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From saving for your kids’ future to navigating debt or planning for retirement, financial decisions can feel overwhelming—but you don’t have to face them alone.
Welcome to Part 2 of Ask the Financial Advisor, where we answer your real financial questions submitted through our social media channels—with guidance rooted in practical wisdom and, most importantly, faith.
Proverbs 3:13 reminds us, “Blessed are those who find wisdom…” (NIV). The key is to seek and find wisdom. So, let’s dive into your questions and discover how we can steward God’s resources with faithfulness.
1. I want to start investment accounts for my kids. What are my options?
Great question. It’s wise to think ahead on behalf of your children. Here are three great options:
• 529 Plans / Coverdell ESAs:
These are tax-advantaged savings plans specifically for education. Some states even offer income tax deductions for contributions. Do your homework—each state has different rules, especially when comparing 529s to Coverdell accounts.
• UTMA/UGMA Accounts:
These are custodial accounts where the money is technically the child’s, but you control it until they turn 21 (in most states). The funds can be used for any purpose that benefits the child—not just education. Keep in mind: these accounts are taxable and can count against financial aid.
• Roth IRA for Kids (with earned income):
If your child is working—even part-time—they can contribute to a custodial Roth IRA. This is an incredible head start toward retirement savings, with decades of tax-free compounding growth ahead.
Scripture Connection:
Proverbs 22:6 says, “Train up a child in the way they should go, and even when they are old they will not turn from it” (NIV). Helping your child learn to invest wisely is one way to train them to steward God’s resources.
2. Can you explain the anti-Christian nature of Keynesian economics?
John Maynard Keynes, a British economist, believed that government spending and consumption—even if fueled by debt—was the key to economic growth. His ideas helped shape modern economic policy, including The New Deal and the Federal Reserve system.
Keynes once said, “In the long run, we are all dead.”
That’s a worldview rooted in short-term pleasure and dismissive of long-term responsibility. It contrasts sharply with biblical stewardship, which teaches us to plan wisely and avoid debt.
Keynes didn’t believe in God. His philosophy effectively positioned government as a god-like provider, undermining personal responsibility and God’s design for provision.
Scripture Connection:
Matthew 6:24 reminds us, “No one can serve two masters… You cannot serve both God and money” (NIV). Stewardship isn’t about chasing consumption—it’s about honoring God’s ownership.
3. How much money do I need for retirement?
The big question is: How much income do you want to live on in retirement?
As a rule of thumb, for every $1,000/month of income you want to replace, you’ll need $250,000–$300,000 in investments.
Factor in Social Security and any pensions you might have, and calculate the gap you need to fill with savings. Don’t forget: when a spouse passes, one Social Security check goes away—so your retirement plan should account for that loss of income.
For a deeper dive, check out Episode 27: “How Much Money Do I Need for Retirement?”
Scripture Connection:
Jesus said in Luke 14:28, “Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost…?”
Retirement is one of the most important “towers” you’ll ever build—plan diligently.
4. Should I buy or rent a home?
Generally, we encourage young people to buy if they can. Owning offers inflation protection—your mortgage stays fixed while your income grows. Plus, home values tend to appreciate over time, helping you build equity.
Renting might make sense later in life when maintenance becomes a burden or flexibility is needed—but if you’re planning to stay in one place for 5–7 years, buying usually makes more sense.
Scripture Connection:
Isaiah 65:21–22 envisions a future where “They will build houses and dwell in them.”
Buying a home is a tangible way to enjoy the fruit of your labor and steward God’s provision wisely.
5. What’s the best way to pay off debt?
Start by increasing your income and reducing expenses. Margin is your best friend in debt repayment.
There are two main methods:
• Debt Snowball: Focus on paying off the smallest debt first while making minimum payments on the rest.
• Debt Avalanche: Focus on paying off the debt with the highest interest rate first.
Either way, the goal is freedom.
Scripture Connection:
Psalm 37:21 says, “The wicked borrow and do not repay, but the righteous give generously.”
Repaying debt enables generosity—and aligns your finances with God’s calling for your life.
6. When should someone start investing?
Answer: As soon as possible.
There’s never a “perfect” time—but the sooner you begin, the more time your investments have to grow.
Scripture Connection:
Ecclesiastes 11:6 urges, “Sow your seed in the morning… for you do not know which will succeed.”
Start early. Trust God. And be faithful with what He’s given you.
7. How do we balance faith with the financial realities of having children?
This is a deeply personal and sensitive topic. First, we must acknowledge that many couples long for children but cannot have them. For others, fear of financial ruin can delay or prevent having children.
But Scripture is clear: “Be fruitful and multiply.”
If money is the only reason we delay having kids, we’re prioritizing wealth over God’s command and blessing. It implies we believe God won’t provide—or that our lifestyle is more important than a family.
Of course, it’s okay to be wise and plan. But don’t let fear or material comfort be your guide. Let faith lead.
Scripture Connection:
Matthew 6:26 says, “Look at the birds of the air… your heavenly Father feeds them. Are you not much more valuable than they?”
God is our Provider—and family is a gift worth trusting Him for.
Stewardship Application
From saving for your kids to paying off debt or planning for retirement, every financial decision is a chance to honor God with what He’s entrusted to us.
Proverbs 22:6 calls us to guide our children.
Matthew 6:24 warns us not to serve money.
Luke 14:28 reminds us to plan with wisdom.
This week, take one step toward greater stewardship:
• Open a 529 plan for your child
• Cut one expense to pay off debt
• Begin praying over a future financial goal
And in doing so, you’re not just managing money—you’re honoring God with it.
Let’s be found faithful.
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The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations. Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.
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