1 00:00:41,369 --> 00:00:45,970 Suze: October 13th 2024. Welcome everybody to the Women and Money 2 00:00:45,979 --> 00:00:50,479 Suze: podcast as well as everybody smart enough to listen, Suze O, 3 00:00:50,490 --> 00:00:56,310 Suze: here and yes. Yes. Yes. Each yes is for me, 4 00:00:56,319 --> 00:01:01,450 Suze: KT and Colo. We are safe and sound. 5 00:01:02,069 --> 00:01:08,550 Suze: In fact, last Friday we returned to the island all together. 6 00:01:08,559 --> 00:01:11,730 Suze: Colo flew in from Colombia. We haven't seen him for 7 00:01:11,739 --> 00:01:15,750 Suze: a while now, as you know, he returned to Colombia 8 00:01:15,790 --> 00:01:19,690 Suze: to take care of the affairs of his brother and 9 00:01:19,699 --> 00:01:23,040 Suze: to be with his family and to mourn and to 10 00:01:23,050 --> 00:01:26,550 Suze: pray and to do all of those things. And now 11 00:01:26,599 --> 00:01:29,589 Suze: he flew back on Friday morning 12 00:01:29,930 --> 00:01:32,440 Suze: and we all got on the plane together and came 13 00:01:32,449 --> 00:01:39,949 Suze: back to the island to our surprise. The island is perfect. Really. 14 00:01:39,959 --> 00:01:43,589 Suze: I mean, we lost some beach but nothing big at all. 15 00:01:43,599 --> 00:01:48,830 Suze: So there's nothing to worry about. Also, I just wanna 16 00:01:48,839 --> 00:01:52,989 Suze: say something when a major disaster starts to come in 17 00:01:53,910 --> 00:01:59,319 Suze: myself more than anybody I know makes all these contingency 18 00:01:59,330 --> 00:02:03,199 Suze: plans that if we needed to evacuate, I have a 19 00:02:03,209 --> 00:02:06,959 Suze: way to do so. So if I think things are 20 00:02:06,970 --> 00:02:09,360 Suze: gonna get bad, oh, we are so out of here. 21 00:02:09,369 --> 00:02:15,130 Suze: I cannot tell you we have evacuated many, many, many times. 22 00:02:15,350 --> 00:02:18,309 Suze: But when I choose to stay somewhere, 23 00:02:18,690 --> 00:02:23,089 Suze: it's because I pretty much know that we're going to 24 00:02:23,100 --> 00:02:28,269 Suze: be just fine now. Obviously I can be wrong, but 25 00:02:28,369 --> 00:02:34,869 Suze: it's a pretty good calculated guess. So. Don't ever worry 26 00:02:34,880 --> 00:02:38,860 Suze: about me and KT and Colo. We're always ok no 27 00:02:38,869 --> 00:02:43,710 Suze: matter where we are and what is happening in the world. 28 00:02:43,899 --> 00:02:47,619 Suze: Number one, number two, even though we're ok 29 00:02:47,990 --> 00:02:51,529 Suze: and everything's fine for us. The truth of the matter 30 00:02:51,538 --> 00:02:57,989 Suze: is after these two major hurricanes, Helene and Milton, there 31 00:02:58,000 --> 00:03:01,809 Suze: are hundreds of thousands of people that really are not ok. 32 00:03:02,729 --> 00:03:06,470 Suze: And it's very possible that they're not gonna be ok 33 00:03:06,479 --> 00:03:09,880 Suze: for a long time because many of them did not 34 00:03:09,889 --> 00:03:14,769 Suze: have flood insurance. And why didn't they have flood insurance? Well, 35 00:03:14,779 --> 00:03:18,740 Suze: I have one friend, Sissy who lives in Savannah. Her 36 00:03:18,750 --> 00:03:21,228 Suze: mother lives 300 miles inland 37 00:03:22,508 --> 00:03:23,168 Suze: and 38 00:03:23,830 --> 00:03:28,330 Suze: her house was almost totally destroyed. Her mommy's house, who 39 00:03:28,339 --> 00:03:32,570 Suze: in the world would expect that they need flood insurance 40 00:03:32,580 --> 00:03:35,410 Suze: when you're 300 miles inland. 41 00:03:36,270 --> 00:03:38,479 Suze: So it's not like people went. Oh, 42 00:03:39,229 --> 00:03:41,389 Suze: I know I need flood insurance. I live in a 43 00:03:41,399 --> 00:03:44,970 Suze: flood areas but I'm just not gonna get it. Most 44 00:03:44,979 --> 00:03:49,880 Suze: of these people who lost their homes to flood there, 45 00:03:49,880 --> 00:03:54,679 Suze: had never been a flood where they lived. There was 46 00:03:54,690 --> 00:03:59,570 Suze: no reason for them at that time to have flood insurance. 47 00:04:00,149 --> 00:04:03,289 Suze: And what happens is that leaves them 48 00:04:04,029 --> 00:04:10,490 Suze: with absolutely no way to be insured for their loss. 49 00:04:10,500 --> 00:04:12,250 Suze: I'll talk to you in a second about what they 50 00:04:12,259 --> 00:04:16,630 Suze: can do, but that is a travesty. So you need 51 00:04:16,640 --> 00:04:21,099 Suze: to know what does your insurance policy pay for? And 52 00:04:21,109 --> 00:04:24,029 Suze: I'm here to tell you it does not pay for floods, 53 00:04:24,609 --> 00:04:30,489 Suze: not your regular home insurance. It does not. So nowadays, 54 00:04:30,500 --> 00:04:32,558 Suze: maybe just, maybe 55 00:04:33,089 --> 00:04:37,320 Suze: everybody should be looking into flood insurance no matter what 56 00:04:37,660 --> 00:04:42,549 Suze: it's expensive, but possibly it might be worth it. 57 00:04:43,230 --> 00:04:43,839 Suze: Now, 58 00:04:44,600 --> 00:04:48,169 Suze: as you know, over the past two or three weeks now, 59 00:04:48,178 --> 00:04:51,559 Suze: I've been saying I wanted to do a podcast called 60 00:04:51,660 --> 00:04:54,579 Suze: Make a Date with Your Money 61 00:04:55,869 --> 00:04:58,969 Suze: and I had had five or six things that I 62 00:04:58,980 --> 00:05:02,769 Suze: really wanted you to do to check this to check 63 00:05:02,779 --> 00:05:05,890 Suze: that and whatever it may be. But given 64 00:05:06,450 --> 00:05:12,269 Suze: that we have just experienced two major hurricanes, I wanna 65 00:05:12,279 --> 00:05:14,899 Suze: talk to you a little bit and to those of 66 00:05:14,910 --> 00:05:20,209 Suze: you who are listening, who just went through these disasters 67 00:05:20,329 --> 00:05:24,349 Suze: and maybe you are hearing that there's no money available 68 00:05:24,359 --> 00:05:27,540 Suze: for you that FEMA isn't gonna be there. That all 69 00:05:27,549 --> 00:05:32,230 Suze: you're gonna get is $750. All of that is not true. 70 00:05:32,988 --> 00:05:38,349 Suze: So before I go into the other things, I just 71 00:05:38,359 --> 00:05:45,209 Suze: wanna talk about disaster relief and insurance and what? In fact, 72 00:05:45,220 --> 00:05:49,678 Suze: you need to know first, can I just address the 73 00:05:49,690 --> 00:05:52,159 Suze: $750 from FEMA? 74 00:05:52,970 --> 00:05:59,149 Suze: What's so interesting is that the $750 relief from FEMA 75 00:05:59,380 --> 00:06:03,540 Suze: is something that you can get immediately. It can be 76 00:06:03,549 --> 00:06:06,399 Suze: put on a credit card, whatever it is. And that's 77 00:06:06,410 --> 00:06:08,670 Suze: for those of you who need immediate 78 00:06:09,019 --> 00:06:13,140 Suze: assistance with maybe stuff for your babies or for whatever 79 00:06:13,149 --> 00:06:17,519 Suze: it is. So you just get it. That's not all 80 00:06:17,529 --> 00:06:20,820 Suze: you get, but you don't have to really wait for it. 81 00:06:20,829 --> 00:06:24,799 Suze: It's there immediately for you just to get you by 82 00:06:24,809 --> 00:06:28,558 Suze: for the next few days or maybe a week or two. 83 00:06:29,359 --> 00:06:33,380 Suze: But that's just a very small part of what FEMA 84 00:06:34,089 --> 00:06:39,738 Suze: is there for. So listen to me closely. Now FEMA 85 00:06:39,750 --> 00:06:44,779 Suze: is known as a disaster assistance program. 86 00:06:45,500 --> 00:06:50,719 Suze: And the maximum amount of assistance that an individual or 87 00:06:50,730 --> 00:06:56,539 Suze: households can get is usually around $42,500 at least for 88 00:06:56,549 --> 00:07:01,839 Suze: the year 2024. Now, that can change depending on what 89 00:07:01,850 --> 00:07:05,829 Suze: they're going to do, but that's an approximate amount of 90 00:07:05,839 --> 00:07:08,029 Suze: the maximum amount allowed. 91 00:07:08,450 --> 00:07:16,589 Suze: But the average grant really is only about $3000. Notice 92 00:07:16,600 --> 00:07:21,309 Suze: I said grant, that's because this money does not need 93 00:07:21,320 --> 00:07:26,029 Suze: to have to be repaid. So FEMA assistance covers things 94 00:07:26,040 --> 00:07:32,230 Suze: like housing assistance or personal property, transportation. And again, each 95 00:07:32,239 --> 00:07:36,549 Suze: one of those categories has a maximum limit, 96 00:07:37,359 --> 00:07:42,239 Suze: but it's just there to assist you not to replace everything. 97 00:07:42,250 --> 00:07:46,260 Suze: Totally not to make you fine. No, to assist you 98 00:07:46,269 --> 00:07:51,579 Suze: during this time of disaster for the cost that your 99 00:07:51,589 --> 00:07:54,820 Suze: insurance company if you're insured 100 00:07:55,540 --> 00:08:00,760 Suze: will not pay for. So again, you have to remember 101 00:08:00,769 --> 00:08:06,959 Suze: that by law FEMA cannot pay for costs that your 102 00:08:06,970 --> 00:08:12,739 Suze: insurance covers. So it's important to contact your insurance company 103 00:08:12,790 --> 00:08:15,989 Suze: right away to file a claim 104 00:08:17,040 --> 00:08:24,070 Suze: for larger amounts. There's always the Small Business Administration loans 105 00:08:24,269 --> 00:08:28,760 Suze: and those are set up as low interest disaster loans 106 00:08:28,769 --> 00:08:31,720 Suze: to individuals. So if you're a renter, if you're a 107 00:08:31,730 --> 00:08:36,530 Suze: homeowner or a business person of any size, that's where 108 00:08:36,539 --> 00:08:40,459 Suze: probably you are going to get the most assistance. 109 00:08:40,869 --> 00:08:46,580 Suze: For instance, homeowners can borrow up to $200,000 for home 110 00:08:46,590 --> 00:08:53,289 Suze: repair or replacements and up to $40,000 for personal property. 111 00:08:53,880 --> 00:08:56,690 Suze: And if you're a business, by the way, you can 112 00:08:56,700 --> 00:09:01,819 Suze: borrow up to $2 million to repair or replace property 113 00:09:01,830 --> 00:09:06,130 Suze: or equipment or inventory and other businesses like that, 114 00:09:06,799 --> 00:09:12,419 Suze: the difference between the SBA loans and FEMA. Again, FEMA 115 00:09:12,429 --> 00:09:13,609 Suze: is a grant 116 00:09:14,380 --> 00:09:18,369 Suze: that money doesn't have to be repaid, which is why 117 00:09:18,380 --> 00:09:22,108 Suze: they can't afford no matter what administration is in effect 118 00:09:22,119 --> 00:09:26,150 Suze: at the time to give you each $200,000 half a 119 00:09:26,159 --> 00:09:29,640 Suze: million dollars, whatever it is and never be repaid 120 00:09:30,599 --> 00:09:35,570 Suze: when you need larger amounts of money than FEMA can give. 121 00:09:36,229 --> 00:09:40,459 Suze: That's when you go to the Small Business Administration and 122 00:09:40,469 --> 00:09:44,059 Suze: get a loan and the loans must be repaid, as 123 00:09:44,070 --> 00:09:48,459 Suze: I've just said, and the interest rates range from 1.5 124 00:09:48,469 --> 00:09:51,219 Suze: to 3 and three quarters percent right in there. You 125 00:09:51,229 --> 00:09:54,900 Suze: should double check that because everything keeps changing and it 126 00:09:54,909 --> 00:09:57,369 Suze: depends on your eligibility, 127 00:09:57,719 --> 00:10:01,209 Suze: but you need to know that that is available to you. 128 00:10:01,919 --> 00:10:04,739 Suze: Now, I want to talk for a second about the 129 00:10:04,750 --> 00:10:10,090 Suze: National Flood Insurance Program, better known as NFIP. 130 00:10:10,809 --> 00:10:18,030 Suze: The NFIP provides flood insurance for policyholders, obviously, but with 131 00:10:18,039 --> 00:10:25,459 Suze: policy limits determined by the specific coverage that you yourself purchased. 132 00:10:26,140 --> 00:10:30,460 Suze: And the problem is many of you don't know what 133 00:10:30,469 --> 00:10:34,630 Suze: you have purchased. Does it just cover your building? Does 134 00:10:34,640 --> 00:10:38,820 Suze: it cover your buildings and belongings inside the building? Many 135 00:10:38,830 --> 00:10:41,479 Suze: of you have no idea when I ask you. 136 00:10:42,210 --> 00:10:48,189 Suze: So residential properties, the building coverage limits can go up 137 00:10:48,200 --> 00:10:56,309 Suze: to about $250,000 but you can also insure your contents 138 00:10:56,619 --> 00:11:03,669 Suze: and contents coverage limits can go up to $100,000 because 139 00:11:03,679 --> 00:11:08,228 Suze: if you think about it, your refrigerators, your stoves, your dishwashers, 140 00:11:08,239 --> 00:11:11,348 Suze: your all those things can add up to a lot 141 00:11:11,359 --> 00:11:12,020 Suze: of money. 142 00:11:12,510 --> 00:11:16,690 Suze: So if a flood comes in, it's not just your 143 00:11:16,700 --> 00:11:18,929 Suze: building that's gonna be ruined. 144 00:11:19,750 --> 00:11:24,039 Suze: Everything inside that building is going to be ruined as well. 145 00:11:24,090 --> 00:11:28,599 Suze: So it's really important if you're going to get flood insurance, 146 00:11:28,859 --> 00:11:33,348 Suze: you just don't get $250,000 for the residents and the 147 00:11:33,359 --> 00:11:38,179 Suze: building coverage, you also get up to $100,000 and I 148 00:11:38,190 --> 00:11:41,440 Suze: would advise to do all 100 if you can for 149 00:11:41,450 --> 00:11:44,960 Suze: the contents as well. Now, let's say for those of 150 00:11:44,969 --> 00:11:48,869 Suze: you who don't have a residence, it's a non residential property. 151 00:11:49,219 --> 00:11:52,679 Suze: So you have a building, whatever it may be, then 152 00:11:52,690 --> 00:11:55,869 Suze: you can get coverage all the way up to half 153 00:11:55,880 --> 00:12:00,709 Suze: a million dollars and contents coverage can go up to 154 00:12:00,719 --> 00:12:05,679 Suze: half a million as well. Now, many of you probably 155 00:12:05,690 --> 00:12:07,760 Suze: have flood insurance 156 00:12:08,150 --> 00:12:11,869 Suze: and you have now been affected by either Milton or Helene. 157 00:12:11,880 --> 00:12:15,890 Suze: All right, it is very, very important that you make 158 00:12:15,900 --> 00:12:20,090 Suze: a claim within 60 days of the flood event 159 00:12:20,820 --> 00:12:25,419 Suze: and then payment for uh any approved claims is going 160 00:12:25,429 --> 00:12:29,280 Suze: to be based obviously on the policy coverage that you 161 00:12:29,289 --> 00:12:34,729 Suze: do have and the extent of the damages. Now, a 162 00:12:34,739 --> 00:12:37,598 Suze: lot of you may be thinking this doesn't affect you 163 00:12:37,609 --> 00:12:41,349 Suze: or whatever I am telling you every single one of 164 00:12:41,359 --> 00:12:45,669 Suze: you needs to write down what I am saying. 165 00:12:46,179 --> 00:12:49,789 Suze: You need to have this in a file somewhere so 166 00:12:49,799 --> 00:12:53,150 Suze: that if this ever happens to you or somebody, you know, 167 00:12:53,159 --> 00:12:57,840 Suze: or a family member, you can tell them exactly what 168 00:12:57,849 --> 00:13:01,539 Suze: I have told you. Just that simple. 169 00:13:02,080 --> 00:13:05,579 Suze: Now, what happens when you don't have flood insurance? You 170 00:13:05,590 --> 00:13:09,059 Suze: can't qualify maybe for an SBA loan, whatever it is, 171 00:13:09,500 --> 00:13:12,739 Suze: you need to know that there are so many nonprofit 172 00:13:12,750 --> 00:13:18,809 Suze: organizations and community resources that are out there for you. 173 00:13:19,169 --> 00:13:23,309 Suze: Like right now, there are community resources that have temporary 174 00:13:23,320 --> 00:13:27,549 Suze: housings and there have food pantries and counseling services and 175 00:13:27,559 --> 00:13:30,750 Suze: all those kinds of things. So you have to check 176 00:13:30,760 --> 00:13:34,530 Suze: that out and you have to find them also a 177 00:13:34,559 --> 00:13:38,630 Suze: nonprofit organization like the American Red Cross or 178 00:13:38,929 --> 00:13:43,510 Suze: let's see, the Salvation Army or even local community foundations. 179 00:13:43,789 --> 00:13:48,039 Suze: They often will provide disaster relief and assistance to you 180 00:13:48,049 --> 00:13:52,319 Suze: in the form of cash grants or gift cards or 181 00:13:52,330 --> 00:13:55,750 Suze: in kind donations such as clothing and things like that. 182 00:13:56,049 --> 00:14:00,069 Suze: And the exact amount and type of assistance will vary. 183 00:14:00,080 --> 00:14:04,559 Suze: Obviously by organization and availability doesn't mean that you just 184 00:14:04,570 --> 00:14:08,859 Suze: go to one organization, you can go to them all. 185 00:14:09,520 --> 00:14:15,460 Suze: So the next question is, how do you contact these 186 00:14:15,469 --> 00:14:22,789 Suze: companies or these agencies? So for the Federal Emergency Management Agency, 187 00:14:22,799 --> 00:14:32,700 Suze: which is what is FEMA, their phone number is 1 800-621-3362. 188 00:14:33,219 --> 00:14:39,340 Suze: Their URL is fema.gov/assistance. 189 00:14:39,770 --> 00:14:50,390 Suze: The Small Business Administration, phone number is 1 800-659-2955 and 190 00:14:50,400 --> 00:15:05,430 Suze: you can get them by going to www dot sba.gov/funding-programs/disaster-assistance. 191 00:15:05,849 --> 00:15:08,469 Suze: I will put all of these on the women and 192 00:15:08,479 --> 00:15:12,590 Suze: money community app, by the way. And the national Flood 193 00:15:12,599 --> 00:15:27,840 Suze: Insurance program, the NFIP is floodsmart.gov. Phone number is 877-336-2627. Obviously, 194 00:15:27,849 --> 00:15:33,349 Suze: these phone numbers are all for people in the United States. 195 00:15:33,859 --> 00:15:37,869 Suze: So that's what you need to know. But I'm just 196 00:15:37,880 --> 00:15:44,119 Suze: gonna reiterate here. There is money. There are people on 197 00:15:44,130 --> 00:15:45,159 Suze: the ground. 198 00:15:45,960 --> 00:15:50,380 Suze: So it's really important that you just know if you're 199 00:15:50,390 --> 00:15:52,830 Suze: out there and you don't know what to do and 200 00:15:52,840 --> 00:15:55,739 Suze: you think nobody cares about you and you think that 201 00:15:55,750 --> 00:15:58,919 Suze: there's no money to help you. I'm here to tell 202 00:15:58,929 --> 00:16:00,260 Suze: you that you are wrong. 203 00:16:01,109 --> 00:16:03,679 Suze: Millions of people care about you. 204 00:16:04,679 --> 00:16:07,739 Suze: There is help out there for you. Is it gonna 205 00:16:07,750 --> 00:16:13,440 Suze: be easy? No, but I do know with faith and 206 00:16:13,450 --> 00:16:17,570 Suze: courage you could do this that you have to want 207 00:16:17,580 --> 00:16:20,900 Suze: to and have faith that you can. 208 00:16:21,869 --> 00:16:24,890 Suze: All right. So there was that. Next, 209 00:16:25,750 --> 00:16:28,700 Suze: make a date with your money. 210 00:16:29,770 --> 00:16:32,260 Suze: What I wanted all of you to do and I 211 00:16:32,270 --> 00:16:34,140 Suze: still want all of you to do 212 00:16:35,000 --> 00:16:40,320 Suze: is I really want you to take this time before 213 00:16:40,330 --> 00:16:44,169 Suze: the New Year starts to sit down. Make a date, 214 00:16:44,289 --> 00:16:48,659 Suze: get out your calendars, everybody and make a date when 215 00:16:48,669 --> 00:16:53,210 Suze: you or your spouse or your life partner or your children. 216 00:16:53,219 --> 00:16:58,309 Suze: I don't care who your parents you sit down and 217 00:16:58,320 --> 00:16:59,919 Suze: you make a date 218 00:17:00,690 --> 00:17:06,569 Suze: and that date is the entire day, is devoted to 219 00:17:06,579 --> 00:17:12,750 Suze: dealing with every aspect of your money. Not so much 220 00:17:12,760 --> 00:17:14,910 Suze: what you're invested in, 221 00:17:16,078 --> 00:17:19,098 Suze: but is everything in place? 222 00:17:20,380 --> 00:17:26,109 Suze: Are you protected in case something happens? So for instance, 223 00:17:26,449 --> 00:17:28,869 Suze: what I was gonna tell you all was I wanted 224 00:17:28,880 --> 00:17:32,619 Suze: you to number one, check all your home or rental 225 00:17:32,630 --> 00:17:36,449 Suze: insurance policies as to what they cover and what they 226 00:17:36,459 --> 00:17:42,079 Suze: don't cover. And also have you increased the coverage? Really? Everybody, 227 00:17:42,089 --> 00:17:44,159 Suze: since you bought the home, 228 00:17:44,630 --> 00:17:48,319 Suze: given that maybe it's worth a whole lot more than 229 00:17:48,329 --> 00:17:52,879 Suze: it was 10 years ago when you originally got that insurance. 230 00:17:53,640 --> 00:17:56,250 Suze: And the fact of the matter is it costs a 231 00:17:56,260 --> 00:18:00,540 Suze: lot more to replace that home today because of inflation 232 00:18:02,020 --> 00:18:07,160 Suze: as it did a long time ago. Next, what's really 233 00:18:07,170 --> 00:18:11,750 Suze: important about what I just said is this when you 234 00:18:11,760 --> 00:18:16,939 Suze: have as many homes that have been destroyed by the 235 00:18:16,949 --> 00:18:20,880 Suze: two hurricanes, by the 100 some odd tornadoes that happened 236 00:18:20,890 --> 00:18:24,319 Suze: in the Florida area, by all the things that are 237 00:18:24,329 --> 00:18:26,040 Suze: happening in this area 238 00:18:26,790 --> 00:18:28,770 Suze: and around the United States 239 00:18:29,790 --> 00:18:36,089 Suze: that makes lumber materials, the cost of building because all 240 00:18:36,099 --> 00:18:38,510 Suze: the workers, what do they do? They go to those 241 00:18:38,520 --> 00:18:42,829 Suze: areas because they know they're gonna get jobs which leaves 242 00:18:42,839 --> 00:18:47,790 Suze: these workers who are in your area possibly charging more. 243 00:18:47,810 --> 00:18:51,839 Suze: So it's gonna cost more to replace your home than 244 00:18:51,849 --> 00:18:55,750 Suze: it did 10 years ago than it did five years ago. 245 00:18:56,250 --> 00:18:59,099 Suze: And I want you on this date with your money 246 00:18:59,660 --> 00:19:03,959 Suze: to make sure as you're looking at your insurance policy, 247 00:19:04,569 --> 00:19:06,520 Suze: what are you covered for? 248 00:19:07,739 --> 00:19:10,739 Suze: Are they going to allow you to rebuild your house 249 00:19:10,750 --> 00:19:13,109 Suze: and pay for all of it? So, is it replacement 250 00:19:13,119 --> 00:19:17,170 Suze: costs or do you just get the insurance value. Does 251 00:19:17,180 --> 00:19:19,839 Suze: it pay for trees and does it pay for your 252 00:19:19,849 --> 00:19:23,290 Suze: garage and the tools in your garage and all of 253 00:19:23,300 --> 00:19:27,520 Suze: those things you need to check that out? 254 00:19:28,640 --> 00:19:29,739 Suze: Are you 255 00:19:30,849 --> 00:19:35,729 Suze: insured for hurricane, for flood for any of that? Now, 256 00:19:35,739 --> 00:19:39,030 Suze: your normal insurance policy is not going to cover you 257 00:19:39,040 --> 00:19:39,739 Suze: for flood 258 00:19:40,369 --> 00:19:45,919 Suze: and unless you've added hurricane insurance on or earthquake insurance on, 259 00:19:46,050 --> 00:19:51,560 Suze: it's not gonna be there either, but you have to know. 260 00:19:52,479 --> 00:19:55,500 Suze: So you have to look at your insurance policies 261 00:19:56,770 --> 00:20:02,010 Suze: and answer all of those questions. Am I insured for 262 00:20:02,040 --> 00:20:06,900 Suze: X Y and Z? Is everything in my house insured? 263 00:20:06,910 --> 00:20:11,349 Suze: And how much is it insured for? Are my structures 264 00:20:11,359 --> 00:20:16,159 Suze: on my property insured? My garage is everything in my 265 00:20:16,170 --> 00:20:21,270 Suze: garage insured? Are my trees insured? You have to ask 266 00:20:21,280 --> 00:20:23,229 Suze: every possible question 267 00:20:24,099 --> 00:20:28,219 Suze: and what is the answer to that question? Only you 268 00:20:28,229 --> 00:20:29,639 Suze: will know. 269 00:20:30,290 --> 00:20:32,760 Suze: So that's the first thing you're gonna do when you 270 00:20:32,770 --> 00:20:35,229 Suze: have a date with your money. 271 00:20:36,020 --> 00:20:39,399 Suze: Also, what I want you to do is I really 272 00:20:39,410 --> 00:20:44,790 Suze: want you to look at every retirement plan and insurance policy, 273 00:20:44,800 --> 00:20:49,599 Suze: life insurance policy that you have. I also want you 274 00:20:49,609 --> 00:20:54,709 Suze: to look at the beneficiaries of your health savings accounts 275 00:20:55,439 --> 00:20:58,159 Suze: because you have got to make sure 276 00:20:58,839 --> 00:21:03,900 Suze: that all the beneficiaries are the beneficiaries that you want 277 00:21:03,910 --> 00:21:08,069 Suze: to get the money. You don't want to have had 278 00:21:08,079 --> 00:21:12,198 Suze: a retirement account where you left an ex-spouse or whoever 279 00:21:12,209 --> 00:21:14,020 Suze: it may be that money 280 00:21:14,819 --> 00:21:18,040 Suze: and now you're not even talking to that person 281 00:21:18,709 --> 00:21:22,550 Suze: and it doesn't even matter if you're not remarried, but 282 00:21:22,560 --> 00:21:25,489 Suze: you don't want that person to get it. And so 283 00:21:25,500 --> 00:21:29,369 Suze: you have to look at the beneficiaries and make sure 284 00:21:29,380 --> 00:21:32,359 Suze: that they are absolutely up to date 285 00:21:33,329 --> 00:21:35,949 Suze: if you happen to be married. 286 00:21:36,709 --> 00:21:40,409 Suze: I want you to double check that a trust is 287 00:21:40,420 --> 00:21:46,609 Suze: not the primary beneficiary of any of your retirement accounts 288 00:21:46,619 --> 00:21:50,650 Suze: or your HSA account. I want you to make sure 289 00:21:50,660 --> 00:21:56,329 Suze: that your spouse's name is the primary beneficiary of those 290 00:21:56,339 --> 00:22:01,050 Suze: retirement accounts. If it's not your spouse because you're not married. 291 00:22:01,150 --> 00:22:02,290 Suze: I don't care, then 292 00:22:02,609 --> 00:22:05,819 Suze: whatever you want to do, but it is not to 293 00:22:05,829 --> 00:22:11,239 Suze: be anything other than your spouse as the primary beneficiary. 294 00:22:11,250 --> 00:22:16,099 Suze: If in fact, you are married next, I want you 295 00:22:16,109 --> 00:22:16,780 Suze: to check 296 00:22:17,619 --> 00:22:21,819 Suze: all the interest rates that you are paying on the 297 00:22:21,829 --> 00:22:26,949 Suze: unpaid balances on your credit cards. Yeah, 298 00:22:28,229 --> 00:22:32,849 Suze: a lot of you have credit card debt. You just do. 299 00:22:33,310 --> 00:22:37,569 Suze: It's been very difficult. Possibly because of inflation. Maybe you've 300 00:22:37,579 --> 00:22:40,619 Suze: been ill. Maybe you lost a job. Who knows what? 301 00:22:41,130 --> 00:22:45,280 Suze: But you've been putting your everyday living or vacations or 302 00:22:45,290 --> 00:22:48,530 Suze: gifts on your credit cards, you've been paying the minimum 303 00:22:48,540 --> 00:22:49,510 Suze: payment due 304 00:22:50,260 --> 00:22:54,079 Suze: and maybe if you look at the interest rates on there, 305 00:22:54,170 --> 00:23:00,000 Suze: you'll find that they're at 13% 20% 28% and you're 306 00:23:00,010 --> 00:23:04,410 Suze: only paying the minimum payment due. You are never going 307 00:23:04,420 --> 00:23:08,079 Suze: to get ahead. And how many times have I said 308 00:23:08,599 --> 00:23:12,389 Suze: debt is bondage. You will never have financial freedom if 309 00:23:12,400 --> 00:23:16,660 Suze: you're in bondage. So therefore, I want you to sit 310 00:23:16,670 --> 00:23:18,319 Suze: down on this date. 311 00:23:19,180 --> 00:23:21,800 Suze: Make sure you have pencil and paper for all this. 312 00:23:21,810 --> 00:23:25,849 Suze: Get out all your credit card receipts and I want 313 00:23:25,859 --> 00:23:28,680 Suze: you to write down in order 314 00:23:29,750 --> 00:23:33,750 Suze: your credit card the interest rate that you are currently 315 00:23:33,760 --> 00:23:39,409 Suze: paying the balance due and the minimum payment due. And 316 00:23:39,420 --> 00:23:42,290 Suze: I want you to do that on every single one 317 00:23:42,300 --> 00:23:45,569 Suze: of your cards. And then I want you to arrange 318 00:23:45,579 --> 00:23:49,810 Suze: them from the highest interest rate to the lowest. 319 00:23:50,489 --> 00:23:55,849 Suze: Now, if you in fact have a good FICO score, 320 00:23:55,900 --> 00:24:01,359 Suze: maybe 720 or above, sometimes even 680 or above credit 321 00:24:01,369 --> 00:24:04,449 Suze: cards will take it. But you might want to consider 322 00:24:04,459 --> 00:24:08,030 Suze: if you have a really high interest rate on these 323 00:24:08,040 --> 00:24:08,909 Suze: cards 324 00:24:09,619 --> 00:24:12,069 Suze: to do a balance transfer 325 00:24:13,050 --> 00:24:16,750 Suze: to a credit card that will lock in a 0% 326 00:24:16,760 --> 00:24:19,890 Suze: interest rate for about 21 months 327 00:24:20,630 --> 00:24:23,510 Suze: on a credit card that won't charge you an annual 328 00:24:23,520 --> 00:24:27,389 Suze: fee and a credit card that will not charge more 329 00:24:27,400 --> 00:24:31,119 Suze: than 3% of a balance transfer fee. 330 00:24:31,780 --> 00:24:35,719 Suze: If you could do that, then pay as much as 331 00:24:35,729 --> 00:24:41,760 Suze: you possibly can during those 20 or 21 months at 0% interest. 332 00:24:42,119 --> 00:24:45,479 Suze: Hopefully your card will be paid off or many of 333 00:24:45,489 --> 00:24:47,119 Suze: your cards will be paid off 334 00:24:48,010 --> 00:24:53,109 Suze: by the time that interest rate is up, beware once 335 00:24:53,119 --> 00:24:55,829 Suze: the 21 months is up, your interest rate's gonna go 336 00:24:55,839 --> 00:24:58,390 Suze: back up probably to 28%. 337 00:24:59,089 --> 00:25:03,929 Suze: So currently, if you look at your credit cards, you 338 00:25:03,939 --> 00:25:08,469 Suze: total up the minimum payments that you are paying right 339 00:25:08,479 --> 00:25:13,790 Suze: now and whatever those minimum payments are, I want you 340 00:25:13,800 --> 00:25:17,900 Suze: to add 20% to that amount. So let's say you 341 00:25:17,910 --> 00:25:21,429 Suze: have five credit cards and the minimum that you're paying 342 00:25:21,439 --> 00:25:24,949 Suze: every single month on all five is let's just say 343 00:25:24,959 --> 00:25:27,469 Suze: $500 100 dollars on each. 344 00:25:28,239 --> 00:25:32,530 Suze: If you're paying $500 a month, I want you to 345 00:25:32,540 --> 00:25:37,329 Suze: pay 20 percent more or another $100. And I want 346 00:25:37,339 --> 00:25:41,859 Suze: you to pay at least $600 or more on the 347 00:25:41,869 --> 00:25:45,510 Suze: ones with the 0%. If you're able to do a 348 00:25:45,520 --> 00:25:48,890 Suze: balance transfer, if you are not, 349 00:25:49,689 --> 00:25:52,280 Suze: then what you are to do is to make, put 350 00:25:52,290 --> 00:25:54,760 Suze: those credit cards in the freezer, just get rid of 351 00:25:54,770 --> 00:25:55,589 Suze: them for now. 352 00:25:56,560 --> 00:26:00,359 Suze: You are to continue to pay the minimum payment due 353 00:26:00,369 --> 00:26:03,920 Suze: that you are paying. Now, you are not going to 354 00:26:03,930 --> 00:26:06,079 Suze: pay the minimum payment due that they're going to say 355 00:26:06,089 --> 00:26:09,139 Suze: is due next month or the month after that. If 356 00:26:09,150 --> 00:26:12,000 Suze: you can afford to pay that this month, you can 357 00:26:12,010 --> 00:26:14,500 Suze: afford to pay it every month. 358 00:26:15,239 --> 00:26:18,180 Suze: And you're going to pay the minimum payment due on 359 00:26:18,189 --> 00:26:21,500 Suze: every credit card and add that extra $100 that I 360 00:26:21,510 --> 00:26:24,449 Suze: was just saying to the one with the highest interest 361 00:26:24,459 --> 00:26:28,540 Suze: rate when that credit card is totally paid off, 362 00:26:28,949 --> 00:26:32,419 Suze: you're gonna take that amount plus that $100 that you 363 00:26:32,430 --> 00:26:36,430 Suze: were paying. Roll it down to the next highest. When 364 00:26:36,439 --> 00:26:39,800 Suze: that's paid off, you're gonna take the 100 the first 365 00:26:39,810 --> 00:26:42,680 Suze: credit card payment, the second credit card payment and roll 366 00:26:42,689 --> 00:26:45,079 Suze: it down to the third and you're gonna keep doing 367 00:26:45,089 --> 00:26:48,729 Suze: that until you are out of credit card debt. 368 00:26:49,579 --> 00:26:53,180 Suze: Once you pay off a credit card, please do not 369 00:26:53,189 --> 00:26:56,188 Suze: close down your credit cards because if you do, you 370 00:26:56,199 --> 00:27:00,520 Suze: are closing down your credit limit and that will affect 371 00:27:00,979 --> 00:27:06,619 Suze: your FICO score. So, talking about FICO scores and your 372 00:27:06,630 --> 00:27:10,439 Suze: date with money, I want you to check all of 373 00:27:10,449 --> 00:27:15,599 Suze: your credit reports and FICO scores to make sure all 374 00:27:15,609 --> 00:27:17,920 Suze: is as it should be. 375 00:27:19,069 --> 00:27:23,369 Suze: And it's important because now with so many people being 376 00:27:23,380 --> 00:27:26,959 Suze: able to steal your identity to do all kinds of things, 377 00:27:27,069 --> 00:27:29,520 Suze: the only way that you're gonna catch it before it 378 00:27:29,530 --> 00:27:32,650 Suze: becomes a really big problem is to be checking your 379 00:27:32,819 --> 00:27:37,290 Suze: FICO scores as well as your credit reports. You can 380 00:27:37,300 --> 00:27:40,250 Suze: get your credit reports for free by going to annual 381 00:27:40,260 --> 00:27:41,849 Suze: credit report.com, 382 00:27:42,589 --> 00:27:46,209 Suze: but just check and see what's on there. If anything 383 00:27:46,219 --> 00:27:49,930 Suze: looks suspicious, contact the credit bureau and by the way, 384 00:27:49,939 --> 00:27:52,609 Suze: while you're at it, if you really wanna make sure 385 00:27:52,619 --> 00:27:54,729 Suze: that you stay safe and sound, 386 00:27:55,410 --> 00:28:01,219 Suze: then freeze your credit reports last but not least because 387 00:28:01,229 --> 00:28:06,079 Suze: I'm running out of time. Here. It's really important that 388 00:28:06,089 --> 00:28:10,189 Suze: you make sure that you have created and signed and 389 00:28:10,199 --> 00:28:15,550 Suze: notarized and funded. Obviously, what I talk about all the time, 390 00:28:15,560 --> 00:28:20,349 Suze: the must have documents, a living trust, a will, an 391 00:28:20,359 --> 00:28:23,180 Suze: advance directive and a durable power of attorney for health 392 00:28:23,189 --> 00:28:24,709 Suze: care and a financial power 393 00:28:25,260 --> 00:28:29,339 Suze: and funding. By the way, simply means changing the titles 394 00:28:29,349 --> 00:28:32,880 Suze: on your accounts and real estate from your individual name 395 00:28:32,890 --> 00:28:35,079 Suze: to the name of the trust. 396 00:28:35,930 --> 00:28:40,890 Suze: When something goes wrong, when you are injured, when all 397 00:28:40,900 --> 00:28:44,219 Suze: of a sudden you have unexpectedly lost your life, think 398 00:28:44,229 --> 00:28:50,420 Suze: about all the people who have unexpectedly lost their lives 399 00:28:51,449 --> 00:28:56,510 Suze: and now what's happening, their beneficiaries, their people, 400 00:28:57,170 --> 00:29:01,989 Suze: you know, they probably don't even have paperwork, who knows. 401 00:29:02,550 --> 00:29:06,109 Suze: So it's really important that you have all of these 402 00:29:06,119 --> 00:29:10,280 Suze: things together, you know about your insurance, you know about 403 00:29:10,290 --> 00:29:13,829 Suze: your FICO score, you know about your beneficiaries, you know 404 00:29:13,839 --> 00:29:17,609 Suze: about what your insurance covers doesn't cover, you know, that 405 00:29:17,619 --> 00:29:20,339 Suze: you have the must have documents in order, you know, 406 00:29:20,349 --> 00:29:22,579 Suze: all of those things 407 00:29:23,140 --> 00:29:25,119 Suze: and when you know all of those things and there's 408 00:29:25,130 --> 00:29:27,880 Suze: so many more, but I won't overwhelm you today, 409 00:29:28,869 --> 00:29:33,449 Suze: then really you start to own the power to control 410 00:29:33,459 --> 00:29:38,420 Suze: your own destiny versus lack of knowledge, lack of wanting 411 00:29:38,430 --> 00:29:40,949 Suze: to have a date with your money and then something 412 00:29:40,959 --> 00:29:44,930 Suze: happens and then you lack that power to control your 413 00:29:44,939 --> 00:29:45,719 Suze: destiny 414 00:29:46,660 --> 00:29:49,520 Suze: and that's not what I want for you. 415 00:29:50,170 --> 00:29:54,229 Suze: So if you can do all that. And remember that 416 00:29:54,239 --> 00:29:56,510 Suze: there's only one thing that matters when it comes to 417 00:29:56,520 --> 00:30:00,560 Suze: your money and it is this people first, then money, 418 00:30:00,569 --> 00:30:06,109 Suze: then things. And if you stay healthy, you stay knowledgeable, 419 00:30:06,119 --> 00:30:10,589 Suze: you stay involved with every aspect of your money. 420 00:30:12,170 --> 00:30:15,430 Suze: Well, then I have to tell you, in my opinion, 421 00:30:15,959 --> 00:30:19,030 Suze: you will be unstoppable.