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Music: (Music In)

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Suze: May 11th, 2023. Welcome everybody to the what, KT.. wait,

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KT: I don't even recognize you, Suze. I haven't seen you

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KT: in a week.

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KT: Does everyone remember why she has been in lockdown? Studying

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KT: the economy and everything going on in the world? But

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KT: what grade do you think you got?

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Suze: Oh, it's not a school where you pass a test, right.

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Suze: It was...

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KT: She's been enlightened.

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Suze: I've listened to maybe 50.. 50 lectures of the most

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Suze: brilliant and they really are the most brilliant economists

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Suze: and real estate people in the world. And I'm actually

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Suze: blown away by it.

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KT: I listened to one or two sometimes with her when

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KT: she listens in, in the front porch. And I listened

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KT: to one the other day with Suze. That was just unbelievably. Yeah.

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KT: And I said, I don't know where he's from. It

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KT: seemed like some European country, but

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KT: he was amazed. I never heard of this gentleman or professor.

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KT: But what a lecture I was like, just blown away.

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KT: I couldn't wait for it. I couldn't wait to ask

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KT: her questions. Ok. Are we ready?

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Suze: So, but wait, now it's my turn...

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KT: This is called the Women and Money.

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Suze: And they know that I think, don't you? And smart

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Suze: enough to listen. But wait KT, now what do you think

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Suze: I should do with all of this information that I've

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Suze: learned over the past...

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KT: Well, you'll dispense it when it's ready.

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Suze: Do you think I should do a recap for Sunday?

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KT: No, it's very, it was the one I listened to

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KT: was way over my head most of it. But it

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KT: was fascinating. I think. How can you recap 50 amazing lectures?

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Suze: But I think what I can do is talk about

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Suze: the true trend of real estate where mortgage rates really

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Suze: most likely are going to go where the majority of

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Suze: these people think inflation is going to end up

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Suze: Some really dire predictions for the stock market and bonds

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Suze: depending on how long we go out. I think I

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Suze: can recap that for everybody.

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KT: All right. But don't recap too much of it because

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KT: it's very complicated.

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Suze: KT do I not have the ability to take the

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Suze: complicated and make it simple?

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KT: That one of the, that's one of these um emails

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KT: I just read, right.

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Suze: So you are in case you don't know, listening to

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Suze: Ask KT and Suze anything edition of the Women and

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Suze: Money Podcast. And this is where if you write in

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Suze: a question to ask Suze Podcast, that's S U Z

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Suze: E at gmail dot com,

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Suze: ask your question there. And if KT chooses it, Bingo,

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Suze: you won the jackpot because we answered here on the podcast.

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KT: All right, let's get started because I have a really

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KT: good lineup today.

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Suze: Wait, what was our agreement?

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Suze: That you weren't gonna say you had a good lineup

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Suze: because you always have a good lineup. But what would

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Suze: you do? Would you come on the Women and Money

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Suze: podcast with me and have a bad lineup?

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KT: This one from Nancy was my first choice. You ready? Everybody?

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KT: Those of you that listen to the podcast will get it.

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KT: Here's the subject, this is why I picked it, Nancy

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KT: to pay or not to pay. That is the question.

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Suze: Do you wear to pay toupee? Oh! "to pay" not "toupee"...

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KT: That Suze. Oh, she's so corny. So it says KT

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KT: and Suze love, love, love you ladies. I thought I

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KT: might get your attention with a little pun on Shakespeare

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KT: to pay or not to pay. So she said I

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KT: was listening to your podcast this morning as I do

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KT: every Monday from Sunday's podcast and Thursday on my 40

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KT: minute drive to work. This morning, one of the topics

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KT: you discussed was the idea of paying off your mortgage.

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KT: I just received a very large bonus, 100 and $54,000

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KT: after Uncle Sam took his cut. Wow, Nancy got a,

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KT: a big bonus. I put it in my money market

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KT: account with the current interest rate of 3.568%. The principal

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KT: balance on my mortgage is 100 and $45,464 and the

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KT: interest rate is 2.375%.

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KT: The regular payment is about $1300 a month and I'm

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KT: also paying an additional 750 every two weeks. It comes

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KT: out to be about 2800 month. I'm 63 years old.

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KT: I live in Saint Louis, Missouri. I have one. Well,

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KT: she goes on to tell us all that she's got,

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KT: she's got quite a bit of money.

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KT: Then this is the question. I'm wondering whether or not

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KT: I should take the bonus money and pay off my mortgage. Suze,

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KT: What are your thoughts?

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Suze: Should that be your pop quizzie?

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KT: I think she should. She's 63.

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Suze: Is that old?

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KT: No, but why not? You know, why not have that

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KT: home paid for? Bam. You always say that people feel

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KT: so great when they pay their home off. But right now,

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KT: after listening to your 50 lectures, you might have a

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KT: different point of view.

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Suze: Actually, my point of view has not changed on that

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Suze: at all, Nancy. And here's the thing, you just received

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Suze: a large bonus that maybe you were or you were

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Suze: not expecting.

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Suze: And even after taxes, it is enough to pay off

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Suze: the mortgage of your home. And even though you're earning

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Suze: a little bit more on that money, then you are

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Suze: paying for the interest rate on your mortgage. The truth

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Suze: of the matter is

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Suze: what is the goal of money? And you have got

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Suze: to ask yourself that question because there is not a

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Suze: right or wrong answer to this. Either way you would

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Suze: be fined truthfully. However, because you are paying an extra

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Suze: $750 every two weeks

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Suze: or putting close to $2800 a month towards the mortgage payment.

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Suze: You know what that says to me, Nancy, that says

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Suze: to me that you happen to be a woman who

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Suze: wants to pay down this mortgage faster because otherwise you

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Suze: wouldn't be putting any more extra money towards it at

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Suze: this low interest rate. You might be doing something else

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Suze: extra with that $1500 a month. Therefore, bottom line,

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Suze: if this were me,

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Suze: no matter how much money I had, no matter how

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Suze: low the interest rate on the mortgage is, I would

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Suze: pay it off so fast, it's not even funny. And

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Suze: why is that? Because I would look at not the

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Suze: interest rates that things are generating me. I would look

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Suze: at that: I'm paying 2800 and $75 a month towards

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Suze: this mortgage,

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Suze: this $154,000 that you could put in at 3%.

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Suze: What's it gonna do generate for you 4500 or $5000

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Suze: a year in interest, which is less than two months

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Suze: of a mortgage payment, paid it off girlfriend and just

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Suze: don't even think twice about it.

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KT: Do it. You're gonna feel so great then have a party.

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Suze: What kind of party she got? No money left,

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KT: Mortgage burning parties, didn't they used to do that back

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KT: in the day?

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Suze: David Ramsey is very, very famous. I think for once

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Suze: you pay off your mortgage, there is a mortgage burning

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Suze: party or something like that.

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KT: I remember my mom having a mortgage burning party.

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Suze: She did?

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KT: Yeah,

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KT: when they, when they finally paid off their mortgage on

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KT: their first home.

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KT: Ok. Next is from Valerie. This is again staying on

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KT: the topic of mortgage. Hi, Suze, my wife and I

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KT: listened to your podcast on a recent road trip and

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KT: loved it. In one of the episodes, Steve asked why

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KT: you keep telling people to pay off their mortgage. He

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KT: doesn't think he should pay his mortgage off because he'd

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KT: lose the tax deduction.

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KT: Of course, your answer was totally on target as usual.

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KT: But there's one very important point you forgot to mention.

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KT: Now Valerie said Suze as a CPA. It makes me

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KT: want to pull my hair out when people don't realize

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KT: they're spending a dollar to get about 40 cents back

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KT: if it's something they were going to buy anyway, like

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KT: for a business fine. But so many people are blinded

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KT: by the mortgage interest deduction and think it's worth spending

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KT: 15,000 to get 6000

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KT: back. Please, please please use your power of financial clarity

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KT: to help people understand. It's better to have that dollar

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KT: in their pocket than get 40 cents off a tax bill.

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KT: So that's from Valerie. So, so do you agree with her?

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Suze: Of course, I agree with her. You know, Valerie, what's

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Suze: so funny is that all the time

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Suze: when I did the Suze Orman show, which you can watch,

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Suze: by the way, everybody on Freevee which is with Amazon,

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Suze: all 600 episodes of the Suze Orman show on CNBC.

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Suze: But when I used to do that show people all

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Suze: the time would say no. And I want to pay

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Suze: off my mortgage. I love the tax write-off. I love

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Suze: tax write-offs. And I'm like, going, are you all crazy?

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Suze: Do you know one seriously wealthy person who are in

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Suze: very high tax brackets that carry mortgages on their homes?

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Suze: I don't think so. Most people, at least that I

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Suze: know whether their home is $5 million, 50 million dollars or

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Suze: whatever it may be. They write a check for it

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Suze: and that's it. They don't sit and think, oh,

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Suze: I could get a tax write off for this. That's

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Suze: not usually how really wealthy people think because they rather

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Suze: have that money themselves. And so there you go. So Valerie,

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Suze: there was your 15 seconds of fame on the Women

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Suze: and Money Podcast.

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KT: Keep listening. So the next is from Jodie. She said, hi, gals.

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KT: I like that. Hi gals.

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Suze: You know, wait, wait, we have to tell everybody that

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Suze: on the island we're known as the fishing gals. Yeah,

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Suze: the fishing ladies are the fishing fishing women but lots

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Suze: and lots of people as they pass us go, Oh,

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Suze: it's the fishing gals. So, there you go.

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KT: So, Jodie said, Suze, I'm divorced when I retire. I

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KT: was told by a friend I have

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KT: to either take my own social security or my husband's

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KT: not both. But whichever is more. Is that true?

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Suze: And so what you need to know is it is

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Suze: true but it's not an or just so, you know...

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KT: Wait, can you read just one more thing? Can you

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KT: read how she signed it?

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Suze: Stay at home mom. So he couldn't make it big.

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Suze: What does she mean by that?

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KT: I know that I can tell it wasn't a very

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KT: amicable divorce.

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Suze: Oh, I see. So, Jodie, here's what you need to know.

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Suze: As long as you were married for at least 10 years,

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Suze: as long as you didn't remarry, you are eligible to

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Suze: get one half of his full social security. What he

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Suze: would get at full retirement age, you could claim your

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Suze: social security at, let's say 62. If you needed the money,

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Suze: even if it was a little amount,

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Suze: then at full retirement age, you could then collect 50%

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Suze: of whatever his would be. So you could do both

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Suze: just depending on your situation. But of course, you would

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Suze: always want to end up with the higher one.

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Suze: Just be careful. Don't claim his social security or whatever

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Suze: percent of his social security before full retirement age because

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Suze: then you wouldn't get all 50% of it. You would

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Suze: get a reduced amount. So don't claim

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Suze: his benefits, half of them until you are a full

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Suze: retirement age and that would be 67 if you were

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Suze: born from 1960 or later. All right.

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KT: Next question. I am concerned. This is from Angela. Everyone.

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KT: I'm concerned about the

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KT: FICO score rule that reduces the score for those with

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KT: very good credit ratings to make up for those with

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KT: bad credit scores. Yeah, like when did this happen? So

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KT: they so that they can get a higher score than

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KT: what their bad score would normally give them.

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KT: This is similar to the 2007 mortgage rules that forced

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KT: banks to lend money to those that did not have

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KT: strong financial history. Please advise how to, how, how should

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KT: we deal with this?

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Suze: You can't really deal with it. It's one of these

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Suze: hair brain ideas again

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Suze: that the administration and I'm gonna call it that because

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Suze: I'm just gonna call it like it is, you know,

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00:14:41,369 --> 00:14:45,159
Suze: forget any political affiliation at all. It is a hair

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Suze: brained idea. It is stupid KT because just a few

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Suze: days ago it went into effect and the way that

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00:14:52,409 --> 00:14:56,530
Suze: it reads very simplistically, if you have a high FICO score,

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00:14:57,270 --> 00:15:00,130
Suze: a good FICO score and you now go in and

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00:15:00,140 --> 00:15:03,239
Suze: you apply for a mortgage, you're going to get a

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Suze: little bit higher charge on your mortgage or higher interest

243
00:15:07,330 --> 00:15:11,330
Suze: rate to help those who don't have that good of

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Suze: a FICO score. No, I'm not kidding. It's a stupid,

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00:15:14,650 --> 00:15:18,260
Suze: it's just plain stupid. Everybody because one has to,

246
00:15:18,354 --> 00:15:21,484
Suze: I wonder why did they not have a good FICO score?

247
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Suze: Why do you have a good score?

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KT: I think I get penalized because I have a great,

249
00:15:30,294 --> 00:15:33,434
KT: what kind of incentive does that give people to want

250
00:15:33,445 --> 00:15:33,984
KT: to have a good FICO score?

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Suze: Absolutely none!  So if I were, you

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Suze: don't let it get to you here.

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KT: Listen to this here.

254
00:15:44,020 --> 00:15:45,239
Suze: I didn't answer this one.

255
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KT: Listen, I just want to read this one. This is

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KT: from Paul. This is how people are, this is how

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00:15:52,909 --> 00:15:54,619
KT: it's backfiring everyone.

258
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KT: How do I lower ready, Suze? How do I lower

259
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KT: my credit score to get the best mortgage rate now

260
00:16:01,659 --> 00:16:05,309
KT: that POTUS changed the law? I mean, see what's happening.

261
00:16:05,320 --> 00:16:06,489
KT: Look at that one, right?

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Suze: So and with the utmost of respect, right?

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00:16:10,950 --> 00:16:15,549
Suze: Don't be stupid just because they're being stupid. Really? That's

264
00:16:15,559 --> 00:16:16,450
Suze: what I would be...

265
00:16:16,460 --> 00:16:20,520
KT: Don't be stupid because the government is being stupid right now...

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Suze: and you still wanna have the highest FICO score that

267
00:16:25,289 --> 00:16:29,520
Suze: you can have and just deal with it. Eventually, they're

268
00:16:29,530 --> 00:16:32,619
Suze: gonna have to say this is just ridiculous and get

269
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Suze: rid of it in my opinion.

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Suze: But remember a high FICO score just doesn't affect the

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00:16:39,330 --> 00:16:43,799
Suze: interest rates you pay on mortgages. It also affects the

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00:16:43,809 --> 00:16:47,530
Suze: interest rates that you pay where? On car loans which

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00:16:47,539 --> 00:16:54,309
Suze: now average almost 20%, on credit cards that also are

274
00:16:54,320 --> 00:16:56,130
Suze: averaging up that high,

275
00:16:56,530 --> 00:17:00,719
Suze: on all of these interest factors. On a home equity

276
00:17:00,729 --> 00:17:03,809
Suze: line of credit. A lot of you are paying 9 10%

277
00:17:03,820 --> 00:17:07,459
Suze: on HELOCs right now. So therefore

278
00:17:08,430 --> 00:17:12,310
Suze: don't let it get to you. And your goal is

279
00:17:12,319 --> 00:17:16,699
Suze: still to have the highest FICO score out there.

280
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KT: I remember. I mean, that's just stupidity. All right, ready?

281
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Suze: How do you feel about it, KT?

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KT: I think that's just, I don't know who did that

283
00:17:26,369 --> 00:17:30,790
KT: and you know what I feel Fair, Isaac and Equifax

284
00:17:30,800 --> 00:17:33,739
KT: and Transunion and the whole bunch of you guys out there,

285
00:17:33,750 --> 00:17:35,510
KT: you should have gone to Washington and said, what are

286
00:17:35,520 --> 00:17:39,050
KT: you thinking? Are you crazy? I mean, why didn't they

287
00:17:39,060 --> 00:17:39,839
KT: speak up?

288
00:17:39,849 --> 00:17:40,839
Suze: They don't care.

289
00:17:40,939 --> 00:17:42,839
KT: Oh, well, ok.

290
00:17:43,189 --> 00:17:45,050
Suze: If you ask me, we should get rid of FICO

291
00:17:45,069 --> 00:17:50,040
Suze: scores altogether because they do not really tabulate the truth

292
00:17:50,050 --> 00:17:53,329
Suze: of your situations, but that's besides the point. All right.

293
00:17:53,449 --> 00:17:57,609
KT: Ok. This is from Linda. Hi KT and Suze. I'm

294
00:17:57,619 --> 00:17:59,819
KT: three years from retirement.

295
00:18:00,010 --> 00:18:04,359
KT: I'm excited about moving into this new phase of retirement planning.

296
00:18:04,520 --> 00:18:08,479
KT: I'm also uncertain and need your advice. I've heard Suze's

297
00:18:08,489 --> 00:18:11,189
KT: rule that money I will need within the next 3

298
00:18:11,199 --> 00:18:15,630
KT: to 5 years should not be in the stock market probably,

299
00:18:15,640 --> 00:18:16,969
KT: especially now, right?

300
00:18:17,339 --> 00:18:18,589
Suze: Well, I didn't quite say it like that.

301
00:18:18,599 --> 00:18:21,290
KT: In this up and down market environment. What is the

302
00:18:21,300 --> 00:18:25,229
KT: best way to move money from stocks into cash and

303
00:18:25,239 --> 00:18:28,359
KT: save for my first years in retirement?

304
00:18:28,910 --> 00:18:32,699
KT: So maybe you better explain to her right now what

305
00:18:32,709 --> 00:18:34,280
KT: you meant and what she should do.

306
00:18:34,290 --> 00:18:38,030
Suze: So here is where all of this started and it

307
00:18:38,040 --> 00:18:42,479
Suze: started years ago. And somewhere on one of these podcasts

308
00:18:42,489 --> 00:18:47,010
Suze: of these 400 some odd podcasts, there's a detailed explanation

309
00:18:47,020 --> 00:18:52,619
Suze: as well as a detailed explanation in the Ultimate Retirement

310
00:18:52,630 --> 00:18:58,219
Suze: Guide for 50 Plus. Linda, here is essentially what I said,

311
00:18:58,790 --> 00:19:03,430
Suze: if you are in your retirement years and you have

312
00:19:03,439 --> 00:19:08,020
Suze: money in a retirement account or other places invested in

313
00:19:08,030 --> 00:19:12,640
Suze: the stock market and in order to live, you know,

314
00:19:12,650 --> 00:19:17,359
Suze: you need to cash out some of those stocks every

315
00:19:17,369 --> 00:19:23,300
Suze: year to live, then I'm talking about you in this situation.

316
00:19:23,689 --> 00:19:27,839
Suze: So the formula was very simple. You have to figure

317
00:19:27,849 --> 00:19:33,219
Suze: out what your expenses are every single month. And let's

318
00:19:33,229 --> 00:19:38,520
Suze: just say in your situation, it came to $6000 a

319
00:19:38,530 --> 00:19:39,099
Suze: month

320
00:19:39,739 --> 00:19:44,500
Suze: From that, I wanted you to subtract all of your

321
00:19:44,510 --> 00:19:50,060
Suze: guaranteed income. So let's just say you got $2000 a

322
00:19:50,069 --> 00:19:55,469
Suze: month of Social security, you got another $1000 a month

323
00:19:55,479 --> 00:19:59,629
Suze: for maybe an annuity that you had. Maybe you have

324
00:19:59,640 --> 00:20:02,109
Suze: another $2000 a month

325
00:20:02,849 --> 00:20:07,159
Suze: from a pension from work that you have whatever it

326
00:20:07,170 --> 00:20:13,689
Suze: may be. And that comes to a total of $5000.

327
00:20:13,920 --> 00:20:19,639
Suze: So you have 6000 month of needs and you have

328
00:20:19,650 --> 00:20:27,819
Suze: $5000 of guaranteed income that leaves you $1000 a month short.

329
00:20:28,270 --> 00:20:31,880
Suze: I want you to then think about where does that

330
00:20:31,890 --> 00:20:35,660
Suze: $1000 a month come from? If it has to come

331
00:20:35,670 --> 00:20:42,040
Suze: from you selling stock, that's in your retirement accounts or

332
00:20:42,050 --> 00:20:45,810
Suze: wherever it may be. I don't want you in a

333
00:20:45,819 --> 00:20:50,199
Suze: situation where you have to sell stock if the markets

334
00:20:50,209 --> 00:20:51,859
Suze: are down considerably.

335
00:20:52,140 --> 00:20:56,290
Suze: So I want you then to times that $1000 a

336
00:20:56,300 --> 00:21:01,770
Suze: month in this example, by three years is 36 months.

337
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Suze: If I wanted you to have three years, minimum

338
00:21:06,540 --> 00:21:10,420
Suze: of the ability to pay your bills, then I would

339
00:21:10,430 --> 00:21:11,550
Suze: want you

340
00:21:12,199 --> 00:21:20,270
Suze: to simply sell and have $36,000 in cash or a

341
00:21:20,280 --> 00:21:25,750
Suze: money market account within your retirement account. Does that make sense?

342
00:21:25,760 --> 00:21:29,540
Suze: Let's say you wanted a full five years, you know,

343
00:21:29,550 --> 00:21:32,089
Suze: so it could be three years, four years, five years,

344
00:21:32,099 --> 00:21:36,489
Suze: let's say you wanted a full five years. That's 60 months.

345
00:21:37,060 --> 00:21:40,989
Suze: And in this case, that would be $1000 times 60

346
00:21:41,000 --> 00:21:45,030
Suze: which is $60,000. So I only want you to have

347
00:21:45,040 --> 00:21:50,310
Suze: like 36 or $60,000 in cash.

348
00:21:50,780 --> 00:21:54,969
Suze: So that besides your guaranteed income, you have a place

349
00:21:54,979 --> 00:22:00,180
Suze: to go and withdraw that from. Especially if the markets

350
00:22:00,189 --> 00:22:04,109
Suze: are down. When the markets are up, hey, take it

351
00:22:04,119 --> 00:22:08,420
Suze: from your stocks. If we go into a serious down market,

352
00:22:08,709 --> 00:22:12,150
Suze: which I cannot tell you how many of these experts

353
00:22:12,160 --> 00:22:13,609
Suze: said they expect

354
00:22:14,010 --> 00:22:17,920
Suze: some time here. Right? Then that's when you take it

355
00:22:17,930 --> 00:22:20,469
Suze: from the cash. Did that make sense KT?

356
00:22:20,479 --> 00:22:22,379
KT: Yea that made good sense Suze always makes good sense coming from you.

357
00:22:25,140 --> 00:22:27,569
Suze: That means she didn't really quite get it. But anyway,

358
00:22:27,579 --> 00:22:30,709
Suze: KT we're getting late on time. Go on.

359
00:22:30,719 --> 00:22:33,709
KT: This is from Laura and back to your book, Suze,

360
00:22:33,719 --> 00:22:37,599
KT: dear ladies. I've been so excited listening to the podcast,

361
00:22:37,609 --> 00:22:41,250
KT: reading your 50 plus book and feeling like for the

362
00:22:41,260 --> 00:22:46,969
KT: first time in my life, I'm empowered to make financial decisions.

363
00:22:47,060 --> 00:22:49,290
KT: On that note, I made a arrangements

364
00:22:49,571 --> 00:22:54,352
KT: to Zoom with both financial groups holding my money. I'm retired.

365
00:22:54,503 --> 00:22:59,442
KT: Imagine my shock and my growing anger upon discovering that

366
00:22:59,453 --> 00:23:05,132
KT: almost $100,000 that was supposed to be in an account

367
00:23:05,142 --> 00:23:09,162
KT: without a time commitment, was put in a 10 year

368
00:23:09,172 --> 00:23:14,372
KT: fixed annuity that will cost me 10% if I want

369
00:23:14,383 --> 00:23:15,532
KT: to move it. I

370
00:23:15,625 --> 00:23:19,015
KT: did not agree to this action. It was clear by

371
00:23:19,026 --> 00:23:22,526
KT: our discussions that I did not want this kind of account,

372
00:23:22,536 --> 00:23:26,836
KT: nor was I asked. Suze, Do I have of any avenues to

373
00:23:26,845 --> 00:23:29,865
KT: correct this without paying the 10%?

374
00:23:29,994 --> 00:23:35,595
Suze: So you do if you did not sign a discretionary

375
00:23:35,605 --> 00:23:40,956
Suze: account form, which simply means Laura, that your advisors have

376
00:23:40,965 --> 00:23:41,816
Suze: the right

377
00:23:42,439 --> 00:23:45,909
Suze: to do anything they want at their discretion, no matter

378
00:23:45,920 --> 00:23:49,489
Suze: really what you've said to them on some level. However,

379
00:23:49,500 --> 00:23:53,929
Suze: you also given, if it's a big firm and hopefully

380
00:23:53,939 --> 00:23:58,069
Suze: it is, you would go in and speak to the

381
00:23:58,079 --> 00:24:03,250
Suze: manager of that firm along with the financial advisor,

382
00:24:03,750 --> 00:24:07,099
Suze: who will probably back you up and be honest because

383
00:24:07,109 --> 00:24:09,819
Suze: I doubt highly he or she will have the ability

384
00:24:09,829 --> 00:24:13,339
Suze: to lie in front of the manager. And then you

385
00:24:13,349 --> 00:24:16,719
Suze: should say to the manager, I want you to fix this.

386
00:24:16,760 --> 00:24:19,619
Suze: I want all my money back. I do not want

387
00:24:19,630 --> 00:24:22,550
Suze: any penalty. I want interest on that money. If it

388
00:24:22,560 --> 00:24:25,619
Suze: had simply been in a money market account since the

389
00:24:25,630 --> 00:24:28,359
Suze: time that we did it and see what they will

390
00:24:28,369 --> 00:24:32,540
Suze: do for you. You obviously could always sue them.

391
00:24:32,819 --> 00:24:36,300
Suze: I'm not exactly sure that it's worth it and whatever,

392
00:24:36,430 --> 00:24:43,209
Suze: but I would start there and see what you can do. Yes, KT?

393
00:24:44,430 --> 00:24:46,909
KT: So I have one more question and then I think

394
00:24:46,920 --> 00:24:51,479
KT: it's quizzie time. Suze, I heard your podcast concerning leaving

395
00:24:51,489 --> 00:24:55,750
KT: money in my will to an animal companion.

396
00:24:56,170 --> 00:25:00,099
KT: You did not mention in your advice that the states

397
00:25:00,109 --> 00:25:04,270
KT: that have pet trust can be embedded in a will

398
00:25:04,280 --> 00:25:06,020
KT: that are legally binding.

399
00:25:06,260 --> 00:25:09,540
KT: We have one in our wills. This is much better

400
00:25:09,550 --> 00:25:12,589
KT: than just giving someone a lump sum of money and

401
00:25:12,599 --> 00:25:16,170
KT: trusting that it will be used just for their animal companion.

402
00:25:16,250 --> 00:25:18,329
KT: Don't you love that phrase, Suze?

403
00:25:18,339 --> 00:25:22,050
Suze: So, is, is this a podcast people are adding to

404
00:25:22,060 --> 00:25:22,909
Suze: my advice?

405
00:25:22,969 --> 00:25:26,750
KT: Yeah, they are like everyone has like a couple more tips.

406
00:25:26,760 --> 00:25:30,650
KT: So in Michigan where we live, the laws protecting pet

407
00:25:30,660 --> 00:25:35,189
KT: trust to ensure funds in a trust are used just

408
00:25:35,199 --> 00:25:36,050
KT: for the pet.

409
00:25:36,319 --> 00:25:38,280
KT: I hope you can bring this up in one of

410
00:25:38,290 --> 00:25:40,889
KT: your podcasts, Suze, Angela.

411
00:25:40,920 --> 00:25:43,219
Suze: Well, Angela... KT brought it up for you.

412
00:25:43,619 --> 00:25:46,199
KT: I love that she said animal companion.

413
00:25:46,209 --> 00:25:50,000
Suze: Everybody listen to Angela. You know, it's difficult because KT

414
00:25:50,010 --> 00:25:53,849
Suze: and I don't have any animals. We wish we did

415
00:25:53,859 --> 00:25:56,050
Suze: buy a lot, trust me. But we never lived a

416
00:25:56,060 --> 00:25:59,369
Suze: lifestyle where it would have been kind to them. And

417
00:25:59,380 --> 00:26:01,839
Suze: now we live on a private island and it's not

418
00:26:01,849 --> 00:26:04,069
Suze: actually kind for them to live

419
00:26:04,135 --> 00:26:08,464
Suze: here as well because of many reasons. But anyway. All right.

420
00:26:08,474 --> 00:26:12,334
Suze: So now you heard it, although Angela just so we're clear,

421
00:26:12,344 --> 00:26:17,224
Suze: I never said leave a lump sum of money to somebody.

422
00:26:17,234 --> 00:26:20,104
Suze: I said you can always leave it in a trust

423
00:26:20,114 --> 00:26:25,063
Suze: with explicit directions of how that money is to be used,

424
00:26:25,074 --> 00:26:28,984
Suze: which is the same thing that's going to happen truthfully

425
00:26:28,994 --> 00:26:31,885
Suze: on some level in the pet trust

426
00:26:32,160 --> 00:26:35,869
Suze: that you have embedded in your will. All right, KT

427
00:26:36,060 --> 00:26:39,569
Suze: we got to go to quizzie time. Quizzie time is

428
00:26:39,579 --> 00:26:42,449
Suze: where I ask all of you a question

429
00:26:43,089 --> 00:26:46,770
Suze: and you have to think about it and answer it.

430
00:26:47,449 --> 00:26:51,410
Suze: And this is a little bit different, KT, of a

431
00:26:51,420 --> 00:26:54,550
Suze: quizzie because you have to think about it. And I

432
00:26:54,560 --> 00:26:59,219
Suze: decided rather than a purely financial one I chose one

433
00:26:59,229 --> 00:27:01,420
Suze: that's like so many people I'm sure

434
00:27:01,680 --> 00:27:03,369
Suze: are in this situation.

435
00:27:03,400 --> 00:27:03,630
KT: Emotional? 

436
00:27:03,880 --> 00:27:08,800
Suze: Not even emotional. Just what the hell do I do anyway. Hi,

437
00:27:08,810 --> 00:27:12,680
Suze: Suze and KT, thank you so much for your podcast.

438
00:27:12,839 --> 00:27:16,569
Suze: So much bad financial advice is out there. I need

439
00:27:16,579 --> 00:27:16,629
Suze: to

440
00:27:16,805 --> 00:27:24,405
Suze: straightforward and no BS advice like only you can deliver. Yeah, baby. Anyway,

441
00:27:24,555 --> 00:27:28,994
Suze: I need help figuring out my moving conundrum. I have

442
00:27:29,005 --> 00:27:33,514
Suze: too many emotions with each option. I got a divorce

443
00:27:33,525 --> 00:27:37,454
Suze: a couple of years ago, my ex-wife moved with my

444
00:27:37,464 --> 00:27:41,805
Suze: kid who's nine years old, across the country to Tennessee.

445
00:27:42,305 --> 00:27:44,774
Suze: I stayed in Oregon due to my job.

446
00:27:45,150 --> 00:27:50,000
Suze: I'm legally, not totally blind and now on disability and

447
00:27:50,010 --> 00:27:54,619
Suze: I'm currently 53 since I no longer have any ties

448
00:27:54,630 --> 00:27:57,699
Suze: to Oregon. I would like to move to Tennessee to

449
00:27:57,709 --> 00:27:59,119
Suze: be close to my son

450
00:27:59,880 --> 00:28:04,469
Suze: With the equity from my current house, I may be

451
00:28:04,479 --> 00:28:08,339
Suze: able to buy a house in Tennessee for cash. My

452
00:28:08,349 --> 00:28:12,930
Suze: conundrum is I have no place to ship my stuff to.

453
00:28:13,430 --> 00:28:17,729
Suze: So I could either... One... Here's the question everybody. What

454
00:28:17,739 --> 00:28:22,750
Suze: would you do? So would you tell Kevin to move

455
00:28:22,760 --> 00:28:27,469
Suze: his stuff to a storage unit in Oregon until he

456
00:28:27,479 --> 00:28:29,629
Suze: found a house in Tennessee.

457
00:28:30,439 --> 00:28:37,479
Suze: Two ship to a storage unit in Tennessee, three rent

458
00:28:37,489 --> 00:28:42,310
Suze: in Tennessee and ship there for a year. Also, I'd

459
00:28:42,319 --> 00:28:46,290
Suze: like to move before listing my house mainly because I

460
00:28:46,300 --> 00:28:50,689
Suze: don't like people poking around in my stuff. Thoughts on that.

461
00:28:51,140 --> 00:28:56,709
Suze: I would still have some savings 401k/Roth  after buying a house.

462
00:28:57,030 --> 00:29:01,400
Suze: So, what would all of you tell Kevin to do?

463
00:29:01,550 --> 00:29:03,959
KT: I know exactly what I would do. You do? And

464
00:29:03,969 --> 00:29:07,250
KT: I've made some big serious moves from other side of

465
00:29:07,260 --> 00:29:11,939
KT: the world. I made a number of major. We, we've

466
00:29:11,949 --> 00:29:15,550
KT: made many moves together and we've been in this situation

467
00:29:15,560 --> 00:29:17,920
KT: but not, you know, wondering what to do. We've made

468
00:29:17,930 --> 00:29:22,099
KT: the right choices. Ok. So here's what you're gonna do, Kevin,

469
00:29:22,550 --> 00:29:26,180
KT: you're absolutely gonna take everything out and put it in

470
00:29:26,189 --> 00:29:30,430
KT: storage with the best rate you can right there in Oregon.

471
00:29:30,500 --> 00:29:33,270
KT: So you don't have to ship things across the country.

472
00:29:33,469 --> 00:29:37,890
KT: Number two, list that house in my opinion, list the

473
00:29:37,900 --> 00:29:42,060
KT: house and sell it. Then go and rent for a

474
00:29:42,069 --> 00:29:44,579
KT: year to see if you like Tennessee and don't bring

475
00:29:44,589 --> 00:29:48,239
KT: anything with you, but what you need bare essentials. Do

476
00:29:48,250 --> 00:29:51,219
KT: a bare bones move. Here's why Kevin:

477
00:29:51,770 --> 00:29:54,800
KT: you should live for a year without all that stuff

478
00:29:54,810 --> 00:29:59,060
KT: in storage and guess what? You won't miss it. And

479
00:29:59,069 --> 00:30:02,750
KT: I can tell you that from real experience, you usually

480
00:30:02,760 --> 00:30:06,400
KT: don't miss it. You turn the page. You start af

481
00:30:06,410 --> 00:30:10,219
KT: fresh and see if you like Tennessee. There you go.

482
00:30:10,530 --> 00:30:12,329
Suze: Ding, ding, ding, ding, ding, ding, ding.

483
00:30:13,089 --> 00:30:14,770
KT: That's right. We've done that Suze!

484
00:30:15,369 --> 00:30:17,540
Suze: However (wrong answer noise), as well.

485
00:30:17,839 --> 00:30:18,910
KT: What did I get wrong?

486
00:30:18,979 --> 00:30:23,229
Suze: All right. The only thing Kevin, I would tell you is

487
00:30:23,239 --> 00:30:29,650
Suze: don't pay for storage of stuff that you really don't need.

488
00:30:29,969 --> 00:30:30,969
KT: He doesn't want it.

489
00:30:31,329 --> 00:30:35,109
Suze: Yes, he will. When it comes time to you having

490
00:30:35,119 --> 00:30:36,050
Suze: to do this,

491
00:30:36,819 --> 00:30:39,500
Suze: what I want you to do is I want you

492
00:30:39,510 --> 00:30:41,589
Suze: to look at everything and the first thing I want

493
00:30:41,599 --> 00:30:44,689
Suze: you to do is everything that you don't like or

494
00:30:44,699 --> 00:30:47,829
Suze: it gives you a bad feeling or whatever it may be.

495
00:30:48,189 --> 00:30:51,420
Suze: Have a sale, have a garage sale right in front

496
00:30:51,489 --> 00:30:53,300
KT: Or donate, donate...

497
00:30:53,989 --> 00:31:00,160
Suze: Or donate a nonprofit of your choice. That way you will

498
00:31:00,170 --> 00:31:04,439
Suze: have paired down what you keep in storage in Oregon.

499
00:31:04,449 --> 00:31:07,599
Suze: So it would cost you far less because you pay

500
00:31:07,609 --> 00:31:10,859
Suze: according to the size of the storage unit

501
00:31:11,140 --> 00:31:14,300
Suze: that you have to get. So my only change to

502
00:31:14,310 --> 00:31:18,439
Suze: what KT said would be get rid of as much

503
00:31:18,449 --> 00:31:22,630
Suze: stuff as you can before you even put it into storage.

504
00:31:22,920 --> 00:31:27,290
Suze: Knowing that if you do go there, the less stuff

505
00:31:27,300 --> 00:31:30,189
Suze: you have, the less it's gonna cost you to ship

506
00:31:30,199 --> 00:31:32,630
Suze: it there, you might even be able to, who know

507
00:31:32,640 --> 00:31:35,109
Suze: would come back and with a friend have them drive

508
00:31:35,119 --> 00:31:38,430
Suze: you there and haul it all out there yourself. But

509
00:31:38,439 --> 00:31:41,729
Suze: that's what I would do if I were you. All right KT!

510
00:31:43,849 --> 00:31:47,290
KT: That's it. That's it. Let's go fishing.

511
00:31:47,729 --> 00:31:48,699
Suze: Is it nice out?

512
00:31:48,920 --> 00:31:50,979
KT: Yeah, let's go catch some fish.

513
00:31:50,989 --> 00:31:55,599
Suze: All right, we can do that. But anyway, there's only

514
00:31:55,609 --> 00:31:58,989
Suze: one thing that we want you to say every single

515
00:31:59,000 --> 00:32:00,359
Suze: day and it goes like this

516
00:32:00,719 --> 00:32:05,040
Suze: today, wherever I go, I will create...

517
00:32:05,050 --> 00:32:08,520
KT: A more peaceful, joyful, and loving world.

518
00:32:08,530 --> 00:32:16,839
Suze: And if you do that, you will be unstoppable. Bye bye.

519
00:32:22,750 --> 00:32:23,060
Music: (Music Out.)