LEGACY: Building Lasting Wealth (Beyond the 401(k)) | Love By Faith with Kyle & Selina Almodovar #083

This episode is about building a legacy of lasting financial wealth beyond the 401(k) plan. 

Kyle and Selina explore what it means to build a lasting financial legacy that extends beyond the accumulation of wealth to developing proper money mindsets for future generations. They explore practical ways couples can establish financial foundations that will benefit their children and communities.

• Breaking generational financial curses through intentional money management
• Teaching children financial literacy from an early age
• Separating personal identity from financial status
• Starting investment habits early, even with small amounts
• Seeking wisdom from financially literate mentors
• Understanding the appropriate role of life insurance
• Considering income-generating property investments
• Maintaining generous giving as the foundation of Christian financial stewardship
• Developing an entrepreneurial mindset rather than employee thinking
• Creating financial independence for greater ministry opportunities later in life

🔗 LINKS TO THINGS MENTIONED IN THIS EPISODE! 🔗

Fidelity Investments

Schwabb Investments

Roth IRA Accounts

Chapters

• 0:00 Introduction to Financial Legacy
• 3:39 Breaking Generational Financial Curses
• 13:30 Teaching Children Financial Literacy
• 20:00 Investments and Retirement Planning
• 25:22 Life Insurance and Property Investments
• 31:43 Money Mindset and Identity
• 37:10 Closing Thoughts and Prayer

Transcript

Speaker 1: 0:00

It is time for you guys to build a lasting legacy around your finances. Is a 401k. Enough Generational curses and money mindset. It would be foolish not to talk about it.

Speaker 2: 0:10

Life insurance is important if you have something to lose.

Speaker 1: 0:15

We're not perfect people.

Speaker 2: 0:17

By any means.

Speaker 1: 0:18

But by trusting in God we learn what it takes to build a friendship.

Speaker 2: 0:22

A relationship.

Speaker 1: 0:24

And marriage that has stood the test of time.

Speaker 2: 0:27

With a Keeping it Real style. We're going to talk to you about everything everything that we've been through are going through and have overcome All by learning how to lean on God and each other.

Speaker 1: 0:39

In order to help you learn how to love by faith. Hi Kai hey how you doing hey how?

Speaker 2: 0:59

you doing.

Speaker 1: 1:01

How you doing. Are you having a good day?

Speaker 2: 1:04

Yeah, it was a really good one. A lot of family time, it was cool.

Speaker 1: 1:09

My day was. You know, I slept in today and I turned my alarm off and I just said you know what? I'm just going to let my body wake me up. I slept for 10 and a half hours.

Speaker 2: 1:22

That's great Reset Redo.

Speaker 1: 1:24

I slept for 10 and a half hours. That's great. No reset, redo. I slept for 10 and a half hours.

Speaker 2: 1:26

If you have the ability, take it thinking about our health. Episode yes, I was like I know she needs a reset. I know she's been complaining and telling me that she feels burnt out feeling it, yeah, and that the summer drag is happening, and so I was like no, I'm just gonna let her have it yeah, like you, let me a couple days ago you let me sleep. You know, for me sleeping till eight is a big sleep in yeah but you let me sleep till eight and just was like you covered it.

Speaker 1: 1:48

Yeah, and that's huge man you know to be able to. If we could be able to have a handoff like that where it's a consistent in the weekend. You know on saturday you sleep in, or you know on or every other saturday you sleep in. Every other saturday I sleep in and just take that on.

Speaker 1: 2:06

I think that would be really beneficial to our self care, to our health, to the kids, so that you know they get the same amount of time for each of us. And yeah, you know, going back into a few episodes previous to that, we had the whole anxiety episode and I did. I told you I was like I'm feeling like I'm starting to burn out and so we cut it, and you gave me that time, and so I just I appreciate you.

Speaker 2: 2:28

Got your back.

Speaker 1: 2:29

I appreciate you. You're my homie.

Speaker 2: 2:31

Thanks, we can work together anytime.

Speaker 1: 2:33

Welcome to Love by Faith, kyle and Selena here. We're glad you guys could be here for us. Yeah, and as we're talking about the last series of our season, which is Legacy, Building a legacy that lasts, yeah. Building a legacy that lasts.

Speaker 2: 2:48

Building a legacy that lasts.

Speaker 1: 2:50

Building a legacy in your friendships, in your family circles, in your health, and today we're going to talk about something that couples should always talk about.

Speaker 2: 3:00

I think I agree.

Speaker 1: 3:01

And it would be foolish not to talk about it. I'm just going to be very blunt. I'm saying this with love, but if you're not talking about it, then we are lovingly going to correct you on it. Today, it is time for you guys to build a lasting legacy around your finances when it comes to your marriage, when it comes to your relationships. So, kyle, why is this so important? To talk about specifically building a legacy around finances.

Speaker 2: 3:27

When we set out to get married, to have a lasting marriage, to have a marriage that lasts, we knew that we had to be on the same page financially. God has called us to so many things financially not us personally, but us big picture Christians. Financially, not us personally, but us big picture christians. Yes to so many things financially to to give, to earn, to save, to give to our next generations, to be prepared in season and out of season. All those things wrapped together, the big. The answer I mean is like because god's called us to, god's called us to have a financial legacy. Right, right, but how do we get on the same page about legacy? Because is a 401k enough?

Speaker 1: 4:11

No.

Speaker 2: 4:12

I think of financial legacy and I think of when I die, how much money am I leaving behind? Yeah, Is that what you're thinking? Yeah.

Speaker 1: 4:19

I am when I think of financial legacy, I think of savings, I think of investments, I think of insurance, I think of wills. I think of who are you leaving your assets with so that, when you die, all those things will go to probate and you're not putting your partner through all these court processes? I'm thinking of generational curses and money mindset. I'm thinking of if you have children or if you desire to have children, then leaving your financial legacy is leaving them in a better position so that they have a better opportunity to become greater than where you started.

Speaker 2: 5:04

What about churches and ministries and your financial legacy? What is that? What is that? How does that fall into it?

Speaker 1: 5:11

I think how you put that into it is by teaching your offspring and by being generous with yourself. Offspring, and by being generous with yourself, like if you don't have kids, then you're generous. You're showing generosity through your finances. And also when you have children, you're teaching them how to be responsible and generous with their finances. You know, teaching your children how to give and how to tithe you know which is, which is what we believe in is something that doesn't start when they're adults. It starts when they're children and you're not necessarily telling your child.

Speaker 1: 5:52

Okay, for me, this is my personal opinion. I don't want anybody to cancel culture us in any way, but this is my personal opinion. If my child is five years old, I'm not going to tell her to bring a tithe to church because she doesn't work. How can she give 10% of what she doesn't earn? And same thing with my older children. Our oldest is nine. He's not bringing a tithe to church because he doesn't have a job. He does chores around the house and so with the chores and by him earning the money with the chores, we teach him like a portion of this should be saved to give. You can give it to the church or you can give it to a fundraiser that you see fit. And then, as they get older, once they start getting a check with enough, once they start to earn something like that then it becomes a tie, then they could do the 10 off of that and all that.

Speaker 1: 6:48

But that's how I think the church ties into legacy I don't know about you.

Speaker 2: 6:54

I do know a little bit about you, but I would hope so. But no, but, like when I was a kid, my parents did nothing to teach me about giving or donating or absolutely sharing my money or this is how I'm saving for retirement, this is what I'm doing to save for our trip to this or our home for that, or our next car for this. Yeah, like, my parents never had those kind of talks with me. Yeah, right, so are those things you want to have with our kids? Those kind of talks like this is what our retirement looks like, this is what our plan is, this is what, financially, you can look forward to. So that's kids to our kids.

Speaker 1: 7:35

There was a long time ago, I think, before we even had kids, or maybe william was like an infant. I was driving somewhere and I was listening to Moody Radio and I heard a lady on the radio talk about a book and I wish I remembered the name of this book. I kick myself for not. I was driving so I had nothing to write it down on.

Speaker 1: 7:58

And she was explaining how financial literacy should begin at the childhood level. And it should begin at the childhood level teaching your children to save, teaching your children to invest, teaching your children to earn. And she said, by the time her children were, I believe, 12 or 13 years old, they got a seat at the family meeting table and they were able to weigh in on family financial choices. For example, where should we go for vacation? How much should we set for this budget, for this thing?

Speaker 1: 8:39

and for this event and we have this much to give around the holiday season. Like which charities should we give to? Like they had a seat at the table by the time they were 13. And then, by the time they were 16, they had enough money saved out of their own money, out of their own savings accounts, to be responsible enough to pay not just for the car but to pay for the insurance for the car, for the gas for the car for, to pay for the insurance for the car, for the gas for the car, for all of the things to get them to go. By the time they went to college, they had enough money saved to basically fund their college experience, not out of helping with the parents.

Speaker 1: 9:18

And it goes back to, like I said, one thing that you could do with financial legacy is to break those generational curses and to leave your children in a better place than you were collar kind of work environment. Like they worked hard and they were living paycheck to paycheck and they were doing what they could to put us in a better position so that we can go to college. Like I think back then the goal was like let's just get them to college and now that we are college educated and there's a lot of us here who, you know, have been there and have succeeded in that. And now we're having kids. Now it's up to us to take it up a notch. Now it's up to us to teach them a little bit more so that it's not just college is the end goal, but like, how are we going to invest even more? How are we going to get you past that?

Speaker 2: 10:17

you know yeah, a college degree is the new diploma new high school diploma and the um. The financial legacy piece fits in there in that teaching. I think it fits in there in that teaching the kids the importance of what they do with their time and with their energy and how every choice, every, every choice, is gonna affect their financial well-being, right, whether you go to college, whether you get a job now or get a job later, whether you decide to start a business as a young man or young woman If you want to start a who knows what, you want to sew quilts, you want to cut grass, you want to paint fences, or go work for a builder and learn how to build stuff.

Speaker 1: 11:08

Yeah, the possibilities are endless.

Speaker 2: 11:10

Like those are all good financial choices Right, and teaching the kids how to prepare for those decisions is a huge part of our financial legacy financial legacy, and not just that.

Speaker 1: 11:30

But I think growing up we were taught that the kind of job you get is going to give you X amount of dollars, which is going to open doors for this kind of life, this way of living. So you know, if you want to have a fancy life, you got to get a big time paying job, and so you got to go to school to work hard to get said job Right. And a lot of that way of thinking though it's was, intentions were good, A lot of it revolved around what you make becomes your identity.

Speaker 2: 11:59

Yeah, okay.

Speaker 1: 12:01

What you make becomes your identity and for me, leaving a financial legacy is to disconnect those two things.

Speaker 2: 12:09

Okay.

Speaker 1: 12:09

Your identity does not revolve around your money. Your finances can open doors to opportunities, but so can other things. So can the Holy Spirit. Like the Holy Spirit can drop money on you, and you can, as long as you have the heart to learn what to do with that money, how to handle your talents. You know what are you going to do with your talents, then it can affect the rest of your future and the rest of your legacy, and so I feel like that is more important to teach and instill in our kids than what you can do with the money you know, than what you can do with the money. Understanding who you are and how you handle money versus if you have money, then you're this, and if you don't have money, then you're that.

Speaker 1: 12:54

Yeah, absolutely I really feel like that can really be something that we can do today with our children to teach them in a way that would build a great financial legacy. But, like, that's just one piece of the pie. There are people who have children who would take that pie and you guys can digest that, but for people who don't have it, if we're just talking about a husband and a wife when it comes to finances, what can a husband and a wife do to build a firm financial legacy? Hey everyone, we hope that you're enjoying this episode and right now we want to just take a small minute to introduce to you the latest thing that we created to help you elevate your relationship and take it to the next level. It's called the Love by Faith Playbook.

Speaker 2: 13:42

Every good coach knows they have to have winning plays. We went through our foundation series and we pulled out some of the best winning plays and created strategies for you guys. Plays like how to be better financially, how to do ministry together, how to be better romantically, how to be better family life. We went through all these different areas from the foundation series and put it together in a playbook.

Speaker 1: 14:02

So grab your Love by Faith Playbook today. You can use the link in the description below, enter it, and the good news about this is that it is a living document, so you download it one time and every single month we're going to be updating this document to give you fresh, new plays to help you and your partner Love by Faith and create a winning season. Go ahead and get your Love by Faith playbook now and let's get back into this episode.

Speaker 2: 14:33

I think for us, one of the parts of our financial legacy has been that it starts at home, right. It starts with making good, having a good budget right, Sticking to the budget. Sticking to the budget having a financial plan, at least a framework of we're going to do this and this and this. We're going to rent this house for this long to pay off the student loans and then, once we pay those off, we'll buy a house and then we'll invest in this and this and this to move up and to move 401k right and so and we talked about that in our finance series exactly what I was going to say.

Speaker 1: 15:15

Go back to the finance series I'll link that in the description so you guys can start there if that's where you need to start right for me.

Speaker 2: 15:22

One of the things I had to do was was I had a lot to learn, right? I knew that these were important things to know, but I didn't have any guidance. I didn't have someone to show me how to manage a investment account.

Speaker 1: 15:35

To show me what to invest in or show me how to why is it even important to invest in Right and cryptocurrency and all the things?

Speaker 2: 15:43

I had to seek wisdom. My most favorite divine appointment was at a wedding where Everett told me about investing in real estate and investing in properties and how I could use where I was at then to launch myself in the future. And then he didn't just tell me about it, he was like, hey, let's have a meeting. I've put together a spreadsheet with you and he held my hand through it to teach me how to do it, not just show me this is possible. But he took me there and walked me to the door.

Speaker 1: 16:18

So finding someone who is more financial literate than you are.

Speaker 2: 16:22

Yes, and then being humble enough to read books to ask questions. I remember when I was in my first big boy job where I had a retirement plan and we had to pick how our money was allocated for our retirement plan, and I just looked at one of the older guys who was there and who had done it for 10 years before me.

Speaker 1: 16:43

Yeah.

Speaker 2: 16:44

Like what do you do? And being willing to just ask. Growing up as a kid, my parents were always you don't ask people about money. You don't ask people about how much they make.

Speaker 2: 16:52

Yes, you don't ask people about money. You don't ask people about how much they make. You don't ask people about yada yada with money. And I broke all those rules. I broke all those rules. I asked how much they make, I asked what they did to make more, I asked what they did with their retirement money or what their retirement plan was and what. To understand these things, because you need to know, you need to at least get an idea of what successful these are, people I thought were successful, right, and so they showed me to, to. To put this much towards stocks, this much towards mutual funds. How much effort do you want to put into it? I have a question, okay?

Speaker 1: 17:28

for a couple that is just married. Okay, just starting out. Is it important to even entertain those talks of investments and 401ks and all stocks?

Speaker 2: 17:44

Absolutely why you have to have those talks, because it sets up the vision for what you want your financial outcomes to be.

Speaker 1: 17:54

Do you think every couple should be in stocks? No, I don't. Who then? How do our listeners know that they should be the ones?

Speaker 2: 18:05

Okay, so I'm splitting hairs here. I think everybody should have some money invested in the stock market.

Speaker 1: 18:11

Why.

Speaker 2: 18:12

Because of the growth possibility and likelihood of growth through your financial investment.

Speaker 1: 18:18

Explain it to a fifth grader.

Speaker 2: 18:19

So if you're willing to endure the hard times of the stock market, the ups and downs, in the long run you're most likely going to come out ahead. You make wise basic investments. You asked if everyone should have stocks. No, because the average person can't just pick a stock and be successful, right? The average person, who? Who hasn't done homework or hasn't studied finance can't just go and pick and say, hey, I want to put money in this stock and I'm just going to set it and forget it. You're not able to pick the apples of 30 years from now, right, because you're looking at 30-year range, right? No, I wouldn't say that. But I would say that everyone should own some mutual funds. Everyone should be in an index fund. That's basic, right? Something that tracks the index index fund so I am a christian married couple.

Speaker 1: 19:19

I've been married for a year. Okay, I have a lot of student debt. I might still be in college achieving my degree. Um, the market is terrible because we went to try to look for houses, to buy a house, and I'm not able to buy one at this moment. What should it look like for a couple like this? What should building a financial legacy look like for them? What are the beginning steps? You're saying invest in a mutual stock fund, mutual fund, yep Mutual fund.

Speaker 1: 19:49

Some people don't know what that means. Kyle, what does that mean?

Speaker 2: 19:53

It's literally. What is it? Why should I put money?

Speaker 1: 19:56

in it when I got a bill here and I got a vacation there and I got a car note. Why?

Speaker 2: 20:01

Because of the interest growth, because of the growth in the return on investment. That's it.

Speaker 1: 20:08

At $5,. Is that enough investment?

Speaker 2: 20:09

Yes, Start at $5. You could start at $5. Or nothing, yes, start at five, you could start at five. I know when my brother was starting out yeah, he was young, 20s, yeah and I was like, if, even if it's 20 bucks a paycheck, you're gonna go somewhere and then it's gonna grow and grow and grow. And so one of my favorite techniques is you're gonna tithe 10, you're gonna're going to give 10% to yourself, right, you pay your bills. So before you even tithe your 10%, you put 10% into your retirement side.

Speaker 1: 20:41

Okay.

Speaker 2: 20:41

Into this retirement account. Okay, there's banks like Fidelity, schwab. What's the other? There's a big one, another big one I can't think of. There's a lot of them. I would stay away if you're young and don't know what you're doing. I would stay away from Robin Hood. I was going to say and Webull is another popular one that people are talking about. Yeah, if you're not willing to do the homework and understand what you're getting into there.

Speaker 1: 21:06

What about crypto or NFPs?

Speaker 2: 21:09

Those are later. If you don't know what a mutual fund is, you're not even close to thinking about crypto. Okay, that's good to know Right, and so I wouldn't start there. I wouldn't start there. Okay, you start with saving. It's going to sound crazy, but you start with saving $10,000 into a mutual fund.

Speaker 1: 21:26

How are we going to do that when we don't have $10,000 to save for a house?

Speaker 2: 21:29

20 bucks a week, 20 bucks a paycheck. Why should we put that in front of a house? You're not putting it in front of the house, right, but you're putting it in its own pile. Because you're going to be alive long-term and the 401k is not going to return enough to retire comfortably or to stop working comfortably at 65. What about life insurance?

Speaker 1: 21:53

What about life insurance?

Speaker 2: 21:55

What about life insurance?

Speaker 1: 21:56

Is that important?

Speaker 2: 21:57

Life insurance is important if you have something to lose, as crazy as that sounds.

Speaker 1: 22:06

Break it down, Kyle. I think life insurance You're so good at this and I am not, so I'm asking you, like a general person who is listening to this episode.

Speaker 2: 22:19

Life insurance is cool if you have something to lose. If you're just two people you just got married, right? First couple years of marriage You're renting an apartment, trying to figure it out, trying to get ahead. You don't have any assets, you don't own a house, you don't have anything. You'd probably own a car, right, but you have a lease. You don't have anything to lose, right. But once we had children, that's when I was like, all right, we got to look into life insurance. Yes, because now, if I die, my wife is stuck with a kid for the rest of her life and I'm gone right, so I gotta be able to have something to help that kid make it to adulthood so you don't think like having like insurance for the bare minimum of paying for funeral expenses?

Speaker 2: 23:16

if you're young and and don't have kids, so that you don't have to open a crowdfund account.

Speaker 1: 23:22

No, you don't need a life insurance I would say no this is kyle okay because we're encouraging you to also get research in your own opinion and talk to people I'm not a financial advisor. We're not giving away certified financial advising counsel. We're not any counselors.

Speaker 2: 23:42

But no, I wouldn't waste my money on life insurance if I didn't have any assets.

Speaker 1: 23:48

Yeah.

Speaker 2: 23:49

Life insurance covers your assets. I have a good question so if you own a house and you want your wife to be able to keep that house when you die, get the life insurance. That's at least enough to cover the house I have a huge question okay given where we're at, because you know full transparency here.

Speaker 1: 24:06

We do have life insurance, we do have a will, we do have retirement accounts, we do have crypto. We have these things right. We got of financial debt. We paid off our student loans, like we've talked about that Before we got and all these things would you do anything differently to set up a financial legacy for our family?

Speaker 2: 24:44

yeah, I would have bought property sooner. I would have bought property as soon as I could. How?

Speaker 1: 24:48

could. Can you walk us through that?

Speaker 2: 24:52

so I would have bought an income generating property.

Speaker 1: 24:56

Like someone to rent, you would buy a rental property Rental properties younger?

Speaker 2: 25:01

Yeah, yeah, I would have, because when we got married the market was awesome, you know, houses were under $100,000. And, yeah, I would have bought more houses.

Speaker 1: 25:13

Would you have bought rental properties before buying our own house? I think it would have followed the same kind of and we lived in the house while we rented Right we bought the duplex and we lived in that and rented out half. But then you would have bought another duplex.

Speaker 2: 25:27

Then I would have bought more. Yeah, yeah, wow, because that income is just you can't beat that. Yeah, and then, because that income is just you can't beat that, yeah, and then you can do all these extra investments with that money.

Speaker 1: 25:38

Yeah.

Speaker 2: 25:39

And your investments pay for your investments, and that's business.

Speaker 1: 25:42

Yeah.

Speaker 2: 25:43

And I think one of the things I've been I don't know how to say it I've been meditating on is to get my kids to think about money as at an investment mindset, as opposed to a job income mindset okay, as money as an investment, and money is the thing that can make you money and not the the job rat race mindset yeah you know, like it's one of those things that I've been needing to do more homework on.

Speaker 2: 26:11

Yes, so that I can, I guess, get the the psychology of it right, so that I can speak the language to my children, so that they don't think about getting a job, they think about how to invest and how to make money and how to think like a business owner or an entrepreneur mindset, and I really want that for them.

Speaker 1: 26:33

I really think, after talking about all of this and just hearing your brain, allowing me to pick your brain about all of this and just hearing hearing your brain allowing me to pick your brain, it sounds like in order to truly build a, a strong financial legacy, whether it's just you and your spouse or whether it's you and a growing family.

Speaker 1: 26:52

I think, ultimately, it comes down to the way you think about money and the way you move with money. It's not about how much you have and how quick you can get it, it's who are you with it and what mindset do you have to do with it. Does that make sense? And I think, ultimately, having that kind of discussion first, before you take any kind of steps forward, is going to help you create the legacy that you want, versus, like you said, making you working for the money and then you're constantly in this. We can't do anything, we can't go anywhere, we're in a scarcity mindset or we have lots of money and so therefore, we're elite, we're better than you. You know this pride starts to come in, and we don't want that as well, and so it really just comes down to the mindset, and it comes down to like what do you want to have accomplished and what can you learn and grow from? You know, because no matter what your identity should be in Christ, that's right.

Speaker 1: 28:02

Whether you're poor in your terms of poor or whether you're rich in your terms of rich, who you are on the inside should not change. Your core should not change. And so if God is blessing you with a lot, then what you choose to do with that to glorify God is all about your mindset. You know making it multiply, like I said, with the talents, the parable of the talents, and how you're using it for the glory of God and how you're taking care of God's assets. You know that comes from the mindset. And then, likewise, if you're poor and you only have a few bucks, if all you have is a few bucks, how are you establishing a financial legacy if you can't invest?

Speaker 2: 28:49

I think this is one of those great places to shout out ChatGPT or AI tools, because you can input your income and say help me, come up with a budget that does X, y and Z. Yes, invest, pay off, reinvest. That's great and it will help spit that out. Yeah, right, and you want to continue to give to the Lord and watch him give back to you? Yes, my greatest return on investment is given to the Lord, absolutely.

Speaker 1: 29:20

Without a doubt.

Speaker 2: 29:21

A thousand million percent. Yes, Nothing has beaten it. Yes, right, but using those tools so that when you manage your money, you manage it with wisdom is a great, great thing to have the tool that I wish I had 10, 15 years ago. But hindsight is 20-20 and I'm grateful for where the Lord has us Amen. And I think it's my last thought on the financial legacy is that it looks different for everyone.

Speaker 1: 29:48

Yeah.

Speaker 2: 29:49

Everyone's goals are different, everyone's income levels are different, and so being on the same page, with your partner being on the same page of what your long-term looks like. I know a big Christian thing to say is that retirement is not in the Bible, and I agree it's not.

Speaker 2: 30:07

It's not when I stop working my nine to five. I'm going to go into deeper ministry and I'm going to use my time more for the Lord and more for I guess my passions would be what I would say and our passions and our ministry as a marriage, as a married couple.

Speaker 1: 30:27

And hopefully by then our finances are at a point where we reached a goal setting where we can then have the freedom to do those things and to push those other projects and other callings.

Speaker 2: 30:42

Yep, that's what I would say.

Speaker 1: 30:43

Creating a lasting legacy when it comes to finance requires mindset, requires counsel, requires research, patience. It requires building something now to create the freedom to do what God calls you to do in seasons to come.

Speaker 2: 30:59

Faith, all those things it takes.

Speaker 1: 31:01

I think that's a great way to wrap this up. Thank you, kyle, for sharing such wisdom here. If you guys have any more questions for Kyle regarding finance and how we can continue to build our legacy, feel free to reach out. Send us a text in the link of the description, or you can go ahead and email us at info at love by faith ministriescom. Perfect, yeah, why don't we go ahead and close this out in prayer?

Speaker 2: 31:26

okay, you want me to pray? Yes, lord jesus, I am grateful for the opportunity to get to be behind this microphone and share our testimony part of our testimony with the world, and to share our life and to encourage others to grow in their financial wisdom, to grow in their faith, in having the faith that they know that they're going to leave a financial legacy, that they're going to have a financial legacy to share with the world and to share with their family, and to really just honor God by taking care of the finances that he has blessed them with. Thank you, lord. Lord, I just pray that they are humble and know how to ask for help and are willing to ask for help when they need it, and that they're able to use the tools and resources around them for better and for your glory. In Jesus' name, we pray, amen.

Speaker 1: 32:21

Amen. Thank you guys so much for listening and tuning into Love by Faith. If you are watching us on YouTube, be sure to like, share, subscribe. If you are listening to us on Spotify or Apple or any of the listening platforms, please give us a review, tap the five stars so that other people can see you from the algorithm and they can learn how to love by faith as well. We thank you, guys, so much for listening. We are going to our last episode of the last series of this season, season two, next week. Be sure you are there. You don't want to miss it and until then, love, by faith, y'all we'll see you then.

Speaker 1: 33:02

Bye bye you got a lot bro I had a, I feel like it was the kyle show with it with all the finances. Because I got nothing, bro. I got safe. I mean I had. I wish I could tell you more, but I had a ricky bobby moment there.

Speaker 2: 33:19

I there. I blacked out. I don't even know what I said. You were just asking questions like Spitfire.

Speaker 1: 33:26

Because you were talking as if people knew what you were talking about and I barely knew what you were talking about. So I'm like, if I'm having problems understanding your mutual funds and your 401ks and returns and all those things, I know, other people are sitting there like huh, what, what, and it can easily go over their heads to the point where they're not going to pay attention and take action.

Speaker 2: 33:47

If you search, you have to put this in. Okay, if you search Roth IRA account and learn where to open one of those and learn where to open one of those, that's where that's what you have to open a roth ira is. The is the perfect pair to your 401k or whatever your work retirement plan is, because then you put your money in after taxes and it's a beautiful savings thing and that's where you buy your mutual fund. And then whatever bank you open your roth ira with, ir IRA with will help you get to that next step of buying a mutual fund there you go.

Speaker 2: 34:23

And then buy one mutual fund. That is, they're going to try and push these year funds on you that say like if you're going to retire in this year, you should invest in this fund. They're good but they're not great. And there are great mutual funds that are just gonna be awesome forever for for the long term and so look for that. Don't look for the um. I can't think they have a buzzword of what they're called. Okay, uh, like a target something, but anyways, if it has a on it, like the 2034 fund or the 2065 fund, not so much on that, okay, but just there's usually like general mutual funds that you can look for.

Speaker 1: 35:09

Okay, and if that you do do that, and if you do get a return on your investments and you're like, by golly, kyle is the man. He helped me out so much he's helping me I want you to go back to Love by Faith and our cash app is Love by Faith Ministries and drop a $2 tip or a $5 hello to say thanks. We appreciate it and it will all go back to expanding this kingdom in this avenue. You're welcome. We hope to see you then.

Speaker 2: 35:42

Love by faith, y'all.

Speaker 1: 35:43

Love by faith. We gotta go Bye.