Click below to listen to Episode 84 – The Life Stages of Financial Planning Part 2

The Life Stages of Financial Planning Part 2

Tune in to the Part 2 of The Life Stages of Financial Planning.

In Part 1 of The Life Stages of Financial Planning, Bob and Bailey speak about the 4 financial life stages: Beginner; Intermediate; Graduate; and Handoff to the Next Generation. In Part 2, they discuss how the different elements of financial planning fit into each life stage.

Financial planning should be living, breathing, and changing as you do throughout all the stages of your life. Bob educates you in this podcast about many of the various pieces of the financial planning puzzle and how they should all fit together for a successful outcome. Some of the topics of the 20 pieces of Financial Planning that we discuss include:

  • The Christian Financial Advisors Online Financial Planning Portal
  • Retirement Planning
  • Social Security planning
  • Life Insurance planning
  • Educational Funding
  • Estate planning
  • Major Purchases
  • Cash flow and budgeting

HOSTED BY: Bob Barber, CWS®, CKA®
CO-HOST: Bailey Theaker

Mentioned In This Episode

Christian Financial Advisors
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Bob Barber, CWS®, CKA®
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Bailey Theaker
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The Life Stages of Financial Planning Part 1
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EPISODE TRANSCRIPT

[INTRODUCTION]

Welcome to “Christian Financial Perspectives”, where you’re invited to gain insight, wisdom and knowledge about how Christians integrate their faith, life and finances with a Biblical Worldview. Here’s your host Christian Investment Advisor, Financial Planner, and Coach, Bob Barber.

Bailey:
Well, welcome to our podcast today, where we will be talking about part two of the life stages of financial planning. I’m Bailey Theaker. I am Bob Barber’s assistant and professional question asker.

Bob:
That’s what we kind of put you at, ain’t it, Bailey?

Bailey:
Our last podcast, we went over the four major stages of financial planning. Bob, you want to give us a quick recap of some of those things?

Bob:
I sure do, Bailey. One of the things too is we started off the last podcast and if you haven’t had a chance to listen to it, we really get in deeply into the life phases or stages of financial planning. But I like these two scriptures that go with it. And it’s from Ecclesiastics 3:1-2, and James 1:5. And Ecclesiastes 3:1-2 says, “There is a time for everything and a season for every activity under the heavens, a time to be born and a time to die, a time to plant and a time to uproot.” That really goes well, I think, with the different phases of life because there is a time for everything, a time to tear down, a time to mend, a time for war, or a time for peace. There’s good times. There’s bad times. So there’s all these different times. James 1:5 is a scripture I really rely on a lot, “If any of you lacks wisdom, you should ask God who gives generously to all without finding fault and it will be given to you.” So our wisdom should come from God and his word. My old favorite that I’ve mentioned many times, Proverbs 15:22 that, “Plans fail for lack of counsel, but with many advisors they succeed. And when it comes to financial planning and the phases that we go through of our lives in financial planning and what is required, we need counsel.

Bailey:
Hmm. Yeah, those are good. Those are so good. And I feel like that’s what I love about the Bible is that at every season of life, those scriptures are applicable. And so last year, especially that one on seasons, I mean, obviously it meant something to me last year, but now this year with everything that’s changed and everything that’s happening, it’s a whole new thing.

Bob:
Oh, it is. We really have to rely those scriptures right now because with COVID and stuff we hear about all the riots on the news, and it’s heartbreaking. 2020 has been a tough year.

Bailey:
2020 has been a crazy time. Yeah.

Bob:
It has, and we have the up and coming elections and somebody might hear this podcast next year after the elections, but we really just don’t know, but we have to put our faith in God and we can not walk around with a spirit of fear. God is not about fear. We have to walk around with our heads up as Christians, and realize that God’s in control. He’s got it. So when we talked about the phases of the last podcast, there’s basically four phases that I’ve seen during my years. I’m not going to get into that real deep because the last podcast did that. But the first phase is the beginner and that’s where I see starting to build a foundation, getting out of college debt, building cash reserves, and the normal age for that is between 20 and 39 years old. So it’s a 19 year phase.

Bailey:
That’s a big space.

Bob:
Exactly. And a lot happens in that. You’re going to college, you’re getting out of college. You’re getting married. Usually, you’re having your first child by the time you’re 39 years old, at least I hope you are. You’re starting that family. But then we talked about last week in last week’s podcast is the second phase is what we call the intermediate phase. You think it’s tough in the first phase? The second phase is, by far, the most expensive time of a person’s life. And that’s between the ages of 40 and 62. The good thing is while it’s the most expensive time of a person’s life, it’s also the highest income earning years. Maybe not when you’re 40, but by the time you’re about 50 or 55, your income has risen pretty much to its peak, right around 60, it’s going to peak. And during that time, too, you’re accumulating wealth. You’re having more children, you’re buying larger homes. And in my case, we had three. We’re getting the suburban, the bigger cars, but then that’s in the beginning of that phase or right in the middle of it. Then towards the end of it, you’re downsizing because as your children get older, during that phase of, like I say, 40 to 62 years old, which is 22 years, your children will go to college. Most of them will be out by then. You start handing them off and they start getting married. You start, maybe you have your first or second grandchild. I know we’ve got one and I’m 58, and many my age have more. They have already three or four and some don’t have any. It’s a time where you buy that larger home in the beginning years. Then, you start to kind of come over a hump and then you start to move into a smaller home and start to think about downsizing. And towards the end of that phase is where you go into retirement. Then we have phase three, that is your graduate. I call that the normal age, about 62 to 87. That’s a 25 year phase. And this is where you’re actually retiring. You’re graduating from your main job. You have more and more grandkids that can do no wrong at all. They’re all perfect. You’re no longer in that accumulation stage, but instead you’re in the withdrawal stage. You’re living off your assets. And there’s a lot of travel in those beginning years. And like Mary Jo, who used to do the podcast, I was just talking to her last week and they’re in their RV up in Colorado. It’s the dream and you were talking about your own parents, right? They’re looking at an RV or do they already have one?

Bailey:
They have one, but they’re looking at traveling a lot more in this season of life.

Bob:
It’s kind of that phase. And then you have that last phase, which I call the handoff. It’s like a baton and you’re in the relay race and you’re handing off. And that’s where you’re handing off to the next generation. Healthcare expenses get pretty high. That lasts between 88 and 100 years old. A lot of people are living that long. I mean, most of the time, both spouses don’t live that long, but one does. And so there’s a possible loss of spouse by that time. Usually, that happens in phase three. Unfortunately, I’ve seen that a lot. It’s a very important time to think about estate planning and handing off the wealth to the next generation efficiently. And usually during that last phase of that handoff, that’s a time where you sell off everything and you may be moving to a guest house that you’ve built for yourself on your children’s property. I’m seeing that a whole, whole lot with the folks that I work with.

Bailey:
In your experience, Bob, would you say, just out of curiosity, is there usually like a joint effort between spouses in that stage of life? Do they both usually know everything that’s going on with their finances or is it usually one or the other? What does that look like?

Bob:
It’s usually one or the other. Today, unfortunately, I’m meeting with a woman that lost her husband. And she was in the younger years, actually, but I will meet with so many and it’s not always one way or the other, by the way. I mean, sometimes it’s the woman that knows all the finances and sometimes it’s the husband that knows all the finances, but usually both are not on the same page and I wish they were. And that’s why I emphasize so much that when we’re working with someone during these phases and we’re working on financial planning, that’s what we’re going to get into today is all the different points of financial planning that go into these different phases. I want to be working with both husband and wife during this time, but most of the time, one of the spouses is just not interested in the financial side of it. And that’s opposites attract. I will say that it was kind of that way with Rachael and I, but now Rachel pays all the bills. She does all the budgeting and you know me, I’m Mr. Finance. But she has really learned well. She knows our budget hands down and where everything is going. I’m glad of that because if anything ever were to happen to me, I want Rachael to be able to come in and understand the finances. And this kind of brings us to our financial planning system because today the way the financial planning systems work and the one that we use here at Christian Financial Advisors is a complete cloud based, online, technology based, financial planning program that, as long as both spouses have the username and password, they can see their complete financial picture if they want to use this system for what it’s meant to be used for. And basically, it is a system that you can integrate all of your financial life into one place. And it’s very secure along with what we refer to as a vault with numerous folders where you can store your estate planning, documents, your insurance documents, your marriage certificates, everything can be stored inside of there. It’s so much easier today. And you take it with you. It’s on the go. I mean you have an app in your smartphone, your iPhone, or your Google phone, whatever type of phone you have today, you have the app and you can pull up all your finances at any point in time and see here’s what my investments are worth. Here’s my cash flow. Here’s all of my bank accounts, and you can really keep a strong eye on it. And you want to do that with all the fraud that happens today. You want to be able to see everything instantly at any point in time to see if anybody has gotten into any of those accounts. Because many people they’ll have a bank account. They’ll have some investment accounts. They’ll have a credit card account. Maybe they’ll have that 401k over here on the side. You should be able to see everything at once instead of having to go all of these different logins to different accounts.

Bailey:
Sure. And you’ve been in the business for some time now.

Bob:
About 30 years.

Bailey:
So now it’s all online. How have you seen that change? What did it used to look like compared to what it looks like now?

Bob:
Oh, what it used to look like was we gathered all of this information. It was done through paper. We still used computers, but we would enter all of this financial data into a financial plan. We would print out this beautiful one inch thick financial plan, put it in a nice binder, and say, here, it’s yours now. And let’s go over this and let’s try to stay on track. The problem is is that finances are constantly changing. Markets are constantly changing. So that financial plan was only really good that day that we made it. Now, we want to stay on track. But today with technology, the financial planning process is very interactive and it’s integrated all together so that it’s being updated daily. And if you have an expenditure that was unexpected, or maybe you want to take $30,000 out of your retirement account, we can go on and look at the plan and say, okay, how’s this going to affect the plan over time in literally seconds. I mean, within a minute, we’ll know how’s that going to affect the longterm time horizon? We do that through a system that actually goes under plans. It’s called the decision center. I was trying to get to that word. It’s called a decision center. I’m looking at this online. So it helps you to make that decision. Should I take that money out?

Bailey:
Wow. We are living in the future. That’s amazing. Yeah. I love on our financial planning website that the first thing it says is we believe a financial plan should be living, breathing, and changing as you do while you’re in control with an experienced financial advisor, guiding you through the changes of life, and that’s so true. I mean, I can only imagine how much in just my life, and we don’t have a lot of different things moving around, but things are moving all the time. And so, that’s amazing.

Bob:
We have a video that is on our website for CISwealth.com, and it’s actually narrated by Tom Selleck. And it says, you remember when, when life was simple and everything that you had could fit in a box, a little box, but then you grew and you had children and you grew your assets. And now there’s many, many boxes. And how do you keep all those boxes knowing what they’re doing. And that’s where today, technology can help with that. Really true what we say on our website that it’s living, it’s breathing, it’s changing, and you’re in control with the financial advisor helping and walking beside you. So, it’s not all the financial advisor builds a financial plan. We hand that plan off, and then you can go online and even put in different scenarios to see how it’s going to affect your plan.

Bailey:
Well, on that same website, we have a little over 20 different financial planning aspects. Would you walk us through those?

Bob:
I sure will. So the first one that we have, by the way, you can go to CISwealth.com. And if you want to follow along with this, now, most of you, I know that listen to podcast while you’re driving or while you’re jogging or working out. But if you want to follow along with this, you can actually go to CISwealth.com and go into the financial planning area on the website. That’s what we’re going to be going over, under what we offer. So that first thing is setting up that financial planning portal. And that’s where we’re going to set up all of your different accounts and integrate everything. Now, some people will say, well, that’s scary. What if somebody hacks into this program, they’re going to see everything, and aren’t they going to be able to move money around? And the answer is no. Through technology, it’s all scattered by bits and pieces. It’s over 180,000 to 256,000 different pieces. It’d be very hard to see. Even if you were able to get in, you can’t move any money around. Let’s say you have an account, and I’m just going to mention some banks. Say you have an account at Randolph Brooks, or you have an account at Frost Bank. These are banks that are here in Texas, or you have an account at Wells Fargo, a national bank or Chase Bank. If someone were to hack the system, they can’t move money around. They would have to go directly to that site, and they can’t go directly to that site through this site. And by the way, all the banks are online anyway. So this way allows you to see what’s going on without having to go to each individual site. So that’s the first thing we do is we set up the financial planning portal, and then we have the different areas of financial planning that we work on. Now, what done on our website is we have put this in the order of what’s most important to most people. And quite frankly, what’s most important to most people is retirement planning. They think about the future, and this is understanding their financial needs when it comes to planning and what are they going to need, and to guide you through all of life’s obstacles and victories. Whether you’re 25 or 55 or 70, retirement planning is a very integrated part of the wealth management and financial planning process. This is a very important tool that’s part of our financial planning system. Another thing that people like and is probably our second most popular part of the program is social security planning. And we have a lot of retirees and they’re not real sure about when to take social security. Should I take it at 62, should I take it at 65? For myself, at age 58, my full retirement age is 67. Should I wait to 70, which is the max age to take it out? And a lot of that comes into your family genetics and how long you’re going to live. And usually the break even point, for if you take social security earlier than later, is about 18 years. So what I mean by this is if you take it at 65 versus say 68 or 70, that extra three years is going to take you about 15 to 18 years to break, even because you’ll get a higher amount at a later age, but there’s three years that you’re not getting social security. So we put that in our system and look at it and see what’s the best plan. And also if somebody has genetics and their parents both passed away in their seventies, well it may be better to take that social security earlier. But if they have parents that are both living in their nineties, it would be better to wait until the later years to take social security if you can. But we always look at that and say, well, you’re either going to take from more from your retirement plan from yourself, or you’re going to take the government’s plan. I’d rather take from my social security than take from myself. But we always play that and we can show that. Another one that’s really big for our younger folks is a company retirement plan review. And with our system, we can integrate their 401k and we can look at the asset allocation. And then when we act as a financial advisor, and we have to have an advisor agreement to give advice on what to pick in that 401k, we can integrate that. We can see how you’re invested. We can look at the asset allocation model because our system will integrate with your 401k plan, wherever that may be. If you have a username and password, you can move into it. We can integrate it. Wow. And people do not know what to invest in today. I just had a client in their mid thirties. And when I looked at the choices that they had, they had about 15 different choices in their 401k, but none of them had any sector funds to it. And then at the very, very bottom, it said brokerage account choices, which meant in that 401k, you could actually open up into a brokerage account that would open up the whole world. And that would give this individual biblically responsible choices along with different sectors. Because right now, some sectors are so hot, I feel like they’re way overvalued. I’ve not seen technology this high up in value in this, times the PE ratio, since the late 1990s, 2000, when we had the internet bubble. I’m not saying the technology is going to break, but it’s just been driven so hard by this COVID. And just, the rally that we’ve seen in technology where the other sectors have been totally left behind, like energy has been left behind. Financials have been left behind. Banks have been left behind. That is really important because you want to invest in the right thing. And this is where we can help you with your 401k, with this financial planning system. And how much should you invest in the 401k? And that’s where the retirement planning will come in. If you’ll notice down there, we have educational planning. Somebody has got younger children. They want to maybe start putting money aside for an educational fund for that child. How much should they put aside? What college does that child want to attend or do you want your child to attend? This is Aggie land, you’ll notice around here. And we have a few that would like to send in their children to A&M or maybe you have some that want to send your child to UT or even Texas State down the road. Or, I know we have a lot of listeners up in New York state, by the way, they’re probably not going to send them down here to a Texas school, but they want to send them to a state school. We can put that information in the system and tell them what they need to be saving on a monthly basis for that child or grandchild. A lot of times the grandparents will like to help that grandchild.

Bailey:
Hmm. So Bob, you said earlier that whether you’re 25, 55, or 70, that this is all important and you should be thinking about it. Do people usually start thinking about this before they need to? Cause I know I’m 26. I just started thinking about these things.

Bob:
It’s usually after they meet.

Bailey:
So what would you say is a good time to really start considering your financial plan and getting an advisor and things like that?

Bob:
About 20? When you’re born. Yeah, no. The earlier the better, because you have what we call compound interest working on your side. Benjamin Franklin said that compound interest was one of the main wonders of the world. Because the earlier you start, the more doubles you have, and there’s a rule called the rule of 72. You take your interest rate or whatever you’re making, let’s say your average return is 6% a year. 6 goes into 72, 12 times. That means in 12 years, if you put a dollar in, it will double to $2. If you put $10,000 at a double to $20,000. If you put $30,000, it will double to $60,000 at a 6% rate of return, but it takes 12 years for it to double. So the earlier you can start, if you wait until you’re in your late fifties to start saving, you don’t have many doubles, but the earlier you are, you have more times your money can double. Plus, when you’re younger, you can usually be more aggressive. So you can get beyond that return, a higher return. Now there are no guarantees, we always have to put the disclaimer in here that past performance is no guarantee of future performance, but over time an aggressive growth portfolio has done much better than a conservative portfolio, but an aggressive growth portfolio is going to have a lot more up and downs when you’re younger and you’re putting money in, though. We call that dollar cost averaging. When the market’s down, you just put more in. You’re buying cheaper shares. You’re buying things on sale. So, start as early as you can, but it’s never too late to do financial planning either. I mean, even if somebody is in their 70’s and they’ve never done any planning, they need to do some planning because you can be 70 years old and have another 20, 25, years to go. So it’s really important that you look at where you are today and are you going to make it? Are you going to have enough to get through? Sometimes I don’t know where people come up with this math, but they’ll say, well, I’m going to retire. I say, well, how much do you have? Well, I’ve got $200,000 to retire on. I want to retire on $50,000 a year. Well, today’s rate of returns are 4% and 5%. You can’t retire on $50,000 a year on $200,000. You need more like a million or a million plus to be able to do that. And your generation, you’re 26, right, Bailey?

Bailey:
I am.

Bob:
Okay. Your generation is going to need between 2 and 3 million to retire on on a normal middle income lifestyle.

Bailey:
That’s a lot.

Bob:
I don’t know if everything’s going to be around for your generation, all the government help. You might be on your own. The pension plans are not around anymore like they were for my generation and older. Pension plans are coming to an end even right now, where you used to work for a big company like an Exxon mobile, and you’d retire with that great retirement plan. On top of that, you’d have a 401k. And on top of that, you’re getting your social security. Your generation, it’s whatever you save up. That’s what you’re going to live on. Probably.

Bailey:
That makes me want to take a nap. That’s a lot. That’s a lot. Okay. So that’s the retirement planning kind of side of things at the beginning. So what would be the next step?

Bob:
I’m just going to go through the last 14 or 15 of these and for time’s sake, we’re not going to go through all these, but I’m going to list for you all of the financial planning modules, like I would call them, that go with the different stages. Again it’s setting up the portal, retirement planning, social security planning, retirement plan review. Then we get into values based investment planning. What’s your risk assessment? This goes along with planning. How do you feel about risk, tax planning, educational planning, life insurance planning. How much life insurance do you need? Life insurance is really important in those younger years, especially when you start having children. Cheap term life insurance, estate planning, longterm care planning, real estate planning. Should you buy a rental home? We’ve done a whole program on the pluses and minuses of rental properties. All we hear is the pluses, but not many people talk about the negative side of that as well. Planning for major expenditures, gifting strategies, sales of major assets, planning for possible incapacity, multigenerational planning, asset protection. As you get in the higher up years, you want to protect your assets. I’m always seeing those commercials by these lawyers on TV. Call me. We’ll win. Our last case, we won $25 million or whatever. So you want to protect your assets. Cashflow is a really big one, especially among the younger, those in their thirties and forties. Of course, I’ve seen it in their fifties, too. Somehow, they’re not able to live on $300,000 a year. I’m not sure why they’re not able to, but it has to do with budgeting, cashflow, and debt planning. There’s a lot of different planning here. So I’m just going to touch on a few more. We could just go on for hours about this, but the bottom line that you’re hearing me say is how important all of these pieces are. It’s like a big gigantic puzzle that goes into the financial planning process. Think of this puzzle. We know there’s 20 pieces. There’s more actually, but we’re hitting on the main ones, but out of those 20 pieces for those different stages of life that we talked about, there’s going to be five or six or seven of those pieces during each stage that are the most important. Does that make sense?

Bailey:
Yeah, absolutely.

Bob:
So, let’s touch on another one. Life insurance planning, like I mentioned, I’m amazed at how many under-insured breadwinners I see when term insurance is so cheap. My goodness. I think you can get a hundred thousand or a couple of hundred thousand dollar policy in your twenties, $10 to $15 a month. So I really emphasize that. Especially during those younger years, you usually have more debt because you’re buying the larger home. And if something were to happen to either one of the breadwinners, what would the remaining spouse do with all that debt? Bottom line, sometimes I’ll ask a spouse and maybe a husband will say, well, I don’t need any more than a couple hundred thousand dollars of life insurance, even though his salary is a hundred thousand a year, and I’ll say, well, something happens to you. So how long do you want your wife to be able to sustain the same living lifestyle or just have to go get remarried? Well, I don’t want her doing that. Then you need to increase it. If you’re making a hundred thousand dollars a year, you really need about a million dollars of coverage because that’s going to get you through for 10 to 15 years to replace that income. Major purchases are a big deal, too. And understand how is this going to work within your plan before you go buy a new home, before you buy a new boat. I had one client. He was retired and he wanted to go buy a really nice tractor that was about $40,000 or $50,000. Should he be doing that or just go rent one for a while? All that’s going to play into the financial plan.

Bailey:
That just popped into my head as you’re talking about this. And I don’t know which category would fall into, but like for you, Bob, you have three daughters. And so did it occur to you in your financial planning to prepare to pay for their wedding?

Bob:
Yes, it did. And thank goodness when the the second one got married, she got married out in the field, in the backyard, on the grass. It wasn’t near as much, but yeah, you gotta prepare for those. If you have daughters, you definitely have to prepare for those weddings. Just had a good friend whose daughter got married. He’s so glad the wedding’s over now, but preparing for the college education and the weddings. A lot of our clients – not a lot – but I mean a few, they’ll have maybe a child if they have three or four, one might have a handicap. You may need to set up a special needs trust so if anything were to happen to the parents, that child is taken care of. So there’s all these issues that go into financial planning, and my goal with today’s podcast and the podcast from last week – and if you didn’t hear it, I would encourage you to go back and listen to that podcast – is to realize just how important financial planning is. But to also know that it’s really cool today. Unlike any time in history with all the integrative and technology driven tools that we have, financial planning becomes a living and breathing process. So I’d like to leave kind of on that note today, and to encourage you to go to our website, to CISwealth.com. On the very front, it’s got who we are and it says what we offer. There’s a little drop down menu. And under that dropdown menu, you can click on financial planning, and then under all of these 20 areas of financial planning, there’s a little dropdown menus that tells you what that means as part of the process. And don’t delay. You know what the number one reason for financial failure is? It’s procrastination. By far, the number one reason for financial failure is procrastination. Procrastinating to start saving. Procrastinating to get that estate plan done. Procrastinating to get that life insurance plan in place. It just goes on and on and on. We procrastinate. As human beings, it’s in our nature. I see four or five phases of procrastination during the year. People say, well, right now, Thanksgiving’s coming up. Well, can we talk after that? Well then Christmas comes up. Can we talk after that? Then the first of the year comes up. Well, we’re just getting over Christmas. Now we’ve got to think about taxes. There’s never going to be a convenient time for financial planning. Ever, ever. You’re always going to be able to procrastinate about it. Go against that tendency because you’ll be so much happier if you start early instead of later.

Bailey:
Yeah. Bob, I know for me, when I first took a look at this financial planning website, there’s so many things and they’re all so valuable, but it did feel like a mountain to me. It felt like, there’s all these things that I haven’t thought about and all the areas of my life. And so, me being at 26 or for the person who hasn’t started and they’re 50 or 75, what would be a word of encouragement that you would say, here’s the first step. Just take just one foot in front of the other. Here’s the first step.

Bob:
I’m glad you mentioned that because it is like an elephant, and you don’t eat an elephant all at one time. You break it down into pieces. We don’t do this all at one time. We break it down into pieces. The first place that I would start would be to write down all of your assets. That’s all your bank accounts, your housing, your cars. Write down all of your assets and the value and write down all of your liabilities, your debts. Add up all of your assets. You’re going to add up your liabilities, and hopefully your liabilities are less than your assets, not more than your assets. But that’s the starting point that we always start with. And we have an online system that’s called our confidential profile. You can do it all online. You don’t have to fill out the whole thing, but getting started. When someone decides they would like to work with us, we’ll send them a link to that. And that’s where we start.

Bailey:
Yeah. This helps get all the cards on the table.

Bob:
Exactly. Remember you do not have to eat the elephant all at one time, but we do want you to eat the elephant over the next three or four years, because there’s many of these areas we need to focus on and we’ll eventually get to, but don’t let it scare you. The first place might just be making a phone call or shooting over an email. If you don’t want to use us as your financial advisor or planner, then find one. But by the way, you want to use a financial planner and advisor that is fiduciary driven and does not sell any commission-based products. Because if they sell commission-based products, there’s a conflict of interest. So look for an advisor that’s paid on a fee, like we are. We’re fiduciary based. We do not sell any commission based products. Nobody’s pushing us to sell you something. We’re paid by the customer, so our allegiance is to them, not some big company.

Bailey:
Hmm. So fiduciary, meaning like it’s always their interest first, not your’s.

Bob:
That’s correct. That’s correct. And on our website, we have that meaning of what a fiduciary is.

Bailey:
That was super helpful, Bob. Thanks for answering all the questions.

Bob:
That’s going to do it for today. Again, you can go to Christianfinancialpodcast.com or CISwealth.com and we’ll be glad to help you. That’s all for today.

[CONCLUSION]

That’s all for now.

We invite you to listen to all of our past episodes covering many financial topics from a Christian Perspective. To make sure you don’t miss any of Bob’s upcoming episodes you can subscribe to Christian Financial Perspectives on iTunes, Google Play Music, Spotify, or Stitcher. To learn more about integrating your faith with your finances, visit ciswealth.com or call 830-609-6986.

[DISCLOSURES]

Investment advisory services offered through Christian Investment Advisors Inc. DBA Christian Financial Advisors, a registered investment advisor. Comments from today’s show are for informational purposes only and not to be considered investment advice or recommendations to buy or sell any company that may have been mentioned or discussed. The opinions expressed are solely those of the host, Bob Barber. Bob does not provide tax advice and encourages you to seek guidance from a tax professional.