1 00:00:46,360 --> 00:00:49,549 Suze: June 20th, what year KT? 2 00:00:50,430 --> 00:00:52,299 KT: 2024. Everybody 3 00:00:52,310 --> 00:00:53,040 KT: knows that. 4 00:00:53,049 --> 00:00:56,720 Suze: All right. Welcome everybody to the Women and Money podcast. 5 00:00:56,729 --> 00:01:00,240 Suze: As well as everybody smart enough to listen. This is 6 00:01:00,250 --> 00:01:05,830 Suze: the ask KT and Suze, this is where you write 7 00:01:05,839 --> 00:01:09,069 Suze: in to ask Suze Podcast at gmail.com, 8 00:01:09,580 --> 00:01:13,569 Suze: write in a question and if KT chooses it, we 9 00:01:13,580 --> 00:01:18,690 Suze: will answer it on this podcast by KT. Before we start. 10 00:01:18,699 --> 00:01:20,040 Suze: I have some news. 11 00:01:20,050 --> 00:01:20,519 KT: What is it? 12 00:01:21,059 --> 00:01:22,110 Suze: You don't even know. 13 00:01:22,620 --> 00:01:23,000 KT: What is it? 14 00:01:24,290 --> 00:01:27,930 KT: What is it? I love news is good news. OK? 15 00:01:27,940 --> 00:01:28,559 KT: What is it? 16 00:01:28,739 --> 00:01:32,330 Suze: It is this Sunday, KT? You're going to join me 17 00:01:32,339 --> 00:01:35,610 Suze: for just a little bit on Suze school. You 18 00:01:35,620 --> 00:01:35,760 Suze: up 19 00:01:35,769 --> 00:01:35,879 Suze: for 20 00:01:35,889 --> 00:01:36,229 Suze: that? 21 00:01:36,239 --> 00:01:37,589 KT: We're going to do stocks. 22 00:01:37,599 --> 00:01:37,970 Suze: No. 23 00:01:37,980 --> 00:01:38,889 KT: What are we going to do? 24 00:01:38,900 --> 00:01:43,180 Suze: I got news. We're going to announce the winner. 25 00:01:47,919 --> 00:01:49,010 KT: Finally, finally. 26 00:01:49,540 --> 00:01:53,019 Suze: Of the $5,000 Alliant sweepstakes. So all of you, if you wanna know you 27 00:01:53,029 --> 00:01:56,680 Suze: better tune in on Sunday, when should we do that 28 00:01:56,690 --> 00:01:58,120 Suze: at the beginning? At the right up 29 00:01:58,209 --> 00:01:58,699 Suze: front, 30 00:01:58,739 --> 00:02:01,349 KT: right up front. Don't make them wait. They've been waiting 31 00:02:01,360 --> 00:02:04,430 KT: too long. Right up front. Everybody I will announce it. 32 00:02:06,129 --> 00:02:07,410 Suze: Hey. 33 00:02:07,940 --> 00:02:08,320 KT: Ok Suze will announce it. 34 00:02:08,880 --> 00:02:09,769 Suze: No, I wanted us both... 35 00:02:10,630 --> 00:02:14,119 KT: OK, we'll both announce whoever it is the lucky winner. 36 00:02:14,679 --> 00:02:15,639 Suze: All right, girlfriend. 37 00:02:15,729 --> 00:02:18,869 KT: Ok. I'm starting not with a question. I'm starting with 38 00:02:18,880 --> 00:02:22,160 KT: a thank you every now and then and I did 39 00:02:22,169 --> 00:02:24,440 KT: this last week and I really like these. 40 00:02:24,940 --> 00:02:28,288 KT: It gives you, it gives you all hope and this 41 00:02:28,300 --> 00:02:31,049 KT: is from Carolyn and I have to share it with 42 00:02:31,059 --> 00:02:33,649 KT: you because even when I read it, it, it kind 43 00:02:33,660 --> 00:02:36,570 KT: of made me chuckle, but it also made me so happy. 44 00:02:36,960 --> 00:02:40,529 KT: Dear Suze, I am a 59 year old woman who 45 00:02:40,538 --> 00:02:44,690 KT: has read all your books, listened to all your podcasts, 46 00:02:44,699 --> 00:02:49,850 KT: read their transcripts, watched your shows and specials and followed 47 00:02:49,860 --> 00:02:51,809 KT: you online for years. 48 00:02:52,350 --> 00:02:56,250 KT: You gave me the confidence over 25 years ago to 49 00:02:56,258 --> 00:03:00,720 KT: take real control over my finances while I had been 50 00:03:00,729 --> 00:03:05,600 KT: maxing out my 401k contributions. At the time, I was 51 00:03:05,610 --> 00:03:10,240 KT: not investing beyond that. Following your advice, I opened a 52 00:03:10,250 --> 00:03:18,570 KT: Fidelity account and began buying ETFs, VTIs, QQQs with dollar cost averaging. 53 00:03:18,820 --> 00:03:23,880 KT: I balanced my entire portfolio following your guidance. And I 54 00:03:23,889 --> 00:03:30,160 KT: have consistently beat the market as a result today. Ready everyone. 55 00:03:30,508 --> 00:03:34,750 KT: I am a millionaire many times over. I have no 56 00:03:34,759 --> 00:03:39,009 KT: debt beyond a small portion of my 30 year mortgage, 57 00:03:39,020 --> 00:03:43,119 KT: which I will soon pay off in full. After 10 years. 58 00:03:43,429 --> 00:03:46,160 KT: I have retired from my job, which I held for 59 00:03:46,169 --> 00:03:47,830 KT: over 30 years. 60 00:03:48,199 --> 00:03:52,889 KT: Now, I'm consulting to continue making and saving money. I'm 61 00:03:52,899 --> 00:03:56,050 KT: sure you realize there are millions of people you've never 62 00:03:56,059 --> 00:04:00,880 KT: met who you've also guided toward a secure financial future. 63 00:04:01,139 --> 00:04:05,169 KT: But Suze, I'm one of them. How ironic given that 64 00:04:05,179 --> 00:04:09,779 KT: I've personally met with two financial advisors over the years 65 00:04:09,789 --> 00:04:13,850 KT: and have chosen not to work with either upon looking 66 00:04:13,860 --> 00:04:17,299 KT: at my assets. One asked me if I had inherited 67 00:04:17,309 --> 00:04:18,059 KT: my money, 68 00:04:18,450 --> 00:04:22,909 KT: I kindly reminded him that women were now allowed in 69 00:04:22,920 --> 00:04:29,149 KT: the workplace. She has a sense of humor. I suspected 70 00:04:29,160 --> 00:04:32,589 KT: he would not have asked a man. The same question. 71 00:04:32,988 --> 00:04:38,779 KT: The other adviser couldn't explain his methods and became increasingly 72 00:04:38,790 --> 00:04:43,000 KT: frustrated with my questions. At the end of our meeting, 73 00:04:43,130 --> 00:04:46,428 KT: he checked his watch and he said in the interest 74 00:04:46,440 --> 00:04:50,720 KT: of time, I'll email you some information. Are you good 75 00:04:50,730 --> 00:04:51,969 KT: with computers? 76 00:04:52,540 --> 00:04:57,000 KT: I kindly reminded him of what he already knew that 77 00:04:57,010 --> 00:05:01,660 KT: I had worked in tech for over three decades and 78 00:05:01,670 --> 00:05:05,279 KT: that I had opened a file or two during that time. 79 00:05:05,779 --> 00:05:10,079 KT: And now she said today, Suze, I am financially secure 80 00:05:10,209 --> 00:05:13,640 KT: and while I give myself credit for working as hard 81 00:05:13,649 --> 00:05:18,039 KT: as I possibly could for decades, I give you the 82 00:05:18,049 --> 00:05:21,559 KT: credit for teaching me what to do with what 83 00:05:21,670 --> 00:05:28,049 KT: I earned. Sincerely. Carolyn. Sweet. I love this. Carolyn. Thank 84 00:05:28,059 --> 00:05:31,309 KT: you so much for sending it because I want Suze 85 00:05:31,320 --> 00:05:35,200 KT: to know how she's really affected so many lives and 86 00:05:35,399 --> 00:05:36,029 KT: the fact that... 87 00:05:36,040 --> 00:05:36,669 Suze: You do you think, 88 00:05:36,678 --> 00:05:37,420 Suze: I don't. 89 00:05:38,119 --> 00:05:41,070 KT: No, you do know. But when you hear it and 90 00:05:41,079 --> 00:05:45,238 KT: when I read that she's a millionaire many times over 91 00:05:45,250 --> 00:05:48,969 KT: at the age of 59 makes me so happy for 92 00:05:48,980 --> 00:05:49,440 KT: her 93 00:05:49,928 --> 00:05:54,059 Suze: Sweet KT. Thank you for reading that all that. I know. 94 00:05:54,109 --> 00:05:56,959 Suze: It's funny you tell everybody that they have to write 95 00:05:56,970 --> 00:05:59,839 Suze: in letters that are, or emails that are really short 96 00:06:00,269 --> 00:06:01,480 Suze: and here you read... 97 00:06:01,500 --> 00:06:01,519 KT: It 98 00:06:01,678 --> 00:06:04,579 KT: was a thank you. It wasn't even a question. It 99 00:06:04,589 --> 00:06:07,989 KT: was a great thank you. It was just a... 100 00:06:08,940 --> 00:06:12,959 Suze: I get it I get it. Wait till you hear you're quizzy today. 101 00:06:14,410 --> 00:06:15,839 KT: Is it, is it easy? 102 00:06:16,329 --> 00:06:16,980 Suze: Come on, ask me questions now. 103 00:06:18,160 --> 00:06:22,660 KT: This is from Sun. Love this name. Hi KT and Suze. 104 00:06:22,670 --> 00:06:28,118 KT: Please help me make a decision. I have over $20,000 105 00:06:28,130 --> 00:06:32,690 KT: in credit card debt and thinking of taking out contributions 106 00:06:32,700 --> 00:06:36,200 KT: from my Roth IRA to pay it off. I feel 107 00:06:36,209 --> 00:06:39,769 KT: like I'm running on a treadmill and never getting anywhere 108 00:06:39,779 --> 00:06:41,989 KT: with credit card debt. What do you think, Suze? 109 00:06:42,779 --> 00:06:45,010 Suze: I think Sun, that 110 00:06:45,095 --> 00:06:48,625 Suze: it's very important before you take money out of a 111 00:06:48,635 --> 00:06:53,154 Suze: Roth and all of you, the money that you originally contributed, 112 00:06:53,165 --> 00:06:56,394 Suze: you can take out without any penalties or taxes no 113 00:06:56,404 --> 00:06:58,964 Suze: matter how long it's been in there or your age. 114 00:06:58,975 --> 00:07:00,315 Suze: So you can do that, Sun. 115 00:07:01,049 --> 00:07:05,700 Suze: The problem is not, you take money out and now 116 00:07:05,709 --> 00:07:09,079 Suze: you're out of credit card debt. The thing you have 117 00:07:09,089 --> 00:07:12,440 Suze: got to understand is why did you get in credit 118 00:07:12,450 --> 00:07:16,170 Suze: card debt to begin with? Because I'm here to tell 119 00:07:16,179 --> 00:07:19,649 Suze: you if you take out $20,000 pay off your credit 120 00:07:19,660 --> 00:07:25,100 Suze: cards and you haven't addressed your spending habits, your saving habits, 121 00:07:25,109 --> 00:07:28,119 Suze: whatever it caused you to get into such credit card 122 00:07:28,130 --> 00:07:29,109 Suze: debt to begin with. 123 00:07:29,609 --> 00:07:32,350 Suze: Two years from now, one year from now, you will 124 00:07:32,359 --> 00:07:35,910 Suze: be right back into $20,000 of credit card debt and 125 00:07:35,920 --> 00:07:39,970 Suze: you will not have that $20,000 in your Roth. Number one, 126 00:07:39,980 --> 00:07:43,829 Suze: number two, it's not $20,000 that you're taking out. 127 00:07:44,350 --> 00:07:50,209 Suze: It's what will that $20,000 be compounded over 10 years, 128 00:07:50,220 --> 00:07:55,209 Suze: 20 years, 30 years, maybe it'll be $100,000 at that time. 129 00:07:55,399 --> 00:08:00,589 Suze: That's how much money you are taking out really to 130 00:08:00,600 --> 00:08:04,980 Suze: pay off $20,000 of credit card debt. If I were you, 131 00:08:04,989 --> 00:08:10,750 Suze: I would contact NFCC dot org see if you can do 132 00:08:10,760 --> 00:08:13,489 Suze: a payment plan with them. They're a nonprofit 133 00:08:13,790 --> 00:08:17,910 Suze: and handle it that way before you ever touch money 134 00:08:17,920 --> 00:08:18,750 Suze: in a retirement 135 00:08:18,760 --> 00:08:19,320 Suze: plan. 136 00:08:20,630 --> 00:08:24,880 KT: This is from Donna. Next question. My husband, 61 and 137 00:08:24,890 --> 00:08:29,290 KT: I 58 own a condominium that we rent out. We 138 00:08:29,299 --> 00:08:33,570 KT: net about $1000 a month. I want to sell it. 139 00:08:33,729 --> 00:08:36,919 KT: My husband is not opposed to selling it if I 140 00:08:36,929 --> 00:08:41,090 KT: can figure out how to replace the $1000 a month 141 00:08:41,099 --> 00:08:45,159 KT: income as we enter retirement fair enough. Right, Suze? 142 00:08:45,400 --> 00:08:51,319 KT: We would likely net about 150 to 200,000 if we sell, 143 00:08:51,330 --> 00:08:55,340 KT: where could we invest that money to replace the net rent? 144 00:08:55,349 --> 00:08:58,819 Suze: Here's the thing Donna that I don't think your husband's 145 00:08:58,830 --> 00:09:04,510 Suze: thinking about right now. Maybe you are netting $1000 a 146 00:09:04,520 --> 00:09:11,729 Suze: month on this condominium. But all condominiums eventually have an 147 00:09:11,739 --> 00:09:12,978 Suze: assessment fee. 148 00:09:13,580 --> 00:09:18,880 Suze: All condominiums depending on what's happening in the environment and 149 00:09:18,890 --> 00:09:22,849 Suze: the area that the condominium is in, you could very 150 00:09:22,859 --> 00:09:27,449 Suze: easily not only have an increase in your HOAs but 151 00:09:27,460 --> 00:09:33,109 Suze: also have a serious increase in your insurance. What's happening 152 00:09:33,119 --> 00:09:36,239 Suze: right now with the income from that condo could be 153 00:09:36,250 --> 00:09:40,400 Suze: very different in the future. That's number one, number two 154 00:09:40,760 --> 00:09:43,880 Suze: things go wrong with a condo. You need to replace 155 00:09:43,890 --> 00:09:46,968 Suze: the refrigerator and this and that. So you cannot look 156 00:09:46,979 --> 00:09:50,739 Suze: at it that you're gonna get $1000 a month no 157 00:09:50,750 --> 00:09:51,659 Suze: matter what, 158 00:09:52,450 --> 00:09:56,000 Suze: I would absolutely sell it if I were you because 159 00:09:56,010 --> 00:09:59,409 Suze: you're getting a little bit older, I would take that 160 00:09:59,419 --> 00:10:04,209 Suze: money and I would invest it. You could easily invest 161 00:10:04,219 --> 00:10:08,530 Suze: it at four or 5% and get good income that way. 162 00:10:08,599 --> 00:10:12,520 Suze: Or you can do some diversification in dividend, paying stocks, 163 00:10:12,530 --> 00:10:16,988 Suze: possibly some corporate bonds, some treasury bill bonds or notes, 164 00:10:17,080 --> 00:10:19,909 Suze: even just some straight stocks for growth. 165 00:10:20,450 --> 00:10:22,320 Suze: And in the long run, I think you would do 166 00:10:22,330 --> 00:10:26,580 Suze: far better than $1000 a month and then you would 167 00:10:26,590 --> 00:10:29,890 Suze: have investments that no matter what happened in your life, 168 00:10:29,900 --> 00:10:33,608 Suze: you could have access to that money immediately. That's what 169 00:10:33,619 --> 00:10:36,390 Suze: I would do. Do what you wanna do because I 170 00:10:36,400 --> 00:10:38,468 Suze: think it's a smart thing. All right, KT. 171 00:10:38,659 --> 00:10:41,309 KT: All right. This next one is really easy 172 00:10:41,419 --> 00:10:44,440 KT: to answer. It's called Auntie in a Pickle. Suze. I 173 00:10:44,450 --> 00:10:45,380 KT: can answer this. 174 00:10:45,419 --> 00:10:46,439 Suze: I love Pickles. 175 00:10:46,650 --> 00:10:47,119 KT: Auntie. And 176 00:10:47,130 --> 00:10:48,260 Suze: Have you noticed how much I love 177 00:10:48,270 --> 00:10:48,919 Suze: pickles like 178 00:10:48,929 --> 00:10:51,229 KT: She does. You know what? Because you grew up in 179 00:10:51,239 --> 00:10:53,440 KT: a deli and that was like your, your life. 180 00:10:53,750 --> 00:10:55,440 Suze: Every morning. Everybody 181 00:10:55,450 --> 00:10:56,429 KT: Tell them the name of the deli. 182 00:10:56,830 --> 00:10:59,340 Suze: It was Maury's Deli, which is my daddy's name. And 183 00:10:59,349 --> 00:11:01,439 Suze: I had to start going to work when I was 184 00:11:01,450 --> 00:11:06,309 Suze: 12 and one of my jobs early in the morning 185 00:11:06,320 --> 00:11:08,650 Suze: on weekends because obviously I had to go to school 186 00:11:08,659 --> 00:11:09,429 Suze: during the week 187 00:11:09,960 --> 00:11:12,940 Suze: or during the summer, we would get there at about 188 00:11:12,950 --> 00:11:18,419 Suze: 7 a.m. And there would be this huge barrel. Huge 189 00:11:18,429 --> 00:11:23,359 Suze: KT like up to my waist of dill pickles. And 190 00:11:23,369 --> 00:11:26,260 Suze: I would have to reach in there with all these 191 00:11:26,270 --> 00:11:31,330 Suze: little corns that were all the brine and see and 192 00:11:31,340 --> 00:11:33,570 Suze: pick out the pickles. And then I would have to 193 00:11:33,580 --> 00:11:38,020 Suze: cut them in quarters because then when people came in, 194 00:11:38,549 --> 00:11:40,590 Suze: you know, we would grab a pickle, put it on 195 00:11:40,599 --> 00:11:43,239 Suze: their sandwich on the side and that's what they would do. 196 00:11:43,909 --> 00:11:47,409 Suze: And I would have to cut for about one hour. 197 00:11:47,619 --> 00:11:49,579 Suze: Hundreds of pickles. 198 00:11:49,590 --> 00:11:50,919 KT: Did you like that job? 199 00:11:50,929 --> 00:11:54,239 Suze: No, because they were so cold. The juice was so 200 00:11:54,250 --> 00:11:57,799 Suze: cold because it was kept in the refrigerator and I 201 00:11:57,809 --> 00:11:59,729 Suze: don't even know why I'm telling you that story. 202 00:11:59,950 --> 00:12:02,349 KT: Because you said you love pickles. Did you used to eat 203 00:12:02,359 --> 00:12:02,789 KT: them when you 204 00:12:02,799 --> 00:12:03,250 KT: cut them? 205 00:12:03,260 --> 00:12:05,780 Suze: No, but I did love a pickle with a corned 206 00:12:05,789 --> 00:12:06,570 Suze: beef sandwich. 207 00:12:07,710 --> 00:12:11,030 KT: Now, she's gonna, now everyone on her mind is a 208 00:12:11,039 --> 00:12:13,849 KT: corned beef sandwich. She's gonna want one now for the 209 00:12:13,859 --> 00:12:17,570 KT: next month and we do not have those on the island. 210 00:12:17,580 --> 00:12:20,849 KT: We do not have those in the Bahamas. Thank God. 211 00:12:20,979 --> 00:12:25,969 KT: All right. This is from Gladys auntie in a pickle. Hi, Suze. 212 00:12:25,979 --> 00:12:30,289 KT: I'm in a hard situation. My nephew just asked me 213 00:12:30,299 --> 00:12:32,619 KT: to be his cosigner on a 214 00:12:33,085 --> 00:12:35,494 KT: 36,000 student loans. 215 00:12:35,505 --> 00:12:36,335 Suze: Absolutely not. 216 00:12:36,955 --> 00:12:37,085 Suze: I 217 00:12:37,094 --> 00:12:38,005 KT: was gonna answer that. 218 00:12:38,395 --> 00:12:41,604 Suze: Oh, you're answering this question. Oh, sorry, everybody strike. What 219 00:12:41,614 --> 00:12:43,765 Suze: you heard me say? All right. Go on KT. 220 00:12:43,994 --> 00:12:48,074 KT: So ready for this, everybody? 70,000 give or take at the 221 00:12:48,085 --> 00:12:53,534 KT: end of a 10 year doing $25 payments while in 222 00:12:53,544 --> 00:12:58,344 KT: school and 570 monthly. After graduation 223 00:12:58,590 --> 00:13:02,579 KT: against all odds, he was accepted at UConn. So they're 224 00:13:02,590 --> 00:13:05,929 KT: very thrilled that he was accepted at University of Connecticut 225 00:13:05,940 --> 00:13:10,219 KT: is however, but for his second semester, he couldn't get 226 00:13:10,229 --> 00:13:14,429 KT: a scholarship he was hoping for, I started one loan 227 00:13:14,440 --> 00:13:19,429 KT: application but my eyes open to see the repayment method. 228 00:13:19,590 --> 00:13:23,039 KT: I'm barely making ends meet trying to build up my 229 00:13:23,049 --> 00:13:24,570 KT: own retirement plan. 230 00:13:24,859 --> 00:13:29,419 KT: So, Gladys is 55.5 rents an apartment. She drives a 231 00:13:29,429 --> 00:13:34,020 KT: 22 year old car. Basically, this is a no brainer 232 00:13:34,030 --> 00:13:37,770 KT: and the answer is no, you cannot afford and you 233 00:13:37,780 --> 00:13:41,239 KT: should not sign the loan. And here's the other thing, Suze, 234 00:13:41,710 --> 00:13:46,228 KT: I'm also an auntie with, for many nieces and nephews. 235 00:13:46,369 --> 00:13:50,299 KT: And to be honest, if you asked me to cosign 236 00:13:50,309 --> 00:13:53,218 KT: a loan and I'm a multimillionaire. If you said that, 237 00:13:53,229 --> 00:13:56,210 KT: I'd say no way, Jose, no way. 238 00:13:56,789 --> 00:14:02,020 Suze: KT's answer is ding, ding, ding, ding. Absolutely correct. Listen to me, Gladys. 239 00:14:04,070 --> 00:14:05,699 KT: She says right up front, this is a hard decision. 240 00:14:06,229 --> 00:14:08,820 Suze: No, it's not a hard decision. And the truth of 241 00:14:08,830 --> 00:14:12,739 Suze: the matter is your nephew needs to learn a lesson 242 00:14:12,969 --> 00:14:16,659 Suze: because one day he may be in the exact situation 243 00:14:16,669 --> 00:14:17,619 Suze: that you're in. 244 00:14:17,989 --> 00:14:23,140 Suze: Maybe not doing so well financially living paycheck to paycheck 245 00:14:23,150 --> 00:14:25,900 Suze: driving an older car, which is all fine. There's nothing 246 00:14:25,909 --> 00:14:29,159 Suze: wrong with that and maybe he'll have a niece or 247 00:14:29,169 --> 00:14:32,219 Suze: a nephew that asks him the same question and he'll 248 00:14:32,229 --> 00:14:35,070 Suze: have the courage to say no because you have the 249 00:14:35,080 --> 00:14:35,419 Suze: courage 250 00:14:35,820 --> 00:14:38,849 Suze: to do what is right versus what is easy. You 251 00:14:38,859 --> 00:14:43,929 Suze: have the courage to put yourself first. You have the 252 00:14:43,940 --> 00:14:48,190 Suze: courage to say no, out of love for yourself versus 253 00:14:48,200 --> 00:14:50,750 Suze: fear that your nephew won't be able to go to 254 00:14:50,760 --> 00:14:52,890 Suze: UConn poor baby. 255 00:14:53,960 --> 00:14:56,570 Suze: That is the reality of life. If he doesn't have 256 00:14:56,580 --> 00:14:59,309 Suze: the money to go to school, then let him go 257 00:14:59,320 --> 00:15:02,909 Suze: to a community college. Let him live the life of 258 00:15:02,919 --> 00:15:08,520 Suze: truth versus a life of fantasy because somebody can cosign 259 00:15:08,530 --> 00:15:11,299 Suze: a loan for him. Don't you ever, ever... And everybody 260 00:15:11,309 --> 00:15:14,989 Suze: listening to me right now you are never to sign, 261 00:15:15,000 --> 00:15:18,330 Suze: especially a student loan for anybody 262 00:15:18,440 --> 00:15:23,929 Suze: because student loans are not forgivable where in bankruptcy you 263 00:15:23,940 --> 00:15:27,739 Suze: will be bankrupt over your lifetime if you do that, 264 00:15:28,059 --> 00:15:33,299 Suze: sorry nephew ain't gonna happen on my watch. All right, 265 00:15:33,309 --> 00:15:33,520 Suze: KT 266 00:15:34,419 --> 00:15:38,340 KT: Next is from Susan. Hi Suze and KT. My question 267 00:15:38,349 --> 00:15:42,260 KT: is I have stocks at Merrill Lynch. I wanna move 268 00:15:42,270 --> 00:15:43,020 KT: them without 269 00:15:43,130 --> 00:15:46,760 KT: losing them or having to rebuy them. Is there a 270 00:15:46,770 --> 00:15:49,760 KT: way to move them into my fidelity account 271 00:15:50,080 --> 00:15:53,880 Suze: Easy. Anybody can transfer an account that you have at 272 00:15:53,890 --> 00:15:58,309 Suze: any brokerage house. Exactly with what you've bought in there 273 00:15:58,320 --> 00:16:01,830 Suze: when they're individual stocks and individual ETFs as long as 274 00:16:01,840 --> 00:16:05,359 Suze: they're not proprietary mutual funds or something that only that 275 00:16:05,369 --> 00:16:07,710 Suze: brokerage firm sells. But in this 276 00:16:07,820 --> 00:16:10,159 Suze: case, if all you have is stocks and things like that, 277 00:16:10,289 --> 00:16:12,979 Suze: go to Fidelity. If that's where you wanna open up 278 00:16:12,989 --> 00:16:17,679 Suze: your account, open up an account and simply they will 279 00:16:17,690 --> 00:16:21,030 Suze: either inform Merrill Lynch or you can inform Merrill Lynch 280 00:16:21,039 --> 00:16:25,229 Suze: that you are transferring your account to Fidelity in kind 281 00:16:25,289 --> 00:16:28,859 Suze: and everything that you have will go over to Fidelity 282 00:16:28,869 --> 00:16:31,640 Suze: and you don't have to worry about it. All right, Katie, 283 00:16:31,650 --> 00:16:32,400 KT: Next from 284 00:16:32,510 --> 00:16:36,450 KT: Gina. For a 58 year old person that's trying to 285 00:16:36,460 --> 00:16:41,390 KT: educate herself on money. Do you have recommendations on how 286 00:16:41,400 --> 00:16:45,500 KT: to buy a share of stock? I guess it's a slice, 287 00:16:45,510 --> 00:16:46,250 KT: right, Suze? 288 00:16:46,260 --> 00:16:47,400 Suze: Not necessarily, it could be 289 00:16:47,409 --> 00:16:47,880 Suze: one share. 290 00:16:47,890 --> 00:16:50,659 KT: Could be one share. I know there are online companies 291 00:16:50,669 --> 00:16:53,940 KT: that allow people to buy or trade stocks. I'm not 292 00:16:53,950 --> 00:16:57,090 KT: sure if they are fee heavy or how this works. 293 00:16:57,679 --> 00:17:01,739 KT: I love your podcast. I've been learning so much. Tell Gina, 294 00:17:01,880 --> 00:17:03,510 KT: how to, how to buy a share 295 00:17:03,690 --> 00:17:07,300 Suze: Because everybody, this podcast isn't just about those who have 296 00:17:07,310 --> 00:17:12,609 Suze: millions or those who have debt. It's also about those 297 00:17:12,619 --> 00:17:17,929 Suze: who wanna just start, who wanna start maybe one ETF 298 00:17:17,939 --> 00:17:21,089 Suze: or one stock or whatever it may be or $50 299 00:17:21,099 --> 00:17:22,660 Suze: a month at a time. 300 00:17:23,140 --> 00:17:26,079 Suze: So I love that you chose that Gina because every 301 00:17:26,089 --> 00:17:30,880 Suze: one of you is so important to both KT and myself. 302 00:17:30,930 --> 00:17:34,500 Suze: If I were you, Gina, I would go to either 303 00:17:34,510 --> 00:17:39,290 Suze: Fidelity Charles Schwab even Vanguard. If you want, I would 304 00:17:39,300 --> 00:17:41,919 Suze: open up an account there. Really, I have a preference 305 00:17:41,930 --> 00:17:45,349 Suze: for Schwab or Fidelity and they don't even know that 306 00:17:45,359 --> 00:17:48,958 Suze: I say this about them and you could pick out 307 00:17:48,969 --> 00:17:52,319 Suze: one share of stock. And if you do it online, 308 00:17:52,550 --> 00:17:56,510 Suze: obviously, then there's no fee at all to buy it. 309 00:17:56,520 --> 00:18:01,089 Suze: It's commission list, it will not cost you anything. However, 310 00:18:01,099 --> 00:18:05,250 Suze: if you're just going to buy one share of something, 311 00:18:05,939 --> 00:18:09,079 Suze: you could also just buy one share of an exchange 312 00:18:09,089 --> 00:18:10,329 Suze: traded fund 313 00:18:10,760 --> 00:18:14,849 Suze: that would give you absolutely a whole lot of diversification. 314 00:18:15,000 --> 00:18:18,459 Suze: So maybe you would buy one share of VTI the 315 00:18:18,469 --> 00:18:22,500 Suze: Vanguard Total stock market ETF that's something you could do. 316 00:18:22,510 --> 00:18:25,969 Suze: Or if you just wanted to buy something and get 317 00:18:25,979 --> 00:18:28,869 Suze: involved with something like NVIDIA or any of those 318 00:18:28,954 --> 00:18:31,935 Suze: stocks, because you hear about them all the time, you 319 00:18:31,944 --> 00:18:36,573 Suze: could invest and buy a slice, which means if NVIDIA 320 00:18:36,584 --> 00:18:41,224 Suze: is $120 a share and you're only investing $50. So 321 00:18:41,234 --> 00:18:45,265 Suze: you buy $50 a slice of that stock. So you 322 00:18:45,275 --> 00:18:47,014 Suze: can do all of that 323 00:18:47,319 --> 00:18:49,760 Suze: without any commission or fees 324 00:18:49,770 --> 00:18:50,859 Suze: whatsoever 325 00:18:50,869 --> 00:18:52,599 KT: And no minimum investment. 326 00:18:52,609 --> 00:18:56,179 Suze: Sometimes it's a $5 minimum depending on which firm. But 327 00:18:56,189 --> 00:18:56,790 KT: Try it. 328 00:18:57,400 --> 00:18:58,040 Suze: Why not? 329 00:18:58,050 --> 00:19:01,060 KT: Why not try it? All right, next question from Samantha. 330 00:19:01,209 --> 00:19:03,160 KT: Good morning, Suze and KT... 331 00:19:03,170 --> 00:19:04,500 KT: and it is a good morning, 332 00:19:04,780 --> 00:19:05,339 KT: Happy summer... 333 00:19:05,500 --> 00:19:07,688 Suze: Tell everybody, why tt's a good morning. What are we doing 334 00:19:07,699 --> 00:19:08,189 Suze: right after this? 335 00:19:08,199 --> 00:19:12,520 KT: We're gonna swim, swim, swim. We're gonna spend the whole day, 336 00:19:12,530 --> 00:19:15,339 KT: not the whole day just this morning because Suze's got 337 00:19:15,349 --> 00:19:16,949 KT: interviews all afternoon. 338 00:19:16,969 --> 00:19:20,639 Suze: But wait, why is it possibly a really great day? 339 00:19:20,709 --> 00:19:24,430 Suze: Let's see if she can figure this out. Ding, ding, ding, ding. 340 00:19:24,560 --> 00:19:26,520 Suze: Come on. What did you ask Colo to help me 341 00:19:26,530 --> 00:19:27,239 Suze: with today 342 00:19:28,569 --> 00:19:33,290 Suze: for the first time? Wait, KT, listen to me. This 343 00:19:33,300 --> 00:19:34,530 Suze: makes you so happy. 344 00:19:35,540 --> 00:19:40,199 KT: Oh, wait. Ok. So are you gonna try today? 345 00:19:42,089 --> 00:19:42,179 Suze: Yes.  Tell everybody. 346 00:19:43,489 --> 00:19:43,510 KT: I'm 347 00:19:43,660 --> 00:19:48,260 KT: gonna cry. Suze is going to try to walk in 348 00:19:48,270 --> 00:19:52,399 KT: the soft sand on the west side of our island... 349 00:19:55,670 --> 00:19:59,099 Suze: for the first time into the ocean in like four 350 00:19:59,109 --> 00:20:02,660 Suze: years into the ocean side. Because I've been 351 00:20:02,910 --> 00:20:06,339 KT: so beautiful soaking. There's no waves everywhere 352 00:20:06,349 --> 00:20:07,770 Suze: because I've been afraid. 353 00:20:08,010 --> 00:20:08,938 Suze: It's very, 354 00:20:09,489 --> 00:20:13,560 KT: it's very hard for her. It's very unstable. It's soft sand, 355 00:20:13,569 --> 00:20:17,790 KT: there's rocks. But once you're in we both float like two. 356 00:20:17,800 --> 00:20:20,829 Suze: Me, but I go at the other side as you, 357 00:20:20,839 --> 00:20:23,319 Suze: if you've seen pictures of it, we go on the 358 00:20:23,329 --> 00:20:26,430 Suze: east side because it's only a few feet. It's like 359 00:20:26,469 --> 00:20:26,630 Suze: it's 360 00:20:26,640 --> 00:20:28,640 KT: flat, it's flat like a 361 00:20:28,680 --> 00:20:29,389 KT: baby pool. 362 00:20:29,410 --> 00:20:32,949 Suze: So Colo has said he'll come in with us today 363 00:20:33,270 --> 00:20:35,969 Suze: so that if I need help getting out because it 364 00:20:35,979 --> 00:20:37,198 Suze: can be hard if the, 365 00:20:37,500 --> 00:20:40,770 KT: when he called it, he said I'll be your railing. 366 00:20:41,050 --> 00:20:44,250 KT: So for those of you that don't know, Colo is 367 00:20:44,260 --> 00:20:49,050 KT: 6 ft. He's like our son. He's 240 solid pound 368 00:20:49,145 --> 00:20:53,864 KT: tons of muscle. His arms are the size of Suze's 369 00:20:53,875 --> 00:20:57,135 KT: legs and he said, I'll be your railing. All she 370 00:20:57,145 --> 00:20:59,755 KT: has to do is hang on to one arm to 371 00:20:59,785 --> 00:21:00,155 KT: get out. 372 00:21:00,614 --> 00:21:03,074 Suze: It's easy to get in, to get out with waves 373 00:21:03,084 --> 00:21:04,885 Suze: coming is very difficult, 374 00:21:05,239 --> 00:21:06,300 Suze: but I decided... 375 00:21:06,540 --> 00:21:07,280 KT: she's gonna give 376 00:21:07,290 --> 00:21:07,629 Suze: it a shot. 377 00:21:09,670 --> 00:21:12,459 KT: So this makes me excited. I want to finish this 378 00:21:12,469 --> 00:21:13,989 KT: podcast so we can do that. 379 00:21:14,290 --> 00:21:15,060 Suze: Am I afraid? Yes. 380 00:21:17,290 --> 00:21:17,979 KT: It's ok to be afraid. 381 00:21:17,989 --> 00:21:21,459 Suze: It's alright. Everybody, if you're afraid to do something, 382 00:21:22,790 --> 00:21:25,389 Suze: it's ok to admit it. You don't always have to 383 00:21:25,400 --> 00:21:28,489 Suze: pretend that everything is. Yes, it's all right. It's gonna 384 00:21:28,500 --> 00:21:30,669 Suze: be all right. You can just tell the truth and 385 00:21:30,680 --> 00:21:32,939 Suze: face your fear and when you're ready to face it, 386 00:21:33,050 --> 00:21:35,270 Suze: go for it and until you're ready for it 387 00:21:35,930 --> 00:21:38,640 KT: don't do it, don't do it until you're ready. But 388 00:21:38,650 --> 00:21:41,199 KT: fear is also a good thing. It keeps you alert 389 00:21:41,209 --> 00:21:45,369 KT: and makes you respect mother nature. So this is from Samantha. 390 00:21:45,380 --> 00:21:52,150 KT: Good morning, Suze and KT. Happy summer from an elementary school teacher. Yeah, 391 00:21:52,160 --> 00:21:56,319 KT: we love teachers. Everyone just and nurses. So quick question. 392 00:21:56,890 --> 00:21:57,329 Suze: I loved Mrs Hazel. 393 00:21:58,959 --> 00:21:59,790 KT: That was what? 394 00:21:59,800 --> 00:22:00,640 Suze: First grade. 395 00:22:01,349 --> 00:22:01,979 KT: Sweet. 396 00:22:02,010 --> 00:22:03,159 Suze: She understood me. 397 00:22:03,459 --> 00:22:07,319 KT: I, so Samantha said I added all three of my 398 00:22:07,329 --> 00:22:11,839 KT: Children as authorized users on my credit card a few 399 00:22:11,849 --> 00:22:15,000 KT: years ago to get their credit score started. 400 00:22:15,439 --> 00:22:19,040 KT: I understand that my credit good or bad will affect 401 00:22:19,050 --> 00:22:23,629 KT: their credit. Does the same hold true for me keeping 402 00:22:23,640 --> 00:22:28,500 KT: them as authorized users. Could their bad credit affect my 403 00:22:28,510 --> 00:22:30,459 KT: credit score in the future? 404 00:22:30,829 --> 00:22:36,270 Suze: So no, my dear Samantha, their credit and what they 405 00:22:36,280 --> 00:22:40,160 Suze: do with their credit cannot affect yours. So there will 406 00:22:40,170 --> 00:22:41,219 Suze: come a time maybe 407 00:22:41,750 --> 00:22:44,979 Suze: that you want to take them off your credit cards 408 00:22:44,989 --> 00:22:47,698 Suze: as an authorized user. But the truth of the matter 409 00:22:47,709 --> 00:22:51,218 Suze: is if they don't actually have access to your credit card, 410 00:22:51,229 --> 00:22:54,489 Suze: you've just put them on there and they don't have 411 00:22:54,500 --> 00:22:57,040 Suze: a credit card or your credit card number to use. 412 00:22:57,189 --> 00:23:00,229 Suze: It doesn't matter a lot, but I would probably take 413 00:23:00,239 --> 00:23:04,790 Suze: them off if their scores are about 790 which your 414 00:23:04,800 --> 00:23:07,089 Suze: email says KT just handed it to me. 415 00:23:07,349 --> 00:23:10,369 Suze: I would probably wait until they were 30 years of 416 00:23:10,380 --> 00:23:13,130 Suze: age and then I would take them off. All right. 417 00:23:13,140 --> 00:23:13,989 Suze: Go on KT. All right. 418 00:23:14,000 --> 00:23:14,219 KT: This 419 00:23:14,229 --> 00:23:17,379 KT: next question has a lot of controversy but, but I 420 00:23:17,390 --> 00:23:21,869 KT: have a very, very strong answer. It's from Tammy. Hi, 421 00:23:21,880 --> 00:23:25,410 KT: Suze and KT. I have an eight year old son. 422 00:23:25,420 --> 00:23:29,169 KT: I'd like to teach him about managing his own money. 423 00:23:29,469 --> 00:23:33,020 KT: My question for you is, should I give him a 424 00:23:33,030 --> 00:23:39,369 KT: weekly allowance contingent on him doing specific chores or should 425 00:23:39,380 --> 00:23:43,300 KT: I give him a weekly allowance not related to doing 426 00:23:43,310 --> 00:23:47,939 KT: any chores so he can learn how to budget save 427 00:23:47,949 --> 00:23:49,050 KT: and spend 428 00:23:49,800 --> 00:23:54,750 KT: while instilling the responsibility connected with chores instead of doing 429 00:23:54,760 --> 00:23:55,949 KT: them for money. 430 00:23:56,420 --> 00:23:57,469 Suze: So, what's your answer, KT? 431 00:23:57,479 --> 00:24:02,270 KT: My answer is absolutely earn it. Baby doll. Do not 432 00:24:02,280 --> 00:24:06,280 KT: just give him money because he's gonna at eight years 433 00:24:06,290 --> 00:24:07,000 KT: old. 434 00:24:07,130 --> 00:24:08,599 Suze: So that, that's your answer. 435 00:24:08,650 --> 00:24:10,520 KT: Do not just give him money. 436 00:24:10,619 --> 00:24:14,469 Suze: So now let me give you my answer. Right. 437 00:24:14,849 --> 00:24:18,790 Suze: Which is, that's you. Your answer wasn't wrong, KT. So 438 00:24:18,800 --> 00:24:21,660 Suze: it's not just so you know that what's your answer? 439 00:24:22,140 --> 00:24:25,790 Suze: But I have a little bit more detailed answer, which 440 00:24:25,800 --> 00:24:30,270 Suze: is there are certain things that he should absolutely do 441 00:24:30,810 --> 00:24:35,229 Suze: and not get any pay for it whatsoever. Like make 442 00:24:35,239 --> 00:24:37,729 Suze: his bed, make his bed and do all of those 443 00:24:37,739 --> 00:24:43,189 Suze: things because he's living in the house and there's responsibility 444 00:24:43,199 --> 00:24:46,750 Suze: that comes with living in the house that gets no 445 00:24:46,760 --> 00:24:52,589 Suze: money whatsoever. You should not under any circumstance, give him 446 00:24:52,599 --> 00:24:56,589 Suze: an allowance because I've done this now with kids for 447 00:24:56,599 --> 00:24:59,270 Suze: the past 30 years. If you ask 448 00:24:59,380 --> 00:25:01,969 Suze: kid why they get an allowance, you know what they 449 00:25:01,979 --> 00:25:02,430 Suze: say KT> 450 00:25:02,810 --> 00:25:05,300 KT: I, I know what you're gonna say because I was 451 00:25:05,310 --> 00:25:05,739 KT: born 452 00:25:05,750 --> 00:25:06,410 Suze: because I was born. 453 00:25:06,420 --> 00:25:07,119 KT: I remember that... 454 00:25:07,229 --> 00:25:12,920 Suze: I deserve it. Everybody gets an allowance and then you ask them, well, 455 00:25:12,930 --> 00:25:16,280 Suze: why did you get an allowance of, let's just say, 456 00:25:16,290 --> 00:25:20,199 Suze: $5 a week or whatever it is or a month 457 00:25:20,209 --> 00:25:25,510 Suze: last year? And now you're getting $7 they go because 458 00:25:25,520 --> 00:25:27,800 Suze: when you get older you get more money. 459 00:25:28,569 --> 00:25:32,159 Suze: I am telling you that is not true. You don't 460 00:25:32,170 --> 00:25:35,069 Suze: get more money just because you're older, you don't get 461 00:25:35,079 --> 00:25:38,510 Suze: money just because you were born and you have to 462 00:25:38,520 --> 00:25:42,060 Suze: teach your Children that. So they need to do certain 463 00:25:42,069 --> 00:25:46,709 Suze: things for no money. After they've done those things, then 464 00:25:46,719 --> 00:25:50,109 Suze: you establish what I call work pay 465 00:25:50,819 --> 00:25:54,679 Suze: and you do a list and you go all right, 466 00:25:54,849 --> 00:25:59,979 Suze: I will give you $2 if you do this, $3 467 00:25:59,989 --> 00:26:04,270 Suze: if you do that, $4 if you do this, $5 468 00:26:04,280 --> 00:26:05,430 Suze: if you do that, 469 00:26:05,859 --> 00:26:09,640 Suze: the thing is though they cannot just skip to the 470 00:26:09,650 --> 00:26:13,760 Suze: one that's $5. They have to first do the one 471 00:26:13,770 --> 00:26:17,438 Suze: for $2 to your satisfaction. By the way, then the 472 00:26:17,449 --> 00:26:20,839 Suze: one for three, then the one for four, because nobody 473 00:26:20,849 --> 00:26:24,219 Suze: just skips and gets a pay raise. You have to 474 00:26:24,229 --> 00:26:27,800 Suze: go up through the ranks. So you put that list 475 00:26:27,810 --> 00:26:29,478 Suze: up there. But that isn't 476 00:26:29,579 --> 00:26:33,359 Suze: a monthly list. That's a list they can do whenever 477 00:26:33,369 --> 00:26:36,920 Suze: they want. So, if they've done the first thing, hey, 478 00:26:36,930 --> 00:26:38,790 Suze: and they don't want to do the second thing for 479 00:26:38,800 --> 00:26:41,989 Suze: a month or two fine. But they are not getting 480 00:26:42,000 --> 00:26:45,938 Suze: a penny from you until they do the things on 481 00:26:45,949 --> 00:26:47,459 Suze: that list. Yes KT? 482 00:26:47,469 --> 00:26:50,099 KT: OK, I want to add one more thing. You want 483 00:26:50,109 --> 00:26:53,109 KT: them to really learn about value 484 00:26:53,750 --> 00:26:57,349 KT: when they start earning money, when they start going through 485 00:26:57,359 --> 00:27:01,060 KT: that list. And they've got their own money and they're, 486 00:27:01,069 --> 00:27:03,060 KT: with you in the store. Mommy, can I have that 487 00:27:03,069 --> 00:27:06,219 KT: candy bar? Sure. You can buy it with your money. 488 00:27:06,469 --> 00:27:09,530 KT: You see how much they really want that candy bar. 489 00:27:09,540 --> 00:27:13,219 Suze: Right. Yeah. First you have to teach kids that they 490 00:27:13,229 --> 00:27:17,180 Suze: have to work for money. They don't get an allowance, 491 00:27:17,229 --> 00:27:18,979 Suze: they have to work for it. 492 00:27:19,410 --> 00:27:24,189 Suze: Then the question becomes after you see them working for it, 493 00:27:24,199 --> 00:27:25,770 Suze: they're gonna want to put it, by the way in 494 00:27:25,780 --> 00:27:26,859 Suze: their piggy bank. 495 00:27:27,219 --> 00:27:30,560 Suze: If they're young, don't force them to put it in 496 00:27:30,569 --> 00:27:33,599 Suze: the bank because they don't understand a bank. They don't 497 00:27:33,609 --> 00:27:36,839 Suze: understand interest. And the worst thing you could ever do. 498 00:27:36,849 --> 00:27:41,239 Suze: Mommy is borrow money from that piggy bank if you 499 00:27:41,250 --> 00:27:43,198 Suze: need something. Anyway. Go on. Ok. 500 00:27:43,209 --> 00:27:47,218 KT: Next question. Hi, Suze and KT. We love to listen to 501 00:27:47,229 --> 00:27:51,079 KT: your podcast. My husband and I were wondering, what's your 502 00:27:51,089 --> 00:27:53,040 KT: take on Market Linked CDS? 503 00:27:53,520 --> 00:27:55,640 Suze: They must have gone to a dinner Kat. 504 00:27:56,099 --> 00:27:56,688 KT: And 505 00:27:57,180 --> 00:28:00,869 KT: would it be wise to obtain them versus just buying stock? 506 00:28:01,959 --> 00:28:04,989 Suze: And I'm not even gonna go into it. Forget market 507 00:28:05,000 --> 00:28:07,890 Suze: link C DS. They make absolutely no sense. If you 508 00:28:07,900 --> 00:28:10,189 Suze: want to invest in the market, invest in the market, 509 00:28:10,199 --> 00:28:13,810 Suze: you want a CD, buy a CD. Do not combine 510 00:28:13,819 --> 00:28:14,849 Suze: the two. All right. 511 00:28:15,670 --> 00:28:15,770 KT: I 512 00:28:15,780 --> 00:28:18,829 KT: have one that I I liked because it's from Val 513 00:28:19,579 --> 00:28:21,810 KT: and I need, I think you need to just help 514 00:28:21,819 --> 00:28:24,170 KT: her understand what to do. 515 00:28:24,449 --> 00:28:27,949 KT: This is important. She says, hello, Suze, I wanted to 516 00:28:27,959 --> 00:28:32,000 KT: know if a living trust can be overseen by a 517 00:28:32,010 --> 00:28:37,069 KT: third party when the trust store is not. Well, meaning 518 00:28:37,079 --> 00:28:43,199 KT: having memory issues, mental health challenges and unhealthy changes in 519 00:28:43,209 --> 00:28:48,989 KT: their personality and physical health. Can the trust beneficiary 520 00:28:49,300 --> 00:28:54,430 KT: which I think is Val, Suze be a co-trustor in 521 00:28:54,439 --> 00:28:59,099 KT: this rather than saying it must honor the parents' wishes. 522 00:28:59,550 --> 00:29:03,680 KT: Is there a peaceful solution? Despite the downward health of 523 00:29:03,689 --> 00:29:07,160 KT: the trust store? Sounds like Val is having a tough 524 00:29:07,180 --> 00:29:08,209 KT: decision with her 525 00:29:08,219 --> 00:29:08,640 KT: own... 526 00:29:09,170 --> 00:29:13,880 Suze: Val, the the beneficiary has no rights whatsoever except to inherit 527 00:29:13,890 --> 00:29:14,479 Suze: the money. 528 00:29:15,209 --> 00:29:19,359 Suze: Hopefully, the person who created this trust that you're talking about, 529 00:29:19,369 --> 00:29:24,839 Suze: which is truly known as the trustor. Hopefully, within that trust, 530 00:29:25,280 --> 00:29:31,969 Suze: she or he has designated a successor trustee, the person 531 00:29:31,979 --> 00:29:36,079 Suze: that can make the decisions of the trust because it's 532 00:29:36,089 --> 00:29:40,000 Suze: not the trustor that makes decisions. The trustor 533 00:29:41,510 --> 00:29:45,660 Suze: is the person that creates the trust, it's theirs. But 534 00:29:45,670 --> 00:29:49,489 Suze: are they also the trustee, the person who makes the 535 00:29:49,500 --> 00:29:54,729 Suze: decisions with the trust? And if it's a good trust, 536 00:29:54,900 --> 00:30:00,339 Suze: it should have in it, an incapacity clause that says 537 00:30:00,349 --> 00:30:06,250 Suze: upon incapacity, the successor trustee that was named, hopefully 538 00:30:07,030 --> 00:30:09,250 Suze: can take over. Now 539 00:30:10,530 --> 00:30:16,959 Suze: if the trustor is also the trustee and the trustor and 540 00:30:16,969 --> 00:30:22,430 Suze: the trustee, same person become incapacitated and they don't have 541 00:30:22,439 --> 00:30:26,619 Suze: the ability to make decisions any more, 542 00:30:27,530 --> 00:30:34,030 Suze: then possibly you can have that trustee declared incompetent and 543 00:30:34,040 --> 00:30:37,329 Suze: maybe the court will appoint someone or something like that. 544 00:30:37,339 --> 00:30:44,550 Suze: But as a beneficiary, you have no rights whatsoever except 545 00:30:44,560 --> 00:30:49,550 Suze: to inherit the money. The only thing possibly that could 546 00:30:49,560 --> 00:30:55,790 Suze: be done, right is if the parent right now redid 547 00:30:55,800 --> 00:30:56,810 Suze: the trust 548 00:30:57,430 --> 00:31:04,219 Suze: during their more lucid time and made you or somebody else, 549 00:31:04,229 --> 00:31:08,540 Suze: the trustee, if it goes to where they can't do that, 550 00:31:08,719 --> 00:31:14,619 Suze: they're totally in, you know, incoherent now, depending on the trust, 551 00:31:14,630 --> 00:31:19,430 Suze: you may have some problems. So one thing I just 552 00:31:19,439 --> 00:31:23,250 Suze: want to say to everybody here, the documents that have 553 00:31:23,260 --> 00:31:24,500 Suze: been created 554 00:31:25,050 --> 00:31:28,339 Suze: that all of you are you know, I talk about 555 00:31:28,349 --> 00:31:31,989 Suze: all the time. The must have documents, they have an 556 00:31:32,000 --> 00:31:37,130 Suze: incapacity clause in it. So if you're interested, you might 557 00:31:37,140 --> 00:31:42,099 Suze: wanna take advantage and go to must have docs.com and 558 00:31:42,109 --> 00:31:45,109 Suze: you could get $2500 worth of state of the art 559 00:31:45,119 --> 00:31:50,390 Suze: documents for $99. You might want to go there and do. 560 00:31:52,819 --> 00:31:54,479 KT: So you got a quizz for me? You said you have 561 00:31:54,489 --> 00:31:54,880 KT: a quiz... 562 00:31:56,000 --> 00:31:57,030 Suze: A difficult quizzy 563 00:31:57,119 --> 00:31:57,560 KT: for you. 564 00:31:57,569 --> 00:32:05,150 Suze: This probably... from Dennis is the most difficult quizzy possible. So, 565 00:32:05,160 --> 00:32:07,680 Suze: are you all ready for this? But I have to 566 00:32:07,689 --> 00:32:14,229 Suze: tell you this quizzy only KT will know the answers to. 567 00:32:14,609 --> 00:32:17,160 Suze: So all of you can just sit back and kind 568 00:32:17,170 --> 00:32:18,189 Suze: of enjoy it. 569 00:32:19,310 --> 00:32:26,209 Suze: The quizzy goes like this, KT, you won't choose me. 570 00:32:26,739 --> 00:32:31,130 Suze: But if Suze reads this, she will choose me. Dennis, 571 00:32:31,140 --> 00:32:32,290 Suze: you are correct. 572 00:32:33,079 --> 00:32:38,199 Suze: If this is the KT and Suze Ask Anything, then 573 00:32:38,209 --> 00:32:43,520 Suze: where are the KT questions? I have questions for KT. 574 00:32:43,739 --> 00:32:50,619 Suze: She's smart. That's true. Let her answer. All right. KT - 575 00:32:51,109 --> 00:32:52,609 Suze: Dennis wants to know. 576 00:32:53,160 --> 00:32:56,510 Suze: Do you still have your garden? Do you still fish? 577 00:32:56,520 --> 00:33:01,300 Suze: What do you invest in? KT answers the questions? Oh, 578 00:33:01,319 --> 00:33:05,170 Suze: Suze will correct you if you're wrong but you make 579 00:33:05,180 --> 00:33:08,829 Suze: the show worth listening to. You know, it's not always 580 00:33:08,839 --> 00:33:11,689 Suze: about money but you have to make it fun and 581 00:33:11,699 --> 00:33:16,109 Suze: you do. Yeah. Come on, ask KT questions. Her name 582 00:33:16,119 --> 00:33:20,630 Suze: does come first: Ask KT and Suze Anything. 583 00:33:21,319 --> 00:33:23,660 KT: All right. Hey, let's answer the first one. Do I 584 00:33:23,670 --> 00:33:28,369 KT: still garden every day? I can when I'm here on 585 00:33:28,380 --> 00:33:31,969 KT: the island, I have a 20 by 40 ft garden 586 00:33:31,979 --> 00:33:37,380 KT: and right now I just planted radishes. Bok Choy, Kale, 587 00:33:37,760 --> 00:33:41,459 KT: uh, more basil. We have basil all year round. I've 588 00:33:41,469 --> 00:33:44,339 KT: got eggplant going and I'm trying to learn how to 589 00:33:44,349 --> 00:33:48,260 KT: grow sweet potatoes. And besides that, we've got tomatoes, we've 590 00:33:48,270 --> 00:33:51,939 KT: got peppers. We have hot peppers, green peppers, red peppers, 591 00:33:51,949 --> 00:33:54,859 KT: carrots and carrots, carrots. I don't do 592 00:33:54,949 --> 00:33:58,680 KT: well with everyone. But when the kids come on July 4th, 593 00:33:58,689 --> 00:34:01,689 KT: I let them pull them out and they're like three inches. 594 00:34:01,699 --> 00:34:06,130 KT: They're not really great. Ok. Fish do we fish? This 595 00:34:06,140 --> 00:34:10,129 KT: is my favorite activity of all time. And just two 596 00:34:10,139 --> 00:34:11,969 KT: days ago was it two days ago, 597 00:34:12,549 --> 00:34:15,529 KT: we went out for a few hours because we had 598 00:34:15,539 --> 00:34:19,059 KT: pretty nice weather in the beginning of the day. We 599 00:34:19,069 --> 00:34:24,178 KT: caught so many species I can't begin to tell you. Ok. 600 00:34:24,188 --> 00:34:27,188 KT: I caught and Colo and Suze, Suze reeled in something... 601 00:34:28,368 --> 00:34:30,968 Suze: I find, I find it. 602 00:34:31,309 --> 00:34:31,479 KT: Suze... 603 00:34:31,888 --> 00:34:34,458 KT: Suze is a captain. She finds the fish and then 604 00:34:34,468 --> 00:34:37,418 KT: I catch them like crazy. All right, 605 00:34:37,815 --> 00:34:40,957 KT: everyone. This is our species catch for the day. This 606 00:34:40,967 --> 00:34:45,527 KT: is very unusual. We caught a trigger. We caught a dogfish, 607 00:34:45,536 --> 00:34:50,806 KT: a barracuda, Yellowtail, yellow eye, hot dogs, tuna, and the 608 00:34:50,815 --> 00:34:55,326 KT: prize of the prize. Two groupers, a yellow lip grouper 609 00:34:55,335 --> 00:34:56,646 KT: and a mystic grouper. 610 00:34:56,656 --> 00:34:57,815 Suze: Very difficult 611 00:34:57,826 --> 00:35:01,886 KT: which are very difficult to catch but so delicious. 612 00:35:01,896 --> 00:35:02,727 Suze: The grouper 613 00:35:02,813 --> 00:35:06,724 Suze: we caught at 1000 ft down. I found it for 614 00:35:06,733 --> 00:35:11,233 Suze: her and the yellow eye was about 900 ft down. 615 00:35:11,354 --> 00:35:14,904 Suze: So it's very difficult to find fish that far down. 616 00:35:14,914 --> 00:35:17,634 Suze: One last question. He wants to know, what do you 617 00:35:17,643 --> 00:35:18,674 Suze: invest in? 618 00:35:18,684 --> 00:35:21,533 KT: Well, first of all, let's get this straight. Suze is 619 00:35:21,543 --> 00:35:26,393 KT: my personal financial advisor among other things. But she decides 620 00:35:26,404 --> 00:35:27,914 KT: should I? But, but 621 00:35:28,000 --> 00:35:31,489 KT: I love, I, I'll give you an example. I absolutely 622 00:35:31,500 --> 00:35:34,381 KT: love Apple and always have in the good days and 623 00:35:34,391 --> 00:35:38,250 KT: bad days, I love my Apple shares and I stick 624 00:35:38,260 --> 00:35:42,180 KT: by them. And I, and, and I've done extremely well 625 00:35:42,190 --> 00:35:46,791 KT: over the years. But I also will either get emails 626 00:35:46,801 --> 00:35:49,370 KT: or hear something on the news or look at something 627 00:35:49,440 --> 00:35:51,940 KT: and say, Susie, can you buy me shares in this? 628 00:35:51,950 --> 00:35:53,051 KT: She says why? 629 00:35:53,310 --> 00:35:56,439 KT: And usually my, my answer is because I like them 630 00:35:56,449 --> 00:35:58,129 KT: and I like what they're doing and it's that simple. 631 00:35:58,780 --> 00:36:02,449 Suze: And we buy them because if she wants to do it, 632 00:36:02,629 --> 00:36:04,330 Suze: she needs to have the power 633 00:36:04,340 --> 00:36:05,020 Suze: to do so. 634 00:36:05,030 --> 00:36:09,280 KT: But whenever Suze wants to invest my money into 635 00:36:09,469 --> 00:36:13,080 KT: anything that she sees that's doing extremely well that I'm 636 00:36:13,090 --> 00:36:17,610 KT: very naive or unaware of, she lets me know first 637 00:36:17,790 --> 00:36:19,459 KT: and says, can I do this? And 638 00:36:19,469 --> 00:36:21,479 Suze: I explain to her why I want and 639 00:36:21,489 --> 00:36:24,340 KT: what it is and I give her permission. There are 640 00:36:24,350 --> 00:36:25,479 KT: times also 641 00:36:25,800 --> 00:36:30,638 KT: that she wanted to invest in very, very high growth dividend, 642 00:36:30,649 --> 00:36:33,439 KT: you know, shares and stocks. And I said no, because 643 00:36:33,449 --> 00:36:34,949 KT: I didn't like the company, 644 00:36:34,959 --> 00:36:36,739 Suze: like what the company was doing 645 00:36:36,750 --> 00:36:41,989 KT: with it. More important. Everybody, I open those statements every 646 00:36:42,000 --> 00:36:44,139 KT: month and scan them 647 00:36:44,399 --> 00:36:47,020 KT: and most of the time I can tell you what's 648 00:36:47,030 --> 00:36:52,179 KT: in my portfolio. But Suze does work so quickly on 649 00:36:52,189 --> 00:36:55,819 KT: investments that I can't keep track all the time. 650 00:36:57,229 --> 00:36:59,790 KT: It's, I can never keep track of hers. I open 651 00:36:59,800 --> 00:37:00,780 KT: hers as well. 652 00:37:01,469 --> 00:37:04,489 KT: She's a really big trader. Everybody. 653 00:37:04,629 --> 00:37:09,649 Suze: I'm a serious investor as well. But I've set aside 654 00:37:09,659 --> 00:37:13,409 Suze: a nice chunk of money that I can buy, do 655 00:37:13,419 --> 00:37:16,509 Suze: options with, sell to whatever bam 656 00:37:16,520 --> 00:37:18,888 KT: every day she does every day. She 657 00:37:19,300 --> 00:37:24,799 Suze: something, but it's, they're very complicated strategies but I never 658 00:37:24,810 --> 00:37:26,449 Suze: ever speculate 659 00:37:26,810 --> 00:37:30,870 Suze: even my option strategies. KT are very conservative, believe it 660 00:37:30,879 --> 00:37:35,569 Suze: or not anyway. Now, you know, Dennis a little bit 661 00:37:35,580 --> 00:37:38,209 Suze: more about KT - KT. 662 00:37:38,969 --> 00:37:43,729 Suze: We may have gone long today. No, don't apologize to them. 663 00:37:43,739 --> 00:37:46,840 Suze: You sweet little thing. I would like to go on 664 00:37:46,850 --> 00:37:49,860 Suze: and on and on because I know that the second 665 00:37:49,870 --> 00:37:52,060 Suze: we end this podcast... 666 00:37:53,479 --> 00:37:57,709 KT: We're going in the ocean to the ocean. We're gonna soak, 667 00:37:57,719 --> 00:37:57,929 KT: we're 668 00:37:57,939 --> 00:37:59,870 Suze: gonna soak. All right. So 669 00:38:00,659 --> 00:38:08,120 Suze: until Sunday, when it will absolutely be on splits with 670 00:38:08,129 --> 00:38:12,879 Suze: NVIDIA and how they work and not, we will absolutely 671 00:38:12,889 --> 00:38:19,360 Suze: be announcing the winner of the $5000 for the alliance 672 00:38:19,370 --> 00:38:21,919 Suze: sweepstakes that recently was on. 673 00:38:22,510 --> 00:38:26,330 Suze: And what else? KT what do we want them to know. 674 00:38:26,469 --> 00:38:28,469 Suze: There's only one thing what KT? 675 00:38:28,479 --> 00:38:31,109 KT: People first, then money, then... 676 00:38:31,120 --> 00:38:34,729 Suze: things and if you do that and you stay safe, 677 00:38:34,739 --> 00:38:36,529 Suze: what else will happen KT? 678 00:38:36,540 --> 00:38:38,889 KT: You will be unstoppable. 679 00:38:39,310 --> 00:38:40,889 Suze: See you on Sunday. Bye bye.