Choosing a Bank That Serves Your Needs and Faith with Aaron Caid

This episode of the Faith and Finance Podcast is brought to you by Christian Community Credit Union. Christian Community Credit Union now joined with Adelphi, a division of CCCU, brings together the best of Christian banking for greater Kingdom Impact. Faithfight listeners can earn up to a $400 bonus when opening a qualifying high yield checking, savings, or Visa Cashback Card with code FaithFive. CCCU also offers a new high yield money market, providing a competitive high rate on balances up to $100,000 while your deposits help support churches, ministries, and Christian causes. Visit faithfive.com/banking and use the code FaithFive. Membership eligibility required, accounts are privately insured up to $250,000 by American share insurance. This institution is not federally insured. Banking isn't usually seen as a place to live out your faith, but it can be, "Hi, I'm Rob West. For many faith-based banking is becoming a compelling opportunity to partner with institutions that support the things they care about. Today we're joined by Aaron Cade to discuss why believers may benefit from reconsidering where they bank." And then it's on to your calls at 800-525-7000. This is Faith in Finance, Biblical Wisdom for your financial decisions. Well our guest today is Aaron Cade, Chief Marketing and Communication Officer at Christian Community Credit Union and Adelphi. Aaron, great to have you back with us. Thank you, Rob. It's great to be back with you. Aaron, I want to start with the practical. Before we get into faith alignment, a bank must still, of course, serve your everyday needs. That's a key part of stewardship, right? It is. You got to get the basics right. I mean, managing money well requires systems that are secure, efficient, and reliable. So wanting good technology, strong customer service, and modern tools is not selfish. It's wise stewardship. So your banking partner should help simplify your financial life, not add friction or confusion. Yeah, I think that's well said. Then another question naturally follows, does this institution share your Christian values and worldview? And once the basics are covered, why does that matter? But where we bank reflects what we believe about money and its purpose. So every financial institution makes choices about how money is used, invested, and put to work. Faith alignment means operating from a biblical view of stewardship, a biblical view of integrity and service. Yeah, of course. And one of the distinctives of Christian Community Credit Union is that faith doesn't just stay on paper. It actually shows up in action. So I'd love for you to talk about how CCCU and Adelphi live this out through generosity all the way toward global impact. Yeah. CCCU has given more than six and a half million dollars to support Christ centered work around the world. Adelphi, for its part, gives hundreds of thousands of dollars a year and employs volunteer hundreds of hours each year. Together, we will be able to amplify this giving. And that's what truly sets us apart from all the other banking options out there. So collectively, Adelphi and CCCU have over 125 years of supporting Christian ministries, missionaries, and church planning efforts globally. You know, when tragedy strikes, we work with Christian partners to bring relief. Even more tangibly, we recently contributed toward the development of a financial discipleship curriculum for married couples. You know, considering that financial issues and misalignment is one of the leading causes of divorce, we believe this curriculum will bring healing, restoration, and strength to many Christian marriages. In another example, between the credit union and our members, we recently sent over $10,000 to Operation Christmas Child to serve children in need and to share the love of Christ with them. So the money we earn is directly invested back into serving members well, offering them better rates and lower fees, and supporting ministries that are Christ centered. We tie that on our earnings to go directly into building God's kingdom and supporting gospel work. Yeah, I mean, everything you just said really underscores the difference in having a banking partner that aligns with your heart as a Christ follower. Now, Aaron, regardless of where someone banks today, what are some of the general red flags to watch out for that might indicate their bank isn't serving them well? Well, first, think about how your bank puts your deposits to use and where it invests its earnings. Consider their business practices and values. Does your bank's investment philosophy align with your Christian faith, or does it support organizations and causes you consider ungodly? Also, be on alert for high or confusing fees that quietly erode your savings. Also, think about does your bank make it difficult to reach a real person when you have a problem, or is its technology outdated or unreliable, you know, which complicates your everyday money management? Finally, does your bank make you feel like you're a number rather than a valued customer? Yeah, that's helpful to hear. One final thing we've talked about CCCU and Adelphi. There's a big merger going on. What does that mean for members? Well, members are already benefiting from expanded services, reach and capabilities. The combined organization is better positioned to serve individuals, families, churches, ministries, and Christian owned businesses. And in just a couple of months, the merged credit union will assume the brand Adelphi Christian banking. It'll be by far the biggest Christian banking solution anywhere. Aaron, thanks for your partnership and for joining us today. Thank you so much for having me, Rob. Folks, when financial services work well and align with your faith, your money can serve both your needs and God's kingdom, FaithFy listeners can earn up to $400 as a bonus when opening the qualifying high yield checking or savings account or a Visa cash back card. Go to faithfy.com/banking and enter code faithfy. FaithFy.com/banking code faithfy. We'll be right back. Have you ever started a budget? Only to watch it fall apart a few weeks later? You're not alone. The FaithFy app is the leading Christian budgeting app, combining smart budgeting tools, automated budgeting, and personalized insights with daily rhythms of scripture, short devotional and guided reflection. Manage God's money God's way. Start your free 30-day trial today to lock in 25% savings for a limited time at faithfy.com/app. Membership eligibility required. Accounts are privately insured up to $250,000. Great to have you with us today on Faith and Finance. We're taking your calls at 800-525-7000. Hending right to the phone, Sherry is in New Mexico. Sherry, go ahead. Hi Rob. I have a question on social security. Okay. I heard that you can't have too much savings on social security. I heard that singles can only have up to 2000 and couples can only have up to 3000. Otherwise, it can be taken away from you. I was wondering if that's true. Yeah. There is some truth to that, but there's some confusion going on here. It's not related to social security, regular social security. What you're describing is something called SSI, which is a completely different program for those with low income and limited resources. It's supplemental security income. That does have limits, 2000 for individual, 3000 for couples. If you're receiving regular social security retirement, you can save and invest freely without losing any benefits. There are no income or savings limits on regular social security. Okay. Okay. Does that help? Did you have a follow-up question? No, that's okay. Not today. Thank you. Okay. Very good. Thanks for calling. Call back anytime, Sherry. Lord bless you. Let's go to Virginia. Hi Greg. Go ahead. Yeah. So I'm 66 and in a few months, I qualify for the full retirement benefits. I plan to continue working and I have about $45,000 of savings. I just wanted some idea of where I can go from here to improve my, because I don't know what to do with the 40, I'm a little bit nervous investing in the stock market right now with the $38 trillion debt. So where can I go from here to improve my situation? Yes. Well, you know, you really want to think about first of all that emergency funds staying liquid and safe. You know, I would have at least six months and you may decide to do a full year in a high yield savings account or a money market. So it's liquid, safe, but still earning a decent rate of return. You could visit with our friends at Christian Community Credit Union. They're offering high yield savings at five. A money market at 4% up to 100,000. $1,000 and there's a bonus for faith-file listeners. You could go to faithfi.com/banking if you wanted to learn more there. But something like that I think would be great. And so if you all are spending about $2,500 a month, six months would be $15,000. If you want to do a full year, that'd be $30,000. But let's stay with six months for a second. That would leave you $30,000 outside of that where your goal, again, is capital preservation first, steady, predictable yields second and low volatility with simple to manage being key. If you're continuing to work with either wages or self-employment income, earned income as far as the IRS is concerned, then you certainly could drop that into an IRA, either a traditional where you could save a little bit if your R-paying taxes, if you're not, you could put it into a Roth, which would allow it to grow tax-free. And then you could just pull it out as you need it. It would need to be in there five years before you could take it out, at least the gains tax-free if you're just starting it. But you can always get back your original contributions at any time. So that would be an option. In terms of what that portfolio might look like, it could be maybe 40% of it in high quality short and intermediate term bonds. So a short term bond fund or a government bond fund, you could use an exchange-traded fund to be pretty easy to do and our friends at SoundMind investing can help with that. Maybe another portion, another 40% or 12,000 in some laddered CDs or treasuries. So maybe you split that portion across one and two-year CDs or United States government treasuries. And then maybe put the balance in money market and I think packaging all of that together either in or outside of an IRA that's up to you. It could be great. Again, safe, a decent yield, a good mix of fixed income options, but still fairly liquid, especially when you carving out that six to 12 months worth of expenses in the emergency fund. But does that all make sense? Yeah, that sounds good. I didn't realize at 66 you still could do an IRA. I guess I know. So that's good news. Yeah, there is no age limit on an IRA as long as you have that earned income, you're allowed to continue to make that contribution. All right, thank you very much. All right, we appreciate your call today, Greg. If we can help further at any point, don't hesitate to reach out. Let's head to Texas. Hi, Chris. Hi, I'm kind of being a little bit vulnerable here. I have a question. I'm trying to be obedient to God in the area of money because he's really related on my heart. And I give to the point that my account goes in a negative and I've really been a giver since I was a child. It's part of just who I am. I know that can't be normal, that I should, yes, God calls us to give, to help the poor, to help the widows, to help those in need, but it can't possibly be normal to do that, to that degree. And I want to learn, even though I read the Bible daily and I'm studying, I still don't know where to go, where I learn to have maybe self-controlling giving. And that makes me sense, I don't know if anybody else in the world has this problem where their heart's too big and their brain is not thinking logically related to money. And then also about saving. So if you could recommend a book or just have a comment, I'm just really struggling with this and looking for advice. Yeah. Well, I really appreciate that question, Kristen. And you'd be surprised. There's probably a lot of folks listening right now because we hear this question often something similar to it that are in the same spot. So I appreciate your transparency and vulnerability to ask the question because I'm praying that my response to you will be helpful, but also to many others. Second, I would just encourage you. Your desire to give as unto the Lord is a natural response. Those of us who have seen what Christ has done on our behalf on the cross and trusted in him as Savior, the natural response to that grace is in part giving, living a generous life and saying, God, everything I have is yours. And you have extended unmerited favor and grace to me. And I want to give. I want to participate in your activity. I want to bless others. But I would say, even though it's understandable to feel torn between your desire to honor God and through giving, and that can collide at times with financial strain, scripture encourages generosity, but it also commends stewardship and wisdom. God doesn't call us to harm ourselves in order to give. The New Testament vision is, and this comes right out of 2 Corinthians 8 verse 12, according to what one has, not according to what one does not have. That's what the Apostle Paul says. So that truth frees us then from what you might call pressure-based giving. You see, if giving consistently has pushed you into hardship, that may be an invitation to slow down and rethink your approach, not to stop being generous, but to make generosity sustainable. And I would say, prayerfully consider budgeting for your giving as a first priority, but at a level that fits your current income and obligations. And over time, as your financial footing strengthens, then your capacity to give cheerfully can grow with it. Also remember, the generosity isn't only financial time, hospitality, your presence, compassion, prayer, they all bear witness to God's love. The goal isn't to prove devotion through sacrifice, but to respond to God's grace with gratitude and trust. I hope that's helpful. We'll be right back on Faith and Finance. Stay with us. [music] Are you a financial professional looking to grow your practice while offering advice that aligns with your Christian values? By becoming a certified Kingdom advisor, you'll gain the biblical wisdom and professional credibility to serve clients who are seeking faith-based financial guidance. Each year, more than 75,000 people search for a certified Kingdom advisor. Join our community and share your expertise with clients looking for someone who shares their faith and values. Start your journey today by going to KingdomAdvisors.com/GetSertified. Faith and Finance is thankful for support from the Good Investor. A book by Robin John. In his book, Robin shares his journey from an immigrant child struggling in school to co-founder and CEO of Even Tied Asset Management, a faith-based investment firm. This faith and work memoir seeks to inspire readers to view their work and investments as opportunities to honor God and bring blessing to the world. More information is available at GoodInvestor.com. That's GoodInvestor.com. Delighted, you've joined us today on Faith and Finance. We're taking your calls and questions. All the lines nearly full. Just one open. 800, 525, 7000. Let's head back to the phone's Arkansas Genette. Go ahead. Thank you for taking my call. Yes, ma'am. I have one son and I've gone to a lawyer and had all my wheel done. All of that is straightened out. My question is, about my death, I have several organizations that I want to leave a one-time gift to. Is it best to do it after I die or would it be better to do it before I die? Yeah. Yeah. I mean, there's a couple of considerations there. First of all, I love your desire to be generous with what God has entrusted to you and you've already selected some ministries that are on your heart. That's great. I love what the author, Ron Blue says in his book, Splitting Heres. He says, "Do you're given while you're living so you're no one where it's going?" And I think that's not a bad strategy. So I love the idea of you getting that money into circulation in God's economy sooner rather than later. One of the questions, though, you always have to ask is, do I feel a conviction in the Lord to give it right now? And how does that fit into my overall financial plan? And if these are assets, you may need to tap into at some point in the future. You may want to keep them in your care, invested or in savings, and then give them away efficiently at death, which we can talk about how you do that. Or you may say, "No, I'm considering this to be surplus. I've defined enough for accumulation. And this is beyond my enough whatever that is that's between you and the Lord." And so I feel good about going ahead and giving that away right now. And if that was true, I'd say, "Go for it and don't look back." I think a third scenario is even if it's a part of your financial plan, if you feel the leading of the Lord to give it away, I'd say, "Listen to that." So give me a sense of the funds that you're talking about here that you ultimately want to donate to these organizations you've selected. Where are these funds now? And are you considering them to be over and above what you need to have available for the rest of your life such that you could give now? Or do you feel like you might need to hang on to it? to see if it's going to be needed for something down the road. That I'm not sure of. I'm 65 and I'm still working, but I replant planned to retire in 2027. And this money is part of my borrow one K my retirement. Okay. Yeah. But I have only had the one son and I have no doubt whatsoever that he would follow my wishes. That I'm not worried about him not doing it. I didn't know if it would be. I guess tax was curcume or how all of that would work. Yeah. Well, typically what you would want to do just based on what you just described is because this is a part of your retirement plan, leave it there. Obviously you're continuing to give along the way just out of current cash flows. The Lord leads your tie than whatever giving you do. But with the retirement account, you would typically leave it there. Once you separate from your employer, when you retire in 2027, we'd roll it out to an individual retirement account in IRA. It stays in a tax deferred environment. That's key. You'd have an advisor, probably a certified kingdom advisor, which you could find at find acca.com there in Arkansas, who shares your values, who would be the one to manage it for you. Then you would use that to generate income, to supplement social security for you to live on for the rest of your life. Then at death, you would decide what portion is going to your son and what portion is going to ministry or charity. Then you'd name those organizations. The typical way you would do that is you could either have more than one named beneficiaries on that IRA. Let's say you wanted half of the IRA, which is your current 401k that's rolled out once you retire, you wanted half to go to your son. You'd list him as a 50% beneficiary. He gets half of it. Then you could list the ministries, the organizations, as the other beneficiaries, maybe 20% to one, and 10% to another, and 20% to a third. Then it would go directly to those ministries at your death. The other option is you could give whatever portion you want to go to ministry at death as a beneficiary to your donor advised fund. Think of that like a charitable checking account. You'd name your son as a successor advisor so that after you're passing the money that's going to him would go directly to him. The money that's going to ministry would go into your donor advised fund. Then he would just log in online and grant it out to whatever ministries you told him you wanted it to go to. That would be a really simple and clear way for it to happen. The third way is you just write a letter of intent. It's not legally binding, but it's helpful. You give 100% to him and you explain to him where you want it to go and why. Then he takes care of it and you trust him to do that. I think any one of those three options could work for you. Does that make sense? It does. The last one is what I was going to do. Write it down, put it in envelope and tell him open up on my death. I have no doubt that he would follow that. The other one that you recommended the donor fund. Is that something that a CKA sets up? No, you could do that on your own. I would do that at the National Christian Foundation, which was started by Larry Burkett and Ron Blue. They've given tens of billions of dollars away to Christian ministries. They don't originate the gifts. They just create the giving vehicles and givers like you direct the money. So you'd go to their website, ncfgiving.com. You'd click the button that says open a giving fund. That's their name for a donor advised fund. And in three or four minutes, you'd open it just kind of like you were open in a checking account, except now it's a giving fund. And then you would name your giving fund as whatever portion of your assets you want at death to go in. You'd list your son on it and then he would grant it out. So that's one way to do it. The other is just what you said. You make him a 100% beneficiary of everything on your IRA and in your will. And then you give him a letter of intent and tell him how you want him to handle it. Okay, great. Thank you so much. All right. Thanks for your call today. Lord bless you. Well, folks, we are about out of time today. You know what? As we step back, everything we do here at FaithFy is pointed in the direction of you seeing and I seeing God is our ultimate treasure. We want to be about kingdom building activities. We want to handle God's money in a way that it's evident that God is our ultimate treasure and not the things of this world. We don't want to build up those 10 story idols that King Nebuchadnezzar asked, "Shadrach, Meshach and Abednego to bow down to, we only want to worship the one true God." And that means holding God's money loosely seeing it as a tool to accomplish God's purposes. Let's look for ways not just to give it death. How can we give right now setting a financial finish line and participating in God's activity? Think about that. Pray about it. Come back and join us tomorrow. Thank you to Gabby T. Dan, Amy and Jim couldn't do without him. We'll see you next time. Bye-bye.