1 00:00:08,079 --> 00:00:10,719 KT: November 20th, 2025. 2 00:00:11,130 --> 00:00:14,300 Suze: Welcome everybody to the Women in Money podcast, and everyone's 3 00:00:14,300 --> 00:00:15,130 Suze: smart enough to listen. 4 00:00:15,210 --> 00:00:18,209 KT: You know why she's laughing? This is like take seven. 5 00:00:18,690 --> 00:00:21,049 KT: She didn't like any of the openings, so she keeps 6 00:00:21,049 --> 00:00:23,889 KT: doing it over and over and over again, and I 7 00:00:23,889 --> 00:00:25,349 KT: need another cup of coffee. 8 00:00:26,399 --> 00:00:31,790 Suze: Anyway, this is the Ask KT and Suze Anything edition. 9 00:00:32,139 --> 00:00:34,150 Suze: And what's today, KT? 10 00:00:34,689 --> 00:00:39,310 KT: It's November 20th, which means it's seven days out till Thanksgiving. 11 00:00:39,479 --> 00:00:42,610 Suze: And that is one of our favorite holidays. And this 12 00:00:42,610 --> 00:00:47,409 Suze: year we will be spending it in Florida, and most 13 00:00:47,409 --> 00:00:51,430 Suze: of our relatives are flying in, and Lynn, KT's sister, 14 00:00:51,689 --> 00:00:54,290 Suze: will be hosting it. So we're kind of 15 00:00:54,375 --> 00:00:55,674 Suze: excited because we're just going to be guests. 16 00:00:55,674 --> 00:00:57,424 KT: We don't have to do anything. 17 00:01:00,215 --> 00:01:05,135 Suze: And even Colo's wife Annie is going to be flying 18 00:01:05,135 --> 00:01:09,294 Suze: in and they're going to his brother's house, but they 19 00:01:09,294 --> 00:01:13,485 Suze: are coming to our condo for the tradition, which is 20 00:01:13,495 --> 00:01:16,694 Suze: making stuffing. So Colo and I will still be making 21 00:01:16,694 --> 00:01:22,654 Suze: the stuffing for the family. Now, two things before we begin. 22 00:01:23,260 --> 00:01:26,259 Suze: Number one, as you know, last Sunday, and I hope 23 00:01:26,260 --> 00:01:31,488 Suze: you enjoyed it, was another Suze School with Mr. Fitz Fitzy, 24 00:01:31,500 --> 00:01:34,849 Suze: Keith Fitz-Gerald. By the way, if you want to see that, 25 00:01:35,059 --> 00:01:40,679 Suze: you can also go to youtube.com/Suze Orman, and that particular 26 00:01:40,680 --> 00:01:44,900 Suze: episode we videoed so you can even watch us in action. 27 00:01:45,480 --> 00:01:49,839 Suze: A lot of you have questions, especially about one section 28 00:01:49,839 --> 00:01:54,680 Suze: called the free trade, and I'll explain that more on Sunday. 29 00:01:54,959 --> 00:01:58,500 Suze: But on Sunday I'm going to be addressing your questions 30 00:01:58,720 --> 00:02:02,209 Suze: that you have written into the Women and Money Community app, 31 00:02:02,589 --> 00:02:05,029 Suze: that by the way, all of you can download for 32 00:02:05,029 --> 00:02:09,130 Suze: free by going to Google Play or Apple Apps. Also 33 00:02:09,130 --> 00:02:13,508 Suze: on Sunday's Suze School, I will be going over the 34 00:02:13,508 --> 00:02:18,830 Suze: new limits for retirement accounts, the qualifications to get a 35 00:02:18,830 --> 00:02:23,508 Suze: Roth IRA, all of that, so don't miss it. However, 36 00:02:23,630 --> 00:02:26,089 Suze: we have one other thing that we want to talk 37 00:02:26,089 --> 00:02:28,830 Suze: about right now before we start the questions, and that's 38 00:02:28,830 --> 00:02:31,070 Suze: what we call warning, warning, warning. 39 00:02:31,445 --> 00:02:32,603 Suze: Warning and tell them why KT. 40 00:02:32,604 --> 00:02:36,565 KT: This concerned me and as soon as I read this, 41 00:02:36,615 --> 00:02:40,845 KT: I knew Suze had to give you all a big warning. 42 00:02:41,005 --> 00:02:43,484 KT: So let me read this. This is from Amy. She said, 43 00:02:43,565 --> 00:02:47,565 KT: Hi Suze. I'm verifying that you replied to me on 44 00:02:47,565 --> 00:02:52,255 KT: your wall and sent me a link to download WhatsApp 45 00:02:52,255 --> 00:02:56,345 KT: app to go over my financials and make my portfolio 46 00:02:56,845 --> 00:02:59,684 KT: more liquid and to buy Bitcoin. 47 00:03:00,210 --> 00:03:03,168 KT: In this day and age, I need to verify with 48 00:03:03,169 --> 00:03:06,570 KT: all the fraud going on, and then she said, I 49 00:03:06,570 --> 00:03:09,989 KT: had a feeling in my stomach and asked, is this real? 50 00:03:10,449 --> 00:03:11,478 KT: And it is not. 51 00:03:11,570 --> 00:03:13,649 Suze: It is not. So I want all of you to 52 00:03:13,649 --> 00:03:15,889 Suze: listen and listen very closely. 53 00:03:16,350 --> 00:03:20,350 Suze: I am never ever ever going to answer you on 54 00:03:20,350 --> 00:03:24,270 Suze: a wall or in a public place. Maybe I will 55 00:03:24,270 --> 00:03:27,080 Suze: reply if you say something in the Women and Money 56 00:03:27,080 --> 00:03:29,830 Suze: Community app. I may say I don't think so, or 57 00:03:29,830 --> 00:03:32,259 Suze: it's a good idea or just very few things, but 58 00:03:32,258 --> 00:03:33,309 Suze: I will never direct you 59 00:03:34,764 --> 00:03:39,485 Suze: to go somewhere to download something, to then take your 60 00:03:39,485 --> 00:03:41,524 Suze: money and say, I'm going to go over it. I 61 00:03:41,524 --> 00:03:45,085 Suze: am not going to go over it and buy Bitcoin, 62 00:03:45,205 --> 00:03:48,285 Suze: do that, none of that will ever, ever happen. Now, 63 00:03:48,645 --> 00:03:53,264 Suze: will I give you a URL address like must-have docs, 64 00:03:53,884 --> 00:03:55,884 Suze: where I would want you to go to get the 65 00:03:55,884 --> 00:03:58,925 Suze: must-have documents, but you'll know that that's me because you're 66 00:03:58,925 --> 00:03:59,964 Suze: gonna see me there. 67 00:04:00,259 --> 00:04:03,789 Suze: And obviously I don't really want anything from you. So 68 00:04:03,789 --> 00:04:05,869 Suze: there are times that I may say go to my 69 00:04:05,869 --> 00:04:11,589 Suze: alliant.com to get a 4.10% certificate one year. In fact, 70 00:04:11,669 --> 00:04:12,630 Suze: you might want to do that. 71 00:04:13,029 --> 00:04:15,440 KT: That's a good. That's a good idea. That's a good one, everybody. 72 00:04:15,509 --> 00:04:18,390 Suze: And other things that we may be working on. 73 00:04:18,769 --> 00:04:23,000 Suze: But never ever will I ask you to go to 74 00:04:23,000 --> 00:04:27,329 Suze: an app, especially a WhatsApp app. I don't use really WhatsApp, 75 00:04:27,619 --> 00:04:31,359 Suze: and go over your financials and make your portfolio more liquid, 76 00:04:31,369 --> 00:04:34,950 Suze: and to buy Bitcoin. Don't do it, don't do it. 77 00:04:35,410 --> 00:04:36,329 Suze: I don't care if they have my 78 00:04:36,445 --> 00:04:40,044 Suze: picture, I don't care whatever it is. Don't fall for that. 79 00:04:40,135 --> 00:04:44,255 Suze: If some article is using my picture, chances are it's 80 00:04:44,255 --> 00:04:48,204 Suze: not with my permission. OK KT, should we start? 81 00:04:48,494 --> 00:04:52,315 KT: My first question is from Madeleine. I'm devoting this question 82 00:04:52,613 --> 00:04:53,974 KT: to Colo. 83 00:04:55,470 --> 00:04:56,059 KT: Why? 84 00:04:56,149 --> 00:05:00,390 KT: I'll tell you why. Ready, she said, Good evening, dear Mrs. Orman. 85 00:05:00,510 --> 00:05:01,649 KT: I hope this will reach you... 86 00:05:02,029 --> 00:05:02,868 Suze: Wait, wait, stop. Mrs. Orman? 87 00:05:02,988 --> 00:05:03,779 KT: Mrs. Orman. 88 00:05:03,950 --> 00:05:06,219 Suze: Wait, KT, should I have been Mrs. Travis? 89 00:05:06,390 --> 00:05:10,440 KT: No, Mrs. Orman, it sounds pretty nice, just like I'm not... 90 00:05:10,440 --> 00:05:10,988 Suze: Why aren't you? 91 00:05:11,299 --> 00:05:12,428 KT: Mrs. Travis? 92 00:05:12,709 --> 00:05:15,549 Suze: No, Mrs. Orman. No, I like KT because then I 93 00:05:15,549 --> 00:05:17,390 Suze: couldn't call her KT. All right, go, go on. 94 00:05:17,519 --> 00:05:21,329 KT: Good evening, dear Mrs. Orman. I hope this will reach you. 95 00:05:21,589 --> 00:05:24,549 KT: My name is Madeline, and my husband and I worked. 96 00:05:24,910 --> 00:05:31,149 KT: Incredibly hard in our pizzeria for over 100 hours a 97 00:05:31,149 --> 00:05:32,850 KT: week with no vacations. 98 00:05:33,380 --> 00:05:34,740 KT: And why is it dedicated to Colo? 99 00:05:34,740 --> 00:05:37,709 KT: Because Colo loves pizza more than life itself, and I 100 00:05:37,709 --> 00:05:40,869 KT: think it's important for him to hear how difficult it 101 00:05:40,869 --> 00:05:42,940 KT: is to run pizzerias. 102 00:05:43,200 --> 00:05:43,829 Suze: That's why? 103 00:05:43,959 --> 00:05:46,950 KT: Yes. We did raise 3 great kids, and we are 104 00:05:46,950 --> 00:05:51,470 KT: grateful for them. Hubby is now 69 and I am 56. 105 00:05:52,178 --> 00:05:55,328 KT: We're waiting till he turns 70 to get most of 106 00:05:55,329 --> 00:05:59,739 KT: our Social Security. Due to so much competition here in 107 00:05:59,738 --> 00:06:03,380 KT: New Jersey and expensive rents, it will be hard for 108 00:06:03,380 --> 00:06:07,380 KT: us to retire. We don't need much. Only renting and 109 00:06:07,380 --> 00:06:11,179 KT: basic will be enough for us. Suze, what would you 110 00:06:11,178 --> 00:06:15,959 KT: advise us as to where we could invest about $10,000 111 00:06:16,140 --> 00:06:18,459 KT: that could help us out in retirement? 112 00:06:19,209 --> 00:06:23,208 KT: I'm from the Netherlands and after 30 years of hard 113 00:06:23,209 --> 00:06:26,130 KT: work I don't know who to trust or what to 114 00:06:26,130 --> 00:06:30,450 KT: do anymore. If you could give us any advice, Mrs. Orman, 115 00:06:30,690 --> 00:06:35,250 KT: we would be forever grateful. Is that the sweetest? I 116 00:06:35,250 --> 00:06:37,950 KT: thought Madeleine was very sweet and I could just see 117 00:06:38,209 --> 00:06:39,350 KT: her making pizza. 118 00:06:40,920 --> 00:06:41,558 Suze: Oh boy. 119 00:06:41,859 --> 00:06:43,539 KT: OK, so what can they do? 120 00:06:43,720 --> 00:06:48,320 Suze: First of all, Madeleine, you know, sometimes in life you 121 00:06:48,320 --> 00:06:50,019 Suze: just have to stand in your truth. 122 00:06:51,119 --> 00:06:55,510 Suze: And your truth happens to be that you are 56 123 00:06:55,730 --> 00:06:58,350 Suze: years of age. That's almost... 124 00:06:59,119 --> 00:07:02,200 Suze: right, 20 years younger than me. I want you to 125 00:07:02,200 --> 00:07:07,679 Suze: think about that. At 56, especially when all you may 126 00:07:07,678 --> 00:07:10,859 Suze: have is $10,000 to your name right now. 127 00:07:11,829 --> 00:07:15,630 Suze: That is not when you should be thinking about retiring. 128 00:07:15,910 --> 00:07:18,950 Suze: Maybe your husband is older. Maybe he's waiting for his 129 00:07:18,950 --> 00:07:25,579 Suze: Social Security, but even at 70, 70 and 56 is 130 00:07:25,579 --> 00:07:26,309 Suze: still young. 131 00:07:27,089 --> 00:07:30,450 Suze: So the mere fact that you have no money, but 132 00:07:30,450 --> 00:07:36,089 Suze: yet you're still thinking about retiring, doesn't go together. That 133 00:07:36,089 --> 00:07:39,850 Suze: is not the truth of your situation. The truth of 134 00:07:39,850 --> 00:07:42,209 Suze: your situation is, number one, you are young. 135 00:07:42,839 --> 00:07:46,679 Suze: Number two, you had the ability to work 100 hours 136 00:07:46,679 --> 00:07:49,739 Suze: a week with no vacations, and guess what? You still 137 00:07:49,739 --> 00:07:53,040 Suze: have that ability to do so. So it is going 138 00:07:53,040 --> 00:07:56,279 Suze: to be your desire to make this work and get 139 00:07:56,279 --> 00:07:57,799 Suze: your husband's Social Security. 140 00:07:58,019 --> 00:08:00,339 Suze: He can still go to work. You have 14 years 141 00:08:00,339 --> 00:08:02,980 Suze: or whatever it may be. You have 10 or 11 142 00:08:02,980 --> 00:08:07,179 Suze: years till you'll collect your Social Security or half of his, 143 00:08:07,500 --> 00:08:10,779 Suze: but you have time. What you need to do is 144 00:08:10,779 --> 00:08:14,100 Suze: not look at your money to save you, because that 145 00:08:14,100 --> 00:08:19,059 Suze: $10,000 will help you out in retirement if in fact what? 146 00:08:19,809 --> 00:08:22,329 Suze: You get in trouble. You need some money, so that 147 00:08:22,329 --> 00:08:25,609 Suze: goes in a money market account or into a high 148 00:08:25,609 --> 00:08:28,730 Suze: yield savings account or whatever it may be. You have 149 00:08:28,730 --> 00:08:32,569 Suze: to keep that money safe and sound. But what you 150 00:08:32,570 --> 00:08:35,489 Suze: have to do is you have to continue to work 151 00:08:35,489 --> 00:08:38,929 Suze: hard for your money because your money can't quite work 152 00:08:38,929 --> 00:08:41,489 Suze: hard for you because there's not quite enough of it yet. 153 00:08:41,729 --> 00:08:46,789 Suze: But $100 here, $200 there, whatever it may be, will help. 154 00:08:47,289 --> 00:08:50,530 Suze: So you say you don't know who to trust anymore. 155 00:08:50,710 --> 00:08:53,609 Suze: I'll tell you who to trust. You have to trust 156 00:08:53,609 --> 00:08:57,369 Suze: yourself that you have what it takes to do this. 157 00:08:57,609 --> 00:09:00,968 Suze: You have to have faith in yourself and have enough 158 00:09:00,969 --> 00:09:06,049 Suze: strength in knowing within yourself that you and you alone 159 00:09:06,049 --> 00:09:07,369 Suze: can save yourself. 160 00:09:08,179 --> 00:09:11,780 Suze: You said what could help you out in retirement. You 161 00:09:11,780 --> 00:09:14,359 Suze: know what the answer to that is you. 162 00:09:15,650 --> 00:09:17,228 KT: I was gonna say get a job. Yeah, get another job. 163 00:09:20,109 --> 00:09:24,400 Suze: But you know it's important all of you understand, please 164 00:09:24,400 --> 00:09:30,070 Suze: understand that life expectancy now is a lot longer. Nowhere 165 00:09:30,070 --> 00:09:33,030 Suze: in this email did she say that she was sick 166 00:09:33,030 --> 00:09:35,789 Suze: or she couldn't work or anything like that. But you 167 00:09:35,789 --> 00:09:39,309 Suze: know what she did say, KT? She did say that 168 00:09:39,309 --> 00:09:42,789 Suze: she raised three great kids and we are grateful for them. 169 00:09:43,359 --> 00:09:47,239 Suze: Madeline, you make sure that you talk with your great 170 00:09:47,239 --> 00:09:51,760 Suze: kids about this, because when you can't afford to carry 171 00:09:51,760 --> 00:09:55,640 Suze: yourself financially, they are the ones who need to and 172 00:09:55,640 --> 00:09:58,880 Suze: will want to carry you just like I did with 173 00:09:58,880 --> 00:10:02,919 Suze: my mom and KT did with hers. Next question, KT. 174 00:10:03,039 --> 00:10:06,960 KT: OK, this is from Leslie. Ready, Suze? She said teachers 175 00:10:06,960 --> 00:10:08,500 KT: in New York here. 176 00:10:09,869 --> 00:10:12,950 KT: We, I guess Leslie knows that we love teachers. Both 177 00:10:12,950 --> 00:10:16,659 KT: of us love, love teachers and nurses. My friend and 178 00:10:16,659 --> 00:10:20,109 KT: I are in our late thirties and super into finance 179 00:10:20,109 --> 00:10:23,109 KT: and saving for the future. I know that a Roth 180 00:10:23,109 --> 00:10:26,299 KT: IRA is the way to go, and I have one. 181 00:10:26,710 --> 00:10:30,650 KT: We have 403Bs and would like to convert them to Roth's. 182 00:10:30,869 --> 00:10:34,589 KT: What's the best way to do this? Directly or transfer 183 00:10:34,590 --> 00:10:38,429 KT: to a traditional IRA first, all at once or do 184 00:10:38,429 --> 00:10:39,309 KT: it slowly? 185 00:10:40,729 --> 00:10:44,098 KT: And that's from Mrs. P. She's a teacher, so they 186 00:10:44,099 --> 00:10:45,159 KT: call her Mrs. P. 187 00:10:45,690 --> 00:10:49,299 Suze: Mrs. P, as a teacher, you need to know the 188 00:10:49,299 --> 00:10:52,969 Suze: financial lesson of the day, and the financial lesson of 189 00:10:52,969 --> 00:10:56,460 Suze: the day is when you are working and you have 190 00:10:56,460 --> 00:11:00,858 Suze: a 403b, you cannot just take money out of the 191 00:11:00,859 --> 00:11:04,250 Suze: 403b and do what with it? Convert it to an 192 00:11:04,460 --> 00:11:07,390 Suze: IRA or a Roth IRA. It has got to stay 193 00:11:07,390 --> 00:11:10,080 Suze: in the 403B system. 194 00:11:10,520 --> 00:11:14,400 Suze: So the question is, does your school district have a 195 00:11:14,400 --> 00:11:19,500 Suze: Roth 403b that you could either transfer little by little 196 00:11:19,719 --> 00:11:23,840 Suze: some of the money into the Roth 403b, but all 197 00:11:23,840 --> 00:11:29,789 Suze: new contributions should be going to the Roth 403b. Number one, 198 00:11:30,000 --> 00:11:33,840 Suze: you say you already have a Roth IRA great. That 199 00:11:33,840 --> 00:11:36,599 Suze: means you've started the five year time clock, so you 200 00:11:36,599 --> 00:11:38,729 Suze: have nothing to worry about, but, 201 00:11:39,469 --> 00:11:42,939 Suze: that doesn't mean that you can't continue to contribute to it. 202 00:11:43,309 --> 00:11:46,849 Suze: So what do you do? You check with your school district, 203 00:11:46,950 --> 00:11:49,900 Suze: find out, do they have a Roth 403b. All new 204 00:11:49,900 --> 00:11:53,829 Suze: contributions go to the Roth 403b. Depending on how much 205 00:11:53,830 --> 00:11:57,409 Suze: you have in your 403b, if you're allowed to transfer 206 00:11:57,409 --> 00:11:59,710 Suze: it to the Roth 403B. 207 00:12:00,289 --> 00:12:03,890 Suze: Check with your CPA and find out how much can 208 00:12:03,890 --> 00:12:08,030 Suze: you transfer this year to not affect your tax bracket 209 00:12:08,169 --> 00:12:10,869 Suze: and how about next year. So divide it between two 210 00:12:10,869 --> 00:12:14,119 Suze: years since we're almost at the end of the year. 211 00:12:14,489 --> 00:12:15,130 Suze: There you go. 212 00:12:15,250 --> 00:12:17,830 KT: So Suze, I was a little confused. You need permission, 213 00:12:18,650 --> 00:12:19,650 KT: to do the transfer? 214 00:12:19,770 --> 00:12:22,489 Suze: Well, it's not that you need permission, KT, but not 215 00:12:22,489 --> 00:12:28,450 Suze: all districts have a Roth 403b number one. And even 216 00:12:28,450 --> 00:12:33,349 Suze: if they do, not all of them allow a transfer 217 00:12:33,530 --> 00:12:38,130 Suze: from the pre-tax 403b to a Roth with money. So 218 00:12:38,130 --> 00:12:41,449 Suze: her new contributions could probably go into a Roth 403b 219 00:12:41,450 --> 00:12:42,809 Suze: if they have one. No problem. 220 00:12:43,239 --> 00:12:46,849 Suze: But she might not be able to transfer the contribution 221 00:12:46,849 --> 00:12:50,510 Suze: she made to her traditional 403b. I get it. OK. 222 00:12:50,849 --> 00:12:53,450 KT: All right. My next question is from Jess. 223 00:12:53,979 --> 00:12:57,500 KT: And Jess is someone that you might have met. I 224 00:12:57,500 --> 00:13:00,140 KT: think you probably did meet her, and I'll tell you 225 00:13:00,140 --> 00:13:03,859 KT: where she said, Hi, Suze. I've been a fan since 226 00:13:03,859 --> 00:13:08,580 KT: one of the CCWC conferences, and I listen to your 227 00:13:08,580 --> 00:13:13,500 KT: podcast all the time. OK, we have to tell everyone CCWC. 228 00:13:13,900 --> 00:13:18,369 KT: This is probably our most favorite conference that Suze is 229 00:13:18,369 --> 00:13:22,260 KT: often invited to speak to. It's called the Corporate Council 230 00:13:22,260 --> 00:13:28,659 KT: Women of Color. These are all lawyers. Oh yeah, Laurie Robinson, 231 00:13:28,770 --> 00:13:29,459 KT: we love you. 232 00:13:29,979 --> 00:13:34,530 KT: She actually is the founder of the CCWC conferences. They 233 00:13:34,530 --> 00:13:40,848 KT: are so much fun, so lively, and so smart. Love them. 234 00:13:41,210 --> 00:13:44,849 KT: Here's her question. Jess asks, my question is related to 235 00:13:44,849 --> 00:13:46,010 KT: how to invest. 236 00:13:46,369 --> 00:13:49,669 KT: I come from a risk averse family, and I have 237 00:13:49,669 --> 00:13:53,210 KT: a risk averse career, so I try to have as 238 00:13:53,210 --> 00:13:57,020 KT: much liquid cash as possible for the fear of the unknown. 239 00:13:57,250 --> 00:14:01,968 KT: I owe $100,000 in student loans, and we have four children. 240 00:14:02,289 --> 00:14:06,210 KT: I make a little less than 500,000 a year. Now remember, everyone, 241 00:14:06,330 --> 00:14:10,090 KT: she's a lawyer, and again, that's why she has high 242 00:14:10,090 --> 00:14:13,369 KT: student loans, I'm sure, she said. My husband has no 243 00:14:13,369 --> 00:14:15,169 KT: debt outside of our mortgage. 244 00:14:15,520 --> 00:14:18,840 KT: I'd really like to invest so that my money can 245 00:14:18,840 --> 00:14:22,400 KT: make money to help me pay off my debt faster, 246 00:14:22,640 --> 00:14:25,440 KT: but we still have bills to pay and I still 247 00:14:25,440 --> 00:14:27,280 KT: want to have cash at the ready. 248 00:14:27,940 --> 00:14:30,390 KT: And then she goes on to say, Suze, I see 249 00:14:30,390 --> 00:14:32,789 KT: people getting into the stock market with just a couple 250 00:14:32,789 --> 00:14:38,150 KT: hundred dollars and somehow they multiply it exponentially, but it's not 251 00:14:38,150 --> 00:14:42,450 KT: clicking for me. I assume the key is patience, but 252 00:14:42,450 --> 00:14:46,229 KT: I see some with almost instant success, and I just 253 00:14:46,229 --> 00:14:49,270 KT: can't seem to figure out that algorithm. 254 00:14:49,840 --> 00:14:53,989 KT: So she, she must be talking to people that maybe 255 00:14:53,989 --> 00:14:57,840 KT: are day traders or are high risk investors. 256 00:14:57,989 --> 00:15:01,750 Suze: I don't know you think? Jess, let's talk. All right, 257 00:15:01,830 --> 00:15:05,909 Suze: let's just talk, girlfriend. You make a little less than 258 00:15:05,909 --> 00:15:09,070 Suze: half a million dollars a year. 259 00:15:09,669 --> 00:15:11,549 Suze: Now I don't know where you live. Do you live 260 00:15:11,549 --> 00:15:14,849 Suze: in New York, whatever, so I don't know how much 261 00:15:14,849 --> 00:15:18,270 Suze: of that you have left after taxes and all of 262 00:15:18,270 --> 00:15:23,669 Suze: your expenses. However, there's got to be some amount of 263 00:15:23,669 --> 00:15:28,349 Suze: money in there that you are willing to put into 264 00:15:28,349 --> 00:15:32,669 Suze: the stock market. Now, the stock market doesn't necessarily have 265 00:15:32,669 --> 00:15:34,650 Suze: to mean individual stocks. 266 00:15:35,150 --> 00:15:39,390 Suze: You could absolutely, let's just say you're gonna put 5,000 267 00:15:39,390 --> 00:15:43,549 Suze: a month, just 5,000 a month, every single month. 268 00:15:44,190 --> 00:15:48,340 Suze: It's not that much given that you're making 500,000 a year, 269 00:15:48,789 --> 00:15:54,070 Suze: 5,000 a month into the ETF, Standard and Poor's 500 270 00:15:54,070 --> 00:16:01,080 Suze: ETF with the symbol VOO, total diversification there, and just 271 00:16:01,080 --> 00:16:07,030 Suze: do that every single month and slowly but surely you'll 272 00:16:07,030 --> 00:16:09,619 Suze: be very happy that you did so. 273 00:16:10,619 --> 00:16:15,039 Suze: You say that you are in a risk averse career, 274 00:16:15,299 --> 00:16:18,780 Suze: but you're really not, because every time you go to court, 275 00:16:18,950 --> 00:16:22,239 Suze: every time you take a case, there is tremendous risk. 276 00:16:22,380 --> 00:16:25,239 Suze: Is your client going to win or are they going 277 00:16:25,239 --> 00:16:28,099 Suze: to lose? And if they come to you, Jess, they 278 00:16:28,099 --> 00:16:32,260 Suze: are taking a risk on you that you are going 279 00:16:32,260 --> 00:16:36,500 Suze: to be able to win their case or at least 280 00:16:36,500 --> 00:16:37,700 Suze: help them out. 281 00:16:38,130 --> 00:16:41,630 Suze: So you have to change how you are thinking, number one, 282 00:16:41,890 --> 00:16:46,409 Suze: and number two, you have got to stop comparing what 283 00:16:46,409 --> 00:16:50,049 Suze: you're doing and others are doing. People only love to 284 00:16:50,049 --> 00:16:53,570 Suze: talk about how much they're up, how much they've won. 285 00:16:53,890 --> 00:16:56,609 Suze: They're very seldom going to say to you, can you 286 00:16:56,609 --> 00:17:00,150 Suze: believe it? I lost $100,000 the other day on this. 287 00:17:00,369 --> 00:17:03,890 Suze: I mean, you don't even wanna know at times when 288 00:17:03,890 --> 00:17:05,680 Suze: I have to look at KT and I have to go, 289 00:17:06,130 --> 00:17:07,270 Suze: oh well, but remember, 290 00:17:07,880 --> 00:17:11,149 Suze: You never really lose or you never really gain unless 291 00:17:11,150 --> 00:17:14,679 Suze: you've sold. So, but you can see things go up 292 00:17:14,680 --> 00:17:17,760 Suze: or down. So when people say to you, oh, it's 293 00:17:17,760 --> 00:17:22,619 Suze: multiplying exponentially, that doesn't mean they made that money yet. 294 00:17:23,199 --> 00:17:28,438 Suze: So number one, stop comparing yourself. Number two, dollar cost averaging 295 00:17:28,439 --> 00:17:33,000 Suze: into a Standard Employer's ETF every single month is not 296 00:17:33,000 --> 00:17:35,339 Suze: a risk. And number three. 297 00:17:35,979 --> 00:17:39,160 Suze: You have to face your money and not be afraid 298 00:17:39,160 --> 00:17:42,180 Suze: of it. And if you're afraid of it, you have 299 00:17:42,180 --> 00:17:46,060 Suze: to figure out why, really, and then figure out what 300 00:17:46,060 --> 00:17:49,400 Suze: are you going to do to silence that fear. All right. 301 00:17:49,819 --> 00:17:52,500 KT: This next question, Suze is from Angela, and I picked this 302 00:17:52,500 --> 00:17:56,319 KT: one because I don't ever think people should feel this way. 303 00:17:56,739 --> 00:17:57,140 Suze: All right. 304 00:17:57,609 --> 00:18:00,989 KT: So Angela said, Suze, where do I start saving or 305 00:18:00,989 --> 00:18:05,329 KT: investing if I do not have a Roth 401k plan 306 00:18:05,329 --> 00:18:09,250 KT: and no investments? I used all I had for my 307 00:18:09,250 --> 00:18:13,649 KT: children's education and was not working. I am 60 years 308 00:18:13,650 --> 00:18:17,250 KT: old and feel ashamed at times where I am at 309 00:18:17,250 --> 00:18:18,329 KT: in my life. 310 00:18:18,489 --> 00:18:19,938 Suze: You look like you're going to cry. 311 00:18:20,030 --> 00:18:22,170 KT: It's very sad. She's 60. 312 00:18:22,910 --> 00:18:27,010 KT: And she feels ashamed. I think that's so sad. Don't 313 00:18:27,010 --> 00:18:27,790 KT: be ashamed. 314 00:18:27,910 --> 00:18:31,189 Suze: Well, first of all, Angela, you have to look at 315 00:18:31,189 --> 00:18:32,750 Suze: the choices that you made. 316 00:18:33,599 --> 00:18:40,359 Suze: You put your children's education in front of your retirement, 317 00:18:40,800 --> 00:18:45,280 Suze: especially at a time when you say that you were 318 00:18:45,280 --> 00:18:46,380 Suze: not working. 319 00:18:47,400 --> 00:18:49,560 Suze: So you put them in front of you. Now, I 320 00:18:49,560 --> 00:18:51,619 Suze: just want to put a pin in that for a second. 321 00:18:52,060 --> 00:18:54,500 Suze: A lot of times you hear us when we sign off, 322 00:18:54,869 --> 00:18:56,400 Suze: people first, then money. 323 00:18:57,099 --> 00:19:02,069 Suze: And really that came about because I wanted women in particular. 324 00:19:03,030 --> 00:19:06,359 Suze: To know that they have to put themselves first. 325 00:19:07,069 --> 00:19:13,469 Suze: Before their children, before their employees, before their whatever, you 326 00:19:13,469 --> 00:19:18,069 Suze: have to take care of yourself first. Then you have 327 00:19:18,069 --> 00:19:21,390 Suze: the ability to take care of your children. Since you 328 00:19:21,390 --> 00:19:26,130 Suze: did not do that, your children now, in my opinion, 329 00:19:26,550 --> 00:19:30,449 Suze: have the responsibility of taking care of you. 330 00:19:31,020 --> 00:19:34,979 Suze: So the question to you is this, do you have 331 00:19:34,979 --> 00:19:40,119 Suze: what it takes to ask them to listen to this podcast? 332 00:19:40,920 --> 00:19:44,479 Suze: When you've heard it and see if you can all 333 00:19:44,479 --> 00:19:48,959 Suze: sit down and figure out what can they do now 334 00:19:48,959 --> 00:19:53,280 Suze: to help you. Can they give you X percent of their 335 00:19:53,280 --> 00:19:57,000 Suze: income every single month? I remember when I was younger 336 00:19:57,000 --> 00:19:58,880 Suze: I had to do that with my mamma when my 337 00:19:58,880 --> 00:20:04,119 Suze: daddy died, right? She got $1,000 a month. Then she 338 00:20:04,119 --> 00:20:07,400 Suze: got something from my brothers, so she got money so 339 00:20:07,400 --> 00:20:08,500 Suze: she could live on. 340 00:20:09,130 --> 00:20:13,280 Suze: And we took care of her that way. You have 341 00:20:13,280 --> 00:20:16,239 Suze: to do the same with your children and not be 342 00:20:16,239 --> 00:20:21,280 Suze: ashamed to do that. That's number one. You say that 343 00:20:21,280 --> 00:20:25,020 Suze: you are 60 years old and feel ashamed at times. 344 00:20:26,790 --> 00:20:32,949 Suze: Angela, what is it possible that you could feel ashamed about? 345 00:20:33,699 --> 00:20:39,920 Suze: Because you didn't do anything wrong, you simply followed your heart. 346 00:20:40,180 --> 00:20:44,219 Suze: But here you are again at 60, and you already 347 00:20:44,219 --> 00:20:48,760 Suze: think it's too late. May I remind all of you 348 00:20:49,369 --> 00:20:53,280 Suze: that I wrote my very first book at 45. 349 00:20:54,069 --> 00:21:00,079 Suze: That true wealth, true success didn't come until I was 350 00:21:00,079 --> 00:21:05,520 Suze: in my really my mid-50s, really big success. KT is 351 00:21:05,520 --> 00:21:07,140 Suze: smiling over there because that's... 352 00:21:07,140 --> 00:21:08,383 KT: When she turned 50. 353 00:21:08,383 --> 00:21:10,530 Suze: That's when I met her, right? 354 00:21:11,150 --> 00:21:11,760 KT: Biggest success. 355 00:21:12,119 --> 00:21:16,839 Suze: But that's when really not so many years before where 356 00:21:16,839 --> 00:21:22,889 Suze: you are at 60, still fabulous working years for us. 357 00:21:23,500 --> 00:21:26,260 Suze: So I need you to be a warrior and not 358 00:21:26,260 --> 00:21:29,979 Suze: turn your back on the battlefield, and the battlefield I'm 359 00:21:29,979 --> 00:21:34,020 Suze: talking about is the battlefield of your own mind where 360 00:21:34,020 --> 00:21:38,179 Suze: you are limiting yourself, feeling you are condemned to never 361 00:21:38,180 --> 00:21:42,629 Suze: have anything in your life simply because you helped your kids. 362 00:21:43,099 --> 00:21:47,099 Suze: So let's make finances a family affair. Let's bring them in. 363 00:21:47,260 --> 00:21:50,448 Suze: Let's look at something that you can do. Do something. 364 00:21:51,030 --> 00:21:55,069 Suze: There's always something you can do, and remember there is 365 00:21:55,069 --> 00:21:58,589 Suze: no excuse big enough to keep you from being who 366 00:21:58,589 --> 00:22:01,790 Suze: you are meant to be, KT. 367 00:22:02,800 --> 00:22:06,599 KT: Very nice. Never too late. Never ever too late. 368 00:22:06,800 --> 00:22:08,680 Suze: You know, KT, I have to tell you I don't 369 00:22:08,680 --> 00:22:09,510 Suze: agree with that. 370 00:22:10,719 --> 00:22:10,811 KT: Why? 371 00:22:10,811 --> 00:22:13,760 Suze: You know, I used to stand on a stage and 372 00:22:13,760 --> 00:22:17,300 Suze: I used to say it's never too soon to begin 373 00:22:17,319 --> 00:22:20,319 Suze: and it's never too late to start. However, 374 00:22:21,239 --> 00:22:24,920 Suze: over the years some people would write me and they 375 00:22:24,920 --> 00:22:30,239 Suze: were 90, 95. The spouse had just died. They had 376 00:22:30,239 --> 00:22:33,680 Suze: absolutely no money to their name. They lost one Social 377 00:22:33,680 --> 00:22:36,339 Suze: Security check. They had nothing. 378 00:22:37,400 --> 00:22:39,959 Suze: And I was always like, I don't know what to 379 00:22:39,959 --> 00:22:43,150 Suze: tell them, KT, I honest to God, don't. They didn't 380 00:22:43,150 --> 00:22:46,760 Suze: have children. They had nobody they could go to. So 381 00:22:46,760 --> 00:22:49,380 Suze: what was I supposed to do? Say, oh yeah, start 382 00:22:49,380 --> 00:22:53,010 Suze: saving $100 a month and you'll have, what do you say? 383 00:22:53,520 --> 00:22:57,879 Suze: So everybody, there does come a time when even the 384 00:22:57,880 --> 00:23:03,439 Suze: great Suze Orman seriously had no idea what to tell 385 00:23:03,439 --> 00:23:06,670 Suze: you to do to help yourself, honestly. 386 00:23:06,930 --> 00:23:09,410 Suze: I mean, obviously you could go to churches and ask 387 00:23:09,410 --> 00:23:13,530 Suze: for help and things like that, but financially it was 388 00:23:13,530 --> 00:23:18,149 Suze: too late, so that can happen just so you know, 389 00:23:18,400 --> 00:23:20,709 Suze: but everybody, I tell you that story. 390 00:23:21,589 --> 00:23:25,989 Suze: Not to discourage you, but to inspire you, to inspire 391 00:23:25,989 --> 00:23:31,869 Suze: you to start now. You're 60, start now. You're 70, 392 00:23:32,069 --> 00:23:35,329 Suze: start now, even 80, start now. 393 00:23:36,859 --> 00:23:40,380 Suze: You know, just start now. 394 00:23:40,660 --> 00:23:43,780 KT: Now we can say don't wait because it could be 395 00:23:43,780 --> 00:23:44,680 KT: too late. 396 00:23:46,310 --> 00:23:50,829 Suze: She's so she's so proud of herself. Was that a 397 00:23:50,829 --> 00:23:51,540 Suze: little rhyme? 398 00:23:51,640 --> 00:23:55,030 KT: Yeah, don't wait because it could be too late. OK, 399 00:23:55,109 --> 00:23:58,359 KT: my next question is from Damien. I love my man questions. 400 00:23:58,439 --> 00:24:01,979 KT: He said, Hey, KT and Suze, my partner and I 401 00:24:01,979 --> 00:24:05,680 KT: are two guys smart enough to listen, and I'd like 402 00:24:05,680 --> 00:24:06,709 KT: you to settle something for us. 403 00:24:06,922 --> 00:24:11,703 KT: And Suze, I'm totally OK saying the six most powerful 404 00:24:11,703 --> 00:24:13,082 KT: words in the English language. 405 00:24:13,083 --> 00:24:13,782 Suze: Do you know what those words are? 406 00:24:13,983 --> 00:24:17,753 KT: Yes, I do, Suze, I admit that I was wrong. 407 00:24:17,902 --> 00:24:19,463 Suze: Yes, I have her say that all the time. 408 00:24:19,863 --> 00:24:22,062 KT: But Damien said, But Suze, I'd like to hear from 409 00:24:22,061 --> 00:24:25,853 KT: you before I concede. All right, ready? He said, we're 410 00:24:25,853 --> 00:24:26,863 KT: both incredible 411 00:24:27,046 --> 00:24:29,765 KT: savers, we have no balance on our credit cards or 412 00:24:29,765 --> 00:24:34,286 KT: any debt. However, he believes I'm throwing money away by 413 00:24:34,286 --> 00:24:38,566 KT: only using a debit card for my purchases, whereas he 414 00:24:38,566 --> 00:24:42,245 KT: uses his credit card to pay for everything and gets 415 00:24:42,244 --> 00:24:47,055 KT: 1 to 5% back with points. I feel more secure 416 00:24:47,530 --> 00:24:51,530 KT: nnowing that I can never spend more money than I have, 417 00:24:51,810 --> 00:24:54,569 KT: even if it means that I don't earn cash back 418 00:24:54,569 --> 00:24:58,290 KT: along the way, I'd rather not carry any debt, even 419 00:24:58,290 --> 00:25:01,229 KT: if I had the means to pay it off every month. 420 00:25:01,310 --> 00:25:04,410 KT: You just never know. We would love your thoughts and 421 00:25:04,410 --> 00:25:06,750 KT: thank you, Suze, for all you do. 422 00:25:07,130 --> 00:25:09,448 Suze: Great. Now, should that be your quizzy? 423 00:25:09,839 --> 00:25:12,069 KT: I can tell, yeah, make it a quizzy because I, 424 00:25:12,189 --> 00:25:15,790 KT: there's a keyword in there. Make it a quizzy. Make 425 00:25:15,790 --> 00:25:16,270 KT: it a quizzy. 426 00:25:16,469 --> 00:25:19,130 Suze: Ok Miss know it all. What is, what's the answer 427 00:25:19,130 --> 00:25:19,669 Suze: to that? 428 00:25:19,670 --> 00:25:26,229 KT: Secure, he said he, Damian feels secure by using a 429 00:25:26,229 --> 00:25:29,589 KT: debit card and knowing he can never spend more than 430 00:25:29,589 --> 00:25:30,189 KT: what he's got. 431 00:25:30,274 --> 00:25:32,030 Suze: You're positive about that answer. 432 00:25:32,969 --> 00:25:35,890 KT: Yeah, I think that it's more important that he, how 433 00:25:35,890 --> 00:25:40,459 KT: he feels than making 1 or 5% back like his part. 434 00:25:40,520 --> 00:25:41,250 Suze: You're positive? 435 00:25:41,369 --> 00:25:41,819 KT: Yeah. 436 00:25:42,619 --> 00:25:42,848 Suze: (Suze makes the wrong answer sound) 437 00:25:42,848 --> 00:25:44,469 KT: Oh, come on, Suze. 438 00:25:44,729 --> 00:25:45,729 Suze: Let me tell you why. 439 00:25:45,810 --> 00:25:49,079 KT: OK, tell me why. So Damien, get ready for I 440 00:25:49,079 --> 00:25:52,079 KT: admit that I was wrong. I'll say it along with you. 441 00:25:52,410 --> 00:25:54,750 KT: We admit that we were wrong, Damien. 442 00:25:55,089 --> 00:25:57,849 Suze: And here's the reason, Damien, I would never use a 443 00:25:57,849 --> 00:26:00,849 Suze: debit card if I were you. So you say you 444 00:26:00,849 --> 00:26:01,729 Suze: feel secure. 445 00:26:02,510 --> 00:26:06,500 Suze: But you feel secure using, in my opinion, the most 446 00:26:06,500 --> 00:26:12,199 Suze: insecure type of card that there is because it links 447 00:26:12,199 --> 00:26:16,000 Suze: directly to all the money that's in your account. KT, 448 00:26:16,079 --> 00:26:19,800 Suze: to this day, have you ever seen me use a 449 00:26:19,800 --> 00:26:20,469 Suze: debit card? 450 00:26:20,589 --> 00:26:21,000 KT: Never. 451 00:26:21,160 --> 00:26:24,800 Suze: Have you ever seen a debit card, even in our cards? 452 00:26:25,000 --> 00:26:27,359 Suze: We don't even ask them to issue one. 453 00:26:28,329 --> 00:26:29,619 KT: We don't, we don't need it. 454 00:26:29,890 --> 00:26:31,839 Suze: No, it's not that we don't need it. We don't 455 00:26:31,839 --> 00:26:36,196 Suze: even want it. All right. So therefore that's number one. 456 00:26:36,196 --> 00:26:36,650 Suze: Number two: 457 00:26:37,569 --> 00:26:39,410 Suze: Here's what I don't like. 458 00:26:40,359 --> 00:26:45,099 Suze: Why do you feel that your money is in control 459 00:26:45,099 --> 00:26:49,300 Suze: of you versus you are in control of your money? 460 00:26:50,859 --> 00:26:53,900 Suze: When you say you feel more secure knowing that I 461 00:26:53,900 --> 00:26:56,938 Suze: can never spend more than I have, that means you 462 00:26:56,939 --> 00:27:02,140 Suze: are not in control of your money. Therefore, that is 463 00:27:02,140 --> 00:27:06,219 Suze: what has to change, and to pass up free money, 464 00:27:06,459 --> 00:27:09,260 Suze: are you out of your mind? Do you have any 465 00:27:09,260 --> 00:27:12,140 Suze: idea the extent that KT and I go to to 466 00:27:12,140 --> 00:27:13,680 Suze: get cash back? 467 00:27:14,079 --> 00:27:16,280 Suze: You know, sometimes I go on to this thing where 468 00:27:16,280 --> 00:27:18,719 Suze: if you sign up you get 6% on anything you 469 00:27:18,719 --> 00:27:21,119 Suze: buy on Macy's, and then I use a cashback card 470 00:27:21,119 --> 00:27:23,949 Suze: at Macy's if I'm gonna buy something, so I get 471 00:27:23,949 --> 00:27:26,520 Suze: maybe 10% back, and I can't wait to get that 472 00:27:26,520 --> 00:27:31,280 Suze: $50 check or whatever it is. Are you kidding me, Damien? Therefore, 473 00:27:31,640 --> 00:27:34,500 Suze: you best admit that you were wrong, because in fact 474 00:27:34,500 --> 00:27:36,939 Suze: you are. Last question, KT. 475 00:27:37,599 --> 00:27:39,399 KT: OK, Suze, final question. 476 00:27:39,790 --> 00:27:43,869 KT: This is from Stacia or Stacia. I'm not sure how 477 00:27:43,869 --> 00:27:47,439 KT: to pronounce her name, Stacia, I'll say because I like that. 478 00:27:47,790 --> 00:27:51,630 KT: I've made a total mess of my finances because I 479 00:27:51,630 --> 00:27:55,510 KT: didn't know a lot of things about money. I'm behind 480 00:27:55,510 --> 00:28:00,229 KT: on my bills and rent and I'm about $30,000 in 481 00:28:00,229 --> 00:28:03,949 KT: debt and I'm overwhelmed to the point I don't sleep 482 00:28:03,949 --> 00:28:06,219 KT: well at night, OK. 483 00:28:06,719 --> 00:28:10,199 KT: All right, Stacia, she said, Suze, I'm now 51 and 484 00:28:10,199 --> 00:28:14,800 KT: looking at retirement in about seven to eight years. I 485 00:28:14,800 --> 00:28:17,199 KT: don't know where to start on how to get my 486 00:28:17,199 --> 00:28:19,079 KT: finances back on track. 487 00:28:19,400 --> 00:28:22,119 Suze: Can you help me? You know, what's funny about all 488 00:28:22,119 --> 00:28:25,660 Suze: these that you picked, and you did it, I think, purposely, 489 00:28:26,119 --> 00:28:32,280 Suze: is that the theme has been 50-year-olds, 60-year-olds, all needing 490 00:28:32,280 --> 00:28:33,060 Suze: more money. 491 00:28:33,540 --> 00:28:37,179 Suze: But yet all talking about retirement, all talking about they 492 00:28:37,180 --> 00:28:41,140 Suze: already retired and how can I help them, right? Have 493 00:28:41,140 --> 00:28:42,449 Suze: you noticed the theme you did here? 494 00:28:42,459 --> 00:28:43,969 KT: It's like they're running out of time. 495 00:28:44,140 --> 00:28:45,530 Suze: So did you do that on purpose? 496 00:28:45,680 --> 00:28:46,239 KT: Absolutely. 497 00:28:46,699 --> 00:28:47,329 Suze: How come? 498 00:28:47,699 --> 00:28:50,109 KT: I just think that there's a big need out there. 499 00:28:50,209 --> 00:28:53,219 KT: People panicking, and that none of them are sleeping at night. 500 00:28:53,380 --> 00:28:53,880 Suze: All right. 501 00:28:53,979 --> 00:28:55,979 KT: So anyway, so what can she do? 502 00:28:56,140 --> 00:28:58,300 Suze: You're 51 years old now. 503 00:28:58,880 --> 00:29:02,560 Suze: And you're looking at retirement in about seven to eight years, which 504 00:29:02,560 --> 00:29:06,680 Suze: brings you to about 59, and you don't know where 505 00:29:06,680 --> 00:29:10,020 Suze: to start on how to get your finances back on track. 506 00:29:10,560 --> 00:29:11,599 Suze: Here's the thing. 507 00:29:12,380 --> 00:29:16,359 Suze: Why is it that you're behind on your bills? You're 508 00:29:16,359 --> 00:29:18,849 Suze: behind on rent. Forget about how are you going to 509 00:29:18,849 --> 00:29:22,180 Suze: get your finances back on track so you can retire 510 00:29:22,180 --> 00:29:26,060 Suze: in seven to eight years, when the chances are if you're behind 511 00:29:26,060 --> 00:29:28,859 Suze: on your bills and your rent, you're going to get 512 00:29:28,859 --> 00:29:30,400 Suze: kicked out of where you live. 513 00:29:30,880 --> 00:29:33,689 Suze: And because you've been behind on your bills and your rent, 514 00:29:33,890 --> 00:29:37,589 Suze: I hate to see what your FICO score is, because 515 00:29:37,650 --> 00:29:42,089 Suze: your FICO score probably is now down in the 500 area, 516 00:29:42,369 --> 00:29:45,670 Suze: which means if you lose your apartment now, good luck 517 00:29:45,849 --> 00:29:50,209 Suze: with another landlord renting to you. So Stacia, this isn't 518 00:29:50,209 --> 00:29:51,270 Suze: about your future. 519 00:29:51,689 --> 00:29:56,319 Suze: This is about you right now being in trouble. If 520 00:29:56,319 --> 00:30:01,000 Suze: you're $30,000 in debt and you're behind on not only 521 00:30:01,000 --> 00:30:05,319 Suze: your bills but your rent, now you really need to 522 00:30:05,319 --> 00:30:08,959 Suze: figure out what should you do. Forget about the future 523 00:30:08,959 --> 00:30:12,979 Suze: for now. Let's deal with the present. It may be 524 00:30:12,979 --> 00:30:15,680 Suze: very probable, believe it or not, that you need to 525 00:30:15,680 --> 00:30:16,800 Suze: claim bankruptcy. 526 00:30:17,579 --> 00:30:20,939 Suze: You may owe more than what you are making at 527 00:30:20,939 --> 00:30:24,219 Suze: this point in time, and there is a rule of 528 00:30:24,219 --> 00:30:28,380 Suze: finance that says when you owe more than what you make, 529 00:30:28,699 --> 00:30:31,660 Suze: you are essentially bankrupt. 530 00:30:32,560 --> 00:30:35,839 Suze: So I don't say that lightly, but I can tell 531 00:30:35,839 --> 00:30:39,719 Suze: you there is a serious red flag here. If I 532 00:30:39,719 --> 00:30:46,280 Suze: were you, I would contact NFCC.org. It's the National Foundation 533 00:30:46,280 --> 00:30:50,280 Suze: of Credit Counselors, and see them and first start to 534 00:30:50,280 --> 00:30:53,719 Suze: deal with what you do have, which is debt and 535 00:30:53,719 --> 00:30:55,390 Suze: you're behind in your rent. 536 00:30:55,810 --> 00:31:00,489 Suze: After you have taken care of that, then little by 537 00:31:00,489 --> 00:31:04,729 Suze: little you can start digging your way out, but that, 538 00:31:04,859 --> 00:31:07,989 Suze: my love, is what I would do if I were you, 539 00:31:08,410 --> 00:31:09,170 Suze: and that 540 00:31:10,030 --> 00:31:13,670 Suze: is standing in your truth. So how was that, KT? 541 00:31:13,750 --> 00:31:15,069 Suze: Did you agree with that answer? 542 00:31:15,270 --> 00:31:16,030 KT: I do. 543 00:31:16,569 --> 00:31:18,260 Suze: Oh, those answers are so hard for me. 544 00:31:18,550 --> 00:31:21,449 KT: I know. You know, you hate to give it, you hate. 545 00:31:21,949 --> 00:31:24,430 KT: I'm sorry that I picked all these questions, but there's 546 00:31:24,430 --> 00:31:28,229 KT: like this trend going on. People are lost. A lot 547 00:31:28,229 --> 00:31:29,270 KT: of people are lost. 548 00:31:29,270 --> 00:31:31,949 Suze: Not if they've been listening to the Women in Money 549 00:31:31,949 --> 00:31:37,400 Suze: podcast for all these years and the Suze Orman show, which, 550 00:31:37,430 --> 00:31:38,010 Suze: by the way 551 00:31:38,910 --> 00:31:42,238 Suze: is on YouTube. All you have to do is go 552 00:31:42,239 --> 00:31:48,599 Suze: to youtube.com/Suze Orman and please subscribe because eventually we may 553 00:31:48,599 --> 00:31:54,189 Suze: be always broadcasting these podcasts live starting next year. We'll see. 554 00:31:54,469 --> 00:31:56,439 KT: That will be fun. I'd like to go in front 555 00:31:56,439 --> 00:31:56,989 KT: of the camera. 556 00:31:57,650 --> 00:31:58,170 Suze: You hate the camera. 557 00:31:58,199 --> 00:31:59,880 KT: I hate it, but I think it might be fun. 558 00:32:00,150 --> 00:32:05,449 KT: Maybe not everyone, maybe once a month. Is that so? Yeah, 559 00:32:05,599 --> 00:32:07,280 KT: once a month, the beginning of the month. 560 00:32:08,160 --> 00:32:09,020 Suze: Oh, listen to her. 561 00:32:09,020 --> 00:32:09,699 KT: Flavor of the month. 562 00:32:09,750 --> 00:32:13,020 Suze: She's such a big talker, such a big talker. All right, everybody, 563 00:32:13,119 --> 00:32:17,319 Suze: so until Sunday when I will be here with Suze 564 00:32:17,319 --> 00:32:21,920 Suze: School answering questions that all of you have and updating 565 00:32:21,920 --> 00:32:24,979 Suze: you on the new retirement regulations. 566 00:32:25,390 --> 00:32:27,310 Suze: There's only one thing that we want you to remember 567 00:32:27,310 --> 00:32:29,290 Suze: when it comes to your money, and what is it, 568 00:32:29,300 --> 00:32:30,939 Suze: the love of my life? 569 00:32:30,989 --> 00:32:35,530 KT: It is people first, then money, then things, and you 570 00:32:35,989 --> 00:32:37,150 KT: stay safe. 571 00:32:37,270 --> 00:32:40,540 Suze: Secure and healthy. See you soon. Bye bye.