had a lot to cover there in that segment. Let me mention a couple of things before we go today. One is our friends at Buckner Shoes for Orphan Souls. You know, each quarter, we put a spotlight on a ministry beyond AFA, beyond FaithFi, beyond your local church, that you may not know about, because we know that as you manage God's money God's way, one of the benefits of that is being able to give more, because we want to be able to lean into what God might have for us in terms of supporting the needs of others, protecting the vulnerable, loving our neighbor, meeting the needs of those who are really in a difficult spot in terms of their economic status.
And that would be true of children around the world that don't have a pair of shoes. That's obviously putting them in danger with foot-borne illness, it's preventing them from going to school. Well, Buckner Shoes for Orphan Souls has been doing something about that for a long, long time. Right now, based on their estimates, 37,000 children are waiting for a new pair of shoes and socks in one part of the world. And we want to take care of a thousand of those here at FaithFi during the month of September.
Every $15 given is going to provide a new pair of shoes, socks, and the cost to transport them to the shoe distribution in some part of the world where Buckner is serving. If you'd like to jump on board with us and help us meet this goal of 1,000 pairs of shoes—again, every $15 will cover one, $150 covers 10 pairs of shoes, you can do the math—here's the website: giveshoestoday.org. We've just have until September 30th to try to reach this goal. 1,000 children with shoes on their feet, and when they do it, they'll share the love of Jesus with them at the same time. Again, that website: giveshoestoday.org.
Hey, big thanks to my team today. Grateful for Adam Duddles pitching in, hitting pinch hitting, I meant to say, for Devin Patrick, who's been off. Grateful for Taylor Stanrich, Patty Pumphrey. We're so thankful just for the rest of the team here at FaithFi as well. I hope you found something helpful and encouraging today, and I hope you'll come back and join us tomorrow. Lord willing, we'll do it all over again. Until then, may God bless you. Thanks for being here today. 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.
Money stress doesn’t just affect your budget—it can shape the atmosphere of your home and the lessons your kids carry into adulthood. When parents feel overwhelmed financially, it’s easy to assume the only answer is more income. But relief often begins with small, intentional choices that create healthy money habits over time. On this Faith & Finance on AFR, Crystal Paine joins Rob West to talk about managing money while raising kids. Then it’s on to calls.
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