83 – The Life Stages of Financial Planning Part 1

Christian Financial Perspectives

English - August 29, 2020 00:15 - 50.1 MB - ★★★★★ - 11 ratings
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Previous Episode: 82 – Are Rental Homes a Good Investment

Next Episode: 84 – The Life Stages of Financial Planning Part 2

We all have different phases of our lives that demand unique financial requirements. Financial planning is definitely not a “one size fits all” or even a “one size fits most” type of solution. We each fall into separate categories when it comes to income, expenditures, debt, and savings. However, most of us can divide our lives up into 4 different stages, which Bob and Bailey discuss in part 1 of our episode on “The Life Stages of Financial Planning”.

Click below to listen to Episode 83 – The Life Stages of Financial Planning Part 1

The Life Stages of Financial Planning Part 1

Discover the 4 life stages of financial planning.

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Phase 1: Beginner – Normal age 20-39 (19 Years) – graduate college and debt, first real job, marriage, start having children, purchase first home, starting to pay off college debt, rising incomes

Phase 2: Intermediate – Normal age 40- 62 (22 years) – most expensive time of life, second or third child, larger homes and cars, major career advancement, teenagers, college cost, kids get married, accumulation years for retirement, possible early retirement in later years

Phase 3: Graduate – Normal age is 62-87 (25 years) – retirement years, downsizing to smaller home, no longer accumulating but withdrawing, Recreational vehicle and travel, grandkids, and possible loss of spouse and health issues in later years as well.

Phase 4: Handoff to Next Generation – Normal age 88-100 (12 Years) – thinking about the next generation, great grandchildren, and selling of all assets including home and giving to children; very expensive health care costs.

HOSTED BY: Bob Barber, CWS®, CKA®

Mentioned In This Episode

Christian Financial Advisors

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Bob Barber, CWS®, CKA®

Bailey Theaker

Ep 82 – Are Rental Homes a Good Investment?

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Website

Ep 16 – Procrastination

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Website

Ep 56 – The Loss of a Spouse

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Ep 76 – Inheritolatry

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Website

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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.

Bob:

Welcome to today’s podcast. This is Bob Barber, along with my helper,

Bailey:

Bailey Theaker.

Bob:

Alright. Hi, Bailey. How are you today?

Bailey:

Doing well. How are you, Bob?

Bob:

Well, it was fun. This is the second podcast you’re going to help me with. I’m trying to figure out exactly what we call you. You’re like the person that is listening and thinking, “Okay, I got this question I want to ask.” So we do we call you the question person?

Bailey:

I’m a professional question asker.

Bob:

And so again, if you didn’t hear the last podcast, I’d invite you to go back and listen to that one. By the way, that was a really interesting podcast I made that was on residential real estate and is it really the great investment we all think it is. I want you to say what you did in the last one because somebody might not have heard that. What was the reason you thought that we ought to just make them right here instead of me always interviewing somebody else?

Bailey:

Yeah. Well, since coming onto the team, I’ve had the chance to listen to several of your podcasts. I mean, you have what, over 80 out now. And so I’ve listened to a lot of them. And after listening to them, there’s so much good content on there, but then just being around the office with you, I hear you come up with ideas all the time. I hear you talk about things and I feel like I’m just a sponge, just absorbing all this information and things I didn’t know.

Bob:

Don’t absorb too much cause there’s a lot of craziness up here too.

Bailey:

And so yeah, take it with a grain of salt, but as I was listening when we were trying to schedule some more people, I just thought, “Bob, why are you asking so many people all these questions? Why isn’t somebody sitting down and asking you these questions?” I mean, you’ve been in the finance business for how long now?

Bob:

Over 30 years.

Bailey:

For 30 years.

Bob:

I mean, I started with real estate investing from 1984 to 1992. And then entered into the full financial services in 1992 because, quite frankly, I got bored with real estate. So, I love the finance side of things. And it’s really interesting, before we get into today’s topic, which this has to do with today’s topic. Learning about money and how money operates is kind of a game and learning how to play that game properly because money is a tool. Like a game or a tool, you’ve gotta learn how to use money. As a kid, can you guess what my favorite game was? It was monopoly. I loved monopoly. I would usually just whip up on my competition. People were like, what are you doing to me? But I guess it was just a knack I had. I always understood how money worked, even from the time I was 14 to 15 years old. My brother and I were buying a few homes and fixing them up back then. We didn’t realize fixer uppers were big back then. This is before HGTV or anything. So, I’ve always been of the entrepreneurial spirit, and I believe strongly in free enterprise and understanding how money works. That’s what this podcast is about. It’s teaching people how money works. And today we’re going to talk about all the phases, the life phases, of financial planning, which is really taking the tools, because there’s a lot of tools available, to see how that works, and how does that apply to these different phases of life? You know me, I love God’s Word. Most people don’t realize that Jesus spoke more on stewardship and how we handle money than he did on heaven and hell combined. And all you gotta do is just open up and just start looking at from how the widow gave her last mite, that’d be maybe pennies today, but it was everything she had and how that meant more than a rich ruler just giving a small percentage, to the parable of the talents to the way you hire somebody. He hired the three people, and the guy that came in at the end of the day got the same pay as the guy at the beginning of the day. So, there’s just so much in God’s word. I am a Proverbs nut, as you know, too. I love the book of Proverbs.

Bailey:

Yeah. And I think that that’s something that makes us really unique is that I’ve heard a lot of people talk about money throughout the years, but you bring in this perspective of not only having been in the financial business for 30 plus years, but having done it from the wisdom of God’s word, and that’s a really unique place to look at the world around us and look at money and our finances. I mean, I don’t feel like most of us that’s the approach we take, and so I’m just excited to learn from that perspective.

Bob:

The book of Proverbs, if you just follow the book of Proverbs, and do everything that says, your financial world will be in order. I’m not a big prosperity theologist guy. Okay. I mean, I don’t claim it and speak it and all that, but if you follow it, you will be financially secure and safe because it has given us wisdom and how to operate our finances. It’s just all through Proverbs. “Consider the ant. It stores its provisions in summer and he gathers his food at harvest.” That’s what it says in Proverbs. By the way, it says, “Consider the ant you sluggard.” It’s kind of funny how it says that, but it’s really about building cash reserves. In Genesis 41, when Joseph came to Pharaoh and Pharoah said, “Hey, interpret these dreams for me. What does this mean?” He said, “Take a fifth of the harvest and save it up for seven years.” That’s 20%, by the way. A fifth is 20%. So take 20% of what you’re making and save it up for the famine when it comes about. So that’s talking all about cash reserves and then the parable of the talents is talking about investing. And then debt, “If you lack the means to pay, your very bed will be snatched out from under you.” Not saying debts bad, all bad, but if you lack the means to pay, your bed will be snatched out from under you. So throughout scripture is written about how to handle money wisely, and it has been proven over thousands and thousands and thousands of years.

Bailey:

Wow. We could talk all day just about that.

Bob:

We could. We could. We got this subject we want to get to today. And it’s really about the life phases that all of us go through. I took some scriptures. You can say, Hey Bob, what are some good scriptures to start today with it. If you’ve been listening to my podcast, you’ve heard me say this, especially during COVID time, there’s a time for everything. There’s a time to tear down, time to build up, et cetera, because what we’re going through right now, we will come out of it. There’s always going to be tough times. And then there’s going to be good times and will be tough times again. But Ecclesiastes 3:1-2 said, “There’s 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.” James 1:5 says, “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.” Now, see, this is the foundation for today because the foundation for today, when we talk about the phases of life, is there is different seasons in life. And you need wisdom to get through these different phases. Proverbs 15:22 is one of my favorite scriptures in the entire Bible that plans fail for lack of counsel, but with many advisors they succeed. And that really speaks to that we need one another. We are not to go this alone. Over in Ecclesiastes, it talks about how a cord of three strands is not easily broken. Pity the man that has no one to watch his back. So, we need one another, which really speaks into these phases that we’re going to talk about and financial planning and seeking good advice.

Bailey:

Yeah. So as an advisor, Bob, I have said this to you before, but you really do serve as a shepherd to the people that you are an advisor to. I mean, you really are walking with them really closely through kind of all the stages of life and of financial planning. And so I just feel like you have a really unique perspective as you’ve walked with them and shepherded them. And like I said, it’s unique also in that you’re not just guiding them to making good financial decisions. You’re guiding them to make biblically wise and God honoring financial decisions. I just think that’s awe inspiring to me. That that’s a possibility that we can make decisions in our finances that do honor the Lord at every stage of life. And so I’m excited to hear as you just go over what each stage of life looks like, and then how do we do that? How do we honor the Lord in each stage of life, and how do we walk in biblical wisdom in all of those stages, too?

Bob:

I’m so honored when you told me that the other day. I heard you say that, and it really hit me deep in my soul. When you said Bob, you’re like a shepherd to so many of your clients. You consider them more like your congregation, don’t you and like your family? And I said, I do. When I was 14 years old, I had a calling on my life that I thought God was going to make me into a pastor. I mean, I thought I was going to become a pastor for awhile. I really did. I remember my dad taking me up to Tulsa, Oklahoma, and sitting on the Oral Robert University campus and talking to my dad. My dad was like, if you want to be a minister, I’m fully behind you. But for some reason, God did not take me. I was so close on that path, but everybody has ever known me, knows I love the Lord. So, he kept me in the financial realm for a reason. And yes, I do consider this as a ministry. It’s a calling in prayer. I feel like all financial decisions for a Christian are also spiritual decisions and that every financial decision needs to be prayed about. Psalms 24:1 says, “The earth is the Lord’s and everything in it.” Therefore, if he says everything, that means my vehicle belongs to God. That means our home belongs to God. That means my investment accounts belong to God. My bank accounts belong to God. How am I taking care of it? Where am I putting it? So, that’s where we get into the values based investing.

Bailey:

Yeah, that’s so good. And you are a pastor. I mean, and I love that because I think that when God gave people the call of being a pastor, that takes so many different shapes and forms. I mean, even just as a father, fathers are the shepherds and pastors within their families. Having come on this team just two months ago, I’ve watched the way that you engage our clients and the way that the whole team engages our clients that when there’s a loss in their family, we’re there. I mean, we show up for those people because they are considered family to you. Or when there’s a new baby in the family, or when there’s a marriage happening or something exciting, you’re all in. You’re there. And so in every way, I feel like you just get to walk alongside people the way that Jesus did, like you get to walk with people and guide them through all the stages of life.

Bob:

Well, that’s why at 58 years old, I’ve been doing this for 30 years. I’ve had people say, are you ever going to retire? I don’t retire from ministry. So, as long as the Lord allows me to do this, and I know old financial guys, they just keep going and going. There’s that famous guy named Warren Buffet that everybody knows. I don’t know how old Warren is. He’s got to be 85 or 90 years old, and he’s still going. And so I want to keep doing this. Ron Blue, who I’ve had him interviewed on the podcast many times, I think he’s 78 now is what he said the other day. He started Kingdom Advisors about 12 or 13 years ago and announced the fastest growing Christian organization for joining Christian and financial planners together around the nation. I can’t wait to take you to one of them, you and some of the new staff have come on and some of the old staff, cause it’s amazing. We’ve got to get to today’s subject. So, there are phases, there’s many different phases in financial planning. You’ll notice what I did here is I broke this down by phase one, phase two, phase three, and phase four. Phase one. I think that kind of fits you, doesn’t it?

Bailey:

Yeah. Well, I’m about 26. So, I think I’m at the beginner stage of almost everything in life, but for sure. What does that look like for the beginners in their financial planning life?

Bob:

Well, phase one, I put in the bracket of 20 to 39 years old, but there’s so many things that change, so that’s 19 years in these phases. The first phase is 19 years. The next one’s 22. And then the next one is 25 years, and the last phase is 12. During that first phase, like where you are right now in the beginning, is you’re really about building the foundation. If you have college debt, a lot in between your age and 35-36 years old, they’ve got a lot of college debt. They’ve got to get out of that debt, and many of them want to get out of that debt before they start families. So, we’ve got to look at that. We’ve got to come up with a plan to remove that college debt as quickly as possible and then start building cash reserves at the same time and savings. Because if you don’t build the cash reserves and savings and you don’t start that, you know what’s going to happen? You’re going to get stuff in credit card debt. I’ve seen younger people in this beginning phase, they’ll get in credit card debt. They can get all kinds of credit card debt in just six months, and it takes them six years to get out of it. So don’t buy today what you can’t pay in the next 45 days because the credit card is going to come in. They used to ask me, I remember all the time, do you want to apply for our credit card so that you can get a 10% discount? Don’t ask Bob Barber that because you might get a little bit of a sermon, not too much. And later, let’s say around 30-35 is that once you’ve gotten out of that college debt and you’re starting to build that foundation in cash reserves, you want to start thinking about investing, actually, at this age. There’s what’s called the rule of 72. And the rule of 72 is you divide the rate of return into it, and that’s how often something will double in value. So as an example, if you’re making 6% on average return in say a balanced growth fund. In 12 years, if you put a $1000 in, that’s going to double to $2000 and in another 12, it would double to $4,000 and in another 12, it will double to $8000. If you’re putting a lot more than a $1000, say $10,000. $10,000 goes to 20k. 20k goes to 40k. 40k to 80k. 80k to 160k. 160k to 320k. So, the earlier you start with that, think of the double at the end, when you go from $160,000 to $320,000 or $320,000 to $640,000 or $640,000 to $1,280,000. I know you’re going, how are you doing this in your head? It’s math, but it’s those last doubles. The last doubles will come sooner if you start sooner. So the later you wait, procrastination is extremely expensive. It’s costly to the tune of thousands and thousands of dollars per month. And that’s that beginning stage, even if you’re just investing $25 a week. You know me, I love Dave Ramsey, too. I’ve taught Dave Ramsey a lot. He talks about that. At this beginner stage, I would encourage everybody to go through a Dave Ramsey course. I’ve taught that many times at my church and that’s a great, great course. And he’s a good Christian brother. By the way, I’ve met him several times. He comes to our Kingdom Advisors conferences. But along with this phase, you’re getting out of college. You’re building your foundation. You’re building your cash reserves. You start investing in retirement plans. You get married. Now, how long have y’all been married?

Bailey:

We’re going on five years.

Bob:

Five years. You started younger, then, than most people today. I have three daughters, and one is married and the youngest is 26. So during that, between 20 and 39, you’re seeing the marriage happen. You’re seeing the start of a family, usually during that point. Everybody starts later now. I mean, Rachael and I, we had all three of our daughters by the time we were 31.

Bailey:

I’m late. I better, I get going.

Bob:

Yeah, no, well you do what you need to do, but I sure do need you here as an office manager to help me with the podcast. During that time, too, is when you’re going to usually buy your first home between that 20 and 39 phase.

Bailey:

Yeah. Wow. Well, I know that I’m in this stage of life that I’m in, that can feel like a lot. That can feel like a mountain of things that we kind of have to get going. And for me, that can feel kind of overwhelming. And so I would imagine for a lot of our listeners who are in that first beginner stage, they might feel a little overwhelmed too. And so Bob, from your years in the business and also from having three kids who are now all adults, what is the piece of advice or encouragement that you would give to that beginner stage of life?

Bob:

You don’t eat an elephant all at one time, so start with one small thing. Start with $10. Start with $25. Don’t think that you have to start with $150 or $200, little bits at a time, little pieces. Eventually, those pieces will add up. I encourage everyone that if you’re not saving anything towards cash reserves and you say, well, I just don’t have any money to do that. Well, try saving $15 a week. And then once you get used to that and set that up systematically, then go to $25 and then go to $35 and you’ll start saying, I’m saving, but I’ve also noticed I’m not going to Starbucks anymore and having that $4 or $5 cup of coffee that I can make it home for 30 cents. So, it’s things like that.

Bailey:

Yeah. That’s so encouraging and helpful. And as soon as I came here, I felt like a guppy in the ocean in the financial world because they really just don’t teach you this kind of thing in school growing up. Now, I’m 26. I wish that I would have heard these kinds of things when I was 18 so that I could prepare. But I’m excited that I get to hear about the next stage of life, now, when I’m 26. So, what is the next stage?

Bob:

And you’re so young. I’m sorry, but you are. I mean, our listening audience is going. Yeah. She’s 26. So it’s good you’re hearing that now because you’re going to be so far ahead of somebody that just waited and they started when they were 40 or 45, because the number one reason for financial failure, the number one reason is procrastination. I have done an entire podcast on procrastinating because you can put it off. It’s so easy to put it off, but phase two. So, you think phase one is hard. You wait to phase two because you think it’s going to get better. Well, I’m going to start saving when I’m older and things open up. All right. So then what happens in phase two is you think you can save because your income is going up, but phase two is at that point from 40 to 62 years old, that’s 22 years. And so much is happening during that time. This is the most expensive time of your life, without a doubt. The kids are coming on board. During this time, the kids are getting older. You’re needing a larger home. I remember us, we had the suburban and the minivan and we had the larger cars. And now, we’re driving little bitty sport utility vehicles. You can’t get more than four people in our car now, but in the suburban, you could put nine. And I remember the family trips, and we sent our kids to Christian schools. So, you had mortgage debt. You had a larger home. You had larger cars. The babies turn into toddlers, and the toddlers into children, and the children into teenagers. Teenagers start getting 16, 17 years old. We have three. Get the one that turned 16 or 17. Hey, it’d be nice to get another car, and she can help cart around the other two because Rachel was acting as taxi mom. So, we have them in private school. Now, we’re buying another car. Now, we’re paying for insurance. And then, the 16 gets 18-19. Then what happens? And we wanted to send ours to college, and we wanted to send them to good Christian schools. So, I sent Jenna all the way up to Liberty University. And Jerelyn’s two years, two and a half years behind her, I sent her to Biola. I’ve got one on the East coast, one on the West coast, and then Jaeci our youngest, she’s going to San Antonio Christian School. So, I’ve got all this going on. There’s three cars at one point, each one in college, and I’m like, how am I going to pay for this? Somehow, the Lord helped me pay for it. And we were able to pay for a 100% of our oldest two. The third one didn’t want to go through college, and that’s okay. College is not for everybody, but we got them through without any debt because I did not want them having any college debt, but that is such an expensive time of your life. And remember those daughters, what do they do? They go get married. We had Jenna get married during that time. So, we’re paying for college. We’re paying for weddings. They’re starting to leave the home. Now, during that phase when they all leave the home and you’re done with college, there’s a huge pay raise. So, you start saying, I have got to catch up on retirement now and I’m going to plug it in. So, you’re really accumulating. That is the accumulation stage. I’m 58 now. And I can tell you, I have a lot of energy. A lot of people say at 58, I have more energy than a 20 year old, but you should have seen me when I was 20. But you start getting tired, and your friends start retiring around 55, 56, 57. They’ve been working for maybe some oil companies. I’ve got some friends that worked for DOW chemical during my junior high and high school years when I was down in Lake Jackson. They’re all getting these pensions, and they’re retiring at 55, 56, 57 years old. You’re like, huh? So, that’s phase two. So, we’ve got phase one and phase two. And then we go into the third one.

Bailey:

Wow. That is a lot of things in that one stage of life. That’s a lot of things. I wonder, because in that first stage of life, it felt like, I know it feels like, all your friends get married kind of at the same time. And then everybody starts having kids right around the same time. So, I would imagine in that second stage of life, as you see people start to retire, is there a little bit of like retirement envy of, “Oh, I want to be there.”

Bob:

What am I doing with my head right now? There is retirement envy, except I feel such a calling, like we talked about at the beginning of the program, in my life to do this. I know this is where God wants me. I wake up every day with a lot of energy because this is what God wants me to do. I feel like he wants me to do this to the day I die. You tell everybody. What you say to me all the time?

Bailey:

I say go home, take a nap.

Bob:

And what do I tell ya?

Bailey:

You say I’ll rest when I’m dead. Every time.

Bob:

Don’t worry. Don’t worry. I’m fixing to go to Colorado for two or three weeks, and I do that every summer. We go up there and see our clients up there. I’ll take some rest, but you saw my schedule this morning. You’re like, what are you doing? We go hiking constantly.

Bailey:

It’s just packed full completely. So Bob, in that second stage of life, there are so many things. What would you say is the number one thing that gets neglected by people, that they just kind of forget to do that thing in that second stage of life?

Bob:

Hmm. Wow. That is a really good question, and you threw me on that one. The number one thing that gets neglected during that phase is probably thinking about themselves. I mean, I don’t want to think selfishly, but they’re thinking so much about the kids that they forget that you’ve got to think about yourselves as well. And you’ve got to recharge. You think about, it’s hard to continually give, give, give when you don’t recharge some yourself. That’s why we need a Sabbath, right? We need sabbaticals to recharge. In that phase, I don’t see that. They’re paying so much towards wanting to give their children that college education and wanting to give their children everything that they forget about themselves. I also see – a number one thing during this phase from the beginning of having children even all the way through – I’m amazed at how many people don’t have their estate plan in order. We’re going to get into all the financial phases. We may have to do a second part of this or else somebody’s going to have to listen to this podcast over two or three days because there’s so much just talking about the phases. And then we’re going to get into talking about all the different pieces of financial planning that fits into all these phases. There’s about 20 different pieces, which is so exciting today because with technology, and we use it here, financial planning is different than I’ve ever seen it. It’s technology run. It’s very integrative, interactive, and constantly being updated. It’s not like the old plan where we gathered information, generated the plan, printed out the plan, put it in a nice binder, and say, here, this is your plan. You’ve got to follow it. Now, it’s living and breathing. So, financial planning has totally changed over the past five to six years. I mean 100% changed. And I love the change today.

Bailey:

Wow. Well, so those two first stages of life, I love the scripture that you read at the very beginning in Ecclesiastes that says there’s 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. I feel like that first stage of life is really just like, you’re barely getting roots. And then the second stage of life is like you’re growing. This is the planting stage, the planning stage, and so you’re planning a lot for these last two stages of life. So, what do those look like?

Bob:

If you don’t plant, you’re not going to have anything to harvest, are you? The third phase is between the ages of 62 and 87 is where I’ve seen this. And you realize I’ve worked with all these phases of people? I understand these phases so well after doing this for 30 years, you understand what they’re going through in these phases. And this is where I call it “the graduate”. You’re graduating from your main job, and you’re either going back as part time, maybe as a consultant. I’ve seen this a lot or you’re totally retiring. We call this the retirement years. This is when the grandkids come along, which can, by the way, can do no wrong, but when they do wrong, you just hand them back and say, okay, you go back to mom and dad. You know my little grandson, he gets anything he wants because I loved my grandparents. They did the same thing with me. I know. We spoil him, but like we always said, if we knew grandkids were this great, we’d have had them first, but probably because we have wisdom there. And in this phase, you’re no longer planting. You’re no longer in the accumulation stage. Now, you may still be in that accumulation stage from 62 to 70, but somewhere in here, you’re no longer accumulating, but instead you’re in the harvest. You’re in the withdrawal stage. You’re taking money from what you’ve built up. Because quite frankly, you get pretty tired. You want to have time for the grandkids. This is also a time of life where you may be looking at the larger home you had when all the family was there and say we want to travel. In the beginning years of retirement, I call those the “go-go years”. You’re go, go, go, go, go. You want to travel. You want to get the RV. Mary Jo, that was doing my podcast with me before, she retired. They bought the RV, and they’re in that RV right now, touring Colorado, Wyoming, South Dakota, and all that area. They’re living the dream. They are. That’s during that go-go phase, and that’s the beginning phase of retirement. And then there’s the next phase called the “slow go”. You slow down. You’re like, I’ve done it all. I just kinda want to stay home. And then the last one is “no go”, but you’ve got to have those assets to live on. You’re possibly downsizing to a smaller home. I’ve seen that a lot because you’re not going to be there as much, or you just don’t want the maintenance and the cost associated with the big home. Another thing that happens, though, during this phase, this graduate phase of 62 to 87, I’ve seen this a lot unfortunately, is this is where the loss of a spouse many times comes along. Now, during any of these phases, the loss of a spouse can come along, but this is the phase where I see it the most and many times it’s sudden. I’ve done a whole podcast on the loss of a spouse. I understand what you’re going through from the perspective of. I’ve seen others. I have not lost my spouse. My spouse did have cancer a couple years ago, and it was a pretty scary time, but we put our faith in God. And right now she’s all clear, but I would praise God either way because God is on the throne, and I love him in the good times and bad times. But during this time when a husband or wife loses their spouse, it can be so difficult because this is in the middle of time where they wanted to do so many things together. And many times you’ve been married, like Rachel and I, I’m 58, we’ve been married 35 years. We’re like two peas in a pod. We do everything together. We understand each other, and we really are looking forward to that phase. Except Rachael is saying, Bob, you’re not going to retire because you would drive me crazy. Anyways, I will slow down some, though. Okay, so that’s phase three.

Bailey:

Sure. Yeah. I know my parents bought an RV too, and they’re just getting to that stage of life. My mom is retired, but my dad hasn’t, and they bought an RV and they’re starting to travel around and things too. They’re considering moving into the RV and I said, you can’t sell our family house. They said, but you’re never here.

Bob:

Our children are grown adults now. We we moved from the home that they were raised in. We didn’t downsize much, though.

Bailey:

Yeah. I’ve seen your house. It’s beautiful.

Bob:

But we do have less bedrooms. The way that we structured it was like, Rachael’s got her own office. I have my own office and things like that. But yeah, they’re like, you can’t sell that house, but we did, but they’re getting over it.

Bailey:

Okay. So what’s that last final stage of life?

Bob:

That last final stage is what I call the handoff. And that’s normally, from what I’m seeing today, because people are living longer, and that’s normally between 88 and 100.

Bailey:

Wow.

Bob:

I know. People are living a lot longer. It could be 85 to 100, but this is when you start thinking about the next generation, but your healthcare expenses really can rise during this time as you get older and you need more healthcare. Here’s where you possibly sell your home completely. I’m seeing this a whole lot with the clientele that we serve, the Christian clientele. They’re selling, and they’re moving in with the children, not necessarily moving into their house, but they’re taking the money from their sale and they’re building a little guest house in back or something like that, or moving into a small, luxurious apartment. Okay. So they don’t have any of the maintenance or expenses. I mean, they know this is what I have to pay, and everything’s going to be taken care of during this phase. Estate planning is important for all phases, extremely important. I mean, I’m amazed. I was talking to one just yesterday. I said, have you done your estate planning yet? They have children that are like 3, 6, and 9, and they still don’t have an estate plan. I said, what are you going to do if something happens to you? You need to have the guardianship set up. But estate planning during this last phase is the most important time. Estate planning is always important, but you want to hand off that wealth efficiently to the next generation. The next generation is not ready to get that wealth either, unless they have wisdom. And I’ve done a lot of great podcasts on inheritolatry and on passing wealth to the next generation. If you pass wealth and they don’t have wisdom, you’re hurting them more than you’re helping them. You also have the longterm care costs. So, it can be expensive during, what we call, the no-go years. You’re not traveling and you’re not spending money there, but you’re spending money on all the healthcare costs.

Bailey:

Sure, sure. I know that you mentioned earlier that one of the most neglected points is that people often don’t think about themselves. I’ve heard that a lot where people won’t think about estate planning for themselves because they’re, I don’t care what happens to me. I don’t care what happens to my money. I only care about my family, but really that is taking care of your family to plan ahead and do those things. It is considering your family, because I know that we’ve had people call up here before who have a spouse pass away unexpectedly or something like that, and they just say, I’m so overwhelmed. I don’t know what to do. They’re grieving, and there’s all the things that come with that. But now they also have to think, how do I put all this together? Because I’m at a loss. And so, it really is taking care of those around you.

Bob:

We know how to do all that by the way, too. We have all the packets we can give you and written information, along with just advice of helping somebody like that. They’ve lost their spouse. Now, what do I do? I don’t even know where to start. And sometimes, the best place is just not to start anywhere for awhile because there’s just so many emotions that are going high at that point. Just let things calm down for several months. It’s going to be okay. You don’t have to make those financial decisions right now. You can wait until the storms calm a little bit. As we know, time heals wounds, at least it’s supposed to. Sometimes it doesn’t. I’ve seen where somebody lost their spouse 15 years ago, and they’re still grieving. And I pray and pray for them. One of my best friends that’s happened to. And so, it could take time, a long, long time, but we’re here to walk beside you. Well, I’m thinking we’re going to go into all the parts about financial planning. I don’t even know where we are. Where are we at? 45 minutes or an hour today, already? So, why don’t we do that on the next podcast. Let’s make this part one and part two, and we’ll come back on the next podcast now that we know all about the life phases. We’ll go into the 20 to 25 pieces of the financial planning puzzle that fits within all of these life phases. So, you can see how this integrates so that you’re operating efficiently and you’re doing things with wisdom and you’ll have a bright financial future right now and in the future in putting everything together. Does that sound good? Do you think we ought to do that?

Bailey:

That sounds good, and you are not going to want to miss that podcast. I mean, I could just spend hours looking at our website, reading about them, because there’s so many great resources on there. I’m excited to do that.

Bob:

And let’s put this all on our website about the phases. We’ll make sure and do that. Go to the website, to christianfinancialpodcast.com. You can also go to CISwealth.com and go under financial planning. That’s what we’re going to be discussing next week and see all the areas of financial planning. People are amazed that there’s that many pieces of financial planning. A lot of them would just think of it as getting out of debt and doing some retirement planning. There’s a whole lot more than that. But today, like I said, with technology, it integrates it all. It’s just, it’s a beautiful thing. I know I get excited about some things and people are like, you’re weird, but I do know finances. By the way, if you asked me who the hottest entertainer is or what movies playing, I don’t know that, but you ask me about finances, I know that. I know about finances and the word of God. Those are the two things that I know a lot about.

Bailey:

That’s a good thing to know. Well thanks, Bob. Thanks for your time.

Bob:

We’ll talk to you all later, and then we’ll catch you on next week’s podcast.

[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.

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