In this lesson, Khaleef Crumbley discusses retirement, inheritance, and insurance in light of the Bible. Specifically, Khaleef Crumbley examines different ways to save for retirement, concepts of stewardship as a more important legacy than money, and various types of insurance.
Auto Transcript
Note: This rough transcript was automatically generated by YouTube’s AI algorithm. We provide it here for your convenience, but know it will surely contain errors as it has not been proofread or edited by a human.
of course salvation we are thankful God that you chose us and are now sanctifying us God we pray that all that we hear today be it now about finances and even later thinking about your plan for uh sexual expression and I just pray God through all of it that our hearts will be changed and encouraged I pray God that you would help us to better understand your plan and better understand God how you want us to live in this world so we pray God that you would just be with me during this lesson be with all of us God that we may hear from you um and that your words God would guide us even as we talk about something that many people have to deal with even those who aren’t Believers I just pray God that we would all have a Biblical perspective understanding that we are stewards of your resources and that you are a great provider and we ask this in Jesus name amen all right so as I said we’re going to talk about retirement and here’s a very basic definition of what retirement is and for our purposes we’re going to be thinking about retirement as leaving your main job and at least completely leaving or mostly leaving the workforce so this isn’t the idea of just being at a job out of college for 25 years and you retire and then you go work somewhere else for another 15 to 20. we’re thinking about retirement being this place where you pull back from from working for the Christian it may look a little different but I think a good parallel is actually found in First Corinthians 7 and there so I can get this to work it talks about the um partially talks about the life of a single believer and some of the things that someone who is single can do versus someone who is married and looking at First Corinthians 7 verses 32-34a and 35.
says but I want you to be free from concern one who is unmarried is concerned about the things of the Lord how he may please the Lord but one who is married is concerned about the things of the world how he may please his wife and his interests are divided this I say for your own benefit not to put a restraint on you but to promote what is appropriate and to secure undistracted devotion from the Lord now those who are married enter into retirement you you’re still married so this isn’t you know a one-to-one comparison but the idea is that we most of us who are working full-time are devoting at least 50 hours a week counting out commute and getting ready and everything at least 50 hours a week to our job and when we retire we’ll be working less or none of those hours and so we’ve now just freed up possibly 50 hours maybe more maybe a little less hours in a week and so we can take that time and we can be more devoted to the things of the Lord than we were when we were working and it’s similar to someone who is single they obviously have more time more ability to devote themselves to the things of the Lord not that your marriage isn’t but the point that Paul is making here is that you can have a more singular Focus and one thing we have to remember about work and that’s what we talked about kind of in the I think the second lesson is that work is more than income we work because God works he called us to work and we’re Made In His Image God worked in creation we see his work and we see his work and even sustaining his creation Now and everything that God is doing through us and sanctifying us that God still works and so we work because we’re Made In His Image and God works we don’t work just because we need money so even when income is out of taken out of the picture we still should be laboring we still should be working and we even looked at people who now aren’t working who still labor you know especially those who are at home and not in the workforce and they still labor they still work although there’s no income tied to it so retirement doesn’t mean the absence of Labor the absence of work it just is a difference in how you work and maybe um how much work you put forth you should labor in proportion to your physical and mental strength so our bodies their flesh they wear down they get beaten down you know decades and Decades of work and sickness and ailments can take the toll on our body so someone at age 50 60 70 may not have the capacity to work let’s work the same way that they did when they were 20 or 30.
and so we have to bear that in mind and I say that especially considering that no one is going to work 50 hours a week at their job retire and then put in 50 hours a week doing things for the church and visiting Believers and all of that they don’t automatically become a full-time volunteer for the church and so that and I’ve actually read some things um like that online where they you know you’re almost there’s almost like guilt laid on someone who doesn’t take this attitude that now I’m going to work five days a week eight nine hours a day and I’m gonna you know sit outside the church and do everything that I can for the church and it doesn’t work that way as we’ll see even work in the Kingdom isn’t just focused on the building the church is the body the church is the people and how we minister so one thing that that we do see though is that our ministry time should increase especially in the area of discipleship and the classic first we look at with that is Titus 2 this is two through six um where he says odoman are to be temperate dignified sensible sound and faith and love and perseverance then he focuses on the older women and since older women likewise are to be reverent in their behavior not malicious gossips nor enslaved too much wine teaching what is good verse 4 so that they may encourage the young women to love their husbands love their children be sensible pure workers at home kind being subject to their own husbands so that the word of God will not be Dishonored as in likewise and this is focused to Titus but I believe that he wants to call the the older men to this as well likewise urge the young men to be sensible when he goes on with a similar list from there um I’m sorry I should have on the head so you can see the rest um so and now in retirement as of now our focus should be seeking personal Holiness Devotion to Christ and Devotion to the body and that Devotion to the body especially looks like service and an example and especially those who are older Believers your job is to minister to those who are younger to disciple them and it doesn’t have to be some formal thing where you say we’re going to go through a book every week and read a chapter and do homework and go about that it’s just letting them be a part of your life letting them see how you live how you are as as a mother or father how you are as a husband or wife interacting with them and and bringing them along coming alongside them seeing where they need practical help you know go into their house and doing things for them that they may not be able to do or may or may not do as well or as efficiently so look for areas where you can serve in in that way where you can be an example to other believers especially those who are younger and that you can actually help them in some practical ways as well and this is actually in first Timothy 5 this is a picture of um if if the church was looking to take on a uh just take on supporting a widow there are some things that Paul says should be in in place in the Widow’s life or have been witnessed by the church and this is this is uh verse 10 First Timothy 5 10 and it says having a reputation for good works and if she has brought up children if she has shown Hospitality to strangers if she has washed the Saints feet if she has assisted those in distress and if she has devoted herself to every good work and that really sounds like to me a beautiful picture of a Christian who is retired or Christian who doesn’t have that uh I don’t want to say anchor but doesn’t have that added responsibility of work of of working a full-time job so and understand this isn’t just in this this example here this isn’t just um what she did after she became a widow this is examining her life especially talking about if she had brought up children this isn’t saying that once she became a widow this is how you should view it because Paul actually says that um just for context that only consider people who are 60 years old and older and anyone who is younger you should encourage them to get remarried so here he is looking insane if they’re if they’re of this age where I’m not saying encourage them to get married and church is going to take them on this is what their life should have looked like and this is what it should continue to look like and this is what I believe our lives should look like now we should seek to follow this but especially those of us who have that freed up 40 to 50 hours a week that we just talked about this should really be our goal so what does it look like to actually plan for retirement the idea of not working sounds great but how do we get to a place where we can no longer have the steady income that we have from our job well we have to plan and prepare and the first thing we have to do is come up with a budget we have to know what we need in retirement and obviously it’s going to vary and if we’re planning 20 30 40 years into the future there’s so many things that that will happen that we don’t know but you still want to try to think through look at my life now look at the things that I have planned look at where I think God is leading me and from all of that what’s a good estimate of of what my financial obligations and my financial needs will be in the future when I want to retire and so here’s some things to just consider when you’re thinking through that obviously there’s a lot more than anyone in here who is retired or is near retirement and thinking about this a lot can probably give you a much larger list of things to consider this is just a couple of things to kind of think through um many people retire and unfortunately people retire and want to move out of New Jersey because they just say it’s too expensive the weather is too sporadic and I want to go somewhere where everything is consistent you know low income maybe we’ll go to uh to Florida and not have to worry about paying state income tax and you know things like that come up so this may be something that you choose to do so consider that that your costs may be different that way consider that you may be able to downsize your house especially if you have kids and you bought a larger house as you were raising them and you if you don’t need that large of a house anymore 45 of people going to retirement still carrying a mortgage so consider that on both sides downsizing so you may be paying less but also you if you don’t there’s a a decent chance that you’ll walk into retirement with a mortgage just based on everybody’s life so that’s something even now if you’re in the uh if you have the ability to avoid then do it now you may have less cars same thing if children move if you’re not two people going to work every day you may not need two or three cars in the home anymore no kids at home so that may be a a huge um reduction in your expenses if the kids move out but if they stay and they’re adults and they’re working are they going to be contributing to the home is that income that you can actually expect for a time until they move out couple more things all of your job calls are gone the commute any certifications you had to keep up clothing that you had to keep purchasing that would wear out or even cleaning all these things anything that is associated with you working most of that should go away if you’re no longer working so just think through uh some of those things no debt this is a huge one this is a goal to not have debt when you go into retirement and there are a lot of reasons why and we’ll cover one of them a little bit later but you you want to pay off your debt because you don’t want to be in a place where you’re relying off of savings especially 30 40 years worth of saving to then pay off that you want to use that to to live and to give you can still work just because you retire from your main job it doesn’t mean that you no longer have any income that’s tied to work you can still work many people will get a part-time job some people will officially retire and then you know some are allowed to go back to the same employer and just work part-time you know and that and that actually happens a lot at um you know you’ll see them at Rutgers that that happens often and I’m sure that’s not the only state institution where it happens but you know you do see it where people will officially retire and then they’ll just defer their pension if they’re able to if they have other savings or other accounts and then they’ll work a part-time job increase health care costs and this is I think probably the largest variable when it comes to retirement you have no idea you can kind of say I think we’re going to move down here especially if you’re closer to retirement we’re going to move here this will be our living expenses we won’t have a mortgage you know we’ll pay it off or rent you can think of all those things but health care costs is the one that you can’t and there’s only only certain things that you can do to mitigate that especially if you had health insurance through an employer and now you have to get it on your own um after you you’ve crossed an age where the cost and Skyrocket so my advice start saving now no matter where you are in life start saving I I don’t see I’m looking at everyone in here from the youngest to oldest and I don’t see anyone that I would say don’t start saving for retirement I think every single person came to me I would I would say that at least save something you want to at least get into the habit of saving even if you’re in debt and you’re doing other things you’re going to pay it off uh Proverbs 20 verse 4 says the Slugger does not plow after the Autumn so he begs during the Harvest and has nothing now it may be that what God has provided for you now is enough just for right now and you aren’t able to save but this is a this is a goal you don’t want to be in this position where you did not adequately prepare for the future and then when the future is the present you have nothing and obviously not everyone is in a position where they can prepare just financially whether it’s mistakes or whether it’s just God’s Providence this is where he put you you’re not going to be someone who has this abundance of income so we have to consider those things but this should be your goal and here’s some other verses that talk about planning and the wisdom that comes with planning especially um planning and saving for resources that we have so here’s an example there are two people that one Stacy you know this was actually that Darryl and Cheryl before and I changed it just because I didn’t want Cheryl through to think I was picking on her so um Daryl and Cheryl so they’re both 22 years old they both have an extra two thousand dollars to invest in the year and they both earned 12 per year in their eye raise I want to know what they’re investing in if they’re getting 12 but for this example we’re gonna stick with 12 percent um yeah I yeah my blog has been around for a while and you know I write things and probably made sense of the time to say 12 so if you want to look at now knock this all the way down especially going into the future and knock this down to probably about four or five percent to be honest but we’re looking at 12 percent um so as you can see one thing I guess I have to say is that that isn’t up here Daryl saved for two six years he saved two thousand dollars each year for the first six years and then he stopped he didn’t give anything else in life you know maybe he got married had kids thing happened he couldn’t afford to put a dime away for retirement after that where Stacy for the first six years she spent her entire two thousand dollars she didn’t invest anything she figured I’m young I have time doesn’t really matter it’s not going to impact me just a couple years I’ll start investing when I can and then for the next 37 years she put two thousand dollars in every year so we see here you know they’re at zero and then Stacy starts investing here and she begins to catch up and she actually doesn’t pass him until they’re 65 and she has like 200 more than he does now keep in mind their total investment that Daryl invested six sorry twelve thousand dollars Stacy invested seventy four thousand dollars over a period of 37 years now invested 12 000 period of six and they’re earning they have the same amount of money when they retire start now okay I mean you can imagine two things if Daryl actually had kept up to two thousand dollars or if Stacy had started saving at 22 and kept saving all the way through then these numbers would be totally different be much much higher that start now there I’ve never met a person heard of a person even read about a person who regretted saving for retirement I’ve never met someone who said I started too early I could have had a better car when I was 21 years old if I would have just not saved for retirement and when they’re 50 and they’re looking at the balance of their their IRA and 401k and and depressed because they could have used that money earlier there are different ways that we can save for retirement obviously you can just stuff money under your mattress or you know just keep it in a safe or something like that because you don’t trust Banks but then you it’s not even risk it’s a certainty that your money will deteriorate over time uh due to inflation so you’ll definitely be losing money doing that um so there are several ways one is a pension plan and we actually don’t have much control over whether we can participate in a pension plan really just depends on our employer and they’re really they’re going away uh because companies and the government they’re putting the onus on you as the individual to take control of your retirement so here are some things the contribution amounts are determined by the employer you take a job and they say we have a pension and this is how much we contribute and this is how much you contribute you don’t have a say in that it’s usually employee and employer funded Investments are determined by the fund manager again you don’t have a say in what you invest in if you’re in a pension you can see statements but you can’t control where your money is going and this is again a pension through through an employer um they don’t pass on to descendants easily so you know it’s hard for them to go through and every every state has different estate rules but generally speaking there it’s harder to pass them on as an inheritance harder than other accounts that we’ll look at the next one is probably the most popular one is the employer sponsored 401k or 403b I put them both together contributions are made via payroll deductions I didn’t put it up here but you choose how much you’re going to invest up to a limit and you choose where those Investments go contributions are tax deferred which means that you don’t pay taxes on the money that goes into it that it comes out of your check before taxes are calculated so you don’t pay taxes up front you pay taxes on the back end or when you withdraw the money many employers will match your contributions up to a certain amount they’re actually capped in what they can do by the IRS so but again it’s a benefit it’s free money it’s money that they’re giving you as long as you let’s say invest six percent they’re going to match some 100 some 50 they have some formula and they’re going to invest some portion of what you invest so the typical um rule would be to put enough in your 401k to get all of the companies matched because that’s free money they’re investing money for you four three B plans are used usually by hospitals or schools or other taxes and organizations um so they’re typically the same but they’re definitely not as popular because most people work for for-profit companies and have access to 401ks and they easily pass on to beneficiaries the next account is an IRA which is individual retirement Arrangement it’s not account I don’t know why it bugs me when people say Ira is individual retirement account it’s not it’s arrangement I don’t know I don’t know why that that’s always bugged me when I hear I count yeah um it’s set up and funded by the individual so this is not through your employer you can go to a bank or a brokerage and open an IRA on your own contributions are also tax deferred so again anything that you contribute to an IRA up to the the limit you can take that money and then you can get a deduction on your taxes for it can be held in conjunction with a 401k so they each have their own contribution limits where if you have maybe two jobs and you have a 401k at both jobs you have one limit for all the 401ks that you invest in now as it’s for her individual so you and your spouse can invest up to the to the contribution limit but like again if you have two jobs you can’t push both 401ks up to the to that limit it’s the combination of your contributions that um have to go up to that limit but in Ira if you have extra money to invest is a way that you can hold a 401k contribute the Max and still invest more money for your retirement mandatory withdrawals at age 70 and a half so you can’t just keep all of the money in Forever when you turn 70 and a half then the IRS is going to say Hey you have to start taking money out and if not then they actually tax tax you I believe the last time I looked at the rate was 50 of what the withdrawal should have been they’re just going to take that money if you don’t take it out the account yourself they’re just going to take that money from or they’re going to say you owe that money most likely you’re going to take it out that account to pay it so they force you to and I mean you have to consider the logic there you’ve never paid taxes on this money uh it’s not just the contributions that attacks the first something I should have explained with 401k and Ira it’s all the growth that happens in the in the account you don’t pay taxes on anything that happens any account you deposit money into the account you contribute you don’t pay taxes on the contributions as your money grows you never pay taxes on those gains no matter what happens within the accounts as many times as you switch Investments you buy and sell within that account it never gets taxed so if you keep that money in the account forever it’s never been taxed and the IRS is not going to let you just earn money tax-free earn growth tax-free and then never get taxes for it so if you don’t want to withdraw the money and pay taxes when you’re 70 and a half they’re just going to tax you and again it’s easily passed on the beneficiaries there is a variant of the of the IRA called the Roth IRA and it’s similar and most of the things are actually the same there’s a couple little things in a different contributions are tax so that means that um you don’t get a deduction for your taxes for your contribution you just contribute the money after you’ve already paid taxes on it but this can be a great thing because you don’t pay taxes on withdrawals or distributions so you pay your taxes at the beginning and never pay taxes again as long as you follow the rules with the traditional IRA and 401K you don’t pay taxes up front you don’t pay taxes as the account grows but you pay when you withdraw the money so many people like the Roth IRA for that reason you pay your taxes once and you’re done and you have an account growing that you have no tax liability on there’s no mandatory distribution the IRS doesn’t care anymore because they’ve already collected their taxes on that money kids can take distributions tax-free there’s a few other things the account must be dispersed if the account holder dies so you can’t just transfer that account to someone else you can’t just put it as part of your estate and transfer it all the assets have to be sold and then it can become part of your estate that way you can withdraw your contributions after five years so you can’t take out the earnings until you’re 59 and a half unless they’re certain circumstances which I’m not going to cover here um but there are certain circumstances where they allow you to take out money you’ve earned but you can withdraw your contributions as long as they have been in for five years so you invest say five thousand dollars this year in five years later you can remove that in that five thousand dollars if you need it for something there’s no penalty on it and again it’s no required minimum distribution now there is a hybrid of the Roth IRA and the 401K it’s just called the Roth 401k so again contributions are made via payroll taxes your contributions are taxed so they figure out how much taxes you owe on your paycheck before they take out your contributions uh rather than after which was the case with the um traditional 401k there are no taxes paid on withdrawals or distributions and again the contribution limit is for all 401K accounts combined with no matter how many jobs you have whether you have traditional or Roth there is one contribution limit for any type of 401k that you have so you have a lot and I didn’t even cover the self-employed retirement accounts that you can have um you know I think they’re they would it would take too long to go into all of to all of them in the nuances behind them in the tax considerations um but here are some things that you should consider when you’re thinking about what accounts to have what mix of accounts so your current tax bracket and your anticipated retirement tax bracket so again we just said you can either have taxes uh come out at the beginning so when you contribute now every year or you can have them come out at the end so which is going to be better well one of the large considerations is where you think you’re going to be as far as taxes and how much taxes do you think you’re going to be paying just as a general rule most people when you go into retirement and you’ll actually be withdrawing money you’ll be in the lower tax bracket or you’ll be in the lower relative tax bracket we don’t know what tax brackets are going to look like when each of us are ready to retire they can be much much higher which seems like that’s where things are going or they can be lower and so we have to consider that as well so there’s a lot of things to think about but very simple we can say how much money do I think I’m going to earn in retirement well right now I’m earning 50 000 a year in retirement with all of the accounts that I have and all the savings you know my taxable income is going to be probably twenty five thousand dollars or so then it that that would at least put one point in the direction of the traditional retirement accounts um because you want the tax break up front because you’re in a higher tax bracket and so getting a tax break has a bigger impact bigger positive impact on your finances now a mix of of retirement income so again you may have accounts that have already been taxed and you may have some that haven’t been and so you should have a mix of income some of your income may come from Social Security depending on how long it’s around so you may have social security income you may have income from other Investments that aren’t even in retirement accounts you may have other forms of income selling property as we talked about earlier because your lifestyle has changed you may be able to sell things and have the least income in the short term for that downside especially downsizing the home or something and um just thinking about having again some money come in that from from various places I mean you’ll be thinking about whether you’re going to be working in retirement whether again you’re going to have um children that are adults living with you you know if you made some type of razors so all those things are things to to consider um because it’s not just how much income you’re taking into how much taxable income and it’s also what you can afford to do you may not be able to afford to take the tax hit now and you may have to defer paying taxes until later you know you just the way your finances are now and you think you’re going to be in a better financial position later and so you can’t afford to pay taxes now because you want to pay off debt or build an emergency fund or send a kid to college or anything else and then oh sorry employer match is the last one like I said it’s free money so even if you for whatever reason you don’t like the company your employer uses for a 401k you’re turning down free money if you don’t take part in it so there are some spiritual considerations as well this is the biggest one that we have to remember when we talk about Finance especially planning for the future God is our provider he’s our provider even in retirement he’s our provider even when we are unemployed God is always the one providing for us he’s our provider even if we have a six or seven figure income it’s still God providing for us and that is what we have to remember above all we can get so caught up in in especially retirement planning and planning for this future and then have depression come over us because the stock market dropped and we don’t know what we’re going to do because our 401K has dropped and we are we’re sort of even though we didn’t consider it we were trusting in that as our safety rather than trusting in God according to First Timothy 5 8 we have to care for our family members and this is actually what it says but if anyone does not provide for his own and especially those of his household he has denied the faith and is worse than an unbeliever and again in this context it’s really looking at someone particularly Widow who is neither of assistance and the the Bible directs them to turn to their family first so not just immediate family but this says provide for his own especially those of his own household so we still have an obligation with family even if they’re not the ones in our household and so that’s why the Bible says well turn them to their family first and then if they don’t have family who can or they have someone who is worse than an unbeliever has denied the faith and is unwilling to help them then the church needs to step but saving for retirement is one way to reduce or eliminate the burden on our family or church it’s I I don’t believe it’s wise for us to say well there’s a provision in the Bible that says that you know if I ever in need that the church is just going to take care of it for me or you know I have that uh Rich Uncle I’m sure he’ll let me move in with him and so I don’t have to be wise and planned I don’t have to be diligent with my money I don’t have to take the surpluses that God has provided me with now and use them to to plan for the future saving for retirement allows us to be a blessing to others even when we are no longer working not something else to consider when your income your main income goes away are you still going to be in a position where you can give where you can support the work of the kingdom and where you can even be a blessing to other people or are you barely going to be getting going to be barely getting by and not be able to do any of those things if you have the opportunity now to change that then you should take that opportunity and part of God’s provision for future needs is current income we have to remember that that even when we’re planning even when we’re thinking about what we’re going to do in the future it’s still part of God’s position and if God provides us with a surplus now one of the reasons why he’s providing it is so that we can be prepared for the future also we think about giving and you know investing saving the things we talked about in the past but we also think about that uh not just immediate savings but long-term saving for our future so tied to retirement is the idea of leaving an inheritance and I think we see this in two ways especially as as Christians so first is financial Proverbs 13 22 says a good man leaves an inheritance to his children’s children and the wealth of the sinner is stored up for the righteous so this is twofold it’s talking about the wisdom of planning but it’s also obviously talking about um God’s blessing but if we look just at the financial part of that we understand that we should be saving we should be trying to have a legacy trying to have money and not just money but others will talk about the other things uh for our children and our children’s children again this is a goal and this is never the goal over um providing for ourselves and taking care of the needs about the immediate needs of our family at the moment and giving but this is something that we should be striving for if God has blessed us financially to be able to do it this is a goal in second Corinthians 12 14 Paul says here for this third time I am ready to come to you and I will not be a burden to you for I do not seek what is yours but you four children are not responsible to save up for their parents the parents for their children and um not put here should be balanced with first Timothy 5 4 which again we’re talking about anything for the future First Timothy 5 is going to be a place that we we go to often because but if any Widow has children or grandchildren they must first learn to practice piety in regard to their own family and make some return to their parents for this is acceptable in the sight of God so we need to understand that it really depends on the situation that you’re in parents should be looking to leave something for their children children should be looking to be a blessing to their parents and if their parents are still here when they enter the workforce and when they start getting money and when they build families and get a place to live and establish themselves they should always be looking to be a blessing to their parents and so we see this this relationship and God I think this is when we see um the abundance of God’s blessing and we really see God um providing for people even if they aren’t able to provide for themselves whether it be children and you have parents that are diligent to try to provide for their children even as they grow into adults and you have uh children that as they’re grown to adults they’re looking to be faithful and honor their parents and make sure that their parents don’t have one as they go on in their um in the older years so we see a couple of uh things in scripture we actually looked at this one a couple weeks ago but if God’s provided more then you need to live then you should be making preparation for your children and we saw an example of that it’s a very special case but it was still an example of the mindset we should have the first Chronicles 22 5. and we saw and this is uh when David was talking about making preparation for Solomon to be able to build the temple um so God provided the wisdom the vision and the forethought to David in order to make preparations for in David’s words his son who was inexperienced and so he collected all of the all the things that would be necessary to build a temple had plans drawing up he was ready to build it actually then God said no you’re not going to build it your son’s going to build it and so he assembled everything his son would need and so he’s an experience when he comes along he’ll be able to leave this project because I have made adequate provision for him and laid everything out for him and so David was faithful to provide for his son in that way many people don’t have children leave an inheritance to their church or some other organization and you know many of us follow any para Church organization or radio Ministry those types of things Seminary you’ll see that sometimes they make calls for that you know people who have the ability to leave them um something when they when they pass away some type of endowment or any type of gift that they write them into their will make them part of their estate planning now many parents neglect this and you know the word neglect here may or may not be the right word depending on how you how you viewed this um because they pour everything into college and maybe even other things you know paying for a wedding or other things um so hand and I had a friend who actually um was going to spend thirty thousand dollars in her wedding and when she showed her parents the plans they made her go back and adjust the plan so she could spend more like they just felt like this is an extravagant enough for our daughter and so thirty thousand dollars that’s nothing and so they made her increase the uh the price and get better materials and other things so I don’t think my parents would have done that I think our wedding was like five thousand because of that um but you know that that’s something it’s almost like Luke 15 12 is the beginning of the um parable of the prodigal son and we see that the Prodigal Son actually goes to the father and say give me my inheritance now let me spend it now I don’t want to wait till you die and so then he goes and he spends the inheritance we know the story from there um so it just kind of reminded me of that just thinking about many kids get their inheritance while their parents are living in the forms of these large expenses for the parents many times the parents actually go into debt to cover those things so um it’s inheritance they probably wouldn’t have even received If the parents passed away another inheritance that we should be leaving in conjunction with money is the idea of stewardship we should be teaching our children how to manage money and teach them that they are stewards of God’s money of God’s resources and listen to what Solomon had to say we’re thinking about uh leaving inheritance he says thus I hated all the fruit of my labor for which I had labored Under the Sun for I must leave it to the man who will come after me yet who knows whether he will be a wise man or a fool yet he will have control over all the fruit of my labor which I have labored by acting wisely Under the Sun this too is vandely so he has this anxiety and actually in in verse 18 a hatred for all the work that he’s done because he looks back and because I acted wisely with my money um I worked hard I labored Under the Sun and somebody’s going to come and I don’t know if they’re going to be wise or if they’re going to be a fool and so he had this anxiety and it goes on from there to say therefore I completely despaired of all the fruit of my labor for which I had labor Under the Sun so now it’s not just a hatred now he has this kind of depression just thinking about all of these resources that he’s gathered because he doesn’t know if they’re going to be squandered so for I must leave it to the man who will come after me sorry that’s that’s the one that’s right so when there is a man who has labored with wisdom now he’s talking about more than a more General sense not just him knowledge and skill then he gives his legacy to one who was not labored with them this too is a vanity and a great evil and so one of the ways to avoid having that level of anxiety um what was one we you know trust God and trust God will even lead our children um especially if we have trained them in the ways of the Lord that you know God will sanctify them and will lead them but we can teach them how to manage money we can teach them that they are stewards um and here’s actually some of the things that we can do again there’s no way to exhaust the things that we could do to give our children a legacy of stewardship but here are just a couple things to Think Through include them in small financial decisions have them work not just their chores but even above their chores for extra income teach them to Value money based on work an example would be the secrets that you want calls 15 hours of work would have to labor for 15 hours to buy these things for you not just this costs this dollar amount and they’re nine years old or 10 years old and they really have no idea what that means because you know when I was a kid my parents would always say you think money grows on trees right you know I don’t know how many of us have heard that you know growing up you think money grows on treason money doesn’t grow on trees then I would always say but money is made of paper and paper comes from trees and then I would get in trouble for that but you know it’s how it was but we want to make sure that they are able to make the connection of of what cost really is and how to Value things and a lot of times they will say wow it isn’t worth that or you ask them are you willing to do these 10 things just to get that no no it’s not worth that and they they actually are start starting to think about how to assign value to something um when they when money is really an abstract concept to them have them allocate any money they receive and they’re piggy banks or all the little banks that um actually will do that and they just have slots for us spend uh save and give and will help kids to be able to decide what to do or you sit with them and say this is what you’re doing with any money that you get and explain to them why and then allow them to allocate it and and manage it go over the household budget with them in ways that they can understand um as my mother did this with me when I was young she would always ask me to help her with the budget and I’m sure I wasn’t helping my silly questions and things and putting the wrong numbers in the calculator and stuff but it really helped me to be able to see my parents financial situation and probably helped me to not ask for a bunch of foolish things that I knew they just didn’t have money for because they were struggling just to buy gas to put in their car you know so it really helped me to be able to see and help me to see the sacrifices that they actually made for me because they knew what was going on in our budget teach them the consequences of bad money decisions so even when you allow them to do things with their money um allowed them to make mistakes sometimes or at least allow them to make decisions and then say well this is what would happen if you made this this choice or even allow them to make some small you know uh decisions they choose to spend all their money you know if you go one vacation one year and they see a souvenir and the first day and they want to buy something and they get that souvenir and they don’t have any money left after that and a lot of times that leads more of an impression than just telling them no you don’t want to spend all your money on one item yes they do because all they see is the thing that they want in front of them they’re willing to give up almost anything for it at that moment it’s right there almost in their reach and so let them let them get it and then be miserable the rest of the week because they realize that they squandered their money on something and they don’t even value anymore and ultimately teach them what the Bible says about money force them to watch this Sunday school series over and over and over until they stop making that choices no that that would that would torture them um so inheritance so even if we don’t have the ability to leave them a financial inheritance we all have the ability to leave them this inheritance of stewardship and good money management and that’s part of raising them the nurture and admonition of the Lord because we are stewards of God’s resources it’s not just hey be good with your money because you don’t want to deal with what I’m dealing with now it’s be faithful with your money because it’s really God who has entrusted you with it so the last thing we’re just going to kind of go through is insurance very important topic um here is what insurance really is it’s protection against risk it allows one to pay a premium in return for promised compensation for specified loss so you are afraid that something’s going to happen and you say you know what I want to see if there’s any way I can protect against this happening and that’s what insurance is so there are a lot of different types of insurance there are many many many types we’re going to cover a few here just a quick overview one thing I will say especially for the Christian one of the biggest motivations for us in having any type of insurance is to protect other people from undue uh loss and burden and we just think about where you would be or what you would do if certain things happen in your life and you would have to depend on um your church family and that’s why we’re here but it is a blessing even to people who would want to help you and step up to help you to to be able to mitigate some of those things because God has given us the ability to do it through insurance and transferring risk so the biggest one is life insurance this protects your family from the potential loss of income at your death that’s the point of life insurance is to replace your income it can and probably should also be used to pay off obligations such as a mortgage or any other debt you have funeral costs so your family doesn’t carry an extra burden especially when they’re grieving and they’re thinking about I can’t say how many people I’ve seen stress over how to pay for a funeral for someone and they’re actually calling up everyone in the family asking them to donate some money and you know with the internet now they’re starting GoFundMe accounts countless GoFundMe account saying can you please help to bury this person because they didn’t have you know life insurance policy even covering them of ten thousand dollars so they can get buried make sure you have enough to cover the cost and to replace your income you typically don’t need to ensure someone who isn’t earning income unless their death would cause a disruption to the family and your income would suffer because of it or you need to take on additional costs to cover the labor that they do so you know if if there’s going to be whatever it is if you have a business with your spouse or if you do something um and they contribute greatly to a particular thing that if they were to pass away you would have to now pay to have someone do whether it be child care or cleaning or doing anything anything at all you have to consider those things so even if a person doesn’t bring in an income they their death may cause A disruption to your income whether it’s just you grieving or you’re trying to figure out how to do other things in life or you’re scrambling so you want to make sure these things are are covered and it’s not a huge disruption to your life financially because it will be in every other area when someone passes so you want to make sure that you don’t leave your family in that position when you pass away homeowners or renters insurance protects you against laws associated with your home so it can range from fire and storms to theft or someone even getting injured on your property a sense of homeowners insurance and most if not all probably every mortgage company will force you if you have a mortgage to get homeowners insurance the same way that if you have a car loan the bank is going to force you to put full coverage on that car but even renters this is something that you have to consider again if something happens to your home if there’s a flood if there’s a storm if anything then what would you do and who would you rely on and so look many especially renters insurance it’s not that expensive at all you know you can get a policy for 150 for the year so it’s not really that expensive when you consider you know what insurance could be um health insurance so even if you’re relatively healthy you can suddenly be involved in an accident or develop a costly medical condition so health insurance is another thing that I think you should have um you want to have enough coverage to protect against large medical costs and one way to save money many people will take out a high deductible plan so a plan that says for the first ten thousand dollars of medical costs for the year you’re responsible for anything over ten thousand that’s when we step in and so the idea of course is to save ten thousand dollars and so when those things happen you’ll be saving money for your medical costs and paying them off with something traumatic happens or you like me go to the emergency room one day and then two days later you’re discharged I have a sixty thousand dollar hospital bill because you had your appendix removed then you will at least have coverage for that but if you have to go see the doctor because you stubbed your toe or you have a cold then that comes out of your pocket and that’s one way to save big disability insurance so cover you if you’re unable to work and should be enough to cover your living expenses while you recover if you’re going to be out for a long period it’s usually six months or longer than the compensation may be lower the payout may be lower so you have to consider other things so if you’re going to be out that long you probably should have chubby should adjust your living expenses as well so many people will if they don’t have an automatic this short-term disability especially short term through their employer they will just use their emergency fund this is another reason why you want to have a big emergency fund for this type of emergency getting hurt and unable to work for a few months auto insurance so most of not all states require at least a minimum level of auto insurance you should at least have enough to for liability anything that you’re responsible for on someone else’s person or property you want to have enough to at least cover that if I get into an accident with someone and they have medical costs and the car needs to be fixed or replaced I want to have coverage that that covers that so it’s not on me and you should also have enough to replace your transportation and doesn’t mean replace your car and replace get the same car but it just means if your car is totaled you should have enough coverage to be able to have another mode of transportation whether it’s to get a cheaper car or to even have public transportation or other things like that so that’s something to consider with auto insurance I think we talked before about different um I think last week the week before about different ways to reduce Auto Insurance business insurance if you own a business even as a sole proprietor you may need protection against certain liabilities it really depends on the industry you’re in or the trade that you’re in it’s very hard to give any generic advice with this you should really if you’re in any type of business you should do research to see if you need protection and the last one and then where the closing long-term care insurance this will help you pay for the cost of care if you have to be placed in a nursing home or assisted living facility these policies can also help with the cost of specialized home care so somebody has to come into your home and just give you care you don’t have to actually go live in a in a facility then this will cover the cost of that um the key for this is buying the policy decades before you anticipate needing it the typical recommendation is to start looking in your mid to late 30s for long-term care insurance possibly in your 40s depending on your family history and other things you know if you have a history of any type of Dementia or anything in your family then you may want to start looking um you know in your mid to late 30s time you get to your 40s you should be at least pricing them because as you age or you become at risk for certain conditions the costs grow exponentially um so I I think the numbers was if you’re 60 years old I think it was a couple 60 years old you would pay them with four thousand dollars on average per year for this coverage if they looked at 55 they could be paying as low as 1700 a year neither one of them is very cheap but you get the idea five years doubles the rates um one stat I’ll leave you with and then we’re going to close the average annual cost of a nursing home is according to Genworth is 80 300 a year for a semi-private for a private room it’s over ninety one thousand dollars a year you need insurance because this will destroy any assets you have and then it will start to destroy the assets of your family because not not every nursing home even accepts Medicaid so that’s another thing to consider and as we just read in first Timothy 5 when your family is no longer able or no longer willing to then who steps in the church and so we have to make those considerations now because God has provided us through Insurance a way to uh mitigate the burden that we would place on others and if especially through our lack of diligence or discipline we don’t want to be a burden of others because of that let’s go to the Lord in prayer and again if you have any questions or anything you want to cover next week is the final week so send us your emails last point God we thank you that you’ve given us so much in your word and then even God through the interventions of uh people with great minds to just figure out ways that we can plan more effectively and efficiently and you know I pray God that we would still see ourselves as the aunt uh in Proverbs that is diligent to save diligent to plan and that you would help us to be disciplined in these areas I pray God that ultimately we will be doing it for your glory and not just for our comfort but we will be doing it God to be a great testimony to you and we’ll be doing a God because you’ve given us the opportunity and instruction and I just pray Lord that you convict us all to be better stewards of your money God I just want to thank you for the food that we have in the back thank you for those who’ve labor to prepare it and just pray that you would bless our service bless Davis it brings the word and all those who will be uh leading Us in worship and we thank you and just give you praise in Christ’s name amen