1 00:00:08,270 --> 00:00:12,000 Robert: November 2nd, 2025. Welcome to the Women and Money podcast, 2 00:00:12,079 --> 00:00:14,270 Robert: as well as everyone smart enough to listen. Hi everybody. 3 00:00:14,359 --> 00:00:18,239 Robert: I am Robert, the producer. Suze and KT have returned 4 00:00:18,239 --> 00:00:23,040 Robert: safely from their Italian eating and painting adventure, but you 5 00:00:23,040 --> 00:00:24,559 Robert: know how it is when you come back from a 6 00:00:24,559 --> 00:00:28,719 Robert: long trip, sometimes you need a couple extra days to re-acclimate. 7 00:00:29,290 --> 00:00:32,270 Robert: And that's what's happening now. We are going to keep, however, 8 00:00:32,279 --> 00:00:35,639 Robert: the promise that Suze made on the last episode, where 9 00:00:35,639 --> 00:00:39,958 Robert: you get a Suz e School podcast today. However, it's 10 00:00:39,959 --> 00:00:42,068 Robert: got a little twist to it. You're going to hear 11 00:00:42,069 --> 00:00:44,159 Robert: the main part of an episode that we did about 12 00:00:44,159 --> 00:00:47,758 Robert: a year ago, but we think it's very important for 13 00:00:47,759 --> 00:00:50,159 Robert: you to hear again right now at the top of 14 00:00:50,159 --> 00:00:52,909 Robert: your feed. Today is November 2nd, as I just said, 15 00:00:53,040 --> 00:00:56,029 Robert: that means there are two more months left in the year, 16 00:00:56,319 --> 00:00:57,950 Robert: and it's really time. 17 00:00:58,340 --> 00:01:00,650 Robert: To start preparing for next year. 18 00:01:01,619 --> 00:01:05,529 Robert: And part of that preparation is making a date with 19 00:01:05,529 --> 00:01:10,129 Robert: your money. Here's Suze to explain everything. 20 00:01:11,480 --> 00:01:14,399 Suze: Make a date with your money. 21 00:01:15,309 --> 00:01:20,050 Suze: I really want you to take this time before the 22 00:01:20,050 --> 00:01:24,169 Suze: new year starts to sit down, make a date, get 23 00:01:24,169 --> 00:01:28,819 Suze: out your calendars, everybody, and make a date when you 24 00:01:29,379 --> 00:01:32,739 Suze: or your spouse or your life partner or your children, 25 00:01:32,769 --> 00:01:37,849 Suze: I don't care who, your parents. You sit down and 26 00:01:37,849 --> 00:01:39,500 Suze: you make a date. 27 00:01:40,239 --> 00:01:46,220 Suze: And that date is the entire day is devoted to 28 00:01:46,220 --> 00:01:50,290 Suze: dealing with every aspect of your money. 29 00:01:51,099 --> 00:01:54,480 Suze: Not so much what you're invested in. 30 00:01:55,709 --> 00:01:58,680 Suze: But is everything in place? 31 00:02:00,010 --> 00:02:05,360 Suze: Are you protected in case something happens? Check all your 32 00:02:05,360 --> 00:02:09,559 Suze: home or rental insurance policies as to what they cover 33 00:02:09,559 --> 00:02:13,440 Suze: and what they don't cover, and also have you increased 34 00:02:13,440 --> 00:02:19,038 Suze: the coverage, really everybody, since you bought the home, given 35 00:02:19,038 --> 00:02:22,199 Suze: that maybe it's worth a whole lot more than it 36 00:02:22,199 --> 00:02:26,639 Suze: was 10 years ago when you originally got that insurance. 37 00:02:27,339 --> 00:02:30,079 Suze: And the fact of the matter is, it costs a 38 00:02:30,080 --> 00:02:34,279 Suze: lot more to replace that home today because of inflation, 39 00:02:35,820 --> 00:02:41,220 Suze: as it did a long time ago. Next, what's really 40 00:02:41,220 --> 00:02:45,619 Suze: important about what I just said is this when you 41 00:02:45,619 --> 00:02:52,270 Suze: have as many homes that have been destroyed by hurricanes, tornadoes, 42 00:02:52,500 --> 00:02:56,130 Suze: by all the things that are happening in this area, 43 00:02:56,850 --> 00:02:58,859 Suze: and around the United States. 44 00:02:59,949 --> 00:03:06,190 Suze: That makes lumber, materials, the cost of building because all 45 00:03:06,190 --> 00:03:08,669 Suze: the workers, what do they do? They go to those 46 00:03:08,669 --> 00:03:12,429 Suze: areas because they know they're going to get jobs, which 47 00:03:12,429 --> 00:03:17,779 Suze: leaves these workers who are in your area possibly charging more, 48 00:03:17,990 --> 00:03:21,830 Suze: so it's gonna cost more to replace your home than 49 00:03:21,830 --> 00:03:26,100 Suze: it did 10 years ago than it did five years ago, 50 00:03:26,389 --> 00:03:29,179 Suze: and I want you on this date with your money. 51 00:03:29,809 --> 00:03:34,449 Suze: To make sure as you're looking at your insurance policy, 52 00:03:34,820 --> 00:03:36,660 Suze: what are you covered for? 53 00:03:37,800 --> 00:03:40,699 Suze: Are they going to allow you to rebuild your house 54 00:03:40,699 --> 00:03:43,850 Suze: and pay for all of it, so is it replacement costs, 55 00:03:43,860 --> 00:03:47,419 Suze: or do you just get the insurance value? Does it 56 00:03:47,419 --> 00:03:50,699 Suze: pay for trees and does it pay for your garage 57 00:03:50,699 --> 00:03:53,830 Suze: and the tools in your garage and all of those 58 00:03:53,830 --> 00:03:57,630 Suze: things you need to check that out. 59 00:04:00,899 --> 00:04:05,360 Suze: Are you insured for hurricane, for flood, for any of that. 60 00:04:05,610 --> 00:04:08,929 Suze: Now your normal insurance policy is not going to cover 61 00:04:08,929 --> 00:04:09,729 Suze: you for flood. 62 00:04:10,429 --> 00:04:15,949 Suze: And unless you've added hurricane insurance on, or earthquake insurance on, 63 00:04:16,160 --> 00:04:21,600 Suze: it's not gonna be there either, but you have to know. 64 00:04:22,619 --> 00:04:25,518 Suze: So you have to look at your insurance policies. 65 00:04:26,839 --> 00:04:32,709 Suze: And answer all of those questions. Am I insured for X, Y, 66 00:04:32,790 --> 00:04:37,510 Suze: and Z? Is everything in my house insured and how 67 00:04:37,510 --> 00:04:42,070 Suze: much is it insured for? Are my structures on my 68 00:04:42,070 --> 00:04:47,579 Suze: property insured? My garage, is everything in my garage insured? 69 00:04:47,790 --> 00:04:53,269 Suze: Are my trees insured? You have to ask every possible question. 70 00:04:54,149 --> 00:04:58,459 Suze: And what is the answer to that question, only you 71 00:04:58,459 --> 00:04:59,700 Suze: will know. 72 00:05:00,470 --> 00:05:02,690 Suze: So that's the first thing you're going to do when 73 00:05:02,690 --> 00:05:05,329 Suze: you have a date with your money. 74 00:05:06,220 --> 00:05:09,540 Suze: Also, what I want you to do is I really 75 00:05:09,540 --> 00:05:14,890 Suze: want you to look at every retirement plan and insurance policy, 76 00:05:14,899 --> 00:05:19,700 Suze: life insurance policy that you have. I also want you 77 00:05:19,700 --> 00:05:24,779 Suze: to look at the beneficiaries of your health savings accounts. 78 00:05:25,660 --> 00:05:28,230 Suze: Because you have got to make sure, 79 00:05:28,890 --> 00:05:34,119 Suze: that all the beneficiaries are the beneficiaries that you want 80 00:05:34,119 --> 00:05:38,040 Suze: to get the money. You don't want to have had 81 00:05:38,040 --> 00:05:42,200 Suze: a retirement account where you left an ex-spouse or whoever 82 00:05:42,200 --> 00:05:44,118 Suze: it may be that money. 83 00:05:44,940 --> 00:05:48,100 Suze: And now you're not even talking to that person. 84 00:05:48,850 --> 00:05:52,750 Suze: And doesn't even matter if you're not remarried, but you 85 00:05:52,750 --> 00:05:55,909 Suze: don't want that person to get it, and so you 86 00:05:55,910 --> 00:05:59,750 Suze: have to look at the beneficiaries and make sure that 87 00:05:59,750 --> 00:06:02,390 Suze: they are absolutely up to date. 88 00:06:03,428 --> 00:06:06,019 Suze: If you happen to be married, 89 00:06:06,760 --> 00:06:10,669 Suze: I want you to double check that a trust is 90 00:06:10,670 --> 00:06:16,829 Suze: not the primary beneficiary of any of your retirement accounts 91 00:06:16,829 --> 00:06:20,700 Suze: or your HSA account. I want you to make sure 92 00:06:20,700 --> 00:06:26,380 Suze: that your spouse's name is the primary beneficiary of those 93 00:06:26,380 --> 00:06:31,099 Suze: retirement accounts. If it's not your spouse because you're not married, 94 00:06:31,350 --> 00:06:32,308 Suze: I don't care then. 95 00:06:32,769 --> 00:06:35,929 Suze: Whatever you want to do, but it is not to 96 00:06:35,928 --> 00:06:41,459 Suze: be anything other than your spouse as the primary beneficiary 97 00:06:41,459 --> 00:06:46,170 Suze: if in fact you are married. Next, I want you 98 00:06:46,170 --> 00:06:46,880 Suze: to check 99 00:06:47,790 --> 00:06:51,750 Suze: all the interest rates that you are paying on the 100 00:06:51,750 --> 00:06:56,928 Suze: unpaid balances on your credit cards, yeah. 101 00:06:58,209 --> 00:07:02,950 Suze: A lot of you have credit card debt. You just do. 102 00:07:03,480 --> 00:07:07,640 Suze: It's been very difficult possibly because of inflation. Maybe you've 103 00:07:07,640 --> 00:07:10,790 Suze: been ill, maybe you lost a job, who knows what, 104 00:07:11,279 --> 00:07:15,359 Suze: but you've been putting your everyday living or vacations or 105 00:07:15,359 --> 00:07:18,660 Suze: gifts on your credit cards. You've been paying the minimum 106 00:07:18,660 --> 00:07:19,480 Suze: payment due. 107 00:07:20,309 --> 00:07:23,529 Suze: And maybe if you look at the interest rates on 108 00:07:23,529 --> 00:07:29,850 Suze: there you'll find that they're at 13%, 20%, 28%, and 109 00:07:29,850 --> 00:07:34,130 Suze: you're only paying the minimum payment due. You are never 110 00:07:34,130 --> 00:07:37,769 Suze: going to get ahead. And how many times have I 111 00:07:37,769 --> 00:07:42,290 Suze: said debt is bondage, you will never have financial freedom 112 00:07:42,290 --> 00:07:46,450 Suze: if you're in bondage. So therefore I want you to 113 00:07:46,450 --> 00:07:48,329 Suze: sit down on this date. 114 00:07:49,359 --> 00:07:51,790 Suze: Make sure you have pencil and paper for all this. 115 00:07:52,079 --> 00:07:55,920 Suze: Get out all your credit card receipts, and I want 116 00:07:55,920 --> 00:07:58,750 Suze: you to write down in order. 117 00:07:59,940 --> 00:08:04,649 Suze: Your credit card, the interest rate that you are currently paying, 118 00:08:04,859 --> 00:08:09,589 Suze: the balance due, and the minimum payment due, and I 119 00:08:09,589 --> 00:08:12,579 Suze: want you to do that on every single one of 120 00:08:12,579 --> 00:08:16,089 Suze: your cards. And then I want you to arrange them 121 00:08:16,369 --> 00:08:19,880 Suze: from the highest interest rate to the lowest. 122 00:08:20,690 --> 00:08:25,720 Suze: Now if you in fact have a good FICO score, 123 00:08:26,089 --> 00:08:31,489 Suze: maybe 720 or above, sometimes even 680 or above, credit 124 00:08:31,489 --> 00:08:34,549 Suze: cards will take it, but you might want to consider 125 00:08:34,549 --> 00:08:38,969 Suze: if you have a really high interest rate on these cards. 126 00:08:39,758 --> 00:08:42,137 Suze: To do a balance transfer. 127 00:08:43,138 --> 00:08:47,138 Suze: To a credit card that will lock in a 0% 128 00:08:47,138 --> 00:08:49,979 Suze: interest rate for about 21 months. 129 00:08:50,690 --> 00:08:54,150 Suze: A credit card that won't charge you an annual fee 130 00:08:54,640 --> 00:08:58,799 Suze: and a credit card that will not charge more than 3% 131 00:08:58,799 --> 00:09:01,200 Suze: of a balance transfer fee. 132 00:09:01,940 --> 00:09:05,809 Suze: If you could do that, then pay as much as 133 00:09:05,809 --> 00:09:11,729 Suze: you possibly can during those 20 or 21 months at 0% interest. 134 00:09:12,380 --> 00:09:15,539 Suze: Hopefully your card will be paid off, or many of 135 00:09:15,539 --> 00:09:17,210 Suze: your cards will be paid off, 136 00:09:18,260 --> 00:09:23,140 Suze: by the time that interest rate is up, beware, once 137 00:09:23,140 --> 00:09:25,968 Suze: the 21 months is up, your interest rate's gonna go 138 00:09:25,969 --> 00:09:28,500 Suze: back up probably to 28%. 139 00:09:29,270 --> 00:09:30,500 Suze: So currently, 140 00:09:31,239 --> 00:09:35,080 Suze: if you look at your credit cards, you total up 141 00:09:35,080 --> 00:09:39,959 Suze: the minimum payments that you are paying right now, and 142 00:09:39,960 --> 00:09:46,200 Suze: whatever those minimum payments are, I want you to add 20% 143 00:09:46,200 --> 00:09:49,200 Suze: to that amount. So let's say you have five credit 144 00:09:49,200 --> 00:09:52,559 Suze: cards and the minimum that you're paying every single month 145 00:09:52,559 --> 00:09:56,799 Suze: on all five is, let's just say $500 100 dollars 146 00:09:56,799 --> 00:09:57,530 Suze: on each. 147 00:09:58,479 --> 00:10:02,679 Suze: If you're paying $500 a month, I want you to 148 00:10:02,679 --> 00:10:07,479 Suze: pay 20% more or another $100 and I want you 149 00:10:07,479 --> 00:10:12,440 Suze: to pay at least $600 or more on the ones 150 00:10:12,440 --> 00:10:16,320 Suze: with the 0% if you're able to do a balance 151 00:10:16,320 --> 00:10:18,960 Suze: transfer if you are not. 152 00:10:19,859 --> 00:10:22,219 Suze: Then what you are to do is put those credit 153 00:10:22,219 --> 00:10:25,010 Suze: cards in the freezer. Just get rid of them for now. 154 00:10:25,979 --> 00:10:29,770 Suze: You are to continue to pay the minimum payment due 155 00:10:29,770 --> 00:10:33,409 Suze: that you are paying now. You are not going to 156 00:10:33,409 --> 00:10:35,530 Suze: pay the minimum payment due that they're going to say 157 00:10:35,530 --> 00:10:38,530 Suze: is due next month or the month after that. If 158 00:10:38,530 --> 00:10:41,609 Suze: you can afford to pay that this month, you can 159 00:10:41,609 --> 00:10:43,890 Suze: afford to pay it every month. 160 00:10:44,650 --> 00:10:47,599 Suze: And you're going to pay the minimum payment due on 161 00:10:47,599 --> 00:10:50,959 Suze: every credit card and add that extra $100 that I 162 00:10:50,960 --> 00:10:54,390 Suze: was just saying to the one with the highest interest rate. 163 00:10:54,960 --> 00:10:57,979 Suze: When that credit card is totally paid off. 164 00:10:58,359 --> 00:11:01,679 Suze: You're going to take that amount plus that $100 that 165 00:11:01,679 --> 00:11:05,369 Suze: you were paying, roll it down to the next highest. 166 00:11:05,619 --> 00:11:08,608 Suze: When that's paid off, you're going to take the $100 167 00:11:08,700 --> 00:11:11,510 Suze: the first credit card payment, the second credit card payment, 168 00:11:11,690 --> 00:11:13,738 Suze: and roll it down to the third, and you're going 169 00:11:13,739 --> 00:11:16,979 Suze: to keep doing that till you are out of credit 170 00:11:16,979 --> 00:11:18,099 Suze: card debt. 171 00:11:19,099 --> 00:11:22,739 Suze: Once you pay off a credit card, please do not 172 00:11:22,739 --> 00:11:25,619 Suze: close down your credit cards because if you do, you 173 00:11:25,619 --> 00:11:30,049 Suze: are closing down your credit limit, and that will affect 174 00:11:30,580 --> 00:11:36,119 Suze: your FICO score. So talking about FICO scores and your 175 00:11:36,119 --> 00:11:39,900 Suze: date with money, I want you to check all of 176 00:11:39,900 --> 00:11:45,010 Suze: your credit reports and FICO scores to make sure all 177 00:11:45,010 --> 00:11:47,299 Suze: is as it should be. 178 00:11:48,479 --> 00:11:52,830 Suze: And it's important because now with so many people being 179 00:11:52,830 --> 00:11:56,340 Suze: able to steal your identity to do all kinds of things, 180 00:11:56,549 --> 00:11:58,830 Suze: the only way that you're going to catch it before 181 00:11:58,830 --> 00:12:01,830 Suze: it becomes a really big problem is to be checking 182 00:12:01,830 --> 00:12:06,530 Suze: your FICO scores as well as your credit reports. You 183 00:12:06,530 --> 00:12:11,228 Suze: can get your credit reports for free by going to annualcreditreport.com. 184 00:12:12,010 --> 00:12:15,630 Suze: But just check and see what's on there. If anything 185 00:12:15,630 --> 00:12:19,309 Suze: looks suspicious, contact the credit bureau, and by the way, 186 00:12:19,429 --> 00:12:21,549 Suze: while you're at it, if you really want to make 187 00:12:21,549 --> 00:12:24,109 Suze: sure that you stay safe and sound. 188 00:12:24,919 --> 00:12:30,940 Suze: Than freeze your credit reports. Last but not least, it's 189 00:12:30,940 --> 00:12:35,590 Suze: really important that you make sure that you have created 190 00:12:35,880 --> 00:12:41,440 Suze: and signed and notarized and funded, obviously what I talk 191 00:12:41,440 --> 00:12:46,359 Suze: about all the time, the must have documents: a living trust, 192 00:12:46,559 --> 00:12:49,400 Suze: a will, an advanced directive, and a durable power of 193 00:12:49,400 --> 00:12:51,719 Suze: attorney for health care and a financial power. 194 00:12:52,299 --> 00:12:56,320 Suze: And funding, by the way, simply means changing the titles 195 00:12:56,320 --> 00:12:59,789 Suze: on your accounts and real estate from your individual name 196 00:12:59,960 --> 00:13:02,049 Suze: to the name of the trust. 197 00:13:03,109 --> 00:13:07,909 Suze: When something goes wrong, when you are injured, when all 198 00:13:07,909 --> 00:13:11,429 Suze: of a sudden you have unexpectedly lost your life, think 199 00:13:11,429 --> 00:13:17,469 Suze: about all the people who have unexpectedly lost their lives. 200 00:13:18,500 --> 00:13:23,469 Suze: And now what's happening, their beneficiaries, their people... 201 00:13:24,539 --> 00:13:29,340 Suze: you know, they probably don't even have paperwork. Who knows? 202 00:13:29,700 --> 00:13:33,218 Suze: So it's really important that you have all of these 203 00:13:33,219 --> 00:13:37,299 Suze: things together. You know about your insurance. You know about 204 00:13:37,299 --> 00:13:41,020 Suze: your FICO score, you know about your beneficiaries. You know 205 00:13:41,020 --> 00:13:44,640 Suze: about what your insurance covers, doesn't cover you know that 206 00:13:44,640 --> 00:13:47,579 Suze: you have the must have documents in order. You know 207 00:13:47,580 --> 00:13:49,570 Suze: all of those things. 208 00:13:50,169 --> 00:13:52,200 Suze: And when you know all of those things, and there's 209 00:13:52,200 --> 00:13:54,919 Suze: so many more, but I won't overwhelm you today. 210 00:13:56,000 --> 00:14:00,478 Suze: Then really you start to own the power to control 211 00:14:00,479 --> 00:14:05,460 Suze: your own destiny versus lack of knowledge, lack of wanting 212 00:14:05,460 --> 00:14:08,039 Suze: to have a date with your money, and then something 213 00:14:08,039 --> 00:14:12,729 Suze: happens and then you lack that power to control your destiny. 214 00:14:13,690 --> 00:14:16,520 Suze: And that's not what I want for you. 215 00:14:17,330 --> 00:14:21,270 Suze: So if you can do all that and remember that 216 00:14:21,270 --> 00:14:23,580 Suze: there's only one thing that matters when it comes to 217 00:14:23,580 --> 00:14:27,570 Suze: your money, and it is this: people first, then money, 218 00:14:27,710 --> 00:14:32,299 Suze: then things now you stay safe bye bye.