Faith & Finance - Financial Discipleship For Families With Brian Holtz Pt. 2

Financial Discipleship For Families With Brian Holtz Pt. 2

12/13/23 • 24 min

Brian Holtz, joins us again today. He is the Chief Operating Officer at Compass — Finances God’s Way. He’s also the author of Financial Discipleship for Families: Intentionally Raising Faithful Children.

HOW DO YOU RAISE FAITHFUL CHILDREN AS FINANCIAL DISCIPLES?

A financial disciple learns and applies Jesus' teachings about money and possessions, and also shares this knowledge with others.
Parents should instill in their children the understanding that everything belongs to God, as stated in 1 Chronicles 29:11 and Psalm 24:1.
It's crucial to teach children about stewardship and faithful management of resources, following God's goals rather than personal ambitions.

WHAT ARE THE FIVE PILLARS OF FINANCIAL DISCIPLESHIP?

These pillars guide children in understanding their role as stewards of God's resources and making decisions that align with biblical teachings:

1. Ownership: Recognizing that everything is owned by God.1 Chronicles 29:11 tells us everything in the heavens and earth is His. And Psalm 24:1 says the earth is the Lord’s and all it contains.

2. Surrender: Understanding our role as stewards or managers of God's resources.

3. Choice: Making decisions to handle finances God's way, as exemplified in the Parable of the Wise and Foolish Builders (Matthew 7:24-27).

4. Multiplication: Sharing learned principles with others, in line with the Great Commission (Matthew 28:18-20).

5. Eternal Focus: Keeping in mind the eternal impact of our financial decisions on Earth.

HOW CAN PARENTS USE PRACTICAL OPPORTUNITIES TO TEACH FINANCIAL DISCIPLESHIP?

Brian emphasizes the importance of providing practical opportunities for children and grandchildren to apply God's financial principles. This includes teaching them about working, income, giving, spending, planning, budgeting, and accounting for finances.

Teach children about earning and managing money, giving them responsibilities and rewarding their efforts.
Educate them on the importance of planning and budgeting, helping them understand the long-term impact of financial decisions.
Guide them in accounting for their finances, setting financial goals, and making wise choices.

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

I'm 66 and planning to retire at 67 and a half with a mortgage of about $161,000. I have $127,000 in savings, which I plan to use to pay off the house. Should I split my contributions between paying off the house and saving, or focus on one?
As a single mom and teacher planning to retire, I have $10,000 in credit card debt with an interest rate of 11%. Should I take a credit card offer or get a home equity line to manage this debt?
I'm facing a company transition and have a 401k of about $140,000. Should I roll it over to the new company's 401k, to an IRA, or consider other options?
I want to help my daughter buy a car by purchasing it myself and then letting her pay me back over time. Should I buy the car in my name and then transfer it to her, or structure it differently?
I purchased a cemetery plot in the 80s and am now looking to sell it for more than I paid. Do I need to pay capital gains tax on the sale?

RESOURCES MENTIONED:

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network as well as American Family Radio. Visit our website at FaithFi.comwhere you can join the FaithFi Community, and give as we expand our outreach.

Remember, you can call in to ask your questions most days at (800) 525-7000. Faith & Finance is also available on the Moody Radio Network and American Family Radio. Visit our website at FaithFi.com where you can join the FaithFi Community and give as we expand our outreach.

HOW DO YOU RAISE FAITHFUL CHILDREN AS FINANCIAL DISCIPLES?

A financial disciple learns and applies Jesus' teachings about money and possessions, and also shares this knowledge with others.
Parents should instill in their children the understanding that everything belongs to God, as stated in 1 Chronicles 29:11 and Psalm 24:1.
It's crucial to teach children about stewardship and faithful management of resources, following God's goals rather than personal ambitions.

WHAT ARE THE FIVE PILLARS OF FINANCIAL DISCIPLESHIP?

These pillars guide children in understanding their role as stewards of God's resources and making decisions that align with biblical teachings:

2. Surrender: Understanding our role as stewards or managers of God's resources.

3. Choice: Making decisions to handle finances God's way, as exemplified in the Parable of the Wise and Foolish Builders (Matthew 7:24-27).

4. Multiplication: Sharing learned principles with others, in line with the Great Commission (Matthew 28:18-20).

5. Eternal Focus: Keeping in mind the eternal impact of our financial decisions on Earth.

HOW CAN PARENTS USE PRACTICAL OPPORTUNITIES TO TEACH FINANCIAL DISCIPLESHIP?

Teach children about earning and managing money, giving them responsibilities and rewarding their efforts.
Educate them on the importance of planning and budgeting, helping them understand the long-term impact of financial decisions.
Guide them in accounting for their finances, setting financial goals, and making wise choices.

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

I'm 66 and planning to retire at 67 and a half with a mortgage of about $161,000. I have $127,000 in savings, which I plan to use to pay off the house. Should I split my contributions between paying off the house and saving, or focus on one?
As a single mom and teacher planning to retire, I have $10,000 in credit card debt with an interest rate of 11%. Should I take a credit card offer or get a home equity line to manage this debt?
I'm facing a company transition and have a 401k of about $140,000. Should I roll it over to the new company's 401k, to an IRA, or consider other options?
I want to help my daughter buy a car by purchasing it myself and then letting her pay me back over time. Should I buy the car in my name and then transfer it to her, or structure it differently?
I purchased a cemetery plot in the 80s and am now looking to sell it for more than I paid. Do I need to pay capital gains tax on the sale?

RESOURCES MENTIONED:

Previous Episode

6 Signs That Money Is an Issue in Your Marriage With Art Rainer

Art Rainer is a regular contributor here at Faith and Finance and the author of several books, including The Marriage Challenge: A Finance Guide for Married Couples.

WHAT ARE SOME WARNING SIGNS THAT INDICATE A COUPLE MAY HAVE PROBLEMS WITH MONEY?

Frequent heated arguments about money are a major red flag. It's concerning if discussions about budgeting, spending, debt, or giving lead to intense disagreements.
Financial infidelity is another critical issue. This includes hiding purchases, maintaining secret bank accounts or credit cards, or exceeding spending limits without informing the spouse.
Using money as a weapon in the relationship is a serious concern. This behavior involves controlling or punishing a spouse with money, like giving allowances or withholding funds, and contradicts the unifying purpose of money in a marriage as intended by God.
Managing money independently, with separate bank accounts and financial responsibilities, is a warning sign. This approach undermines the biblical concept of marital oneness and can lead to long-term divisions.

Rainer suggests that couples facing such issues could benefit from consulting a certified Christian financial counselor, available through FaithFi.com.

HOW CAN COUPLES EFFECTIVELY ADDRESS THESE FINANCIAL WARNING SIGNS?

Art highlights communication as a key factor in addressing financial issues in a marriage. He refers to the practice of having regular financial discussions — or "money dates" — to maintain open communication and prevent problems like financial infidelity.

Implementing a joint approach to finances, rather than managing them independently, is recommended. This approach aligns with the biblical concept of unity in marriage, replacing 'mine' and 'yours' with 'ours.'
Using money in a way that fosters unity and supports the advancement of God's kingdom is essential. Money should not be used as a tool for control or punishment in a marital relationship.
For couples who feel that separate finances "just work" for them, Rainer warns about the potential long-term risks of such an approach. He advises that even if it seems to work now, it may lead to significant divisions over time.

Read Art Rainer’s full article on this topic: 6 Signs That Money Is an Issue in Your Marriage

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

I've already discussed my finances with a kingdom advisor and am in a good position; I'm considering using annuities to leave a legacy for my kids and would like your opinion on this.
I'm in my upper 50s and want to buy a house but can't save the recommended 20% down payment; should I use my 401(k) or get a loan from the bank?

Next Episode

The Meaning Behind A Christmas Carol With Jerry Bowyer

Jerry Bowyer is our resident economist here at FaithFi and the president of Bowyer Research. He’s also the author of The Maker and the Takers: What Jesus Really Said About Social Justice and Economics.

Fans of the story might remember this exchange:

Scrooge: “My taxes help support the public institutions which I’ve mentioned and they cost enough. Those who are badly off must go there.”

Portly Gentleman: Many can’t go there and many would rather die.

Scrooge: If they had rather die, perhaps they had better do so and decrease the surplus population.

Portly Gentleman: Surely you don’t mean that, sir?

Scrooge: “With all my heart ... “

WHAT HAVE WE BEEN MISSING IN "A CHRISTMAS CAROL" ABOUT THE PHRASE "SURPLUS POPULATION"?

This phrase reflects the Malthusian belief prevalent in the 1800s, suggesting that population growth, especially among the poor, outpaces the supply of resources.

"Surplus population" was a key term in the Malthusian debate, which argued that population growth surpasses food and resource supply, especially among the poor.
Charles Dickens used Scrooge's character to critique Malthusian ideas, as Scrooge embodies this philosophy but changes his views by the end of the story.
The contrast in Scrooge's character, from his impoverished childhood to his abundant adult life, mirrors the economic shifts from scarcity to abundance during the Industrial Revolution.

WHO OPPOSED MALTHUS' THEORIES, AND WHAT CAN WE LEARN FROM SCROOGE'S CHARACTER?

Boyer highlights opposition to Malthus' theories, notably from Charles Dickens, who used Scrooge's transformation in "A Christmas Carol" to challenge Malthusian beliefs. The story illustrates a shift from a scarcity mindset to recognizing abundance and the value of human life.

Dickens, along with economists like John Baptist Say and writers like G.K. Chesterton, opposed Malthus' theories, advocating for human value and abundance.
Scrooge's initial scarcity mindset, as shown in his reaction to the Ghost of Christmas Present, evolves to recognize the abundance and value of every human life, including Tiny Tim.
The story illustrates a shift from viewing the poor as a burden to treating them with dignity and generosity, reflecting Dickens' broader critique of Malthusianism.

HOW DO MALTHUSIAN IDEAS PERSIST TODAY, AND WHAT IS THEIR IMPACT?

Boyer explains how Malthusian ideas persist in modern times through organizations like Planned Parenthood and in ideologies that advocate for reduced population growth. These ideas often target specific groups, reflecting biases against the poor, people of color, and immigrants.

Modern Malthusianism is evident in organizations like Planned Parenthood and in ideologies promoting reduced population growth, often biased against marginalized groups.
These contemporary beliefs, rooted in Malthusian ideas, suggest that certain populations are surplus and promote actions like abortion, which is contrary to sustainable human flourishing.
We should view every human life, including the unborn and marginalized, as valuable, akin to Dickens' portrayal of Tiny Tim and contrary to Malthusian beliefs.

WHAT SHOULD VIEWERS TAKE AWAY FROM "A CHRISTMAS CAROL" THIS SEASON?

As viewers watch "A Christmas Carol" this season, Boyer hopes they recognize the underlying economic and theological messages. He encourages seeing God as generous and abundant, not stingy, and understanding the transformative journey of Scrooge as a call to embrace generosity and value all human life.

Viewers should appreciate God's generosity and reject the scarcity mindset, learning from Scrooge's transformation to value every human life.
The story offers a chance to understand deeper economic and theological themes, recognizing the shift from Malthusian scarcity to an appreciation of human potential and abundance.
Boyer suggests using the story to teach children about the value of each person, drawing parallels to modern issues like the treatment of the unborn and marginalized.

You can read Jerry Bowyer’s insightful commentaries for WORLD Opinions at WNG.org.

ON TODAY’S PROGRAM, ROB ANSWERS LISTENER QUESTIONS:

I'm 23, just sold my house, and have about $70,000 in proceeds. I'm wondering how I can use this money to grow it, considering I plan to buy another house using a VA home loan.
I have a small pension from a previous employer and a 401(k) I kept with them. Should I transfer the pension to the...