1 00:00:08,930 --> 00:00:13,390 Suze: May 3rd, 2026. Welcome everybody to the Women and Money podcast, 2 00:00:13,689 --> 00:00:17,750 Suze: as well as everybody smart enough to listen. Suze O 3 00:00:17,750 --> 00:00:21,049 Suze: here and today is kind at Suze School, but I'll 4 00:00:21,049 --> 00:00:27,450 Suze: explain that more in one second. On June 4th at 5 00:00:27,450 --> 00:00:31,010 Suze: 6 p.m., East Coast time. 6 00:00:31,860 --> 00:00:33,040 Suze: What's going to happen? 7 00:00:33,950 --> 00:00:38,209 Suze: We are going to have part two of the webinar 8 00:00:38,209 --> 00:00:43,470 Suze: that I gave on April 23rd, and essentially what's going 9 00:00:43,470 --> 00:00:48,509 Suze: to happen is this Keith Fitz-Gerald is going to join 10 00:00:48,509 --> 00:00:52,630 Suze: me for the entire webinar, and we are going to 11 00:00:52,630 --> 00:00:56,889 Suze: show you exactly what to do with your money, the stocks, 12 00:00:57,029 --> 00:01:01,270 Suze: the ETFs, and what we're looking at next, OK. 13 00:01:01,889 --> 00:01:06,970 Suze: So I've decided to name that webinar The Stocks, ETFs, 14 00:01:06,980 --> 00:01:10,129 Suze: and New Opportunities You Need to Know Now with Suze 15 00:01:10,129 --> 00:01:15,250 Suze: Orman and Keith Fitz-Gerald. That's what is happening on June 4th, 16 00:01:15,410 --> 00:01:17,589 Suze: and if I were you, I would not miss it 17 00:01:18,010 --> 00:01:19,989 Suze: because I'm just to give you a little . 18 00:01:20,489 --> 00:01:26,789 Suze: It is the day before my 75th birthday, and for those 19 00:01:26,790 --> 00:01:29,289 Suze: of you who have been with me for a long time. 20 00:01:29,580 --> 00:01:32,860 Suze: You kind of know what I tend to do on 21 00:01:32,860 --> 00:01:38,919 Suze: my birthday. So just make sure that if you're interested in, 22 00:01:39,019 --> 00:01:43,449 Suze: let's just say, the ultimate scam protection or the must-have 23 00:01:43,449 --> 00:01:48,019 Suze: documents or things like that, you just might want to 24 00:01:48,019 --> 00:01:53,120 Suze: wait till that date. That's number one. Number two, 25 00:01:53,760 --> 00:01:56,930 Suze: so many of you have been emailing me this last 26 00:01:56,930 --> 00:01:58,930 Suze: week and just a very few on the Women and 27 00:01:58,930 --> 00:02:02,930 Suze: Money Community app, and you've been saying, Suze, Suze, I 28 00:02:02,930 --> 00:02:08,668 Suze: missed part one. I missed it. Can you replay it? Well, 29 00:02:09,130 --> 00:02:12,009 Suze: Hay House does not replay it cause they're the ones 30 00:02:12,008 --> 00:02:16,949 Suze: behind it, really, but I sure can. So I took 31 00:02:17,330 --> 00:02:18,589 Suze: that webinar. 32 00:02:19,229 --> 00:02:22,190 Suze: I cut it down to the highlights, to what you 33 00:02:22,190 --> 00:02:24,820 Suze: really want to know, and it will be just me, 34 00:02:24,929 --> 00:02:28,830 Suze: all right? And two things are gonna happen. Number one, 35 00:02:29,149 --> 00:02:31,429 Suze: it's going to be your Suze School today and it 36 00:02:31,429 --> 00:02:36,250 Suze: will be played on this podcast. Number two, at about 37 00:02:36,389 --> 00:02:40,809 Suze: 2:00 p.m. East Coast time, it will also be then 38 00:02:40,809 --> 00:02:42,769 Suze: up as a video 39 00:02:43,919 --> 00:02:47,199 Suze: on my YouTube channel. So you can watch it there, 40 00:02:47,210 --> 00:02:51,220 Suze: and it's going to stay up. Nobody's gonna take it down. 41 00:02:51,729 --> 00:02:54,889 Suze: Nobody's gonna take this podcast off, so you can either 42 00:02:54,889 --> 00:02:58,570 Suze: listen to it today, listen to it again. By the way, 43 00:02:58,649 --> 00:03:01,610 Suze: I think you'll enjoy it more this time. I have 44 00:03:01,610 --> 00:03:04,359 Suze: to tell you, I did, for many reasons, but that's 45 00:03:04,360 --> 00:03:07,529 Suze: besides the point. And you can watch it starting at 46 00:03:07,529 --> 00:03:12,330 Suze: 2 p.m. today on my YouTube channel. 47 00:03:12,788 --> 00:03:21,538 Suze: Just that simple. So without much more to say, here 48 00:03:21,550 --> 00:03:24,470 Suze: we go to Suze School. 49 00:03:28,050 --> 00:03:31,470 Suze: This is to simply be your financial wake up call, 50 00:03:32,270 --> 00:03:35,970 Suze: a call that wants you to be in control of 51 00:03:35,970 --> 00:03:40,350 Suze: your destiny. Today's webinar, I want it to be about 52 00:03:40,559 --> 00:03:44,210 Suze: let's get rid of your fear, let's get into action, 53 00:03:44,369 --> 00:03:47,210 Suze: and let's do the things in every one of our 54 00:03:47,210 --> 00:03:48,710 Suze: lives starting today. 55 00:03:49,110 --> 00:03:54,410 Suze: That we can control and therefore profit from. Here's really 56 00:03:54,550 --> 00:03:57,789 Suze: what I think is important when it comes to the 57 00:03:57,789 --> 00:03:58,630 Suze: stock market. 58 00:03:59,399 --> 00:04:04,169 Suze: The biggest mistake you will ever make, and you probably 59 00:04:04,169 --> 00:04:07,690 Suze: are making it or you have made it, is when 60 00:04:07,690 --> 00:04:12,770 Suze: in fact you stop investing. You sell, you get out, 61 00:04:12,850 --> 00:04:17,769 Suze: you let fear dictate the moves that you make. Then 62 00:04:17,769 --> 00:04:20,928 Suze: you can't do that, everybody. If you do that, you 63 00:04:20,928 --> 00:04:23,458 Suze: are never ever going to build wealth. 64 00:04:24,559 --> 00:04:27,359 Suze: Do you know that in the past 40 years since 65 00:04:27,359 --> 00:04:31,200 Suze: they started a track, the Standard and Poor's 500, in 66 00:04:31,200 --> 00:04:38,359 Suze: those 40 years, there were 33 up years and only 67 00:04:38,359 --> 00:04:42,600 Suze: seven down years, just seven. 68 00:04:43,040 --> 00:04:49,190 Suze: Every one of them roared back. So do not, do 69 00:04:49,190 --> 00:04:54,029 Suze: not let fear dictate and keep you from making the 70 00:04:54,029 --> 00:04:56,950 Suze: money you deserve to make. So you may think, oh, 71 00:04:56,988 --> 00:05:00,230 Suze: it's the knowledge I have, it's the education I have, 72 00:05:00,269 --> 00:05:02,488 Suze: and that's what will make me money. Oh no. 73 00:05:03,220 --> 00:05:05,519 Suze: If you are afraid you will sell at the wrong time, 74 00:05:05,579 --> 00:05:08,299 Suze: you will buy at the wrong time, you have got 75 00:05:08,299 --> 00:05:13,019 Suze: to control your emotions, and the biggest emotion that is 76 00:05:13,019 --> 00:05:17,459 Suze: dictating failure right now in finances is you're afraid. You 77 00:05:17,459 --> 00:05:19,929 Suze: hear all these things on the TV, all these pundits, 78 00:05:20,140 --> 00:05:23,500 Suze: everybody's saying everything's going to crash. Wrong. Now listen to 79 00:05:23,500 --> 00:05:28,250 Suze: me again closely. Normally, the markets will go up more 80 00:05:28,250 --> 00:05:32,859 Suze: over a period of time than they will go down overall. 81 00:05:33,250 --> 00:05:36,329 Suze: The tilt of the market is always up, or it 82 00:05:36,329 --> 00:05:39,369 Suze: can go down for maybe 1.4 years or so. 83 00:05:40,040 --> 00:05:42,899 Suze: But normally it will go up for at least 5 years. 84 00:05:44,040 --> 00:05:46,488 Suze: So this is the time that I do not want 85 00:05:46,488 --> 00:05:49,690 Suze: you to stop investing in your 401k. This is the 86 00:05:49,690 --> 00:05:52,019 Suze: time I do not want you to sell out of 87 00:05:52,019 --> 00:05:56,010 Suze: great stocks and ETFs that you happen to own. I 88 00:05:56,010 --> 00:06:00,250 Suze: want you to continue to invest month in and month out, 89 00:06:00,488 --> 00:06:02,649 Suze: when it goes down. And by the way, what is 90 00:06:02,649 --> 00:06:03,849 Suze: wrong with all of you? 91 00:06:04,500 --> 00:06:08,100 Suze: When the markets go down, of course, this is the 92 00:06:08,100 --> 00:06:11,059 Suze: time you should be buying things that are good. It's 93 00:06:11,059 --> 00:06:14,260 Suze: not the time for you to be selling. So you're 94 00:06:14,260 --> 00:06:17,459 Suze: doing exactly what the traders and the people that want 95 00:06:17,459 --> 00:06:20,059 Suze: to profit off of you, want you to do, but 96 00:06:20,059 --> 00:06:23,220 Suze: not on my watch. So, as long as you have 97 00:06:23,220 --> 00:06:26,899 Suze: at least 5 years or longer, preferably longer, till you 98 00:06:26,899 --> 00:06:27,839 Suze: need this money. 99 00:06:28,720 --> 00:06:33,640 Suze: As long as you can consistently dollar cost average into 100 00:06:33,640 --> 00:06:35,709 Suze: the market, take a sum of money and do it 101 00:06:35,709 --> 00:06:39,440 Suze: every little, little, every month, I do not want you 102 00:06:39,440 --> 00:06:42,880 Suze: putting a lump sum in this market right here, not here, 103 00:06:42,959 --> 00:06:47,518 Suze: not now. If you could just do those things, know 104 00:06:47,519 --> 00:06:50,790 Suze: what you're investing in, I'm telling you, over the long run, 105 00:06:51,040 --> 00:06:56,089 Suze: you will make money. What's known right now to all 106 00:06:56,089 --> 00:06:56,618 Suze: of you? 107 00:06:57,260 --> 00:07:01,500 Suze: You know that we are currently in the lowest income 108 00:07:01,500 --> 00:07:07,760 Suze: tax brackets of your lifetime. That is known. What is unknown? 109 00:07:08,100 --> 00:07:11,859 Suze: What's unknown is what are the tax brackets going to 110 00:07:11,859 --> 00:07:15,809 Suze: be later on in life. And so many of you go, Oh, 111 00:07:15,940 --> 00:07:18,820 Suze: I want the tax write-off now. I need it now. 112 00:07:18,940 --> 00:07:20,940 Suze: Later on, I'm going to be, you know, in a 113 00:07:20,940 --> 00:07:23,380 Suze: lower tax bracket. How do you know that? 114 00:07:24,000 --> 00:07:27,589 Suze: That is the unknown. And let me tell you why 115 00:07:28,209 --> 00:07:31,769 Suze: I think you probably, as time goes on, may be 116 00:07:31,769 --> 00:07:35,809 Suze: in a higher and higher tax bracket, which is why 117 00:07:35,809 --> 00:07:39,369 Suze: I want you all to be doing a Roth 401k, 118 00:07:39,489 --> 00:07:44,390 Suze: a Roth 403b, a Roth TSP, a Roth IRA. I 119 00:07:44,390 --> 00:07:45,010 Suze: want you 120 00:07:46,029 --> 00:07:49,470 Suze: to give up these stupid, and they are the stupid 121 00:07:49,470 --> 00:07:53,869 Suze: tax write-offs today. Don't you all understand that as your 122 00:07:53,869 --> 00:07:56,950 Suze: money is in there, it's compounding and it's growing and 123 00:07:56,950 --> 00:07:59,910 Suze: it's growing, and who is it growing for? It is 124 00:07:59,910 --> 00:08:04,269 Suze: growing for Uncle Sam. So later on in life, when 125 00:08:04,269 --> 00:08:05,709 Suze: you go to take it out. 126 00:08:06,279 --> 00:08:09,720 Suze: You're going to have to take out large sums. It's mandatory. Oh, 127 00:08:09,799 --> 00:08:12,359 Suze: you die and leave it to your kids. They may 128 00:08:12,359 --> 00:08:15,359 Suze: be in a higher tax bracket and therefore they're forced 129 00:08:15,359 --> 00:08:17,959 Suze: to take it out as well. They're going to pay 130 00:08:17,959 --> 00:08:21,440 Suze: heavy taxes. Roth is the way to go. And again, 131 00:08:21,519 --> 00:08:24,559 Suze: here is the reason why we have something known as 132 00:08:24,559 --> 00:08:26,100 Suze: artificial intelligence. 133 00:08:26,940 --> 00:08:32,859 Suze: And artificial intelligence in my mind is changing everything. 134 00:08:34,039 --> 00:08:39,369 Suze: And it is very possible, it is very probable that 135 00:08:39,369 --> 00:08:43,150 Suze: a lot of white collar workers, all kinds of workers, 136 00:08:43,369 --> 00:08:46,929 Suze: are going to not be needing to work anymore because 137 00:08:46,929 --> 00:08:52,210 Suze: their employers will replace them by artificial intelligence. Now, when 138 00:08:52,210 --> 00:08:55,270 Suze: that happens, I want you to think about this closely. 139 00:08:56,369 --> 00:09:00,199 Suze: More and more people will not be paying into the 140 00:09:00,200 --> 00:09:03,250 Suze: tax system at the exact same time that you have 141 00:09:03,250 --> 00:09:07,250 Suze: the baby boomers and everybody collecting what? Social Security, doing 142 00:09:07,250 --> 00:09:12,099 Suze: all these things. So, what is going to happen? Most likely, 143 00:09:12,489 --> 00:09:14,728 Suze: tax brackets are going to have to go up. Do 144 00:09:14,729 --> 00:09:17,650 Suze: you know that when I first started, the highest tax 145 00:09:17,650 --> 00:09:20,090 Suze: bracket at that time was 70%. 146 00:09:21,159 --> 00:09:25,909 Suze: Don't think, everybody, that can't happen again. So, therefore, very briefly, 147 00:09:26,359 --> 00:09:32,979 Suze: what I really want you to do is do Roth 401ks, Roth, anything. 148 00:09:33,159 --> 00:09:35,919 Suze: And if you can, and you qualify for it, do 149 00:09:35,919 --> 00:09:40,598 Suze: a Roth IRA and a Roth 401k, whatever it may be. 150 00:09:40,919 --> 00:09:43,439 Suze: For those of you, I just want to say, who 151 00:09:43,440 --> 00:09:44,520 Suze: have money in a traditional 152 00:09:45,090 --> 00:09:48,609 Suze: 401k or TSP or whatever it may be, and now 153 00:09:48,609 --> 00:09:52,090 Suze: you want to transfer that money within your corporation to 154 00:09:52,090 --> 00:09:56,330 Suze: a Roth, be careful because when you do so, it's 155 00:09:56,330 --> 00:10:01,089 Suze: taxable that year as ordinary income. So do it little 156 00:10:01,090 --> 00:10:02,909 Suze: by little, just sign up... 157 00:10:03,380 --> 00:10:08,380 Suze: tomorrow, really, just sign up right away. Your new contributions 158 00:10:08,380 --> 00:10:11,619 Suze: should go into the Roth, and everybody check out if 159 00:10:11,619 --> 00:10:16,659 Suze: you qualify for a Roth IRA. On my podcast, The 160 00:10:16,659 --> 00:10:19,059 Suze: Women and Money podcast, and you all should be listening 161 00:10:19,059 --> 00:10:22,619 Suze: to it if you're not, there's a podcast called Don't 162 00:10:22,619 --> 00:10:25,500 Suze: Be Partners with Uncle Sam. 163 00:10:25,950 --> 00:10:30,510 Suze: That goes into great, great detail as to why you 164 00:10:30,510 --> 00:10:33,669 Suze: should do Roth's. I promise you, after you listen to 165 00:10:33,669 --> 00:10:38,030 Suze: that one podcast, you will never do a traditional retirement 166 00:10:38,030 --> 00:10:41,429 Suze: account again, which is pre-tax. All right. I've been thinking 167 00:10:41,429 --> 00:10:44,218 Suze: about this for a long time. You know, I was 168 00:10:44,219 --> 00:10:47,590 Suze: on Erin Burnett's show on CNN and she asked me 169 00:10:47,590 --> 00:10:51,169 Suze: this one question. Suze, what keeps you up at night? 170 00:10:51,719 --> 00:10:55,169 Suze: And I said, insurance. She said, what are you talking about? 171 00:10:55,630 --> 00:10:58,869 Suze: I said, you know, Erin, it's not anymore. Can you 172 00:10:58,869 --> 00:10:59,909 Suze: afford the mortgage? 173 00:11:00,729 --> 00:11:03,989 Suze: It's not anymore, do you have a 20% down payment. 174 00:11:04,520 --> 00:11:08,770 Suze: It's the mere fact that because of climate, 175 00:11:09,190 --> 00:11:16,909 Suze: whether it's hurricanes, fires, floods, tornadoes, everything that you see 176 00:11:16,909 --> 00:11:21,950 Suze: going on all the time that have destroyed so many 177 00:11:21,950 --> 00:11:26,429 Suze: houses that you never thought would be destroyed, insurance companies 178 00:11:26,429 --> 00:11:29,840 Suze: have pulled out of markets. They have gone up, at 179 00:11:29,840 --> 00:11:32,108 Suze: least in Florida, 100% in 180 00:11:32,255 --> 00:11:36,174 Suze: premiums. If you make one claim, they will cancel you. 181 00:11:36,414 --> 00:11:39,434 Suze: And here's the thing, everybody, if you have a mortgage, 182 00:11:39,734 --> 00:11:44,765 Suze: you have to have insurance for your home. If you don't, 183 00:11:44,934 --> 00:11:49,554 Suze: you can't get a mortgage. So now we're in a catch-22. 184 00:11:49,695 --> 00:11:53,174 Suze: Many people can afford a mortgage payment, but they can't 185 00:11:53,174 --> 00:11:55,255 Suze: afford the insurance premium now. 186 00:11:56,109 --> 00:11:58,789 Suze: Many of you may know, I sold the island, we 187 00:11:58,789 --> 00:12:02,270 Suze: sold everything. We now live again in Florida, in a 188 00:12:02,270 --> 00:12:08,349 Suze: 2,000 square foot condo. What do you think the insurance 189 00:12:08,349 --> 00:12:12,909 Suze: premium is on this? Now, obviously we own it outright, 190 00:12:12,989 --> 00:12:15,789 Suze: but let's say we were like everybody, where you have 191 00:12:15,789 --> 00:12:19,729 Suze: a mortgage and everything, and you have to keep the insurance. 192 00:12:20,109 --> 00:12:26,869 Suze: The insurance premium on this is $28,000 a year. 193 00:12:27,780 --> 00:12:31,260 Suze: Now, most people would say, I can't afford that. I 194 00:12:31,260 --> 00:12:32,119 Suze: have to sell. 195 00:12:33,280 --> 00:12:36,119 Suze: Most people would have to sell, cause now you're looking 196 00:12:36,119 --> 00:12:39,679 Suze: between that and HOA and mortgage, you can't afford it anymore. 197 00:12:40,080 --> 00:12:42,380 Suze: So here's the bottom line, everybody. 198 00:12:44,059 --> 00:12:49,590 Suze: I think because of climate change. I also think because 199 00:12:49,590 --> 00:12:55,429 Suze: of what's happening with the insurance companies. I think because 200 00:12:55,429 --> 00:13:00,479 Suze: of the price still of real estate and interest rates 201 00:13:00,479 --> 00:13:03,340 Suze: not going down. Remember, 202 00:13:03,890 --> 00:13:08,729 Suze: Your mortgage is attached to a 10-year Treasury note, not 203 00:13:08,729 --> 00:13:12,450 Suze: to the Fed funds rate, but to Treasuries, and right 204 00:13:12,450 --> 00:13:16,000 Suze: now we're back up again at about 6.3%. 205 00:13:16,950 --> 00:13:20,579 Suze: That is not a low interest rate. So when you 206 00:13:20,580 --> 00:13:23,700 Suze: do all of that, I have to tell you, I 207 00:13:23,700 --> 00:13:28,020 Suze: don't mind if people rent even more than buy. You 208 00:13:28,020 --> 00:13:32,609 Suze: have to know that you can afford everything, maintenance, and wait, 209 00:13:32,659 --> 00:13:34,460 Suze: I just have to talk about maintenance for a second. 210 00:13:34,700 --> 00:13:38,409 Suze: When you have an oil crisis like we're having right now, 211 00:13:38,820 --> 00:13:43,340 Suze: don't think that doesn't affect everything. It does. It affects 212 00:13:43,340 --> 00:13:45,500 Suze: what it costs to, you know, fix something. 213 00:13:45,914 --> 00:13:49,635 Suze: Maintenance, all kinds of things, because materials go up because 214 00:13:49,635 --> 00:13:51,715 Suze: we can't ship them. Can we do this? Can we 215 00:13:51,715 --> 00:13:54,505 Suze: do that? It's more expensive to get it to you. So, 216 00:13:54,515 --> 00:13:57,234 Suze: bottom line is what I'm trying to say here is 217 00:13:57,474 --> 00:14:01,195 Suze: owning a home, everybody, in my opinion, doesn't need to 218 00:14:01,195 --> 00:14:06,244 Suze: be an American dream anymore. My American dream for all 219 00:14:06,244 --> 00:14:10,835 Suze: of you is that you live a secure life. Listen, everybody, 220 00:14:10,905 --> 00:14:12,375 Suze: this isn't to depress you. 221 00:14:13,030 --> 00:14:16,369 Suze: This is to simply be your financial wake-up call. 222 00:14:17,200 --> 00:14:20,929 Suze: A call that wants you to be in control of 223 00:14:20,929 --> 00:14:24,609 Suze: your destiny, and you can be, but you have to 224 00:14:24,609 --> 00:14:27,289 Suze: have faith in who you are. You have to know 225 00:14:27,289 --> 00:14:29,570 Suze: what's true and what's not true. And if you look 226 00:14:29,570 --> 00:14:32,849 Suze: at your finances, and you have credit card debt right 227 00:14:32,849 --> 00:14:35,770 Suze: now and you're only paying the minimum payment due, what 228 00:14:35,770 --> 00:14:40,409 Suze: lie are you living? If you're not fully funding your 229 00:14:40,409 --> 00:14:43,710 Suze: Roth IRAs and your employer plans and all of that. 230 00:14:44,440 --> 00:14:47,960 Suze: Why aren't you? What is going on now? I know 231 00:14:47,960 --> 00:14:50,000 Suze: a lot of you are saying, but Suze, I was 232 00:14:50,000 --> 00:14:51,880 Suze: laid off. I was this, I was that. 233 00:14:52,909 --> 00:14:56,750 Suze: There isn't an excuse big enough, everybody out there to 234 00:14:56,750 --> 00:15:00,190 Suze: keep you from being who you are meant to be. 235 00:15:00,309 --> 00:15:03,950 Suze: Do you hear me? I could sit here from now 236 00:15:03,950 --> 00:15:06,469 Suze: until doomsday and talk to you about, I want you 237 00:15:06,469 --> 00:15:08,229 Suze: to do this, I want you to do that, I 238 00:15:08,229 --> 00:15:10,200 Suze: want you to do that, I want you to do this. 239 00:15:10,429 --> 00:15:14,969 Suze: But the real question is, what keeps you from doing 240 00:15:15,270 --> 00:15:18,609 Suze: that which you know you should do with money? 241 00:15:19,229 --> 00:15:22,659 Suze: And I am telling you the answer to that is fear. 242 00:15:22,919 --> 00:15:25,799 Suze: Fear that others will think you don't have money, fear 243 00:15:25,799 --> 00:15:29,200 Suze: that you're going to make a mistake, fear that you 244 00:15:29,200 --> 00:15:31,179 Suze: won't be able to go on vacation. 245 00:15:32,239 --> 00:15:36,559 Suze: You have got to squelch your fear, so you can 246 00:15:36,559 --> 00:15:39,979 Suze: feel what it's like to live a fearless life. 247 00:15:40,559 --> 00:15:43,320 Suze: A life where you are a warrior and you are 248 00:15:43,320 --> 00:15:46,539 Suze: not going to turn your back on this battlefield. You 249 00:15:46,539 --> 00:15:48,919 Suze: are going to be in control of your future. Do 250 00:15:48,919 --> 00:15:53,239 Suze: you hear me, everybody? You can do this now. Every 251 00:15:53,239 --> 00:15:56,520 Suze: one of you needs the must-have documents, and the four 252 00:15:56,520 --> 00:16:01,840 Suze: must-have documents are a will, a living revocable trust, an 253 00:16:01,840 --> 00:16:02,679 Suze: advanced directive, and 254 00:16:03,065 --> 00:16:07,244 Suze: power of attorney for health care and a financial power 255 00:16:07,244 --> 00:16:11,184 Suze: of attorney, those are them. Why do you need them? 256 00:16:11,224 --> 00:16:14,344 Suze: And right now I'm just going to concentrate on a 257 00:16:14,344 --> 00:16:18,744 Suze: will versus a trust. When you have a will, a 258 00:16:18,744 --> 00:16:21,625 Suze: will is simply a piece of paper, everybody, that says 259 00:16:21,625 --> 00:16:25,104 Suze: where your assets are to go upon your death. 260 00:16:25,650 --> 00:16:28,299 Suze: But in my opinion, it does it in the most 261 00:16:28,299 --> 00:16:33,190 Suze: cost inefficient way possible. And I always use my mama, 262 00:16:33,349 --> 00:16:36,849 Suze: who died at 97. I always use this as an example, 263 00:16:36,859 --> 00:16:38,619 Suze: because believe it or not, it took me a long 264 00:16:38,619 --> 00:16:41,900 Suze: time to get her to do a trust, OK. 265 00:16:42,559 --> 00:16:46,890 Suze: Mommy has a home. It's in her name, Anne Orman. 266 00:16:47,070 --> 00:16:49,489 Suze: She dies and leaves it to me via a will. 267 00:16:49,710 --> 00:16:52,789 Suze: And let's just say it's in the state of California. OK. 268 00:16:53,669 --> 00:16:57,450 Suze: Upon her death, the title is still in her name. 269 00:16:57,869 --> 00:17:00,179 Suze: I have a piece of paper that says, I'm supposed 270 00:17:00,179 --> 00:17:03,450 Suze: to get the house. I have to take it down 271 00:17:03,669 --> 00:17:06,310 Suze: to probate court. I'm not gonna be doing it. A 272 00:17:06,310 --> 00:17:07,430 Suze: lawyer is gonna do it. 273 00:17:08,439 --> 00:17:12,800 Suze: In the state of California, you're gonna pay a lawyer, executor, 274 00:17:12,880 --> 00:17:16,400 Suze: the whole thing. It's gonna take anywhere from one or 275 00:17:16,400 --> 00:17:21,680 Suze: two years in probate court and statutory fees in the 276 00:17:21,680 --> 00:17:23,040 Suze: state of California. 277 00:17:23,678 --> 00:17:28,968 Suze: Um, let's just say a $300,000 home, could be $20,000. 278 00:17:29,318 --> 00:17:31,598 Suze: But you say, Suze, what if all I have is 279 00:17:31,598 --> 00:17:35,229 Suze: a $5,000 down payment on it and the rest is 280 00:17:35,229 --> 00:17:38,588 Suze: just a mortgage? It's based on the fair market value, 281 00:17:38,909 --> 00:17:42,438 Suze: not on what you owe or any of that. It's 282 00:17:42,438 --> 00:17:46,239 Suze: the fair market value people. So, is that what you 283 00:17:46,239 --> 00:17:48,989 Suze: want to do? But it's not just about 284 00:17:49,560 --> 00:17:53,010 Suze: a will passing down to your kids. What if you 285 00:17:53,010 --> 00:17:57,930 Suze: become incapacitated? What if you have a stroke? Who's gonna 286 00:17:57,930 --> 00:18:02,989 Suze: pay your bills for you? Really, ladies, you know, actually speaking, 287 00:18:03,369 --> 00:18:05,489 Suze: we live longer than men. 288 00:18:06,290 --> 00:18:10,060 Suze: So who's gonna do that for you? Hey, you just 289 00:18:10,060 --> 00:18:12,150 Suze: can't do it. A will just says where your assets 290 00:18:12,150 --> 00:18:14,569 Suze: are to go. However, 291 00:18:15,439 --> 00:18:18,989 Suze: if you have a living revocable trust. 292 00:18:20,140 --> 00:18:23,030 Suze: You are the trustee, you are the trustor, you get 293 00:18:23,030 --> 00:18:27,010 Suze: to decide everything, held for your benefit while you're alive. 294 00:18:27,780 --> 00:18:31,390 Suze: Your beneficiaries benefit after you have died. Do you know 295 00:18:31,390 --> 00:18:34,709 Suze: what happens? You take the time while you're alive to 296 00:18:34,709 --> 00:18:37,790 Suze: transfer the name from like my mom, Anne Orman. 297 00:18:38,449 --> 00:18:42,050 Suze: Into the living revocable trust, just that simple. Go to 298 00:18:42,050 --> 00:18:46,169 Suze: a title company, it's changed, bam. Upon her death because 299 00:18:46,170 --> 00:18:48,930 Suze: it was held for her benefit while she's alive, my 300 00:18:48,930 --> 00:18:53,449 Suze: benefit after she has died, two weeks later, essentially it's mine. 301 00:18:53,810 --> 00:18:57,770 Suze: No probate, no nothing. But even more important, so you 302 00:18:57,770 --> 00:18:59,170 Suze: don't care about your kids. 303 00:19:00,010 --> 00:19:02,040 Suze: What I said to you about a will and how 304 00:19:02,040 --> 00:19:03,649 Suze: are you're going to do something if you have a 305 00:19:03,650 --> 00:19:09,708 Suze: stroke or incapacitated. There is an incapacity clause within this program. 306 00:19:10,609 --> 00:19:14,849 Suze: That you designate who can make those decisions for you 307 00:19:14,849 --> 00:19:18,890 Suze: if you can't make it for yourself. Just that simple. 308 00:19:19,290 --> 00:19:24,089 Suze: You become incapacitated, Mommy, Suze could sign for you. Suze 309 00:19:24,089 --> 00:19:27,719 Suze: could write your checks. Suze can make decisions for you. 310 00:19:28,479 --> 00:19:33,189 Suze: Just that simple. So what is stopping you, everybody? What? 311 00:19:33,599 --> 00:19:38,859 Suze: Can you just tell me? It doesn't make any sense whatsoever. 312 00:19:39,359 --> 00:19:40,899 Suze: So listen to me, everybody. 313 00:19:42,020 --> 00:19:44,939 Suze: The reason I wrote the book The Ultimate Retirement Guide 314 00:19:44,939 --> 00:19:49,699 Suze: for 50+ is that I wanted to designate something for 315 00:19:49,699 --> 00:19:52,859 Suze: people who are 50 and older, because here's the truth 316 00:19:52,859 --> 00:19:56,729 Suze: of the matter, everything is geared towards really younger people, 317 00:19:57,010 --> 00:20:01,060 Suze: but most of us right now are older. Here's what 318 00:20:01,060 --> 00:20:04,719 Suze: I want to say to all of you. You know. 319 00:20:05,380 --> 00:20:08,660 Suze: If you can afford the home you have, you know, 320 00:20:08,739 --> 00:20:11,420 Suze: if you have a really large home right now and 321 00:20:11,420 --> 00:20:14,359 Suze: you keep it simply so the kids could come back 322 00:20:14,359 --> 00:20:18,760 Suze: and visit you once every year or whatever, you know 323 00:20:18,939 --> 00:20:22,170 Suze: if you have enough money to retire on or not. 324 00:20:22,500 --> 00:20:25,859 Suze: You know that Social Security may be here or it 325 00:20:25,859 --> 00:20:29,900 Suze: may not be here. That is an unknown. So what 326 00:20:29,900 --> 00:20:32,020 Suze: can you do that is known? 327 00:20:32,640 --> 00:20:35,449 Suze: If it were up to me, I would ask all 328 00:20:35,449 --> 00:20:39,650 Suze: of you to take a good look and decide, should 329 00:20:39,650 --> 00:20:43,810 Suze: I downsize or not. So I want you to get 330 00:20:43,810 --> 00:20:51,489 Suze: honest with yourselves and really think about downsizing now, cutting 331 00:20:51,489 --> 00:20:55,770 Suze: your expenses, paying off your mortgage if you're going to 332 00:20:55,770 --> 00:20:57,849 Suze: stay there, if you know you're going to keep the 333 00:20:57,849 --> 00:20:58,910 Suze: house forever. 334 00:20:59,589 --> 00:21:03,520 Suze: And it makes sense. But again, I do go into 335 00:21:03,520 --> 00:21:07,119 Suze: great detail in this, in the Ultimate Retirement Guide for 50+. 336 00:21:07,479 --> 00:21:10,459 Suze: For those of you who are younger and you are watching, 337 00:21:11,040 --> 00:21:13,719 Suze: I am telling you now when you're in your 20s 338 00:21:13,719 --> 00:21:16,109 Suze: or 30s, when you stop thinking about, I have to 339 00:21:16,109 --> 00:21:18,900 Suze: enjoy life now. I have to take a vacation now. 340 00:21:19,000 --> 00:21:21,300 Suze: I have to do that. You have one job. 341 00:21:21,729 --> 00:21:25,300 Suze: And your job now is to save as much money 342 00:21:25,300 --> 00:21:29,579 Suze: as you possibly can. Max out your Roth 401ks or 343 00:21:29,579 --> 00:21:34,179 Suze: your Roth IRAs. Stay out of debt. Start dollar cost 344 00:21:34,180 --> 00:21:39,500 Suze: averaging into these markets. Do not feel like I've got 345 00:21:39,500 --> 00:21:41,739 Suze: to drive a fancy car. Do you know that most 346 00:21:41,739 --> 00:21:43,420 Suze: people's car payment now 347 00:21:43,920 --> 00:21:46,800 Suze: is bigger than my mortgage payment was the first time 348 00:21:46,800 --> 00:21:51,119 Suze: I bought a home? Are you kidding me? Compounding, these 349 00:21:51,119 --> 00:21:55,680 Suze: are your compounding years, and I'm telling you, you will 350 00:21:55,680 --> 00:21:58,719 Suze: make a mistake. You're 25 years of age right now, 351 00:21:58,920 --> 00:22:01,760 Suze: and you're thinking, oh, I want to have a great time. 352 00:22:01,869 --> 00:22:04,680 Suze: Do you know if you put $100 a month starting 353 00:22:04,680 --> 00:22:09,520 Suze: right now, every single month, into a Roth IRA and 354 00:22:09,520 --> 00:22:12,310 Suze: you did that over the next 40 years till you 355 00:22:12,310 --> 00:22:13,459 Suze: were 65. 356 00:22:13,949 --> 00:22:17,839 Suze: With average market returns of approximately, let's say 12%, and 357 00:22:17,839 --> 00:22:21,119 Suze: by the way, the annual average return over a long 358 00:22:21,119 --> 00:22:24,239 Suze: period of time is between 10 and 12%, just so 359 00:22:24,239 --> 00:22:26,640 Suze: you know, you would have a million dollars. Do you 360 00:22:26,640 --> 00:22:29,680 Suze: know that? But no, you want your Starbucks, you want 361 00:22:29,680 --> 00:22:34,150 Suze: fancy this, fancy that, designer clothes. Give me a break. 362 00:22:34,400 --> 00:22:38,569 Suze: If you just wait 10 years until you're 35 to start, 363 00:22:39,000 --> 00:22:40,050 Suze: you think, oh, Suze. 364 00:22:40,489 --> 00:22:44,659 Suze: What difference can $100 a month make, that's $1,200 a year, 365 00:22:44,890 --> 00:22:48,890 Suze: in 10 years, that's $12,000. Do you know if you 366 00:22:48,890 --> 00:22:51,849 Suze: start at 35 rather than $25 you would have only 367 00:22:51,849 --> 00:22:56,530 Suze: $300,000 at the age of 65. What difference did it make? 368 00:22:56,969 --> 00:23:03,489 Suze: Made $700,000. Why? Because time is the most important ingredient 369 00:23:03,489 --> 00:23:07,609 Suze: in any financial freedom recipe. So, what is the known? 370 00:23:07,979 --> 00:23:12,900 Suze: The known is, you're going to get older, hopefully. That's 371 00:23:12,900 --> 00:23:16,599 Suze: the known really, in your mind. What's the unknown? 372 00:23:17,109 --> 00:23:20,510 Suze: What's going to happen as you get older? Are you 373 00:23:20,510 --> 00:23:24,550 Suze: prepared for an accident, an illness, a loss of job? 374 00:23:24,790 --> 00:23:27,430 Suze: How do you prepare? You have at least a 12 375 00:23:27,430 --> 00:23:31,869 Suze: month emergency fund of funds you need to pay every 376 00:23:31,869 --> 00:23:36,379 Suze: month if you lose your job, not going out, your rent, 377 00:23:36,589 --> 00:23:39,948 Suze: your food, your mortgage, things like that. 378 00:23:40,699 --> 00:23:43,629 Suze: You know, hopefully when you get older, you're gonna have 379 00:23:43,630 --> 00:23:46,989 Suze: to live off of your retirement. So invest in the 380 00:23:46,989 --> 00:23:49,948 Suze: Roths now, so that when you do, it's all tax-free 381 00:23:49,949 --> 00:23:54,469 Suze: cause the unknown is the tax brackets. Those are things 382 00:23:54,469 --> 00:23:57,229 Suze: that you know. Now, a lot of you are saying, 383 00:23:57,349 --> 00:24:01,969 Suze: but Suze, I'm so confused. Even if you're older, you're confused. 384 00:24:02,189 --> 00:24:05,869 Suze: You don't know what to invest in. 385 00:24:06,540 --> 00:24:09,910 Suze: Should I invest in individual stocks? All of you are 386 00:24:09,910 --> 00:24:12,219 Suze: waiting for me to give you which stocks are my 387 00:24:12,219 --> 00:24:14,510 Suze: favorite stocks right now, which I do on the podcast, 388 00:24:14,630 --> 00:24:17,270 Suze: by the way. What should I do? An ETF? Do 389 00:24:17,270 --> 00:24:19,310 Suze: you know even what an ETF is, which is an 390 00:24:19,310 --> 00:24:23,810 Suze: exchange traded fund? What should I do? When I wrote 391 00:24:24,510 --> 00:24:28,989 Suze: the Road to Wealth book, which was in 2001. 392 00:24:29,719 --> 00:24:31,919 Suze: Right, that's when it came out. So I wrote it 393 00:24:31,920 --> 00:24:35,609 Suze: in the year 2000. Do you know there were only 394 00:24:36,079 --> 00:24:40,959 Suze: about 80 exchange traded funds in all, but only 6 395 00:24:40,959 --> 00:24:44,780 Suze: that were worth their while, 6. Today, 396 00:24:45,640 --> 00:24:52,000 Suze: there are about 5,000 exchange traded funds. Today, there are 397 00:24:52,000 --> 00:24:57,379 Suze: more exchange traded funds than stocks that are currently listed 398 00:24:57,640 --> 00:25:01,939 Suze: on the American stock exchanges, the New York, NASDAQ, all 399 00:25:01,939 --> 00:25:05,300 Suze: of those. I want you to think about that, everybody. 400 00:25:05,800 --> 00:25:10,989 Suze: So the trend right now is really going to exchange 401 00:25:10,989 --> 00:25:12,420 Suze: traded funds. Why? 402 00:25:12,719 --> 00:25:16,119 Suze: Because they're focused. You don't have to wonder, oh my God, 403 00:25:16,209 --> 00:25:18,229 Suze: this one stock went down, and now I lost all 404 00:25:18,229 --> 00:25:20,879 Suze: my money, and I don't know what to do. The 405 00:25:20,880 --> 00:25:26,660 Suze: perfect portfolio would be maybe 50% in an exchange traded fund, 406 00:25:26,760 --> 00:25:29,319 Suze: and maybe 4 or 5 different stocks. They're a little 407 00:25:29,319 --> 00:25:31,689 Suze: bit more aggressive, but as time goes on, 408 00:25:33,300 --> 00:25:37,879 Suze: There will be focused exchange traded funds that are managed 409 00:25:37,880 --> 00:25:41,099 Suze: for you, that are something that you probably want to 410 00:25:41,099 --> 00:25:44,680 Suze: be investing in. So, I want you to start being 411 00:25:44,680 --> 00:25:49,060 Suze: educated on exchange traded funds. The one mistake I don't 412 00:25:49,060 --> 00:25:49,900 Suze: want you to make. 413 00:25:50,459 --> 00:25:56,420 Suze: In your retirement accounts, everybody, especially in a 401k, I 414 00:25:56,420 --> 00:26:01,050 Suze: don't want you to blindly go into target date retirement funds. 415 00:26:01,300 --> 00:26:03,698 Suze: You simply set the date that you think you're going 416 00:26:03,699 --> 00:26:06,698 Suze: to retire, and that's where you're putting your money. It 417 00:26:06,699 --> 00:26:09,379 Suze: is a mistake. It is a mistake. It is a mistake. 418 00:26:09,650 --> 00:26:12,619 Suze: You don't know that you're actually going to retire on 419 00:26:12,619 --> 00:26:13,739 Suze: that date, number one. 420 00:26:14,219 --> 00:26:17,139 Suze: The closer you get to that date, depending on which 421 00:26:17,140 --> 00:26:20,419 Suze: target date fund you're in, the company that's offering it, 422 00:26:20,660 --> 00:26:24,140 Suze: they tend to go more and more towards bonds and 423 00:26:24,140 --> 00:26:29,520 Suze: being conservative than being in the market. You invest according 424 00:26:29,520 --> 00:26:33,170 Suze: to the economy and what's happening today, not according to 425 00:26:33,170 --> 00:26:36,579 Suze: your age. So if you continue to do that, you 426 00:26:36,579 --> 00:26:40,540 Suze: will be making one of the biggest mistakes out there. 427 00:26:41,810 --> 00:26:46,149 Suze: Again, fear is the main internal obstacle to wealth, everybody, 428 00:26:46,410 --> 00:26:48,510 Suze: and really my main job 429 00:26:49,199 --> 00:26:53,260 Suze: is to take the fear out of investing for you, 430 00:26:53,400 --> 00:26:57,640 Suze: choosing the right retirement account, making sure that your family 431 00:26:57,640 --> 00:27:00,239 Suze: is protected with a trust and a will and all 432 00:27:00,239 --> 00:27:03,839 Suze: of that, understanding real estate, should you do it? Should 433 00:27:03,839 --> 00:27:06,599 Suze: you not? Is there better ways to invest in real 434 00:27:06,599 --> 00:27:10,550 Suze: estate and possibly there is through REITs, but which ones? 435 00:27:10,560 --> 00:27:13,938 Suze: All of that, all that's more than we can do 436 00:27:14,119 --> 00:27:16,280 Suze: in this very short period of time. But I want 437 00:27:16,280 --> 00:27:17,219 Suze: to give you a taste. 438 00:27:17,900 --> 00:27:20,339 Suze: I want to give you a taste of what's possible, 439 00:27:20,579 --> 00:27:22,958 Suze: which is why I want you to continue to listen 440 00:27:23,459 --> 00:27:26,540 Suze: to the Women in Money podcast and Everybody Smart Enough 441 00:27:26,540 --> 00:27:28,420 Suze: to Listen. It is just not for women. 442 00:27:29,099 --> 00:27:32,939 Suze: It is for everybody smart enough to listen. Also, my 443 00:27:32,939 --> 00:27:37,780 Suze: YouTube channel, whatever it is, we're still developing things so 444 00:27:37,780 --> 00:27:41,889 Suze: that you can be the masters of your financial destiny, 445 00:27:42,130 --> 00:27:46,579 Suze: so you can feel secure, so you don't have to 446 00:27:46,579 --> 00:27:50,900 Suze: be afraid. It's all about that period. 447 00:27:54,300 --> 00:27:57,859 Suze: I'm back now. Didn't you enjoy that a little bit 448 00:27:57,859 --> 00:28:02,540 Suze: better maybe than the one on April 23rd? I did. 449 00:28:02,619 --> 00:28:05,219 Suze: I went right to the point, what I wanted you 450 00:28:05,219 --> 00:28:08,380 Suze: to know, so I hope you had some good takeaways there. 451 00:28:08,609 --> 00:28:12,699 Suze: And if you watch it on YouTube, which will drop 452 00:28:12,699 --> 00:28:16,099 Suze: at 2 o'clock today, East Coast time, you might even 453 00:28:16,099 --> 00:28:21,420 Suze: like it even more. Youtube.com/ Suze Orman. All right. 454 00:28:22,180 --> 00:28:24,889 Suze: So as you know, in just a few days on 455 00:28:24,890 --> 00:28:30,180 Suze: Tuesday morning early, we are taking off for Japan and 456 00:28:30,180 --> 00:28:34,229 Suze: we will be gone all the way through the 16th 457 00:28:34,229 --> 00:28:38,380 Suze: or so, maybe longer, you never know. So excited to 458 00:28:38,380 --> 00:28:42,010 Suze: meet Fitzy and Noriko. I can't tell you in person, 459 00:28:42,420 --> 00:28:45,300 Suze: but we'll just tell you all about it. We'll tell 460 00:28:45,300 --> 00:28:47,359 Suze: you all it on 461 00:28:47,800 --> 00:28:51,089 Suze: the next time we talk to you live, however, please 462 00:28:51,089 --> 00:28:56,369 Suze: don't forget June 4th is that new webinar with Mister 463 00:28:56,369 --> 00:29:00,670 Suze: Fitzy and myself. You need to be there. You need 464 00:29:00,670 --> 00:29:05,000 Suze: to see it. So therefore, if you already registered for 465 00:29:05,010 --> 00:29:08,869 Suze: Part One and you already saw Part One of the webinar, 466 00:29:09,510 --> 00:29:13,829 Suze: then you're fine. You're already registered for part two, but 467 00:29:13,829 --> 00:29:17,709 Suze: if you did not register for Part one to be 468 00:29:17,709 --> 00:29:21,790 Suze: part of Part two, don't you love all these parts anyway? 469 00:29:22,189 --> 00:29:27,219 Suze: You have to register. So go to suzeorman.com and do so. 470 00:29:27,510 --> 00:29:31,869 Suze: I promise you you will not regret it. And just 471 00:29:31,869 --> 00:29:34,589 Suze: know Keith and I together. 472 00:29:35,079 --> 00:29:39,060 Suze: Oh, we're just a little bit more entertaining than anybody else, 473 00:29:39,209 --> 00:29:45,010 Suze: so you got to tune in. So until Thursday when 474 00:29:45,010 --> 00:29:49,170 Suze: we do have a new Ask KT and Suze Anything 475 00:29:49,170 --> 00:29:51,689 Suze: prepared for you, there's only one thing that we want 476 00:29:51,689 --> 00:29:53,569 Suze: you to remember when it comes to your money, and 477 00:29:53,569 --> 00:29:58,369 Suze: it is this people first, then money, then things. Now 478 00:29:58,369 --> 00:30:01,969 Suze: you stay safe. All right, everybody, bye bye.