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Suze: August 18th 2022 to welcome everybody to the Ask Suze

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Suze: and

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KT: KT

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Suze: podcast. How are you this morning Ms Travis?

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KT: I feel pretty good Suze.

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Suze: Because why? What did you do yesterday?

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KT: Fished. But I'm not going to talk about it because

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KT: Larry didn't like that. We talk about fishing...

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Suze: We had somebody by the name of Larry who has

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Suze: been a long time listener write in to say

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Suze: we've gone too overboard with birthdays and fish and things

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Suze: like that. We don't think we did. Many people love it.

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Suze: But for you, Larry will calm it down just a

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Suze: little bit. Maybe. Anyway, before we begin today, I really

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Suze: want to talk about something that I'm so proud of

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Suze: and I'm really proud of the Alliant Credit Union. And

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Suze: let me tell you all why. KT do you remember... It

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Suze: was over a year ago now that we offered the

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Suze: ultimate opportunity savings account with Alliant Credit Union and all

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Suze: you would have to do is go to my alliant

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Suze: dot com. Open up an account, put $100 in every

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Suze: single month and at the end you would get $100.

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Suze: But even if you couldn't do any of that,

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Suze: They were still offering .60%, which was one of the

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Suze: highest interest rates that you could find anywhere.

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Suze: KT, do you know what their current interest rate is

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Suze: right now?

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KT: It's fabulous Suze.

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Suze: Well, what is it?

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KT: It's 1.60%.

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Suze: So think about that everybody in a year or so.

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Suze: Their interest rate has gone up 1%. It is more

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Suze: than doubled on you

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KT: way more than doubled

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Suze: Which is

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Suze: that this is a financial institution that as interest goes

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Suze: up they are going to take you up with them.

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Suze: So if you haven't yet really opened up the ultimate

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Suze: opportunity savings account you absolutely should do. So now there

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Suze: is

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Suze: a long explanation at the end of this podcast exactly

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Suze: how it works because so many of you are getting

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Suze: your $100 at the end of the 12 month period

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Suze: where you've put in $100 every month and you're loving it.

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Suze: I want you all to listen on sunday because on

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Suze: sunday I'm going to be announcing another program

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Suze: that Alliant Credit Union is absolutely initiating that I think

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Suze: you might want to take advantage of and it is

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Suze: another way to get another $100. Even if you already

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Suze: have the ultimate opportunity, savings account. Alright let's go KT

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KT: OK First question Suze is from Karen.

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KT: Hi Suze, I'm a retired 70 year old woman. I

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KT: draw my social security and retirement from my employer. I

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KT: have not yet started taking distribution from my TSP

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Suze: thrift savings plan which means she's a federal worker.

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KT: I purchased the max of I bonds for myself and

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KT: my trust and plan to do so again in January.

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KT: That's great. Right Suze, good?

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KT: I have about $5000 I'd like to invest in V. T.

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KT: I. and X. I. E. And or the Devon

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Suze: X L. E. or maybe X. L. P.

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KT: Devon you talked about on August 14 can I do

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KT: this online myself or do I need an agent and broker?

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Suze: No sweetheart. All you have to

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Suze: do really is open up an account at either TD Ameritrade, Fidelity, Schwab,

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Suze: any discount brokerage firm put in your $5000. And then

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Suze: you could if you purchase it online by either slices

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Suze: of V. T. I. Which is the Vanguard Total Stock

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Suze: market index ETF or Devon which is one of

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Suze: the energy stocks that I like very much because of

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Suze: the dividend. That it's pain symbol is D. V. N.

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Suze: Or I'm not sure if you were referring to XLE .

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Suze: Which was an ETF for energy companies or XP which

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Suze: was an ETF for staples but I would probably go

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Suze: with X. L. P. / D. V. N. And V. T. I.

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Suze: for some nice diversification there. And if you're gonna do

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Suze: $5,000 I would take that $5,000 and maybe put in

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Suze: like $300 a month. So put in $100 in each

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Suze: one of those and over time which is dollar cost

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Suze: averaging and that's what I would do if I were

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Suze: you I would not put in all $5,000 right here.

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KT: Okay good good advice.

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Suze: I love when she says that she says that at

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Suze: the end of every single question is that because you

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Suze: don't know what else to say?

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KT: No I just think it's really good when you say something

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KT: with such clarity. I think it's great advice. Alright, next

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KT: questions from Lisa. Hi Suze.

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Suze: Sorry, Larry. I don't think this is going to be

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Suze: one podcast that you're going to want to stay tuned.

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KT: Larry. I'm on your side today. Ready? Hi, Suze. Just

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KT: joined your podcast. Love it.

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KT: I just inherited a SEP IRA as a non spouse. Is

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KT: that treated the same as a non spouse traditional IRA

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Suze: Yes, I'm sure she's asking me because I've been, you know...

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KT: you've been talking about...

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Suze: inherited I. R. A. s whenever you inherit a retirement

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Suze: account

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Suze: and you're anybody other than a spouse,

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Suze: then you have a whole separate set of rules that

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Suze: you have to follow. And that's what I've been doing

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Suze: podcasts on recently. But again, we won't really know the

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Suze: exact rules

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Suze: that have happened now as of February of this year,

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Suze: according to the Secure Act until sometime at the end

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Suze: of this year

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Suze: and how

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Suze: it's going to work.

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KT: And that's exactly what Lisa said. She said as I understand, Suze,

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KT: we should wait till the end of 2022 to see

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KT: how this is dealt with.

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Suze: Yeah, I got it. Right. But yes, a SEP IRA, 401k,

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Suze: 403 B and you inherit them. They're all treated the same.

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Suze: All right.

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KT: Next question is from Sharon. Hi Suze and KT, you

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KT: guys are the best! I love listening to you,

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Suze: Even though we talk about fishing?

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KT: Do you do you have a podcast where you will

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KT: talk about funding a trust not fishing a trust, funding

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KT: and trust. I've been stuck at that point in the

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KT: will and trust kit. I know the confusion is probably in

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KT: my own mind but please help me get past it.

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KT: Can I say something Suze?

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KT: Tell people what it means to fund a trust.

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Suze: Sharon and everybody else as you know, we have something

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Suze: called the Must Have Documents and these are the four

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Suze: documents that in my opinion you must have a living

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Suze: revocable trust in advanced directive and durable power

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Suze: attorney for health care, a will and a power of

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Suze: attorney for finances and you all should have those. And

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Suze: the problem is that when you go to an attorney

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Suze: to get them, they could easily cost you $2500-$5,000. So

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Suze: over 20 some odd years ago I decided I was

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Suze: going to make these documents available to everybody at a

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Suze: price that they could afford.

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Suze: And that started on QVC, HSN and we've sold tens

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Suze: of millions of these over the years that we allow

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Suze: everybody to share them with your family members updates are

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Suze: all free. And again, if it's something that you're interested

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Suze: in they are currently selling for $99 on Suze Orman dot

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Suze: com slash offer and you can pick them up there.

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Suze: Now

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Suze: we are having an update just so you know that

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Suze: will come out sometime next year. We're funding the trust.

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Suze: Sharon will all be so much easier. I can't even

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Suze: begin to tell you. But remember I've told all of

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Suze: you that once you buy one of these programs from

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Suze: me and the update that we have, you get automatically

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Suze: for free, we don't charge you again.

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Suze: So I just want you all to know that because

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Suze: I'm sure this isn't the only person who has problems

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Suze: with understanding what funding the trust is. It's very easy

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Suze: to create a document. You just go through the computer screen,

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Suze: you answer all the questions and everything and then it

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Suze: prints out for you, it gives you instructions that you

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Suze: should have it notarized as well as witnessed and then

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Suze: it tells you you need to fund the trust.

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Suze: Normally Sharon, you go back into the program after that

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Suze: and there will be a little section that says funding

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Suze: the trust. You click on it, you then enter what

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Suze: assets you own. Do you own a piece of real estate?

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Suze: Do you own a bank account? Do you own a

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Suze: regular savings account? You click everything that you own? It's

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Suze: very simple. And then you print out the funding documents

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Suze: that are needed for each one of those entities.

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Suze: So that's how you would do it. Now, why do

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Suze: you have to fund a trust

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Suze: when you own an asset in your own individual name.

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Suze: I own my own home and it's in the title

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Suze: of Suze Orman

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Suze: and I die and I leave that home to KT

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Suze: via a will. KT is going to have to go

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Suze: through probate to inherit that. If you own it in

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Suze: the name of the trust. If I die and KT

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Suze: is my beneficiary, she automatically inherits it. Why? Because when

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Suze: you have a living revocable trust

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Suze: you have to change the title of your assets from

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Suze: your individual name into the title of the trust. So

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Suze: my home would no longer be Suze Orman on the title.

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Suze: It would be Suze Orman trustee for the Suze Orman

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Suze: Living Revocable Trust.

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Suze: When I do that, I have then funded the trust.

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Suze: I have then taken the asset the piece of real estate.

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Suze: And I've transferred it into the title of the trust.

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Suze: Obviously if it's a piece of real estate I have

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Suze: to go down to the title company and change it there.

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Suze: If it's a bank account I then take the form

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Suze: that you will print out. Take it to the bank

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Suze: and change the title for my individual name into the

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Suze: title of the trust. You'll have to bring the trust

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Suze: with you and show them the document. It's really just

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Suze: that simple.

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Suze: Otherwise you have what's called an empty trust. So you

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Suze: have to fund your trust to make sure all your

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Suze: assets pass without probate.

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KT: Okay in essence it's a name change

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Suze: Why didn't you just say so?

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KT: I think I think people get mixed up and they

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KT: think funding means they put money in a trust. You

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KT: don't you change the title, you change the name and

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KT: that's called funding when you simply change the name. Alright,

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KT: here we go

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Suze: So smart, so smart.

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KT: So this is from Andrea: I'm getting close to the

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KT: age where I will need to start withdrawing RDMs from

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KT: my 403 B. And traditional

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KT: IRA

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Suze: One more year for both of us.

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KT: I think maybe should I buy an index annuity with enough of my

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KT: IRA funds that will generate enough lifetime income to cover

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KT: all of my traditional I R A RMDs

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KT: or number two, I am planning to withdraw RMDs from

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KT: my 403 B which has a fixed interest rate of 4.5%

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Suze: My goodness. Andrea

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KT: What is your recommendation Suze?

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Suze: Yeah. If I had a place that was guaranteeing me 4.5%

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Suze: on my money. Okay. And I knew that was true

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Suze: and I could take out any amount of money I

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Suze: wanted during that time,

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Suze: I would not be doing an index annuity at all

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Suze: to guarantee me income for the rest of the time

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Suze: because there's no way they're going to be able to

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Suze: guarantee you right now 4.5% and it may be as

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Suze: interest rates go up that Andrea maybe your 403 B

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Suze: will absolutely offer you a higher interest rate than 4.5%.

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Suze: So right now I would just leave it exactly like

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Suze: it is.

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KT: Here we go. Next question is from Linda.

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KT: Hi Suze and KT. Do you recommend reinvesting dividends for E. T. F. S.

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KT: And stocks? I'm 65. I don't need to draw any

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KT: income from my portfolio until 72. Or should I be

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00:14:06,390 --> 00:14:09,030
KT: putting the dividends into cash?

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00:14:09,559 --> 00:14:09,949
Suze: Good question.

234
00:14:10,570 --> 00:14:11,590
KT: That's a good question.

235
00:14:11,600 --> 00:14:16,699
Suze: Well, Linda I love Dividend Reinvestment Programs. They're called DRIPS.

236
00:14:16,710 --> 00:14:22,180
Suze: I love when I'm invested. Yeah, dividend Reinvestment program,

237
00:14:22,180 --> 00:14:23,360
KT: drips drips.

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Suze: We did this podcast before.

239
00:14:25,310 --> 00:14:26,580
KT: I remember DRIP

240
00:14:26,590 --> 00:14:28,450
Suze: DRIP. She likes that DRIP.

241
00:14:28,950 --> 00:14:34,490
Suze: So I really like when dividends get reinvested because for

242
00:14:34,490 --> 00:14:38,770
Suze: instance if something is paying you, let's just say 5%

243
00:14:38,780 --> 00:14:42,230
Suze: of the dividend and now they paid you that dividend

244
00:14:42,240 --> 00:14:44,600
Suze: and you put it back into the E. T. F.

245
00:14:44,610 --> 00:14:49,210
Suze: Or the stock then that starts to earn 5% as well.

246
00:14:49,220 --> 00:14:53,990
Suze: So your money starts to compound at 5%. Obviously the

247
00:14:53,990 --> 00:14:56,720
Suze: value can go up, the value can go down depending

248
00:14:56,720 --> 00:14:57,900
Suze: on the stock market

249
00:14:58,020 --> 00:15:01,260
Suze: but overall I think it's a really good time to

250
00:15:01,260 --> 00:15:04,740
Suze: be doing that. Especially if you have 5,6,7 years till

251
00:15:04,740 --> 00:15:06,960
Suze: you're going to be using this money. Okay

252
00:15:07,720 --> 00:15:12,120
KT: Good.  This is from Blanca. Hi Suze and KT, I hope

253
00:15:12,120 --> 00:15:16,359
KT: you're both doing fabulous. My parents have told me several

254
00:15:16,360 --> 00:15:19,830
KT: times they want to add my sister and I to

255
00:15:19,830 --> 00:15:23,540
KT: the title of their house. They live in Miami. Do

256
00:15:23,540 --> 00:15:25,860
KT: you think we need a lawyer for this?

257
00:15:26,310 --> 00:15:29,330
KT: I'm not sure where to begin to help my parents

258
00:15:29,330 --> 00:15:31,410
KT: and this is from blanca. What should she do?

259
00:15:31,420 --> 00:15:36,510
Suze: You should convince your parents to absolutely not add anybody's

260
00:15:36,510 --> 00:15:38,630
Suze: name to the title of their home.

261
00:15:38,840 --> 00:15:42,240
Suze: And I've told you all this over and over again.

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00:15:42,250 --> 00:15:47,400
Suze: Remember when you add the name to a title, you're

263
00:15:47,400 --> 00:15:51,550
Suze: gifting them your cost basis in that house as well.

264
00:15:51,560 --> 00:15:54,210
Suze: If they bought that house a number of years ago

265
00:15:54,220 --> 00:16:00,670
Suze: for $300,000, then your cost basis would be $300,000 on

266
00:16:00,670 --> 00:16:01,390
Suze: that home.

267
00:16:01,860 --> 00:16:04,390
Suze: As time goes on, let's say that house is now

268
00:16:04,390 --> 00:16:09,220
Suze: worth $1.3 million which it absolutely could be. If they

269
00:16:09,220 --> 00:16:13,010
Suze: were to die and you inherited that home, you would

270
00:16:13,010 --> 00:16:16,680
Suze: get a step up in basis on it of $1.3 million.

271
00:16:16,690 --> 00:16:20,390
Suze: You turn around and sell it, no income tax whatsoever.

272
00:16:20,720 --> 00:16:25,240
Suze: If they put anybody's name on that house, you get

273
00:16:25,250 --> 00:16:28,650
Suze: the cost basis on that house as well and you

274
00:16:28,650 --> 00:16:30,270
Suze: don't want that. Also,

275
00:16:30,690 --> 00:16:34,490
Suze: if they add your name and your sister's name to

276
00:16:34,490 --> 00:16:37,720
Suze: that house and one of you is in a car

277
00:16:37,720 --> 00:16:43,300
Suze: accident where you have seriously injured or killed somebody. It's

278
00:16:43,300 --> 00:16:46,270
Suze: public record that you own that house, don't think a

279
00:16:46,270 --> 00:16:49,430
Suze: lawyer won't come and sue you to get the value

280
00:16:49,430 --> 00:16:53,380
Suze: of that house that you own. So therefore the best

281
00:16:53,380 --> 00:16:56,610
Suze: thing you can do for them is set them up

282
00:16:56,620 --> 00:16:59,540
Suze: in the living revocable trust that must have documents that

283
00:16:59,540 --> 00:17:00,220
Suze: we have

284
00:17:00,850 --> 00:17:04,590
Suze: and put the house in the title of the trust.

285
00:17:04,630 --> 00:17:08,180
Suze: So it's for their benefit while they're alive, your benefit

286
00:17:08,190 --> 00:17:11,170
Suze: after they've died, they die. You get a step up

287
00:17:11,170 --> 00:17:14,000
Suze: in basis. It doesn't go through probate, you get it

288
00:17:14,000 --> 00:17:18,700
Suze: two weeks later. It's fabulous. And if they become incapacitated,

289
00:17:18,710 --> 00:17:22,240
Suze: you can sign for them. You can help them. It's

290
00:17:22,240 --> 00:17:25,359
Suze: really what you need to do. Putting your names on

291
00:17:25,359 --> 00:17:28,680
Suze: the home is the biggest mistake they will ever make.

292
00:17:29,400 --> 00:17:33,260
KT: Good Blanca. You got that right. Okay. Next question is

293
00:17:33,260 --> 00:17:36,900
KT: from Barbara, she said Susie. I have three kids ages

294
00:17:36,900 --> 00:17:38,990
KT: 12 through 16.

295
00:17:39,000 --> 00:17:39,520
Suze: They

296
00:17:39,530 --> 00:17:41,400
KT: need braces.

297
00:17:42,450 --> 00:17:42,480
Suze: I

298
00:17:42,850 --> 00:17:45,610
Suze: remember when I needed braces and this was such...

299
00:17:45,690 --> 00:17:46,830
KT: Did you wear braces?

300
00:17:46,830 --> 00:17:49,590
Suze: Yes, I didn't know I had a little rubber band.

301
00:17:49,590 --> 00:17:52,670
KT: I never saw a photo of you ever with braces.

302
00:17:53,740 --> 00:17:54,110
KT: We have

303
00:17:54,109 --> 00:17:55,260
KT: hardly any photos...

304
00:17:55,260 --> 00:17:57,730
Suze: I was going to say you have no photos of me as

305
00:17:57,730 --> 00:17:58,790
Suze: a young child...

306
00:17:59,340 --> 00:18:01,070
KT: Yea, a little child, but not with a braces.

307
00:18:01,070 --> 00:18:03,820
Suze: After five or 6 or seven. There are really very

308
00:18:03,820 --> 00:18:05,450
Suze: few photos of me

309
00:18:05,790 --> 00:18:07,370
Suze: existing anywhere.

310
00:18:07,369 --> 00:18:08,370
KT: No high school.

311
00:18:08,380 --> 00:18:12,340
Suze: No, nothing. It's a very strange situation Anyway.

312
00:18:13,310 --> 00:18:17,870
KT: So my dental insurance at work does not cover this expense.

313
00:18:18,270 --> 00:18:22,980
KT: Should I take a loan from my 401K. Or money

314
00:18:22,980 --> 00:18:24,030
KT: out of my Roth

315
00:18:24,040 --> 00:18:25,840
KT: ira. Which is better?

316
00:18:25,850 --> 00:18:31,270
Suze: Neither you are not to touch your retirement accounts. Especially

317
00:18:31,270 --> 00:18:34,439
Suze: at this point in time. Because if number one you

318
00:18:34,440 --> 00:18:38,620
Suze: take a loan from your 401k. Recession hits, maybe you

319
00:18:38,619 --> 00:18:41,179
Suze: lose your job. That money is due and payable. And

320
00:18:41,180 --> 00:18:42,200
Suze: if you don't have it

321
00:18:42,540 --> 00:18:45,910
Suze: they're gonna charge you a 10% penalty and ordinary income tax,

322
00:18:45,920 --> 00:18:48,670
Suze: you don't want to take it from your Roth even

323
00:18:48,670 --> 00:18:52,510
Suze: though you can take your original contributions anytime you want.

324
00:18:52,520 --> 00:18:54,929
Suze: The markets are going up. You don't want to miss

325
00:18:54,930 --> 00:18:58,010
Suze: this and blah blah. But this is what I want

326
00:18:58,020 --> 00:18:59,389
Suze: all of you to do

327
00:18:59,580 --> 00:19:01,810
Suze: a long time ago it's been and I don't even

328
00:19:01,810 --> 00:19:04,810
Suze: remember how long since we've talked about this KT, right.

329
00:19:04,810 --> 00:19:10,220
Suze: But there is something called a dental savings plan and

330
00:19:10,220 --> 00:19:13,300
Suze: I want every single one of you to go to

331
00:19:13,300 --> 00:19:18,930
Suze: dental plans dot com and check it out because they

332
00:19:18,930 --> 00:19:24,090
Suze: will absolutely give you a reduction for orthodontists for your

333
00:19:24,090 --> 00:19:26,660
Suze: kids like 10 to 60%.

334
00:19:26,940 --> 00:19:30,460
Suze: And most of you don't know about dental savings plans.

335
00:19:30,600 --> 00:19:34,160
Suze: But they're offered usually by the exact same companies that

336
00:19:34,160 --> 00:19:38,990
Suze: offer dental insurance. And if your dentist happens to take

337
00:19:39,000 --> 00:19:40,880
Suze: a dental savings plan,

338
00:19:41,070 --> 00:19:43,900
Suze: You can save anywhere up to 60%

339
00:19:45,010 --> 00:19:49,679
Suze: X-rays on cleanings on root canals. And when you go

340
00:19:49,680 --> 00:19:54,920
Suze: there right, you'll see my little picture because I have

341
00:19:54,930 --> 00:19:58,220
Suze: a dental savings plan and I have saved so many

342
00:19:58,220 --> 00:20:02,689
Suze: thousands of dollars both of us and we don't have

343
00:20:02,700 --> 00:20:06,760
Suze: dental insurance because we believe that dental savings plans are

344
00:20:06,760 --> 00:20:11,389
Suze: far better off. So just go there and check it

345
00:20:11,400 --> 00:20:14,550
Suze: out and no, I don't make money if you go

346
00:20:14,550 --> 00:20:16,699
Suze: there and buy it just so you know. Alright.

347
00:20:16,700 --> 00:20:17,330
KT: We love

348
00:20:17,830 --> 00:20:20,650
Suze: just it's something every single one of you should do.

349
00:20:20,660 --> 00:20:22,520
KT: All right. Next question is from Gloria

350
00:20:22,530 --> 00:20:24,330
Suze: Reminds me I need my teeth cleaned.

351
00:20:25,470 --> 00:20:28,230
KT: You do. But we've been waiting to go back because

352
00:20:28,230 --> 00:20:32,810
KT: of COVID. But you should go now. I had mine

353
00:20:32,810 --> 00:20:38,010
KT: done last month. It was like very

354
00:20:38,010 --> 00:20:39,100
Suze: cheap.

355
00:20:39,790 --> 00:20:42,960
KT: Here's my dental saving plan incredibly...

356
00:20:43,720 --> 00:20:45,810
Suze: Sorry, we won't go on about that. All right. Larry

357
00:20:45,810 --> 00:20:46,720
Suze: might not like it.

358
00:20:46,880 --> 00:20:48,720
KT: This next question is from Gloria.

359
00:20:48,740 --> 00:20:53,090
KT: Hi, I bought I Bonds this June and July rate

360
00:20:53,090 --> 00:20:58,270
KT: changes in November. Do I get the 9.62 for six

361
00:20:58,270 --> 00:21:02,100
KT: months from purchase date or adjust to a new rate

362
00:21:02,100 --> 00:21:03,350
KT: November one.

363
00:21:03,359 --> 00:21:08,830
Suze: So Gloria the I Bond rate was set in May

364
00:21:08,840 --> 00:21:14,980
Suze: of this year at 9.62%. So you get six months

365
00:21:15,020 --> 00:21:18,129
Suze: of that or 4.81

366
00:21:18,310 --> 00:21:25,520
Suze: from June until December and July until January when those

367
00:21:25,520 --> 00:21:29,689
Suze: six months mature, whatever the new rate is that is

368
00:21:29,690 --> 00:21:34,270
Suze: set in November of this year. You will get that rate.

369
00:21:34,270 --> 00:21:38,590
Suze: But remember it's only for six months because I bond

370
00:21:38,600 --> 00:21:43,280
Suze: interest rates change every six months. So it is from

371
00:21:43,290 --> 00:21:45,699
Suze: the date of purchase. Alright,

372
00:21:45,710 --> 00:21:48,160
KT: Alright next question is from Joe.

373
00:21:49,600 --> 00:21:53,540
KT: Hi Joe. I like to get these questions. Hi Suze

374
00:21:53,540 --> 00:21:58,100
KT: and KT. I'm hooked on your podcast and listen every

375
00:21:58,100 --> 00:22:02,690
KT: week I've been a tv and a book fan for years.

376
00:22:02,700 --> 00:22:06,520
KT: I have an Alliant Savings account received my $100 bonus.

377
00:22:06,520 --> 00:22:07,460
KT: Thank you Suze

378
00:22:09,190 --> 00:22:10,080
Suze: Perfect.

379
00:22:10,440 --> 00:22:15,460
KT: Have a Roth IRA, I bond and no debt. Quick question.

380
00:22:15,470 --> 00:22:19,170
KT: A few years ago I opened a HELOC which is

381
00:22:19,170 --> 00:22:22,340
KT: now paid off in full. I will not need to

382
00:22:22,340 --> 00:22:26,170
KT: use it again as I have a 12-month emergency fund.

383
00:22:26,180 --> 00:22:29,820
KT: I have a $50,000 line of credit.

384
00:22:30,020 --> 00:22:33,290
KT: I also pay my credit cards in full every month.

385
00:22:33,300 --> 00:22:35,030
KT: So literally I have no debt.

386
00:22:36,060 --> 00:22:36,560
Suze: But

387
00:22:36,560 --> 00:22:39,050
KT: here's his, he also owns his home outright. But here's

388
00:22:39,050 --> 00:22:43,950
KT: his question. Would turning off that amount of available credit

389
00:22:43,960 --> 00:22:46,179
KT: hurt my Fico score.

390
00:22:46,350 --> 00:22:50,040
Suze: No Joe. I like that they rhyme together. So Joe

391
00:22:50,040 --> 00:22:52,969
Suze: just keep your HELOC open. It doesn't cost you anything.

392
00:22:52,980 --> 00:22:55,540
Suze: You never know in case of emergency that you might

393
00:22:55,540 --> 00:22:57,939
Suze: want to use it. Who knows what can happen in life.

394
00:22:57,950 --> 00:23:01,930
Suze: Just keep it open and don't worry about it. Next KT.

395
00:23:01,940 --> 00:23:04,379
KT: So Suze, I have another HELOC question

396
00:23:05,040 --> 00:23:09,080
KT: Hi Suze and KT. Thanks for giving us the regular podcast.

397
00:23:09,080 --> 00:23:12,640
KT: I look forward to every Thursday and Sunday to listen.

398
00:23:12,650 --> 00:23:17,220
KT: I did put 40 K in I Bonds 10-K. Each for

399
00:23:17,220 --> 00:23:19,730
KT: every family member and thanks for the

400
00:23:19,740 --> 00:23:23,190
KT: master class you gave. If I want to put more

401
00:23:23,190 --> 00:23:26,420
KT: I bonds of 10,000 as a gift for my minor

402
00:23:26,420 --> 00:23:29,910
KT: daughter who is 15 years old. Would it be a

403
00:23:29,910 --> 00:23:34,270
KT: good idea to tap my HELOC which has an interest

404
00:23:34,270 --> 00:23:40,680
KT: rate as of now at 3.25% due to my great

405
00:23:40,680 --> 00:23:44,350
KT: credit score and use that money to buy. I bonds

406
00:23:44,350 --> 00:23:47,970
KT: where I will be making around 10%. Hmm.

407
00:23:48,250 --> 00:23:49,010
KT: I am not sure

408
00:23:49,010 --> 00:23:49,820
Suze: That have been your quizze.

409
00:23:50,430 --> 00:23:55,660
KT: No, wait, wait. Well I don't know about this. Suze,

410
00:23:55,660 --> 00:23:58,160
KT: I don't, I don't know if you take one out

411
00:23:58,160 --> 00:24:01,450
KT: of one to make more interest in another.

412
00:24:01,900 --> 00:24:05,030
KT: So Suze, I can't answer that question. I have no

413
00:24:05,030 --> 00:24:09,470
KT: clue whether you should borrow money to then buy money

414
00:24:09,470 --> 00:24:10,970
KT: to make a higher interest.

415
00:24:10,970 --> 00:24:12,840
Suze: A lot of people do that all the time. They

416
00:24:12,850 --> 00:24:16,189
Suze: borrow money from their brokerage account to buy on margin

417
00:24:16,190 --> 00:24:19,429
Suze: to make more money or lose even more. So here's the

418
00:24:19,430 --> 00:24:23,470
Suze: bottom line. Everybody you are not and I repeat, you

419
00:24:23,470 --> 00:24:27,010
Suze: are not to borrow money from a home equity line

420
00:24:27,010 --> 00:24:27,820
Suze: of credit,

421
00:24:28,359 --> 00:24:32,899
Suze: just in order to buy an I Bond . Remember you

422
00:24:32,900 --> 00:24:36,629
Suze: cannot touch the I Bond for at least one year.

423
00:24:36,790 --> 00:24:42,410
Suze: From years 2-5. There is a three-month interest penalty. What

424
00:24:42,410 --> 00:24:45,210
Suze: if inflation does start to go down and all of

425
00:24:45,210 --> 00:24:47,320
Suze: a sudden the interest rates that we think they're going

426
00:24:47,320 --> 00:24:49,030
Suze: to pay, they don't pay.

427
00:24:49,359 --> 00:24:52,120
Suze: And with the penalty and everything for the next five

428
00:24:52,119 --> 00:24:55,790
Suze: years it's actually under what you're paying on your HELOC

429
00:24:56,369 --> 00:24:59,260
Suze: because it's the feds continue to raise interest rates. I

430
00:24:59,260 --> 00:25:02,030
Suze: don't care what your Fico score is. It's gonna go

431
00:25:02,030 --> 00:25:07,780
Suze: from 3.5 to 4.5 to 5 to 6. Are you crazy?

432
00:25:07,790 --> 00:25:10,379
Suze: So no, you are not to do that under any

433
00:25:10,380 --> 00:25:12,830
Suze: circumstances whatsoever.

434
00:25:12,840 --> 00:25:17,090
KT: So next question is from Robin, Suze. I was curious

435
00:25:17,100 --> 00:25:21,200
KT: if you are invested in I bonds. I like this.

436
00:25:21,210 --> 00:25:23,560
KT: I actually I don't like this and the U. S.

437
00:25:23,560 --> 00:25:26,210
KT: Government God forbid goes bankrupt.

438
00:25:26,890 --> 00:25:31,180
KT: How safe is your investment then? What recourse do you have?

439
00:25:31,190 --> 00:25:34,470
KT: Are these bonds federally insured?

440
00:25:34,480 --> 00:25:36,160
Suze: So that's very sweet.

441
00:25:36,160 --> 00:25:39,280
KT: I mean, this is actually people wonder about these.

442
00:25:39,280 --> 00:25:42,760
Suze: They should wonder about that. You know, Robin, when you

443
00:25:42,760 --> 00:25:46,430
Suze: study to be a financial advisor, you're taught that there's

444
00:25:46,430 --> 00:25:51,369
Suze: only one investment that you can use the word guaranteed

445
00:25:51,380 --> 00:25:52,240
Suze: with

446
00:25:52,580 --> 00:25:57,170
Suze: and that is with a Treasury Bill Bond or note

447
00:25:57,180 --> 00:26:03,490
Suze: a Treasury issued by the United States Government because it's

448
00:26:03,500 --> 00:26:07,770
Suze: guaranteed by the authority of the United States Government or

449
00:26:07,770 --> 00:26:10,820
Suze: another way to think about it. Of the taxing authority

450
00:26:10,830 --> 00:26:14,379
Suze: of the United States Government. So if the government gets

451
00:26:14,380 --> 00:26:18,360
Suze: in trouble, they will simply raise taxes on every single

452
00:26:18,359 --> 00:26:19,189
Suze: person

453
00:26:19,609 --> 00:26:23,090
Suze: to raise that money to be able to pay you back.

454
00:26:23,100 --> 00:26:29,109
Suze: So all treasuries are the safest investment bar. None.

455
00:26:29,500 --> 00:26:30,990
KT: But they're not insured right?

456
00:26:32,020 --> 00:26:37,139
Suze: No, but it's guaranteed. Listen insurance F. D. I. C. Insurance,

457
00:26:37,150 --> 00:26:39,870
Suze: we don't know what would happen honestly if there was

458
00:26:39,869 --> 00:26:43,620
Suze: a total major, major, major collapse. Let's hope they all

459
00:26:43,619 --> 00:26:46,670
Suze: have that money there. But if I were gonna pick

460
00:26:46,680 --> 00:26:48,160
Suze: which is safer,

461
00:26:48,540 --> 00:26:54,530
Suze: right? Insurance or the Treasuries it would be the Treasuries. Alright, KT,

462
00:26:55,680 --> 00:27:01,199
Suze: this is your quizzie . So this one is from Sarah.

463
00:27:01,210 --> 00:27:02,470
Suze: Very

464
00:27:02,470 --> 00:27:03,540
Suze: simple question.

465
00:27:04,109 --> 00:27:08,270
Suze: Can I loan a sum of money to family members

466
00:27:08,280 --> 00:27:13,480
Suze: without charging interest? Think about it everybody. Now remember KT

467
00:27:13,480 --> 00:27:17,440
Suze: don't answer yet. This isn't just KT's quizzie. This is

468
00:27:17,440 --> 00:27:22,199
Suze: all of your quizzie as well. Can you loan money

469
00:27:22,500 --> 00:27:27,490
Suze: to your family members without charging interest

470
00:27:28,660 --> 00:27:30,440
Suze: yes or no?

471
00:27:30,450 --> 00:27:32,129
KT: Well can I answer this?

472
00:27:32,140 --> 00:27:33,389
Suze: Yes or no.

473
00:27:35,760 --> 00:27:36,540
KT: First...

474
00:27:36,540 --> 00:27:38,409
Suze: Start yes or no.

475
00:27:39,250 --> 00:27:43,310
KT: Ask me the question again, can I loan money to

476
00:27:43,310 --> 00:27:46,290
KT: a family member and not charge them interest

477
00:27:46,300 --> 00:27:47,820
Suze: or anybody for that matter?

478
00:27:47,830 --> 00:27:51,340
KT: You can you can give someone money. See that I'm

479
00:27:51,340 --> 00:27:52,729
KT: saying give

480
00:27:53,070 --> 00:27:58,080
Suze: I'm asking you can you loan somebody money a family member,

481
00:27:58,090 --> 00:28:02,679
Suze: a non family member without charging them interest yes or no.

482
00:28:03,040 --> 00:28:03,879
KT: Yes.

483
00:28:04,920 --> 00:28:09,210
KT: So wait because i it's a loan versus giving them.

484
00:28:09,220 --> 00:28:14,880
Suze: No. Alright. So when you make a loan, the I. R. S.

485
00:28:14,880 --> 00:28:18,350
Suze: Says not only should you have it in writing, but

486
00:28:18,350 --> 00:28:23,310
Suze: you have got to charge an interest rate because otherwise

487
00:28:23,320 --> 00:28:25,830
Suze: it is considered a gift.

488
00:28:25,840 --> 00:28:27,600
KT: What is a promissory note?

489
00:28:27,930 --> 00:28:31,850
Suze: A promissory note says it's a loan document that says,

490
00:28:31,859 --> 00:28:35,180
Suze: I promise to pay you back in a specific amount

491
00:28:35,180 --> 00:28:37,920
Suze: of time, a specific amount of money at this much

492
00:28:37,920 --> 00:28:38,920
Suze: of an interest rate.

493
00:28:38,930 --> 00:28:42,230
KT: What if there is no interest rate on a promissory note,

494
00:28:42,230 --> 00:28:46,100
Suze: Then it's a gift because every single one of us,

495
00:28:46,100 --> 00:28:52,500
Suze: Katie has the ability to give anybody we want $16,000

496
00:28:52,500 --> 00:28:56,160
Suze: a year currently without any taxes to them.

497
00:28:56,340 --> 00:28:59,490
Suze: And it's not coming off of our estate gift tax.

498
00:28:59,500 --> 00:29:04,610
Suze: Our unified gift tax credit above $16,000. It comes off

499
00:29:04,620 --> 00:29:08,150
Suze: our unified gift tax credit, which is currently about 12

500
00:29:08,150 --> 00:29:12,920
Suze: million for each person. But no, you have to charge interest.

501
00:29:12,930 --> 00:29:16,260
Suze: And if the government finds out about it, they'll consider

502
00:29:16,260 --> 00:29:20,110
Suze: it a gift. All right. Also, chances are if you're

503
00:29:20,110 --> 00:29:22,160
Suze: lending money to a family member

504
00:29:22,300 --> 00:29:25,490
Suze: you're giving them a gift whether you know it or not.

505
00:29:25,500 --> 00:29:29,110
Suze: So my advice to you seriously would be

506
00:29:30,020 --> 00:29:33,390
Suze: if you're going to give them money or loan them money,

507
00:29:33,700 --> 00:29:35,920
Suze: I would do it as a gift.

508
00:29:36,700 --> 00:29:39,840
Suze: And the hopes that they do pay you back one day.

509
00:29:40,120 --> 00:29:44,120
Suze: And if they don't not their problem, you gave it

510
00:29:44,120 --> 00:29:48,120
Suze: to them. Otherwise it is going to come between you

511
00:29:48,130 --> 00:29:50,110
Suze: whether you know it or not

512
00:29:50,680 --> 00:29:57,229
Suze: and be very careful about lending family members money. We never, ever,

513
00:29:57,270 --> 00:29:59,320
Suze: ever do we, KT do that.

514
00:29:59,330 --> 00:30:04,080
KT: No, we gift. We never ever make a loan. Ever, ever.

515
00:30:04,150 --> 00:30:06,760
KT: Not even with friends. We we never make love

516
00:30:06,770 --> 00:30:12,219
Suze: period. Somebody really needs money. Here it is. If you

517
00:30:12,220 --> 00:30:13,709
Suze: can pay us back

518
00:30:14,040 --> 00:30:14,560
KT: if you

519
00:30:14,560 --> 00:30:17,670
Suze: can't so be it. Don't worry about it. If you're

520
00:30:17,670 --> 00:30:21,010
Suze: not in that position, do not do it. Do not

521
00:30:21,010 --> 00:30:23,910
Suze: do it. Do not do it. All right. That brings

522
00:30:23,910 --> 00:30:28,870
Suze: us to the end of a pretty non fishy.

523
00:30:30,880 --> 00:30:31,740
KT: I'm not telling

524
00:30:31,740 --> 00:30:34,560
KT: you anything Larry, am I going to tell you anymore?

525
00:30:34,880 --> 00:30:37,130
Suze: Just yesterday

526
00:30:37,140 --> 00:30:41,470
KT: Yesterday we caught 30 fish. It was an all day

527
00:30:41,470 --> 00:30:45,520
KT: event and we were trying to really gather as much

528
00:30:45,520 --> 00:30:48,670
KT: as we could because we have a big family gathering

529
00:30:48,680 --> 00:30:53,420
KT: to feed. So we had 12 Yellowtail and I think

530
00:30:53,420 --> 00:30:54,700
KT: we had like about

531
00:30:55,090 --> 00:30:59,220
KT: 18 Yellow Eye. Right. And a couple of tilefish.

532
00:30:59,220 --> 00:31:02,230
Suze: Yeah, but we don't count tilefish because I'm not sure

533
00:31:02,250 --> 00:31:05,600
Suze: good to eat or not. But anyway, and when she

534
00:31:05,600 --> 00:31:10,150
Suze: says we that's her in coal. Oh yeah. I should

535
00:31:10,150 --> 00:31:13,760
Suze: not be catching fish and I'm not going to because

536
00:31:13,760 --> 00:31:18,330
Suze: I pay for it. All right. So until sunday.

537
00:31:18,480 --> 00:31:20,070
Suze: What do you want to tell people?

538
00:31:20,440 --> 00:31:22,960
KT: Actually Sunday is going to be a great podcast. So

539
00:31:22,960 --> 00:31:26,270
KT: listen up everyone Suze's going to announce some really good

540
00:31:26,270 --> 00:31:26,960
KT: news

541
00:31:26,970 --> 00:31:28,650
Suze: from Alliant Credit Union.

542
00:31:28,700 --> 00:31:31,200
KT: I think they'll love what you're about to announce.

543
00:31:31,210 --> 00:31:35,260
Suze: All right. And I might also do the Suze School

544
00:31:35,260 --> 00:31:39,400
Suze: on how you calculate interest on I bonds because a

545
00:31:39,400 --> 00:31:42,680
Suze: lot of you are really, really confused about that.

546
00:31:42,850 --> 00:31:45,630
Suze: You are writing me saying it's been nine months I

547
00:31:45,630 --> 00:31:47,900
Suze: think I should have X. Interest rate and I don't

548
00:31:47,900 --> 00:31:50,510
Suze: have that much. Why is that? So I think I

549
00:31:50,510 --> 00:31:53,010
Suze: may do a Suze School on that. But you just

550
00:31:53,010 --> 00:31:55,560
Suze: never know with me because we'll just have to see

551
00:31:55,560 --> 00:32:00,000
Suze: what happens in the stock market between today Thursday

552
00:32:00,190 --> 00:32:03,200
Suze: all day today and all day tomorrow and then what

553
00:32:03,200 --> 00:32:07,160
Suze: I do. But until sunday there's really only one thing

554
00:32:07,160 --> 00:32:09,850
Suze: that we want everybody to remember. And what is that KT?

555
00:32:10,030 --> 00:32:14,200
KT: We want you all to be Safe, Strong and Secure

556
00:32:14,210 --> 00:32:15,540
Suze: and Smart.

557
00:32:16,810 --> 00:32:17,470
Suze: Can we make it smart

558
00:32:18,020 --> 00:32:22,330
Suze: KT! I want people to be Smart, Strong, Secure and Safe.

559
00:32:23,370 --> 00:32:27,130
KT: No. I like my three: Safe. Strong and Secure. They're smart

560
00:32:27,140 --> 00:32:32,510
KT: because they're already listening. You're already smart. Everybody okay. Goodbye.

561
00:32:32,520 --> 00:32:34,080
Suze: See you then. Bye bye.