1 00:00:33,790 --> 00:00:41,930 Suze: September 21st, 2023. We're back. Hi, KT. 2 00:00:41,939 --> 00:00:46,918 KT: Hi Suze. Yeah, we're back. I missed everybody. I miss doing 3 00:00:46,990 --> 00:00:47,740 KT: our podcast 4 00:00:48,150 --> 00:00:52,220 Suze: But we had a couple the best time ever. What 5 00:00:52,229 --> 00:00:53,430 Suze: was your favorite part, KT? 6 00:00:56,590 --> 00:00:56,599 KT: Eating.  That was my favorite part. 7 00:00:57,520 --> 00:00:58,049 Suze: Ask me my favorite. 8 00:00:58,389 --> 00:00:59,189 KT: What was your favorite part? 9 00:00:59,200 --> 00:01:00,389 Suze: Watching you eat. 10 00:01:00,450 --> 00:01:01,729 KT: Oh, my goodness. 11 00:01:02,470 --> 00:01:06,470 KT: I ate everything, everybody. Oh, it was so good. 12 00:01:07,010 --> 00:01:11,330 Suze: But anyway, we are back and everybody. Welcome to the 13 00:01:11,339 --> 00:01:14,620 Suze: Women and Money podcast as well as everybody smart enough 14 00:01:14,629 --> 00:01:20,970 Suze: to listen. This is the Ask KT and Suze anything addition. 15 00:01:20,980 --> 00:01:23,190 Suze: And this is where you write in a question to 16 00:01:23,199 --> 00:01:27,980 Suze: ask Suze Suze podcast at gmail dot com. 17 00:01:28,230 --> 00:01:32,919 Suze: And if KT chooses it, we will answer it on 18 00:01:32,930 --> 00:01:37,690 Suze: this podcast. So, KT, let's get right to it, girl friend. 19 00:01:37,699 --> 00:01:39,119 KT: Are you jet lagged Suze? 20 00:01:39,150 --> 00:01:41,319 Suze: No, I'm not, KT. 21 00:01:41,330 --> 00:01:45,110 KT: All right, here we go. So my first question is, 22 00:01:45,169 --> 00:01:48,839 KT: are generic beneficiaries Ok. 23 00:01:49,360 --> 00:01:52,849 KT: Thank you so much, Suze. For all the wonderful information 24 00:01:52,860 --> 00:01:56,510 KT: you share. After listening to one of your podcast episodes 25 00:01:56,519 --> 00:02:01,730 KT: on beneficiaries, I checked the beneficiary on my Roth IRA 26 00:02:01,860 --> 00:02:06,629 KT: and I noticed something interesting. The primary beneficiary was set 27 00:02:06,639 --> 00:02:11,479 KT: to spouse and specified anyone I'm married to at the 28 00:02:11,490 --> 00:02:14,110 KT: time of my death. Is it ok 29 00:02:14,190 --> 00:02:17,300 KT: to leave this as it is? Or should I update 30 00:02:17,309 --> 00:02:23,359 KT: it to my husband's name? Is this beneficiary designation possible 31 00:02:23,369 --> 00:02:27,600 KT: in other investment accounts? Where only an option with Vanguard? 32 00:02:27,610 --> 00:02:30,880 KT: Thank you in advance for any help you can provide. 33 00:02:31,258 --> 00:02:34,589 Suze: What's interesting is that new laws are now valid in many, 34 00:02:34,600 --> 00:02:38,839 Suze: many states where if you have an ex spouse, 35 00:02:39,330 --> 00:02:43,419 Suze: they're no longer the valid beneficiary of a retirement account. 36 00:02:43,429 --> 00:02:46,508 Suze: If for whatever reason you forgot to change, 37 00:02:46,520 --> 00:02:48,259 KT: Because most people forget... 38 00:02:48,270 --> 00:02:52,490 Suze: Which is why this person is asking about it. So 39 00:02:52,500 --> 00:02:57,460 Suze: whoever it is or the new spouse. Ok. So old 40 00:02:57,470 --> 00:03:01,779 Suze: spouses can't get the money. However, I would still change 41 00:03:01,788 --> 00:03:02,479 Suze: the name 42 00:03:02,508 --> 00:03:04,190 KT: better to put a name in 43 00:03:04,288 --> 00:03:07,110 Suze: and I just, I just would, there's no reason why 44 00:03:07,119 --> 00:03:08,350 Suze: she shouldn't. All right, next 45 00:03:08,360 --> 00:03:08,720 Suze: question. 46 00:03:08,785 --> 00:03:11,994 KT: Ok. This is from Jennifer. Hi Suze. I'm in my 47 00:03:12,005 --> 00:03:15,975 KT: early fifties and my husband is in his late fifties. 48 00:03:16,163 --> 00:03:20,214 KT: We have paid off all debt including, our mortgage, cars 49 00:03:20,225 --> 00:03:24,565 KT: and credit cards. We each have term life insurance for 50 00:03:24,574 --> 00:03:27,755 KT: half a million dollars. We are not sure we can 51 00:03:27,764 --> 00:03:33,913 KT: afford both life and long term health insurance without any debt. 52 00:03:33,925 --> 00:03:38,175 KT: Would you ever recommend ending our monthly life insurance fund 53 00:03:38,669 --> 00:03:41,369 KT: to long term health insurance instead. 54 00:03:41,589 --> 00:03:46,880 Suze: So Jennifer, here's the thing depending on how long ago 55 00:03:46,889 --> 00:03:51,600 Suze: you got the $500,000 of term insurance. I don't think 56 00:03:51,610 --> 00:03:54,339 Suze: it's very expensive for you to have it 57 00:03:54,750 --> 00:03:59,949 Suze: long term care insurance, even in your early fifties and 58 00:03:59,960 --> 00:04:03,850 Suze: late fifties can start to be a whole lot more 59 00:04:03,860 --> 00:04:09,339 Suze: money than term insurance at your age. So the real 60 00:04:09,350 --> 00:04:14,830 Suze: question is - even if you didn't have the term insurance, 61 00:04:14,880 --> 00:04:17,079 Suze: could you afford 62 00:04:17,380 --> 00:04:22,369 Suze: the long term care insurance? Not only right now, but 63 00:04:22,380 --> 00:04:25,390 Suze: all the way until you're at least 84 years of 64 00:04:25,399 --> 00:04:29,390 Suze: age because that is the average age of entry for 65 00:04:29,399 --> 00:04:32,309 Suze: most people into a nursing home. 66 00:04:32,609 --> 00:04:34,618 Suze: And what you don't want to do is get a 67 00:04:34,630 --> 00:04:38,118 Suze: long term care insurance policy. Be able to pay for 68 00:04:38,130 --> 00:04:41,660 Suze: it right now. Five years from now they raise premiums. 69 00:04:41,670 --> 00:04:45,940 Suze: What chances are, they probably will as you then retire, 70 00:04:45,950 --> 00:04:48,459 Suze: you don't quite have as much money and now you 71 00:04:48,470 --> 00:04:50,839 Suze: can't afford it anymore and then you drop it. 72 00:04:51,579 --> 00:04:55,299 Suze: That's not what you want to do. So what I 73 00:04:55,309 --> 00:04:59,190 Suze: would do, Jennifer, if I were you, I would send 74 00:04:59,200 --> 00:05:06,920 Suze: an email to Phyllis Shelton at Phyllis. That's Phyllis Phyllis 75 00:05:07,089 --> 00:05:12,410 Suze: at got LTC I dot com that stands for long 76 00:05:12,420 --> 00:05:19,109 Suze: term care insurance. So Phyllis at Got Gotltc I dot 77 00:05:19,119 --> 00:05:19,769 Suze: com 78 00:05:20,019 --> 00:05:23,989 Suze: and Phyllis is my go to expert on long term 79 00:05:24,000 --> 00:05:27,738 Suze: care insurance. Again, I do not make a penny if 80 00:05:27,750 --> 00:05:31,339 Suze: you use her. This is just simply me being kind 81 00:05:31,350 --> 00:05:33,040 Suze: to refer everybody to her. 82 00:05:33,890 --> 00:05:36,368 KT: She's, she's great. I have it. I have mine with 83 00:05:36,380 --> 00:05:36,709 KT: her 84 00:05:37,238 --> 00:05:41,850 Suze: ... and everything and so contact her, see what it would cost you, 85 00:05:41,880 --> 00:05:42,510 Suze: see if, 86 00:05:42,720 --> 00:05:45,609 Suze: in fact you can afford it. And at this point, 87 00:05:45,619 --> 00:05:48,760 Suze: if you would be fine without the term insurance in 88 00:05:48,769 --> 00:05:51,149 Suze: case one of you died and you would be fine 89 00:05:51,160 --> 00:05:54,010 Suze: financially for the rest of your life, no matter what, 90 00:05:54,059 --> 00:05:56,969 Suze: if you canceled it and then died three days later, 91 00:05:57,089 --> 00:05:59,390 Suze: you know what to do. But that's where I would 92 00:05:59,399 --> 00:06:01,729 Suze: start if I were you KT go! 93 00:06:01,920 --> 00:06:05,320 KT: Ok. Next question, Suze is from CLF, 94 00:06:07,109 --> 00:06:11,309 KT: That's what she wanted. CLF. And the subject was changing broker. 95 00:06:11,320 --> 00:06:15,160 KT: So I love things like this. So, CLF said I've 96 00:06:15,170 --> 00:06:19,070 KT: been using the same broker for 20 plus years. I'm 97 00:06:19,079 --> 00:06:22,690 KT: a long term investor and rarely do much to change 98 00:06:22,700 --> 00:06:26,700 KT: my ETFs or funds. So basically, my broker does very 99 00:06:26,709 --> 00:06:30,529 KT: little for me unless I send her more money to invest. 100 00:06:30,779 --> 00:06:35,369 KT: I've learned so much from you, Suze abot brokers fees. Sadly, 101 00:06:35,380 --> 00:06:38,909 KT: something I did not consider in the past, especially I 102 00:06:38,920 --> 00:06:44,690 KT: guess the past 20 years, my broker charges 1 to 1.5% 103 00:06:44,899 --> 00:06:48,928 KT: to buy an investment. And then again, will charge another... 104 00:06:48,940 --> 00:06:49,250 Suze: You're kidding me. 105 00:06:49,970 --> 00:06:54,980 KT: Wait, let me finish. My broker charges 1 to 1.5% 106 00:06:54,988 --> 00:06:58,010 KT: to buy an investment. And then again, will charge another 107 00:06:58,019 --> 00:07:00,010 KT: 1 to 1 point when I sell them. 108 00:07:00,390 --> 00:07:03,519 KT: Now, this is what CLF wants to do, Suze. I'm 109 00:07:03,529 --> 00:07:07,579 KT: thinking about moving my investments to a no low fee 110 00:07:07,589 --> 00:07:12,380 KT: self managed account with a company like Fidelity or Vanguard. 111 00:07:12,390 --> 00:07:16,040 KT: But I think this is simply a, she's just needs 112 00:07:16,049 --> 00:07:18,869 KT: you to give her a little little shove a little push. 113 00:07:18,890 --> 00:07:21,160 KT: How do I Suze? How do I go about moving 114 00:07:21,170 --> 00:07:24,739 KT: my investment to my new account? And then, 115 00:07:25,089 --> 00:07:28,459 KT: then she's a little bit confused here. Basically. I think 116 00:07:28,489 --> 00:07:31,260 KT: she just has to fire the broker... 117 00:07:31,470 --> 00:07:34,980 Suze: You don't have to do anything with that broker. 118 00:07:34,989 --> 00:07:37,019 KT: She thinks she still has to do 119 00:07:37,029 --> 00:07:40,920 Suze: something. All you have to do. CLF, what do you 120 00:07:40,929 --> 00:07:44,750 Suze: think that stands for anyway? CLF. Right? 121 00:07:45,190 --> 00:07:49,709 Suze: Is go to Fidelity. Open up an account there. They 122 00:07:49,720 --> 00:07:56,250 Suze: will contact your old broker for you and initiate the transfer. 123 00:07:56,260 --> 00:07:59,299 Suze: That's all you have to do. That's simple. You don't 124 00:07:59,309 --> 00:08:01,859 Suze: owe the broker anything you might want to call them 125 00:08:01,869 --> 00:08:04,790 Suze: and let them know after it's done or that you 126 00:08:04,799 --> 00:08:05,220 Suze: are going, 127 00:08:05,440 --> 00:08:08,589 Suze: to be doing it. And if the broker is a 128 00:08:08,600 --> 00:08:14,269 Suze: good honest person, he or she will be good for you. CLF. 129 00:08:14,279 --> 00:08:17,070 Suze: You absolutely don't need to pay me those kind of 130 00:08:17,079 --> 00:08:19,109 Suze: fees when you have what it takes to do it 131 00:08:19,119 --> 00:08:21,720 Suze: on your own. That's all you have to do. It 132 00:08:21,730 --> 00:08:24,299 Suze: couldn't be easier if it tried. And I have to 133 00:08:24,309 --> 00:08:25,299 Suze: say one other thing, 134 00:08:26,010 --> 00:08:31,179 Suze: this is a person that is now owning the power 135 00:08:31,190 --> 00:08:36,979 Suze: to control her destiny, her financial destiny. This person is 136 00:08:36,989 --> 00:08:40,309 Suze: no longer just sitting and going. It's ok. It's what 137 00:08:40,320 --> 00:08:43,809 Suze: I've done for 20 years. I don't know what to do. 138 00:08:43,859 --> 00:08:45,739 Suze: This person has now 139 00:08:46,109 --> 00:08:50,309 Suze: taken her own power to make the most out of 140 00:08:50,320 --> 00:08:56,429 Suze: every dollar she has. So CLF. Good for you. Because that, 141 00:08:56,859 --> 00:09:02,159 Suze: that is the key to being a powerful CLF. I 142 00:09:02,169 --> 00:09:03,659 Suze: don't know if it's a man or a woman. So 143 00:09:03,669 --> 00:09:03,969 Suze: there you go. 144 00:09:04,450 --> 00:09:07,619 KT: It's a woman. It's a woman. CLF. 145 00:09:08,179 --> 00:09:08,559 Suze: We don't know. 146 00:09:08,570 --> 00:09:10,280 KT: It's a woman. It's 147 00:09:10,289 --> 00:09:13,780 KT: CLF. I do. I'm the one that picked this one 148 00:09:14,229 --> 00:09:15,710 Suze: Oh you you know her real name. 149 00:09:15,820 --> 00:09:17,950 KT: And she wants to be called CLF. 150 00:09:18,539 --> 00:09:24,478 Suze: So CLF, you have now taken a major step again 151 00:09:24,489 --> 00:09:29,468 Suze: to own the power to control your destiny. So proud 152 00:09:29,479 --> 00:09:30,919 Suze: of you. So proud. Next, KT! 153 00:09:31,500 --> 00:09:33,309 KT: OK. This one's a little bit 154 00:09:33,950 --> 00:09:38,199 KT: interesting and I hope you understand her position. This is 155 00:09:38,210 --> 00:09:42,880 KT: from Ruth. She said, dear Susie, I'm very uncomfortable with 156 00:09:42,890 --> 00:09:48,640 KT: your stance towards oil. Hm. Moral issues are more important 157 00:09:48,650 --> 00:09:52,340 KT: than earning money. Is there any way I can earn 158 00:09:52,349 --> 00:09:57,020 KT: dividends without ruining our precious earth's environment? 159 00:09:57,280 --> 00:10:02,750 KT: And then she said, but Suze, I love you anyway. Oh, wait, 160 00:10:02,760 --> 00:10:06,309 KT: Suze's not ruining the earth. She's just giving everyone advice 161 00:10:06,320 --> 00:10:07,969 KT: on best dividends out there. 162 00:10:07,979 --> 00:10:12,929 Suze: However, here's the thing, Ruth, I totally understand your stance, 163 00:10:13,080 --> 00:10:15,840 Suze: believe it or not. And I know that KT without 164 00:10:15,849 --> 00:10:19,840 Suze: her even telling me picked this one because KT also 165 00:10:19,849 --> 00:10:24,218 Suze: in the past has had some objections of stocks that 166 00:10:24,229 --> 00:10:25,469 Suze: I had purchased, 167 00:10:25,830 --> 00:10:27,799 Suze: you know, in the cigarette industry. And... 168 00:10:27,880 --> 00:10:29,978 KT: Or that invested in tobacco. 169 00:10:29,989 --> 00:10:31,280 Suze: and she sold them 170 00:10:32,049 --> 00:10:35,409 Suze: and they were making a lot of money and that's fine. 171 00:10:35,419 --> 00:10:40,419 Suze: So the reason why in the past, and even now 172 00:10:40,520 --> 00:10:44,559 Suze: I've been recommending oil stocks is that the markets have 173 00:10:44,570 --> 00:10:48,199 Suze: been very, very confusing. They've been going up, they've been 174 00:10:48,210 --> 00:10:52,020 Suze: going down and at the time I started doing it, 175 00:10:52,210 --> 00:10:54,780 Suze: interest rates were so low, 176 00:10:54,979 --> 00:10:59,209 Suze: the price of oil was so low and I knew 177 00:10:59,219 --> 00:11:02,000 Suze: without a shadow of a doubt that people would make 178 00:11:02,010 --> 00:11:07,109 Suze: a whole lot of money by doing so. And so 179 00:11:07,119 --> 00:11:10,559 Suze: I still think that and the truth is oil that 180 00:11:10,570 --> 00:11:13,849 Suze: I've said was gonna go back up has now gone 181 00:11:13,859 --> 00:11:14,669 Suze: back up. 182 00:11:15,190 --> 00:11:18,500 Suze: And so many of the stocks have gone back up 183 00:11:18,510 --> 00:11:23,039 Suze: as well. But the dividends in the energy companies were 184 00:11:23,049 --> 00:11:27,669 Suze: so much higher by triple what the other companies were 185 00:11:27,679 --> 00:11:30,210 Suze: paying in dividends. That's why I did it. But I, 186 00:11:30,219 --> 00:11:32,738 Suze: so get what you're saying. 187 00:11:32,940 --> 00:11:36,829 Suze: So of course, there are many other stocks that you 188 00:11:36,840 --> 00:11:40,989 Suze: can invest in that pay a high dividend. You have Pfizer, 189 00:11:41,000 --> 00:11:43,770 Suze: you have other ones that are paying four or 5% 190 00:11:43,900 --> 00:11:47,210 Suze: you have ETFs that you can invest in that are 191 00:11:47,219 --> 00:11:52,390 Suze: paying high dividends, all kinds of things. And in the past, 192 00:11:52,400 --> 00:11:52,809 Suze: if you 193 00:11:52,895 --> 00:11:55,934 Suze: listened to all the podcasts, you would have heard me 194 00:11:55,945 --> 00:12:00,445 Suze: recommend certain ETFs that were just for dividends and for 195 00:12:00,455 --> 00:12:05,924 Suze: income that really had nothing to do with just oil companies. 196 00:12:05,934 --> 00:12:10,544 Suze: Although a lot of these ETFs have oil companies in them, 197 00:12:10,765 --> 00:12:12,765 Suze: so I totally get it. 198 00:12:13,599 --> 00:12:17,650 Suze: I support you in that. But the bottom line is 199 00:12:17,659 --> 00:12:18,489 Suze: for me, 200 00:12:18,719 --> 00:12:21,848 Suze: sometimes I have to tell people what to do to 201 00:12:21,859 --> 00:12:25,189 Suze: make them the most when there's no place else to 202 00:12:25,200 --> 00:12:28,809 Suze: invest with 100% surety. KT, next question. 203 00:12:28,840 --> 00:12:34,349 KT: Ok. From Nancy. Hi, Suze and KT. Love your podcast. I'm 204 00:12:34,359 --> 00:12:40,140 KT: 66 and have 1.2 million in a regular IRA as 205 00:12:40,150 --> 00:12:43,489 KT: well as other assets. Should I open a Roth and 206 00:12:43,500 --> 00:12:47,020 KT: start moving money each year to it? And if so 207 00:12:47,030 --> 00:12:47,890 KT: how much 208 00:12:48,219 --> 00:12:51,250 KT: I have a wife but otherwise will leave some money 209 00:12:51,260 --> 00:12:54,950 KT: to friends and family, but mostly to charity. I like 210 00:12:54,960 --> 00:12:59,250 KT: our tax situation now since it's very low. So, what 211 00:12:59,260 --> 00:13:02,228 KT: would be your opinion, Suze? I guess this is about 212 00:13:02,239 --> 00:13:03,049 KT: that Roth. 213 00:13:03,400 --> 00:13:06,729 Suze: Yeah. I have to tell you, Nance that if, in fact 214 00:13:06,739 --> 00:13:10,479 Suze: you're in a currently low tax bracket, great if you 215 00:13:10,489 --> 00:13:12,429 Suze: were gonna convert. However, 216 00:13:12,890 --> 00:13:16,210 Suze: you also say that you're going to leave most of 217 00:13:16,219 --> 00:13:20,969 Suze: this money to who to charity. So if you leave 218 00:13:20,979 --> 00:13:24,169 Suze: this to charity, it's not going to benefit you if 219 00:13:24,179 --> 00:13:27,368 Suze: it's in a Roth because when you leave it to charity, 220 00:13:27,400 --> 00:13:30,219 Suze: they're not gonna have to pay taxes on it. So, 221 00:13:30,229 --> 00:13:34,400 Suze: I have to tell you in your particular situation, I 222 00:13:34,409 --> 00:13:37,400 Suze: don't think that I would be taking money and paying 223 00:13:37,409 --> 00:13:39,210 Suze: taxes on it now 224 00:13:39,520 --> 00:13:43,929 Suze: and converting it. I would probably leave it exactly where 225 00:13:43,940 --> 00:13:47,280 Suze: it is. Take it out as you need to once 226 00:13:47,289 --> 00:13:51,309 Suze: you turn 73 which is the new age that you 227 00:13:51,320 --> 00:13:56,159 Suze: have to start taking money out of a retirement account. 228 00:13:56,299 --> 00:13:58,659 Suze: And I would just let it compound for you at 229 00:13:58,669 --> 00:14:00,229 Suze: this point in time. 230 00:14:00,450 --> 00:14:05,010 Suze: So this is a situation especially given that the majority 231 00:14:05,020 --> 00:14:08,390 Suze: of your money is going to charity. So your beneficiaries 232 00:14:08,400 --> 00:14:11,559 Suze: don't have to worry about taxes. I would not be 233 00:14:11,570 --> 00:14:13,739 Suze: converting at this point in time. 234 00:14:14,469 --> 00:14:15,539 KT: Suze, next questions from Ivan... 235 00:14:15,729 --> 00:14:17,479 Suze: We're not bantering very much today. 236 00:14:18,150 --> 00:14:20,330 KT: No, because we're happy to be back in the studio. 237 00:14:20,950 --> 00:14:24,659 Suze: Because we've just spent two weeks talking to each other 238 00:14:24,669 --> 00:14:27,520 Suze: all day and long, long days. 239 00:14:27,830 --> 00:14:28,739 KT: But you love it 240 00:14:29,090 --> 00:14:30,140 Suze: So much. 241 00:14:30,150 --> 00:14:32,260 KT: So, so this is from Ivan. 242 00:14:32,270 --> 00:14:33,179 Suze: Wait, you didn't? 243 00:14:34,219 --> 00:14:35,380 Suze: I said you loved it. 244 00:14:35,669 --> 00:14:38,590 KT: Yeah, I always loved being with you, especially in Europe. 245 00:14:39,489 --> 00:14:41,590 Suze: Tell everybody how good I was in there. 246 00:14:41,599 --> 00:14:46,380 KT: She was a trooper. She was really, really nervous about 247 00:14:46,390 --> 00:14:49,039 KT: this trip because of, you know, the fact that we've 248 00:14:49,049 --> 00:14:52,419 KT: been really in lockdown for COVID and since the surgery 249 00:14:52,429 --> 00:14:57,080 KT: and the healing and she was really scared about traveling, 250 00:14:57,169 --> 00:15:01,030 KT: climbing all over the Amalfi coast of Italy walking the 251 00:15:01,039 --> 00:15:02,919 KT: Camino again in Spain 252 00:15:03,159 --> 00:15:07,969 KT: and being physical quite honestly. And she was a trooper. 253 00:15:08,090 --> 00:15:14,020 KT: She was like a 21 year old in all ways. So... 254 00:15:15,510 --> 00:15:17,419 Suze: I have no idea what she's talking about. 255 00:15:17,809 --> 00:15:21,960 KT: This. Next question is from Ivan. Hi, Suze and KT. 256 00:15:22,049 --> 00:15:24,299 KT: Thank you for everything you do. You guys are a 257 00:15:24,309 --> 00:15:28,690 KT: wonderful couple. See, Suze, you've helped me immensely in my 258 00:15:28,700 --> 00:15:29,880 KT: financial life. 259 00:15:29,890 --> 00:15:32,520 Suze: Wait, wait, I have to say something before you go on. 260 00:15:32,530 --> 00:15:36,909 Suze: Since you just said that. So on September 8th, it 261 00:15:36,919 --> 00:15:42,119 Suze: was our anniversary, our wedding anniversary because we got married 262 00:15:42,130 --> 00:15:44,799 Suze: in 2010 in South Africa. 263 00:15:45,039 --> 00:15:48,130 Suze: And so it was our 13th wedding anniversary. 264 00:15:49,239 --> 00:15:49,989 KT: But our 23rd year. 265 00:15:50,679 --> 00:15:53,159 Suze: Yes. But still right now tell everybody, KT... 266 00:15:53,359 --> 00:15:54,869 KT: They don't know what you did? 267 00:15:54,880 --> 00:15:55,409 Suze: I don't know if they do. 268 00:15:56,640 --> 00:15:57,489 KT: You want me to tell them? 269 00:15:57,599 --> 00:15:57,909 Suze: Yes. 270 00:15:57,979 --> 00:16:00,289 KT: All right, Ivan, I'm going to put this on hold. 271 00:16:00,299 --> 00:16:03,570 KT: All right. So Suze and I just get to Madrid. 272 00:16:03,580 --> 00:16:07,210 KT: We wake up, we're still a little bit jetlagged and 273 00:16:07,219 --> 00:16:10,969 KT: we were told the night before that at 10 o'clock, 274 00:16:10,979 --> 00:16:12,270 KT: we had to go down 275 00:16:12,479 --> 00:16:16,109 KT: and have breakfast and usually it's a big buffet breakfast 276 00:16:16,119 --> 00:16:19,349 KT: that all the hotels in Europe offer. And I'm like, 277 00:16:19,359 --> 00:16:22,570 KT: why at 10? And we were told that there was 278 00:16:22,580 --> 00:16:25,239 KT: things changed since COVID. So I figured, all right, I'll 279 00:16:25,250 --> 00:16:28,400 KT: go with the flow. So Suze and I wake up 280 00:16:28,409 --> 00:16:30,260 KT: and I said, well, let's just run down and get 281 00:16:30,270 --> 00:16:32,260 KT: a coffee and a light breakfast and then we'll come 282 00:16:32,270 --> 00:16:33,270 KT: up and unpack. 283 00:16:33,710 --> 00:16:37,500 KT: I had on my fishing shirt, a pair of, you know, 284 00:16:37,510 --> 00:16:43,380 KT: little stretch pants, flip flops and no makeup sunglasses and 285 00:16:43,390 --> 00:16:47,460 KT: my hair was a mess. We go down and as 286 00:16:47,469 --> 00:16:51,179 KT: we are greeted by the hostess, she takes our name 287 00:16:51,190 --> 00:16:53,799 KT: and her eyes lit up. She said this way, I said, 288 00:16:53,809 --> 00:16:57,030 KT: we can sit right here and Suze said, let's sit outside. 289 00:16:57,099 --> 00:17:00,460 KT: It's really nice on the terrace. So we go to 290 00:17:00,469 --> 00:17:01,299 KT: a room 291 00:17:01,590 --> 00:17:04,619 KT: and as we walk through the door, there's a table 292 00:17:04,630 --> 00:17:08,629 KT: set with balloons all around it. And this and a 293 00:17:08,640 --> 00:17:12,989 KT: big heart balloon in gold that said, congratulations, Suze and 294 00:17:13,000 --> 00:17:19,989 KT: KT Happy anniversary and 13th, 13th and rose petals scattered everywhere, 295 00:17:20,229 --> 00:17:26,140 KT: chilled champagne and a beautiful, beautiful assortment of sweets and cakes. 296 00:17:26,510 --> 00:17:29,119 KT: I sit, I look at Suze. I said, are you 297 00:17:29,130 --> 00:17:34,060 KT: kidding me? This is for us. And so she had 298 00:17:34,069 --> 00:17:38,400 KT: set this up before we even got to Spain long before. 299 00:17:38,540 --> 00:17:41,239 KT: I sit down. And I said, Suze, I don't even 300 00:17:41,250 --> 00:17:44,319 KT: have makeup on because the hostess of course, wanted to 301 00:17:44,329 --> 00:17:47,739 KT: take a photo. But wait the best is yet to come. 302 00:17:48,239 --> 00:17:52,579 KT: All of a sudden, this opera singing starts to come 303 00:17:52,589 --> 00:17:55,939 KT: in through the door behind me. I turn around, there's 304 00:17:55,949 --> 00:18:00,630 KT: three opera singers singing at the top of their lungs 305 00:18:00,640 --> 00:18:04,969 KT: in this restaurant. Now all eyes are on KT and Suze. 306 00:18:05,020 --> 00:18:07,579 KT: Both of us look kind of seedy and right off 307 00:18:07,750 --> 00:18:11,849 KT: the island. All eyes are on us. They're singing all these 308 00:18:11,859 --> 00:18:14,139 KT: romantic Spanish songs. 309 00:18:14,150 --> 00:18:14,260 Suze: Well they sang Happy Anniversary first... 310 00:18:14,819 --> 00:18:15,239 KT: And then they sang Besame Mucho. 311 00:18:19,109 --> 00:18:22,020 Suze: Right and KT loved that. But the reason that I 312 00:18:22,030 --> 00:18:25,640 Suze: wanted her to tell that story is that here we 313 00:18:25,650 --> 00:18:30,188 Suze: are in Spain in this restaurant where there were all 314 00:18:30,199 --> 00:18:33,448 Suze: these people that didn't know who we were. Most of 315 00:18:33,459 --> 00:18:36,699 Suze: them didn't speak any English. Plus the wait staff, 316 00:18:37,099 --> 00:18:38,270 Suze: everybody 317 00:18:38,280 --> 00:18:40,750 Suze: had tears and starts to cry. 318 00:18:41,189 --> 00:18:43,599 KT: It was so beautiful, I think because the two old 319 00:18:43,609 --> 00:18:47,030 KT: ladies were so happy and we danced a little, I 320 00:18:47,040 --> 00:18:48,030 KT: asked you to dance with me. 321 00:18:48,310 --> 00:18:52,219 Suze: And so I loved that. So what brought me back 322 00:18:52,229 --> 00:18:55,560 Suze: to that was Ivan been saying that we make such 323 00:18:55,569 --> 00:18:56,520 Suze: a great couple 324 00:18:57,310 --> 00:19:01,359 Suze: and we do so thank you for acknowledging it, but 325 00:19:01,369 --> 00:19:04,010 Suze: that was such a great, great day 326 00:19:04,540 --> 00:19:06,208 KT: Can you post some of that on the wall? 327 00:19:06,500 --> 00:19:08,790 Suze: I think I did, but I can try again. 328 00:19:09,550 --> 00:19:13,310 KT: Yeah, look for it. It's really, it was beautiful. She's so romantic 329 00:19:13,689 --> 00:19:18,229 KT: in between the banter. She's very romantic. Ok. So back 330 00:19:18,239 --> 00:19:21,660 KT: to Ivan, he's writing to ask us what he should 331 00:19:21,670 --> 00:19:23,310 KT: do about his condo, 332 00:19:23,750 --> 00:19:29,349 KT: Suze, I'm going to be assessed $40,000 for structural repair bills. 333 00:19:29,359 --> 00:19:34,280 KT: That the HOA that's the Homeowners Association never saved up for. 334 00:19:34,290 --> 00:19:39,199 KT: My condo is worth about 215,000. He originally bought it 335 00:19:39,209 --> 00:19:44,920 KT: for 175. He has 90,000 remaining in his mortgage. My 336 00:19:44,930 --> 00:19:47,280 KT: goal was to pay off the mortgage over the next 337 00:19:47,290 --> 00:19:48,060 KT: 10 years. 338 00:19:48,459 --> 00:19:53,829 KT: I'll be 50 years old in September 2025. But this 339 00:19:53,839 --> 00:19:58,810 KT: puts a huge dent in my plan and home value. Frankly, Suze, 340 00:19:58,819 --> 00:20:02,169 KT: I'm just really angry at having to pay for things 341 00:20:02,180 --> 00:20:06,069 KT: that should have been paid for by past owners. I 342 00:20:06,079 --> 00:20:09,359 KT: have lived here for 18 years. I've never missed a 343 00:20:09,369 --> 00:20:13,550 KT: payment even through the financial crisis when my neighbors were 344 00:20:13,560 --> 00:20:17,329 KT: foreclosing and defaulting on condo maintenance. 345 00:20:17,719 --> 00:20:20,770 KT: It's my first and only home I have ever made 346 00:20:20,780 --> 00:20:24,319 KT: for myself. Moving would be hard and rents are very 347 00:20:24,329 --> 00:20:28,670 KT: high out here. What are your thoughts? So, so what should he do? 348 00:20:29,339 --> 00:20:33,430 Suze: Here's what I think truthfully most of the time, Ivan, 349 00:20:33,510 --> 00:20:36,889 Suze: when you assess such a large amount of money and 350 00:20:36,900 --> 00:20:43,010 Suze: $40,000 is a large amount of money, they usually just 351 00:20:43,020 --> 00:20:47,489 Suze: allow you to pay it little by little over time. 352 00:20:47,959 --> 00:20:50,890 Suze: So it's not as if they expect you or can 353 00:20:50,900 --> 00:20:55,910 Suze: expect you to come up with $40,000. So they probably 354 00:20:55,920 --> 00:20:59,760 Suze: will let you finance it and add it into your 355 00:20:59,770 --> 00:21:05,410 Suze: monthly payments. The truth is you've lived there for 18 356 00:21:05,420 --> 00:21:06,189 Suze: years 357 00:21:06,619 --> 00:21:11,410 Suze: and most condos after, especially if you're in Florida or 358 00:21:11,420 --> 00:21:16,810 Suze: places like that after 20 years, 25 years, many of 359 00:21:16,819 --> 00:21:20,949 Suze: them need structural repairs. So you can look at this 360 00:21:20,959 --> 00:21:25,140 Suze: and be angry about it or you could be grateful 361 00:21:25,150 --> 00:21:26,409 Suze: that the condo 362 00:21:26,479 --> 00:21:30,839 Suze: is actually repairing the building that your home is in. 363 00:21:31,060 --> 00:21:34,050 Suze: So there isn't a major collapse like there was in 364 00:21:34,060 --> 00:21:38,770 Suze: Florida a year ago where many people lost their lives. 365 00:21:38,780 --> 00:21:43,119 Suze: The whole building came down and not that far from 366 00:21:43,130 --> 00:21:46,250 Suze: where KT and I live in Florida. 367 00:21:46,750 --> 00:21:51,459 Suze: So you could sell if you wanted to possibly buy 368 00:21:51,469 --> 00:21:55,560 Suze: another condo. If you wanted to. But again, maybe that 369 00:21:55,569 --> 00:21:59,170 Suze: will happen to you in your new condo as well. 370 00:21:59,180 --> 00:22:02,640 Suze: Plus you say this would be hard on you. So, 371 00:22:03,260 --> 00:22:05,650 Suze: buck up my dear Ivan 372 00:22:05,969 --> 00:22:10,890 Suze: and talk to your Homeowners Association as to how can 373 00:22:10,900 --> 00:22:14,060 Suze: you finance this? So you don't have to take it 374 00:22:14,069 --> 00:22:18,150 Suze: out of your savings and things like that. It's just 375 00:22:18,160 --> 00:22:21,959 Suze: the cost of living there. Plus when you do go 376 00:22:21,969 --> 00:22:22,719 Suze: to sell it 377 00:22:23,119 --> 00:22:26,770 Suze: and now they see that the building has been repaired, 378 00:22:26,890 --> 00:22:31,349 Suze: chances are your condo will be worth actually more money 379 00:22:31,359 --> 00:22:35,810 Suze: than it's probably worth right now. So I would stay there. 380 00:22:35,819 --> 00:22:38,699 Suze: I would do a financing situation if I were you. 381 00:22:38,920 --> 00:22:43,079 Suze: And that's just it. That's what you need to do. 382 00:22:43,140 --> 00:22:46,430 KT: All right. Ok. Next question is from Jackie. 383 00:22:46,680 --> 00:22:50,900 KT: Hi, Suze and KT. I noticed that Alliant has a kid 384 00:22:50,910 --> 00:22:55,050 KT: savings account for kids up to 12 years old. Why 385 00:22:55,060 --> 00:22:58,959 KT: is there no teen savings account? I have teenagers and 386 00:22:58,969 --> 00:23:01,650 KT: I was unable to open an account for them. 387 00:23:04,420 --> 00:23:07,359 Suze: What you need to do, Jackie is go to my 388 00:23:07,859 --> 00:23:09,750 Suze: alliant dot com, 389 00:23:10,069 --> 00:23:16,040 Suze: myalliant dot com. And when you go there, you will 390 00:23:16,050 --> 00:23:16,869 Suze: see 391 00:23:17,239 --> 00:23:21,930 Suze: three choices that you can pick. One of them says 392 00:23:21,939 --> 00:23:28,650 Suze: kids and teens savings. So you can do a teen account. 393 00:23:28,800 --> 00:23:31,829 Suze: They've divided it and truthfully, I have no idea why 394 00:23:31,839 --> 00:23:35,969 Suze: they divided it into, you know, from whatever age to 395 00:23:35,979 --> 00:23:40,089 Suze: 12 and from 12 up to 17. I don't know why, 396 00:23:40,099 --> 00:23:40,989 Suze: but they did 397 00:23:41,319 --> 00:23:46,119 Suze: and you can do it. So go back and you'll see. Absolutely. 398 00:23:46,130 --> 00:23:49,119 Suze: You can do that. And by the way, this offer 399 00:23:49,130 --> 00:23:53,010 Suze: is only good till the end of this year. And 400 00:23:53,020 --> 00:23:56,920 Suze: that is where if you have an ultimate opportunity, savings 401 00:23:56,930 --> 00:24:00,819 Suze: account of your own, where you put $100 a month 402 00:24:00,829 --> 00:24:03,699 Suze: away in and you got the $100 or you just 403 00:24:03,709 --> 00:24:06,989 Suze: have the ultimate opportunity, opportunity savings account. You now can 404 00:24:07,000 --> 00:24:09,639 Suze: open up one for your kid. 405 00:24:10,020 --> 00:24:12,589 Suze: So they put in $100 a month or you do 406 00:24:12,599 --> 00:24:17,630 Suze: it for them, they get $100 after 12 months. Now, 407 00:24:17,969 --> 00:24:21,188 Suze: that's a deal that you're not gonna find anywhere else. 408 00:24:21,199 --> 00:24:25,449 Suze: If you don't already have an ultimate opportunity savings account 409 00:24:25,569 --> 00:24:28,599 Suze: and you want to do it for your kid, you 410 00:24:28,609 --> 00:24:31,800 Suze: first have to open it up for yourself, then you 411 00:24:31,810 --> 00:24:33,689 Suze: can do it for your kids and you can make 412 00:24:33,699 --> 00:24:36,989 Suze: finances a family affair. You should so 413 00:24:37,229 --> 00:24:40,849 Suze: take advantage of it. I can't even tell you. All right, KT. 414 00:24:41,410 --> 00:24:45,329 KT: Ok, next is from Rachel. Hi, Suze and KT, can you 415 00:24:45,339 --> 00:24:51,089 KT: talk about restricted stock units? Let's call them RSUs. She 416 00:24:51,099 --> 00:24:54,619 KT: said I was granted RSUs. last year and this year 417 00:24:54,630 --> 00:24:58,260 KT: as part of my compensation and Suze, I think everyone 418 00:24:58,270 --> 00:25:01,500 KT: should know that this is becoming more of a frequent, 419 00:25:02,040 --> 00:25:04,000 KT: especially with young employees 420 00:25:04,180 --> 00:25:07,500 Suze: With valuable employees, not just young employees. 421 00:25:08,000 --> 00:25:10,939 KT: I was granted RSUs last year and this year as part 422 00:25:10,949 --> 00:25:15,040 KT: of my compensation they vest over four years. Can you 423 00:25:15,050 --> 00:25:19,630 KT: talk about how these work? What are the tax implications? 424 00:25:19,775 --> 00:25:23,344 KT: Do I need to hold the stocks? Granted for a 425 00:25:23,354 --> 00:25:27,994 KT: period of time to reduce the tax impact? Also? What 426 00:25:28,005 --> 00:25:32,104 KT: are your thoughts? This, this, this, I never heard Golden handcuffs. 427 00:25:32,114 --> 00:25:38,604 Suze: Yeah. So basically a golden handcuff. Everybody is a corporation 428 00:25:38,614 --> 00:25:41,964 Suze: hires you and they don't want you to leave. 429 00:25:42,439 --> 00:25:46,430 Suze: So it's called a golden handcuff where they offer you 430 00:25:46,439 --> 00:25:50,829 Suze: money that you're able to get or stock options in 431 00:25:50,839 --> 00:25:55,189 Suze: the company or grants in the company for stocks that 432 00:25:55,199 --> 00:25:57,849 Suze: vest over a period of time. 433 00:25:58,290 --> 00:26:02,260 Suze: So you only get that money if you stay with 434 00:26:02,270 --> 00:26:05,640 Suze: them for four years or five years, they don't want 435 00:26:05,650 --> 00:26:09,879 Suze: to just give it to you and then you leave. So, Rachel, 436 00:26:09,890 --> 00:26:16,609 Suze: basically restricted stock units have a vesting period, which means 437 00:26:16,619 --> 00:26:19,800 Suze: you cannot sell them till they are vested. 438 00:26:20,189 --> 00:26:26,160 Suze: So let's just say you had 1000 restricted stock units. 439 00:26:26,329 --> 00:26:30,369 Suze: The reason they're restricted is because if you have a 440 00:26:30,380 --> 00:26:32,119 Suze: four year vesting period 441 00:26:32,719 --> 00:26:41,329 Suze: and you have 1000 RSUs, 250 will vest every year 442 00:26:42,000 --> 00:26:48,729 Suze: once they vest every year, you absolutely can sell them. 443 00:26:48,959 --> 00:26:52,310 Suze: So after the first year, you could sell those 250. 444 00:26:52,319 --> 00:26:56,030 Suze: If you wanted to the other 750 that you have 445 00:26:56,040 --> 00:26:59,859 Suze: to wait another year and another year and another year 446 00:26:59,869 --> 00:27:01,430 Suze: for all of them to vest, 447 00:27:01,739 --> 00:27:05,050 Suze: you just have to wait till they're vested to sell them. 448 00:27:05,239 --> 00:27:09,030 Suze: What you need to know is that once they vest 449 00:27:09,430 --> 00:27:15,170 Suze: income tax is owed on them and usually you will 450 00:27:15,180 --> 00:27:20,800 Suze: owe ordinary income tax on the difference between what they 451 00:27:20,810 --> 00:27:23,630 Suze: were worth when you got them and what they're worth 452 00:27:23,640 --> 00:27:25,530 Suze: when they vest 453 00:27:25,939 --> 00:27:28,420 Suze: and you can decide, do you sell them right then 454 00:27:28,430 --> 00:27:32,280 Suze: and there ordinary income or do you hold them for 455 00:27:32,290 --> 00:27:36,099 Suze: at least a year after they vested where, then if 456 00:27:36,109 --> 00:27:38,160 Suze: you were to sell them, it would be done as 457 00:27:38,170 --> 00:27:42,050 Suze: capital gains. But you take a risk if they happen 458 00:27:42,060 --> 00:27:43,709 Suze: to go down as well. 459 00:27:44,189 --> 00:27:48,899 KT: Why. I mean, what would you do? Sell them? 460 00:27:48,949 --> 00:27:52,670 Suze: It depends on the company. Depends on the future. If 461 00:27:52,680 --> 00:27:55,089 Suze: it were like a stock like Apple, 462 00:27:55,359 --> 00:27:58,430 Suze: I would probably hold them if it was a new 463 00:27:58,439 --> 00:28:02,079 Suze: up and coming IPO and she happened to get them 464 00:28:02,290 --> 00:28:05,169 Suze: and who knows what the future is of the company. 465 00:28:06,069 --> 00:28:09,699 Suze: And I would probably then sell them right away. Yeah. 466 00:28:10,810 --> 00:28:13,619 Suze: But that's essentially how they work 467 00:28:14,530 --> 00:28:17,339 KT: Yeah, Rachel, you're not alone there. I always find those 468 00:28:17,349 --> 00:28:23,099 KT: deals confusing. So next is, who's right? Who's wrong? That's 469 00:28:23,109 --> 00:28:26,739 KT: the title here. That's what made me pick this one. Hi, Suze. 470 00:28:26,750 --> 00:28:30,180 KT: As I type that subject line, I realized that could 471 00:28:30,189 --> 00:28:32,810 KT: be a new feature on your show. Good. 472 00:28:32,819 --> 00:28:33,949 Suze: Let's make this our quizzie. 473 00:28:34,229 --> 00:28:37,339 KT: All right. All right. I hope all is well with you. 474 00:28:37,349 --> 00:28:39,760 KT: And KT your opinion, please. 475 00:28:40,089 --> 00:28:45,540 KT: I'm almost finished with paying off my student loans. $3000 balance. 476 00:28:45,550 --> 00:28:47,160 Suze: Good, good, good. 477 00:28:47,170 --> 00:28:50,219 KT: I am current on all bills and I'm working on 478 00:28:50,229 --> 00:28:54,239 KT: building up my emergency savings. My mom took out for 479 00:28:54,250 --> 00:28:59,420 KT: a $40,000 student loan when I was 18 and since 480 00:28:59,430 --> 00:29:04,400 KT: she's let the balance balloon to nearly 70,000 by only 481 00:29:04,410 --> 00:29:09,739 KT: paying about 100 or $100 or so per month. Now 482 00:29:10,199 --> 00:29:13,969 KT: mom wants me to pay it all off for her. 483 00:29:14,369 --> 00:29:17,650 KT: I refuse to put this balance in my name because 484 00:29:17,660 --> 00:29:21,560 KT: it will hinder my borrowing ability. I'm also wrapping up 485 00:29:21,569 --> 00:29:25,130 KT: my divorce and as a single mom in New York, 486 00:29:25,140 --> 00:29:28,199 KT: I don't have to tell you how expensive life is 487 00:29:28,219 --> 00:29:31,390 KT: even when just maintaining needs. Not once 488 00:29:31,739 --> 00:29:36,050 KT: as such, I'm not only working full time. I just 489 00:29:36,060 --> 00:29:39,000 KT: started my own company to bring in more money. My 490 00:29:39,010 --> 00:29:44,260 KT: mom has zero long term care insurance despite my prodding 491 00:29:44,349 --> 00:29:46,930 KT: and it looks like I'll need to shelter my parents 492 00:29:46,939 --> 00:29:51,930 KT: one day soon too as they're renting at this late stage, Suze, 493 00:29:51,939 --> 00:29:54,390 KT: who is right and who is wrong? 494 00:29:54,939 --> 00:29:58,369 KT: I am frustrated mom let the interest balloon on this 495 00:29:58,380 --> 00:30:01,390 KT: balance while she drove around in a newly leased car 496 00:30:01,400 --> 00:30:05,459 KT: year after year. Perhaps she's always thought someone would swoop 497 00:30:05,469 --> 00:30:09,239 KT: in and take care of this balance. I'm happy to 498 00:30:09,250 --> 00:30:12,939 KT: help by logging in and paying down some of this balance. 499 00:30:12,949 --> 00:30:18,319 KT: Every month but not take on this debt in my name. I, I'm, 500 00:30:18,329 --> 00:30:19,790 KT: I'm mad about this. 501 00:30:20,800 --> 00:30:21,390 Suze: Why KT? 502 00:30:21,400 --> 00:30:23,329 KT: Because, I think quite honestly 503 00:30:24,319 --> 00:30:27,109 KT: if she knew that her mother took this loan out 504 00:30:27,119 --> 00:30:31,800 KT: for her, why did it take her 18 years later 505 00:30:32,089 --> 00:30:35,569 KT: to have this conversation with mom? Why? 506 00:30:35,959 --> 00:30:37,209 Suze: Well, here's the thing. 507 00:30:37,400 --> 00:30:38,579 KT: No, no, no, Suze. Why? 508 00:30:38,739 --> 00:30:42,079 Suze: I can't answer that for you. I'm not this person, 509 00:30:42,339 --> 00:30:46,500 Suze: but here's what I am but you can't say something's wrong. KT, 510 00:30:47,119 --> 00:30:51,280 Suze: unless you really, really know everything that this person has 511 00:30:51,290 --> 00:30:56,199 Suze: gone through. So for instance, this person has recently gone 512 00:30:56,209 --> 00:30:59,250 Suze: through a divorce, who knows what was going on in 513 00:30:59,260 --> 00:31:02,849 Suze: her individual life at that time. For all those years. 514 00:31:02,869 --> 00:31:05,689 Suze: We don't know how long this person was married for 515 00:31:05,739 --> 00:31:10,810 Suze: number one. Number two, maybe mom said, don't worry about it, sweetheart. 516 00:31:10,819 --> 00:31:12,310 Suze: I'm taking care of it 517 00:31:12,890 --> 00:31:16,810 Suze: and never let her know that she wasn't and only 518 00:31:16,819 --> 00:31:21,020 Suze: putting $100 towards it. Never knowing that the balance was 519 00:31:21,030 --> 00:31:24,930 Suze: going to balloon. However, this is what I would say, 520 00:31:25,229 --> 00:31:30,380 Suze: which is doesn't matter that mom was leasing a car 521 00:31:30,439 --> 00:31:34,430 Suze: and driving around. Maybe mom wanted to be secure knowing 522 00:31:34,439 --> 00:31:36,869 Suze: that she had a brand new car because she was 523 00:31:36,880 --> 00:31:39,839 Suze: afraid that maybe it would break down as a lot 524 00:31:39,849 --> 00:31:41,550 Suze: of elderly women are 525 00:31:42,079 --> 00:31:44,810 Suze: so they constantly get a new car so they have 526 00:31:44,819 --> 00:31:48,650 Suze: the latest safety features on it because KT is giving 527 00:31:48,660 --> 00:31:52,170 Suze: me a look. But it's true. KT, wait right. It's 528 00:31:52,180 --> 00:31:54,410 Suze: I need you to be compassionate here. 529 00:31:55,260 --> 00:31:59,550 Suze: You know, because we can't sit in judgment of people 530 00:31:59,560 --> 00:32:03,969 Suze: without knowing a whole lot about them. So this is 531 00:32:03,979 --> 00:32:07,900 Suze: what I would say here. I would not put it 532 00:32:07,910 --> 00:32:13,550 Suze: in your name. You don't need to. However, this $40,000 533 00:32:13,810 --> 00:32:20,290 Suze: loan was originally to put you through college and you 534 00:32:20,300 --> 00:32:22,869 Suze: have to be smart enough if you're starting your own 535 00:32:22,880 --> 00:32:23,849 Suze: business 536 00:32:24,099 --> 00:32:27,890 Suze: that you should have stayed in touch with. How was 537 00:32:27,900 --> 00:32:32,869 Suze: mom paying this off? You also say in this email 538 00:32:32,880 --> 00:32:36,130 Suze: that probably you're going to have to take care of 539 00:32:36,140 --> 00:32:41,489 Suze: them later on in life. So if you don't help mom, 540 00:32:41,500 --> 00:32:42,869 Suze: now with this, 541 00:32:43,219 --> 00:32:47,900 Suze: the $40,000 is gonna balloon to 70 is going to 542 00:32:47,910 --> 00:32:52,589 Suze: balloon to 80 to 90 $100,000. And then they have 543 00:32:52,599 --> 00:32:59,180 Suze: the legal authority of garnishing the social security checks from mom, 544 00:32:59,319 --> 00:33:04,890 Suze: which then will make it harder on mom and dad 545 00:33:04,900 --> 00:33:06,989 Suze: if there's two people involved here 546 00:33:07,260 --> 00:33:10,109 Suze: and now you're really gonna have to step in and 547 00:33:10,119 --> 00:33:15,670 Suze: help them sooner than you think you're going to have to. Anyway. Therefore, 548 00:33:16,380 --> 00:33:20,469 Suze: I would go online. I would start to pay it down. 549 00:33:20,969 --> 00:33:23,770 Suze: I would do whatever I can with mom to say. 550 00:33:23,780 --> 00:33:27,329 Suze: All right mom sit down with her rather than being 551 00:33:27,339 --> 00:33:33,369 Suze: mad at her mom. How much can you pay towards this? 552 00:33:33,380 --> 00:33:37,060 Suze: Not $100 a month? But can you pay two or 553 00:33:37,069 --> 00:33:41,060 Suze: $300 a month? Towards this, I can match whatever it 554 00:33:41,069 --> 00:33:43,589 Suze: is that you pay towards it, 555 00:33:44,010 --> 00:33:47,140 Suze: but she has to pay you, you pay it to 556 00:33:47,150 --> 00:33:49,140 Suze: make sure that it's being paid down 557 00:33:50,099 --> 00:33:54,010 Suze: and that's how you can do it. The other thing is, 558 00:33:54,020 --> 00:33:56,849 Suze: I don't know your income, but if you did put 559 00:33:56,859 --> 00:34:00,130 Suze: it in your name, it was a federal loan and 560 00:34:00,140 --> 00:34:03,109 Suze: all you could go under the save program 561 00:34:03,619 --> 00:34:09,409 Suze: that now has been instituted by the Biden administration, which 562 00:34:09,419 --> 00:34:12,290 Suze: is the best way to pay off a student loan. 563 00:34:12,360 --> 00:34:16,169 Suze: It's not available for parent plus loans, but it is 564 00:34:16,179 --> 00:34:21,310 Suze: available for somebody like you. So put your pride away. 565 00:34:22,148 --> 00:34:25,759 Suze: Look at what is the best way to pay this 566 00:34:25,768 --> 00:34:26,538 Suze: off 567 00:34:27,199 --> 00:34:29,529 Suze: and it might be better for you to put it 568 00:34:29,540 --> 00:34:35,129 Suze: in your name if it would qualify for the Save program. 569 00:34:35,280 --> 00:34:40,070 Suze: So don't be angry, don't judge her. 570 00:34:40,409 --> 00:34:43,939 Suze: It's hard when you get old, love her up because 571 00:34:43,949 --> 00:34:47,360 Suze: trust me, there will come a day when she's not 572 00:34:47,370 --> 00:34:51,649 Suze: here anymore that you will say to yourself. Uh Why 573 00:34:51,659 --> 00:34:55,870 Suze: was I so judgmental? Why was I so hard on her? Why, why, 574 00:34:55,879 --> 00:34:57,279 Suze: why she's your mama? 575 00:34:57,580 --> 00:35:03,379 Suze: Love her up now while you can. Alright KT that 576 00:35:03,389 --> 00:35:04,219 Suze: brings us to the end? 577 00:35:04,639 --> 00:35:08,310 KT: I... I think that was great advice. I, I agree with that 578 00:35:08,320 --> 00:35:10,529 KT: that they should make peace and figure it out. 579 00:35:11,229 --> 00:35:14,709 Suze: Yeah, talk with one another, talk with, with each other 580 00:35:14,719 --> 00:35:16,250 Suze: because this happened because... 581 00:35:16,449 --> 00:35:17,590 KT: It's not right or wrong. 582 00:35:17,600 --> 00:35:21,270 KT: It's called Family and let's make it work. 583 00:35:21,560 --> 00:35:23,110 Suze: Yeah, that's good. KT 584 00:35:23,699 --> 00:35:23,969 KT: It's not, right or wrong 585 00:35:24,254 --> 00:35:27,125 KT: it's called Family. Ok, Suze, let's wrap it up. 586 00:35:27,135 --> 00:35:31,405 Suze: All right. Everybody, I hope you're happy to have us back. 587 00:35:31,415 --> 00:35:32,415 KT: Of course they are. 588 00:35:32,425 --> 00:35:36,445 Suze: And until Sunday when I don't have a clue what 589 00:35:36,455 --> 00:35:39,165 Suze: I'm gonna be doing yet, let's see what happens this 590 00:35:39,175 --> 00:35:41,945 Suze: week in the markets and with the economy, I need 591 00:35:41,955 --> 00:35:45,074 Suze: a little while now to catch up on things. There's 592 00:35:45,084 --> 00:35:48,155 Suze: really only one thing that we want you to say 593 00:35:48,205 --> 00:35:50,484 Suze: every single day 594 00:35:50,850 --> 00:35:53,659 Suze: and it is as follows, 595 00:35:54,090 --> 00:35:59,179 KT: Today wherever I go, I will create a more peaceful, 596 00:35:59,189 --> 00:36:00,178 KT: loving 597 00:36:00,300 --> 00:36:04,529 Suze: and joyful world. All right. And if you say that 598 00:36:04,929 --> 00:36:10,979 Suze: we promise you, you will be unstoppable.