1 00:00:45,668 --> 00:00:52,200 KT: Good morning. Everybody. Today is January 25th, 2024. 2 00:00:52,240 --> 00:00:53,418 Suze: Why are we laughing? 3 00:00:53,900 --> 00:00:58,450 KT: Because this is like take 17, Suze couldn't quite get 4 00:00:58,459 --> 00:01:02,110 KT: the 25th, the 25. She couldn't get it out. Right. 5 00:01:02,139 --> 00:01:04,889 KT: But anyway, we're not going to waste your time listening 6 00:01:04,900 --> 00:01:05,628 KT: to our unfortunately... so here we go... 7 00:01:09,709 --> 00:01:13,160 Suze: Now, KT, you cannot open it like that. You have 8 00:01:13,169 --> 00:01:15,459 Suze: to tell people where they are. What today... the date... 9 00:01:15,589 --> 00:01:18,910 KT: Do you know where you are? It's the Ask KT 10 00:01:18,919 --> 00:01:25,099 KT: and Suze anything podcast. Over 500 episodes. 11 00:01:26,209 --> 00:01:29,720 Suze: But what else is? It's the Women and Money podcast and everybody... 12 00:01:29,730 --> 00:01:34,050 KT: All that matters is KT and Suze anything. 13 00:01:34,080 --> 00:01:38,330 Suze: Well, this is a great start to this mornings podcast. 14 00:01:38,690 --> 00:01:39,750 KT: It's gonna be a doozy. 15 00:01:39,760 --> 00:01:42,319 Suze: Do we want to say anything about Kansas City Chiefs 16 00:01:42,330 --> 00:01:43,509 Suze: winning last week? 17 00:01:43,529 --> 00:01:45,949 KT: Oh, Suze is so excited. I think that he's going straight to the Super Bowl, but she still has doubts. 18 00:01:49,099 --> 00:01:49,550 Suze: KT, you can't just say he... 19 00:01:52,860 --> 00:01:58,529 KT: Mahomes Mahomes. Patrick Mahomes Suze loves this guy, but she 20 00:01:58,540 --> 00:02:01,040 KT: has a little doubt because it's gonna be a tough 21 00:02:01,050 --> 00:02:04,059 Suze: He's got to win again this weekend and if he does, 22 00:02:04,069 --> 00:02:09,490 Suze: he gets to go to the Super Bowl. Can we 23 00:02:09,570 --> 00:02:10,710 Suze: go to the Super Bowl? 24 00:02:10,860 --> 00:02:12,080 KT: Vegas Baby! You want to go? 25 00:02:14,910 --> 00:02:16,750 Suze: They said we could go if we wanted to go. 26 00:02:16,758 --> 00:02:17,570 KT: Do you want to go? 27 00:02:17,729 --> 00:02:18,169 Suze: No. Alright. 28 00:02:20,679 --> 00:02:24,910 Suze: This is where you write in to ask Suze Suze 29 00:02:24,919 --> 00:02:27,520 Suze: and why do I keep spelling my name? It's because 30 00:02:27,529 --> 00:02:31,279 Suze: many of you still don't get that. I spell it, Suze. 31 00:02:31,288 --> 00:02:37,960 Suze: So ask Suze podcast at gmail.com. Write your question in. 32 00:02:37,970 --> 00:02:42,210 Suze: If Miss Travis chooses it, we will answer it on 33 00:02:42,220 --> 00:02:44,759 Suze: this podcast. Go girl, go. 34 00:02:44,770 --> 00:02:48,698 KT: So Suze, sometimes I like to start my day with 35 00:02:48,804 --> 00:02:52,125 KT: a story or not a question, but a thank you. 36 00:02:52,304 --> 00:02:54,955 KT: And this is a great one. This is from Lindsay 37 00:02:55,264 --> 00:02:55,375 KT: and 38 00:02:55,764 --> 00:02:58,095 Suze: Wait, I want to say something. I think it's great to start a 39 00:02:58,145 --> 00:03:02,024 Suze: podcast or anything with gratitude for anybody. Anything. 40 00:03:02,695 --> 00:03:05,904 KT: Well, this is a great one. This is gratitude for you, Suze. 41 00:03:05,913 --> 00:03:07,425 Suze: I really love that. 42 00:03:07,514 --> 00:03:11,854 KT: This is from Lindsay. The subject said divorced mom, Millionaire 43 00:03:11,865 --> 00:03:16,244 KT: at 39. Thanks to Suze. Of course, I would pick 44 00:03:16,255 --> 00:03:16,824 KT: this one. 45 00:03:17,270 --> 00:03:21,250 KT: It says hi Suze and KT. Although I have many questions. 46 00:03:21,258 --> 00:03:24,288 KT: This is not a question but a thank you at 47 00:03:24,300 --> 00:03:30,910 KT: 39 years old. I have a net worth of $1.2 million. 48 00:03:31,070 --> 00:03:35,300 KT: The primary person I have to thank for this is Suze. 49 00:03:35,539 --> 00:03:38,089 KT: I grew up with a single mom who often did 50 00:03:38,100 --> 00:03:41,449 KT: not have enough money to buy groceries for the week. 51 00:03:41,570 --> 00:03:44,770 KT: And I promised to myself that would never be me. 52 00:03:45,369 --> 00:03:47,889 KT: So then she goes on to tell me her story. 53 00:03:47,899 --> 00:03:50,190 KT: She worked hard, went to a great school to get 54 00:03:50,199 --> 00:03:54,039 KT: a good job. Then said, but without Suze, I would 55 00:03:54,050 --> 00:03:57,809 KT: not have known how to save and invest my money 56 00:03:57,899 --> 00:04:03,190 KT: to accelerate my financial independence. I've been a federal government 57 00:04:03,199 --> 00:04:08,789 KT: employee for almost 20 years. So listen to that people. 58 00:04:09,179 --> 00:04:13,039 KT: She works for the government and she's now worth $1.2 59 00:04:13,050 --> 00:04:16,570 KT: million from investing in saving. So here's what she said. 60 00:04:16,920 --> 00:04:20,470 KT: I remember during multiple tours in the Middle East, I 61 00:04:20,480 --> 00:04:24,660 KT: used to walk in circles around my work location, listening 62 00:04:24,700 --> 00:04:28,719 KT: to the audio recordings of the Suze Orman show. She 63 00:04:28,730 --> 00:04:31,769 KT: said during the past 15 years, I got married, had 64 00:04:31,779 --> 00:04:35,920 KT: a child, got divorced, got remarried. I also cared for 65 00:04:35,928 --> 00:04:36,799 KT: my mom 66 00:04:37,779 --> 00:04:41,678 KT: and financially supported her in the last years of her life. 67 00:04:41,890 --> 00:04:44,390 KT: Through all of that, I know that I would be 68 00:04:44,399 --> 00:04:47,660 KT: ok because I had my own wealth to fall back on. 69 00:04:47,859 --> 00:04:50,820 KT: And I had the power to make my own decisions. 70 00:04:51,059 --> 00:04:55,519 KT: I had a power and independence, my mom never had. 71 00:04:55,869 --> 00:04:58,849 KT: And while that makes me very sad for my mom, 72 00:04:58,859 --> 00:05:03,320 KT: I'm happy I took her situation and the lessons of 73 00:05:03,329 --> 00:05:08,070 KT: Susie to create the life I want and deserve. Thank 74 00:05:08,079 --> 00:05:10,869 KT: you Suze and KT for all that you do. You've 75 00:05:10,880 --> 00:05:14,769 KT: truly changed my life and the life of my child. 76 00:05:14,980 --> 00:05:18,529 Suze: Now, KT, before we go on and thank you for 77 00:05:18,540 --> 00:05:22,440 Suze: that email, Lindsay. KT, do you know the one word 78 00:05:22,450 --> 00:05:23,089 Suze: in there 79 00:05:23,640 --> 00:05:27,420 Suze: that made it so Lindsay could create the life that 80 00:05:27,428 --> 00:05:32,500 Suze: she wanted. Read the one line in that email that 81 00:05:32,510 --> 00:05:35,320 Suze: has the word deserve in it. 82 00:05:35,369 --> 00:05:37,940 KT: I'm happy I took her situation 83 00:05:38,290 --> 00:05:41,558 KT: and the lessons of Suze to create the life I 84 00:05:41,570 --> 00:05:43,149 KT: want and deserve. 85 00:05:43,160 --> 00:05:46,279 Suze: So the reason everybody, that I point that out to 86 00:05:46,290 --> 00:05:52,829 Suze: all of you, including KT is because you have to 87 00:05:52,839 --> 00:05:56,609 Suze: feel that you are worthy of having the life that 88 00:05:56,619 --> 00:05:57,269 Suze: you want. 89 00:05:57,730 --> 00:06:01,829 Suze: You have to feel that you deserve the life that 90 00:06:01,839 --> 00:06:07,308 Suze: you want. So many times, particularly women, we don't feel deserving, 91 00:06:07,320 --> 00:06:10,709 Suze: we feel everybody else should have everything. It's for them. 92 00:06:10,720 --> 00:06:12,739 Suze: It's not for me, it's for the kids, it's for 93 00:06:12,750 --> 00:06:16,660 Suze: the spouse. It's for everybody else. Every single one of 94 00:06:16,670 --> 00:06:21,040 Suze: you deserves to own the power to control your destiny, 95 00:06:21,049 --> 00:06:24,660 Suze: which is what the Women and Money podcast is all about. 96 00:06:24,670 --> 00:06:26,019 Suze: Next question. KT 97 00:06:26,540 --> 00:06:31,109 KT: OK. This next one is from Suzanne. She said hi 98 00:06:31,119 --> 00:06:34,480 KT: Suze and KT. My employer recently... 99 00:06:34,488 --> 00:06:37,970 Suze: Is it ok if interrupt you for a second. Of course, I can, right? 100 00:06:37,980 --> 00:06:40,640 Suze: I just, I wanted to say something else about Lindsay. 101 00:06:40,649 --> 00:06:42,649 Suze: I just realized as I was sitting here. 102 00:06:42,940 --> 00:06:43,950 KT: What's that Suze? 103 00:06:43,959 --> 00:06:49,950 Suze: Which is... Here we are, KT, at 72, 71 years of age 104 00:06:49,959 --> 00:06:50,299 Suze: for you. 105 00:06:50,309 --> 00:06:52,250 KT: I'm the younger one, everybody. 106 00:06:53,809 --> 00:06:56,649 Suze: And the smarter and the more beautiful and we just 107 00:06:56,660 --> 00:07:01,950 Suze: kinder and sweeter and we've been doing this, at least 108 00:07:01,959 --> 00:07:05,709 Suze: I've been doing this in this arena truthfully for almost 109 00:07:05,720 --> 00:07:10,739 Suze: 40 years now. So one has to ask the question, 110 00:07:11,089 --> 00:07:15,309 Suze: why do I continue to do? So, what is the 111 00:07:15,320 --> 00:07:19,049 Suze: purpose of me continuing to do the podcast? Other things 112 00:07:19,059 --> 00:07:21,179 Suze: that we're probably going to be doing and so on 113 00:07:21,190 --> 00:07:22,109 Suze: and so forth 114 00:07:22,679 --> 00:07:25,640 Suze: and letters or emails like Lindsay 115 00:07:26,829 --> 00:07:30,890 Suze: is the exact reason why I continue to do what 116 00:07:30,899 --> 00:07:31,690 Suze: I do. 117 00:07:32,470 --> 00:07:34,920 Suze: I just want you to know that your emails when 118 00:07:34,929 --> 00:07:38,570 Suze: you tell me how your life has been transformed, reside 119 00:07:38,579 --> 00:07:43,339 Suze: within my heart and I feel them every moment of 120 00:07:43,350 --> 00:07:44,329 Suze: every day. 121 00:07:44,350 --> 00:07:49,339 KT: Oh, that was sweet, Suze. She's getting very softy on us. 122 00:07:49,350 --> 00:07:50,089 Suze: I am not. 123 00:07:50,100 --> 00:07:53,440 KT: She is Suze softy. I call her like a softy 124 00:07:53,450 --> 00:07:57,480 KT: ice cream cone. So this is from Suzanne. 125 00:07:57,910 --> 00:08:00,670 KT: She goes on to tell me about um that she 126 00:08:00,679 --> 00:08:04,350 KT: and her husband before they met, both had retirement accounts, 127 00:08:04,359 --> 00:08:07,279 KT: but she put much more money in hers. They've been 128 00:08:07,290 --> 00:08:11,089 KT: together 17 years married for 11 and here's what she, 129 00:08:11,100 --> 00:08:15,540 KT: her question is. My employer recently started offering a Roth 130 00:08:15,549 --> 00:08:19,940 KT: 403 B. So I changed my contribution from the pretext 131 00:08:19,950 --> 00:08:22,559 KT: 403 B to the Roth. Good girl. 132 00:08:22,880 --> 00:08:28,010 KT: My husband's job offers a deferred compensation plan only. No 133 00:08:28,019 --> 00:08:32,150 KT: options for a Roth. So she's asking Suze rather than 134 00:08:32,159 --> 00:08:36,459 KT: us contributing equally to each of our accounts, would it 135 00:08:36,469 --> 00:08:40,780 KT: make more sense to stop his contribution to his deferred 136 00:08:40,789 --> 00:08:44,630 KT: compensation plan and put as much money as we can 137 00:08:44,760 --> 00:08:47,299 KT: into my Roth 403 B? 138 00:08:47,570 --> 00:08:51,109 KT: That seems to make sense financially. But it makes me 139 00:08:51,119 --> 00:08:55,979 KT: feel selfish watching the balance of my accounts outplace his. 140 00:08:56,650 --> 00:08:58,909 KT: So here you go. What should she do? 141 00:08:58,919 --> 00:09:03,468 Suze: Absolutely do that. And Suzanne, here's the thing. Did you 142 00:09:03,479 --> 00:09:05,960 Suze: hear what you just said in this email? It makes 143 00:09:05,969 --> 00:09:11,090 Suze: me feel selfish. What are you talking about? Just hear 144 00:09:11,099 --> 00:09:13,289 Suze: me say the word deserving 145 00:09:13,770 --> 00:09:17,020 Suze: if you know, you're in a great relationship. If you 146 00:09:17,030 --> 00:09:20,840 Suze: know everything really is how it's supposed to be financially 147 00:09:20,849 --> 00:09:24,750 Suze: emotionally and spiritually between the two of you, then your 148 00:09:24,760 --> 00:09:26,869 Suze: job is for the two of you to make the 149 00:09:26,880 --> 00:09:29,869 Suze: most out of the money that you have. So, in 150 00:09:29,880 --> 00:09:34,000 Suze: my opinion, you should absolutely do that because remember with 151 00:09:34,010 --> 00:09:34,679 Suze: the deferred 152 00:09:34,984 --> 00:09:39,604 Suze: compensation plan, you are just deferring his compensation. So he 153 00:09:39,614 --> 00:09:43,684 Suze: doesn't have to pay taxes on it currently. But eventually 154 00:09:43,695 --> 00:09:46,534 Suze: when he claims it and everything, you'll have to pay 155 00:09:46,544 --> 00:09:50,744 Suze: ordinary income taxes on it. So, actually, you should do 156 00:09:50,755 --> 00:09:53,484 Suze: that without a shadow of a doubt. All right. 157 00:09:53,494 --> 00:09:56,085 KT: And I, I think he'll be happy Suzanne 158 00:09:56,500 --> 00:09:59,679 KT: that you're kind of taking charge here. I love that 159 00:09:59,690 --> 00:10:00,760 KT: for both of you. 160 00:10:00,849 --> 00:10:03,359 Suze: Well, I wouldn't say that she's taking charge. 161 00:10:03,369 --> 00:10:04,200 KT: She is 162 00:10:04,299 --> 00:10:08,520 Suze: It's just that she deserves it. She shouldn't feel guilty 163 00:10:08,530 --> 00:10:11,940 Suze: and it's the best financial decision in my opinion for 164 00:10:11,950 --> 00:10:13,039 Suze: both of them. 165 00:10:13,369 --> 00:10:15,030 KT: Ok. This is from Melissa. 166 00:10:15,799 --> 00:10:18,978 KT: Hey, Suze and KT. Thanks for teaching us so much. 167 00:10:18,989 --> 00:10:19,979 KT: Over the years. 168 00:10:20,330 --> 00:10:25,000 KT: I learned a lot. I have a question unrelated to finance. 169 00:10:25,210 --> 00:10:29,299 KT: I found out recently that my personal data, address, phone 170 00:10:29,309 --> 00:10:33,479 KT: number age, et cetera are on people search sites and 171 00:10:33,489 --> 00:10:36,210 KT: I don't like it. Is there a way to remove 172 00:10:36,219 --> 00:10:39,739 KT: all personal data from these people search sites? 173 00:10:39,750 --> 00:10:42,789 Suze: It's very difficult because you'd probably have to contact each 174 00:10:42,799 --> 00:10:44,280 Suze: one of them and then it would just go to 175 00:10:44,289 --> 00:10:48,710 Suze: another search site once it's out there. It's truthfully almost 176 00:10:48,719 --> 00:10:49,700 Suze: impossible 177 00:10:49,905 --> 00:10:53,204 Suze: to get it out of being out there. So, the 178 00:10:53,215 --> 00:10:56,965 Suze: best way to protect your information is to do a 179 00:10:56,974 --> 00:10:58,445 Suze: credit freeze. 180 00:10:58,635 --> 00:11:01,135 KT: We have those, we have those and I have that 181 00:11:01,914 --> 00:11:03,025 KT: for a long time. 182 00:11:03,184 --> 00:11:07,025 Suze: And a credit freeze is nobody can check your credit 183 00:11:07,034 --> 00:11:12,525 Suze: reports or your FICO score including you unless you unfreeze 184 00:11:12,534 --> 00:11:16,494 Suze: your credit freeze. So you would call up your credit 185 00:11:16,505 --> 00:11:19,344 Suze: bureaus and put a credit freeze 186 00:11:19,789 --> 00:11:23,489 Suze: on every one of your credit reports. That would be 187 00:11:23,500 --> 00:11:26,119 Suze: the best way to cut that off. 188 00:11:26,179 --> 00:11:29,770 KT: It would certainly protect her financially speaking, right, Suze? 189 00:11:29,820 --> 00:11:31,929 Suze: Well, as best as you can. 190 00:11:32,409 --> 00:11:33,789 KT: Next is from Ruth. 191 00:11:34,059 --> 00:11:38,218 KT: Dear KT and Suze. I like that she starts with KT. 192 00:11:38,429 --> 00:11:39,299 KT: I don't know if... 193 00:11:39,840 --> 00:11:43,069 Suze: Now everone's gonna write in putting your name first, thinking that's 194 00:11:43,099 --> 00:11:47,049 Suze: the key. I'm telling you, you should just write my 195 00:11:47,059 --> 00:11:47,609 Suze: name first 196 00:11:47,804 --> 00:11:49,155 Suze: and I'll make sure she picks it. 197 00:11:49,164 --> 00:11:52,075 KT: All right. I don't know if you can give me 198 00:11:52,085 --> 00:11:54,275 KT: advice or not, but here it goes. 199 00:11:54,284 --> 00:11:56,835 Suze: I've never had a situation I couldn't give advice over. 200 00:11:56,844 --> 00:11:57,505 Suze: Go on. 201 00:11:57,515 --> 00:12:01,054 KT: I inherited a car from my parents when they died. 202 00:12:01,065 --> 00:12:02,835 KT: I drive it everywhere. 203 00:12:03,630 --> 00:12:07,900 KT: Ready, Suze. It's 20 years old. I keep up the 204 00:12:07,909 --> 00:12:11,770 KT: maintenance and it runs. Ok. It won't win a beauty contest, 205 00:12:12,000 --> 00:12:13,380 KT: but neither will I. 206 00:12:13,710 --> 00:12:16,218 Suze: I don't know, you might. You both might. 207 00:12:16,429 --> 00:12:19,900 KT: Nostalgia creeps in every time. I think of buying a 208 00:12:19,909 --> 00:12:22,739 KT: new car, but I have money saved to buy a 209 00:12:22,750 --> 00:12:23,460 KT: new car. 210 00:12:24,090 --> 00:12:27,000 KT: It would have to be modest. No bells and whistles. So, 211 00:12:27,010 --> 00:12:29,929 KT: what do you think? Should I get over my nostalgia 212 00:12:29,950 --> 00:12:33,469 KT: or should I drive the Saturn into the ground? 213 00:12:33,650 --> 00:12:35,010 Suze: Drive the Saturn into the ground. 214 00:12:35,030 --> 00:12:36,650 KT: So, Sally, wait... 215 00:12:38,309 --> 00:12:42,900 KT: Sally, our car, is 11 years old or 12 or 216 00:12:42,909 --> 00:12:46,039 KT: 13 with like very low mileage. So we keep it 217 00:12:46,049 --> 00:12:50,968 KT: because it runs great and we also do maintenance very regularly. So, 218 00:12:51,169 --> 00:12:52,500 KT: what do you think, Suze? 219 00:12:52,510 --> 00:12:58,570 Suze: I just already said it. Here's the thing. You have the money to buy 220 00:12:58,580 --> 00:13:00,359 Suze: a new one. Ok. 221 00:13:00,664 --> 00:13:04,085 Suze: If you buy a new one, your car insurance goes up, 222 00:13:04,094 --> 00:13:06,945 Suze: everything will go up. You're gonna have to maintain it. 223 00:13:06,955 --> 00:13:09,525 Suze: Just like the old one in a certain way. But 224 00:13:09,534 --> 00:13:13,145 Suze: the money that you have to buy the new car 225 00:13:13,294 --> 00:13:17,614 Suze: is where hopefully sitting in an account making you at 226 00:13:17,625 --> 00:13:21,445 Suze: least 4.5 5% interest that you can get at it 227 00:13:21,455 --> 00:13:22,885 Suze: any time you want. 228 00:13:23,450 --> 00:13:26,609 Suze: Let that money grow for you while you continue to 229 00:13:26,619 --> 00:13:30,559 Suze: drive this car that really your heart is in. I 230 00:13:30,570 --> 00:13:32,679 Suze: just have to tell you something. We're coming to you 231 00:13:32,690 --> 00:13:36,270 Suze: from Florida right now. So we went somewhere, we parked 232 00:13:36,280 --> 00:13:39,179 Suze: the car, got out of the car and this guy 233 00:13:40,280 --> 00:13:44,640 Suze: and he says that that's a beautiful card. Do you 234 00:13:44,650 --> 00:13:47,349 Suze: wanna sell it? What year is that? And we said, 235 00:13:47,359 --> 00:13:49,419 Suze: how old it was. He said, how many miles do 236 00:13:49,429 --> 00:13:52,109 Suze: you have on it? And I said, 40 or 50,000, 237 00:13:52,119 --> 00:13:53,150 Suze: he said, I'll buy it. 238 00:13:53,630 --> 00:13:57,700 Suze: That car looks like it's brand new, which is the key, everybody, 239 00:13:57,710 --> 00:14:01,380 Suze: to keeping a car for a long time. And I said, no, 240 00:14:01,390 --> 00:14:03,250 Suze: I'm not selling it. He said, I'll give you any 241 00:14:03,260 --> 00:14:04,250 Suze: amount of money you want. 242 00:14:04,260 --> 00:14:07,179 KT: I told him I would sell it. I said, how 243 00:14:07,190 --> 00:14:08,849 KT: much do you want to pay me for this? 244 00:14:08,900 --> 00:14:13,299 Suze: And I said no, because I'm also nostalgic about that car. 245 00:14:13,330 --> 00:14:15,190 KT: She loves her boat and her car. 246 00:14:15,200 --> 00:14:19,349 Suze: I love them. So I'm gonna keep them until it's 247 00:14:19,359 --> 00:14:22,280 Suze: run into the ground. So 248 00:14:22,909 --> 00:14:24,130 Suze: I get it. Trust me. 249 00:14:24,140 --> 00:14:27,960 KT: All right, next is from Linda. And this is a nice... 250 00:14:27,969 --> 00:14:31,210 Suze: Wait, I have to tell you one other thing. So he walks away. 251 00:14:31,299 --> 00:14:34,119 Suze: And what did you say to me, KT? Do you remember? 252 00:14:34,789 --> 00:14:35,570 KT: No. 253 00:14:36,530 --> 00:14:40,359 Suze: That's what happens when you get to be 71 or 72. 254 00:14:40,369 --> 00:14:41,289 KT: What did I say to you? 255 00:14:41,299 --> 00:14:43,539 Suze: You said, do you think that he was hitting on 256 00:14:43,549 --> 00:14:44,190 Suze: one of us? 257 00:14:44,799 --> 00:14:48,119 KT: He was flirting with one of us, and I looked 258 00:14:48,130 --> 00:14:50,369 KT: at her. I said probably me because I was the 259 00:14:50,380 --> 00:14:52,429 KT: one that was ready to sell him the car. 260 00:14:52,500 --> 00:14:55,780 Suze: And probably KT because I had a hat and sunglasses 261 00:14:55,789 --> 00:14:57,270 Suze: on and everything. 262 00:14:57,280 --> 00:14:59,320 KT: He was an older guy, good looking man. 263 00:15:00,200 --> 00:15:02,510 Suze: And of course, she would have thought it was her. Anyway, 264 00:15:02,520 --> 00:15:03,320 Suze: go on 265 00:15:04,520 --> 00:15:07,140 KT: The next question from Linda. And I picked it because 266 00:15:07,150 --> 00:15:11,159 KT: she signed off tired teacher Linda and we love teachers, 267 00:15:11,169 --> 00:15:15,380 KT: but this question's been keeping her awake at night and 268 00:15:15,390 --> 00:15:17,780 KT: she and her husband are about to retire and they 269 00:15:17,789 --> 00:15:21,270 KT: have two main questions. Do we need one year of 270 00:15:21,280 --> 00:15:23,539 KT: an emergency fund or five? 271 00:15:23,969 --> 00:15:24,900 Suze: What's the next question? 272 00:15:24,909 --> 00:15:27,200 KT: And what do you recommend is the best way to 273 00:15:27,210 --> 00:15:29,659 KT: move funds when we need cash? 274 00:15:29,669 --> 00:15:33,419 Suze: All right. So here's what I would tell you, Linda. Listen, 275 00:15:34,200 --> 00:15:39,179 Suze: when you go to retire for most of you, most 276 00:15:39,190 --> 00:15:43,380 Suze: of your money is in a retirement account, whether it's 277 00:15:43,390 --> 00:15:46,880 Suze: a Roth retirement account or a traditional retirement account, it 278 00:15:46,890 --> 00:15:51,150 Suze: does not matter. But that's usually where the bulk of 279 00:15:51,159 --> 00:15:56,030 Suze: your money happens to be. And that's also where you 280 00:15:56,039 --> 00:16:01,530 Suze: usually get your monthly income in order to live and 281 00:16:01,539 --> 00:16:03,260 Suze: stay retired. 282 00:16:03,789 --> 00:16:08,409 Suze: But the problem becomes if all of your money happens 283 00:16:08,419 --> 00:16:12,809 Suze: to be invested, whether it's in stocks bonds, whatever it 284 00:16:12,820 --> 00:16:17,059 Suze: may be, when you go to take money out every 285 00:16:17,070 --> 00:16:21,729 Suze: single year, you usually have to sell something to do so. 286 00:16:22,150 --> 00:16:25,729 Suze: But what if the market has crashed at the time 287 00:16:25,739 --> 00:16:28,849 Suze: that you want to do that? Because it's not always 288 00:16:28,859 --> 00:16:32,479 Suze: that stocks go down and bonds go up or bonds 289 00:16:32,489 --> 00:16:37,210 Suze: go down and therefore stocks go up, sometimes everything can 290 00:16:37,219 --> 00:16:41,390 Suze: go down. So there is a rule of thumb that 291 00:16:41,400 --> 00:16:45,530 Suze: says within a retirement account or even outside of a 292 00:16:45,539 --> 00:16:47,010 Suze: retirement account 293 00:16:47,460 --> 00:16:51,719 Suze: that you have at least 3 to 5 years of 294 00:16:51,729 --> 00:16:57,280 Suze: cash sitting somewhere that you can access. Now, what's great 295 00:16:57,289 --> 00:17:00,750 Suze: about interest rates currently being as high as they are 296 00:17:00,849 --> 00:17:04,609 Suze: and probably will stay not so low as they used 297 00:17:04,619 --> 00:17:08,770 Suze: to be back when, when it was like 0.6% interest, 298 00:17:08,869 --> 00:17:13,040 Suze: but maybe it will stay in the 1 2 or 3% area. 299 00:17:13,050 --> 00:17:15,119 Suze: Even if interest rates go down 300 00:17:15,760 --> 00:17:21,079 Suze: that, that money stays there safe and sound. Why? 301 00:17:22,000 --> 00:17:27,179 Suze: Because when you go to take money out at a time, 302 00:17:27,189 --> 00:17:32,140 Suze: when the markets have crashed, rather than touching stocks and 303 00:17:32,150 --> 00:17:35,170 Suze: mutual funds and ETFs and, or bonds that have gone 304 00:17:35,180 --> 00:17:41,780 Suze: down considerably, you go to your cash reserves to withdraw it. 305 00:17:41,829 --> 00:17:43,889 Suze: Why 3 to 5 years? 306 00:17:44,160 --> 00:17:48,099 Suze: Because normally it will take from the top of the 307 00:17:48,109 --> 00:17:51,380 Suze: stock market to the bottom of the stock market, back 308 00:17:51,390 --> 00:17:54,089 Suze: up to the top of the stock market again, for 309 00:17:54,099 --> 00:18:00,300 Suze: things to return. Usually anywhere from 3 to 5 years. 310 00:18:00,310 --> 00:18:01,020 Suze: So if you really, 311 00:18:01,099 --> 00:18:04,550 Suze: you want to be on the safe side, it's five years. 312 00:18:04,579 --> 00:18:08,010 Suze: If you wanna just play it so that you have 313 00:18:08,020 --> 00:18:11,119 Suze: at least three years, ok, you can do that as well. 314 00:18:11,430 --> 00:18:14,639 Suze: Maybe you split it and you do four years. But 315 00:18:14,650 --> 00:18:17,420 Suze: that is the first thing I would tell all of 316 00:18:17,430 --> 00:18:20,649 Suze: you so that when you are having to take money 317 00:18:20,660 --> 00:18:24,099 Suze: out of a retirement account and the markets have crashed, 318 00:18:24,170 --> 00:18:26,520 Suze: you leave your stocks alone 319 00:18:27,180 --> 00:18:30,438 Suze: and you take it from the cash in terms of 320 00:18:30,449 --> 00:18:33,910 Suze: how do you get that cash? Well, the markets are 321 00:18:33,920 --> 00:18:37,160 Suze: quite high right now with certain things and if you 322 00:18:37,170 --> 00:18:41,750 Suze: know that you're gonna be retiring shortly, then you would 323 00:18:41,760 --> 00:18:46,040 Suze: take it from the stocks that either have not performed, 324 00:18:46,050 --> 00:18:49,560 Suze: are not going to perform in your opinion or bad 325 00:18:49,569 --> 00:18:52,319 Suze: investment decisions and just do it from there 326 00:18:52,790 --> 00:18:57,119 Suze: and, or I would probably do it from, if I 327 00:18:57,130 --> 00:19:02,010 Suze: knew I had good investments, all of them have been performing, 328 00:19:02,150 --> 00:19:05,810 Suze: I would do a little bit from each one. All right. 329 00:19:05,819 --> 00:19:06,650 Suze: Next KT. 330 00:19:06,660 --> 00:19:10,630 KT: Well, next question, Suze is from Josh: My husband and 331 00:19:10,640 --> 00:19:12,489 KT: I are long time fans. 332 00:19:12,989 --> 00:19:15,630 KT: There is just one place where we have not followed 333 00:19:15,640 --> 00:19:20,170 KT: your advice. We do not have living revocable trust. We 334 00:19:20,180 --> 00:19:23,438 KT: have named each other as beneficiaries on all of our 335 00:19:23,449 --> 00:19:27,709 KT: bank accounts and retirement accounts. We own our home and 336 00:19:27,719 --> 00:19:32,079 KT: joint tenancy with right of survivorship. We had a lawyer 337 00:19:32,089 --> 00:19:32,708 KT: draw up documents 338 00:19:33,295 --> 00:19:37,704 KT: to protect ourselves in case one of us is incapacitated. 339 00:19:37,805 --> 00:19:42,244 KT: We have living wills, health care, proxies and powers of 340 00:19:42,255 --> 00:19:46,165 KT: attorney naming each other. Is there any reason left why 341 00:19:46,175 --> 00:19:49,744 KT: we would still want a living revocable trust? And they 342 00:19:49,755 --> 00:19:50,785 KT: don't have children. 343 00:19:50,795 --> 00:19:55,064 Suze: Josh, here's the reason why over all the years that 344 00:19:55,074 --> 00:19:59,025 Suze: I did personal financial planning for people one on one, 345 00:19:59,660 --> 00:20:02,599 Suze: they would come, they would have the exact same set 346 00:20:02,609 --> 00:20:05,420 Suze: up as you. They would have the power of attorneys 347 00:20:05,430 --> 00:20:08,909 Suze: for finances and things like that. One of them would 348 00:20:08,920 --> 00:20:11,859 Suze: die or one of their parents would die or whatever 349 00:20:11,869 --> 00:20:14,099 Suze: it would be and when they would go to the 350 00:20:14,109 --> 00:20:17,839 Suze: bank or they would go somewhere where they needed that 351 00:20:18,060 --> 00:20:23,040 Suze: the financial institution didn't want to take it because there's 352 00:20:23,050 --> 00:20:27,359 Suze: no way for the financial institution to know if it's 353 00:20:27,369 --> 00:20:28,420 Suze: still valid. 354 00:20:28,739 --> 00:20:33,180 Suze: So maybe you gave your spouse the financial power of 355 00:20:33,189 --> 00:20:35,800 Suze: attorney and then you guys got in a fight and 356 00:20:35,810 --> 00:20:39,560 Suze: you revoked it and she has a piece of paper. 357 00:20:39,569 --> 00:20:42,160 Suze: He has a piece of paper that says this is 358 00:20:42,170 --> 00:20:45,979 Suze: my financial power of attorney. But again, there's no way 359 00:20:45,989 --> 00:20:50,780 Suze: to know in many cases for the financial institution that 360 00:20:50,790 --> 00:20:55,030 Suze: you didn't take it away when you have a living 361 00:20:55,040 --> 00:20:56,359 Suze: revocable trust 362 00:20:56,810 --> 00:21:01,020 Suze: that assigns a person to be successor trustee in case 363 00:21:01,030 --> 00:21:04,329 Suze: of an incapacity or whatever it may be. When you 364 00:21:04,339 --> 00:21:07,719 Suze: open up an account, you have to give them a 365 00:21:07,729 --> 00:21:13,709 Suze: copy of your trust. So they actually have the copy. 366 00:21:13,729 --> 00:21:16,948 Suze: And if you made a change, you then would go 367 00:21:16,959 --> 00:21:19,069 Suze: and give them the new trust 368 00:21:19,560 --> 00:21:23,209 Suze: if you redid your trust. So for KT and I, 369 00:21:23,219 --> 00:21:25,780 Suze: for instance, when we go and we open up an 370 00:21:25,790 --> 00:21:29,119 Suze: account at a bank or wherever we're doing it. Credit 371 00:21:29,130 --> 00:21:32,300 Suze: union or whatever it may be in the name of 372 00:21:32,310 --> 00:21:36,899 Suze: the trust, they need a copy of the trust on file. 373 00:21:37,369 --> 00:21:41,300 Suze: So all the times that I was doing financial planning, 374 00:21:41,540 --> 00:21:45,420 Suze: we ran into more problems with people who thought they 375 00:21:45,430 --> 00:21:48,880 Suze: had done it correctly with power of attorneys. 376 00:21:49,420 --> 00:21:53,780 Suze: The financial institution won't honor it, especially the brokerage firms 377 00:21:53,790 --> 00:21:55,438 Suze: didn't want to honor it. 378 00:21:56,089 --> 00:22:00,459 Suze: I never ran into a problem like this when somebody 379 00:22:00,469 --> 00:22:05,510 Suze: had a living revocable trust. So that's just something for 380 00:22:05,520 --> 00:22:09,250 Suze: you to think about. All right up to you. You've 381 00:22:09,260 --> 00:22:12,649 Suze: set up everything as best as you can. Would I 382 00:22:12,660 --> 00:22:17,209 Suze: still do a trust. I have to tell you I would. 383 00:22:17,339 --> 00:22:18,349 Suze: All right, KT. 384 00:22:18,500 --> 00:22:20,750 KT: Ok, Suze, I have one more question. 385 00:22:21,400 --> 00:22:22,209 Suze: Just one? 386 00:22:22,300 --> 00:22:24,630 KT: Yeah. Well, I have lots of questions. 387 00:22:24,640 --> 00:22:26,819 Suze: I was going to say I'm looking at you and there's a pile 388 00:22:26,829 --> 00:22:27,489 Suze: of questions. 389 00:22:27,569 --> 00:22:29,979 KT: No but we, we don't have time to do all of these. 390 00:22:29,989 --> 00:22:33,819 KT: Now we'll do another podcast. All right, dear. Suze and KT, 391 00:22:34,150 --> 00:22:39,260 KT: my dad passed away almost two months ago. He was 91. 392 00:22:39,449 --> 00:22:41,129 KT: He always watched CNBC. 393 00:22:42,449 --> 00:22:44,379 KT: We're sorry for your loss. But he sounds like a 394 00:22:44,390 --> 00:22:45,079 KT: great guy. 395 00:22:45,089 --> 00:22:48,489 Suze: At least a smart guy. And by the way, all 396 00:22:48,500 --> 00:22:53,420 Suze: of you can watch all 600 some odd CNBC shows 397 00:22:53,430 --> 00:22:57,439 Suze: that I did the show on FreeVee . 398 00:22:57,619 --> 00:22:59,760 Suze: It's something that you all should do. Number one doesn't 399 00:22:59,770 --> 00:23:02,649 Suze: cost you anything but number two, you get to watch 400 00:23:02,660 --> 00:23:05,089 Suze: the Can I afford it segments and how am I doing? 401 00:23:05,739 --> 00:23:08,849 Suze: And they're fun and they're still relevant to this day. 402 00:23:08,859 --> 00:23:09,359 Suze: All right. 403 00:23:09,369 --> 00:23:12,719 KT: It's fun to see Suze's hairstyles over the years 404 00:23:14,209 --> 00:23:16,270 KT: and jackets her collection of leather. 405 00:23:16,589 --> 00:23:18,420 Suze: I think that this haircut I have right now is 406 00:23:18,510 --> 00:23:19,579 Suze: one of the great ones. 407 00:23:19,589 --> 00:23:22,520 KT: We have to post a picture of you with that. Ok. Ready. 408 00:23:23,089 --> 00:23:26,540 KT: My dad passed away almost two months ago. He was 91. 409 00:23:26,550 --> 00:23:30,429 KT: He loved watching CNBC. He would buy a couple of 410 00:23:30,439 --> 00:23:32,880 KT: shares of this and a couple of shares of that 411 00:23:33,099 --> 00:23:35,680 KT: depending upon who was talking about what 412 00:23:36,119 --> 00:23:40,819 KT: I now have various different kinds of mutual funds specifically 413 00:23:40,829 --> 00:23:44,938 KT: related to mid cap and small cap stock funds. How 414 00:23:44,949 --> 00:23:49,819 KT: do I evaluate how those funds are doing? So, he's 415 00:23:49,829 --> 00:23:53,939 KT: asking what does he do and how does he evaluate 416 00:23:53,949 --> 00:23:57,449 KT: how they're doing? So, Angelo just needs some advice on his portfolio. 417 00:23:57,670 --> 00:24:02,619 Suze: Angelo, there's a service out there very seriously called Morningstar 418 00:24:02,890 --> 00:24:07,879 Suze: that I really, really love. And on Morningstar and I 419 00:24:07,890 --> 00:24:11,530 Suze: use Morningstar, by the way, you can go on it, 420 00:24:11,540 --> 00:24:14,510 Suze: put in the symbols of the mutual fund or the 421 00:24:14,520 --> 00:24:19,189 Suze: stock that you own and it will tell you everything 422 00:24:19,199 --> 00:24:21,890 Suze: that you need to know about it. It will give 423 00:24:21,900 --> 00:24:24,530 Suze: it a rating, it will tell you all the expenses 424 00:24:24,540 --> 00:24:28,270 Suze: and everything like that. So do yourself a favor 425 00:24:28,699 --> 00:24:33,909 Suze: and check out Morningstar also. You can go on CNBC 426 00:24:33,969 --> 00:24:37,229 Suze: and there's a place there online where you can put 427 00:24:37,239 --> 00:24:40,359 Suze: in the symbol and everything will come up. There's also 428 00:24:40,469 --> 00:24:44,290 Suze: Yahoo finance that you can use as well. So there 429 00:24:44,300 --> 00:24:47,569 Suze: are all these services, some that you pay for some 430 00:24:47,579 --> 00:24:50,180 Suze: that are free that it will at least tell you 431 00:24:50,189 --> 00:24:53,770 Suze: and compare how your fund has done 432 00:24:54,229 --> 00:24:59,099 KT: to the other funds in its category. Just so, you know, 433 00:24:59,189 --> 00:25:02,829 KT: small cap funds have been one of my favorite for 434 00:25:02,839 --> 00:25:05,689 KT: the past. Oh, I'd say five or six months now, 435 00:25:05,699 --> 00:25:09,160 KT: maybe even the past year in terms of what I 436 00:25:09,170 --> 00:25:12,089 KT: think they will do in the future, but check them 437 00:25:12,099 --> 00:25:14,579 KT: out and you'll get a good idea of what you 438 00:25:14,589 --> 00:25:15,400 KT: should do. 439 00:25:15,810 --> 00:25:19,429 Suze: Well, it's time everybody. It's time. It's time. I love 440 00:25:19,439 --> 00:25:20,209 Suze: this time. 441 00:25:20,869 --> 00:25:22,900 Suze: Why would you lie to people? 442 00:25:22,910 --> 00:25:25,609 KT: No, I do love it because I know that one 443 00:25:25,619 --> 00:25:28,670 KT: day I'm just gonna keep getting ding, ding, ding, ding, ding. 444 00:25:29,270 --> 00:25:32,250 KT: Come on, ask me it's quizzy time, everyone. 445 00:25:32,300 --> 00:25:33,760 Suze: Tell everybody about quizzy time. 446 00:25:33,849 --> 00:25:36,849 KT: Quizzy time is when Suze tries to stump me. 447 00:25:36,859 --> 00:25:38,979 Suze: I don't try to stump you. 448 00:25:39,459 --> 00:25:40,448 KT: You tell him what it is. 449 00:25:40,560 --> 00:25:44,430 Suze: It's not hard to stump you. I try to make 450 00:25:44,439 --> 00:25:48,219 Suze: sure that you understand how everything works so that if 451 00:25:48,229 --> 00:25:51,859 Suze: ever I'm not here and a question is asked or 452 00:25:51,869 --> 00:25:55,339 Suze: you are in a situation that you know how to 453 00:25:55,349 --> 00:25:58,780 Suze: answer it. But the quizzy is never just for KT, 454 00:25:58,790 --> 00:26:00,119 Suze: it's for all of you. 455 00:26:00,680 --> 00:26:03,060 Suze: Wouldn't you all love to get to a place in 456 00:26:03,069 --> 00:26:06,660 Suze: your life where every question that KT is asking me 457 00:26:06,670 --> 00:26:10,099 Suze: or during quizzy time, I'm asking her, you would know 458 00:26:10,109 --> 00:26:14,439 Suze: the answer to it. And that isn't an impossibility. That 459 00:26:14,449 --> 00:26:19,540 Suze: is totally a possibility. And over time it is actually 460 00:26:19,550 --> 00:26:22,510 Suze: a probability. So there you go. 461 00:26:22,520 --> 00:26:23,619 KT: I'm working on it. 462 00:26:24,260 --> 00:26:28,339 Suze: She most certainly is. Hi, Suze and KT. This is 463 00:26:28,349 --> 00:26:29,770 Suze: from Nicole. 464 00:26:30,640 --> 00:26:35,099 Suze: I've been so enjoying discovering your podcasts and diving into 465 00:26:35,109 --> 00:26:39,349 Suze: the wealth of past episodes. It's like reconnecting with a 466 00:26:39,359 --> 00:26:42,260 Suze: beloved friend. Thank you, my dear Nicole. 467 00:26:42,670 --> 00:26:46,020 Suze: Your books and TV shows set me on a confident 468 00:26:46,030 --> 00:26:51,010 Suze: financial path 15 years ago and I'm thrilled to continue 469 00:26:51,020 --> 00:26:53,819 Suze: learning from you. I know that's not a question, but 470 00:26:53,829 --> 00:26:56,489 Suze: I just so loved that I loved it. Right. It 471 00:26:56,500 --> 00:26:59,379 Suze: was a little ego boost. No problem. Now on to 472 00:26:59,390 --> 00:27:02,409 Suze: the question that keeps me up at night, 473 00:27:02,949 --> 00:27:06,689 Suze: I've worked my tail off in my career and now 474 00:27:06,699 --> 00:27:12,900 Suze: have vested RSUs at a major global corporation with a 475 00:27:12,910 --> 00:27:21,969 Suze: sizable amount vesting on February 4th anticipating around $35,000. I 476 00:27:21,979 --> 00:27:24,329 Suze: am 40 years of age. 477 00:27:25,000 --> 00:27:30,260 Suze: So how should we use this? $35,000? That is what 478 00:27:30,270 --> 00:27:33,550 Suze: Nicole wants to know KT. She has a mortgage on 479 00:27:33,560 --> 00:27:40,540 Suze: her home of about $467,000. She has $22,000 on an 480 00:27:40,550 --> 00:27:48,739 Suze: auto loan as well as 55,000 on a HELOC at 8.5%. 481 00:27:49,119 --> 00:27:53,880 Suze: She says her auto loan and her mortgage are both 482 00:27:53,890 --> 00:27:59,040 Suze: at low interest rates. Your first part of the quizzy is what is an RSU? 483 00:28:03,680 --> 00:28:05,459 KT: I don't know. I was trying to figure it out. 484 00:28:05,469 --> 00:28:08,889 KT: It must be a stock something. It's, it's something that 485 00:28:08,900 --> 00:28:11,579 KT: her employer gave her. So it shares, right? 486 00:28:11,599 --> 00:28:16,979 Suze: So an RSU is a restricted stock unit. That's what 487 00:28:16,989 --> 00:28:20,969 Suze: that stands for. Now, a lot of times everybody, when 488 00:28:20,979 --> 00:28:25,050 Suze: you work for an employer, they will give you stock options, 489 00:28:25,510 --> 00:28:29,589 Suze: which means that you can then exercise those options and 490 00:28:29,599 --> 00:28:31,930 Suze: then convert them to stock, but you have to pay 491 00:28:31,939 --> 00:28:36,170 Suze: for it and a better way to get rewarded when 492 00:28:36,180 --> 00:28:41,310 Suze: you work for somebody is a restricted stock unit while 493 00:28:41,319 --> 00:28:45,569 Suze: you're in your vesting period, meaning your employer has given 494 00:28:45,579 --> 00:28:46,770 Suze: you the RSU 495 00:28:47,479 --> 00:28:50,079 Suze: but you haven't vested in it. Maybe it takes you 496 00:28:50,089 --> 00:28:53,439 Suze: one year or five years to vest. They're not worth 497 00:28:53,449 --> 00:28:58,260 Suze: anything the day that you vest. Like what Nicole is 498 00:28:58,270 --> 00:29:01,880 Suze: doing here. That's the day that you get the money 499 00:29:01,890 --> 00:29:05,369 Suze: and they're worth something. So, Rs us, first of all 500 00:29:05,380 --> 00:29:09,979 Suze: are far better than stock options. So therefore, if you 501 00:29:09,989 --> 00:29:13,459 Suze: have a choice with your employer, you should do that. 502 00:29:13,469 --> 00:29:14,060 Suze: So 503 00:29:14,619 --> 00:29:19,670 Suze: now we know that Nicole as of February 4th is 504 00:29:19,680 --> 00:29:26,920 Suze: going to have $35,000. And the quizzy really is. Should 505 00:29:26,930 --> 00:29:30,160 Suze: she put that towards her home mortgage? 506 00:29:31,349 --> 00:29:32,540 Suze: Her car loan? 507 00:29:33,310 --> 00:29:38,650 Suze: Both are at low interest rates or a $55,000 Heloc 508 00:29:38,660 --> 00:29:42,540 Suze: Home Equity line of credit at 8.5%. 509 00:29:43,699 --> 00:29:47,130 KT: Personally, I think I would pay off that Heloc. 510 00:29:48,089 --> 00:29:49,010 Suze: You sure? 511 00:29:49,209 --> 00:29:53,770 KT: I think so. If she's paying 8.5% that's high. Get 512 00:29:53,780 --> 00:29:54,390 KT: rid of it. 513 00:29:54,400 --> 00:29:55,339 Suze: Ding, ding, ding, ding, ding, ding, 514 00:29:56,119 --> 00:30:00,260 KT: Get rid of it. That's a no brainer. Nicole who 515 00:30:00,270 --> 00:30:02,819 KT: wants to pay a Heloc loan for that much money. 516 00:30:02,829 --> 00:30:03,770 KT: Get rid of it. 517 00:30:04,790 --> 00:30:09,569 Suze: Nicole. That is the correct answer. So, first of all, 518 00:30:09,579 --> 00:30:12,790 Suze: given that according to this, you say you're only 40 519 00:30:12,800 --> 00:30:13,939 Suze: years of age, 520 00:30:14,290 --> 00:30:17,969 Suze: you have time to pay off your mortgage, especially if 521 00:30:17,979 --> 00:30:21,969 Suze: it's at a low interest rates. So I'm sure that 522 00:30:21,979 --> 00:30:24,619 Suze: you will have it paid off within the next 25 523 00:30:24,630 --> 00:30:28,040 Suze: years since you're only 40 which is usually around when 524 00:30:28,050 --> 00:30:32,239 Suze: people gear things towards retirement, your auto loan at a 525 00:30:32,250 --> 00:30:36,719 Suze: low interest rate, 22,000, you could pay it all off. 526 00:30:36,729 --> 00:30:40,339 Suze: But why when you're paying a higher interest rate on 527 00:30:40,349 --> 00:30:42,140 Suze: your home equity line of credit. 528 00:30:42,489 --> 00:30:44,949 Suze: So as you all know, and I have told you 529 00:30:44,959 --> 00:30:47,650 Suze: now over the past year, if you have a home 530 00:30:47,660 --> 00:30:51,359 Suze: equity line of credit, make it your number one priority 531 00:30:51,400 --> 00:30:53,750 Suze: to pay that off 532 00:30:54,319 --> 00:30:58,560 Suze: after your credit cards. Of course. So that brings us 533 00:30:58,569 --> 00:31:01,699 Suze: to the end of another, what KT? 534 00:31:01,709 --> 00:31:04,180 KT: Ask KT and Suze Anything podcast. 535 00:31:04,189 --> 00:31:06,540 Suze: And what is it that we want people to know? 536 00:31:06,689 --> 00:31:09,140 Suze: That there's only one thing that matters when it comes 537 00:31:09,150 --> 00:31:11,390 Suze: to their money and it is what KT? 538 00:31:11,400 --> 00:31:12,880 KT: People first, 539 00:31:12,939 --> 00:31:13,839 Suze: Then money, 540 00:31:13,849 --> 00:31:14,900 KT: Then things 541 00:31:14,910 --> 00:31:17,619 Suze: Now you stay safe. And if you do that, everybody, 542 00:31:17,869 --> 00:31:19,619 Suze: you will be. What? 543 00:31:19,630 --> 00:31:21,810 KT: Unstoppable.