1 00:00:08,350 --> 00:00:11,420 Suze: April 30th, 2026. 2 00:00:11,600 --> 00:00:15,079 KT: Welcome to the Women and Money podcast, and everyone's smart 3 00:00:15,079 --> 00:00:18,139 KT: enough to listen. This is KT in the house. 4 00:00:18,440 --> 00:00:22,520 Suze: KT, they know who you are. Do you like our 5 00:00:22,520 --> 00:00:25,309 Suze: new email address? Everybody has. Tell everybody... 6 00:00:26,440 --> 00:00:30,600 KT: If you want to send a question that KT will 7 00:00:30,600 --> 00:00:32,159 KT: select for this podcast. 8 00:00:33,929 --> 00:00:40,488 KT: You need to send it to podcast@ Ask Suze.com and 9 00:00:40,488 --> 00:00:45,028 KT: that is A S K S U Z E dot com. 10 00:00:45,328 --> 00:00:48,449 Suze: Yeah, and that's, as you know, everybody, to make it 11 00:00:48,449 --> 00:00:51,007 Suze: harder for you to think you're talking to me when 12 00:00:51,008 --> 00:00:55,609 Suze: it's really not me. Anyway, this is the Ask KT 13 00:00:55,609 --> 00:00:58,159 Suze: and Suze Anything and this is where you write in 14 00:00:58,569 --> 00:01:01,810 Suze: a question to the address KT just gave you. And 15 00:01:01,810 --> 00:01:04,459 Suze: if she chooses it, oh, we will answer it on 16 00:01:04,459 --> 00:01:06,699 Suze: this podcast. Are you getting excited, KT? 17 00:01:07,019 --> 00:01:07,480 KT: Yes. 18 00:01:08,970 --> 00:01:10,679 Suze: Tell everybody. You tell them why, this is your baby. 19 00:01:10,779 --> 00:01:14,260 KT: We are leaving in a few days and we're going 20 00:01:14,260 --> 00:01:17,819 KT: to Japan. This has been a trip I've been wanting 21 00:01:17,819 --> 00:01:23,349 KT: to take Suze on for 25 years. Her first time 22 00:01:23,349 --> 00:01:28,349 KT: in the beautiful, beautiful islands of Japan, probably one of 23 00:01:28,349 --> 00:01:31,309 KT: my very favorite places in the world. Cannot wait. 24 00:01:31,550 --> 00:01:36,930 Suze: But KT, tell everybody what's gonna happen when we're in Japan. 25 00:01:37,309 --> 00:01:39,610 KT: We're finally meeting Keith and Noriko. 26 00:01:39,830 --> 00:01:41,910 Suze: Face to face, you know, I talked to... 27 00:01:41,919 --> 00:01:44,349 KT: Two years you've been talking to Fitzy. 28 00:01:44,580 --> 00:01:47,809 Suze: At least. I talk to Fitzy every single day. We 29 00:01:47,809 --> 00:01:52,519 Suze: FaceTime once or twice a day, every day, and undoubtedly 30 00:01:52,519 --> 00:01:57,830 Suze: sometime during that FaceTime, KT enters the picture. So does Noriko, 31 00:01:57,879 --> 00:01:59,239 Suze: and the four of us start talking and laughing. 32 00:01:59,239 --> 00:02:02,160 KT: We're like best friends that have never met in person. 33 00:02:03,440 --> 00:02:07,160 Suze: So we're going to see each other. However, let me 34 00:02:07,160 --> 00:02:08,360 Suze: just say this, KT. 35 00:02:08,788 --> 00:02:12,508 Suze: Because we're not gonna be here for a number of 36 00:02:12,508 --> 00:02:17,729 Suze: podcast drop days, we're going to try to pre-record some 37 00:02:17,729 --> 00:02:20,788 Suze: for you so that Robert doesn't have to play a 38 00:02:20,788 --> 00:02:24,070 Suze: best of. Let's see how well we do with that, KT. 39 00:02:24,190 --> 00:02:24,770 Suze: What do you got for me? 40 00:02:25,258 --> 00:02:28,160 KT: OK, my first question, Suze, is... 41 00:02:28,570 --> 00:02:31,169 KT: Actually, yeah, this is from April. I was gonna say 42 00:02:31,169 --> 00:02:34,228 KT: it's not a question, it's a thank you. She said, first, 43 00:02:34,288 --> 00:02:37,639 KT: I want to thank you for the trust information because 44 00:02:37,649 --> 00:02:41,330 KT: we got my husband's parents to put their house in 45 00:02:41,330 --> 00:02:45,448 KT: a trust. Thankfully didn't have to go into probate when 46 00:02:45,449 --> 00:02:48,320 KT: they passed. Thank you tons, Suze. 47 00:02:48,490 --> 00:02:52,089 Suze: Must have docs.com, everybody get it? Must have docs.com. 48 00:02:52,315 --> 00:02:54,763 KT: OK, but listen to what April said. She said, but 49 00:02:54,764 --> 00:02:59,205 KT: afterwards I was advised by an attorney that we can 50 00:02:59,205 --> 00:03:03,604 KT: do a transfer on death on the house that would 51 00:03:03,604 --> 00:03:07,684 KT: be fine and cost less. We only have one daughter 52 00:03:07,684 --> 00:03:10,645 KT: that it would go to, so why would this not 53 00:03:10,645 --> 00:03:14,804 KT: be a good idea? Thanks tons again. This is from April. 54 00:03:14,845 --> 00:03:15,925 KT: What do you want to tell her? 55 00:03:16,244 --> 00:03:19,285 Suze: You know, it's funny, KT, because I read that email. 56 00:03:19,830 --> 00:03:23,839 Suze: And I sent April back an email saying, oh, you 57 00:03:23,839 --> 00:03:26,929 Suze: listen to this on the podcast. We will. I'm gonna 58 00:03:26,929 --> 00:03:30,580 Suze: ask KT and put it in her little pile to read. 59 00:03:30,679 --> 00:03:33,960 Suze: So I snuck that in your little pile. So here's 60 00:03:33,960 --> 00:03:36,589 Suze: the thing that is the stupidest advice I've ever heard 61 00:03:36,589 --> 00:03:40,710 Suze: in my life, right? A transfer. I, I mean, really, 62 00:03:40,800 --> 00:03:44,039 Suze: how many times do I have to tell this to 63 00:03:44,039 --> 00:03:47,300 Suze: all of you? All right, so you have a daughter. 64 00:03:48,050 --> 00:03:51,160 Suze: And you're gonna transfer it to her on your death. 65 00:03:51,820 --> 00:03:54,860 Suze: And here we are. Fine, that's great. You die, it 66 00:03:54,860 --> 00:03:57,410 Suze: goes to her. No probate. I don't have a problem 67 00:03:57,410 --> 00:04:00,979 Suze: with that. But what if you don't die? What if 68 00:04:00,979 --> 00:04:03,300 Suze: you become sick? What if the two of you own 69 00:04:03,300 --> 00:04:06,229 Suze: that house and join tenancy with right of survivorship, KT, 70 00:04:06,970 --> 00:04:09,419 Suze: and they need to both make money because they still 71 00:04:09,419 --> 00:04:11,979 Suze: have a mortgage on it or whatever. One of them 72 00:04:11,979 --> 00:04:16,260 Suze: is in a car accident, becomes incapacitated. They need to 73 00:04:16,260 --> 00:04:16,579 Suze: sell the 74 00:04:16,820 --> 00:04:22,140 Suze: house, can they? No, because it takes both of your 75 00:04:22,140 --> 00:04:26,220 Suze: signatures to sign when you sell something in joint tenancy 76 00:04:26,220 --> 00:04:30,290 Suze: with right of survivorship. Transfer on death doesn't do you 77 00:04:30,290 --> 00:04:32,279 Suze: any good whatsoever. 78 00:04:33,149 --> 00:04:36,359 Suze: It doesn't even help your daughter if one of you 79 00:04:36,359 --> 00:04:39,200 Suze: has died. OK, now the other one is there. They 80 00:04:39,200 --> 00:04:42,559 Suze: have a stroke, they have whatever, and she needs to 81 00:04:42,559 --> 00:04:45,118 Suze: take care of you. She needs to pay your bills 82 00:04:45,119 --> 00:04:47,320 Suze: for you, write your checks or whatever it is that 83 00:04:47,320 --> 00:04:50,799 Suze: people do anymore. Can she? No, cause a transfer on 84 00:04:50,799 --> 00:04:52,619 Suze: death doesn't help. 85 00:04:53,339 --> 00:04:57,230 Suze: Is that attorney crazy? I said, Listen, I don't have 86 00:04:57,230 --> 00:04:59,869 Suze: to be an attorney to know I can educate you 87 00:04:59,869 --> 00:05:05,868 Suze: on doing the right thing. So you want, in my opinion, 88 00:05:05,950 --> 00:05:10,738 Suze: a living revocable trust that has an incapacity clause like 89 00:05:10,738 --> 00:05:13,630 Suze: the one that you most likely have if you got 90 00:05:13,630 --> 00:05:18,428 Suze: it through the must-have docs, OK? Something happens to either 91 00:05:18,428 --> 00:05:21,010 Suze: one of you, you can both sign for each other. 92 00:05:21,630 --> 00:05:25,630 Suze: Do you get what I'm saying? KT's playing this thing like, 93 00:05:25,750 --> 00:05:28,390 Suze: calm calm down, calm down... 94 00:05:28,390 --> 00:05:31,450 KT: Calm it down. Just tell her what she needs to do. 95 00:05:31,589 --> 00:05:35,750 Suze: Yes, you need a living revocable trust with an incapacity 96 00:05:35,750 --> 00:05:40,619 Suze: clause in it just like you have. Just that simple. 97 00:05:40,700 --> 00:05:41,390 Suze: All right, you know, 98 00:05:41,549 --> 00:05:45,229 KT: Wait, I, I just one more comment. The lawyer that's 99 00:05:45,230 --> 00:05:50,529 KT: advising her said to April it could cost you less. 100 00:05:51,160 --> 00:05:56,190 KT: The must-have documents where you get four must-have documents are 101 00:05:56,190 --> 00:06:01,609 KT: under $100. Don't tell me that the lawyer's fee to 102 00:06:01,609 --> 00:06:03,730 KT: do that or to do that for her is gonna 103 00:06:03,730 --> 00:06:04,609 KT: be less anyway. 104 00:06:05,089 --> 00:06:08,170 Suze: But he's right, or she's right on some level that most 105 00:06:08,170 --> 00:06:13,635 Suze: trusts are $2,500 $3,000, $5000 so that he may or 106 00:06:13,635 --> 00:06:17,075 Suze: she may have been thinking that way, but regardless, you 107 00:06:17,075 --> 00:06:19,174 Suze: still did the right thing. All right, KT. 108 00:06:19,274 --> 00:06:22,315 KT: OK, my next question is the big question many of 109 00:06:22,315 --> 00:06:28,605 KT: you have: buying versus leasing. So this is, this is 110 00:06:28,674 --> 00:06:29,794 KT: from Nancy. She said, Suze. 111 00:06:29,954 --> 00:06:32,394 Suze: You know how I know that our next door neighbor 112 00:06:32,394 --> 00:06:35,174 Suze: who parks next to us downstairs leases. 113 00:06:35,779 --> 00:06:39,390 Suze: Because every three years he gets a brand new car 114 00:06:39,549 --> 00:06:42,649 Suze: like KT, our car that sits next to his car 115 00:06:42,869 --> 00:06:46,609 Suze: is like 15 years old, really anyway, go on. 116 00:06:46,829 --> 00:06:50,760 KT: OK, so Suze, Nancy said, I've always bought my cars. 117 00:06:51,070 --> 00:06:54,274 KT: Last one I had for 13 years. 118 00:06:54,274 --> 00:06:56,885 Suze: That's my girl Nancy. That's my girl. 119 00:06:57,255 --> 00:06:59,714 KT: So, so this is interesting, she said this time around 120 00:06:59,714 --> 00:07:03,594 KT: I'm questioning the best route to take. I can afford 121 00:07:03,595 --> 00:07:08,553 KT: to buy outright, but I'm 66 and single and starting 122 00:07:08,553 --> 00:07:13,875 KT: to hate driving, so I'm wanting the self-drive add-on. This 123 00:07:13,875 --> 00:07:14,795 KT: is interesting. 124 00:07:15,190 --> 00:07:17,369 KT: I'm afraid of those cars, but she said I want 125 00:07:17,369 --> 00:07:22,630 KT: this self-drive add-on which I've tested and love. That being said, 126 00:07:22,709 --> 00:07:27,510 KT: with technological advances, I will probably go into the next 127 00:07:27,510 --> 00:07:32,309 KT: big advances as they come, knowing this is an idiotic 128 00:07:32,309 --> 00:07:35,829 KT: financial way to go into the car buying. Which would 129 00:07:35,829 --> 00:07:39,230 KT: you recommend, Suse, for me, lease or buy? 130 00:07:39,859 --> 00:07:41,570 Suze: What do you think I would say? 131 00:07:42,059 --> 00:07:44,100 KT: I think that you're gonna tell her to, to lease 132 00:07:44,100 --> 00:07:45,660 KT: it and to do the auto drive. 133 00:07:46,309 --> 00:07:49,619 Suze: After all these years of me telling people they should 134 00:07:49,619 --> 00:07:53,100 Suze: never lease, they should only buy. You think right now 135 00:07:53,100 --> 00:07:53,859 Suze: I'm gonna tell her that? 136 00:07:54,700 --> 00:07:57,500 KT: I think that she wants to drive. She doesn't like 137 00:07:57,500 --> 00:08:00,470 KT: to drive anymore. She wants an auto drive. I 138 00:08:01,890 --> 00:08:03,708 KT: think you're gonna tell her to lease it. 139 00:08:04,140 --> 00:08:06,380 Suze: I want you to know, Nancy. 140 00:08:07,160 --> 00:08:08,739 Suze: You are the very first person 141 00:08:09,040 --> 00:08:11,000 KT: I know ding ding ding. KT's right. 142 00:08:11,709 --> 00:08:14,320 Suze: It's not about KT being right. KT. This is not 143 00:08:14,320 --> 00:08:18,820 Suze: about you, right? This is about you are the first person, 144 00:08:19,369 --> 00:08:24,260 Suze: in my entire career of at least 40 years that 145 00:08:24,260 --> 00:08:29,500 Suze: I have said in your particular situation, you should lease, 146 00:08:29,700 --> 00:08:32,780 Suze: 'cause I have a feeling that you're not driving over 147 00:08:32,780 --> 00:08:35,659 Suze: 12,000 miles a year, and you don't have to worry 148 00:08:35,659 --> 00:08:37,500 Suze: about it, just make sure that you get 149 00:08:37,674 --> 00:08:41,124 Suze: lease gap insurance. All right, KT, did I just shock you? 150 00:08:41,283 --> 00:08:45,004 KT: You did, but it didn't shock me because she, she 151 00:08:45,004 --> 00:08:47,403 KT: doesn't want to drive anymore and she needs a car 152 00:08:47,403 --> 00:08:50,443 KT: that's the auto drive. I'm afraid of those still. 153 00:08:50,684 --> 00:08:53,083 Suze: All right, so I won't even tell anybody. All right, 154 00:08:53,203 --> 00:08:54,434 Suze: go on, go on. 155 00:08:54,684 --> 00:08:55,403 KT: So, this is from Gia. 156 00:08:56,380 --> 00:09:00,739 KT: This is sad, Suze, she said, hello, Suze. My dad 157 00:09:00,739 --> 00:09:04,339 KT: recently died and my mom is living alone now. I 158 00:09:04,340 --> 00:09:09,380 KT: am 45 years old, single, no kids, and diligent about 159 00:09:09,380 --> 00:09:13,218 KT: saving for retirement. I don't have any debt. I have 160 00:09:13,219 --> 00:09:19,449 KT: 300,000 in retirement and stocks. She's only 45, Gia. So Suze, 161 00:09:19,539 --> 00:09:20,059 KT: she said. 162 00:09:20,309 --> 00:09:23,960 KT: Should I quit my great job and move back to 163 00:09:23,960 --> 00:09:28,150 KT: be with my mom in her time of need? Everyone 164 00:09:28,150 --> 00:09:31,069 KT: suggests that I should just visit her more, but that 165 00:09:31,070 --> 00:09:35,390 KT: really isn't much time together. I'm in the health care business. 166 00:09:35,469 --> 00:09:39,450 KT: There are other jobs, but I would lose my seniority 167 00:09:39,650 --> 00:09:42,750 KT: as well as the team support that I now have 168 00:09:42,750 --> 00:09:46,650 KT: at work. Thank you sincerely from aching heart. 169 00:09:47,429 --> 00:09:48,229 Suze: What would you tell her, KT? 170 00:09:48,830 --> 00:09:53,020 KT: Personally, I wouldn't, Gia. I'd do the opposite. I would 171 00:09:53,020 --> 00:09:56,429 KT: invite my mom to come live with me, have your 172 00:09:56,429 --> 00:09:58,450 KT: mom come and live with you. 173 00:09:58,739 --> 00:10:00,429 Suze: All right? So that's what KT would say. 174 00:10:00,510 --> 00:10:01,489 KT: What would you say? 175 00:10:01,750 --> 00:10:05,510 Suze: KT, I have to tell you, I wouldn't do that. 176 00:10:06,369 --> 00:10:11,460 Suze: I wouldn't invite Mama to come live with me, and Gia. 177 00:10:11,690 --> 00:10:14,569 Suze: I would not go and live with mama. 178 00:10:15,289 --> 00:10:18,159 Suze: Believe it or not, Mamma has to get used to 179 00:10:18,159 --> 00:10:22,900 Suze: the fact that she's now living by herself. She has 180 00:10:22,900 --> 00:10:26,150 Suze: to deal with her pain. She can't have it buffered. 181 00:10:26,390 --> 00:10:29,369 Suze: She has to because here's what happens, and I've been 182 00:10:29,369 --> 00:10:32,450 Suze: through this with so many clients. When I was seeing clients, 183 00:10:32,489 --> 00:10:36,090 Suze: I can't tell you. Daughter leaves their job, believe it 184 00:10:36,090 --> 00:10:38,530 Suze: or not, just like you want to, Gia moves in 185 00:10:38,530 --> 00:10:39,289 Suze: with Mommy. 186 00:10:40,000 --> 00:10:43,960 Suze: Mommy now is very used to daughter. Then all of 187 00:10:43,960 --> 00:10:46,079 Suze: a sudden daughter has to go back to work. Daughter 188 00:10:46,080 --> 00:10:48,479 Suze: has a life she has to live, and Mommy gets 189 00:10:48,479 --> 00:10:53,079 Suze: depressed again and goes back two or three months. So 190 00:10:53,080 --> 00:10:58,679 Suze: Mommy needs time. My mother needed time. She just needs time. 191 00:10:59,080 --> 00:11:02,479 Suze: So what I really would suggest for you, Gia, is 192 00:11:02,479 --> 00:11:06,079 Suze: ask where you work cause you have seniority. Can you 193 00:11:06,080 --> 00:11:09,640 Suze: have a sabbatical of just one month? Just a month. 194 00:11:10,190 --> 00:11:14,669 Suze: For one week every month for the next three or 195 00:11:14,669 --> 00:11:18,270 Suze: four months where you go back and visit mamma for 196 00:11:18,270 --> 00:11:20,229 Suze: short periods of time. 197 00:11:20,979 --> 00:11:23,799 Suze: And every time you go, make them shorter and shorter, 198 00:11:24,140 --> 00:11:28,659 Suze: but I would not be leaving what is your security, 199 00:11:28,900 --> 00:11:33,789 Suze: your seniority, thinking that you're helping mama, because what's my saying? 200 00:11:34,419 --> 00:11:39,799 Suze: Sometimes helping is hurting and sometimes hurting is helping. And again, 201 00:11:39,820 --> 00:11:44,780 Suze: I just wanna say I've learned from experience that the 202 00:11:44,780 --> 00:11:48,440 Suze: best thing to do is to do what I just said. 203 00:11:48,539 --> 00:11:49,299 Suze: All right, KT. 204 00:11:50,190 --> 00:11:51,190 Suze: I like that. 205 00:11:51,469 --> 00:11:52,650 Suze: Well, that's good. 206 00:11:53,260 --> 00:11:55,809 KT: But I thought it was sad she wrote aching heart. 207 00:11:56,140 --> 00:11:58,289 KT: I think she is maybe more... 208 00:11:59,140 --> 00:12:04,069 KT: Missing, you know, her daddy, then, she thinks her mama will. 209 00:12:04,150 --> 00:12:05,919 Suze: It's very, very difficult... 210 00:12:06,309 --> 00:12:07,869 KT: Suze, It's just adjusting to life. 211 00:12:08,590 --> 00:12:12,390 Suze: KT, the truth is, most of us, you, me, your sister, 212 00:12:12,669 --> 00:12:15,609 Suze: we've all had to adjust to life. Next question, KT. 213 00:12:16,140 --> 00:12:19,190 KT: This is from Gail. She said, hello. I just listened 214 00:12:19,190 --> 00:12:23,070 KT: to Suze's webinar through Hey House. While I don't have 215 00:12:23,070 --> 00:12:26,380 KT: much time to listen to podcasts, I would like to 216 00:12:26,380 --> 00:12:27,590 KT: ask a question. 217 00:12:29,489 --> 00:12:31,729 KT: This is a very, Gail is a very matter of 218 00:12:31,729 --> 00:12:36,098 KT: fact woman. She said, my husband passed away in September '23. 219 00:12:36,409 --> 00:12:40,690 KT: I am financially comfortable. We were very conservative with our 220 00:12:40,690 --> 00:12:43,109 KT: money and I have quite a bit of it. 221 00:12:43,510 --> 00:12:48,229 KT: I also have his pension and my Social Security, but 222 00:12:48,229 --> 00:12:52,590 KT: I'm now sending half of my income into federal and 223 00:12:52,590 --> 00:12:58,250 KT: state taxes four times a year. However, I'm not sure 224 00:12:58,250 --> 00:13:01,859 KT: how many ways I can reduce my tax bracket. My 225 00:13:01,859 --> 00:13:06,719 KT: financial adviser suggested donating, donating my money. 226 00:13:07,109 --> 00:13:10,030 KT: But having done that in the past, they just want 227 00:13:10,030 --> 00:13:13,829 KT: to keep contacting me, wanting more and more. And then 228 00:13:13,830 --> 00:13:18,270 KT: listen to this, Gail literally said, Suze, she said, I 229 00:13:18,270 --> 00:13:19,609 KT: like hoarding money. 230 00:13:21,250 --> 00:13:23,218 KT: Me too. I really do, don't I? 231 00:13:23,659 --> 00:13:26,140 KT: You like collecting it. I don't think you hoard it. 232 00:13:26,219 --> 00:13:27,179 KT: You like collecting. 233 00:13:27,219 --> 00:13:27,919 Suze: I do. 234 00:13:28,330 --> 00:13:30,059 KT: She likes collect. It's like a game for her. 235 00:13:30,419 --> 00:13:30,979 Suze: I like counting it. 236 00:13:31,179 --> 00:13:35,539 KT: OK, so then she's asking Suze, is there anything I 237 00:13:35,539 --> 00:13:39,419 KT: can do to risk my tax bracket other than just 238 00:13:39,419 --> 00:13:43,400 KT: give it away? Please let me know. I live in California. 239 00:13:44,340 --> 00:13:45,599 KT: That's what her question is. 240 00:13:45,650 --> 00:13:46,089 Suze: All right... 241 00:13:46,500 --> 00:13:49,760 KT: So first of all, tell her your thought on taxes. 242 00:13:50,650 --> 00:13:52,109 Suze: Do you know my thought on taxes? 243 00:13:52,590 --> 00:13:55,479 KT: We pay them. You pay your taxes, and that's it. 244 00:13:55,739 --> 00:13:59,260 Suze: And that's it, Gail. Listen, I don't think the math 245 00:13:59,260 --> 00:14:01,109 Suze: that you're telling me is correct. 246 00:14:01,950 --> 00:14:06,450 Suze: You don't pay half of your income, your current income, 247 00:14:06,830 --> 00:14:11,750 Suze: to taxes if it's estimated taxes, because that would put 248 00:14:11,750 --> 00:14:15,030 Suze: you in the 50% bracket of what you're actually making 249 00:14:15,030 --> 00:14:18,869 Suze: of your income, and that's not how it works. You 250 00:14:18,869 --> 00:14:20,109 Suze: have the ability 251 00:14:20,679 --> 00:14:24,929 Suze: to pay either like 100 or 110% of last year's 252 00:14:24,929 --> 00:14:29,929 Suze: taxes or 90% of what this year's taxes are going 253 00:14:29,929 --> 00:14:35,409 Suze: to be spread over for estimated payments, but I don't 254 00:14:35,409 --> 00:14:39,369 Suze: think it's 50% of your income number one. Maybe you 255 00:14:39,369 --> 00:14:44,210 Suze: want to get a new financial advisor or CPA, but next... 256 00:14:44,900 --> 00:14:50,219 Suze: When you give money away, you are giving 100% of 257 00:14:50,219 --> 00:14:54,500 Suze: the amount that you are giving away to maybe save 258 00:14:54,500 --> 00:14:59,179 Suze: you some tax money. Why are you going to like 259 00:14:59,179 --> 00:15:03,859 Suze: that any more? You've given more than you're going to save. 260 00:15:04,299 --> 00:15:08,239 Suze: So given that you said that you like to hoard money, 261 00:15:08,580 --> 00:15:11,580 Suze: that is not the way to hoard money. So here's 262 00:15:11,580 --> 00:15:12,679 Suze: the bottom line. 263 00:15:13,390 --> 00:15:15,619 Suze: What am I going to tell you to make sure 264 00:15:15,619 --> 00:15:19,280 Suze: that you're paying estimated tax payments that you should be 265 00:15:19,280 --> 00:15:22,760 Suze: paying and they should not be 50% of your income 266 00:15:22,760 --> 00:15:26,599 Suze: number one. Number two, I would not be giving money 267 00:15:26,599 --> 00:15:31,000 Suze: away when your goal is to hoard money. Just that simple. 268 00:15:31,080 --> 00:15:31,979 Suze: All right, KT. 269 00:15:33,950 --> 00:15:36,630 Suze: You know, it's true. Everybody thinks, oh, I'll make this 270 00:15:36,630 --> 00:15:39,130 Suze: charitable donation and I'll do this and I'll do that 271 00:15:39,270 --> 00:15:42,429 Suze: and look how much it saves me on taxes. Oh 272 00:15:42,429 --> 00:15:44,000 Suze: really anyway, go on. 273 00:15:44,150 --> 00:15:45,109 KT: OK, this is from... 274 00:15:45,210 --> 00:15:46,760 Suze: You know, wait, I have to say something. I have 275 00:15:46,760 --> 00:15:49,849 Suze: to say two things here. You give to a charity, 276 00:15:49,869 --> 00:15:53,849 Suze: not to save on taxes, really, that's just a byproduct. 277 00:15:54,349 --> 00:15:56,349 Suze: That's a byproduct of giving. 278 00:15:57,140 --> 00:16:02,140 Suze: You give because you want to help. That is your number one: 279 00:16:02,140 --> 00:16:05,780 Suze: people first, then money, then things. Also, I just want 280 00:16:05,780 --> 00:16:10,760 Suze: to say because she mentioned the webinar, the new one 281 00:16:11,179 --> 00:16:13,299 Suze: will be coming out, part two. 282 00:16:13,840 --> 00:16:17,289 Suze: And believe me, it's gonna be very, very different than 283 00:16:17,289 --> 00:16:20,530 Suze: the first one that you saw. It's going to be 284 00:16:20,530 --> 00:16:24,010 Suze: Fitzy and me, it may be us for the whole thing. 285 00:16:24,219 --> 00:16:29,369 Suze: It's gonna be hardcore financial information that you need to 286 00:16:29,369 --> 00:16:33,450 Suze: know what to buy, when to buy it, ETFs. 287 00:16:33,594 --> 00:16:37,405 Suze: Everything, so do not judge that the second one is gonna 288 00:16:37,405 --> 00:16:39,594 Suze: be like the first one. And if any of you 289 00:16:39,594 --> 00:16:43,724 Suze: are thinking about buying the must-have documents or maybe even 290 00:16:43,724 --> 00:16:47,724 Suze: you bought them during the very first webinar, make sure 291 00:16:47,724 --> 00:16:51,965 Suze: you tune in to the second webinar because I have 292 00:16:51,965 --> 00:16:53,505 Suze: a little gift for all of you. 293 00:16:53,885 --> 00:16:55,585 KT: Oh, don't tell them. Don't give it away. 294 00:16:55,684 --> 00:16:57,085 Suze: All right, go on. All right. 295 00:16:57,820 --> 00:16:58,229 KT: OK... 296 00:16:58,349 --> 00:17:01,270 Suze: So I'm not giving you the whole must-have documents just 297 00:17:01,270 --> 00:17:04,770 Suze: so you know. Also, if you haven't registered yet for 298 00:17:04,790 --> 00:17:09,479 Suze: the part two webinar, go to suzeorman.com and do so. 299 00:17:09,670 --> 00:17:10,530 Suze: All right, go on. 300 00:17:10,790 --> 00:17:14,958 KT: All right. Next question is from Andrea. She said, Hi, Suze. 301 00:17:15,219 --> 00:17:20,750 KT: I have revolving debt at $33,000. Most of this is 302 00:17:20,750 --> 00:17:23,169 KT: from legal fees from my divorce. 303 00:17:23,640 --> 00:17:29,160 KT: I also have $87,000 in a 401k and I have 304 00:17:29,160 --> 00:17:33,319 KT: two loans against it, more legal fees. I would like 305 00:17:33,319 --> 00:17:36,699 KT: to do a hardship withdrawal so I can pay off 306 00:17:36,880 --> 00:17:42,280 KT: the high interest debt. I've read that 401k shouldn't be touched, 307 00:17:42,479 --> 00:17:44,880 KT: but I've also read that when you have this type 308 00:17:44,880 --> 00:17:46,239 KT: of high interest debt, 309 00:17:46,599 --> 00:17:50,359 KT: you should focus on getting rid of that before worrying 310 00:17:50,359 --> 00:17:56,849 KT: about saving. I'm 50. I don't plan on retiring until 65. Susie, 311 00:17:57,000 --> 00:17:58,160 KT: please advise me. 312 00:18:00,510 --> 00:18:02,209 KT: Why are you looking at me like that? 313 00:18:02,829 --> 00:18:02,839 KT: What? 314 00:18:03,910 --> 00:18:04,969 Suze: I don't even know what to say. 315 00:18:05,709 --> 00:18:07,229 Suze: And I'll tell you, I don't know what's it, why 316 00:18:07,229 --> 00:18:07,659 Suze: I don't know what to say. 317 00:18:07,660 --> 00:18:10,069 KT: She's looking at me with this incredible... want me to 318 00:18:10,069 --> 00:18:10,510 KT: say something? 319 00:18:10,670 --> 00:18:14,469 Suze: No, no, let me just answer this. Listen, sweetheart, you've 320 00:18:14,469 --> 00:18:19,089 Suze: already gone through one catastrophic event known as a divorce 321 00:18:19,270 --> 00:18:22,150 Suze: that has got you into serious debt. 322 00:18:22,890 --> 00:18:26,770 Suze: OK, but it was debt for a good cause, cause 323 00:18:26,770 --> 00:18:29,729 Suze: most likely it gave you your life back. It gave 324 00:18:29,729 --> 00:18:32,079 Suze: you your freedom back, and in the long run it 325 00:18:32,079 --> 00:18:37,369 Suze: will absolutely give you your joy back. With $87,000 in 326 00:18:37,369 --> 00:18:41,729 Suze: your 401k. Do not, and I repeat, do not do 327 00:18:41,729 --> 00:18:43,290 Suze: a hardship withdrawal. Do not. 328 00:18:43,569 --> 00:18:46,239 Suze: Do another loan. Don't do it. Don't do it. Don't 329 00:18:46,239 --> 00:18:50,640 Suze: do it. It's a mistake. Leave it there. Just leave 330 00:18:50,640 --> 00:18:53,800 Suze: it there and never forget that money that's in a 331 00:18:53,800 --> 00:18:59,800 Suze: 401k is protected against bankruptcy. Same thing with IRAs, so 332 00:18:59,800 --> 00:19:04,000 Suze: don't do it if you have all this high interest debt. 333 00:19:04,630 --> 00:19:10,189 Suze: Then what you should do is go to NFCC.org and 334 00:19:10,189 --> 00:19:13,989 Suze: do a debt management program with them and only them 335 00:19:14,270 --> 00:19:18,448 Suze: where you pay it over time just that simple if 336 00:19:18,449 --> 00:19:20,430 Suze: in fact you still have a good 337 00:19:20,535 --> 00:19:25,774 Suze: credit score, FICO score, then call these companies and ask 338 00:19:25,775 --> 00:19:29,074 Suze: them to lower your interest rate so you're not stuck 339 00:19:29,214 --> 00:19:32,895 Suze: at high interest rate debt. If you qualify for a 340 00:19:32,895 --> 00:19:36,494 Suze: balance transfer card at 0%. 341 00:19:36,939 --> 00:19:41,389 Suze: Do that, but do not, do not do anything with 342 00:19:41,390 --> 00:19:43,270 Suze: your 401kKT. 343 00:19:43,390 --> 00:19:45,630 KT: Wait one more time. Tell her where to go one 344 00:19:45,630 --> 00:19:46,270 KT: more time. 345 00:19:46,510 --> 00:19:51,969 Suze: NFCC.org. Go! 346 00:19:53,739 --> 00:19:56,660 KT: OK, my next question is from Brooke. I love this. 347 00:19:56,699 --> 00:19:57,260 KT: I'll tell you what. 348 00:19:57,729 --> 00:19:59,550 Suze: Let me tell you why I looked at you like that way. 349 00:20:00,150 --> 00:20:02,689 KT: She looked at me with a look like KT. 350 00:20:03,030 --> 00:20:06,819 Suze: Well, where is she listening? Who is she listening to? 351 00:20:07,069 --> 00:20:10,750 Suze: This is my biggest problem today. 352 00:20:11,630 --> 00:20:15,099 Suze: You know, years ago, really, myself and a few of 353 00:20:15,099 --> 00:20:17,420 Suze: us were the only ones that you could listen to. 354 00:20:17,829 --> 00:20:21,869 Suze: Now you have all these people on TikTok, on Instagram, 355 00:20:22,189 --> 00:20:23,849 Suze: telling you do this, do that. 356 00:20:24,410 --> 00:20:29,130 Suze: I'm just like, please be careful out there please be careful. 357 00:20:29,209 --> 00:20:32,849 Suze: Make sure if you are taking financial advice it is 358 00:20:32,849 --> 00:20:35,329 Suze: from somebody that you know, knows. 359 00:20:35,410 --> 00:20:40,339 KT: No, no, everybody just take financial advice from Suze Orman. 360 00:20:40,719 --> 00:20:44,319 KT: You don't need to shop. End of story. My next question. 361 00:20:47,290 --> 00:20:47,468 Suze: There are other ones by the way. 362 00:20:47,468 --> 00:20:50,020 KT: My next question is from Brooke, and, and the reason 363 00:20:50,020 --> 00:20:53,819 KT: I selected this in the subject, she wrote, young investors 364 00:20:53,819 --> 00:20:55,260 KT: and Bitcoin. 365 00:20:56,400 --> 00:21:00,290 KT: And I love this. Hi, Suze and KT. I'm 30. 366 00:21:00,439 --> 00:21:05,739 KT: Should 10% of my portfolio be in Bitcoin? Makes me 367 00:21:05,739 --> 00:21:08,910 KT: nervous and I hear a lot of opinions on this, 368 00:21:09,130 --> 00:21:14,250 KT: but Suze, I only care about yours. So, and then 369 00:21:14,250 --> 00:21:19,209 KT: she writes, the other 90% is in S&P. Thank you, Brooke. 370 00:21:19,410 --> 00:21:22,750 Suze: So, Brooke, here's the thing, you would never do anything 371 00:21:22,750 --> 00:21:24,050 Suze: that you're scared of. 372 00:21:24,650 --> 00:21:27,010 Suze: If you listen to the webinar that I gave just 373 00:21:27,010 --> 00:21:29,810 Suze: a little bit ago, and parts of it will be repeated, 374 00:21:29,859 --> 00:21:34,129 Suze: by the way, not all of it, but parts on YouTube.com/ 375 00:21:34,130 --> 00:21:37,810 Suze: Suze Orman, you would hear me tell you fear is 376 00:21:37,810 --> 00:21:41,369 Suze: the main internal obstacle to wealth. And if there was 377 00:21:41,369 --> 00:21:44,729 Suze: anything that is speculative and goes up and down and 378 00:21:44,729 --> 00:21:49,189 Suze: up and down, like it's down almost by 50%. 379 00:21:49,930 --> 00:21:52,589 Suze: From what it was just a little bit ago, really, 380 00:21:52,729 --> 00:21:54,969 Suze: and when something goes down 50%, it has to go 381 00:21:54,969 --> 00:21:58,409 Suze: up 100% for you just to break even. So if 382 00:21:58,410 --> 00:22:02,130 Suze: it makes you nervous, no, I wouldn't do it if 383 00:22:02,130 --> 00:22:05,770 Suze: especially 10%. That is a lot of money depending on 384 00:22:05,770 --> 00:22:08,449 Suze: how much you really have. But if you don't have 385 00:22:08,449 --> 00:22:11,489 Suze: at least at the age of 30, a 12 month 386 00:22:11,489 --> 00:22:14,849 Suze: emergency fund, if you aren't totally out of debt, if 387 00:22:14,849 --> 00:22:18,329 Suze: you are not fully funding your Roth retirement account at work. 388 00:22:18,790 --> 00:22:22,550 Suze: Your Roth IRA. You don't owe any money on your car. 389 00:22:22,750 --> 00:22:24,910 Suze: You have everything the way that it should be. If 390 00:22:24,910 --> 00:22:27,109 Suze: you want to buy a home, you have at least 20% 391 00:22:27,109 --> 00:22:29,688 Suze: as a down payment to buy a home and everything 392 00:22:29,689 --> 00:22:31,989 Suze: else I have told you about that. No, I would 393 00:22:31,989 --> 00:22:33,949 Suze: not be putting money into Bitcoin. 394 00:22:34,469 --> 00:22:36,800 KT: OK, this is pretty good, Suze. This is from Mary, 395 00:22:36,810 --> 00:22:40,569 KT: and it said, Dear Suze and KT, my 16-year-old daughter 396 00:22:40,819 --> 00:22:45,709 KT: is learning about investing at school and researching stock she 397 00:22:45,709 --> 00:22:47,030 KT: wants to invest in. 398 00:22:47,560 --> 00:22:51,640 KT: And obviously it's a simulation. So, she said, we talked 399 00:22:51,640 --> 00:22:55,359 KT: about which stock she was considering and why. I asked 400 00:22:55,359 --> 00:22:58,069 KT: her if she would ever invest in a company that 401 00:22:58,069 --> 00:23:02,310 KT: did things that did not align with her values, even 402 00:23:02,310 --> 00:23:06,900 KT: if that stock had huge potential for financial gain. 403 00:23:07,219 --> 00:23:11,849 KT: She said no but reconsidered when I asked if she 404 00:23:11,849 --> 00:23:15,899 KT: could earn money from a company that might be doing 405 00:23:15,900 --> 00:23:20,459 KT: questionable things but would exist with or without her investment 406 00:23:20,780 --> 00:23:24,659 KT: so then she could reinvest that earning in a company 407 00:23:24,660 --> 00:23:26,880 KT: she felt would do good in the world. 408 00:23:27,219 --> 00:23:30,459 KT: So interesting question here, Suze. What would you say to 409 00:23:30,459 --> 00:23:33,020 KT: a teen who wants to do the right thing with 410 00:23:33,020 --> 00:23:33,770 KT: her money? 411 00:23:34,020 --> 00:23:35,780 Suze: I already know what you would tell her. Tell her. 412 00:23:36,079 --> 00:23:37,250 KT: Do the right thing. 413 00:23:37,339 --> 00:23:42,780 Suze: Yeah, listen, everybody, money is very, very personal, and the 414 00:23:42,780 --> 00:23:46,479 Suze: time for your daughter to make mistakes with money. 415 00:23:47,650 --> 00:23:50,910 Suze: Hopefully more than she has successes with money, believe it 416 00:23:50,910 --> 00:23:55,689 Suze: or not, is when she's 16, because the biggest mistake 417 00:23:55,689 --> 00:23:59,849 Suze: happens when somebody who's young starts to invest, it goes 418 00:23:59,849 --> 00:24:02,729 Suze: up very quickly. It goes up even quicker. They don't 419 00:24:02,729 --> 00:24:05,160 Suze: think it ever goes down, and then they take all 420 00:24:05,160 --> 00:24:07,050 Suze: of it and they put it in something, and they 421 00:24:07,050 --> 00:24:11,010 Suze: lose it. Things that normally are the right thing. 422 00:24:11,729 --> 00:24:16,290 Suze: And she's talking about social investing, so to speak. Don't 423 00:24:16,290 --> 00:24:20,089 Suze: usually move as quickly as things that are a little 424 00:24:20,089 --> 00:24:23,599 Suze: speculative and that people can say that's not ethical. Don't 425 00:24:23,599 --> 00:24:27,109 Suze: do that. Don't do this. The most important thing I 426 00:24:27,109 --> 00:24:31,349 Suze: would want your daughter to do is to look at 427 00:24:31,390 --> 00:24:35,209 Suze: what she's investing in, why she's investing in it. 428 00:24:35,489 --> 00:24:38,889 Suze: And to feel really, really good about the fact that 429 00:24:38,890 --> 00:24:43,609 Suze: she invested in it, that is more important than that 430 00:24:43,619 --> 00:24:48,010 Suze: that stock makes money because what if she invests in 431 00:24:48,010 --> 00:24:51,609 Suze: something that she doesn't believe in and it doesn't go up, 432 00:24:51,650 --> 00:24:52,790 Suze: it goes down. 433 00:24:53,609 --> 00:24:58,489 Suze: Now you've done damage on both hands because why the 434 00:24:58,489 --> 00:25:01,089 Suze: money she had has gone down and now she has 435 00:25:01,089 --> 00:25:03,930 Suze: less money to give to another company that she would 436 00:25:03,930 --> 00:25:07,569 Suze: think would be good. I would say really stay out 437 00:25:07,569 --> 00:25:11,229 Suze: of it, stay out of it. I'm, I'm very serious. 438 00:25:11,500 --> 00:25:15,410 Suze: Let her make the decisions, KT right now on her 439 00:25:15,410 --> 00:25:19,609 Suze: own and as long as she feels good about it. 440 00:25:20,410 --> 00:25:24,189 Suze: Again, the goal of money is for you to be secure. 441 00:25:24,729 --> 00:25:28,640 Suze: Never invest in any stock that makes you feel insecure, 442 00:25:28,849 --> 00:25:32,630 Suze: where you disagree with it, and you're against it. Don't 443 00:25:32,770 --> 00:25:35,770 Suze: do it because why? You will sell at the wrong time, 444 00:25:35,930 --> 00:25:38,630 Suze: buy at the wrong time, it will never work. Have 445 00:25:38,630 --> 00:25:39,329 Suze: another one for me, KT? 446 00:25:39,869 --> 00:25:42,050 KT: I have one last question from Terry. 447 00:25:42,589 --> 00:25:46,920 KT: Terry said, Suze, can you please share the how-to video 448 00:25:47,189 --> 00:25:52,670 KT: on the enrollment for the ultimate scam protection? I experienced 449 00:25:52,670 --> 00:25:57,149 KT: a scam four years ago by a person impersonating a 450 00:25:57,150 --> 00:25:57,709 KT: help desk 451 00:25:57,949 --> 00:26:02,050 KT: assistant and Suze, you are right. I could not recover 452 00:26:02,229 --> 00:26:08,310 KT: the $350,000 that I lost. I remember your posting in 453 00:26:08,310 --> 00:26:13,109 KT: the Women and Money podcast, but I can't find it. Terry. 454 00:26:13,829 --> 00:26:16,770 KT: So this is really important. Everyone listen up. 455 00:26:17,349 --> 00:26:22,060 Suze: So Terry, if you go to suzeorman.com, you'll see right there, 456 00:26:22,170 --> 00:26:24,709 Suze: and you better register for the seminar while you're there, 457 00:26:24,869 --> 00:26:28,689 Suze: part two. So you'll see the Ultimate Scam Protection. Just, 458 00:26:28,869 --> 00:26:31,030 Suze: you know, move those little things that are around depending 459 00:26:31,030 --> 00:26:34,109 Suze: if you're on a phone or on a computer and 460 00:26:34,109 --> 00:26:37,189 Suze: scroll down and you will towards the end. 461 00:26:37,824 --> 00:26:42,165 Suze: You will see the video that you need very shortly. 462 00:26:42,704 --> 00:26:47,343 Suze: Nord Protect is going to put it right in the application. 463 00:26:47,665 --> 00:26:50,535 Suze: So after you have purchased and you have registered, it 464 00:26:50,535 --> 00:26:54,454 Suze: will be right there to help take you through it. 465 00:26:54,665 --> 00:26:58,104 Suze: Just that simple. Everybody, I just want to say you 466 00:26:58,104 --> 00:27:02,944 Suze: should all look at that Ultimate Scam Protection. Every day... 467 00:27:03,589 --> 00:27:08,430 Suze: Every day on the internet, on everywhere, you think you're 468 00:27:08,430 --> 00:27:11,949 Suze: buying something from somebody, it's not even that person. Impostor 469 00:27:11,949 --> 00:27:15,790 Suze: scams where you think you're dealing with somebody legit, you 470 00:27:15,790 --> 00:27:20,119 Suze: are not. Maybe next week, KT, you'll read that one 471 00:27:20,119 --> 00:27:21,739 Suze: story that somebody wrote in. 472 00:27:22,400 --> 00:27:24,579 KT: Oh yeah, people are sending me stories, and I have one 473 00:27:24,579 --> 00:27:26,329 KT: that is unbelievable... 474 00:27:26,479 --> 00:27:27,800 Suze: Tragic, everybody... 475 00:27:27,969 --> 00:27:28,989 KT: Tragic. 476 00:27:29,239 --> 00:27:33,560 Suze: The Ultimate Scam Protection program offers you up to $100,000 477 00:27:33,560 --> 00:27:36,439 Suze: of online scam protection. 478 00:27:37,010 --> 00:27:40,170 Suze: It also gives you a million dollars to help restore 479 00:27:40,170 --> 00:27:43,770 Suze: your identity, whatever it may be. Can you just check 480 00:27:43,770 --> 00:27:49,310 Suze: it out? You need scam protection more than anything today, 481 00:27:49,489 --> 00:27:51,649 Suze: and I wouldn't be saying that to you if I 482 00:27:51,650 --> 00:27:55,919 Suze: didn't believe it from the bottom of my heart. All right, KT. 483 00:27:56,329 --> 00:27:57,930 KT: That is a wrap, Suze. 484 00:27:58,050 --> 00:28:00,948 Suze: All right, now, obviously Sunday. 485 00:28:01,635 --> 00:28:05,494 Suze: Will be Suze School will still be here in the 486 00:28:05,494 --> 00:28:06,525 Suze: United States... 487 00:28:06,525 --> 00:28:09,625 KT: And on Sunday I'm gonna come on and say Sayonara. 488 00:28:10,655 --> 00:28:15,675 Suze: You are, are you are right. So until then, everybody, 489 00:28:15,974 --> 00:28:17,834 Suze: there's only one thing that we want you to remember, 490 00:28:18,084 --> 00:28:19,574 Suze: and it is what Ms. Travis? 491 00:28:19,614 --> 00:28:24,795 KT: People first, then money, then things, and you stay safe.