1 00:00:28,889 --> 00:00:34,150 Suze: November 19th, 2023. Welcome everybody to the women and Money 2 00:00:34,159 --> 00:00:40,189 Suze: podcast as well as everybody smart enough to listen, Suze O, 3 00:00:40,200 --> 00:00:45,130 Suze: here and yes. Yes, I know today is Suze School, 4 00:00:45,139 --> 00:00:48,909 Suze: So take out your Suze notebooks. 5 00:00:49,380 --> 00:00:54,810 Suze: Today is a special day because it is Julie Grau's birthday. Now, 6 00:00:54,819 --> 00:00:57,970 Suze: many of you may not know who Julie Grau is, 7 00:00:58,209 --> 00:01:03,439 Suze: but Julie has been my editor and was my publisher 8 00:01:03,450 --> 00:01:08,199 Suze: for many, many, many years for the majority of books 9 00:01:08,209 --> 00:01:11,050 Suze: I have ever written. And she is one of the 10 00:01:11,059 --> 00:01:16,480 Suze: more brilliant women really that I've ever met. So Julie 11 00:01:16,489 --> 00:01:18,628 Suze: Happy Happy Birthday. 12 00:01:19,290 --> 00:01:25,889 Suze: Also, today would have been Larry King's birthday and that 13 00:01:25,900 --> 00:01:28,980 Suze: always makes me quite sentimental because as you may know, 14 00:01:28,989 --> 00:01:33,949 Suze: I did over 31 hour shows with Larry and I 15 00:01:33,959 --> 00:01:38,790 Suze: actually had the honor of being with him on his very, 16 00:01:38,800 --> 00:01:43,098 Suze: very last show that he ever did where he had 17 00:01:43,110 --> 00:01:45,339 Suze: every major 18 00:01:45,629 --> 00:01:51,279 Suze: newscaster person. Everyone, you name it they were there and 19 00:01:51,290 --> 00:01:55,080 Suze: he wanted me to be there as well and it 20 00:01:55,089 --> 00:01:58,769 Suze: was always just me, you want me with all of 21 00:01:58,779 --> 00:02:04,169 Suze: Diane Sawyer and on and on and on. And he did. So, 22 00:02:04,309 --> 00:02:07,050 Suze: Larry knew more about me at that time than I 23 00:02:07,059 --> 00:02:08,720 Suze: knew about myself 24 00:02:09,199 --> 00:02:13,100 Suze: because he saw a lot about me that he wanted 25 00:02:13,110 --> 00:02:16,418 Suze: the world to see as well. 26 00:02:17,369 --> 00:02:20,949 Suze: I know today I told all of you last week 27 00:02:21,050 --> 00:02:24,519 Suze: that we would be doing a Suze School and I 28 00:02:24,529 --> 00:02:29,770 Suze: would be updating you on all the increased contribution levels 29 00:02:29,779 --> 00:02:33,149 Suze: for a traditional and Roth Ira and on and on. 30 00:02:33,460 --> 00:02:35,369 Suze: And then I decided, you know what? That can wait, 31 00:02:36,169 --> 00:02:40,350 Suze: it can wait until the first week of 2024. Really? 32 00:02:40,360 --> 00:02:43,350 Suze: Because they don't come into effect till then. So I 33 00:02:43,360 --> 00:02:46,550 Suze: just wasn't in the mood to do that. 34 00:02:47,500 --> 00:02:48,038 Suze: So 35 00:02:48,850 --> 00:02:54,389 Suze: here's what today's podcast is going to be about. And 36 00:02:54,500 --> 00:02:59,509 Suze: I just sat down at this microphone and it's just 37 00:02:59,520 --> 00:03:01,630 Suze: something that I want to talk about 38 00:03:02,440 --> 00:03:06,350 Suze: the other day. I was speaking to somebody on the 39 00:03:06,360 --> 00:03:11,470 Suze: phone that I said I would help and I was 40 00:03:11,479 --> 00:03:16,020 Suze: telling her all about her money and things. Now, this 41 00:03:16,029 --> 00:03:24,270 Suze: woman makes a considerable sum of money. She makes $125,000 42 00:03:24,279 --> 00:03:25,699 Suze: a year right now. 43 00:03:26,649 --> 00:03:31,100 Suze: But there was a time that she didn't make $125,000 44 00:03:31,110 --> 00:03:34,559 Suze: a year. There was a time when she was living 45 00:03:34,860 --> 00:03:40,229 Suze: in her storefront, she had no money at all. Even 46 00:03:40,240 --> 00:03:43,110 Suze: though she was raising two kids, none 47 00:03:43,770 --> 00:03:47,710 Suze: and little by little, she crawled her way up and 48 00:03:47,720 --> 00:03:52,270 Suze: into this world and is now making $125,000 a year. 49 00:03:52,839 --> 00:03:55,869 Suze: And so we were talking about her and her money 50 00:03:56,000 --> 00:03:59,589 Suze: and I was telling her all these things that she 51 00:03:59,600 --> 00:04:00,460 Suze: could do 52 00:04:01,119 --> 00:04:04,800 Suze: and over and over again, she kept saying to me, 53 00:04:05,149 --> 00:04:06,559 Suze: I didn't know I could do that. 54 00:04:07,710 --> 00:04:09,889 Suze: Nobody ever told me I could do that. 55 00:04:10,649 --> 00:04:16,070 Suze: My workplace never told me that I could do that. Really, Suze? 56 00:04:16,079 --> 00:04:18,709 Suze: Oh my God, I never knew that. 57 00:04:20,230 --> 00:04:23,369 Suze: And I found myself saying to her 58 00:04:24,279 --> 00:04:27,779 Suze: that the biggest mistakes you will ever make in life 59 00:04:28,609 --> 00:04:34,109 Suze: are the mistakes you don't even know that you are making. 60 00:04:35,320 --> 00:04:39,420 Suze: And then I started to think as time went on 61 00:04:39,839 --> 00:04:44,440 Suze: how much we take for granted when it comes to 62 00:04:44,450 --> 00:04:45,260 Suze: our money 63 00:04:46,420 --> 00:04:49,880 Suze: we take for granted that the advice that we're getting 64 00:04:49,890 --> 00:04:53,359 Suze: from everybody around us, maybe, you know, the people, maybe 65 00:04:53,369 --> 00:04:56,369 Suze: you don't, maybe you work with them, whoever they may 66 00:04:56,380 --> 00:04:59,480 Suze: happen to be that you take it for granted. Many 67 00:04:59,488 --> 00:05:02,279 Suze: of us take it for granted that that is the 68 00:05:02,290 --> 00:05:06,309 Suze: advice that is correct for us. 69 00:05:07,549 --> 00:05:11,850 Suze: And that started to upset me. We really, and I 70 00:05:11,859 --> 00:05:15,058 Suze: talked about this last week. Are you repelled or attracted 71 00:05:15,070 --> 00:05:19,820 Suze: to money? We really take so many things about our 72 00:05:19,829 --> 00:05:21,769 Suze: money for granted. 73 00:05:22,630 --> 00:05:24,829 Suze: So I'd like you to take out your little Suze 74 00:05:24,839 --> 00:05:28,109 Suze: notebooks right now. You know, we're just a few days 75 00:05:28,119 --> 00:05:29,678 Suze: away from Thanksgiving, 76 00:05:30,678 --> 00:05:34,299 Suze: then we're essentially a month away or so from Hanukkah 77 00:05:34,309 --> 00:05:36,420 Suze: and Christmas and other holidays. 78 00:05:38,029 --> 00:05:40,829 Suze: And so this is the time of the year where 79 00:05:40,839 --> 00:05:44,850 Suze: we kind of get emotional when it comes to our money. 80 00:05:45,678 --> 00:05:50,059 Suze: We start to feel generous with money that we don't have. 81 00:05:50,390 --> 00:05:53,100 Suze: We feel like this is the time that we want 82 00:05:53,109 --> 00:05:57,570 Suze: to show people how much we love them and we 83 00:05:57,579 --> 00:06:00,700 Suze: show them how much we love them by what we 84 00:06:00,709 --> 00:06:05,140 Suze: can buy for them, the gifts we can bestow upon them. 85 00:06:06,678 --> 00:06:09,459 Suze: And we start to do it now because as you 86 00:06:09,470 --> 00:06:14,329 Suze: can tell every time you go on the internet, it's like, oh, 87 00:06:14,369 --> 00:06:17,290 Suze: you don't have to wait for Black Friday. You can 88 00:06:17,299 --> 00:06:20,510 Suze: get a deal. Now. Buy this, buy this, buy this, 89 00:06:20,519 --> 00:06:24,349 Suze: buy this, you watch certain morning shows and they have 90 00:06:24,359 --> 00:06:28,429 Suze: these segments on that. Oh, buy this, buy this. It's 91 00:06:28,440 --> 00:06:32,920 Suze: a savings of 78%. It's a savings of 90% of 92 00:06:32,928 --> 00:06:35,459 Suze: all these things that you didn't even want. 93 00:06:35,980 --> 00:06:38,238 Suze: You never thought about before. 94 00:06:39,079 --> 00:06:43,790 Suze: But in fact, to save money, you decide to buy 95 00:06:43,799 --> 00:06:44,099 Suze: them 96 00:06:45,029 --> 00:06:49,190 Suze: just because you're saving money, you're spending money on something 97 00:06:49,200 --> 00:06:52,049 Suze: that you never even thought about buying before 98 00:06:53,089 --> 00:06:55,480 Suze: and you just take it for granted that that is 99 00:06:55,488 --> 00:07:00,059 Suze: something that you should be doing. And why is that 100 00:07:00,089 --> 00:07:01,320 Suze: because you're all doing it, 101 00:07:02,010 --> 00:07:07,000 Suze: I see it all the time. And so therefore, I 102 00:07:07,010 --> 00:07:10,519 Suze: want you to take the time to day 103 00:07:11,750 --> 00:07:15,440 Suze: to really go within because you know my saying, you 104 00:07:15,450 --> 00:07:18,519 Suze: have to go within to see why you are doing without. 105 00:07:19,549 --> 00:07:23,200 Suze: And one of the reasons that you end up doing without, 106 00:07:23,470 --> 00:07:26,769 Suze: without enough money to pay a mortgage without enough money 107 00:07:26,779 --> 00:07:29,549 Suze: to pay rent or afford the place that you are 108 00:07:29,559 --> 00:07:33,820 Suze: renting without the money to be able to fix your car, 109 00:07:33,829 --> 00:07:36,640 Suze: without the money for you to be able to even 110 00:07:36,649 --> 00:07:39,940 Suze: buy food. So you end up during a pandemic, standing 111 00:07:39,950 --> 00:07:40,850 Suze: in a food line, 112 00:07:42,239 --> 00:07:44,440 Suze: you have to go within 113 00:07:45,670 --> 00:07:50,359 Suze: to really find out why you are doing without. 114 00:07:51,190 --> 00:07:54,750 Suze: So I just want you to take the time during 115 00:07:54,760 --> 00:07:56,480 Suze: this podcast 116 00:07:57,130 --> 00:08:00,549 Suze: to open up your Suze notebook. And if you don't 117 00:08:00,559 --> 00:08:04,970 Suze: have a little Suze notebook, then find any paper will do, 118 00:08:05,299 --> 00:08:07,790 Suze: get out a piece of paper, get out a pen 119 00:08:08,519 --> 00:08:12,339 Suze: and I want you to write down 120 00:08:13,600 --> 00:08:18,230 Suze: in what way do you take money for granted? 121 00:08:19,559 --> 00:08:24,839 Suze: In what way do you take your financial life or 122 00:08:24,850 --> 00:08:29,480 Suze: your financial situation or your money for granted? 123 00:08:30,149 --> 00:08:32,169 Suze: I want you to think about that for a second. 124 00:08:32,909 --> 00:08:37,489 Suze: I thought it would be interesting to test out ChatGPT, 125 00:08:37,940 --> 00:08:43,130 Suze: the Artificial Intelligence app. And I said to it, write 126 00:08:43,140 --> 00:08:48,250 Suze: a podcast for me about the ways we take money 127 00:08:48,260 --> 00:08:49,650 Suze: for granted 128 00:08:50,429 --> 00:08:54,319 Suze: and you know what it did, it came back and 129 00:08:54,330 --> 00:08:56,890 Suze: it wrote this entire podcast 130 00:08:57,919 --> 00:09:02,820 Suze: about how we take financial education for granted 131 00:09:04,080 --> 00:09:09,140 Suze: that because we don't take the time to learn and 132 00:09:09,150 --> 00:09:11,650 Suze: educate ourselves about money, 133 00:09:12,559 --> 00:09:16,239 Suze: that means we're taking it for granted and then they 134 00:09:16,250 --> 00:09:19,390 Suze: broke it down the debt we have and on and 135 00:09:19,400 --> 00:09:23,150 Suze: on and on. Now, obviously, I'm not reading or doing 136 00:09:23,159 --> 00:09:28,030 Suze: that podcast, but how fascinating you might want to try it. 137 00:09:28,679 --> 00:09:32,650 Suze: Right. How fascinating that it came up with. 138 00:09:33,570 --> 00:09:35,669 Suze: We take it for granted 139 00:09:36,590 --> 00:09:38,309 Suze: that we don't need to know 140 00:09:38,979 --> 00:09:42,219 Suze: and be educated about our money. 141 00:09:43,419 --> 00:09:47,789 Suze: Don't you love that? I did anyway, back to this podcast. 142 00:09:48,039 --> 00:09:51,130 Suze: The one that I am writing for my own little 143 00:09:51,140 --> 00:09:54,590 Suze: brain and heart. Sometimes I wonder, do I write for 144 00:09:54,599 --> 00:09:56,690 Suze: my heart or do I write for my brain? 145 00:09:57,739 --> 00:09:59,569 Suze: And I have to tell you, I think I write 146 00:09:59,580 --> 00:10:01,169 Suze: from my heart 147 00:10:02,090 --> 00:10:07,840 Suze: and I actually think that when you live life correctly 148 00:10:07,989 --> 00:10:09,299 Suze: in the right way, 149 00:10:10,679 --> 00:10:18,099 Suze: your intelligence, actually, your brain resides within your heart. 150 00:10:19,330 --> 00:10:22,760 Suze: And just again, something to think about a flash here. 151 00:10:22,770 --> 00:10:24,539 Suze: I'm going to go all over the place today because 152 00:10:24,549 --> 00:10:29,520 Suze: I can, I had my best friend ever. Her name 153 00:10:29,530 --> 00:10:30,479 Suze: was Judy Hoodwin 154 00:10:31,520 --> 00:10:36,250 Suze: and Judy died many, many years ago 155 00:10:37,109 --> 00:10:39,819 Suze: and I'll never forget I had just visited her. She 156 00:10:39,830 --> 00:10:43,580 Suze: was married to Rick and I had just started to 157 00:10:43,590 --> 00:10:48,849 Suze: be Suze Orman. It was back in the late 1997, 158 00:10:48,859 --> 00:10:53,539 Suze: 98 right around there. And I was on tour and 159 00:10:53,549 --> 00:10:57,609 Suze: they lived in Orlando and I stopped there to visit 160 00:10:57,619 --> 00:11:01,849 Suze: her and I loved hoodie. I loved that was her 161 00:11:01,859 --> 00:11:04,059 Suze: nickname Hoodie so much. I can't tell you, 162 00:11:04,559 --> 00:11:08,848 Suze: we went through high school together. We lived always next 163 00:11:08,859 --> 00:11:15,569 Suze: door to each other in college. We stayed best, best friends. Anyway. 164 00:11:15,580 --> 00:11:20,239 Suze: I opened up my emails back then and there was 165 00:11:20,250 --> 00:11:22,049 Suze: an email from Rick 166 00:11:22,719 --> 00:11:24,939 Suze: and Rick said, oh my God, Suze 167 00:11:25,739 --> 00:11:30,770 Suze: Hoodie stopped breathing last night, right? She was snoring. She 168 00:11:30,780 --> 00:11:33,469 Suze: was snoring so loud and I tried to wake her 169 00:11:33,539 --> 00:11:36,669 Suze: and I couldn't wake her. So I called the ambulance 170 00:11:36,679 --> 00:11:41,809 Suze: and now she is on life support. She is brain dead, 171 00:11:41,820 --> 00:11:45,590 Suze: but her heart is still working. Suze. I don't know 172 00:11:45,599 --> 00:11:49,919 Suze: what to do. I don't know. Should we pull the plugs? 173 00:11:49,929 --> 00:11:52,330 Suze: What should we do, Suze? You've gotta help. 174 00:11:53,409 --> 00:11:56,949 Suze: Well, the decision was made to take Hoodie off life 175 00:11:56,960 --> 00:11:57,679 Suze: support 176 00:11:58,429 --> 00:12:03,689 Suze: and Hoodie died very shortly after that. But that's when 177 00:12:03,700 --> 00:12:07,650 Suze: I realized, oh my God, you can be brain dead 178 00:12:07,659 --> 00:12:11,968 Suze: where your brain isn't working anymore at all. But as 179 00:12:11,979 --> 00:12:14,369 Suze: long as your heart is still pumping, 180 00:12:15,400 --> 00:12:21,460 Suze: you could stay alive for a long, long time on support. 181 00:12:28,599 --> 00:12:32,309 Suze: So right then and there, I decided the heart had 182 00:12:32,320 --> 00:12:34,690 Suze: to be the most important part of the body. 183 00:12:35,349 --> 00:12:38,210 Suze: And if you always came from your heart, so the 184 00:12:38,219 --> 00:12:43,530 Suze: decisions that you made intellectually speaking, always came from your 185 00:12:43,539 --> 00:12:44,130 Suze: heart 186 00:12:44,890 --> 00:12:47,960 Suze: that you would never ever go wrong. Now, how is 187 00:12:47,969 --> 00:12:50,650 Suze: that for a sidetrack for you? That was a big one. 188 00:12:50,840 --> 00:12:56,419 Suze: Let's go back to the intention of this podcast. How 189 00:12:56,429 --> 00:13:03,039 Suze: do you take your money for granted? And I want 190 00:13:03,049 --> 00:13:07,070 Suze: you to think about that from your heart right now 191 00:13:07,669 --> 00:13:12,949 Suze: and I want you to write down all the ways 192 00:13:12,960 --> 00:13:14,919 Suze: that that may be true. 193 00:13:17,469 --> 00:13:20,619 Suze: Now, you might want to stop the podcast here for 194 00:13:20,630 --> 00:13:21,369 Suze: a second 195 00:13:22,000 --> 00:13:26,239 Suze: and write down anything and everything that comes to your mind. 196 00:13:27,450 --> 00:13:32,750 Suze: And then once you're done, start it up again and 197 00:13:32,760 --> 00:13:33,669 Suze: come back to me, 198 00:13:34,820 --> 00:13:38,728 Suze: what I have found when I've done this exercise before 199 00:13:39,260 --> 00:13:42,848 Suze: with people, these are the ways that they would take 200 00:13:42,859 --> 00:13:44,570 Suze: money for granted. 201 00:13:45,929 --> 00:13:50,750 Suze: The number one way is they will always be able 202 00:13:50,760 --> 00:13:56,630 Suze: to work and make money. They just take that for granted. 203 00:13:57,590 --> 00:13:58,710 Suze: Are you sure 204 00:13:59,549 --> 00:14:02,368 Suze: that you will always be able to work and make 205 00:14:02,380 --> 00:14:02,919 Suze: money 206 00:14:04,710 --> 00:14:08,809 Suze: from the car accidents to the tornadoes and the fires 207 00:14:08,820 --> 00:14:11,650 Suze: and the hurricanes and the floods 208 00:14:12,380 --> 00:14:16,330 Suze: and the illnesses and things that can happen? Are you 209 00:14:16,340 --> 00:14:21,119 Suze: positive that you will always be able to work and 210 00:14:21,130 --> 00:14:24,539 Suze: make more money? And therefore you can just do anything 211 00:14:24,549 --> 00:14:28,119 Suze: and everything you want right here. And right now, 212 00:14:28,780 --> 00:14:33,679 Suze: if you found anywhere, didn't have to be number one 213 00:14:33,739 --> 00:14:35,520 Suze: that you wrote that down, 214 00:14:36,969 --> 00:14:41,679 Suze: that will be the biggest mistake you will have ever 215 00:14:41,690 --> 00:14:46,919 Suze: made because things happen, everybody and it's more apt to 216 00:14:46,929 --> 00:14:50,640 Suze: have something happen than for it to not happen. 217 00:14:51,989 --> 00:14:56,210 Suze: So, don't wait if you find yourself saying it's ok. 218 00:14:56,219 --> 00:14:58,669 Suze: I can go do this now. I'll always be able 219 00:14:58,679 --> 00:15:02,640 Suze: to work for money, wrong, wrong, wrong 220 00:15:03,559 --> 00:15:04,489 Suze: number two, 221 00:15:05,260 --> 00:15:10,400 Suze: that there's plenty of time to start saving for my retirement. 222 00:15:10,969 --> 00:15:12,719 Suze: How many of you think that you take it for 223 00:15:12,729 --> 00:15:13,520 Suze: granted 224 00:15:14,239 --> 00:15:18,330 Suze: that you can wait another 10 years? You're young. You 225 00:15:18,340 --> 00:15:21,059 Suze: have time. What difference can it make? 226 00:15:22,020 --> 00:15:26,760 Suze: Time is the most important ingredient in any financial freedom 227 00:15:26,770 --> 00:15:31,000 Suze: recipe in any financially independent recipe. 228 00:15:31,989 --> 00:15:35,030 Suze: And therefore it is essential 229 00:15:35,820 --> 00:15:38,419 Suze: that you start today 230 00:15:39,500 --> 00:15:45,020 Suze: today, not five days from now, not three years from now, 231 00:15:45,030 --> 00:15:51,280 Suze: but absolutely. Today, my favorite example of that is you're 232 00:15:51,289 --> 00:15:55,909 Suze: 25 years of age, you're putting $100 a month into 233 00:15:55,919 --> 00:15:56,640 Suze: a broth 234 00:15:56,900 --> 00:16:00,969 Suze: retirement account. That's one that you've already paid taxes on. 235 00:16:01,090 --> 00:16:04,539 Suze: So you're funding it with after tax money, which means 236 00:16:04,549 --> 00:16:07,849 Suze: when you go to take it out, it's absolutely tax free. 237 00:16:08,099 --> 00:16:11,869 Suze: So you put $100 a month away in every month 238 00:16:11,880 --> 00:16:14,119 Suze: for 12 consecutive months 239 00:16:15,330 --> 00:16:19,869 Suze: and you do that every single month from the age 240 00:16:19,880 --> 00:16:22,750 Suze: of 25 to 65. 241 00:16:23,409 --> 00:16:28,669 Suze: And that money averages for you a 12% annual average 242 00:16:28,679 --> 00:16:33,080 Suze: rate of return. That's not a 12% interest rate. Everybody 243 00:16:33,229 --> 00:16:36,530 Suze: that's one year. Maybe you make 30% on your money 244 00:16:36,659 --> 00:16:39,960 Suze: one year. Maybe you lose 40% the next year may 245 00:16:39,969 --> 00:16:43,280 Suze: be up 20 down 10. But over all 40 years, 246 00:16:43,289 --> 00:16:48,549 Suze: you've averaged 12% average annual rate of return. 247 00:16:48,909 --> 00:16:53,609 Suze: You would have $1 million at the age of 65. 248 00:16:54,669 --> 00:16:55,320 Suze: But yeah, 249 00:16:56,109 --> 00:16:59,599 Suze: you are taking for granted time 250 00:17:00,590 --> 00:17:02,580 Suze: and you think you have plenty of time to start 251 00:17:02,590 --> 00:17:07,449 Suze: saving for your retirement. What difference can $100 a month make? 252 00:17:07,459 --> 00:17:11,369 Suze: Which is $1200 a year. You're 25 years of age, 253 00:17:11,380 --> 00:17:16,439 Suze: you wait 10 years till you're 35. So at $1200 254 00:17:16,449 --> 00:17:20,729 Suze: a year for 10 years, that's only $12,000. What difference 255 00:17:20,739 --> 00:17:23,919 Suze: can $12,000 make? 256 00:17:24,660 --> 00:17:28,199 Suze: All right, you start at 35 do the exact same thing. 257 00:17:28,619 --> 00:17:34,119 Suze: Do you know at 6530 years later, you'd have only $300,000. 258 00:17:35,790 --> 00:17:42,829 Suze: You took $700,000 for granted everybody. And that is just 259 00:17:42,839 --> 00:17:48,099 Suze: at $100 a month because that is the value of 260 00:17:48,109 --> 00:17:51,540 Suze: time and the compounding of money. 261 00:17:52,670 --> 00:17:56,209 Suze: Although the third one that all of you would tell 262 00:17:56,219 --> 00:18:00,000 Suze: me about when I did this is that you were 263 00:18:00,010 --> 00:18:04,670 Suze: bringing in enough money so that you could afford to 264 00:18:04,680 --> 00:18:08,129 Suze: get a new car and finance it over the next 265 00:18:08,140 --> 00:18:11,489 Suze: seven years. You took it for granted 266 00:18:12,630 --> 00:18:16,020 Suze: that you would be able to afford the payments for 267 00:18:16,030 --> 00:18:20,000 Suze: the next seven years, simply because you can afford the 268 00:18:20,010 --> 00:18:21,849 Suze: payments right now. 269 00:18:22,780 --> 00:18:25,919 Suze: Are you kidding me? Are you kidding me? 270 00:18:26,760 --> 00:18:32,449 Suze: You know, more cars today? Are being repossessed than ever before. 271 00:18:33,089 --> 00:18:36,079 Suze: In fact, they're not repossessing all of the cars that 272 00:18:36,089 --> 00:18:40,709 Suze: should be repossessed because they don't have enough room on 273 00:18:40,719 --> 00:18:46,300 Suze: the used car lots to keep those cars. And every 274 00:18:46,310 --> 00:18:50,889 Suze: one of those cars that have been repossessed is from 275 00:18:50,900 --> 00:18:53,729 Suze: somebody who took it for granted 276 00:18:54,219 --> 00:18:58,359 Suze: that they would be able to afford the monthly payment 277 00:18:58,369 --> 00:19:02,239 Suze: on that car simply because they were able to afford 278 00:19:02,250 --> 00:19:07,500 Suze: it when they purchased it. Are you kidding me? 279 00:19:08,630 --> 00:19:10,810 Suze: The fourth most popular one 280 00:19:11,849 --> 00:19:15,760 Suze: usually is I can afford to take a vacation. I 281 00:19:15,770 --> 00:19:20,260 Suze: can afford to take my family away. They deserve it. 282 00:19:20,849 --> 00:19:24,099 Suze: And I'll just put it on my credit card and 283 00:19:24,109 --> 00:19:28,099 Suze: I will pay the minimum payment due when the bill 284 00:19:28,109 --> 00:19:29,139 Suze: comes in. 285 00:19:30,530 --> 00:19:32,939 Suze: These people take it for granted 286 00:19:33,689 --> 00:19:37,609 Suze: that the minimum payment due will always be just a 287 00:19:37,619 --> 00:19:39,020 Suze: little amount of money 288 00:19:39,739 --> 00:19:42,160 Suze: and that they'll always be able to afford it. 289 00:19:43,180 --> 00:19:46,060 Suze: But then they take it for granted that not only 290 00:19:46,069 --> 00:19:49,209 Suze: for that vacation but to go out to eat and 291 00:19:49,219 --> 00:19:51,869 Suze: all of those things. And before you know it, their 292 00:19:51,880 --> 00:19:55,869 Suze: credit cards are maxed out before, you know, it, interest 293 00:19:55,880 --> 00:19:59,599 Suze: rates on credit cards go back up to 21 22% 294 00:19:59,709 --> 00:20:02,780 Suze: because of what's been happening lately. And now they can't 295 00:20:02,790 --> 00:20:04,319 Suze: afford the minimum payment 296 00:20:04,989 --> 00:20:10,160 Suze: and now they ruin their credit score. Now, all their 297 00:20:10,170 --> 00:20:14,030 Suze: other interest rates go up and now simply because they 298 00:20:14,040 --> 00:20:16,689 Suze: took it for granted that they'd always be able to 299 00:20:16,699 --> 00:20:18,250 Suze: afford the minimum payment due. 300 00:20:18,920 --> 00:20:23,060 Suze: They're essentially ruining their financial life. 301 00:20:24,560 --> 00:20:28,680 Suze: Another way that people take money and what money can 302 00:20:28,689 --> 00:20:31,420 Suze: buy and provide for them for granted 303 00:20:32,410 --> 00:20:37,930 Suze: is that they will always have a roof over their heads. 304 00:20:38,369 --> 00:20:40,069 Suze: They just take that for granted. 305 00:20:41,170 --> 00:20:44,260 Suze: And I'm here to tell you if you look at 306 00:20:44,270 --> 00:20:48,060 Suze: the number of people that are living in their cars 307 00:20:48,560 --> 00:20:51,189 Suze: that are being repossessed by the way, but that are 308 00:20:51,199 --> 00:20:52,589 Suze: living in their cars 309 00:20:53,760 --> 00:20:55,500 Suze: that are living in the streets 310 00:20:56,300 --> 00:20:59,540 Suze: that are being evicted, whatever it may be. 311 00:21:00,400 --> 00:21:03,109 Suze: There are so many people that don't have a roof 312 00:21:03,119 --> 00:21:08,180 Suze: over their head. And Katie will tell you, I am fascinated, 313 00:21:08,790 --> 00:21:13,640 Suze: fascinated when I see a homeless person or somebody sitting 314 00:21:13,650 --> 00:21:17,550 Suze: on the streets and I usually will take the time 315 00:21:17,560 --> 00:21:19,780 Suze: and sit down and talk with them. 316 00:21:20,979 --> 00:21:24,390 Suze: I want to know their story. I want to know 317 00:21:24,400 --> 00:21:25,910 Suze: what happened to them. 318 00:21:26,800 --> 00:21:29,339 Suze: And the one that always gets to my heart the 319 00:21:29,349 --> 00:21:33,260 Suze: most was somebody that I did this with in the 320 00:21:33,270 --> 00:21:35,780 Suze: city of Chicago. His name was The Count, 321 00:21:36,810 --> 00:21:40,349 Suze: and he would sit in this little hallway that I 322 00:21:40,359 --> 00:21:43,270 Suze: would pass by. And so I would sit down and 323 00:21:43,280 --> 00:21:45,650 Suze: I would talk to him and I would ask him 324 00:21:45,660 --> 00:21:46,689 Suze: what happened. 325 00:21:47,489 --> 00:21:49,609 Suze: And he said, oh, Suze, I used to be a 326 00:21:49,619 --> 00:21:54,270 Suze: professor at the University of Chicago 327 00:21:55,219 --> 00:22:00,119 Suze: and then I was married and had a family and 328 00:22:00,180 --> 00:22:03,719 Suze: I was in a car accident and I lost my 329 00:22:03,729 --> 00:22:06,979 Suze: family and then I just didn't have the will to 330 00:22:06,989 --> 00:22:09,479 Suze: live anymore. And here I am 331 00:22:10,369 --> 00:22:13,160 Suze: for ever now, living in Jackson Park. 332 00:22:14,060 --> 00:22:17,109 Suze: I said, did you ever think that you were going 333 00:22:17,119 --> 00:22:19,119 Suze: to be living and you'd want to have a roof 334 00:22:19,130 --> 00:22:20,199 Suze: over your head? 335 00:22:20,939 --> 00:22:23,199 Suze: And he said, no, I'll never forget these words. I 336 00:22:23,209 --> 00:22:25,939 Suze: took it for granted that I'd always have a roof 337 00:22:25,949 --> 00:22:30,140 Suze: over my head. I always took my family for granted. 338 00:22:30,310 --> 00:22:32,680 Suze: I always took a lot for granted. 339 00:22:33,599 --> 00:22:37,459 Suze: And now I don't even take the little tree that 340 00:22:37,469 --> 00:22:41,380 Suze: I sleep under every night for granted because who knows 341 00:22:41,390 --> 00:22:43,849 Suze: something could happen to that. 342 00:22:45,569 --> 00:22:48,599 Suze: The next one and I learned a lot about this 343 00:22:48,609 --> 00:22:49,869 Suze: during the pandemic 344 00:22:50,670 --> 00:22:55,959 Suze: was that we always seem to take it for granted 345 00:22:55,969 --> 00:23:00,129 Suze: that we will have enough money or food stamps, which 346 00:23:00,140 --> 00:23:02,629 Suze: is what they don't call it anymore. But essentially food 347 00:23:02,640 --> 00:23:06,359 Suze: stamps to always be able to have enough food to 348 00:23:06,369 --> 00:23:09,250 Suze: feed ourselves and our children. 349 00:23:10,349 --> 00:23:15,439 Suze: And during the pandemic, as I watched food lines 350 00:23:16,729 --> 00:23:22,430 Suze: go all the way back forever. I looked at the 351 00:23:22,439 --> 00:23:28,129 Suze: cars that were in those food lines and there were BMWs, 352 00:23:29,010 --> 00:23:35,329 Suze: there were Mercedes, there were all kinds of luxury cars 353 00:23:35,959 --> 00:23:37,630 Suze: and I am sure 354 00:23:38,380 --> 00:23:42,879 Suze: that a lot of those people in a million years, 355 00:23:43,550 --> 00:23:44,640 Suze: they would have said, 356 00:23:45,300 --> 00:23:47,500 Suze: yeah, I take it for granted that I'm always gonna 357 00:23:47,510 --> 00:23:51,520 Suze: be able to buy food. Absolutely. I take it for 358 00:23:51,530 --> 00:23:54,000 Suze: granted that I'm always going to be able to provide 359 00:23:54,010 --> 00:23:55,989 Suze: for my family and feed them. 360 00:23:57,449 --> 00:24:00,430 Suze: Do you see how things can happen in life? 361 00:24:01,209 --> 00:24:05,310 Suze: And when we take it for granted, these little things 362 00:24:05,319 --> 00:24:06,579 Suze: around us, 363 00:24:07,369 --> 00:24:09,550 Suze: we take it for granted that we're going to have 364 00:24:09,560 --> 00:24:11,670 Suze: the money to pay our utility bills. 365 00:24:12,569 --> 00:24:16,790 Suze: When it's possible, our utility bills, like remember in Texas, 366 00:24:17,130 --> 00:24:20,630 Suze: because of what happened that time utility bills ran up 367 00:24:20,640 --> 00:24:23,770 Suze: to a few $1000 a month and people couldn't pay 368 00:24:23,780 --> 00:24:24,790 Suze: them anymore. 369 00:24:25,560 --> 00:24:28,180 Suze: All these things can happen. 370 00:24:29,390 --> 00:24:33,660 Suze: But we also take it for granted that we are 371 00:24:33,670 --> 00:24:38,530 Suze: making the right decisions when it comes to our money. 372 00:24:39,489 --> 00:24:41,310 Suze: And I can tell you 373 00:24:42,699 --> 00:24:46,800 Suze: most of you are not making the right decisions when 374 00:24:46,810 --> 00:24:48,729 Suze: it comes to your money, 375 00:24:49,420 --> 00:24:53,359 Suze: but you think you are. And so you have to 376 00:24:53,369 --> 00:24:58,300 Suze: understand again that the biggest mistakes when it comes to 377 00:24:58,310 --> 00:25:02,729 Suze: your money are the mistakes you don't even know that 378 00:25:02,739 --> 00:25:06,839 Suze: you are making. So I just want you to think 379 00:25:07,040 --> 00:25:12,410 Suze: about today's podcast in a future podcast. I'm going to 380 00:25:12,420 --> 00:25:14,140 Suze: give you a quizzy 381 00:25:15,150 --> 00:25:17,270 Suze: because I don't want to go too long right now. 382 00:25:17,280 --> 00:25:20,329 Suze: And I see I've already gone almost the full length 383 00:25:20,339 --> 00:25:25,630 Suze: of our 30 minutes because I had 10 questions for 384 00:25:25,640 --> 00:25:26,079 Suze: you 385 00:25:27,000 --> 00:25:30,260 Suze: that are you making the right decision or the wrong 386 00:25:30,270 --> 00:25:34,569 Suze: decision with your money? So in one of the future 387 00:25:34,579 --> 00:25:39,219 Suze: Suze Schools, it will be, are you making the right 388 00:25:39,229 --> 00:25:42,650 Suze: decision or the wrong decision. And you're going to have 389 00:25:42,660 --> 00:25:46,290 Suze: to decide in the questions that I give you, what 390 00:25:46,300 --> 00:25:49,859 Suze: would you do in that situation? And we will test 391 00:25:49,869 --> 00:25:54,739 Suze: your knowledge. But for now, I just don't want you 392 00:25:54,750 --> 00:25:56,379 Suze: to take life for granted. 393 00:25:56,819 --> 00:25:59,129 Suze: I don't want you to take your health for granted. 394 00:25:59,540 --> 00:26:02,379 Suze: I don't want you to take your loved ones for granted. 395 00:26:02,579 --> 00:26:05,199 Suze: I don't want you to take your ability to be 396 00:26:05,209 --> 00:26:08,810 Suze: able to work for granted. I don't want you to 397 00:26:08,819 --> 00:26:13,379 Suze: take your employer or your employees for granted. I don't 398 00:26:13,390 --> 00:26:15,760 Suze: want you to take for granted that you can walk 399 00:26:15,770 --> 00:26:19,640 Suze: down the street. You can look at things and see things, 400 00:26:19,650 --> 00:26:23,640 Suze: you can hear things, you can feel things. I want 401 00:26:23,650 --> 00:26:26,640 Suze: you to not take one moment, 402 00:26:27,109 --> 00:26:34,910 Suze: one moment as we approach this Thanksgiving holiday for granted. 403 00:26:35,760 --> 00:26:39,449 Suze: Because if you don't take anything for granted, 404 00:26:40,510 --> 00:26:47,379 Suze: I promise you you will be unstoppable. All right, everybody 405 00:26:47,520 --> 00:26:52,859 Suze: happy Thanksgiving, and will be here Thursday just for you.