1 00:00:45,930 --> 00:00:49,799 Robert: August 8th, 2024. Welcome to the Women and Money podcast, 2 00:00:49,810 --> 00:00:52,590 Robert: as well as everyone smart enough to listen. Hi, everybody. 3 00:00:52,598 --> 00:00:55,599 Robert: This is Robert Suze and KTs producer here. 4 00:00:56,279 --> 00:00:57,740 Robert: I know you get a little worried when you hear 5 00:00:57,750 --> 00:00:59,360 Robert: my voice at the top of the show, but I 6 00:00:59,369 --> 00:01:03,939 Robert: want to let you know that Suze and KT are safe, unfortunately, 7 00:01:03,950 --> 00:01:06,900 Robert: because as KT said last week, it's Storm season. 8 00:01:07,769 --> 00:01:10,209 Robert: They don't have power and of course you need power 9 00:01:10,220 --> 00:01:13,669 Robert: to record a podcast, but since it's a Thursday and 10 00:01:13,680 --> 00:01:17,489 Robert: we know you love hearing Suze and KT together. I've 11 00:01:17,500 --> 00:01:20,690 Robert: put together some highlights of an episode from February of 12 00:01:20,699 --> 00:01:24,809 Robert: this year and it's all about... Well, you know what Suze 13 00:01:24,819 --> 00:01:25,750 Robert: will tell you what it's all 14 00:01:25,760 --> 00:01:26,110 Robert: about. 15 00:01:26,800 --> 00:01:29,929 Suze: This is the KT and Suze Anything edition. If you 16 00:01:29,940 --> 00:01:33,149 Suze: have a question that you would like to possibly be 17 00:01:33,160 --> 00:01:37,050 Suze: chosen to be answered on this podcast, write into Ask 18 00:01:37,059 --> 00:01:44,879 Suze: Suze Podcast at gmail.com and that is Suze. All right. KT. 19 00:01:45,309 --> 00:01:48,069 KT: This first question, put a smile on my face. It's 20 00:01:48,080 --> 00:01:50,660 KT: from Jen. Hi Suze and KT. 21 00:01:50,949 --> 00:01:56,610 KT: How do you recommend assets and life insurance documentation be 22 00:01:56,620 --> 00:02:02,529 KT: stored for your beneficiaries? Do life insurance and 529 savings 23 00:02:02,540 --> 00:02:07,559 KT: plans go into your living revocable trust. I'm just wondering 24 00:02:07,569 --> 00:02:11,690 KT: if something happened to myself and my spouse. How would 25 00:02:11,699 --> 00:02:16,630 KT: my children's guardian know about the retirement accounts? Life insurance 26 00:02:16,639 --> 00:02:19,609 KT: and assets that they're entitled to receive 27 00:02:19,619 --> 00:02:20,360 Suze: Well girlfriend, 28 00:02:20,580 --> 00:02:23,600 Suze: If you've left them in a trust, how would they 29 00:02:23,610 --> 00:02:29,570 Suze: know about it unless you told them? So, so a 30 00:02:29,580 --> 00:02:33,779 Suze: 529 is not in a trust. Life insurance can be 31 00:02:33,788 --> 00:02:36,240 Suze: in a trust if it's a life insurance trust because 32 00:02:36,250 --> 00:02:39,190 Suze: you want it out of your estate because you have 33 00:02:39,199 --> 00:02:41,478 Suze: so much money. But really, Jen, 34 00:02:41,850 --> 00:02:45,190 Suze: just tell them where all the documents are, share it 35 00:02:45,199 --> 00:02:48,500 Suze: with them. Don't wait until you're not here anymore in 36 00:02:48,508 --> 00:02:51,300 Suze: the hopes that somebody's going to tell them about everything. 37 00:02:51,360 --> 00:02:55,860 Suze: Tell them while they alive, girlfriend, share it with them, 38 00:02:55,869 --> 00:02:59,190 Suze: show them your trust, show them your wills, show them 39 00:02:59,199 --> 00:03:03,079 Suze: everything you have so that they know who actually is 40 00:03:03,089 --> 00:03:07,149 Suze: also going to be the successor trustee or the executor. 41 00:03:07,160 --> 00:03:10,110 Suze: So they all know. All right, KT. 42 00:03:10,619 --> 00:03:15,100 KT: Ok. Next question from Suzanne. Suze, I am a high 43 00:03:15,110 --> 00:03:22,039 KT: earning employee and received $7000 back from my contributions last year. 44 00:03:22,210 --> 00:03:25,039 KT: I have so many questions about this, it is not 45 00:03:25,050 --> 00:03:28,729 KT: even funny. Why do I have to be penalized if 46 00:03:28,740 --> 00:03:32,250 KT: others don't want to contribute, how do I prepare for 47 00:03:32,258 --> 00:03:35,880 KT: this coming year, so that I don't contribute too much 48 00:03:36,289 --> 00:03:39,648 KT: Explain what this is because I didn't get it at first. 49 00:03:39,660 --> 00:03:42,990 KT: And then I had to look it up. I asked Suze, what 50 00:03:43,000 --> 00:03:44,520 KT: the heck is she talking about? 51 00:03:44,529 --> 00:03:49,070 Suze: Listen, everybody, especially if it is a small company can 52 00:03:49,080 --> 00:03:53,949 Suze: fall into this. But everybody that contributes to a 401k, 53 00:03:54,410 --> 00:03:59,309 Suze: the plan has to make sure that all the employees 54 00:03:59,460 --> 00:04:03,770 Suze: in the plan are contributing on some level 55 00:04:04,220 --> 00:04:08,179 Suze: and in case they choose not to, the plan can 56 00:04:08,190 --> 00:04:13,289 Suze: become what's called top heavy. And a top heavy plan 57 00:04:13,300 --> 00:04:18,399 Suze: is when more than 60% of the total value of 58 00:04:18,410 --> 00:04:19,320 Suze: the plan 59 00:04:19,988 --> 00:04:25,209 Suze: has been funded by the key employees of that company. 60 00:04:25,738 --> 00:04:29,850 Suze: And when that happens, then either they have to make 61 00:04:29,859 --> 00:04:32,539 Suze: it right by doing the safe harbor things and on 62 00:04:32,549 --> 00:04:36,019 Suze: and on and on. But in your case, they actually 63 00:04:36,029 --> 00:04:39,409 Suze: chose to just give the money back to you to 64 00:04:39,420 --> 00:04:42,920 Suze: equalize it out. You know, KT, that's why 65 00:04:43,024 --> 00:04:46,164 Suze: we used to make those big bucks from those major 66 00:04:46,174 --> 00:04:50,165 Suze: corporations who paid me to go and talk to their 67 00:04:50,174 --> 00:04:53,684 Suze: thousands of employees in the hopes that they would sign 68 00:04:53,695 --> 00:04:58,024 Suze: up for the retirement account. Because if they didn't sign 69 00:04:58,035 --> 00:05:00,234 Suze: up for the 401k plan, 70 00:05:00,880 --> 00:05:05,739 Suze: then the key employees may have contributed too much in 71 00:05:05,750 --> 00:05:08,380 Suze: comparison and then it would have been a top heavy 72 00:05:08,390 --> 00:05:10,618 Suze: plan which isn't good for anybody. 73 00:05:11,238 --> 00:05:15,058 Suze: So, here's what you need to know Suzanne. Normally, if 74 00:05:15,070 --> 00:05:20,899 Suze: your plan was top heavy last year, December 31st of 75 00:05:20,910 --> 00:05:26,220 Suze: last year, it's going to be top heavy again this year. 76 00:05:26,630 --> 00:05:29,459 Suze: So that's just how they figure it out. So, don't 77 00:05:29,470 --> 00:05:33,429 Suze: contribute as much this year because if you do and 78 00:05:33,440 --> 00:05:37,359 Suze: they haven't rectified everything, you are going to get money 79 00:05:37,369 --> 00:05:39,419 Suze: back again. All right. 80 00:05:39,428 --> 00:05:40,980 KT: So this is from Melissa 81 00:05:41,579 --> 00:05:47,619 KT: Suze, I have approximately $91,000 in a 403 B. I 82 00:05:47,630 --> 00:05:51,040 KT: am no longer with my employer. I had to retire 83 00:05:51,049 --> 00:05:55,529 KT: early for health reasons. I will be 55 this month. 84 00:05:55,540 --> 00:05:59,540 KT: So my question is, what do I do with the money? 85 00:05:59,549 --> 00:06:02,140 KT: Do I let it sit in the account even though 86 00:06:02,149 --> 00:06:03,279 KT: I'm no longer making 87 00:06:03,390 --> 00:06:06,988 KT: contributions? Or do I roll it over to an IRA? 88 00:06:07,519 --> 00:06:12,309 KT: The Annuity account representative also gave me the following options: 89 00:06:12,380 --> 00:06:17,959 KT: cash it out, do systematic withdrawals or annuitize the amount. 90 00:06:17,970 --> 00:06:21,890 KT: I desperately need advice. Do you like any of those options? 91 00:06:21,899 --> 00:06:22,850 Suze: Not really. 92 00:06:22,859 --> 00:06:23,488 KT: All right. 93 00:06:23,500 --> 00:06:28,089 Suze: Melissa, here's the thing normally I would say to you 94 00:06:28,859 --> 00:06:31,589 Suze: if you don't have any possibility of wanting to do 95 00:06:31,600 --> 00:06:35,519 Suze: a backdoor Roth IRA. Later on that, I would tell 96 00:06:35,529 --> 00:06:39,238 Suze: you to take the $91,000 and do an IRA roll 97 00:06:39,250 --> 00:06:42,440 Suze: over with it at a discount brokerage firm like Charles 98 00:06:42,450 --> 00:06:46,880 Suze: Schwab or Fidelity or wherever. Then you have a variety 99 00:06:46,890 --> 00:06:51,880 Suze: of things that you can invest in whether it's mutual funds, 100 00:06:51,890 --> 00:06:57,119 Suze: exchange traded funds, individual stocks, treasuries, whatever it may be. 101 00:06:57,799 --> 00:07:02,299 Suze: But the only reason that I'm hesitating right now is 102 00:07:02,309 --> 00:07:07,760 Suze: because a lot of people feel comfortable with the money 103 00:07:07,769 --> 00:07:11,529 Suze: in the 403 B that you may have because you're 104 00:07:11,540 --> 00:07:15,529 Suze: used to the investment choices. You're used to how your 105 00:07:15,540 --> 00:07:20,220 Suze: statement looks, you feel safe there and it's someplace that 106 00:07:20,230 --> 00:07:21,320 Suze: you know. 107 00:07:22,290 --> 00:07:27,549 Suze: And when you do a rollover, especially with $91,000 then 108 00:07:27,559 --> 00:07:30,790 Suze: who is going to make the decisions for you to 109 00:07:30,799 --> 00:07:35,850 Suze: invest that money? How it should be invested? And sometimes 110 00:07:35,959 --> 00:07:39,549 Suze: you can get really afraid having $91,000 all in one 111 00:07:39,625 --> 00:07:44,165 Suze: lump sum to decide what you should do with. Remember 112 00:07:44,174 --> 00:07:48,924 Suze: you got this $91,000 simply by having money deducted from 113 00:07:48,934 --> 00:07:53,195 Suze: your paychecks and over time it grew, it wasn't like Melissa. 114 00:07:53,204 --> 00:07:56,315 Suze: What are you gonna do with $91,000 in one lump sum? 115 00:07:56,325 --> 00:07:56,804 Suze: So 116 00:07:57,260 --> 00:08:00,119 Suze: if you want, you can leave it exactly where it 117 00:08:00,130 --> 00:08:02,980 Suze: is and just keep going. I would not be cashing 118 00:08:02,989 --> 00:08:07,339 Suze: it out. I wouldn't look at systematic withdrawals, especially since 119 00:08:07,350 --> 00:08:12,880 Suze: you're really only 55. I won't annuitize it on any level. 120 00:08:13,209 --> 00:08:16,309 Suze: If you feel comfortable with it, you like the mutual 121 00:08:16,320 --> 00:08:21,440 Suze: fund choices, leave it there. However, you also don't have 122 00:08:21,450 --> 00:08:24,950 Suze: to take all of it out. You could take out 123 00:08:24,959 --> 00:08:28,670 Suze: $20,000 and do an IRA roll over with it 124 00:08:29,390 --> 00:08:32,770 Suze: and therefore see what it feels like to invest that 125 00:08:32,780 --> 00:08:35,440 Suze: money and have control over it. And then if you 126 00:08:35,450 --> 00:08:39,179 Suze: feel secure, you can do a custodian to custodian transfer 127 00:08:39,190 --> 00:08:41,409 Suze: again and roll over the rest. 128 00:08:42,049 --> 00:08:44,789 Suze: But if you feel comfortable with it, if you have 129 00:08:44,799 --> 00:08:47,809 Suze: control over the money and you're not afraid, then I 130 00:08:47,818 --> 00:08:52,068 Suze: would be doing an Ira rollover with it. All right, KT. 131 00:08:52,078 --> 00:08:56,448 KT: This next question, Suze, I chose because it's a conversation 132 00:08:56,458 --> 00:08:59,408 KT: about family issues and real estate. 133 00:08:59,700 --> 00:09:02,380 KT: And again, I think this may come up with many 134 00:09:02,390 --> 00:09:03,679 KT: families that are listening. 135 00:09:03,690 --> 00:09:05,390 Suze: So everybody I'm looking at her and she's got two 136 00:09:05,400 --> 00:09:06,390 Suze: pages to read to us. 137 00:09:06,400 --> 00:09:09,218 Suze: So this is a Suze story time. 138 00:09:09,950 --> 00:09:13,280 KT: I'm gonna just tell the story. It's Hi KT and Suze. 139 00:09:13,330 --> 00:09:16,530 KT: I'm a longtime fan of your books and podcasts. I 140 00:09:16,539 --> 00:09:19,478 KT: would like to get your thoughts about my situation. 141 00:09:19,820 --> 00:09:24,069 KT: My father is currently 76 years old. He owns a 142 00:09:24,080 --> 00:09:28,780 KT: two family home in Brooklyn. My mother, father, sister and 143 00:09:28,789 --> 00:09:31,320 KT: I are on the deed of the house. The house 144 00:09:31,330 --> 00:09:35,599 KT: was purchased actually from their uncle in 2006, Suze for 145 00:09:35,609 --> 00:09:41,760 KT: about 495,000. But now the property is valued at 1.5 146 00:09:41,770 --> 00:09:43,119 KT: million or more. 147 00:09:43,869 --> 00:09:49,000 KT: And he thinks that that there's about a 325,000 mortgage left. 148 00:09:49,159 --> 00:09:52,520 Suze: Alright, but think about that for one second, KT, they bought 149 00:09:52,530 --> 00:09:53,330 Suze: it for how much? 150 00:09:53,340 --> 00:09:54,809 KT: 495. 151 00:09:54,859 --> 00:09:56,250 Suze: And how many years ago? 152 00:09:56,440 --> 00:09:58,299 KT: 2006. 153 00:09:58,359 --> 00:10:03,219 Suze: So, in all of these years, really, almost 20 years 154 00:10:03,229 --> 00:10:06,059 Suze: if you think about it and they still have a 155 00:10:06,070 --> 00:10:11,449 Suze: mortgage of $325,000. That means they probably didn't put 156 00:10:11,530 --> 00:10:15,929 Suze: any money down if any. And they've only been paying 157 00:10:15,940 --> 00:10:17,150 Suze: a mortgage. All right. 158 00:10:17,159 --> 00:10:20,489 KT: So my father and sister are on the mortgage and 159 00:10:20,500 --> 00:10:23,809 KT: they've been making the payments over the years. My parents 160 00:10:23,820 --> 00:10:26,289 KT: live on the second floor. My sister and her family 161 00:10:26,299 --> 00:10:28,869 KT: live on the first floor. I do not live in 162 00:10:28,880 --> 00:10:30,909 KT: the house and I own a separate house. 163 00:10:31,359 --> 00:10:35,099 KT: Now, here's the story. His dad retired five years after 164 00:10:35,109 --> 00:10:39,809 KT: purchasing the house, the sister. Ok, so five years, so... 165 00:10:39,820 --> 00:10:40,849 Suze: 2011. 166 00:10:41,590 --> 00:10:45,700 KT: Yea, the sister started paying for the entire mortgage payment. She's 167 00:10:45,710 --> 00:10:48,840 KT: been paying 13 years, she's been paying for it. So 168 00:10:48,849 --> 00:10:49,979 KT: my father recently 169 00:10:50,059 --> 00:10:54,109 KT: informed me to remove my name from the deed and 170 00:10:54,119 --> 00:10:58,380 KT: avoid any future dispute over the property with my sister. 171 00:10:58,469 --> 00:11:03,380 KT: In return, he will have me as the contingent beneficiary 172 00:11:03,460 --> 00:11:08,718 KT: for his bank account investments, anything he has, including his retirement, 173 00:11:09,099 --> 00:11:13,630 KT: his mother would be the primary beneficiary of those investments. 174 00:11:14,219 --> 00:11:18,718 KT: So long story short, he's concerned that by the time 175 00:11:18,729 --> 00:11:22,880 KT: his parents both pass there may not be anything left 176 00:11:22,890 --> 00:11:24,319 KT: in those accounts for him. 177 00:11:24,890 --> 00:11:26,960 KT: I do not need. Then he says I do not 178 00:11:26,969 --> 00:11:29,599 KT: need the money. I try to tell myself it's not 179 00:11:29,609 --> 00:11:32,770 KT: a big deal, but my gut just does not feel 180 00:11:32,780 --> 00:11:37,320 KT: right removing my name from the deed. Also, as my 181 00:11:37,330 --> 00:11:40,098 KT: parents get older, I feel like it's better for them 182 00:11:40,109 --> 00:11:43,479 KT: to keep my name on the property... Ready? In case 183 00:11:43,489 --> 00:11:47,640 KT: my sister persuades them to remove their name from the 184 00:11:47,650 --> 00:11:53,119 KT: property and sell it. He doesn't trust his sister. So 185 00:11:53,619 --> 00:11:56,929 KT: he then goes on to say he consulted with an attorney, 186 00:11:56,940 --> 00:11:59,719 KT: a CPA blah, blah, blah, blah, blah. He said he 187 00:11:59,729 --> 00:12:03,080 KT: feels that he should be entitled to a small equity 188 00:12:03,090 --> 00:12:05,200 KT: when and if the home is sold. 189 00:12:05,619 --> 00:12:10,440 KT: And basically, he's asking, you know, your guidance or advice 190 00:12:10,580 --> 00:12:14,520 KT: from a trusted professional, which is you on what he 191 00:12:14,530 --> 00:12:17,429 KT: should do. But this is emotional. It's not really a 192 00:12:17,460 --> 00:12:18,960 KT: financial decision. 193 00:12:18,969 --> 00:12:21,409 Suze: But it did say in there, I did just hear 194 00:12:21,419 --> 00:12:24,590 Suze: you say correct that his father and sister 195 00:12:24,919 --> 00:12:27,250 Suze: don't want his name on it. 196 00:12:27,270 --> 00:12:31,099 KT: The father wants to remove his name from the deed. 197 00:12:31,270 --> 00:12:35,419 KT: So there will not be any future disputes with the 198 00:12:35,429 --> 00:12:40,599 KT: property after he passes. It sounds like the sister and 199 00:12:40,609 --> 00:12:41,859 KT: brother don't get along. 200 00:12:42,130 --> 00:12:44,890 Suze: So I just took the email from KT 201 00:12:45,250 --> 00:12:48,169 Suze: and there's one line here, KT you didn't read which was, 202 00:12:48,179 --> 00:12:51,669 Suze: but my father and sister feel like I did not 203 00:12:51,679 --> 00:12:55,530 Suze: contribute payment to the house and should not be entitled 204 00:12:55,539 --> 00:12:56,710 Suze: to any equity. 205 00:12:57,020 --> 00:12:59,219 KT: Suze. I feel the same way. I think that the 206 00:12:59,229 --> 00:13:02,449 KT: father and sister are right. He doesn't need the money 207 00:13:02,530 --> 00:13:02,880 KT: but he, 208 00:13:02,989 --> 00:13:05,919 KT: because he's the son, he he's entitled. 209 00:13:05,940 --> 00:13:09,069 Suze: He also said since my sister lives in the house 210 00:13:09,080 --> 00:13:12,489 Suze: and occupied the first floor, we could have generated rental 211 00:13:12,500 --> 00:13:14,460 Suze: income from the first floor of the house to pay 212 00:13:14,469 --> 00:13:16,919 Suze: for the majority of the mortgage over the years at 213 00:13:16,929 --> 00:13:18,520 Suze: the end of the day, I just want to be 214 00:13:18,530 --> 00:13:20,609 Suze: fair for all parties. 215 00:13:22,130 --> 00:13:23,609 KT: Well, how do you feel about it? 216 00:13:23,619 --> 00:13:24,840 Suze: Well, here's the thing. 217 00:13:25,669 --> 00:13:28,659 Suze: I hope that you've all sat down as a family 218 00:13:28,669 --> 00:13:33,729 Suze: and talked about it because the greatest loss here isn't 219 00:13:33,739 --> 00:13:37,409 Suze: the loss of money or equity on the home or 220 00:13:37,419 --> 00:13:40,869 Suze: money that you could have gotten afterwards. It's the loss 221 00:13:40,880 --> 00:13:43,169 Suze: of the relationship with your sister. 222 00:13:44,280 --> 00:13:48,020 Suze: It's the feeling angry at your father. 223 00:13:49,080 --> 00:13:53,109 Suze: No amount of money really is worth that. The truth 224 00:13:53,119 --> 00:13:56,919 Suze: of the matter is you say that you're doing fine financially. 225 00:13:57,270 --> 00:14:01,570 Suze: So then what is it, what's really bugging you here? 226 00:14:01,719 --> 00:14:05,289 Suze: Is it that you're not being valued in your mind? 227 00:14:05,719 --> 00:14:11,760 Suze: Is it that your father is favoring your sister over you? 228 00:14:11,770 --> 00:14:15,640 Suze: But there's something else that is going on here that 229 00:14:15,650 --> 00:14:20,130 Suze: you need to have a discussion with yourself. If it 230 00:14:20,140 --> 00:14:24,109 Suze: were me, I'd be really happy that my father was 231 00:14:24,119 --> 00:14:26,859 Suze: going to put me on the account as a contingent 232 00:14:26,869 --> 00:14:31,309 Suze: beneficiary to a savings account that has about $250,000 in it. 233 00:14:31,640 --> 00:14:34,479 Suze: Maybe your mother will spend it. Maybe she won't. 234 00:14:34,799 --> 00:14:38,780 Suze: But at least he's considering that and of course, all 235 00:14:38,789 --> 00:14:41,690 Suze: the money should first go to your mother, if your 236 00:14:41,700 --> 00:14:47,260 Suze: mother wanted to, she should spend everything because it's their money. 237 00:14:47,270 --> 00:14:53,020 Suze: That's number one. But number two, you might suggest to 238 00:14:53,030 --> 00:14:54,859 Suze: your father 239 00:14:55,549 --> 00:15:00,770 Suze: that when he and mom die, then obviously your sister 240 00:15:00,780 --> 00:15:06,809 Suze: is going to get the entire house, maybe at that time, 241 00:15:07,489 --> 00:15:10,719 Suze: he could make it so that you own some of 242 00:15:10,729 --> 00:15:13,929 Suze: it at that time, like he leaves you a portion 243 00:15:13,940 --> 00:15:15,719 Suze: of it at that time 244 00:15:16,460 --> 00:15:19,859 Suze: so that you get a little bit of that half 245 00:15:19,869 --> 00:15:24,559 Suze: of that inheritance as well. That could be done by 246 00:15:24,570 --> 00:15:27,590 Suze: how they hold title to the house. They could hold 247 00:15:27,599 --> 00:15:30,419 Suze: title to the house as tenants in common or many 248 00:15:30,429 --> 00:15:33,260 Suze: other ways. But you might want to talk to him 249 00:15:33,270 --> 00:15:36,559 Suze: about that if he does not want to do that 250 00:15:37,109 --> 00:15:41,159 Suze: and he wants to leave everything to your sister, 251 00:15:41,979 --> 00:15:46,630 Suze: you have to honor his wishes, it's his money. He 252 00:15:46,640 --> 00:15:50,539 Suze: is the father. He gets to decide and he's made 253 00:15:50,549 --> 00:15:54,380 Suze: a decision and you need to honor that decision no 254 00:15:54,390 --> 00:15:58,200 Suze: matter how you feel. Again, you've been blessed with the 255 00:15:58,210 --> 00:16:00,590 Suze: fact that you don't need the money, but I'll tell 256 00:16:00,599 --> 00:16:03,820 Suze: you what you do need, you need a relationship with 257 00:16:03,830 --> 00:16:07,450 Suze: your mother, your father and your sister. And if you 258 00:16:07,460 --> 00:16:11,059 Suze: don't have that, you really have struck 259 00:16:11,450 --> 00:16:15,880 Suze: an emotional poverty level that you will experience when you 260 00:16:15,890 --> 00:16:18,270 Suze: have lost them. All right, KT. 261 00:16:19,280 --> 00:16:23,469 KT: That was a good answer, Suze. And I like having 262 00:16:23,479 --> 00:16:27,719 KT: these conversations because I think these issues come up more 263 00:16:27,729 --> 00:16:28,950 KT: than anyone thinks. 264 00:16:29,080 --> 00:16:32,150 Suze: Well, KT, you know, we've had to discuss these issues 265 00:16:32,890 --> 00:16:35,559 Suze: that do we leave more to this one? Do we 266 00:16:35,570 --> 00:16:37,690 Suze: leave less to that one? Do we not leave anything 267 00:16:37,700 --> 00:16:38,630 Suze: to any of them? 268 00:16:39,299 --> 00:16:41,780 Suze: We've had to make those decisions and many of them 269 00:16:41,789 --> 00:16:45,049 Suze: may not be very happy because I'm sure some of 270 00:16:45,059 --> 00:16:48,849 Suze: them KT really are calculated. Oh, I wonder how much 271 00:16:48,859 --> 00:16:53,919 Suze: Suze's gonna leave me. So it happens. So I do 272 00:16:53,929 --> 00:16:56,859 Suze: what I do. Everybody just tell them you're not getting anything. 273 00:16:57,169 --> 00:16:57,750 KT: Charity. 274 00:17:00,380 --> 00:17:04,359 KT: All right. Next question is from Diane. Good morning, KT 275 00:17:04,369 --> 00:17:08,000 KT: and Suze. I enjoyed the in depth Suze School about 276 00:17:08,010 --> 00:17:11,280 KT: the five year rule. I have a question. I'm having 277 00:17:11,290 --> 00:17:17,639 KT: trouble verifying the answer to. I'm 59.5. My husband is 61. 278 00:17:17,930 --> 00:17:21,310 KT: I'm still working, but my husband is not. Can we 279 00:17:21,319 --> 00:17:25,969 KT: put money in both my Roth Ira and his Roth IRA. 280 00:17:26,160 --> 00:17:30,270 KT: I've read something about spousal donations. If they don't have 281 00:17:30,280 --> 00:17:31,550 KT: earned income. 282 00:17:31,640 --> 00:17:32,680 Suze: Diane, you 283 00:17:32,964 --> 00:17:37,545 Suze: absolutely can both put money in a Roth IRA for 284 00:17:37,555 --> 00:17:41,844 Suze: yourself and for your husband, it falls under the nonworking 285 00:17:41,854 --> 00:17:45,734 Suze: spousal account. Now, they're not gonna say that on the account, 286 00:17:45,744 --> 00:17:48,444 Suze: it's gonna be a Roth IRA in his name. But 287 00:17:48,454 --> 00:17:51,704 Suze: that is what will allow you to put money in there. 288 00:17:52,145 --> 00:17:54,264 Suze: Just know that you are limited 289 00:17:54,780 --> 00:17:58,880 Suze: to how much money you earn. If you've earned over 290 00:17:58,890 --> 00:18:03,290 Suze: $16,000 a year, then you can put $8000 in your account, 291 00:18:03,300 --> 00:18:07,800 Suze: which is the max this year and $8000 in his account. So, 292 00:18:07,810 --> 00:18:11,469 Suze: it's based on how much money you're also making. But 293 00:18:11,479 --> 00:18:12,639 Suze: if you're making good money, 294 00:18:12,714 --> 00:18:15,454 Suze: yeah, you could fully fund it no matter what. As 295 00:18:15,464 --> 00:18:21,895 Suze: long as you are under the modified adjusted growth, income limits. 296 00:18:21,905 --> 00:18:22,454 Suze: All right. 297 00:18:22,665 --> 00:18:26,104 KT: Ok. So everybody again, I picked another one of these 298 00:18:26,334 --> 00:18:31,514 KT: stories today. I feel like storytelling time today. So this 299 00:18:31,525 --> 00:18:35,534 KT: is from Peggy. Dear Suze. I'm 56 years old. 300 00:18:35,750 --> 00:18:40,010 KT: I'm hoping to retire at the age of 65. 14 301 00:18:40,020 --> 00:18:43,448 KT: years ago, my husband was laid off during the recession. 302 00:18:44,420 --> 00:18:47,660 KT: At the time, we had three children under nine and 303 00:18:47,670 --> 00:18:51,739 KT: decided that him staying home was the best option. Here 304 00:18:51,750 --> 00:18:56,639 KT: we are 14 years later, the youngest is now 18. 305 00:18:57,079 --> 00:19:00,699 KT: My husband has still not gotten a job or contributed 306 00:19:00,709 --> 00:19:04,739 KT: financially to the household during all that time. 307 00:19:05,180 --> 00:19:07,968 KT: I love him very much and he does all the 308 00:19:07,979 --> 00:19:13,229 KT: household upkeep. I come home to a cooked dinner, completed laundry, 309 00:19:13,300 --> 00:19:18,589 KT: dishes away, food, shopping, done, and a clean house. He 310 00:19:18,599 --> 00:19:21,290 KT: is definitely not lazy in that sense. 311 00:19:21,435 --> 00:19:27,294 KT: I love having a house husband, however ready, Suze? I've 312 00:19:27,305 --> 00:19:31,114 KT: lost my sense of self. The only way I can 313 00:19:31,125 --> 00:19:34,805 KT: retire is if the mortgage is paid off, we currently 314 00:19:34,814 --> 00:19:39,454 KT: have 13 years left on that mortgage. We have three Children, 315 00:19:39,464 --> 00:19:42,415 KT: one out of college, one in college and one heading 316 00:19:42,425 --> 00:19:43,935 KT: to college in the fall. 317 00:19:44,410 --> 00:19:46,829 KT: I feel awful and guilty that we're not able to 318 00:19:46,839 --> 00:19:50,979 KT: help the Children with any of their college finances. They 319 00:19:50,989 --> 00:19:54,599 KT: are riddled with debt due to taking out student loans. 320 00:19:54,839 --> 00:19:58,270 KT: I've spoken to my husband multiple times and shared my 321 00:19:58,280 --> 00:20:03,420 KT: feelings over the last several years. He always promises to 322 00:20:03,430 --> 00:20:06,948 KT: get a job or do something, but the promises never 323 00:20:06,959 --> 00:20:07,869 KT: come through. 324 00:20:08,369 --> 00:20:12,270 KT: I'm at my wit's end, kicking him out, wouldn't solve 325 00:20:12,280 --> 00:20:16,949 KT: anything financially. I don't believe in divorce and we vowed 326 00:20:16,959 --> 00:20:22,810 KT: for richer or poorer. I can't imagine my life without him. However, 327 00:20:22,880 --> 00:20:23,948 KT: I resent him 328 00:20:24,045 --> 00:20:28,685 KT: every day. I know. Wait, listen to this. I go 329 00:20:28,694 --> 00:20:30,764 KT: to work. I bring home the money. I pay the 330 00:20:30,775 --> 00:20:34,915 KT: bills and make sure everything is in financial order. But 331 00:20:34,925 --> 00:20:38,425 KT: I struggle with guilt when I buy something for myself 332 00:20:38,435 --> 00:20:42,425 KT: or for the house. So my husband's 57 he's not 333 00:20:42,435 --> 00:20:46,544 KT: worked in his field for 14 years, which has changed drastically. 334 00:20:46,555 --> 00:20:49,584 KT: I don't expect him to get a job in this field, 335 00:20:49,989 --> 00:20:53,410 KT: a simple job at Home Depot or ShopRite or anything 336 00:20:53,420 --> 00:20:56,790 KT: to bring in extra money enough to throw more money 337 00:20:56,800 --> 00:21:00,369 KT: at the mortgage. But I think he's embarrassed to do that. 338 00:21:00,630 --> 00:21:04,739 KT: I often think myself about getting a second job. However, 339 00:21:04,750 --> 00:21:08,689 KT: I work a very demanding 40 plus hour nurse manager 340 00:21:08,699 --> 00:21:12,099 KT: position and I can only do something on the weekend. 341 00:21:12,550 --> 00:21:15,709 KT: I think it would be more embarrassing for him if 342 00:21:15,719 --> 00:21:17,909 KT: people knew that I had to get a second job 343 00:21:17,920 --> 00:21:21,889 KT: to support the family when he hasn't worked in years. 344 00:21:22,300 --> 00:21:25,790 KT: She makes a good salary. They live a simple life. 345 00:21:25,800 --> 00:21:31,569 KT: They don't have much extra, she's contributing 10% to retirement. However, 346 00:21:31,579 --> 00:21:34,810 KT: she can't even afford to bump it up to 15%. 347 00:21:35,280 --> 00:21:38,270 KT: She said any advice on how to approach the subject. 348 00:21:39,030 --> 00:21:42,089 KT: This is a tough one. This is a, you know, 349 00:21:42,099 --> 00:21:45,929 KT: you often wonder how many, how many couples are in 350 00:21:45,939 --> 00:21:46,890 KT: that position. 351 00:21:47,030 --> 00:21:50,180 Suze: Yeah, I know there's not a lot of extra money here, 352 00:21:50,430 --> 00:21:53,099 Suze: but I would tell you to go to couples counseling. 353 00:21:53,939 --> 00:21:59,959 Suze: I really would because obviously he's not hearing you because 354 00:21:59,969 --> 00:22:03,209 Suze: you've had this conversation with him many, many times 355 00:22:04,010 --> 00:22:07,389 Suze: and you may not be hearing him 356 00:22:08,239 --> 00:22:11,649 Suze: and what his fears are and what he's afraid of. 357 00:22:11,839 --> 00:22:17,099 Suze: Obviously he's embarrassed. He feels like the only things he 358 00:22:17,109 --> 00:22:20,300 Suze: can do are the things he's doing at the house 359 00:22:20,640 --> 00:22:24,699 Suze: and he doesn't even know how to begin. So you 360 00:22:24,709 --> 00:22:30,160 Suze: both need help in that communication with one another. I 361 00:22:30,170 --> 00:22:33,819 Suze: love that you don't believe in divorce. I love that 362 00:22:33,829 --> 00:22:35,260 Suze: you say you love him 363 00:22:35,689 --> 00:22:39,489 Suze: that it was for richer or poorer. However, what I 364 00:22:39,500 --> 00:22:47,849 Suze: don't love is that you resent him every single day. So, 365 00:22:48,469 --> 00:22:53,630 Suze: you know, you can't have it both ways because somehow 366 00:22:54,250 --> 00:22:56,790 Suze: there's no way you can resent somebody 367 00:22:57,489 --> 00:23:02,310 Suze: and like them. And KT, what's my favorite saying? Like 368 00:23:02,319 --> 00:23:07,560 Suze: is more important than love. We throw around that word. 369 00:23:07,569 --> 00:23:09,510 Suze: I love you. I love you. I love you so 370 00:23:09,520 --> 00:23:12,699 Suze: easy and then something happens and it's like, I hate you. 371 00:23:12,709 --> 00:23:14,030 Suze: I hate you. I hate you. 372 00:23:14,910 --> 00:23:17,849 Suze: Right? I like KT. 373 00:23:17,859 --> 00:23:19,250 KT: I like Suze. 374 00:23:19,260 --> 00:23:22,880 Suze: But no, really, we really, really like each other and 375 00:23:22,890 --> 00:23:26,339 Suze: that is more important than loving her because there are 376 00:23:26,349 --> 00:23:29,849 Suze: times that I'm like, I'm not feeling that loving. 377 00:23:30,709 --> 00:23:33,640 Suze: Right? Really? But I always like her. 378 00:23:33,650 --> 00:23:37,219 KT: She never stops liking me and I, I like everything 379 00:23:37,229 --> 00:23:37,958 KT: about her. 380 00:23:37,969 --> 00:23:42,319 Suze: So I need you to ask yourself the question. What 381 00:23:42,329 --> 00:23:44,239 Suze: do you like about him? 382 00:23:45,229 --> 00:23:46,448 Suze: What is it 383 00:23:47,270 --> 00:23:49,489 Suze: that keeps you there really? 384 00:23:50,319 --> 00:23:54,188 Suze: Because when you resent somebody every day that you look 385 00:23:54,199 --> 00:23:58,819 Suze: at you emit a certain energy and that energy may 386 00:23:58,829 --> 00:24:03,419 Suze: also be contributing to what keeps him down because don't 387 00:24:03,430 --> 00:24:07,079 Suze: think he can't feel it. When I'm mad at KT, 388 00:24:07,089 --> 00:24:09,438 Suze: she can feel it even though she says, are you OK? 389 00:24:09,449 --> 00:24:12,260 Suze: And I go, I'm all right. She knows, I know 390 00:24:12,790 --> 00:24:16,180 Suze: when you live with somebody and you've lived with them 391 00:24:16,189 --> 00:24:19,660 Suze: for a long time, you've shared Children with them. 392 00:24:20,239 --> 00:24:26,020 Suze: They know. So is your resentment, what's keeping him from 393 00:24:26,030 --> 00:24:31,020 Suze: feeling strength and power and the ability to go on 394 00:24:31,030 --> 00:24:34,030 Suze: and make a change? So I would tell you at 395 00:24:34,040 --> 00:24:35,459 Suze: this point in time, 396 00:24:35,920 --> 00:24:39,520 Suze: you really, really need again to go to couple counseling. 397 00:24:39,530 --> 00:24:42,780 Suze: I just want to make one other comment about the Children. 398 00:24:42,790 --> 00:24:46,500 Suze: Do not feel bad for them that you can't pay 399 00:24:46,510 --> 00:24:50,790 Suze: for their college education. Nobody paid for my college education 400 00:24:50,880 --> 00:24:52,979 Suze: and look at me today. 401 00:24:53,380 --> 00:24:57,359 Suze: So it's really important that they understand when you have 402 00:24:57,369 --> 00:25:00,760 Suze: the ability financially to pay for a college education and 403 00:25:00,770 --> 00:25:03,920 Suze: when you don't, and when they get older and they 404 00:25:03,930 --> 00:25:06,739 Suze: have Children, they may be in the position to say 405 00:25:06,750 --> 00:25:09,000 Suze: to their kids, listen, I had to pay for it 406 00:25:09,010 --> 00:25:11,609 Suze: on my own. I had student loan debt and I 407 00:25:11,619 --> 00:25:12,280 Suze: did it. 408 00:25:12,579 --> 00:25:16,280 Suze: I can't afford to pay for your college education. So 409 00:25:16,310 --> 00:25:21,020 Suze: you're educating them on the realities of life, don't protect 410 00:25:21,030 --> 00:25:25,879 Suze: them against the realities of life and don't protect yourself 411 00:25:25,910 --> 00:25:30,239 Suze: about the reality of the relationship that you are really, 412 00:25:30,250 --> 00:25:31,760 Suze: really in. 413 00:25:32,800 --> 00:25:36,839 Suze: Well, those were quite the questions you picked this time, 414 00:25:36,849 --> 00:25:41,319 Suze: my dear KT. And it is quizzy time. And if 415 00:25:41,329 --> 00:25:44,520 Suze: I had known you had chosen the stories you chose, 416 00:25:44,530 --> 00:25:47,369 Suze: I probably wouldn't have chosen this quizzy. But since I 417 00:25:47,380 --> 00:25:51,319 Suze: don't have another quizz, I'm gonna do this quizzy. All right, 418 00:25:51,329 --> 00:25:54,989 Suze: everybody and we all know what quizzy time means means. 419 00:25:55,119 --> 00:25:59,449 Suze: How would you answer this question: 420 00:26:00,530 --> 00:26:02,709 Suze: Dear KT and Suze. 421 00:26:03,390 --> 00:26:06,630 Suze: I'm so lucky to be one of the everyone else 422 00:26:06,640 --> 00:26:11,250 Suze: smart enough to listen to your podcast. I only wished 423 00:26:11,260 --> 00:26:14,099 Suze: I had discovered your show sooner. As I think I 424 00:26:14,109 --> 00:26:16,010 Suze: made a big mistake 425 00:26:16,729 --> 00:26:21,469 Suze: Last year, out of the blue. A relative very generously 426 00:26:21,479 --> 00:26:25,150 Suze: gifted me a large sum of money they wanted me 427 00:26:25,160 --> 00:26:28,469 Suze: to use for a down payment for a home. I 428 00:26:28,479 --> 00:26:32,119 Suze: ended up buying a small condo I'd like in DC 429 00:26:32,310 --> 00:26:38,819 Suze: with a 30 year mortgage at a 5.75% interest rate. However, 430 00:26:39,430 --> 00:26:43,640 Suze: I really messed up the math on how home ownership 431 00:26:43,650 --> 00:26:48,599 Suze: would affect my ability to cover all my other expenses. 432 00:26:48,819 --> 00:26:54,130 Suze: I'm 27 and only have around $1000 left each month 433 00:26:54,140 --> 00:26:58,929 Suze: for other expenses after paying my mortgage and condo fee 434 00:26:58,939 --> 00:27:03,209 Suze: as well as contributing 5% to my Roth TSP. 435 00:27:03,640 --> 00:27:07,859 Suze: I'm struggling to pay off credit cards in full each month. 436 00:27:08,349 --> 00:27:12,060 Suze: What should I do? Here's the question. 437 00:27:12,790 --> 00:27:16,719 Suze: Should I sell the condo after only owning it for 438 00:27:16,729 --> 00:27:20,250 Suze: a year and give the money back to my relative? 439 00:27:21,119 --> 00:27:24,459 Suze: Had I discovered your podcast sooner. I would have made 440 00:27:24,469 --> 00:27:28,938 Suze: a different choice and carefully calculated my budget waited for 441 00:27:28,949 --> 00:27:32,229 Suze: interest rates to go down and focused on saving for 442 00:27:32,239 --> 00:27:35,359 Suze: an emergency fund and retirement instead. 443 00:27:35,979 --> 00:27:38,920 Suze: Thank you for your help and sending peace and hugs 444 00:27:38,930 --> 00:27:41,040 Suze: your way. So, 445 00:27:41,959 --> 00:27:47,689 Suze: should he sell the condo after only owning it for 446 00:27:47,699 --> 00:27:52,839 Suze: a year and give the money back to his relative? 447 00:27:53,469 --> 00:27:55,198 KT: Did he inherit the money? 448 00:27:55,209 --> 00:27:55,839 Suze: No, it was a gift. 449 00:27:55,859 --> 00:28:01,579 KT: Oh, a gift. Absolutely. Absolutely. Here's what I would do. 450 00:28:01,589 --> 00:28:02,540 Suze: What would you do? 451 00:28:02,550 --> 00:28:06,050 KT: So, he's 27 years old. Sounds like such a good boy. 452 00:28:06,369 --> 00:28:10,149 KT: I would absolutely find out if you can earn or 453 00:28:10,160 --> 00:28:13,680 KT: make a tiny profit selling it because he has a 454 00:28:13,689 --> 00:28:18,619 KT: 30 year mortgage. My goodness. That's a big mortgage. So, absolutely, 455 00:28:18,630 --> 00:28:23,430 KT: try to sell it. But let the relatives know your plan, 456 00:28:23,699 --> 00:28:26,099 KT: let them know that you bit off more than you 457 00:28:26,109 --> 00:28:29,219 KT: can chew. That you understand. You made a mistake and 458 00:28:29,229 --> 00:28:32,198 KT: that you're going to sell it and give them back 459 00:28:32,209 --> 00:28:35,359 KT: the money. They may want you to sell it and 460 00:28:35,369 --> 00:28:38,939 KT: use that money to get something a little more reasonable 461 00:28:39,060 --> 00:28:41,869 KT: and try to help you with a leg up on 462 00:28:41,880 --> 00:28:44,599 KT: your life. That's what it seems like they want to do. 463 00:28:44,829 --> 00:28:48,130 KT: So I would sell it. Yeah. Get something more reasonable 464 00:28:48,140 --> 00:28:49,199 KT: that you can afford. 465 00:28:49,609 --> 00:28:52,219 Suze: I'm gonna give you a ding ding ding on that one. 466 00:28:52,849 --> 00:28:55,150 Suze: That wasn't an exciting ding ding ding. Was it? 467 00:28:56,579 --> 00:29:00,119 KT: Give it to me? Give it to me ding ding, ding, ding, ding, ding, ding, ding, ding. 468 00:29:01,670 --> 00:29:06,280 Suze: So here's what's really important is that we always stand in 469 00:29:06,290 --> 00:29:11,300 Suze: our truth and we don't take an action with something 470 00:29:11,310 --> 00:29:14,180 Suze: that was a gift from somebody else 471 00:29:14,599 --> 00:29:19,219 Suze: without including them in that decision, which is what you said. 472 00:29:19,540 --> 00:29:22,819 Suze: So I just wouldn't sell it outright. I would definitely 473 00:29:22,829 --> 00:29:26,869 Suze: go to this relative. Tell them the truth and tell 474 00:29:26,880 --> 00:29:30,000 Suze: them that you made a mistake. You love them so much. 475 00:29:30,160 --> 00:29:33,780 Suze: But that, in fact, you are going to sell it 476 00:29:33,869 --> 00:29:35,939 Suze: if that's what they think you should do. And then 477 00:29:35,949 --> 00:29:39,680 Suze: let's see what they say. The next question becomes, 478 00:29:40,050 --> 00:29:43,530 Suze: if you sell it, chances are you may make money 479 00:29:43,540 --> 00:29:47,189 Suze: on it. You never know because it's been a while now. 480 00:29:48,229 --> 00:29:52,989 Suze: Are you going to return to them? The money that 481 00:29:53,000 --> 00:29:55,890 Suze: they gave you? Plus the money that you made because 482 00:29:55,900 --> 00:29:57,109 Suze: it was their money 483 00:29:57,859 --> 00:30:01,880 Suze: or are you not? Because really if you think about it, 484 00:30:01,890 --> 00:30:05,800 Suze: you did make money based on the tax savings because 485 00:30:05,810 --> 00:30:09,560 Suze: your mortgage that you had provided you with some ability 486 00:30:09,569 --> 00:30:13,680 Suze: to save money on taxes. So you saved a little there. 487 00:30:14,250 --> 00:30:16,939 Suze: But can you figure out a way that you'll also 488 00:30:16,949 --> 00:30:19,760 Suze: feel good about it because you did pay that mortgage 489 00:30:19,770 --> 00:30:20,880 Suze: for all that time 490 00:30:21,189 --> 00:30:25,369 Suze: as to do you split the money that you made 491 00:30:25,380 --> 00:30:27,569 Suze: on it if you do make any money on it 492 00:30:27,579 --> 00:30:30,530 Suze: or do you not? It's not just as simple as 493 00:30:30,540 --> 00:30:32,319 Suze: I'm gonna sell it and give you the money back 494 00:30:32,329 --> 00:30:35,609 Suze: because remember that money could have been sitting in a 495 00:30:35,619 --> 00:30:40,890 Suze: money market account for them making four or 5% a year. 496 00:30:41,640 --> 00:30:45,380 Suze: So maybe that's what you do. You calculate what four 497 00:30:45,390 --> 00:30:48,140 Suze: or 5% would have been on that money sitting there 498 00:30:48,150 --> 00:30:50,339 Suze: if you do make more than that and that's how 499 00:30:50,349 --> 00:30:54,099 Suze: much you give them back and you keep the rest, 500 00:30:54,109 --> 00:30:56,579 Suze: assuming you've made money. 501 00:30:57,619 --> 00:31:00,310 KT: I'd offer all of it back. And if I were 502 00:31:00,319 --> 00:31:03,810 KT: those relatives, I'd say, oh sweetheart, we're so proud of 503 00:31:03,819 --> 00:31:06,189 KT: you that you realized you bit off more than you 504 00:31:06,199 --> 00:31:09,810 KT: can chew. Let's sit down together with a calculator and 505 00:31:09,819 --> 00:31:12,890 KT: we'll figure it out let's start over. That's what I 506 00:31:12,900 --> 00:31:14,589 KT: would say if I were the relative. 507 00:31:14,599 --> 00:31:17,369 Suze: But he's, we don't know what the relatives are gonna say. 508 00:31:17,380 --> 00:31:20,390 Suze: What we have to do here, KT is to be 509 00:31:20,400 --> 00:31:24,270 Suze: fair to give him choices of how to think of 510 00:31:24,540 --> 00:31:26,969 Suze: because trust me, if all of a sudden he goes 511 00:31:26,979 --> 00:31:28,979 Suze: to sell this and he makes a whole lot of 512 00:31:28,989 --> 00:31:33,020 Suze: money on it, he's gonna have to face this question 513 00:31:33,030 --> 00:31:36,670 Suze: that I just posed. So it's not what the relatives 514 00:31:36,680 --> 00:31:40,829 Suze: are gonna say. It's what is he going to think 515 00:31:40,839 --> 00:31:45,410 Suze: when the time comes? But absolutely. Talk to them first. 516 00:31:45,540 --> 00:31:47,219 Suze: All right, Miss Travis... 517 00:31:47,239 --> 00:31:48,170 KT: That's a wrap. 518 00:31:48,180 --> 00:31:51,579 Suze: That's a wrap. So until next time, 519 00:31:52,130 --> 00:31:54,459 Suze: there's only one thing that we want you to remember 520 00:31:54,469 --> 00:31:56,640 Suze: when it comes to your money and it is this: 521 00:31:57,050 --> 00:32:00,260 KT: People first, then money, then things. 522 00:32:00,270 --> 00:32:03,369 Suze: And if you do that and stay safe, we promise 523 00:32:03,380 --> 00:32:07,050 Suze: you you will be unstoppable.