The Stewardship Podcast

So many small businesses have been drastically affected by the COVID-19 epidemic and unprecedented economic fallout. Last month, the US Government stepped in with the largest stimulus bill ever signed into law with the CARES Act, injecting $2.2 trillion into our economy. In today's podcast, Jeremy and Grant explain and discuss the Paycheck Protection Program that is one small part of this bill that could potentially allow many small businesses to keep their doors open, to keep their employees on the payroll, and maintain some much-needed stability in countless people's lives. Is this a good idea for your company? Our goal is to help you understand the ins and outs to approach that question with wisdom and clarity rather than being controlled by emotion.

Do you know someone whose business has been impacted by the coronavirus outbreak? Share this podcast with them.

Don't take all of your financial advice from podcasts and radio personalities, read all about the PPP and the other Coronavirus Relief Options  here.

On March 27th, 2020, the US Government set into motion a plan to respond to the financial impact of the COVID-19 Crisis entitled the CARES Act, or Coronavirus Aid, Relief, and Economic Security Act. This can be found in its entirety here if you have a few hours to go over it. This is the largest economic relief stimulus bill ever signed into US law. The act is over 300 pages long and involves over $2.2 Trillion. This is a big deal.

But what does it mean for you? Today, Jake and Jeremy take a few minutes to help us understand some of the major provisions of the act, what it means for businesses and what it means for your personal situation. 

We also have a blog on the subject:  The CARES Act – What it means for you

The news is coming in real-time, so be sure to subscribe for more clear and relevant content as the stories unfold. 

Today Jeremy meets with Renata Smith, owner of Thrive Financial Coaching. Renata helps people with their day to day finances, from getting out of debt to figuring out where the money is going from month to month. They discuss the differences between a financial coach and a financial advisor. Renata's experience gives her a unique perspective in helping guide people out of financial turmoil. 

The country is in a place of instability. Today, Jeremy and Renata talk about how to persevere in pursuing financial goals, the importance of generosity in this season of uncertainty, and how to find peace when so many seem to be in fear. They round out the podcast with some practical money tips in the current financial climate.

This crisis has put pressure on non-profit organizations all around the world. Please consider Midwest Food Bank and Compassion International as two trustworthy organizations that are actively working to make a kingdom impact amidst the chaos in our world today.

Check out Renata Smith at https://www.thrivefinancialcoaching.com

The stock market seems more unstable than ever and many of us are waiting to see when it will hit bottom. It seems that nothing is consistent. This week, the defining Stewardship podcast is consistent in both our posting schedule and our messaging. Today, Jake and Jeremy discuss why they are confident that the market will rebound and continue its long history of growth over time. They also talk about some strategies for people with shorter time horizons and how we can remain calm in this season of seeming unsteadiness. This situation is unprecedented, but it is not a cause for fear. Check out today's podcast to understand how to best respond to the current investing climate.

The economy is entirely unpredictable right now. The 24-hour news cycle continues to keep us on our toes about the Coronavirus situation. The uncertainty has put our economy in an unprecedented place. Stocks are all over the place and people are doing anything they can to find stability and safety. Today Jeremy (a financial advisor) and Grant (a mortgage broker) discuss what we can do to position ourselves for the most security and the most success in this tumultuous time. They break down what it looks like to refinance, how interest rates change, and how to be responsible when it seems like so many things are out of control. If today's episode was helpful, please share it with a friend and leave us a review.

The past few weeks have been turbulent for the stock market. While we like to remind our clients that drops are normal and part of the journey to building long-term wealth, the speed at which the market dropped was historic. Only a few weeks ago we were near all-time highs!

It’s easy to get caught up in the distraction of short-term market performance. I keep a running list of quotes from famous investors and authors that I use for encouragement when it seems like all the news is bad news. Here are some reminders to help get you through this tough time.

“In a well-diversified portfolio, only people can create permanent losses.” -Nick Murray

The value of your investments will fluctuate daily. Though we say things like “the market lost 5% today,” you’ve not actually lost that money. How do you create a permanent loss of 5%? By panic selling and locking in that loss.

The first part of Murray’s quote— “in a well-diversified portfolio”—means that you aren’t concentrated in only a few stocks. Companies can go out of business, thereby making your investment worth nothing.  As long as you are broadly diversified, you’ve minimized this risk.

“Dieting and investing are both simple, but neither is easy.” –William Bernstein

We know we need to exercise, eat healthy, and get plenty of sleep. Easier said than done! Likewise, investing isn’t overly hard, but sticking to an investment plan when you see your account balance dropping can be difficult.

“The problem is that we tend to think of ‘risk’ as a fixed concept—that is, stocks are riskier than cash and bonds…period. But risk can only be accurately assessed in combination with a time horizon.” -Patrick O’Shaughnessy

The real risk is not your account value going down in the short-term. The real risk is not saving enough to hit your financial goals. Think about retirement. If you invest in “safe” assets like bonds, CD’s, or savings accounts, will your purchasing power keep up with inflation? Absolutely not. If you invest in “risky” assets like stocks, you will exceed inflation and are more likely to hit your financial goals.

If you think about risk this way (in combination with a long-term time horizon), which is riskier? Over a long period of time, bonds are riskier than stocks.

“You make more money selling advice than following it. It’s one of the things we count on in the magazine business—along with the short memory of our readers.” –Steve Forbes

One of the worst things you can do is to watch, listen to, or read financial news. They sensationalize everything and cater to traders, not long-term investors.

“Every past decline looks like an opportunity; every future decline looks like a risk.” –Morgan Housel

How many times have you looked at a chart of historical stock market performance and thought, “If only I invested at the bottom!” With the benefit of hindsight, we see those deep declines as opportunities to buy. However, when experiencing it in real-time, we think the world is ending.

“The stock market is a device for transferring money from the impatient to the patient.” -Warren Buffett

If you panic sell your stocks, you have to remember there’s a buyer on the other end. Successful long-term investors are patient, able to weather the storms because their eyes are fixed on the prize of building wealth.

“I spend about half of my time wondering why I have so much in stocks and about half wondering why I have so little.” -Jack Bo

Nines, the Adaptive Peacemakers, are diplomatic and attuned to the ideas of others, often as facilitators or mediators in groups. They form the glue between people with their friendly, grounding and stable demeanor. They struggle to connect to their own point of view or say "no," and often avoid all conflict. At high integration, they are independent and self-respecting, acting with self-awareness and autonomy.

This is it: the final episode of our ten-week series on the Enneagram and Finances. We close out our series with, you guessed it, type 9. Grant and Jeremy discuss some of the pitfalls people who relate with type 9 ought to watch out for, including conflict-avoidance and enabling other people's bad habits. They also talk through a 9's ability to make sacrifices for those they love and keeping a level head in times of stress. As always, at the end of the podcast, Jeremy interviews Daniel, who relates with Enneagram Type 9 to find out how he deals with finances in his life.

If you've enjoyed this series, please leave a review and share with your friends. Be sure to check out episodes for numbers you may not relate with - someone in your life probably does relate with that number, and the more we can learn about how other people think and behave, the more we can have empathy and love for those people.

The Active Controller - Eights are forces of nature, with a strong presence and personality that values being in control. They are guarded but caring and protective of those around them. As they mask any vulnerability with a tough, no-nonsense exterior, they may seem intimidating and confrontational. At higher integration they combine their directness with compassion, collaborating with others while serving the greater good.

People who relate to eights may be seen as fighters who buck against anything trying to control them, but when we get down to it, they are really just determined to protect the people they love the most. This reality means they could be superbly good at financially preparing their families and being outrageously generous to fight injustice, or, if serving themselves, they may be hard-headed and distrusting. Today, Grant and Jeremy talk about how eights can really use their strengths in their finances and, as with all the other numbers, some of the areas to watch more closely. At the end of the podcast, Jeremy interviews Greg Suiter about how his "eightness" impacts his family and life.

Sevens seek variety, stimulation, and fun, tackling challenges with optimism and engaging with life in a future-orientated way. As team members, they bring creativity, energy, and optimism. They may seem distracted, hedonistic, insensitive or irresponsible to others. Sevens are often unhappy but deny this, escaping into hyperactivity and impulsive pleasure-seeking. At higher integration they are present, finding joy within.

People who relate to seven's are a blast to be around! They dream, and take action. That doesn't really sound like someone who loves a budget meeting. Today, Jeremy and Grant discuss how people who relate with Seven's often relate to money - outlining how fun they can be when they lean into their dreams and enthusiasm. They also talk about the reasons these fun folks could benefit from being okay with some of the more boring things, like planning and tracking expenses. 
 
 At the end of the podcast, Jeremy interviews Matt Fogle, pastor and church planter of Rythm Community Church in Mesa. Matt relates with the Enneagram Type 7 and outlines how this affects his life, his marriage, and his decisions.

Check out Rythm Community Church at https://rhythm.community/

Sixes easily tune into potential danger and risks, acting on a sense of anxiety, and think in skeptical ways. They value trust, responsibility, and loyalty and need to feel they are safe and belong. At lower integration, they may be paranoid, reactive and insecure as loyalty turns into dependency and over-sensitivity. At higher integration, self-reliant and grounded Sixes give confidence to those around them, resiliently coping with risk.

Sixes have a lot going for them. They are great at saving, great at preparing for the unknown, but they have some blind spots as well. Today Grant and Jeremy talk about the loyal skepticism of people who relate with Enneagram Sixes. In the second half of the podcast, Jeremy interviews his friend Ben Coberly about being a six and being an avid board game enthusiast.