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Episodes by Topic: family finance
Client Story: The McCormicks
Mike is joined by clients Sandy and Karen McCormick who share their stories of financial lessons they learned throughout life. They also share their philosophies of spending and saving.
Sandy and Karen then share the experience they have had as Ronald Blue Trust clients in the Everyday Steward division.
Listen to the EpisodeA Penny Saved Is a Penny Earned
In The Way to Wealth, Benjamin Franklin gave some sage financial advice, even on how to control living expenses. He also gave timeless advice regarding avoiding debt.
Mike talks about some of those pieces of advice as well as answering a listener question about the recent interest rate increase and ideas about how to help others in your local community.
Mikes’ wife Cathy calls in to discuss ways she helped keep living expenses low as she and Mike raised their children.
He also shared an old Saturday Night Live skit.
Listen to the EpisodeA Biblical Relationship with Money
What does the Bible say about money? John Dodd, Senior Private Wealth Advisor in the Nashville office of Ronald Blue Trust, joins Mike to discuss how you can develop a biblical relationship with money.
Money is a tool God gives us to grow His kingdom. It is not a source of contentment or a measure of biblical success. We should use it to meet our needs, save for emergencies, and give generously. But what exactly does all that look like?
Looking at three main points and principles:
- God has set eternity in our hearts (Ecclesiastes 3:11). We are hard-wired to find contentment in God alone.
- The eye is never satisfied with seeing nor the ear with hearing (Ecclesiastes 1:8). We seek contentment in the things of this world instead.
- Our God is a jealous god, a consuming fire (Deuteronomy 4:14). God will not compete with money.
Materialism and “keeping up with the Joneses” can entrap and ensnare us. It is not how God has called us to live. Mike and John also discuss several questions and principles to help us become free from the entanglements of materialism and consumerism:
- How should Christians think through financial decisions?
- Is it wrong to have nice things?
- What should we think about tithing?
- When I get an increase in wealth, how should I adjust my standards of living and giving?
Beneficiaries, Part 2
Mike continues his discussion of setting up beneficiaries on your various accounts.
- Remember that beneficiary designations will take priority over anything named in your will.
- Don’t unknowingly disinherit your grandkids: a helpful tool for this is using per stirpes language.
- Is there a danger to naming only one child as the beneficiary and trusting them to distribute to the other heirs according to your desires?
- How can you make sure your IRA assets get paid out over time instead of one lump sum?
- Life Events such as birth of a new child, death of a loved one, divorce, marriage should act as triggers for you to double check your beneficiaries.
- What is the difference between Tenants in Common and Joint Tenants With Right of Survivorship (JWROS) on a real estate deed?
- When was the last time you double checked your deed to see how it is titled?
- What about having JWROS on a bank account or a brokerage account?
- Is it a good idea to have a joint account with an elderly parent and their child who helps them with day to day responsibilities?
- What about your child’s spouse (your in-laws) and your grandchildren? Have you drafted your documents to make sure they get the assets as you intend?
- What about 2nd marriages and kids from previous marriages?
- There are times when a trust would be the most appropriate. Have you considered that route?
- What about minor children?
- There are certain people you shouldn’t name as beneficiaries: who are they?
- Did you know you can name your church or favorite charity as a beneficiary? There are special considerations for this, too.
Beneficiaries, Part 1
Beneficiary designations may sound simple, but can actually be quite complex, especially when you start thinking of all the different possible scenarios:
- Are you sure your money will go where you want it to?
- When was the last time you looked at the beneficiary designations on all your accounts?
- How can naming beneficiaries help you make your heirs’ lives easier after you pass?
- If your beneficiary designations and your Will don’t match, who gets the money?
- Should you name your estate as the beneficiary?
- Are your beneficiaries emotionally and financially ready to get the money all at once?
- If your spouse dies, how important is it for you to claim their retirement accounts?
- What about taxes?
- Have you unknowingly disinherited your grandkids? Have you implemented per stirpes language to ensure this doesn’t happen?
Living Generously Today
Dan Glaze, National Relationship Manager at the National Christian Foundation, joins Mike to discuss the many benefits being generous with what God has given you.
- Is giving via your estate plan really sacrificial giving?
- What exactly is a donor advised fund?
- Are there giving and tax strategies you can implement when selling your business?
- Do financial discussions or issues stress you out?
- Want to get your children more involved in your giving?
- What are some ideas for communicating with your spouse about giving?
Mike and Dan discuss all these areas and more!
Listen to the EpisodeInterview with Ron Blue
Mike interviews Ron Blue, the founder of Ronald Blue Trust and author of several books on biblical financial management.
They discuss Ron’s background as a CPA and what led him to start Ron Blue & Co, that eventually became Ronald Blue Trust. They also discuss some of the financial advice and wisdom they have gleaned over the years:
- Materialism isn’t only a first world problem.
- Asking, “how much is enough?” when setting up a financial plan.
- The benefits of being generous now.
- “If it’s true, it’s not new; if it’s new, it’s not true.”
- You can’t feel financial independence.
- Contentment is a choice.
They finish by talking about some of the other organizations Ron has been influential in starting: Kingdom Advisors and the Ron Blue Institute.
I Timothy 6:17-19 “Instruct those who are rich in this present world not to be conceited or to fix 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 my take hold of that which is life indeed.”
Listen to the EpisodeFinancial Intimacy
John Dodd, Sr. Private Wealth Advisor in Ronald Blue Trust’s Nashville, TN office, joins Mike to discuss how someone’s philosophy of money affects their day to day financial decisions.
They discuss some ideas such as:
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- Money has gravity: the more you have, the more force it exerts on you.
- Money has power: it promises what it can’t deliver.
- Money makes us more of who we are: it reveals our hearts.
They also discuss this Financial Intimacy Assessment: a document that Ronald Blue Trust advisors use as they help counsel couples through some of their financial questions and issues. This document covers areas such as:
- Describe how your parents handled money and what impact that had on you.
- What is a financial value you want to and don’t want to emulate?
- What are the primary money messages your children are learning from you and your spouse?
- If you had an extra $50,000 this year, what would you do with it?
- If you had one money “do-over” in life, what would it be?
What is Your Financial Plan?
Scott Clark, CFP®, CKA®, joins Mike to discuss the Everyday Steward division of Ronald Blue Trust. They discuss the importance of having a financial plan, having your estate in order, and making sure you are truly diversified in your investments.
Mike ends by reading this holiday greeting from Nick Stonestreet, CEO of Ronald Blue Trust.
A special offer for our listeners! For $500 you can get a professional financial plan overview for yourself or to give as a gift!
Scott and his team will help you answer five major questions:
- Do you have written financial goals or responsibilities driving your decisions?
- Are you purposefully giving, saving, and spending?
- Are you prepared for the impact of death or disability?
- Are you on track to meet your written goals or responsibilities?
- Are you making wise investments? Does your portfolio flow from your plan?
This offer will include one hour of planning by Scott and his team, one hour meeting with Scott to discuss the plan they have drafted, and a binder with the plan all printed out for you.
Two books will also come with the plan: Your Money Made Simple and Your Life Well Spent, both by Russ Crosson, the chief mission officer of Ronald Blue Trust.
To begin the process, you simply need to request a questionnaire. You will have no obligation until you return the questionnaire and you agree to engage us
For more information, please email mike@talkingmoneyradio.com or scott.clark@ronblue.com, or you may call Scott at 864-335-6744 or the Greenville office at 800-588-7526.
Listen to the EpisodeSpecial Guest: Bart Bryant
Bart Bryant, professional golfer, joins Mike to discuss golf, the “behind the scenes” of the PGA Tour, and what it was like to have Tiger Woods be your runner up!
They also talk about things Bart has learned about money–from the importance of generosity to the value of having a like-minded financial advisor.
Video clip played at beginning of the episode can be viewed here.
Bart Bryant’s experiences may not be representative of the experience of other clients of Ronald Blue Trust. His experiences are also not indicative of future performance or success.
Listen to the EpisodeSponsored By:
