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Music: Music (in).

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Suze: July 20th, 20th KT...

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KT: Guess what? That is? 24 hours from today is what

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KT: my birthday baby. Don't tell them how old I'm gonna be.

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Suze: Why not?

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KT: Because I think it's important.

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Suze: Are you upset that you're going to be 71?

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KT: What did I just tell you? All right, Robert. Erase it.

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Suze: No, you leave it. So all of you know.

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KT: I like saying 70.

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Suze: Well, that's nice. I used to like saying 60. Remember we said, I remember when we said 50. That's some story we should tell.

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KT: Oh my God, Suze's 50th and my 50th. Unbelievable.

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Suze: But anyway, July 20th, 2023. Everybody.

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KT: Happy birthday to all the Cancers out there and all

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KT: of our...

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Suze: My brother's birthday is today...

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KT: And I think it's my niece's birthday, Amy.

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Suze: Happy birthday, everybody. Anyway, this is the Women and Money podcast and everybody's

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Suze: smart enough to listen. This is the KT and Suze edition.

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Suze: I love these. Do you know how much easier it

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Suze: is to do this.

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KT: Why don't we just do this instead of Suze School?

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Suze: Oh, people will get upset. But you never know. Maybe,

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Suze: maybe next year that's what we'll do.

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KT: I could be the one that, that introduces Suze School.

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Suze: What would that mean?

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KT: Then we only do one podcast a week.

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KT: We do one really long, one, like a great one.

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KT: Like a thorough part A and B, but do it right.

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Suze: Let's just get to the ask questions part.

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KT: The first question is from Emily. Hi, Suze and KT. I am

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KT: an avid listener of yours and have been for my

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KT: whole adult life almost exactly 10 years

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KT: years ago. I was on the Can I afford it

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KT: segment of the Suze Orman show. And I was approved

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KT: so fast forward. 10 years later, I'm now 33 still

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KT: feel just as empowered with managing my money as I did.

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KT: Then within the last year, our income has now exceeded

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KT: the Roth IRA threshold.

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KT: We both already fully fund our Roth 401 case. I

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KT: think Suze, she's referring to both as her and her spouse.

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KT: So we already fund our Roth 401k through our employers.

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KT: We've started reallocating the Roth IRA money into an after

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KT: tax option with a Roth conversion

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KT: that fortunately both of our companies currently offer. Would I

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KT: pass a quizzie with my solution or do you suggest

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KT: I consider something different?

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Suze: Do you want that to be your pop quizze?

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KT: No way. No. This is an opening Roth question you answering, girl.

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Suze: So listen to me, my dear Emily.

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Suze: So by the way, everybody, the "Can I Afford It?"

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Suze: segments on the Suze Orman show are so popular. It's

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Suze: not even funny. And you can watch the Suze Orman

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Suze: show on FreeVee. It's the free version that Amazon offers

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Suze: for all of you. All 600 episodes are there and

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Suze: people are writing saying they love watching them again, especially

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Suze: my expressions as I'm answering things.

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Suze: So just so we're clear everybody on what Emily is asking. Obviously,

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Suze: Emily and her spouse make more than $228,000 a year

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Suze: of adjusted gross income. So they no longer qualify for

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Suze: a Roth IRA. They're making too much money good on

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Suze: you girlfriend.

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KT: She's approved again.

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Suze: Not necessarily, not necessarily Emily. So what Emily is saying

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Suze: everybody is that the company that she works for allows

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Suze: her to fund her traditional 401k

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Suze: with after tax contributions. Most corporations allow you to do

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Suze: that by the way. And therefore she can put money

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Suze: in her traditional 401k with after tax contributions. And then

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Suze: they are allowing her to take that amount of money

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Suze: and convert it to a Roth 401k if I am

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Suze: reading this correctly

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Suze: and she wants to know, would I passed the quizzie?

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Suze: And you absolutely would Emily Fabulous. However,

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Suze: you also, even besides that if you wanted to,

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Suze: you could absolutely. If you don't have a traditional IRA

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Suze: or a SEP IRA or a simple IRA. You could also,

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Suze: besides that, do a back door Roth IRA. So you

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Suze: could have your cake and eat it too where you

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Suze: simply take the same concept and you fund your traditional

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Suze: ira with after tax money.

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Suze: So you make it non-deductible. So after tax money is

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Suze: just simply money that you have and therefore what do

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Suze: you do with it? You put it in a traditional

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Suze: IRA but you make it non-deductible and then you convert

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Suze: it to a Roth Ira because there are no income

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Suze: limitations to convert.

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Suze: So that's what you should also be doing as well.

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Suze: Next question, KT.

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KT: OK. This is from CD. Hi, Suze KT. I was

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KT: in a lengthy high conflict divorce which was finalized a

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KT: couple of years ago since then, I paid off 50k

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KT: of debt and increased my emergency safe

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KT: to 25,000.

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Suze: CD, you might not think I remember you, but I

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Suze: remember you writing me in the year 2019 and you

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Suze: were in the most horrific relationship with $50,000 of debt

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Suze: and all of these things, horrific abuses of horrific relationship.

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Suze: And do you remember CD? We wrote back and forth

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Suze: to each other and from being now to be seen

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Suze: that you are out of $50,000 of debt, everything KT

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Suze: will continue to read. I am so proud of you.

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Suze: I can't even tell you CD. Oh my God. And

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Suze: everybody listening to this, if you could have read that

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Suze: about the situation that CD was in all those years,

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Suze: you would know that anything and everything is possible in

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Suze: life to correct your situation. All right, let me hear

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Suze: what CD is up to. Ok.

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KT: So she paid off the debt. She has an emergency

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KT: savings of 25,000. I've saved up a few 1000 in

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KT: cash vehicles for my young son's future educational expenses. And

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KT: she increased her work retirement contributions to 8%

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KT: and increased her monthly Roth IRA contributions to $100.

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KT: So she said I also started very small investing in

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KT: ETFs and stocks at a discount brokerage to dip my

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KT: toe in the investment world. Well, she's brave.

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Suze: You have no idea how brave this woman is.

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KT: I don't know.

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Suze: No, her situation was so horrific... oh, CD, you did it!

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KT: But she still needs your advice. This is the, this

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KT: is the the end hopefully of her journey and the

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KT: beginning of a new path.

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KT: I am still renting due to living in a high

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KT: priced area. She lives in southern California. She said, Suze,

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KT: I'm unable to move due to shared custody and do

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KT: not live near any family or friends. I desperately want

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KT: to buy a home for me and my son.

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KT: I'm worried it will take me over 10 years to

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KT: save up for a deposit on a home. So my

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KT: question is what else can I be doing to save

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KT: for a home? So, her son's relatively young, I guess

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KT: he'll be with her for a while.

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Suze: He'll be with her for a little bit. So she

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Suze: says here that she needs it because KT just handed

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Suze: me your email CD, that you'd have to save up

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Suze: over $100,000 for a deposit on a home. All right.

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Suze: First of all, CD,

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Suze: here's the true bottom line. You are capable of doing

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Suze: anything and everything that you want to do.

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Suze: And if it's true that it's gonna take you 10

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Suze: years plus to save up for $100,000 to put just

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Suze: a deposit on your home.

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Suze: All right, you start now you do everything that you've done.

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Suze: Look at, look at what you did in just four

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Suze: years since 2019

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Suze: that you paid off $50,000 you save $25,000. You have

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Suze: all this money. Don't tell me that a woman like

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Suze: you cannot save enough money and figure it out just

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Suze: like you did a few years ago and put it

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Suze: towards the home. Obviously, put it somewhere where you can

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Suze: get the highest interest rate possible.

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Suze: You know, if you want to just start saving little

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Suze: amounts of money, even take advantage of the $100 a

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Suze: month at Alliant Credit union and the ultimate opportunity savings

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Suze: account because even just $100 a month, you put that

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Suze: in and you do that every month for 12 months.

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Suze: At the end of those 12 months, they'll give you

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Suze: $100 if you do it right away and you keep

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Suze: doing it every single month.

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Suze: The reason that I would want you to do that

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Suze: rather than putting $100 a month in a money market

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Suze: fund or something that will pay you four or 5%.

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Suze: Because if you really did the calculation of where you

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Suze: put in $100 a month

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Suze: and you're making 3.10% and they give you $100 at

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Suze: the end of the time that calculates to be between

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Suze: a 16 and 18% return on your money. Do you

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Suze: hear me? And that type of return? You can't get anywhere.

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Suze: So everything you can do like that is fabulous. However,

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Suze: there are a lot of single mothers out there

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Suze: and a lot of you are faced with this exact

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Suze: same problem

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Suze: that you can't afford a home. You can't leave the area,

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Suze: whatever it may be, but you want to provide a home,

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Suze: you don't want to be trapped to these rent increases

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Suze: and what rents are going for right now. There is

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Suze: an organization and I think all of you that are

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Suze: in that situation where you are a single mother with

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Suze: a child, maybe even two Children.

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Suze: I want you to check out an organization called Co Abode.

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Suze: You would go to Co Abo That's Coabode co abode

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Suze: dot com. And what they have done is for single mothers,

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Suze: it's home sharing and a friendship network. So mothers who

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Suze: especially have kids

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Suze: that all of a sudden are in a situation where

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Suze: the kids are young, they can't afford rent. They're really struggling.

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Suze: They all get together and they live together and form

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Suze: a new family and bone matches you to the other

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Suze: women and kids that would be perfect for your situation.

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Suze: And it's really something that all of you should look into.

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Suze: Maria Schriver just did an entire piece on it. And

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Suze: I'm sure you could find it on the Today Show.

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Suze: I'm sure it's in their archives.

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Suze: But it's, it's something I'm telling you as a single mother,

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Suze: you're struggling, you're renting, you can't afford these rents, check

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Suze: it out. The women that have been doing this are

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Suze: loving it. But CD,

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Suze: I'm telling you this, you were a warrior. You did

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Suze: not turn your back on the battlefield, girlfriend. You can

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Suze: do anything and everything that you desire. So if you

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Suze: want to do this, I know you will find a

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Suze: way to do. So. KT next question.

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KT: This is from Summer. I love that name...

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Suze: Because you love summer.

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KT: I love summer

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Suze: everybody. It's like 100 degrees here. It's, you can barely

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Suze: go out now. That's true throughout the entire United States.

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Suze: KT is in her glory. I come out the other day.

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Suze: And what is Colo doing? He's trimming trees that are

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Suze: like 50 ft, coconut trees. Tall. KT is pulling the

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Suze: leaves

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Suze: huge, huge to the front. It's 100 degrees out there.

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Suze: We are sweating up a storm. Loving, loving it. Oh,

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Suze: my God.

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KT: All right. So this is from Summer, Summer is a teacher,

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KT: by the way, Suze. And I love teachers. She teaches English. So, hey, Suze,

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KT: and I don't know what I love more about you too.

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KT: Your financial advice or your banter, do we banter?

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Suze: Yes, we banter all the time. And if you think

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Suze: we just banter on the Women and Money podcast, we

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Suze: seriously banter when we're not on this podcast, it doesn't

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Suze: last long. The bantering. Well, bantering isn't bad. Bantering is

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Suze: like we're talking right now, we're bantering.

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Suze: So I just telling everybody, you, you take things and you're,

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Suze: you're taking those big palms out in 100 degree. That's bantering.

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Suze: Not big green. We're bantering.

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KT: Ok. I just listened to Suze's podcast that focused on

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KT: the difference between 401k and Roth Ira. I would love

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KT: your advice about how to pay off my HELOC.

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KT: I currently owe $5000 because interest rates are likely to rise.

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KT: I'm wondering if I should take $5000 from my Roth

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KT: is ok.

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Suze: No.

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KT: There you go. There's your answer. I answer short and sweet.

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Suze: I answered this on one of the previous podcasts. It's

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Suze: not gonna take you long to pay off $5000. In fact,

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Suze: KT just handed me your email and it says it's

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Suze: gonna take you about 6 to 8 months to pay off. No,

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Suze: you don't take money out of a Roth IRA. And

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Suze: the reason that is once you take it out, it's

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Suze: not in there anymore and then you miss that and no, just, no,

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Suze: you're not gonna do that. It doesn't make any sense. Ok.

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KT: This is from Maria. KT and Susie...

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Suze: She chose because her name is first.

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KT: I listen to you faithfully every week. Thank you for

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KT: empowering women with money. I am 53. I have two children, 20 and 16.

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KT: I am the sole provider for the three of us.

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KT: I chose it because of this. Their father is a

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KT: knucklehead and I'm happily divorced. I don't mean to laugh

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KT: at that description but I haven't heard that in a long,

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KT: long time.

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KT: I now have an extra $3000 a month in take

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KT: home pay. My question is what to do with that

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KT: extra money. I have a 12 month emergency fund. I

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KT: have money saved for college, although not enough because who

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KT: could ever afford these prices? And I have a 3%

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KT: mortgage which I'm paying down and have another 16 years

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KT: to go, Susie. I know you say take care of

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KT: yourself first and every financial planner says to plan for

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KT: retirement first.

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KT: I am a first generation, my parents were factory workers.

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KT: I paid for my own college education and law school.

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KT: I went to school and worked and had no fun

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KT: because I had no money. I don't know if I

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KT: agree with that.

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KT: I think you can still have fun without money. So

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KT: in any event, she said I want what every parent wants.

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KT: I want to give my kids a leg up. I

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KT: really am trying to do the right thing, especially since

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KT: I'm the only functioning parent my kids have right.

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Suze: You listen to me now, my love and you listen

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Suze: to me. You know..

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KT: I have to just say something to you. Um Well,

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KT: to her to Maria, I didn't have any money in

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KT: college and I worked three jobs. I had more fun

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KT: in those years that in my lifetime and I worked

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KT: three jobs and I didn't have any money.

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Suze: I only worked two jobs.

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KT: But didn't you have fun in college?

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Suze: My God, I loved college and a lot of, but

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Suze: that's not the point. Maria and everybody. I really want

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Suze: you to listen to me.

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Suze: And here's what I wanna say, Maria. May you for

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Suze: the next 16 years, which is what you said you

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Suze: have left on your mortgage. May you stay healthy? May

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Suze: you always be able to work? May everything always go

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Suze: the way that you need it to, may you never

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Suze: suffer in any possible way. I wish that for every

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Suze: single one of you, I can't even tell you how

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Suze: much I wish that for you.

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Suze: However, KT, how old was I? Right, when my life changed,

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Suze: I was 69 with the tumor they found. And the

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Suze: truth is you never know what can happen and when

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Suze: it can happen you just never know.

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Suze: So, if I were you, I would not be worrying

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Suze: about my kids. It's not about them having fun, Maria.

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Suze: It's about them learning responsibility and learning how to make

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Suze: the most out of whatever they do have.

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Suze: So don't do that to them. Sometimes when you make

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Suze: things easy, you actually hurt them. A lot of my

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Suze: friends whose parents paid for them and everything to go

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Suze: through college. Oh, please. They never made anything out of

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Suze: their lives to tell you the truth.

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Suze: So it can go either way just so, you know.

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Suze: So therefore if you have an extra $3000 a month

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Suze: in take home pay, I would put it and start

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00:19:54,199 --> 00:19:58,439
Suze: investing it for myself in regular investment accounts, I would

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00:19:58,449 --> 00:20:03,910
Suze: probably take $1500 of that $3000 a month. And I

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00:20:03,920 --> 00:20:06,949
Suze: would put it towards the home and pay off the

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Suze: mortgage on the home

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Suze: so that you can own your home outright before you

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00:20:14,069 --> 00:20:20,079
Suze: are 69 years of age. Why not own it outright

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00:20:20,089 --> 00:20:25,050
Suze: when you're like 60 when you're 55 whatever it may be.

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Suze: And then you'll have a whole lot of money that

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00:20:27,699 --> 00:20:30,680
Suze: may be, then you can help your child pay off

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Suze: the loans that they take out.

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Suze: But no, don't put your kids before you. Do you

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Suze: hear me? It's really just that simple. Yeah.

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KT: Ok. Next question is from Psy, here's the question Suze. If

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KT: I contribute to 401k, am I eligible to contribute to

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KT: a traditional IRA?

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Suze: Ok. There's the answer and yes. Are three letters simple. Now,

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00:21:00,650 --> 00:21:04,359
Suze: why is it that all of you think that if

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00:21:04,369 --> 00:21:09,420
Suze: you max out your retirement plan at work that disqualifies

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00:21:09,430 --> 00:21:13,698
Suze: you from a Roth IRA or a traditional IRA, it

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00:21:13,709 --> 00:21:17,968
Suze: does not. Can you all finally understand that you legally

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Suze: can have

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Suze: a 401k A 403 B or a TSP at work

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Suze: and you can have either an IRA a Roth IRA.

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Suze: You can have both if you want, but you cannot

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Suze: contribute more than the maximum allowed, which is 6500 this year,

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Suze: if you're under 50 7500, if you're 50 or older

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Suze: and a combination of the two, whether it's a traditional

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Suze: or a Roth and truthfully, I don't know why you

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Suze: would ever have a traditional.

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KT: Ok. Next question. Under the subject, it said KT pick

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KT: me KT pick me. So this is from Chris. Chris,

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KT: I'm picking you. Hi, Suze and KT huge fan. I have

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KT: NY 529 plans, I guess New York, 529 plans for

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KT: my kids.

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KT: We got a notice that the age based portfolios are

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KT: automatically going to be switching on July 27th, 2023 to

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KT: a target enrollment portfolio unless I say I don't want

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KT: to switch.

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KT: I'm wondering, should I go along with it or what, Suze,

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00:22:25,939 --> 00:22:29,469
KT: the oldest kid is seven, any advice? That's from Chris.

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Suze: So just so you know, Chris, age based portfolio is

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Suze: usually based on the age of the kid and they

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00:22:37,989 --> 00:22:39,719
Suze: simply just, you know,

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Suze: now invest according to age and when maybe the kid

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Suze: is expected to go to college, a target enrollment portfolio

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00:22:48,594 --> 00:22:52,244
Suze: is really when that kid is actually going to go,

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00:22:52,255 --> 00:22:55,824
Suze: when are they going to enroll in school? The truth

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Suze: of the matter is I don't like any of them.

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00:22:58,660 --> 00:23:02,069
Suze: Don't you have another choice within the New York system?

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00:23:02,079 --> 00:23:06,010
Suze: Why don't I like it? I'm gonna say this over

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00:23:06,020 --> 00:23:11,170
Suze: and over again. You don't invest according to how old

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Suze: you are or what you're going to do

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00:23:14,130 --> 00:23:17,660
Suze: when it's so many years away, you invest according to

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Suze: what the economy is doing. If you had an enrollment

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Suze: portfolio back just a year or two ago, when interest

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Suze: rates were going up so much. And therefore before they

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00:23:28,719 --> 00:23:31,609
Suze: would have been mainly in bonds, that portfolio would have

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00:23:31,619 --> 00:23:35,119
Suze: gone down significantly and you would have been hurt.

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00:23:35,630 --> 00:23:38,780
Suze: So I like you invest in what you should be

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Suze: investing according to what the economy is doing. Just my

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00:23:44,170 --> 00:23:47,359
Suze: two cents. However, if you have to choose between one

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00:23:47,369 --> 00:23:49,698
Suze: or the other I don't have a problem with you

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Suze: going with the target enrollment if you have to choose.

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Suze: Are you ready for your quizzie?

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KT: Yeah. What is it?

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Suze: All right. So everybody, this is a quizzie for KT

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Suze: and this is a quizzie for all of you. By

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00:24:02,239 --> 00:24:03,650
Suze: the way, if you want

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00:24:04,300 --> 00:24:07,310
Suze: to write in a question for the Ask Suze and

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00:24:07,319 --> 00:24:14,040
Suze: KT anything you write it to Ask Suze Podcast at

377
00:24:14,050 --> 00:24:20,329
Suze: gmail dot com? Got that. That's Suze ask Suze podcast

378
00:24:20,430 --> 00:24:21,929
Suze: at Gmail dot com

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00:24:22,339 --> 00:24:25,680
Suze: and put in the title something that will attract KT's

380
00:24:25,689 --> 00:24:28,859
Suze: attention because that me pick me pick because that's how

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00:24:28,869 --> 00:24:31,550
Suze: she kind of chooses them. And if she chooses it,

382
00:24:31,699 --> 00:24:34,188
Suze: we're gonna answer her just like we're doing right now.

383
00:24:34,199 --> 00:24:38,949
Suze: Good afternoon, Suze, I do not understand what to do

384
00:24:38,959 --> 00:24:43,319
Suze: with my 401k or 403b KT, you are on a

385
00:24:43,329 --> 00:24:44,589
Suze: 401k kick.

386
00:24:45,930 --> 00:24:49,000
Suze: I'm trying to learn. I still don't get it. I

387
00:24:49,010 --> 00:24:52,489
Suze: want to know something. Somebody wrote me and said how

388
00:24:52,500 --> 00:24:56,180
Suze: difficult this is for her and she's trying her best

389
00:24:56,189 --> 00:24:58,649
Suze: but she just turn tunes out. She can't do it.

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Suze: And then she says, look at KT,

391
00:25:01,800 --> 00:25:04,479
Suze: you've been trying to teach her for 20 years for

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Suze: all these years and she still doesn't get it. So

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00:25:07,400 --> 00:25:09,599
Suze: that makes me feel good. I'm serious. I'll show you

394
00:25:09,609 --> 00:25:13,910
Suze: this email that I just got. So I'm gonna really try,

395
00:25:13,920 --> 00:25:16,369
Suze: I'm gonna try, but I just so don't like it

396
00:25:17,069 --> 00:25:19,280
Suze: and to all of you, you gotta learn to like it.

397
00:25:19,290 --> 00:25:23,040
Suze: But anyway, I do not understand what to do with

398
00:25:23,050 --> 00:25:29,199
Suze: my 401k or 403 B. I am 44 years old.

399
00:25:29,229 --> 00:25:33,660
Suze: This person is married with two kids. I have these

400
00:25:33,670 --> 00:25:38,250
Suze: accounts from old jobs. I just got a letter that

401
00:25:38,260 --> 00:25:43,089
Suze: the 401k plan from her old job, KT is being

402
00:25:43,099 --> 00:25:44,198
Suze: terminated

403
00:25:44,530 --> 00:25:49,400
Suze: and she has three options. All right, everybody. So I

404
00:25:49,410 --> 00:25:51,849
Suze: imagine that there are many of you out there that

405
00:25:51,859 --> 00:25:56,040
Suze: have 401k plans with old employers and for whatever reason

406
00:25:56,050 --> 00:25:58,400
Suze: you've left them there, although you probably should have done

407
00:25:58,410 --> 00:26:02,718
Suze: an Ira rollover. But that's besides the point. And all

408
00:26:02,729 --> 00:26:04,709
Suze: of a sudden you get a letter from your old

409
00:26:04,719 --> 00:26:09,089
Suze: employer saying we are terminating the 401k plan and you

410
00:26:09,099 --> 00:26:13,959
Suze: have three options. You can do a direct rollover with it.

411
00:26:14,810 --> 00:26:17,709
Suze: Do you know what that is? KT, a direct rollover?

412
00:26:18,609 --> 00:26:20,939
KT: It can be rolled over from her 401.

413
00:26:22,160 --> 00:26:22,349
KT: (laughing)

414
00:26:25,979 --> 00:26:27,708
Suze: Here she goes again.

415
00:26:28,400 --> 00:26:31,150
Suze: Don't ask me those questions.

416
00:26:31,989 --> 00:26:35,699
Suze: All right. So, since KT doesn't know what a direct rollover is...

417
00:26:38,469 --> 00:26:40,629
Suze: All right. So what's a direct rollover?

418
00:26:43,079 --> 00:26:48,599
KT: What's a direct rollover? You, you just do it, you

419
00:26:48,609 --> 00:26:49,680
KT: just do it.

420
00:26:52,400 --> 00:26:56,129
Suze: Never mind. I'll just, I'll just try this on my own.

421
00:26:56,170 --> 00:27:00,319
Suze: A direct rollover. Where is, where it goes from the company,

422
00:27:00,329 --> 00:27:05,619
Suze: the old 401k company directly to an IRA rollover that

423
00:27:05,630 --> 00:27:08,719
Suze: was set up at a brokerage firm or discount brokerage

424
00:27:08,729 --> 00:27:11,069
Suze: firm somewhere and it goes directly from

425
00:27:11,630 --> 00:27:18,199
Suze: the ex-employer to that direct rollover or a cash distribution

426
00:27:18,209 --> 00:27:24,900
Suze: wage where they just simply send her the cash or

427
00:27:24,910 --> 00:27:26,900
Suze: a combination of them both.

428
00:27:28,079 --> 00:27:34,199
Suze: Wait a little more complicated here. Now, I have $15,000

429
00:27:34,209 --> 00:27:40,020
Suze: in debt with credit cards and my vehicle, my mother

430
00:27:40,030 --> 00:27:44,589
Suze: in-law said I could cash out and put it all

431
00:27:44,599 --> 00:27:48,930
Suze: in a CD. I was thinking, pay off debt and

432
00:27:48,939 --> 00:27:53,300
Suze: save $400 a month in a savings account and put

433
00:27:53,310 --> 00:27:55,389
Suze: the rest in a different plan.

434
00:27:57,339 --> 00:28:01,469
Suze: Now, she doesn't tell us how much money is in

435
00:28:01,479 --> 00:28:07,130
Suze: this ex employers' 401k plan, but obviously it's enough to

436
00:28:07,140 --> 00:28:13,170
Suze: pay off $15,000 in debt and put more money into

437
00:28:13,180 --> 00:28:16,250
Suze: a savings account. What should she do? Go with your,

438
00:28:16,260 --> 00:28:18,010
Suze: what you wanna do, Dara?

439
00:28:19,170 --> 00:28:23,479
KT: That's why she wrote, like go with it, do that.

440
00:28:23,489 --> 00:28:27,329
KT: So you want her to cash out the 401? What

441
00:28:27,339 --> 00:28:31,619
KT: are the tax implications? I think that you don't even

442
00:28:31,630 --> 00:28:33,978
KT: have to do a combination. Can't she just do the

443
00:28:33,989 --> 00:28:38,920
KT: direct rollover and then do all that and she does

444
00:28:38,979 --> 00:28:42,589
KT: a rollover and you do a combination, but she has

445
00:28:42,599 --> 00:28:44,060
KT: to pay taxes, right.

446
00:28:44,719 --> 00:28:47,479
Suze: Well, what do you think she should do, KT? This

447
00:28:47,489 --> 00:28:48,069
Suze: is your quizzie.

448
00:28:50,430 --> 00:28:54,800
KT: Don't take the cash distribution. If you do a combination.

449
00:28:56,530 --> 00:28:59,219
KT: I don't know how much money is in there. I

450
00:28:59,390 --> 00:29:01,760
KT: don't know. She wants to get rid of the debt, right.

451
00:29:01,770 --> 00:29:04,609
KT: She can do I would do a combination. So you

452
00:29:04,619 --> 00:29:07,339
KT: feel good about getting rid of your debt on the

453
00:29:07,349 --> 00:29:11,479
KT: vehicle and the credit cards and maybe this will give

454
00:29:11,489 --> 00:29:15,119
KT: her an opportunity to really be smart and, and kind of,

455
00:29:15,130 --> 00:29:18,199
KT: and then if you do a combination, just do enough

456
00:29:18,209 --> 00:29:19,599
KT: to get rid of the debt.

457
00:29:20,130 --> 00:29:23,130
Suze: All right. What, what should she do? All right, you

458
00:29:23,140 --> 00:29:26,180
Suze: listen to me, Dara, you are 44 years of age.

459
00:29:26,290 --> 00:29:31,030
Suze: Any money that you withdraw from this traditional 401k is

460
00:29:31,040 --> 00:29:34,380
Suze: not only taxable, but there is a 10% penalty on

461
00:29:34,390 --> 00:29:38,180
Suze: it as well. Direct rollover, direct rollover, direct roll over

462
00:29:38,219 --> 00:29:39,979
Suze: to like KT you got dinged.

463
00:29:40,489 --> 00:29:43,988
Suze: All right. So let me answer her. Ok, listen to

464
00:29:44,000 --> 00:29:47,270
Suze: stop bantering with me. Now, I'm not, I'm just trying

465
00:29:47,280 --> 00:29:49,540
Suze: to go back to my original because you want to

466
00:29:49,550 --> 00:29:51,670
Suze: be right. All right. Go for,

467
00:29:51,680 --> 00:29:53,510
KT: I knew that taxes have to come into...

468
00:29:58,430 --> 00:30:01,599
Suze: So listen to me, Dara. Let's just say since I

469
00:30:01,609 --> 00:30:04,040
Suze: don't know how much you have in there that all

470
00:30:04,050 --> 00:30:08,579
Suze: you had in there was $15,000 because obviously you have

471
00:30:08,589 --> 00:30:10,640
Suze: at least that since you say it will pay off

472
00:30:10,650 --> 00:30:13,319
Suze: your debt with credit cards and everything like that.

473
00:30:13,900 --> 00:30:17,430
Suze: And you took that $15,000 and you listen to me

474
00:30:17,439 --> 00:30:21,109
Suze: versus your mother in law. Don't you dare listen to

475
00:30:21,119 --> 00:30:24,270
Suze: your mother-in-law about money at all because she obviously doesn't

476
00:30:24,280 --> 00:30:27,160
Suze: know what she's talking about, but that's besides the point,

477
00:30:27,290 --> 00:30:30,380
Suze: don't tell your spouse that I said that ok. If

478
00:30:30,390 --> 00:30:33,810
Suze: you put that $15,000 you listen to me and you

479
00:30:33,819 --> 00:30:37,650
Suze: do a direct rollover with it. Number one, if you

480
00:30:37,660 --> 00:30:40,109
Suze: wanted to, you could start to convert it to a

481
00:30:40,119 --> 00:30:42,969
Suze: Roth IRA little by little

482
00:30:43,760 --> 00:30:46,979
Suze: and without having to pay any taxes or penalties if

483
00:30:46,989 --> 00:30:49,530
Suze: you just did little amounts. But let's just say you

484
00:30:49,540 --> 00:30:55,540
Suze: left it in a traditional IRA rollover. Do you know

485
00:30:55,550 --> 00:30:58,329
Suze: in 26 years when you would be 70

486
00:30:58,569 --> 00:31:02,130
Suze: which is the current age of KT today, not tomorrow

487
00:31:02,140 --> 00:31:06,900
Suze: but today. Right. Right. Do you know at just an 8%

488
00:31:06,910 --> 00:31:10,489
Suze: annual average rate of return, which is nothing, you would

489
00:31:10,500 --> 00:31:16,839
Suze: have 100 and $11,000. So you want to give up

490
00:31:16,849 --> 00:31:20,760
Suze: essentially 100 and $11,000

491
00:31:21,199 --> 00:31:28,130
Suze: simply to do what? Pay off $15,000 today? Of debt? No.

492
00:31:28,199 --> 00:31:32,119
Suze: And do you know that most people who clear up

493
00:31:32,130 --> 00:31:34,630
Suze: their credit card debt now you have all this available

494
00:31:34,640 --> 00:31:37,300
Suze: limit on your credit cards. You, you rack it right

495
00:31:37,310 --> 00:31:40,930
Suze: back up again. So therefore you are not to do that.

496
00:31:40,939 --> 00:31:43,530
Suze: You are not to do that. You are not to

497
00:31:43,699 --> 00:31:47,160
Suze: do that, girlfriend. Hi Kat.

498
00:31:48,189 --> 00:31:49,560
KT: Take us out.

499
00:31:50,189 --> 00:31:51,949
Suze: You want me to take us, take us out?

500
00:31:51,959 --> 00:31:54,800
KT: Susie, Susie. Wish me a happy birthday.

501
00:31:57,420 --> 00:32:00,500
Suze: KT, I don't even know how to wish you a happy

502
00:32:00,510 --> 00:32:03,800
Suze: birthday every day is like a birthday with us. Right.

503
00:32:03,810 --> 00:32:07,150
Suze: Only because I don't have words.

504
00:32:08,439 --> 00:32:09,979
KT: Look, are you getting emotional?

505
00:32:10,260 --> 00:32:13,670
Suze: Because I'm a master of words. I don't have any

506
00:32:13,680 --> 00:32:20,040
Suze: birthday wish. I don't have words. Grand enough, grand enough

507
00:32:20,050 --> 00:32:24,569
Suze: to express my love and gratitude for your birth.

508
00:32:25,290 --> 00:32:27,020
Suze: You have made this world

509
00:32:28,069 --> 00:32:31,959
Suze: a fabulous place. Not just for me KT but for

510
00:32:31,969 --> 00:32:35,550
Suze: every single person that listens to you on this podcast,

511
00:32:35,560 --> 00:32:39,270
Suze: for every single person that meets you that comes just

512
00:32:39,280 --> 00:32:42,569
Suze: even glances at you because your smile can light up

513
00:32:42,579 --> 00:32:43,790
Suze: somebody's heart.

514
00:32:44,920 --> 00:32:50,569
Suze: I don't have words to explain the magnitude of your birthday.

515
00:32:50,579 --> 00:32:53,439
Suze: All I know is your birthday

516
00:32:54,219 --> 00:32:58,819
Suze: is the greatest gift because your birthday has given you

517
00:32:58,910 --> 00:33:02,869
Suze: to me that those words are, I'll take them, Susie,

518
00:33:02,880 --> 00:33:05,719
Suze: I'll take that. That's enough. She's getting all choked up

519
00:33:06,209 --> 00:33:08,359
Suze: every year. What do I do on your birthday? KT

520
00:33:08,369 --> 00:33:09,430
Suze: what do I write for you?

521
00:33:09,439 --> 00:33:13,380
KT: She writes me the most beautiful letter and I keep

522
00:33:13,390 --> 00:33:16,339
KT: them and I keep them close to my heart. But

523
00:33:16,349 --> 00:33:20,250
KT: these letters are just unbelievable one day. I hope I

524
00:33:20,260 --> 00:33:21,689
KT: can publish them.

525
00:33:22,680 --> 00:33:27,380
Suze: And I, and may I wish all of you to everybody.

526
00:33:27,900 --> 00:33:30,739
Suze: So may I wish all of you that you all

527
00:33:30,750 --> 00:33:32,770
Suze: have a love in your life

528
00:33:33,709 --> 00:33:36,219
Suze: that you feel that way about. And if you don't

529
00:33:36,229 --> 00:33:39,520
Suze: have a love in your life, which is somebody else.

530
00:33:39,709 --> 00:33:44,910
Suze: I hope you feel that way about self. May you

531
00:33:44,920 --> 00:33:50,239
Suze: always be your own greatest gift? So what all of

532
00:33:50,250 --> 00:33:54,579
Suze: you would be so great. If you could say on

533
00:33:54,589 --> 00:33:58,079
Suze: KT's birthday, say it birthday girl.

534
00:33:58,089 --> 00:34:00,959
KT: Wherever I go, I will create a more

535
00:34:01,219 --> 00:34:05,619
KT: joyful, peaceful and loving world.

536
00:34:05,630 --> 00:34:11,189
Suze: And the truth is that is exactly what KT does.

537
00:34:11,260 --> 00:34:16,870
Suze: And if they do that, they will be what? KT unstoppable.

538
00:34:16,879 --> 00:34:18,080
Suze: Happy birthday, baby doll.

539
00:34:18,469 --> 00:34:19,010
KT: And Lena.

540
00:34:19,330 --> 00:34:21,468
Suze: Happy birthday, Lena. Bye bye.

541
00:34:22,388 --> 00:34:22,589
Music: Music (out).