Financial Planning for Pastors
Holly: Hello, today we’re talking about financial planning for pastors. Daniel, you’ve worked with several pastors before. Can you explain how you came into this niche?
Daniel: Yes I have several pastor clients, and I think it’s for several reasons, including the fact that I was a youth pastor for 6 years before becoming a financial advisor, and I have a lot of pastor friends and I’m passionate about ministry. In addition to that, pastoral salary can be very complex because the IRS treats it differently than any other job out there. And then there’s housing allowance, the choice to opt-out of social security, and many other complexities so pastors really need help making sense of it all.
Holly: It sounds like there are many layers to financial planning for pastors, and yet I don’t see a lot of financial advisors marketing these services.
Daniel: You know, when I was a youth pastor, I wish someone would have explained to me all of my options so I could make the best decision, but in addition to being an expert on theology, I had to learn how the tax code works by myself. Unfortunately, this is a very underserved area and that’s why I am passionate about helping pastors.
Holly: What other kind of issues do pastors face with finances?
Daniel: You don’t go into ministry for the money. You go into the ministry to be a blessing. And so a lot of pastors may not be saving enough for retirement and they may not be asking their churches for the help that they need to plan for their futures. So I can help them and their church set up a retirement plan and help them be good stewards of their resources. I specialize in planning for retirement so I can also help any pastor who is nearing retirement and wants more advice.
You can’t be an expert on everything, so working with a professional like me can really help to solidify your personal finances and get back to enjoying your life and being a blessing and impacting the world!
Holly: That’s really amazing. If you’d like to reach out to Daniel for a free consultation, you can reach him at (540)580-2501 or by email at daniel@upwardfp.com.
Are you a pastor looking for more information regarding planning for retirement someday? Check out our offering especially for clergy here.
When Daniel is not giving financial advice or managing investments, he enjoys renovating properties, real estate investing, drinking coffee, hanging out with friends, spending weekend trips in his camper van, and exploring the outdoors on a hiking or biking trail in his hometown of Roanoke, VA and beyond.