Christian Financial Perspectives

Christian Financial Perspectives

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Christian Financial Perspectives episodes

  • 217 – 10 Steps to Making Wise Financial Decisions
    Click below to listen to Episode 217 – 10 Steps to Making Wise Financial Decisions
    10 Steps to Making Wise Financial Decisions

    Are you asking yourself these questions before making that next, large, financial decision?

    More episodes >>

    Are you struggling with an upcoming decision that may cost a lot financially? Many of us come to this point when it is time to purchase a new car, new house, make renovations, or anything else that can put a damper on your bank account. Finding a way to navigate the minefield of the pros and cons of a big financial decision can be confusing and stressful!

    This is why Bob and Shawn discuss 10 steps – or questions to ask yourself – before making a decision that is financially large. Will you go into a debt that you can’t dig out of or is it something that seems like a passing whim or fad? All of these questions and more are discussed to help you the next time you need to make a wise financial decision.

    HOSTED BY: Bob Barber, CWS®, CKA®

    CO-HOST: Shawn Peters

    Mentioned In This Episode
    Christian Financial Advisors
    Website
    Bob Barber, CWS®, CKA®
    Shawn Peters
    Bible Verses In This Episode
    ECCLESIASTES 3:1

    There is a time for everything, and a season for every activity under the heavens

    JAMES 1:5

    If any of you lacks wisdom, you should ask God, who gives generously to all without finding fault, and it will be given to you.

    PROVERBS 14:29

    Whoever is patient has great understanding, but one who is quick-tempered displays folly.

    PROVERBS 21:5

    The plans of the diligent lead to profit as surely as haste leads to poverty.

    PROVERBS 22:7

    The rich rule over the poor, and the borrower is slave to the lender.

    PROVERBS 3:5-6

    Trust in the Lord with all your heart and lean not on your own understanding; in all your ways submit to him, and he will make your paths straight.

    LUKE 14:28

    Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?

    PHILIPPIANS 2:4

    Not looking to your own interests but each of you to the interests of the others.

    1 CORINTHIANS 10:23

    I have the right to do anything,’ you say—but not everything is beneficial. ‘I have the right to do anything’—but not everything is constructive.

    2 CORINTHIANS 9:7

    Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver.

    PROVERBS 24:27

    Put your outdoor work in order and get your fields ready; after that, build your house.

    Want to ask a question about your specific situation? Schedule a complimentary 15 minute phone call.

    SCHEDULE AN APPOINTMENTDid you enjoy this episode? Sign up for email updates and never miss an episode.
    EPISODE TRANSCRIPT

    Shawn (00:00):

    Are you facing a major financial decision and unsure of the right path? In today’s episode, we’ll explore 10 steps to making wise choices guided by Biblical wisdom and practical insights. Discover how to align your finances with your faith and make decisions that honor God. Let’s get some perspective. Welcome back to Christian Financial Perspectives. My name’s Shawn Peters. This is Bob Barber. And today we’re going to be covering 10 steps to making wise financial decisions. And for this, it’s going to be covering for anyone if you’re dealing with a major financial decision and what you should do. Now, Bob put this together. So today we’re going to have some scriptures as always, but we’re going to be a little bit different format and we’re going to kind of let Bob do most of the talking.

    Bob (00:51):

    Really, Shawn, I’m always having such a hard time getting in there.

    Shawn (00:55):

    Hey, believe it when you see it. Okay, so I did say that was the goal. So feel free to call me out in the comments.

    Bob (01:03):

    So let me tell you, I want to tell you first though, before we get into this because about these 10 steps to making wise financial decisions. When I wrote this, I wrote this pretty quickly and I wrote it just a few months ago because I was dealing with a major financial decision. We haven’t made it yet, actually, because one of the things is going to be exercising patience. But I was thinking as I was looking at this major financial decision, what are some things I need to think about before making it? And this is where I came up with it and as I was writing this down I thought, wow, this would be a great program.

    Shawn (01:38):

    Yeah, yeah, for sure. So for our first scripture, we’re going to go with Ecclesiastes 3:1, “There is a time for everything and a season for every activity under the heavens.”

    Bob (01:49):

    Exactly.

    Shawn (01:50):

    Yeah. Well you don’t worry though, we’re not going to list all of the different time for this and a time for that. We’d be here for a while.

    Bob (01:56):

    We’re not.

    Shawn (01:57):

    Bob, what are some examples of specific major financial decisions that kind of brought this to mind?

    Bob (02:03):

    Well, one is we were actually looking at a vacation home in Keystone, Colorado because we go there every year. We’ve been going there every year for 40 years and we’ve been renting and as I become semi-retired, we’re going to be spending at least two or three months up there. And I’ve looked at what it would cost, what we’re going to pay in rent every single year and we’ve thrown away a lot of money over the years in rent and would this be a good decision? And it has to do with selling another piece of real estate, and so I’m really looking at this from the perspective, is this wise or not? Or should we just keep renting and actually getting nothing, no return on our money. And I looked at the last 20 years of returns and it’s a good 6% return and it’s all tax deferred.

    Shawn (02:54):

    Is that 6% from rental income potentially or is that mostly appreciation?

    Bob (02:58):

    That’s just appreciation and I looked at it from that point of view, but before I would make a big financial decision, which we have not made that decision yet. I thought I’ve got to think about this first.

    Shawn (03:08):

    For those tuning in, you mentioned a potential property, but do you have some specific example?

    Bob (03:15):

    Oh, a car. A car is such a major financial decision today. If you’re going to buy a new home, do something like a big remodel. Down in South Texas, we’ve got our big farmers and ranchers that buy a tractor that cost a hundred thousand or more.

    Shawn (03:28):

    Oh yeah, yeah. Depending on the tractor, it could be a lot more.

    Bob (03:30):

    These are all big decisions that…

    Shawn (03:34):

    Maybe RV, boat, some people can buy planes.

    Bob (03:38):

    They do. We have some clients that have bought some planes. We sure do. And a matter of fact they said it’s cheaper to rent than to buy in that case.

    Shawn (03:44):

    Yeah. Bob, what’s the first step? What’s step number one?

    Bob (03:47):

    Step number one, I believe for a Christian, is you’ve got to pray about it. You’ve got to ask the Lord for wisdom. Seek out his word and pray about it. And if you don’t have a peace about this at all, don’t do it for goodness sakes, right?

    Shawn (04:01):

    Yeah.

    Bob (04:01):

    I mean I feel like that’s the Lord stepping in and saying this is not a wise decision. Now sometimes God just may be silent on this and this is where you need to turn to scripture, but I really think you need to use wisdom nd James 1:5, I know you pulled that one up. Read that for us.

    Shawn (04:18):

    It was actually we were both working on this and we both

    Bob (04:21):

    Came up with that.

    Shawn (04:22):

    That was our first one we both came up with. So James 1:5, “If any of you lacks wisdom, you should ask God who gives generously to all without finding fault and it will be given to you.”

    Bob (04:32):

    You’ll be shown that. And if you ask for that wisdom, God will give you that wisdom and immediately.

    Shawn (04:38):

    But be open to it might not be the answer you wanted.

    Bob (04:40):

    Exactly.

    Shawn (04:40):

    He might say no.

    Bob (04:43):

    And if he does say no and really the step one, in my opinion, if you do not feel a peace about this and God’s saying this is just not something within my will, you need to stop right there. You don’t need to go to any of the other steps I’m going to mention today.

    Shawn (04:57):

    Exactly. So stop there if you don’t get past this one, but if you do, we’ll go to the rest of them. So Bob, what’s step two then?

    Bob (05:05):

    Step number two is using patience. You’ve got to be patient. Don’t let your emotions get involved and think about it when they think about “it.” I’m putting the “it”, whatever it is, whether it’s buying that new car, buying a new home, buying maybe a second vacation home because you go to the same place every year, which Rachael, like I said, we’ve been going to Keystone for 40 years now every year. “It” is going to be there and you have a tendency, as an example in our case, you see maybe a property you like, you really, really like, but the timing’s not there yet. Don’t get ahead of yourself because maybe that will not be there, but there’ll be another one that will come along. Then many times by waiting and being patient, God is showing you something and you’ll notice…

    Shawn (06:02):

    Not letting your emotions dictate.

    Bob (06:04):

    Exactly. You’ll notice we found some properties we like, but we’re like, it’s not timing yet. I have a feeling if we’re patient and we wait on God, when the property does come along, it’s going to be so much better.

    Shawn (06:16):

    Amen. So alright, next is step number three.

    Bob (06:23):

    Well, look at really the good and the bad long-term consequences of the financial decisions or the decision. Example: will it be worth more or less in 10 years. Now in the case of an rv, no it’s going to be much less.

    Shawn (06:41):

    RV or a car is definitely going to be worth less over 10 years.

    Bob (06:44):

    Real estate has a long record. I mean basically history itself, real estate, unless it’s just really a bad spot…

    Shawn (06:54):

    Or you just time it really really bad.

    Bob (06:54):

    It’s never gone down in value.

    Shawn (06:55):

    Maybe you bought it a super, super peak time and then it just so happened that it was a short term drop 10 years later.

    Bob (07:06):

    But usually 10 years is enough time and real estate keeps right with it. At least inflation, something like that. But you think about these other big decisions, will it be a good long-term decision? And that’s very important.

    Shawn (07:20):

    For this. We have Proverbs 21:5, “The plans of the diligent lead to profit as surely as haste leads to poverty.”

    Bob (07:26):

    Yes. Yeah.

    Shawn (07:27):

    It’s a good one. Alright, so what’s the next step, Bob?

    Bob (07:30):

    Is it going to put you in debt? That’s a big one.

    Shawn (07:33):

    Step number four, will it put you in debt?

    Bob (07:35):

    And give you an unwanted burden that you just didn’t want and you cannot handle? And emotions can get you there. You’ve got to be careful of that, getting in that debt and don’t ever buy based on monthly payment. When you go buy a car, how much can you afford per month? Think about it because that could be anywhere. They could say, well you could say, well I can afford $300 a month. Well we can charge this person 15% interest then because based on what they’re going to spend. So look at that debt and it can last for so long, too. So quickly you can get in debt and then it can take so long to get out of it.

    Shawn (08:19):

    Yeah, that’s true.

    Bob (08:19):

    Yeah, “The rich rule over the poor and the borrower is slave to the lender.” Proverbs 22:7. You’ve heard us say that one on this program many times.

    Shawn (08:31):

    All right, so what do you do next? What’s step number five?

    Bob (08:34):

    Well step number five is are you sure you’re going to be happy with the financial decision that you made six months from now or are you going to be happy with it in the long term? You’ve got to pull back and pull those emotions back and say am I going to be really happy I made this decision?

    Shawn (08:52):

    That’s a good one. Definitely a good perspective. And for that we’ve got Proverbs 3:5-6, “Trust in the Lord with all your heart and lean out on your own understanding. In all your ways. Submit to him and he will make your path straight.” So what’s step number six?

    Bob (09:10):

    Okay, so we’re halfway through.

    Shawn (09:11):

    Yep.

    Bob (09:11):

    Step number six, is it going to lower your cash reserves to a dangerously low level in order to purchase this? And when I say dangerously low, is it going to lower your cash reserves to less than six to nine months of living expenses? Don’t do that. Don’t get close to that edge of that cliff. And most people will say, are you kidding? I don’t even have six to nine months of cash reserves. Well then you don’t need to be making this financial decision.

    Shawn (09:39):

    I would say then stop here, build up your cash reserves, then come back later.

    Bob (09:43):

    Exactly. That’s right.

    Shawn (09:44):

    And for this we have Luke 14:28, “Suppose one of you wants to build a tower, won’t you first sit down and estimate the cost to see if you have enough money to complete it?” I know we’ve used that a few times. That’s also a good one. So what’s step number seven, Bob?

    Bob (09:59):

    Well step number seven was another one I put in here and I thought about because I know in this case we were looking at real estate and I thought about how much time will this take and will it positively or negatively affect those that you love around you? And will you have to devote so much time to “it” that it would take away time from those that you care about? In other words, if we buy something in Keystone, Colorado and we’re down here in Texas, how much time is that going to take? That’s why I wouldn’t want to buy a home. I would want to buy, say a condo, that takes care of everything so that I don’t have to do anything. Set up automatic bank draft for the electric payment. Utility payment, things like that.

    Shawn (10:45):

    The things you are involved in you can do remotely, more or less.

    Bob (10:48):

    Yeah.

    Shawn (10:49):

    That’s a good point. And Philippians 2:4, “Not looking to your own interests but each of you to the interest of the others.” So you’re making this point in step seven of, it’s not the financial aspect of it, but it’s like you said, the positive or negative of how is it going to affect the people around you, the people you care about. Yeah, but that’s important.

    Bob (11:10):

    It is. It’s very important. And I don’t think most people think about that when they do the financial stuff.

    Shawn (11:15):

    It’s not purely a financial decision.

    Bob (11:17):

    Yeah.

    Shawn (11:18):

    Wow. So thinking about how it will affect those close to you. Alright, what next, Bob?

    Bob (11:22):

    Well we got step number eight and is something bad going to happen if you don’t make this financial decision at all? Most of the time, really, there’s nothing that’s bad going to happen. In other words, is it totally a voluntary transaction that’s one that you just don’t have to do? Now think about this. We were thinking about even a big remodel, you’re remodeling to put new types of colors in your…you are going from a formica countertop to a granite countertop. Okay? Granite is much nicer. Or stone countertop, much, much nicer.

    Shawn (11:57):

    Or maybe you’re going from the white or black plastic looking appliances and you want to get all new black stainless steel.

    Bob (12:03):

    Right, exactly.

    Shawn (12:04):

    Well I guess the question then, is something bad going to happen if you don’t upgrade the appliances or you don’t upgrade the countertops? No, you just don’t get the newer looking thing or the nicer looking.

    Bob (12:16):

    But it’s an important thing to think about when you’re going to make a financial decision. In other words, you’re doing this voluntarily. No one’s forcing you to do it. And you’ve got to think about that. And I used that actually when I was talking to a realtor up there about this property. I was saying, this is a voluntary transaction, I don’t have to do this.

    Shawn (12:37):

    Yeah, there’s no real urgency.

    Bob (12:39):

    Don’t put pressure on me. I don’t have to do it. It’s voluntary.

    Shawn (12:42):

    That’s a good point.

    Bob (12:43):

    Yeah.

    Shawn (12:45):

    First Corinthians 10:23, “I have the right to do anything you say, but not everything is beneficial. I have the right to do anything, but not everything is constructive.”

    Bob (12:55):

    You picked that scripture, that’s a really good scripture to go with that one. I like that.

    Shawn (12:59):

    There’s a lot of good scriptures. I found there seems to be a lot of really good wisdom.

    Bob (13:02):

    There’s scripture for everything. You’ve got it.

    Shawn (13:05):

    Alright, so just stopping for a minute to determine is this necessary or voluntary? Is it a good idea? Alright, so step number nine, what is it Bob?

    Bob (13:15):

    Well, could it affect your long-term giving goals, especially if it’s going to put you in debt. Is that going to affect those giving goals and God wants us to be a cheerful giver and if it’s going to create a burden where you can no longer give, X that one out.

    Shawn (13:35):

    Well it’s like the live, give, owe, grow kind of thing where if you take on too much of what you owe, then it’s going to have to pull from something else.

    Bob (13:46):

    That’s right. And in this case where we were looking at that property, again, the ongoing financial burden of just the taxes, insurance, and maintenance, well we can easily get enough in rental income renting it just two or three months out of the year, especially during ski season, to pay for all that. I’ve already figured all that out there. So it wouldn’t be an additional financial burden because I’m using one piece of real estate to buy that real estate.

    Shawn (14:10):

    So at least it’s not going to negatively affect your giving goals.

    Bob (14:12):

    You’ve got it.

    Shawn (14:13):

    For this one we have 2 Corinthians 9:7, “Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion for God loves a cheer giver.” So considering the effect on giving is a great way to stay grounded in what is and isn’t important. Alright, so what’s final step, Bob? Step number 10.

    Bob (14:32):

    The final step is can you “try it on?” Now, in our case we’ve been going again, we’re using that example. We’ve been going to the same place during the summers for nearly 40 years. So we’ve tried it on.

    Shawn (14:48):

    And you still like that area.

    Bob (14:49):

    We love it, especially because the weather’s so nice in June, July, and August and September compared to Texas where it’s so hot. But we’ve been able to try that on. But let’s just say somebody goes up there only one time.

    Shawn (15:06):

    And they feel like they fell in love with the area, for example.

    Bob (15:09):

    Yeah, you need to try it on more.

    Shawn (15:12):

    Or they went on one RV trip where they rented an RV for two or three days and then they decide I want to live in an RV now. Which is a little different.

    Bob (15:20):

    Yeah, it sure is, but I like at least there you’re trying the RV, okay, before you just go buy it, go rent that RV four or five times. You can rent a boat. You can borrow a boat before you go do that or a certain car. You can go rent that kind of car. I drive a Nissan Pathfinder. When we were on vacation recently, they were renting Nissan Pathfinders. You could rent one for a couple weeks to see if you like it or not before you go buy it.

    Shawn (15:50):

    It’s not a bad idea. Then if you rent it for a few weeks, then you get through that new feeling and, “Oh you know what? Oh, I don’t like the seat doesn’t come up as much as I wanted,” or, “Oh, this doesn’t have as much room to get in the back,” or something like that.

    Bob (16:06):

    Well I know your wife, my daughter, she drove our Nissan Pathfinder and she didn’t like it. It felt kind of like she was sitting lower. She wanted something where she could just sit a little higher.

    Shawn (16:18):

    And it was this weird combination that I wouldn’t have noticed. I drove it and I thought it was fine, but for her and just where she’s sitting, bringing the seat all the way up the shape of the dash is where she kind of felt like she couldn’t see over it as good. But that was something that had we just drove it one time real quick, might not have noticed.

    Bob (16:38):

    Exactly. Driving it a few times helped that. So try it on before you make that big financial decision.

    Shawn (16:44):

    And for this we have Proverbs 24:27, “Put your outdoor work in order and get your fields ready. After that, build your house.”

    Bob (16:52):

    So in the conclusion here, Shawn, I thought about this, we need to put this in some kind of a little handout because everybody needs to look at these 10 steps before making a large financial decision like buying that next new car or buying that next new home or doing that big remodel. You need to look at all these steps, you need to think about every one of them. And I think it will keep you from making an unwise financial decision.

    Shawn (17:20):

    Alright, well thanks for joining us as always, and hope this was helpful to you. God bless, and we’ll see you next time.

    [DISCLOSURES]

    * Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, a registered investment advisor registered with the SEC. Registration as an investment advisor does not imply a certain level of skill or training. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the hosts, Bob Barber and Shawn Peters, and their guests. Bob and Shawn do not provide tax advice and encourage you to seek guidance from a tax professional. While Christian Financial Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.

    19 min
  • Goal Setting Ideas for 2025
    Have you started setting goals and resolutions for the upcoming new year? Whether they are big or small, setting an intention for the year is a great way to start off 2025. Bob and Shawn discuss various ideas for goals for the new year, as well as the importance of writing down your new year's resolutions. Setting clear, intentional goals that are written down can increase success rates tremendously, and Harvard business studies have shown just this. Bob and Shawn also recommend setting up categories for your new year's resolutions, like physical, mental, relational, spiritual, financial, and even charitable goals.
    16 min
  • 216 – Goal Setting Ideas for 2025
    Click below to listen to Episode 216 – Goal Setting Ideas for 2025
    Goal Setting Ideas for 2025

    Learn about the importance of setting up clear, intentional goals that are also written down.

    More episodes >>

    Have you started setting goals and resolutions for the upcoming new year? Whether they are big or small, setting an intention for the year is a great way to start off 2025. Bob and Shawn discuss various ideas for goals for the new year, as well as the importance of writing down your new year’s resolutions.

    Setting clear, intentional goals that are written down can increase success rates tremendously, and Harvard business studies have shown just this. Bob and Shawn also recommend setting up categories for your new year’s resolutions, like physical, mental, relational, spiritual, financial, and even charitable goals.

    HOSTED BY: Bob Barber, CWS®, CKA®

    CO-HOST: Shawn Peters

    Mentioned In This Episode
    Christian Financial Advisors
    Website
    Bob Barber, CWS®, CKA®
    Shawn Peters
    Bible Verses In This Episode
    PROVERBS 16:3

    Commit to the Lord whatever you do, and he will establish your plans.

    Want to ask a question about your specific situation? Schedule a complimentary 15 minute phone call.

    SCHEDULE AN APPOINTMENTDid you enjoy this episode? Sign up for email updates and never miss an episode.
    EPISODE TRANSCRIPT

    Shawn (00:00):

    Only about 60% of people make New Year’s resolutions or set goals, but only about 8% successfully achieve it. Welcome back to another episode of Christian Financial Perspectives. I’m Shawn Peters. This is Bob Barber, and today we’re going to be doing our annual episode that we typically do on goal setting. So these are goal setting ideas for 2025. And to start this off, we’ve got Proverbs 16:3, “Commit to the Lord, whatever you do, and he will establish your plans.”

    Bob (00:40):

    Shawn, this is one of my favorite programs. We do it at the beginning of every year. I want to start today’s program with kind of a comment or a saying that I’ve heard for many years when it comes to goal setting. And goal setting is one of my favorite things to do, and I’m a big goal setter and look at my goals constantly. But I want you to think about this question or comment. Have you heard the definition of insanity? One of those definitions is doing the same thing over and over and expecting different results.

    Shawn (01:16):

    That’s right.

    Bob (01:17):

    Now, the reason I say that for today is because if you’ve not set goals and you’re not writing them down, but you’re expecting different results, you’re not going to get them. Because life is a lot like this. As humans, we expect different results from doing the same thing repeatedly, but it’s not going to happen.

    Shawn (01:36):

    Nope, nope. What’s going to happen is the same thing that’s typically happened each time.

    Bob (01:41):

    And it’s interesting to me how some people excel in many things across many areas, while others don’t seem to excel in most anything. But yet, you could take two people with the same intelligence, the same physical attributes, same type of upbringing, and one’s going to excel over the other. And I believe a lot of it has to do with goals.

    Shawn (02:09):

    Not a promotion or anything of any particular companies or products. But I’ve heard in different media outlets that attack Elon Musk because he sets these goals and then the company doesn’t deliver on it. But what’s interesting is if you look back, there’s a lot of things that at the time people thought, “Oh, there’s no way they’re going to hit that target.” There’s no way you’re going to hit that goal. And then they hit it or exceeded it. And I think again, it comes back to that. Okay, well yeah, maybe sometimes he overshoots. But it’s a good example of he sets goals not just for himself, but he tries to set these goals for his company, big goals for his own companies. And then people are like, okay, well we have a target. Let’s try to hit that. Let’s try to hit that goal. But if you didn’t set any goals at all, well, how do you even know if you were successful or not?

    Bob (02:59):

    There’s an old saying that I’ve used for many years, and you know that what is it you aim for?

    Shawn (03:05):

    If you aim for nothing, you’ll hit it every time.

    Bob (03:06):

    Yeah, exactly. If you don’t have a target out there to hit, you’re not even going to hit it at all because you have nothing to aim for.

    Shawn (03:15):

    So I guess the question then, Bob, is do you want to hit some of your goals most of the time or do you want to always have 100% accuracy? If you want 100% accuracy, then just don’t set any goals.

    Bob (03:28):

    We’re going to point out later, I got my goals right here.

    Shawn (03:30):

    I forgot to bring mine, but I was actually really happy for this last year. I had a few things that I think maybe I was overshooting or I had that I thought, “Oh, within a year I’ll be able to hit this.” And I didn’t quite hit it, but I hit about 60% of my goals, which compared with a lot of the statistics, it is actually really good.

    Bob (03:52):

    It is. I look at mine, they’re on my mirror. I’ve got a set in my car.

    Shawn (03:56):

    What’s a mirrah? Is that the thing? You look at yourself?

    Bob (04:00):

    Somebody’s listening from north and they go, what is,,,

    Shawn (04:04):

    That’s the reflective glass that people have in…

    Bob (04:06):

    sometimes my southern accent gets me. Okay.

    Shawn (04:10):

    Alright, well, it’s a new year. 2025 is here. So let’s discuss how to make this year different.

    Bob (04:16):

    I want to say I love the mission statement of the Christian men’s fraternity that was started by Pastor Robert Lewis in Arkansas many years ago, and this is a good one. I’m going to put this one on my goals next year. It’s reject passivity, accept responsibility, lead courageously, and invest internally. I love that. I think that’s a good one to go with the goals. I just wanted to mention that because that’s part of it right there. And one of the ways to do this is to write down your goals. You’ve got to put them in front of you every single day.

    Shawn (04:55):

    And be able to see them in multiple places definitely helps as well. So most people never set solid goals for all of the different areas of their life and write them down so that they can see them. But 2025 can be different.

    Bob (05:11):

    That’s right. You got it.

    Shawn (05:12):

    And we have a formula for this. So for those of you who have not seen one of our goal setting programs before, there are a lot of different categories from spiritual to mental, physical, relationship, financial goals. Since this is Christian Financial Perspectives, we obviously want to make sure you include some of those spiritual goals, things like that.

    Bob (05:34):

    And financial.

    Shawn (05:35):

    Examples of financial goals could be giving to more worthy causes, saving more for an emergency fund.

    Bob (05:43):

    Shawn, I’m amazed at how many, even my retirees, they don’t have the emergency fund. I mean, that’s a good goal for retirees because they will end up using their old 401k rollover as an emergency fund, and that’s not what you’re supposed to do. You should have an emergency fund that’s set aside of three to six months of expenses in a local bank account, and it doesn’t have to be making a lot of interest.

    Shawn (06:07):

    If you’re not currently in retirement and you still have an income and you are looking at, “Well, should I open up this investment account or should I add to the…” okay, the question I would ask you is, “Do you currently have an emergency fund of at least six months of necessary expenses in some sort of savings account?” If the answer is yes, then you may proceed to try to answer the question of what kind of investment account you should open. If the answer is no, don’t even consider putting money in that investment account. Get your emergency fund up to at least that six months. I would say 12 months on the high side then, okay, now if you have extra each month, now you can look at different investment options.

    Bob (06:47):

    Another good example would be just getting out of debt. I mean, get rid of that credit card debt this year and next beyond that, once you get rid of the credit card debt, get rid of the auto debt. I mean, when you think about it, automobile is depreciating and at the same time you’re paying interest. I mean, you’re just going downhill with that. And then a very big goal for a lot of people about debt is getting rid of mortgage debt eventually. And that’s nearly an impossible goal, but it’s not impossible, but it’s hard to do because homes cost so much today. Another one…

    Shawn (07:20):

    Investing more for the future, which again, you’ll notice that we have giving than your emergency saving for emergency fund, getting out of debt. Now we get into the investing side of it, which I would argue if maybe you have a car loan and most people have a mortgage, it’s okay if you’re obviously starting to invest, but that credit card, get rid of that balance. If you’re carrying a balance, get rid of that because the fees on that are just so high. If you don’t have your emergency fund and you’ve got a bunch of credit card debt you’re trying to pay down, you shouldn’t be looking at putting money into an investment account.

    Bob (07:51):

    You should get rid of that first.

    Shawn (07:51):

    And the final one.

    Bob (07:53):

    Now, if you have a 401k where they’re going to match you up to 6%, put $50 in it.

    Shawn (07:58):

    And that would be the exception. You don’t move out on that company match.

    Bob (08:02):

    The last one that we’re mentioning as far as financial goals, but it’s really part of all of it, is getting a complete financial plan in place, and that should be one of your main goals financially for 2025. So we’re going to give a couple more examples, and we’re not going to get into examples for all of these,.

    Shawn (08:21):

    Like spiritual goals.

    Bob (08:22):

    Yeah.

    Shawn (08:22):

    Okay. So some spiritual goals could be enrolling in a small group Bible study, spending more time alone with God in prayer and meditation, getting back involved in your local church if you’re not in one, and reading the Bible daily. And I would say for the prayer, meditation, and reading the Bible daily, our Kingdom Advisors group that we were in recently, Ron Blue was talking on the video and he was talking to, I think it was a doctor or something who just said, “I just don’t have any time. I’m so busy.” And Ron asked him this many years ago, Ron asked him, “Well, what are you doing in the morning before you wake up?” He said, “Sleeping.” He goes, “Okay, so sleep 10 minutes less. Start there.”

    Bob (08:59):

    Yeah, that’s true. That’s true. It’s interesting that one of these goals is getting back involved into your local church. Do you know, Shawn, there’s still a very large percentage of people that have not gone back to church since Covid?

    Shawn (09:10):

    Yeah.

    Bob (09:11):

    They got out and they never got back in that habit. And I think that’s a great one. Another example for 2025, of course, this is the one that while all the gyms are so busy and about to be very, very busy, physical goals, we’re coming out with this on the last day of the year. First day of the year is the physical goals. And some of it can be as simple as just taking a daily walk. I’m amazed at how many people don’t exercise today. So just a simple start with 5 minutes and 10 minutes.

    Shawn (09:39):

    And that one would cover, as some of the kids say, “Go out and touch grass.”

    Bob (09:44):

    Yeah.

    Shawn (09:45):

    Or concrete. If you don’t have a whole lot of grass where you’re at, you can walk.

    Bob (09:48):

    On the grass versus a computer. iPhone. Okay, do something aerobic three to five times a week. I put this one, the new one in here this year, playing pickleball three times a week because pickleball is so big.

    Shawn (10:01):

    Yeah, I’m not into pickleball yet.

    Bob (10:03):

    Golly. It’s big. And some people really like the cream you, by the way.

    Shawn (10:08):

    Another one could be weightlifting, maybe weightlift two or three times a week. You know what, if you don’t get out other than maybe the daily walk, you don’t go to a gym, do a daily walk and just overall, eat healthier, balanced meals.

    Bob (10:20):

    That’s a really good goal. That’s a really good goal. Especially after all the Christmas holidays and all that junk food. So there’s other areas, we’re not going to give a lot of examples, but there’s relationship goals. This is one that I have. There’s professional goals. There’s the charitable and giving goals, how you want to help charities, not just financial, but giving of your time, talents, and treasures. But the main thing is with these goals is that you’ve got to write them down on a piece of paper and look at them every day of the year. Now those of you that are listening, you’re not going to be able to see this, but those of you you’re watching on YouTube, this is what I do. This is about the size of it right here. These are my goals. I I write them down very small, like 10 point, and I’ve got spiritually, physically, medically, all of them.

    Shawn (11:09):

    You also, Bob, you’ve gotten a little bit longer on your stuff, but one of the things that I would encourage our viewers and listeners for each of these categories, don’t try to pick five things for every category. I’m going to work out this much. I’m going to eat this. I’m going to do that. Maybe just for each of the main categories, pick one goal so that way it’s easier to write that down. And you have in each of these main categories, you’ve got something you can try, especially if this is your first time trying to do this method. You don’t have to do everything all at once this yea. For physical, pick one goal that you can stick with. For spiritual, pick one goal. For mental, for work. Keep it simple. Now Bob’s a little more advanced. He’s got multiple…he’s been doing it for a long time.

    Bob (11:53):

    And I put one this morning, I saw it. I have one on my mirror in my closet where I get dressed. So when I’m putting on my shirt and looking in the mirror, making sure I’ve got it on right, I’ve got the buttons right. I see my goals. When I brush my teeth, my goals are right there, again, by my mirror in front of my sink. When I get in my car, there are my goals. When I open up my desk drawer, there are my goals. I’m seeing them all the time all year long.

    Shawn (12:24):

    Which is extremely helpful.

    Bob (12:25):

    It really is helpful.

    Shawn (12:27):

    We’re going to hit you with some numbers as we get closer to the end of this. Research has shown that only about 60% of people make New Year’s resolutions or set your goals, but only about 8% successfully achieve them. A famous Harvard business study, business school study, from years ago found that 83% of people do not have any clearly defined goals. And of the 17% that did, only 3% of them write them down.

    Bob (12:57):

    You hear that? Out of a hundred people?

    Shawn (12:58):

    Only 3%, only 3% that even had goals wrote them down.

    Bob (13:04):

    Does that mean if you’re listening to us, only 3% is going to write? I hope it’s higher than that.

    Shawn (13:08):

    Well, that’s obviously from when they did the study. And so hopefully, we’ll have a higher percentage. But when Harvard concluded the study, the 3% that had written their goals down, this is some of the interesting facts on this. So that 3% that wrote their goals down, they were earning on average 10 times more in income and tended to be in better health and have happier marriages compared to the other 97%.

    Bob (13:33):

    Wow. That’s the reason why it’s so important to write those goals down. It’s like a blueprint in looking at it.

    Shawn (13:41):

    Put copies all over, like Bob said, closet, mirror, from when you’re brushing your teeth in the car, in your desk drawer or something like that. Just have it in multiple places once you set it up. But the overall form for this, we have spiritually and then you list, okay, well what’s the goal that you want to accomplish physically, financially, relationally, mentally, professionally, and charitably?

    Bob (14:06):

    And there you go. We hope that helps you a lot. I know Jenna is probably flashing one of those up on the screen where you can see that goal form. If you want a copy of the goal form, give us a call. And we want to help you to have a good prosperous 2025 in all areas of your life, not just financial, but relationally and spiritually and physically, all those different areas of your life. We hope that you have a good 2025. We’re looking forward to it. I’m looking forward to it. And if you want to give us a call with any help that you may need with this or any other thing, give us a call at 830-609-6986. You can also text that number as well, or find us on the internet www.christianfinancialadvisors.com.

    Shawn (14:48):

    And as always, you can always hit us up in the comment section as well. So thank you so much for joining us and God bless.

    [DISCLOSURES]

    * Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, a registered investment advisor registered with the SEC. Registration as an investment advisor does not imply a certain level of skill or training. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the hosts, Bob Barber and Shawn Peters, and their guests. Bob and Shawn do not provide tax advice and encourage you to seek guidance from a tax professional. While Christian Financial Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.

    16 min
  • Teaching Children Good Money Habits
    Welcome to this unique episode on teaching your children good money habits! It's never too early to start teaching your little ones the importance of saving and giving, as well as working hard to earn your finances. Bob and Shawn go over several ways to help instill good money routines into your kids – starting from easy concepts for little ones to more abstract ideas for older children. So, sit back, listen, and grab a pen and paper to write down these tips when it comes to teaching your kids good money habits.
    18 min
  • 215 – Teaching Children Good Money Habits
    Click below to listen to Episode 215 – Teaching Children Good Money Habits
    Teaching Children Good Money Habits

    It’s never too early to begin teaching your kids good money habits!

    More episodes >>

    Welcome to this unique episode on teaching your children good money habits! It’s never too early to start teaching your little ones the importance of saving and giving, as well as working hard to earn your finances. Bob and Shawn go over several ways to help instill good money routines into your kids – starting from easy concepts for little ones to more abstract ideas for older children. So, sit back, listen, and grab a pen and paper to write down these tips when it comes to teaching your kids good money habits.

    HOSTED BY: Bob Barber, CWS®, CKA®

    CO-HOST: Shawn Peters

    Mentioned In This Episode
    Christian Financial Advisors
    Website
    Bob Barber, CWS®, CKA®
    Shawn Peters
    Bible Verses In This Episode
    PROVERBS 22:6

    Train up a child in the way he should go: and when he is old, he will not depart from it.

    Want to ask a question about your specific situation? Schedule a complimentary 15 minute phone call.

    SCHEDULE AN APPOINTMENTDid you enjoy this episode? Sign up for email updates and never miss an episode.
    EPISODE TRANSCRIPT

    Bob (00:00):

    Pay them for jobs around the house. Examples can be taking out the trash, mowing the grass, washing the dog, vacuuming the car, cleaning the windows. But you notice what I have here, there’s some things I don’t think you should pay for.

    Shawn (00:21):

    Welcome back to Christian Financial Perspectives. I’m Shawn Peters. This is Bob Barber, and today we have an exciting episode for you on teaching children good money habits and as a father of two young children, one 6, one almost 3. I’m definitely taking this one to heart, not just from a, “Oh, I’ve already got this handled, but definitely going to be something that I’m going to have to continue to work on and make sure I’m leading by example on what we cover today.” You’re a little bit further down the path. Your children are slightly older than mine, right?

    Bob (00:55):

    Well, one of them is your wife.

    Shawn (00:56):

    One of them is my wife. Yeah.

    Bob (00:58):

    So this comes about truly from 35 to 40 years of experience in teaching.

    Shawn (01:06):

    No mistakes ever, right?

    Bob (01:07):

    I’m sorry.

    Shawn (01:08):

    No mistakes ever, right?

    Bob (01:09):

    None. Never any mistakes. Everything was always perfect.

    Shawn (01:12):

    It’s amazing. That’s how that works though, right? The longer the memory is from ago, I guess you’d say the longer the time period, the rosier it always seems to be like, “Oh, I don’t remember the bad stuff.”

    Bob (01:25):

    Yeah. Well, I dunno about, but I think that’s why I have all this gray, and I tell you right around this Christmas season, your children are off for a couple of weeks and it’s a good time because you’re going to be with your children because they’re going to be out of school. And it’s a good time to kick this off and to not only take these principles during that time that we’re going to tell you today to teach to them, but to teach them throughout life. And there’s no perfect children, no one’s perfect. And I always love what our church says. If you’re perfect, you don’t want to come here because we’re a bunch of imperfect people. But these principles are time proven principles that you can teach to your children. Proverbs 22:6 tells us that, “Train up a child in the way he should go. And when he is old, he will not depart from it.”

    Shawn (02:15):

    Amen. That’s right. Teaching your children good money habits can help them become more responsible, healthier, and happier adults over their lifetimes.

    Bob (02:23):

    Yeah, it’s over a lifetime. And the way that you, and I’m pointing to myself when I say this, I mean, every time you point a finger at somebody, you got three point right back at you. But the way that you handle money personally yourself is also very essential because those children are watching how you give and save and spend and how you invest.

    Shawn (02:47):

    That’s right. That’s right. So the lead by example is very important. So from the beginning years, we must teach these, as we’re going to be covering, these nine things to our children and grandchildren, which we will be discussing, going with number one, teach them simple mathematical skills.

    Bob (03:07):

    I tell you, I had so much fun with this. We used to go to school – and everybody’s going to say, okay, I know how mathematical minded you are – with my children. I’d say, so what’s 305 plus 610 at five years old? But I was teaching them math and we started talking about math when they were like three. But just teaching simple addition, subtraction, multiplication, and division. Here’s the key – without using a calculator, they need to learn to do math. Simple math, I mean like 9/3 is 3. 27/3 is nine. I mean, just a simple math like that they need to learn, and they need subtraction. They’re going to use this throughout life, especially in how they handle money. And I like the pay, we used to pay our three in $1 bills or all kinds of different denominations like pennies, nickels, dimes, quarters.

    Shawn (04:11):

    Which is good practice to have to add up the different kinds of denominations.

    Bob (04:15):

    That’s right. Let them add all that up when they’re saving them and subtract when they’re spending. When we would spend money, I’d say, “How much are they supposed to give you back now?” If you gave them a dollar and it cost 73 cents, nothing cost 73 cents anymore, but it did 30 years ago.

    Shawn (04:32):

    Sure.

    Bob (04:34):

    How much are you supposed to get back? “Lemme see, Dad. Okay, that’d be 27 cents.” There you go.

    Shawn (04:39):

    Yeah, that’s right. And then number two, teach them to divide money every time they make it into three basic categories: give, grow, and spend.

    Bob (04:50):

    And you can get some jars to do that. Some glass jars or some plastic jugs, however you want to do it. But you label one of them “give”, one of them “grow”, one of them “spend”. So when you give them money for chores that they are doing around the house, they put a little bit in each one and they watch that grow. And this really teaches them good habits because giving is part of that – growing, investing, saving.

    Shawn (05:20):

    And the three categories are great to see this visualization of the jars because then in later years, they’re not going to be using jars, but actually having a bank account, investment accounts. And so it’s a visual that also helps them practice the principle of, okay, you have money coming in, there are certain ways you can use that money. So be practiced with dividing it up.

    Bob (05:45):

    And now the world’s way to do it is just all spend, right?

    Shawn (05:49):

    Yeah.

    Bob (05:49):

    It’s not give and it’s not save for the future. It’s just all spend.

    Shawn (05:52):

    And we also teach the give, grow, owe…

    Bob (05:54):

    Live, Give, Owe, Grow.

    Shawn (05:57):

    Sorry. I was like, wait, I’m missing one.

    Bob (05:58):

    We teach that here.

    Shawn (05:59):

    I think especially for a kid that give, grow, spend is probably just a little easier for them to wrap their head around.

    Bob (06:06):

    They don’t have to worry about the owe part right now. They don’t have to worry about the taxes or the debt. And of course, we try to emphasize that you don’t go into debt for things especially that depreciate.

    Shawn (06:17):

    And that takes us into number three, teach them work is good. And in Genesis, if you look at the story, you see that God gave Adam and Eve work before the fall, before sin.

    Bob (06:30):

    Yes.

    Shawn (06:31):

    And so the principle of work, God first modeled it through the creation story and then gave mankind a work that they were supposed to do. It’s just that sin made things harder and added some extra challenges to it.

    Bob (06:47):

    Yeah, the weeds.

    Shawn (06:47):

    But work is not a byproduct of the fall. And I think that’s something that’s very important to teach our kids.

    Bob (06:55):

    And work appears in the Bible – you can do this yourself. You can just go to the biblegateway.com and put in the word “work”. You’re going to see that it appears in the Bible more than 500 times. And I use the NIV version a lot or the New American Standard, NASB, and it’s over 550 times. So work appears a lot in the Bible. We’ve talked about this many times, retire only appears one time. So work is a good thing. And pay them for jobs around the house. Examples can be taking out the trash, mowing the grass, washing the dog, vacuuming the car, cleaning the windows. But you notice I have here, there’s some things I don’t think you should pay for.

    Shawn (07:36):

    Don’t pay them for things that they should be doing as responsible people. So for example, they made their own bed, they cleaned up after themselves, maybe after dinner or something like that, or after they’re playing with their toys. Because when we pay our kids for these things that should just be part of being responsible, you’re teaching them that, “Oh, you should just get paid for anything and everything that you do.” It’s like, well, no, no, no, there’s responsibility and then there’s work. You’re actually doing something that’s outside of just your normal responsibilities. And so, I think this is definitely a big part of helping them to not be spoiled and have an entitlement mentality, but know the difference between responsibility and work.

    Bob (08:18):

    Yes, that’s right.

    Shawn (08:19):

    Number four, teach them that things cost money.

    Bob (08:22):

    Yeah, they do. They sure do. And that’s why you need to teach them a little bit about budgeting for clothing or a game or a toy they want to buy. They’ve got to save for that.

    (08:31):

    Rhonan is right at that level where I have this conversation and he’s like, “Well just buy it.” Or it’s like it is like, “Well Dad, I’ll give you money and then you can buy the thing that I wanted.” It’s like, Rhonan, where are you going to get the money from? And then it’s like, oh wait, I don’t know.

    (08:48):

    So he needs to save up for it by doing some chores that are out of the ordinary. And when it comes time to buy that, they can go into that spend jar and pull that out so they can experience firsthand this is costing money. Right? And going to the store and…

    Shawn (09:08):

    And having to hand over…

    Bob (09:09):

    The cash to the cashier.

    Shawn (09:10):

    Exactly. That’s right.

    Bob (09:11):

    And then remember that math we told you, having them tell me, yeah, this is how much I should get back and this is real time. This is not a debit card. They’re watching it leave their hands, and they know, “Wow, I had to work for that.” So maybe they don’t need that extra toy as bad as they thought they did.

    Shawn (09:30):

    Once you buy that toy, you don’t have the money anymore to buy the next one, unless you earn it.

    Bob (09:34):

    That’s right.

    Shawn (09:35):

    Number five, be their best example.

    Bob (09:38):

    Nothing works better than your children seeing you giving to a worthy cause or saving for the future. Spending wisely. Investing. They see that. They also see when you’re using those credit cards and if you’re being reckless about that and you’re buying endlessly on impulse without even thinking about it, they’re watching and they see that. And don’t be surprised if you’re doing that when your children get older, if they’re going to do the same thing and find themselves in high debt.

    Shawn (10:09):

    One thing on that for being the example is talk about it. I know my wife and I, we don’t hide the fact that we’re, well, we don’t have enough money to buy this or that, or we can’t go on this trip just yet, or whatever the case may be. And we try to use that as a teaching tool that it’s not just that we’re having this conversation, but it’s also, I want Rhonan and Ophelia, I want them to hear us talking about this delayed gratification. We’re not just like, oh yeah, just put on the card. It’s like, no, no, we’re saving up for that. Or that’s something we want to do, but it’s not really in the budget today, so we’re going to work towards that. And so I think making that part of your practice is not only helpful for yourself, but again, is a great way to be that example to your kids. So number six, show them the importance of giving.

    Bob (10:58):

    This was so big growing up. And when we would tithe to the church when we were in church on Sunday morning, I would give the check to one of our three children and let them open it and their eyes would get really big. That was a lot to them. And put that in the offering plate. A lot of churches, they don’t do the offering anymore, and I think they ought to because I think it’s a time of showing who it all belongs to. But a lot of churches, they’ll have at the back of the sanctuary.

    Shawn (11:33):

    Well, if that’s the case, Bob, I would encourage anyone listening, watching, that if your church doesn’t pass the offering plate, then make it part of your normal giving routine that you have your kids actually take some of the money your family’s giving and go put it in there either right before or right after the service starts. So they get to participate in that. And I would argue, I totally understand, Jenna and I do the same thing. It’s set up on an ACH, it’s automatic, but you could hold a little bit of that back and have actual cash. So it’s just part of it. But that’s something that your kids can see some of the money that’s going in and participate.

    Bob (12:09):

    And also of course, they have their giving jar.

    Shawn (12:10):

    Exactly.

    Bob (12:11):

    So, they can take from the giving jar and they can decide, give some of this to the church. Maybe I want to give some of this to somebody that needs a meal. And those are all good things, and it’s very important, as you know, maybe you don’t know, but giving breaks the chains of materialistic thinking.

    Shawn (12:30):

    That’s right. It forces you to focus on someone other than what’s inside the circle.

    Bob (12:36):

    And we’re getting down to the last two or three.

    Shawn (12:39):

    So number seven, teach them contentment.

    Bob (12:41):

    Yes. And let your children see, I know they see this in you, Shawn, because you drive an older car.

    Shawn (12:50):

    That’s right. We’re right at the 10 year mark. We’ve done some maintenance on it. But I’m really excited to maybe have Rhonan drive that as his first car if we maintain it.

    Bob (12:59):

    I think it’d be good for him. And he’s not watching that, “Oh well dad, mom, have to buy a new car every year or every two or three years.” They’re seeing that you’re content with driving that car and you’re taking good care of that car. You get the brakes changed.

    Shawn (13:14):

    Certainly less electronics issues too, so there’s a practical value to it as well.

    Bob (13:19):

    A reliable car is good to drive. It doesn’t have to be a brand new one or a vacation. It doesn’t have to be the other side of the world.

    Shawn (13:26):

    Yeah. We like to go camping. So instead of we’re going to do something fancy, like, well, we might drive a couple hours away and go camping and hiking and just be out in nature.

    Bob (13:36):

    There’s a good scripture and Paul, he talks about, “I’ve learned to be content and no matter whether I have plenty or whether I’m in need,” finding contentment and not in material things.

    Shawn (13:50):

    And number eight, as we come to our second to last one, teach them the value of working for others or starting a small business. Bob, you have a few examples for this.

    Bob (13:57):

    I’ll tell you, I learned so much. When I was a kid, I had a lemonade stand and my grandma helped me. I remember selling lemonade all summer long and going to people and giving them a cup and saying, “Would you like a cup?” And they go, “Well, we don’t really want to buy a cup.” I say, “Well here, try it.” And they would try it and they’d say, okay, we charged the nickel back then. Or washing the neighbor’s windows for money or dog and cat babysitting is a big thing today. But there are good examples of working for others or being an entrepreneur. I think it’s great to teach – my dad instilled within me free enterprise and that we live in a free country where you can start your own business.

    Shawn (14:41):

    That’s right.

    Bob (14:41):

    And make it on your own.

    Shawn (14:44):

    And so to wrap up quickly here, number nine, teach them the importance of scripture and what it teaches about money management.

    Bob (14:52):

    And I think Proverbs, for me, has been the number one book in the Bible on money management. I’ve never seen anybody hurt by following all the wisdom principles of finance that is found in Proverbs. It is amazing. There’s 31 books of Proverbs, and many months have 31 days.

    Shawn (15:13):

    You’ve got to double up on some months.

    Bob (15:15):

    You may have to double on some months. But it teaches so much about it, about how to handle money, not getting into debt. saving little by little. Proverbs 13:11 is one of my favorite ones, “Save little by little and watch it grow.” But there’s many other good scriptures, too. And I think Psalms 24:1 is one of the best ones, don’t you?

    Shawn (15:35):

    Yep. “The Earth is the Lord’s”. 2 Corinthians 9:7, the earth, sorry,”God loves a cheerful giver”. Matthew 25:14-30, “The Parable of the Talents”. And Proverbs 13:11, “Saving little by little”.

    Bob (15:47):

    All these are stories around them. You can really use a story around “The Earth is the Lord’s” and what does that mean? Well, that means everything and about giving. The parable of the talents is a very long book to read. But you can get into talking and maybe show them, here’s three pennies. Here’s five pennies. Here’s one. And use examples to teach your children and take that scripture to real life.

    Shawn (16:10):

    Yeah. Well, thank you for joining us. Our hope is that you will have many teachable moments with your kids or grandkids depending on family situation during this Christmas and holiday season and in the following years. If you ever have any questions, comments, feel free to call or text at (830) 609-6986 or hit us up in the comments. We’d love your feedback. Thank you and God bless and Merry Christmas.

    Bob (16:35):

    Merry Christmas.

    [DISCLOSURES]

    * Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, a registered investment advisor registered with the SEC. Registration as an investment advisor does not imply a certain level of skill or training. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the hosts, Bob Barber and Shawn Peters, and their guests. Bob and Shawn do not provide tax advice and encourage you to seek guidance from a tax professional. While Christian Financial Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.

    18 min
  • 2024 Year End Tax Planning Strategies
    It's that time of year again! The time where you may try to condense as many tax strategies as possible into your finances before the end of December. If this is you, then this episode is a must listen! Bob and Shawn discuss year end tax strategies that may be used to possibly reduce 2024 tax liabilities before the end of the year. A few of the key strategies discussed include maxing out contributions to your 401k and making gifts to responsible family members. Whether you choose all of the strategies mentioned, or only a few, we hope that you gain something from this episode. As always, we encourage you to discuss these year end tax strategies with your CPA for proper implementation.
    16 min
  • 214 – 2024 Year End Tax Planning Strategies
    Click below to listen to Episode 214 – 2024 Year End Tax Planning Strategies
    2024 Year End Tax Planning Strategies

    Are you implementing these year end tax strategies before December ends?

    More episodes >>

    It’s that time of year again! The time where you may try to condense as many tax strategies as possible into your finances before the end of December. If this is you, then this episode is a must listen! Bob and Shawn discuss year end tax strategies that may be used to possibly reduce 2024 tax liabilities before the end of the year.

    A few of the key strategies discussed include maxing out contributions to your 401k and making gifts to responsible family members. Whether you choose all of the strategies mentioned, or only a few, we hope that you gain something from this episode. As always, we encourage you to discuss these year end tax strategies with your CPA for proper implementation.

    HOSTED BY: Bob Barber, CWS®, CKA®

    CO-HOST: Shawn Peters

    Mentioned In This Episode
    Christian Financial Advisors
    Website
    Bob Barber, CWS®, CKA®
    Shawn Peters
    Bible Verses In This Episode
    ROMANS 13:6-7

    For because of this you also pay taxes, for rulers are servants of God, devoting themselves to this very thing. Pay to all what is due them: tax to whom tax is due; custom to whom custom; respect to whom respect; honor to whom honor.

    1 TIMOTHY 6:17-19

    Instruct those who are rich in this present world not to be conceited or to set their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy. Instruct them to do good, to be rich in good works, to be generous and ready to share, storing up for themselves the treasure of a good foundation for the future, so that they may take hold of that which is truly life.

    Want to ask a question about your specific situation? Schedule a complimentary 15 minute phone call.

    SCHEDULE AN APPOINTMENTDid you enjoy this episode? Sign up for email updates and never miss an episode.
    EPISODE TRANSCRIPT

    Shawn (00:18):

    Welcome back to Christian Financial Perspectives. My name’s Shawn Peters. I’m joined as always by my Father-in-Law and esteemed colleague Bob Barber who writes pretty much all of these. He does let me help a little bit, I think on some of the drafts and final wording, but yeah, Bob’s definitely the brains behind these. So today we’re going to be covering “2024 Year End Tax Strategies”. Now when this video comes out, it is still helpful and relevant if you act fast, but if you’re watching this in 2025, well I guess maybe think about some of these for the end of this year.

    Bob (00:49):

    And I’ve updated all of the numbers for this year. So like you say, this has got to be done before the end of the year. And you know what else? By not listening to this, you’re losing a lot of money. I could tell you that, too, because we’re going to give you four or five ways in the next 10, 15 minutes that this could be worth several thousand.

    Shawn (01:09):

    $1,000, $3,000 maybe more, depending on your income tax bracket.

    Bob (01:13):

    Yeah, that’s right.

    Shawn (01:14):

    So if saving money on taxes sounds like a valuable 10 to 15 minutes of your time, stay tuned. Before we get into this, again, December 31st is the deadline, but we’ve got a couple scriptures for you since this is about taxes, but also we’re going to talk a little bit about giving. Our first one is Romans 13:6-7, “For because of this you also pay taxes, for rulers are servants of God devoting themselves to this very thing, pay to all what is due them, tax to whom tax is due, custom to whom custom, respect to whom respect, honor to whom honor.”

    Bob (01:48):

    That’s a different way of saying that. I’ve seen the other ones where pay to Caesar what is Caesar’s.

    Shawn (01:52):

    Yeah.

    Bob (01:52):

    Of course that was Jesus said that, too.

    Shawn (01:54):

    That’s right. And keep in mind whether our elected officials and other people are actively trying to honor God, they are still in that position at the grace and mercy of the Lord, just like Saul. God gave them the king they wanted. Wasn’t really who God wanted, but alright, fine, I’ll give you a king. And then our second one is one Timothy 6,:17-19, “Instruct those who are rich in this present world not to be conceited or to set their hope on the uncertainty of riches, but on God, who richly supplies us with all things to enjoy, instruct them to be good, to be rich in good works, to be generous and ready to share, storing up for themselves the treasure of a good foundation for the future so that they may take hold of that which is truly life.”

    Bob (02:38):

    Amen. Those are some good scriptures and talk about taxes. And I tell you God’s provision, I remember Ron Blue saying, “Don’t ever complain about paying taxes. It’s God’s provision.”

    Shawn (02:47):

    That’s right.

    Bob (02:48):

    But let’s pay as little as we can and legally, and one of the things before we get into these strategies that you’ve got to understand is the standard deduction, which is $29,200 if you’re married, filing jointly and $14,600 for single filers. That is this year’s numbers updated. And unless your itemized deductions are going to be above that, you don’t even need to itemize your deductions.

    Shawn (03:17):

    Don’t waste your time with it.

    Bob (03:18):

    Yeah. That’s right. Or a potential IRS audit.

    Shawn (03:22):

    Yeah. Married couples over 65 can add another $1,550 to the $29,200 standard deduction and single filers can add another $1950 or 1,950 to their standard deduction. So without further ado, let’s examine some year end tax strategies starting with the one Bob has seen the most used.

    Bob (03:44):

    I have, I’ll tell you what.

    Shawn (03:46):

    …Or most unused.

    Bob (03:47):

    I mean maxing out your contributions to those company qualified plans. I am amazed at how people…

    Shawn (03:55):

    403B, whatever it might be…

    Bob (03:56):

    457 plan. I’m amazed how many people do not do this, Shawn, just leaving thousands of additional dollars they have to pay in taxes.

    Shawn (04:05):

    By far the biggest is the biggest deduction that you could hit because of how much you can contribute.

    Bob (04:10):

    That’s correct. And if you’re under 50, what’s that number again under 50?

    Shawn (04:15):

    $23,000 If you’re under 50. So if you’re over 50, you can actually do up to $30,500.

    Bob (04:22):

    You realize if you’re…

    Shawn (04:22):

    That’s a big deduction.

    Bob (04:23):

    It is. And if you’re in that 25 or 30% tax bracket, there’s $3,000 of tax savings potentially if you’re not putting anything in or maxing that out. We’ve just paid for the day’s program. I mean we’re talking several thousand, but easily a thousand dollars.

    Shawn (04:41):

    Keep in mind we are talking about pre-tax. So if you are contributing to a company qualified plan as like for Roth or

    Bob (04:49):

    or 401k.

    Shawn (04:49):

    That’s not obviously going to help you. So you want to make sure that if you’re trying to go after this, make sure you’re doing the pre-tax contributions to that plan.

    Bob (04:58):

    The second strategy that we see a lot of is people not doing is maxing out their charitable contributions. And I would say this is the majority of us because I don’t know many people that give away 30 to 50 to 60% of their income every year, but you can legally do this and receive a tax deduction.

    Shawn (05:19):

    You have the rules for this, the 30, 50, 60% rules.

    Bob (05:24):

    So the 30% rule has to do with you can give up the 30% of non cash assets. So you could carve off some stocks that have maybe a high gain in them and if you sold them, you’d have a lot of tax. You could give those to your church or to a donor-advised fund. You could give things like an old automobile or maybe even some real estate. But we’ve gone over in past programs all the different ways to give non-cash assets, and that’s 90% of your assets.

    Shawn (05:57):

    And then you can give up to 50 to 60% of your adjusted gross income in cash to charities.

    Bob (06:02):

    That’s right. That’s right. And if you don’t know what charities you want to give to and you just need the tax deduction for this year, I would highly suggest that you open up a donor advised fund.

    Shawn (06:13):

    Open and contribute the cash to the donor advised fund before December 31st. Because the benefit then is you get to take the deduction for 2024 tax year, but you can decide later, like say in 2025 what charity or charities you actually want to give money to from the donor advised fund.

    Bob (06:29):

    And you can go five years out if you want to, but you’ll get the tax deduction right now. This is a strategy I personally use. The first two strategies we talked about. I always max out my 401k, and the second one is I always give to a donor-advised fund usually on the last two or three days of the year.

    Shawn (06:47):

    Just to make sure you hit that.

    Bob (06:50):

    That I hit the highest number that I can for giving and I get the tax deduction for it. It’s so easy to open up one, too. You can do one online – like we used the National Christian Foundation. You can go right online and open it up.

    Shawn (07:03):

    Also remember, taxpayers over 73 can give up to $100,000 tax free to a charity from their traditional IRA if the transfer is directly from the traditional IRA to the charity, which makes so much more sense than giving cash to your favorite charity or church if you’re over 73 because of those tax savings.

    Bob (07:23):

    Never take money from your IRA that you’re going to then give to charity, because remember the standard deduction, unless you hit over that standard deduction, it’s not going to be deductible. So it makes so much more sense to go directly from your IRA to the charity, but you do have to be in that RMD stage, which is above 73.

    Shawn (07:39):

    But hey, think about it. The tax savings that you’re not having to pay, that goes directly to the charity.

    Bob (07:46):

    And I’d say the majority of our clients over 73, this is what they do in lieu of leaving their tithe. They do this as a tithe versus giving cash because it makes so much sense.

    Shawn (07:57):

    Because you have that RMD that you have to do anyway. So tax strategy number three, max out property taxes in a single year. So if you own a home, pay your property tax bill before the end of the year or wait until next year and double up next year. The deduction for state and local taxes, including real estate taxes, is limited to $10,000, $5,000 for married filing separately. So this is just a good way that if you need that extra, say, up to $10,000 that you could pay both this year and next year’s taxes in the same year. Most people pay theirs in what, January?

    Bob (08:35):

    Or they pay in December, but like you say, if your property taxes are about $5,000 or $6,000 and you’re married, pay them both. Like you say pay in January and December and then the next year you don’t pay it, and then the following year you do the same thing so that it can get up high enough to go over that standard deduction. And we see this not happening a lot.

    Shawn (08:55):

    This is a great one. Maybe one of you received a bonus or something like that. And so in this given year, if you needed a little bit extra for that deduction, maybe double up on the taxes. Alright, number four, tax loss harvesting.

    Bob (09:09):

    That has to do with, let’s say you have a large capital gain, let’s say you even have some small capital gains like in some stocks. Stocks have done very well this year. So you have some large gains, but maybe you have a few stocks or something that you’ve had a loss on, a capital loss. If you want to do this before the end of the year, if you have something that’s sitting there with a capital loss and you’ve had these gains, you can sell whatever you want to at the capital loss, you can get that capital loss and it will go against the capital gain. We do this a lot around here and we’re about to be looking for any capital losses. It’s kind of hard to find this year, but we can also use capital losses from years before when the market was weighed down, we took those losses and they were paper losses and we didn’t get to use them all. So they’ll get to be applied towards future gains.

    Shawn (10:00):

    That’s right.

    Bob (10:00):

    Okay.

    Shawn (10:01):

    Alright. Number five, by the way, we’re doing seven, so stick with us, but number five, make gifts to responsible children or grandchildren.

    Bob (10:08):

    You notice I said responsible?

    Shawn (10:09):

    Yeah. Bob, why’d you put responsible? What do you mean by that?

    Bob (10:12):

    Well, if they’ve not been responsible with how they handle money, what makes you think they’re going to be responsible when you give them money? And that’s what I mean by that.

    Shawn (10:22):

    Well, that doesn’t make sense, Bob, because what I’ve seen of most people that win the lottery, they’re usually very responsible with the money. They already know how to handle it.

    Bob (10:29):

    Yep. But you can give…

    Shawn (10:30):

    Sarcasm obviously.

    Bob (10:31):

    Yeah, I know. I know. But if they’re responsible and you can give up to $18,000 to your children or grandchildren or even great-grandchildren per year and they don’t have to declare it as income, it goes with yours, too. There’s no tax burden on you.

    Shawn (10:47):

    Nice. Okay, so comment down below if you think Bob should do that for my wife, Jenna. I think she’s been pretty responsible.

    Bob (10:54):

    Yeah. Oh definitely. She’s the saver of the bunch, right?

    Shawn (10:58):

    Yeah. You at least know she wouldn’t spend it…ever.

    Bob (11:02):

    I know. We have to get her to go spend money if we want to.

    Shawn (11:05):

    Alright, number six, income timing.

    Bob (11:07):

    Yeah. Think strategically about how you’re going to be taking your income. Now most people, they have to take it, but let’s say you have a big bonus coming and you could forego that bonus right now. If your employer will do this, you could go talk to them and say, “Could you give me that bonus next year?”

    Shawn (11:30):

    Right after January 1st?

    Bob (11:32):

    But only do that if you think your income’s going to be lower next year. And this really applies to someone that’s about to retire. If you think you’re going to be retiring in February or March or May or June of next year, if you can wait to take that bonus until next year, definitely do.

    Shawn (11:51):

    The other example would be if someone needed money from one of their retirement accounts and it was towards the end of the year. Okay, well you have to be careful if you’re already receiving social security on that income timing because, and I know Bob, you had someone, a client very recently where I think they needed an extra maybe like 30k total, and the issue was if they took the full 30k before January 1st, it would’ve actually done this retroactive taxation on the social security because of social security plus their normal income plus the extra income. Instead what they did, I believe was they did $15,000.

    Bob (12:26):

    Did 15k this year and 15k the next.

    Shawn (12:28):

    Exactly. Great example of income timing where not only did you save on taxes, but you saved yourself on potential extra taxes that might’ve been triggered.

    Bob (12:36):

    On the social security. Correct. Number seven, now we’re down to the last one. Down to the last one today.

    Shawn (12:40):

    Buy business equipment.

    Bob (12:41):

    We do that a lot around here, don’t we? If you own any kind of business, even if it’s a home business, it could be a very small business, but if you need that new computer and you’re going to need a new computer in the next few months, or you need some new office equipment that you know you’re going to need in March or April, go ahead and buy it now so you get that tax deduction right now.

    Shawn (13:01):

    Exactly. Same thing with a vehicle. So if you’ve got a service business or something where you’re not just sitting at the computer like we do and look at the stock markets all day, well the car, I mean that’s a nice big expense that you can use to try to get that deduction.

    Bob (13:16):

    That car has to weigh a certain amount. You need to do some research on what type of car you can buy for it to be a tax deductible.

    Shawn (13:24):

    That’s right. So in conclusion, there are many more year end tax strategies, but that’s all we’re going to cover for today. I want to make sure we don’t throw too much at you, but hopefully you can save thousands of dollars in taxes for 2024 by using one or more of these year end tax saving strategies. And just remember, all these strategies we mentioned today must be done before the end of the year. So, time is of the essence, you cannot procrastinate unless you want to use these for 2025.

    Bob (13:51):

    And we very highly recommend that you run this by a CPA or an accountant before you integrate any of these tax strategies. But we’re here to help you integrate these strategies before the end of the year. That’s the main thing. And don’t, please don’t wait till December 27th to do this. I mean these things can be done right now, especially with the first one that we mentioned today about maxing out your 401k.

    Shawn (14:15):

    That’s right.

    Bob (14:15):

    You might need to get with your HR manager and figure out how you’re going to do that.

    Shawn (14:17):

    That’s an easy one for sure. Yeah, feel free to call or text to discuss this 830-609-6986 during our normal business hours. We do have some other year end tax strategies we didn’t discuss today. We have financial planning software we use that can be extremely beneficial to kind of visualize and understand and see the impact of these. But I guess that’ll wrap it up for today.

    Bob (14:38):

    Just give us a call at 830-609-6986 or text us and we’ll be glad to help you.

    Shawn (14:44):

    Thanks for joining us as always, and God bless.

    [DISCLOSURES]

    * Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, a registered investment advisor registered with the SEC. Registration as an investment advisor does not imply a certain level of skill or training. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the hosts, Bob Barber and Shawn Peters, and their guests. Bob and Shawn do not provide tax advice and encourage you to seek guidance from a tax professional. While Christian Financial Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.

    16 min
  • Money Saving Ideas For Christmas
    Christmas is a stressful time for most of us when it should be a time full of joy! It is a time to remember the birth of Jesus, giving back to others, and showing those around us love. Instead, it has turned into a time of stress and demand, always wondering what the best gift is to give, trying to find the best deals, and basically just surviving the season. All this is done while trying to maintain composure and put on a mask of joy. Instead, what if we changed our mindset on gift giving to bring the true meaning of the season back to the front. In this episode, Bob and Shawn discuss unique, money saving ideas for Christmas and gift giving. These aren't your typical “hit up the sales” ideas, but rather suggestions that come from the heart to spread true joy around the real meaning of Christmas.
    15 min
  • 213 – Money Saving Ideas For Christmas
    Click below to listen to Episode 213 – Money Saving Ideas For Christmas
    Money Saving Ideas For Christmas

    Learn money saving ideas that come from the heart to spread true joy around the real meaning of Christmas.

    More episodes >>

    Christmas is a stressful time for most of us when it should be a time full of joy! It is a time to remember the birth of Jesus, giving back to others, and showing those around us love. Instead, it has turned into a time of stress and demand, always wondering what the best gift is to give, trying to find the best deals, and basically just surviving the season. All this is done while trying to maintain composure and put on a mask of joy.

    Instead, what if we changed our mindset on gift giving to bring the true meaning of the season back to the front. In this episode, Bob and Shawn discuss unique, money saving ideas for Christmas and gift giving. These aren’t your typical “hit up the sales” ideas, but rather suggestions that come from the heart to spread true joy around the real meaning of Christmas.

    HOSTED BY: Bob Barber, CWS®, CKA®

    CO-HOST: Shawn Peters

    Mentioned In This Episode
    Christian Financial Advisors
    Website
    Bob Barber, CWS®, CKA®
    Shawn Peters
    Compassion International
    WebsiteX
    The Christmas List App
    Website
    Bible Verses In This Episode
    PROVERBS 22:7

    The rich rule over the poor, and the borrower is slave to the lender.

    LUKE 14:28

    Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it?

    HEBREWS 10:24-25

    And let us consider how we may spur one another on toward love and good deeds, not giving up meeting together, as some are in the habit of doing, but encouraging one another—and all the more as you see the Day approaching.

    PHILIPPIANS 4:19

    And my God will meet all your needs according to the riches of his glory in Christ Jesus.

    MATTHEW 6:19-20

    Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal.

    PROVERBS 17:1

    Better a dry crust with peace and quiet than a house full of feasting, with strife.

    Want to ask a question about your specific situation? Schedule a complimentary 15 minute phone call.

    SCHEDULE AN APPOINTMENTDid you enjoy this episode? Sign up for email updates and never miss an episode.
    EPISODE TRANSCRIPT

    Bob (00:00):

    If you ask me even right now to tell you what are five gifts that I got two years ago, I can’t do it. I mean, I can’t remember.

    Shawn (00:18):

    Welcome back to another episode of Christian Financial Perspectives. My name’s Shawn Peters. I’m joined as always by Bob Barber, and today we’re going to be giving you some money saving ideas for this Christmas and hopefully this will help some of you out there not be quite so stressed out because believe it or not, it is not all about money.

    Bob (00:35):

    We’re bringing this to you right before Black Friday. Is that what it’s called? Black Friday?

    Shawn (00:41):

    I mean, some companies are, I don’t know if those of you watching have seen this, but they’re even calling it Black November now. They’re not even pretending to call it Black Friday. It’s just no, no. Black November. All the sales start on November 1st.

    Bob (00:54):

    So we’ve got some great ideas for you, and I think you really want to take these to heart. The first one is just so simple. It’s a novel idea, by the way. Do not go into debt. I’ve seen this over and over. You can so quickly get into debt, but it takes you so long to get out of it. It’s amazing in just a matter of days or weeks, how far you can get into debt.

    Shawn (01:15):

    Now, I don’t know if it’s necessarily true from a physiological standpoint, but I feel the same way when it comes to the gym. And I’m sure some of you watching feel the same way. You go to the gym consistently and then you miss three days in a row and you’re like, I have added five pounds of fat. I’ve lost all my muscle and I don’t know how to do the workouts anymore.

    Bob (01:34):

    Wait until you get my age of 62. Okay?

    Shawn (01:35):

    Yeah. With debt, it’s kind of the same thing. At least the way that feels is you can so easily get into debt and it takes a lot longer to get back out.

    Bob (01:43):

    Make it a vow just not to use credit cards this season and just to use debit cards to buy those Christmas presents. It’s pay as you go. I mean, I know it’s a real novel idea here in America. We’re all about getting in debt, but you’re nearly guaranteed to go over budget if you use those credit cards.

    Shawn (02:02):

    And we have a good scripture for this one. Proverbs 22:7, “The rich rule over the poor and the borrower is slave to the lender.”

    Bob (02:09):

    Slave.

    Shawn (02:09):

    I know. We’ve used that one before, but it’s such a good version.

    Bob (02:13):

    It’s clear as can be. The second thing, now I know this is with everyone, but you make the list, you’ve got to make a list of every person and charitable organization you want to give to, and then you’ve got to think of it like a budget. How much am I going to spend for each person and organization on this list? Right?

    Shawn (02:33):

    Or better yet, if you can allocate that budget from the top down, so you make your list and then say, okay, this is how much that we can actually afford to spend in total. And then from that number, you kind of go down the list and figure out, okay, well how much can I spend for each person? And like Bob said, each organization maybe you’re donating money to.

    Bob (02:53):

    And there’s an app that my wife uses called “The Christmas List App”.

    Shawn (02:58):

    Oh, nice.

    Bob (02:58):

    And so that’s just how she stays on track. She knows having a husband that is in the financial world is watching every penny that goes out. I think we’ve got a good scripture you got for this one, right?

    Shawn (03:09):

    We do. Luke 14:28, “Suppose one of you wants to build a tower, don’t you first sit down and estimate the cost to see if you have enough money to complete it.” That kind of goes right back into the how much do you have? Then make your list of who you might want to give money to, and make sure the numbers match.

    Bob (03:26):

    Yeah. Now this third idea is a really old fashioned idea. I don’t think people use this much today, but instead of having to buy a gift for every single family member…

    Shawn (03:36):

    Yeah, each family member just picks one name.

    Bob (03:38):

    Picks a name.

    Shawn (03:39):

    It doesn’t necessarily have to be using a hat. It could be maybe a digital version of picking a hat or whatever. But yeah, it relieves the pressure if everybody just has one family member. Because instead of thinking about what do I get for everyone, well just focus on that one person. And then if anything, especially depending on the year, sometimes the budget’s not as big as you’d like it to be, but if it’s all for one person from one person, you can get nicer things or you can do something more creative.

    Bob (04:09):

    Instead of spending or having to spend $10 per person or $20, you may be able to spend as much as $40 if it’s just one person or $50.

    Shawn (04:19):

    Exactly.

    Bob (04:20):

    And I hate to put pressure on my family members of having to buy a gift for everyone. We’re fortunate. I’ve been in business for 35 years and we can afford to buy presents for everyone, but I know many of the family members, they cannot do that. And this takes that pressure off. This is an old idea that’s been around for years. Like I said, it used to be…

    Shawn (04:42):

    You pull the name out the hat.

    Bob (04:43):

    You pull your name out and out of a hat. God never intended for Christmas to become a financial burden.

    Shawn (04:49):

    No. It was supposed to be a celebration of the gift of Jesus.

    Bob (04:53):

    That’s right.

    Shawn (04:53):

    And the birth of Jesus. So definitely wasn’t supposed to be a financial burden. It’s supposed to be something to celebrate and be excited about. Number four, choose time over money.

    Bob (05:02):

    Oh yeah. You can’t replace time.

    Shawn (05:04):

    Especially if someone’s love language is quality time. As the old saying goes, it’s the thought that counts. So for some people, spending that time together is much better joy than something of just getting a physical gift.

    Bob (05:20):

    I know I would rather have that, Shawn. I’d rather have time with my grandchildren, with you, with Jenna, and our other daughters. That is so much more precious to me than any gift that you could buy me.

    Shawn (05:33):

    And a good example of that could be if you’re valuing that experience, which even if someone’s love language isn’t directly quality time, there’s still something to be said for kind of everyone of doing, experiencing something together. So it could be that your gift is you still get a physical gift and it’s maybe less expensive, but it’s okay, “Hey, I bought this so we can play this game together, or we’re going to go do this sightseeing thing,” whatever it might be that’s technically a physical gift, but it’s to compliment some sort of experience with someone.

    Bob (06:06):

    I think we’ve got a good scripture for that one too, that goes with this from Hebrews 10:24-25, “Let us consider how well you may spur one another on toward love and good deeds, not giving up meeting together as some are in the habit of doing, but encouraging one another and all the more as you see the day approaching.”

    Shawn (06:27):

    Yeah, that’s right. Number five, think of something creative instead of buying an item from a store. Kind of ties back into a little bit to number four.

    Bob (06:34):

    Yes, it does. How about cookies?

    Shawn (06:35):

    Yeah, cookies. I mean, I will say my love language isn’t food, but as I thought it was as a guy, it kind of is.

    Bob (06:44):

    I’ve seen you eat, Shawn. Now wait a second.

    Shawn (06:47):

    Well, Bob, it’s not one of the official love languages, but it’s definitely one of my love languages.

    Bob (06:54):

    So last Sunday after church, we’re going to eat and they bring out this chicken fried steak. If you’re listening, you can’t see it, but you can see it on YouTube. It’s about that big.

    Shawn (07:02):

    It’s at least the size of your face.

    Bob (07:04):

    Exactly. And I saw you, you just looked so happy.

    Shawn (07:08):

    I mean, it’s hard to go wrong with that, right? So think of something that’s not just a buy it and wrap it, but something that you make yourself, again, kind of depending on the recipient’s level language on what you might get them, but you don’t have to just buy it and wrap it.

    Bob (07:23):

    And this next one. So we did, we asked the staff what are some ideas? And one of the staff members gave us a really good idea for Christmas. It’s not necessarily saving money at Christmas, but it’s spending money that you’re already going to spend anyway. And so the sixth idea is essentials make great gifts for stocking stuffers, toothpaste, and razor.

    Shawn (07:43):

    So some shampoos, combs, whatever.

    Bob (07:46):

    All that kind of stuff. And I think that’s a great idea. I mean, you’ve got to buy that stuff anyway eventually.

    Shawn (07:52):

    Exactly.

    Bob (07:52):

    So make it gifts at Christmas and then you have something to open.

    Shawn (07:55):

    Especially for the kids if you have younger, well, I mean I say younger kids, it could all be up to high school really, but you have a stocking you’ve got to put stuff in. Well, get some of the essentials because, and especially for the younger kids, they still get to pull a bunch of stuff out of the stocking, but it’s stuff that they need anyway or are going to need in the near future.

    Bob (08:13):

    I think my mom did that. I didn’t even know it. The stocking was so full and I’d start pulling stuff out. It was new socks that she would get my brother and I. Of course, boys go through socks and they’re pretty stinky.

    Shawn (08:25):

    Bob, those socks take up more space in the stocking.

    Bob (08:27):

    They do. Well, actually, she would put underwear in there, too. So I was like, okay, thanks mom. And I didn’t think about it. I was like, that’s good. I got something. I need this. And I was always getting a hole in my socks. So it’s a great stocking stuffer like you say, it really feels like it makes it full.

    Shawn (08:45):

    That’s right. The verse for this one is Philippians 4:19, “And my God will meet all your needs according to the riches of his glory in Christ Jesus.” So I mean like, okay, it’s important to God that He’s able to meet our needs and he does that. So it’s probably okay for us to do that for people we care about.

    Bob (09:02):

    This next one is a big one with me. You’ve heard me mention this many times. Consider whether the gift that you’re giving even be remembered a year from now. And if you ask me even right now to tell you what are five gifts that I got two years ago, I can’t do it. I mean, I can’t remember, but at the time I could. I remember that time, remember when we went to Hawaii and we spent all that time together? And not that you have to do the expensive gifts like that, but I remember that time over gifts and that was so memorable. It’s just junk really. It’s stuff that you give away – most of it.

    Shawn (09:43):

    It’s kind of two things. One, a lot of the things that we will tend to give if we’re not careful, yeah, it’s just junk. But even more so is don’t let that be a burden or cause you anxiety of like, “Oh no, I have to get the perfect gift,” because chances are almost nothing that we give to each other is going to be remembered a year from now and certainly not two to three years from now, with some rare exceptions. So I see that as a blessing. It’s not pressure of like, well, did you pick something good enough that’s going to be remembered a year from now? No, no. That’s kind of the point is it probably won’t. So don’t worry about it so much.

    Bob (10:21):

    Okay, I just thought of in the middle of this, I think of this step we’re talking is that another great gift to give is to give a gift in the name of someone to someone greatly in need. We’re big givers of Compassion International around here, and they need all the gifts that we can give them. If you could just give somebody a chicken or a goat, it just costs $25 or $30. That means that goes a long, long ways. And you could do that in someone’s name instead of giving a gift to them. So many of us, we don’t need more stuff, Shawn. We just don’t need it.

    Shawn (10:56):

    And we’ve got a scripture for this, Matthew 6:19-20, “Do not store up for yourselves treasures on earth where moths and vermin destroy and where thieves breaking in and steal, but store up for yourselves treasures in heaven where moths and vermin do not destroy and where thieves do not break in and steal.”

    Bob (11:10):

    I think that goes with that last point that I just said. Definitely. Are we down to the last one? Number eight.

    Shawn (11:16):

    Okay. Does the gift need to be expensive to be appreciated? So as you consider a gift for the other person, consider whether or not you think it needs to be expensive to be appreciated. And if you think so, why do you think that? Is that something with your own heart that you feel like you’re not doing a good enough job if it’s not expensive? Or is it an issue with the person that you’re wanting to give a gift to? Are they being a little vain, conceited, or whatever you want to call it that it was like, “Wow, it doesn’t look brand name or it doesn’t look expensive. You must not care about me.” The gifts should come from the heart and the appreciation should not be based on the perceived dollar value.

    Bob (11:55):

    Well, you’ve heard me say this over and over, I always love it when Jenna, our oldest daughter, your wife, I mean, she goes to the trouble of going to the store and getting those things I like the coconut cookies and the nice drinks that I like, the Arizona tea, things like that. I mean, I like that. And that means a lot to me. And it doesn’t have to be tremendously expensive because it goes with me.

    Shawn (12:21):

    It’s not just you, Bob. I had to start doing that, especially going into college for my own dad. That kind of an idea, partially, because I don’t have a whole lot of money. But the other part too is once you get to a certain age, getting stuff for your parents, especially, is kind of hard because it’s like…

    Bob (12:37):

    It is.

    Shawn (12:38):

    …the only thing they don’t have is stuff that I can’t afford to buy them.

    Bob (12:41):

    Exactly right.

    Shawn (12:41):

    They kind of already have all the smaller stuff. So the only thing kind of left is food and comfort stuff.

    Bob (12:46):

    Exactly. And most of us grandparents, if we want it, we’ll just go get it anyway.

    Shawn (12:51):

    Like, oh, Bob already bought the tool that he’s been wanting.

    Bob (12:54):

    Yep, that’s right.

    Shawn (12:55):

    So the verse we have for this before we wrap up, Proverbs 17:1, “Better a dry crust with peace and quiet than a house full of feasting with strife.”

    Bob (13:04):

    That’s an interesting scripture to go with that. So that’s all we have for today. I hope these have been some good money saving ideas for Christmas. Remember, we know the reason for the season, the reason for the season is Jesus Christ and what he did for us. This was never intended to be a season about high debt and stress.

    Shawn (13:23):

    Yeah. Don’t get sucked up by the consumerism and debt materialism that can generate this sense of guilt if you didn’t make it perfect or you didn’t do something expensive enough, or whatever other nonsense is run around in your head.

    Bob (13:38):

    You always use that word nonsense. I love that.

    Shawn (13:41):

    As always, Jesus is the reason for this season.

    Bob (13:43):

    That’s right.

    Shawn (13:44):

    And should be reflected in how we respond this time of year. It was the greatest gift mankind has ever received, the arrival of Jesus to later then die for us on the cross. So it’s okay if you don’t get the perfect gift or spend a whole lot of money because that’s not what it’s about anyway.

    Bob (14:00):

    It’s the thought that counts.

    Shawn (14:01):

    That’s right. As always, thank you so much for joining us. God bless, and we’ll see you next time.

    [DISCLOSURES]

    * Investment advisory services offered through Christian Investment Advisors Inc dba Christian Financial Advisors, a registered investment advisor registered with the SEC. Registration as an investment advisor does not imply a certain level of skill or training. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the hosts, Bob Barber and Shawn Peters, and their guests. Bob and Shawn do not provide tax advice and encourage you to seek guidance from a tax professional. While Christian Financial Advisors believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability.

    15 min
  • Voting Christian, But Investing Woke?
    Are you voting with your values, but unknowingly investing against them? In this episode, Bob and Shawn uncover the importance of aligning your financial decisions with your Christian beliefs, particularly when it comes to voting one way but maybe investing another way. Discover how you can vote and invest in harmony with your Christian faith by choosing to invest in companies that align with your Biblical values, such as pro-life and pro-family. If you are voting this way, then shouldn't the way you invest also align with these principles? In today's modern financial world, it's actually quite easy to invest in alignment with their values through Biblically Responsible Investing.
    20 min

About Christian Financial Perspectives

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Biblical wisdom for financial decisions and goals. Conversations about managing money according to Christian principles, featuring expert insights on budgeting, investing, giving, and building wealth…

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