1 00:00:42,080 --> 00:00:46,900 Suze: December 15th, 2024. Welcome everybody to the Women and Money 2 00:00:46,909 --> 00:00:50,779 Suze: podcast as well as everybody smart enough to listen. 3 00:00:51,598 --> 00:00:52,830 Suze: December 15th. 4 00:00:53,509 --> 00:00:58,840 Suze: What does that mean? It means that many of you. Now, 5 00:00:58,849 --> 00:01:01,930 Suze: if you haven't already gotten the gifts that you wanna 6 00:01:01,939 --> 00:01:04,400 Suze: give for the holiday season, 7 00:01:05,528 --> 00:01:09,708 Suze: the day that the gifts are given 10 days from now, 8 00:01:09,719 --> 00:01:14,698 Suze: you are now in financial panic mode. Maybe just maybe 9 00:01:14,708 --> 00:01:17,708 Suze: you thought, no, I'm not gonna give gifts this year. 10 00:01:17,719 --> 00:01:20,087 Suze: I'm gonna make things. I'm just gonna tell people how 11 00:01:20,098 --> 00:01:22,988 Suze: much I love them. And now these are the 10 12 00:01:22,999 --> 00:01:26,907 Suze: days that financial guilt comes in. 13 00:01:27,720 --> 00:01:31,378 Suze: You start to look at everybody celebrating and the parties 14 00:01:31,389 --> 00:01:33,919 Suze: and the gifts giving and all these things that are 15 00:01:33,930 --> 00:01:37,209 Suze: going on within your office or wherever you may work 16 00:01:37,220 --> 00:01:40,620 Suze: or whatever it is, you look at TV. And now 17 00:01:40,629 --> 00:01:44,300 Suze: everybody is walking down the streets and caroling and all 18 00:01:44,309 --> 00:01:48,940 Suze: these things and everybody's celebrating and now you are in 19 00:01:48,949 --> 00:01:50,500 Suze: to the holiday spirit. 20 00:01:51,300 --> 00:01:53,519 Suze: And it is within that spirit 21 00:01:54,360 --> 00:01:58,250 Suze: that even though you were being financially strong, in most cases, 22 00:01:58,260 --> 00:02:03,260 Suze: up till this point, it is that this day, 10 23 00:02:03,269 --> 00:02:08,220 Suze: days before "G-Day," I call it "G-Day" because it's the 24 00:02:08,229 --> 00:02:10,089 Suze: gift giving day, 25 00:02:11,339 --> 00:02:14,440 Suze: you all start to get weak and you give in, 26 00:02:15,538 --> 00:02:20,130 Suze: you go into a store, you're looking at things and 27 00:02:20,139 --> 00:02:23,169 Suze: you decide, ok, I'll just get this and the person 28 00:02:23,179 --> 00:02:28,089 Suze: behind the counter says, you know, anything you buy today, 29 00:02:28,899 --> 00:02:32,369 Suze: you will get 20% off. If you simply apply for 30 00:02:32,380 --> 00:02:36,339 Suze: a credit card and you go really, I can save 31 00:02:36,350 --> 00:02:40,050 Suze: that much money. You only went in there to spend 32 00:02:40,059 --> 00:02:44,830 Suze: maybe $50 but you like 20% off everything I buy. 33 00:02:45,529 --> 00:02:46,830 Suze: And then what do you do? 34 00:02:47,919 --> 00:02:50,419 Suze: You go to all the other departments and you think 35 00:02:50,429 --> 00:02:52,899 Suze: about what you want, not what you need, but what 36 00:02:52,910 --> 00:02:56,109 Suze: you want, what others may want. And before you know it, 37 00:02:56,119 --> 00:03:00,259 Suze: you walk out with typically by the way around $600 38 00:03:00,270 --> 00:03:04,049 Suze: or $700 worth of items that in your head, you 39 00:03:04,059 --> 00:03:09,399 Suze: just saved $120 on and that's what you do. And 40 00:03:09,410 --> 00:03:10,279 Suze: then you leave. 41 00:03:11,199 --> 00:03:14,380 Suze: Now you're feeling really, really good that you saved all 42 00:03:14,389 --> 00:03:15,460 Suze: of this money, 43 00:03:17,029 --> 00:03:20,330 Suze: you give the gifts, ok? You have a great holiday, 44 00:03:20,339 --> 00:03:23,839 Suze: I hope and then comes January and the bill comes 45 00:03:23,850 --> 00:03:24,130 Suze: in 46 00:03:24,960 --> 00:03:28,770 Suze: and if it's at a department store, you see that 47 00:03:28,779 --> 00:03:31,769 Suze: the interest is at around 28%. 48 00:03:32,820 --> 00:03:36,320 Suze: And now what do you do? You only pay the 49 00:03:36,330 --> 00:03:37,910 Suze: minimum payment due 50 00:03:38,580 --> 00:03:40,899 Suze: and you think? Oh, that's all right. I can just 51 00:03:40,910 --> 00:03:44,940 Suze: take care of this over time. Let's just put a 52 00:03:44,949 --> 00:03:48,119 Suze: pin in that for one second. 53 00:03:48,869 --> 00:03:51,649 Suze: Now, I want to go to a Suze story. 54 00:03:52,669 --> 00:03:56,080 Suze: I'll never forget when I was doing the Oprah Winfrey show. 55 00:03:56,750 --> 00:04:01,809 Suze: And Oprah would have me go into people's homes 56 00:04:02,729 --> 00:04:06,270 Suze: and my job was to figure out what they had 57 00:04:06,279 --> 00:04:09,600 Suze: going on, how to get them out of debt, how 58 00:04:09,610 --> 00:04:12,800 Suze: to make sure that they were on the correct financial path. 59 00:04:13,539 --> 00:04:17,920 Suze: And there was not one home, not one home that 60 00:04:17,928 --> 00:04:19,320 Suze: I went into 61 00:04:20,238 --> 00:04:22,700 Suze: that when I was going through their closets 62 00:04:23,630 --> 00:04:26,899 Suze: in their closets were all this stuff. And I know 63 00:04:26,910 --> 00:04:29,149 Suze: I've said this before, but I'm gonna say it again. 64 00:04:29,299 --> 00:04:33,190 Suze: All this stuff in the back of the closet, just 65 00:04:33,200 --> 00:04:34,140 Suze: stuff there. 66 00:04:35,040 --> 00:04:37,308 Suze: And I would say let's bring everything out so we 67 00:04:37,320 --> 00:04:38,510 Suze: can see what you have. 68 00:04:39,428 --> 00:04:44,209 Suze: Everything that came out of that closet, that top shelf 69 00:04:45,750 --> 00:04:50,399 Suze: were gifts given to them for the holiday season that 70 00:04:50,410 --> 00:04:54,779 Suze: they didn't like, but they didn't have the courage to return. 71 00:04:55,920 --> 00:04:59,459 Suze: And I would say, why did you keep it? Well, 72 00:04:59,470 --> 00:05:02,428 Suze: I didn't want to hurt the person's feelings, Suze. They 73 00:05:02,440 --> 00:05:06,329 Suze: gave it to me with such love. I said, but 74 00:05:06,339 --> 00:05:09,980 Suze: you didn't even like what they gave you. You wasted 75 00:05:09,988 --> 00:05:13,420 Suze: their money by taking this gift 76 00:05:14,250 --> 00:05:17,790 Suze: under the false pretense that you loved it. You opened 77 00:05:17,799 --> 00:05:20,950 Suze: it up, you said, oh my God, thank you so much. 78 00:05:21,059 --> 00:05:24,019 Suze: And you give them a hug and then they leave 79 00:05:24,029 --> 00:05:25,769 Suze: and then you look at it and go. 80 00:05:27,100 --> 00:05:29,670 Suze: I wish I could return this. And then that little 81 00:05:29,678 --> 00:05:32,690 Suze: voice would come in and say I can't return this. 82 00:05:32,700 --> 00:05:36,899 Suze: It will hurt their feelings in the closet. It goes 83 00:05:36,910 --> 00:05:40,190 Suze: and it stays there for the next 20 years. 84 00:05:40,928 --> 00:05:45,459 Suze: You know, and I know that is true. That happens 85 00:05:45,470 --> 00:05:50,220 Suze: to me and KT every single holiday season, 86 00:05:50,899 --> 00:05:55,380 Suze: we tell everybody there is not anything that we want. 87 00:05:55,410 --> 00:05:58,739 Suze: There is not anything that we need. So we beg you, 88 00:05:58,750 --> 00:06:03,399 Suze: please don't send gifts, please don't give us gifts. But 89 00:06:03,410 --> 00:06:05,839 Suze: do you think anybody listens to us? No, 90 00:06:06,559 --> 00:06:09,010 Suze: undoubtedly when we go back to Florida, 91 00:06:10,059 --> 00:06:12,279 Suze: there are gifts and I already know because we were 92 00:06:12,290 --> 00:06:15,920 Suze: just there, there are gifts that people have sent 93 00:06:16,559 --> 00:06:19,959 Suze: and we open them up and we go, we don't 94 00:06:19,970 --> 00:06:20,859 Suze: want this. 95 00:06:21,549 --> 00:06:24,709 Suze: We don't need this. And the truth of the matter 96 00:06:24,720 --> 00:06:27,988 Suze: is we don't even like it. Now, here we are 97 00:06:28,000 --> 00:06:31,649 Suze: with these gifts and what do we do with them? 98 00:06:31,738 --> 00:06:33,609 Suze: We return them 99 00:06:34,510 --> 00:06:37,929 Suze: and we let the person know who sent us those 100 00:06:37,940 --> 00:06:41,290 Suze: gifts that we are returning them and the credit will 101 00:06:41,299 --> 00:06:45,920 Suze: be back on their account. But now we have to 102 00:06:45,928 --> 00:06:49,049 Suze: take this gift, take it back, figure out how to 103 00:06:49,059 --> 00:06:49,769 Suze: return it. 104 00:06:50,450 --> 00:06:54,160 Suze: It's a mess. So I want you to just think 105 00:06:54,170 --> 00:06:58,828 Suze: about this because I know what we experience is something 106 00:06:58,839 --> 00:07:02,670 Suze: that every single one of you experiences. 107 00:07:03,709 --> 00:07:08,519 Suze: And I find that all so sad. You know, when 108 00:07:08,529 --> 00:07:11,730 Suze: I was a financial advisor, actually seeing clients 109 00:07:12,769 --> 00:07:15,250 Suze: and we would work so hard, I worked so hard 110 00:07:15,260 --> 00:07:18,529 Suze: with them to get them out of credit card debt 111 00:07:18,540 --> 00:07:20,910 Suze: to make sure that they were on the right path 112 00:07:21,279 --> 00:07:23,989 Suze: all year long. We would do that 113 00:07:24,980 --> 00:07:26,489 Suze: and then came December. 114 00:07:27,640 --> 00:07:31,820 Suze: I would always call December the month of doom. 115 00:07:34,260 --> 00:07:38,510 Suze: Financial doom, because why? It is in the month of 116 00:07:38,519 --> 00:07:43,600 Suze: December that all the work that is being done to 117 00:07:43,609 --> 00:07:46,320 Suze: save money to get out of debt, 118 00:07:46,929 --> 00:07:51,040 Suze: we're doomed. It comes right back all in this month, 119 00:07:51,049 --> 00:07:59,459 Suze: especially during the last 10 days before "G-Day", gift day 120 00:08:00,630 --> 00:08:03,529 Suze: because it is in these days that you freak, 121 00:08:04,470 --> 00:08:08,470 Suze: you give in to temptation, you go into a store 122 00:08:08,510 --> 00:08:12,279 Suze: and you just buy anything that they've placed where they 123 00:08:12,290 --> 00:08:14,709 Suze: know you will see it, you will want it, you 124 00:08:14,720 --> 00:08:16,029 Suze: buy it and you leave. 125 00:08:16,709 --> 00:08:20,049 Suze: So I just want to give you a few numbers 126 00:08:20,850 --> 00:08:24,429 Suze: of what that gift if I am speaking to you, 127 00:08:25,450 --> 00:08:29,200 Suze: what that gift probably will cost you. 128 00:08:29,989 --> 00:08:34,409 Suze: If in fact, all you did was you went in 129 00:08:34,650 --> 00:08:37,369 Suze: and when it was all said and done, let's just 130 00:08:37,380 --> 00:08:42,289 Suze: say you spent $1000 not that hard to day 131 00:08:42,989 --> 00:08:46,879 Suze: at $100 a crack. That's 10 people. Not that hard 132 00:08:46,888 --> 00:08:50,908 Suze: or even $50. That's 20 people. It is very possible 133 00:08:51,439 --> 00:08:57,508 Suze: that you are now charging $1000 on credit cards for gifts. 134 00:08:57,979 --> 00:09:01,908 Suze: Do you know if you went in to a department store, 135 00:09:02,198 --> 00:09:06,749 Suze: you took advantage of that 20% off. And now your 136 00:09:06,758 --> 00:09:11,218 Suze: bill really is $1000. Do you know 137 00:09:11,780 --> 00:09:14,450 Suze: that if all you ever do is pay the minimum 138 00:09:14,460 --> 00:09:19,260 Suze: payment due, it is going to take you nine years 139 00:09:19,270 --> 00:09:22,520 Suze: and six months to pay that off. 140 00:09:23,309 --> 00:09:29,159 Suze: You also will have paid $1931 in interest. 141 00:09:29,849 --> 00:09:36,190 Suze: So you now have shelled out almost $3000 142 00:09:37,640 --> 00:09:41,780 Suze: for probably a gift that may or may not be 143 00:09:41,789 --> 00:09:46,619 Suze: sitting in somebody's closet. Do you know that the average 144 00:09:46,630 --> 00:09:51,099 Suze: credit card debt today in the United States of America 145 00:09:51,419 --> 00:09:59,459 Suze: is $6329 and an average interest rate of 23.37% 146 00:10:00,330 --> 00:10:03,710 Suze: with the minimum payment due. Usually in both of these cases, 147 00:10:03,719 --> 00:10:07,030 Suze: by the way that I just cited is 2%. 148 00:10:07,979 --> 00:10:10,449 Suze: Do you know that if you continue to only pay 149 00:10:10,460 --> 00:10:12,010 Suze: the minimum payment due, 150 00:10:13,039 --> 00:10:15,960 Suze: it's going to take the majority of people out there 151 00:10:15,969 --> 00:10:19,770 Suze: 21 years and three months to pay that off and 152 00:10:19,780 --> 00:10:23,179 Suze: $12,809 in interest. 153 00:10:24,140 --> 00:10:29,960 Suze: So $6329 over all those years, 21 years, you have 154 00:10:29,969 --> 00:10:30,710 Suze: shelled out 155 00:10:31,520 --> 00:10:35,348 Suze: 18 or $19,000. 156 00:10:36,780 --> 00:10:40,150 Suze: I just want you to think about that for a second. Now, 157 00:10:40,159 --> 00:10:44,119 Suze: I know this might not be very holiday, spirit wise 158 00:10:44,130 --> 00:10:45,400 Suze: of Suze Orman, 159 00:10:46,190 --> 00:10:50,890 Suze: but it is sure financial wise of Suze Orman. 160 00:10:52,469 --> 00:10:54,729 Suze: The gift giving season 161 00:10:55,969 --> 00:11:01,059 Suze: really is one of true generosity. You take out your 162 00:11:01,070 --> 00:11:05,909 Suze: Suze notebooks and you write this down. Now. True generosity 163 00:11:07,010 --> 00:11:11,098 Suze: and generosity is not just giving somebody a gift. 164 00:11:11,820 --> 00:11:17,369 Suze: True generosity is when you give somebody a gift, but 165 00:11:17,380 --> 00:11:21,890 Suze: it's also a gift for yourself as well. And what 166 00:11:21,900 --> 00:11:25,530 Suze: that means is that you are able to buy that 167 00:11:25,539 --> 00:11:26,819 Suze: gift with cash 168 00:11:27,750 --> 00:11:31,079 Suze: and you're able to buy that gift with cash because 169 00:11:31,090 --> 00:11:34,640 Suze: you have an 8 to 12 month emergency fund. You 170 00:11:34,650 --> 00:11:39,689 Suze: have absolutely no credit card debt whatsoever. You are fully 171 00:11:39,700 --> 00:11:42,309 Suze: funding your retirement accounts, 172 00:11:42,989 --> 00:11:47,719 Suze: your car is owned outright. You are living a debt 173 00:11:47,729 --> 00:11:52,500 Suze: free life. You have money in excess of what I 174 00:11:52,510 --> 00:11:56,968 Suze: just said. And all right, you can buy people gifts 175 00:11:57,619 --> 00:12:01,429 Suze: and it's not gonna put any hardship on you whatsoever. 176 00:12:01,469 --> 00:12:04,830 Suze: If however, you are buying somebody a gift and you 177 00:12:04,840 --> 00:12:07,390 Suze: have got to put that gift on your credit card 178 00:12:07,400 --> 00:12:09,770 Suze: where you already have debt 179 00:12:10,359 --> 00:12:13,260 Suze: that you carry every single month. 180 00:12:15,119 --> 00:12:17,390 Suze: You are not being generous to yourself. 181 00:12:18,739 --> 00:12:26,630 Suze: You are financially sabotaging your future. Remember, credit card debt 182 00:12:27,250 --> 00:12:32,599 Suze: is where you pay for your present day desires, your 183 00:12:32,609 --> 00:12:36,210 Suze: desire to look generous, your desire to have a new iphone, 184 00:12:36,219 --> 00:12:40,000 Suze: your desire to have these things that you want, not 185 00:12:40,010 --> 00:12:43,950 Suze: need that you want. But the true cost of that 186 00:12:43,960 --> 00:12:50,219 Suze: everybody is your future day needs when you get older 187 00:12:50,229 --> 00:12:51,619 Suze: and you need money. 188 00:12:52,390 --> 00:12:56,049 Suze: The true gift that not only can you give yourself 189 00:12:56,059 --> 00:13:00,510 Suze: but to others is the gift of standing in your 190 00:13:00,520 --> 00:13:01,130 Suze: truth 191 00:13:02,000 --> 00:13:04,429 Suze: to be able to say to somebody. 192 00:13:05,710 --> 00:13:06,929 Suze: I want you to know. 193 00:13:07,940 --> 00:13:09,859 Suze: I would love to give you a gift. I would 194 00:13:09,869 --> 00:13:12,598 Suze: love to buy this and that for you. But I 195 00:13:12,609 --> 00:13:15,339 Suze: don't have the money to do so. 196 00:13:16,390 --> 00:13:19,770 Suze: So what is it that I could do for you 197 00:13:20,289 --> 00:13:25,440 Suze: that doesn't cost money? They could simply show you how 198 00:13:25,450 --> 00:13:31,599 Suze: much I love you. Especially during this holiday season. Chances 199 00:13:31,609 --> 00:13:33,969 Suze: are if you were to say that to somebody, you 200 00:13:33,979 --> 00:13:36,880 Suze: know what they're gonna say back to you. Oh, thank 201 00:13:36,890 --> 00:13:40,619 Suze: God because I'm in the exact same situation and I've 202 00:13:40,630 --> 00:13:42,909 Suze: always given you a gift because you've given me a 203 00:13:42,919 --> 00:13:44,729 Suze: gift and I've always had to put it on my 204 00:13:44,739 --> 00:13:45,609 Suze: credit card. 205 00:13:45,909 --> 00:13:51,460 Suze: Let's just be with each other. Let's just maybe have 206 00:13:51,469 --> 00:13:53,549 Suze: a dinner at home together. 207 00:13:54,289 --> 00:13:58,349 Suze: Let's just stand in our truth in this holiday season 208 00:14:00,349 --> 00:14:02,210 Suze: and not give a gift, 209 00:14:03,469 --> 00:14:06,650 Suze: not give a gift of something 210 00:14:07,429 --> 00:14:12,209 Suze: but give a gift of each other to each other. 211 00:14:12,859 --> 00:14:15,580 Suze: And now I know this is very difficult to do 212 00:14:15,590 --> 00:14:17,400 Suze: when it comes to children. 213 00:14:19,039 --> 00:14:22,099 Suze: But if you think you're giving them a gift that 214 00:14:22,109 --> 00:14:23,539 Suze: you can't afford 215 00:14:24,739 --> 00:14:26,840 Suze: and it goes on your credit card. 216 00:14:27,690 --> 00:14:31,190 Suze: I'm just asking you, what do you think you're teaching them? 217 00:14:31,760 --> 00:14:33,669 Suze: How do you think that they're gonna grow up and 218 00:14:33,679 --> 00:14:35,609 Suze: what they're gonna end up doing if they're in that 219 00:14:35,619 --> 00:14:36,830 Suze: same situation 220 00:14:37,669 --> 00:14:42,609 Suze: you might want to say to them sweethearts on this holiday. 221 00:14:43,500 --> 00:14:48,409 Suze: Let's go and give time to others that are less fortunate. 222 00:14:48,820 --> 00:14:51,919 Suze: Let's go and volunteer. Let's go and do this. Let's 223 00:14:51,929 --> 00:14:53,159 Suze: go and do that. 224 00:14:54,289 --> 00:14:59,090 Suze: There's nothing wrong with that. Now, I know it's not easy. 225 00:14:59,690 --> 00:15:02,989 Suze: I know you can't stand watching your little kids go. 226 00:15:03,000 --> 00:15:06,030 Suze: But mom but mom, dad, dad, whatever it may be. 227 00:15:07,340 --> 00:15:11,559 Suze: But I want you to just think about that. 228 00:15:12,849 --> 00:15:16,190 Suze: You know, last week you heard that Barb, KT's sister 229 00:15:16,719 --> 00:15:18,469 Suze: was on the podcast 230 00:15:19,219 --> 00:15:23,039 Suze: and after that podcast was over, she went and she said, oh, Suze, 231 00:15:23,049 --> 00:15:24,869 Suze: I should have told them this, I should have told 232 00:15:24,880 --> 00:15:27,780 Suze: them that I should have done this or that. And 233 00:15:27,789 --> 00:15:30,580 Suze: I was like, but Barb, you did great. That was 234 00:15:30,590 --> 00:15:34,280 Suze: a great podcast. And I said, Barb, what was the 235 00:15:34,289 --> 00:15:37,000 Suze: greatest gift during all those years? 236 00:15:38,059 --> 00:15:41,320 Suze: And essentially what Barb said was the gift is what 237 00:15:41,330 --> 00:15:44,840 Suze: I'm seeing right now, Suze. And my children 238 00:15:45,520 --> 00:15:50,619 Suze: who make gifts, who don't get into debt, who all 239 00:15:50,630 --> 00:15:56,380 Suze: have savings, responsible jobs, refuse to spend money on wants 240 00:15:56,530 --> 00:16:00,219 Suze: and put it away for needs. That's the greatest gift 241 00:16:00,229 --> 00:16:04,479 Suze: I could have ever been given. Because to me, Suze, really, 242 00:16:04,489 --> 00:16:07,900 Suze: there's nothing more important than my children 243 00:16:08,640 --> 00:16:12,849 Suze: and I see what has happened by standing in our 244 00:16:12,859 --> 00:16:13,419 Suze: truth 245 00:16:14,419 --> 00:16:18,559 Suze: and not being able to do certain things. And I said, 246 00:16:19,460 --> 00:16:23,419 Suze: Barb, how did that gift come about? And she said, well, 247 00:16:23,429 --> 00:16:25,359 Suze: it wasn't easy. It took time. 248 00:16:26,159 --> 00:16:30,979 Suze: But after you telling us over and over again about 249 00:16:30,989 --> 00:16:35,140 Suze: needs versus wants all the gifts we were buying for 250 00:16:35,150 --> 00:16:40,640 Suze: the kids stopped because they started to understand the true 251 00:16:40,650 --> 00:16:45,059 Suze: meaning of the holidays and the true meaning of money 252 00:16:46,109 --> 00:16:52,450 Suze: and the true purpose of money, which is to be secure. 253 00:16:53,440 --> 00:16:57,539 Suze: So can you just imagine a 13 year old saying, 254 00:16:57,799 --> 00:17:00,500 Suze: when asked, what is the goal of money? And they 255 00:17:00,510 --> 00:17:02,679 Suze: say it's to be secure, 256 00:17:04,140 --> 00:17:08,079 Suze: don't you think that would be the greatest gift you 257 00:17:08,089 --> 00:17:10,589 Suze: could give your family? 258 00:17:11,310 --> 00:17:16,250 Suze: Yesterday morning, Colo was in the bedroom with us having 259 00:17:16,260 --> 00:17:19,290 Suze: our coffee. We like for some reason, they have coffee 260 00:17:19,300 --> 00:17:24,729 Suze: in our bedroom. And I said, Colo, if I was 261 00:17:24,739 --> 00:17:27,050 Suze: going to do a podcast tomorrow 262 00:17:27,968 --> 00:17:32,078 Suze: on, what is the greatest gift you could give somebody? 263 00:17:32,088 --> 00:17:36,427 Suze: Do you know what Klo said to me? He said, Suze, 264 00:17:36,759 --> 00:17:40,869 Suze: tell them the greatest gift is the gift of saving 265 00:17:41,699 --> 00:17:43,319 Suze: the gift of saving. 266 00:17:44,079 --> 00:17:49,239 Suze: He said, there's nothing that makes me feel better when 267 00:17:49,250 --> 00:17:52,839 Suze: I know now not to be giving my kids gifts 268 00:17:52,849 --> 00:17:55,859 Suze: of all these things that they want. But to say, 269 00:17:55,869 --> 00:18:00,119 Suze: guess what? I just put $100 in a savings account 270 00:18:00,130 --> 00:18:00,698 Suze: for you 271 00:18:02,479 --> 00:18:04,180 Suze: and what that does for them. 272 00:18:05,180 --> 00:18:11,688 Suze: But even Colo, Colo after all these years, finally has said, 273 00:18:11,849 --> 00:18:15,380 Suze: the greatest gift you can give your children is the 274 00:18:15,390 --> 00:18:18,079 Suze: gift of savings. 275 00:18:18,949 --> 00:18:21,939 Suze: Just something for all of you to think about. 276 00:18:22,900 --> 00:18:26,530 Suze: The other day, I got an email from a friend 277 00:18:26,540 --> 00:18:28,359 Suze: of mine by the name of Allison. 278 00:18:29,540 --> 00:18:32,829 Suze: And she says to me, Suze, my son came up 279 00:18:32,839 --> 00:18:36,800 Suze: to me and said, I want to start making money. 280 00:18:36,810 --> 00:18:39,540 Suze: So I want to invest in the stock market. 281 00:18:40,260 --> 00:18:42,849 Suze: And Allison says, but Suze, I have no idea how 282 00:18:42,859 --> 00:18:46,680 Suze: to do that. I said, ok, there's two ways to 283 00:18:46,689 --> 00:18:50,439 Suze: do it but how much money do you think he 284 00:18:50,449 --> 00:18:55,099 Suze: has to invest? She said, just a few $100. I said, 285 00:18:55,109 --> 00:18:59,839 Suze: so therefore you can buy one exchange traded fund such 286 00:18:59,849 --> 00:19:04,959 Suze: as VOO VOO, VTI, any of those - Spiders SPY 287 00:19:05,380 --> 00:19:08,819 Suze: and just keep doing that with little amounts of money 288 00:19:08,829 --> 00:19:10,560 Suze: as time goes on or 289 00:19:11,290 --> 00:19:15,229 Suze: you can teach him a lesson that you don't invest 290 00:19:15,239 --> 00:19:18,910 Suze: in the stock market and just think that everything is 291 00:19:18,920 --> 00:19:22,660 Suze: going to just go up maybe one of the greatest 292 00:19:22,670 --> 00:19:25,750 Suze: lessons at this point in his life. He's still very 293 00:19:25,760 --> 00:19:30,229 Suze: young about 10. This point in his life is to 294 00:19:30,239 --> 00:19:34,500 Suze: understand that you just don't invest in the market thinking 295 00:19:34,510 --> 00:19:35,949 Suze: that you want to make money. 296 00:19:36,760 --> 00:19:40,229 Suze: You invest in the stock market because you want to 297 00:19:40,239 --> 00:19:43,579 Suze: see your money grow over time. 298 00:19:44,770 --> 00:19:48,429 Suze: But that you have to know with growth over time 299 00:19:48,439 --> 00:19:54,030 Suze: also comes the possibility of losing money as well. 300 00:19:54,900 --> 00:19:57,650 Suze: So if I were you and I then gave her 301 00:19:57,660 --> 00:20:03,478 Suze: a list of stocks, I would invest $20 in each 302 00:20:03,489 --> 00:20:05,310 Suze: one of these stocks 303 00:20:06,079 --> 00:20:09,900 Suze: and then I would save any extra besides that. And 304 00:20:09,910 --> 00:20:12,819 Suze: I would teach him when these stocks go down, you 305 00:20:12,829 --> 00:20:15,859 Suze: put more money in, you put another $5 in or 306 00:20:15,869 --> 00:20:20,020 Suze: $10 in and you just keep doing that over time 307 00:20:20,150 --> 00:20:23,889 Suze: and every time he gets extra money, especially for the 308 00:20:23,900 --> 00:20:28,699 Suze: gift giving season that is coming up, give him cash, 309 00:20:28,760 --> 00:20:30,819 Suze: but that cash has got to go 310 00:20:31,229 --> 00:20:34,979 Suze: into a money market account waiting to be invested in 311 00:20:34,989 --> 00:20:36,689 Suze: these stocks. 312 00:20:37,479 --> 00:20:41,250 Suze: And now that is what they are going to do. 313 00:20:41,959 --> 00:20:42,420 Suze: But 314 00:20:43,180 --> 00:20:46,520 Suze: is that something all of you can do for your 315 00:20:46,530 --> 00:20:51,859 Suze: children as well? Teach them investing and what it's like 316 00:20:51,869 --> 00:20:55,569 Suze: to make your money grow, but also teach them the 317 00:20:55,579 --> 00:21:01,169 Suze: risk that investments can go down as well, which brings 318 00:21:01,180 --> 00:21:05,719 Suze: us to our last topic of this Suze School. 319 00:21:06,589 --> 00:21:10,649 Suze: Now, if you remember quite a while ago, I started 320 00:21:10,660 --> 00:21:13,569 Suze: to say to many of you that heard 321 00:21:14,400 --> 00:21:18,219 Suze: that if you own Devon, especially if it is outside 322 00:21:18,229 --> 00:21:22,140 Suze: of a retirement account, sell it, I would sell it 323 00:21:22,150 --> 00:21:24,139 Suze: and I would then take that money and put it 324 00:21:24,150 --> 00:21:27,660 Suze: into either Pfizer or Whirlpool at that time. 325 00:21:28,589 --> 00:21:32,339 Suze: That's it. Take the loss also. Now, even in a 326 00:21:32,349 --> 00:21:36,729 Suze: retirement account, I would probably do the same as well. 327 00:21:38,560 --> 00:21:42,069 Suze: During the years that we've owned, Devon, we have gotten 328 00:21:42,079 --> 00:21:47,069 Suze: a nice dividend. So you need to figure out truly, 329 00:21:47,229 --> 00:21:51,520 Suze: how much did you lose on that one investment? Did 330 00:21:51,530 --> 00:21:54,379 Suze: you lose it all? Just depends on when you bought 331 00:21:54,390 --> 00:21:58,459 Suze: it and if you continued to dollar cost average into it, 332 00:21:58,550 --> 00:22:04,479 Suze: little by little, if you had truthfully, you wouldn't be 333 00:22:04,489 --> 00:22:07,540 Suze: down quite so much, believe it or not. 334 00:22:08,390 --> 00:22:13,750 Suze: But Devon is a stock that is absolutely underperformed to 335 00:22:13,760 --> 00:22:17,650 Suze: my surprise to what's going on all oil stocks right now, 336 00:22:17,660 --> 00:22:21,380 Suze: energy stocks are not doing great. But I do think 337 00:22:21,390 --> 00:22:23,849 Suze: if you invested in that stock and you did so 338 00:22:23,859 --> 00:22:25,879 Suze: mainly for the dividend, 339 00:22:26,910 --> 00:22:30,319 Suze: then Pfizer, even though I know you think Pfizer is 340 00:22:30,329 --> 00:22:33,569 Suze: never gonna go up, it's now paying a dividend in 341 00:22:33,579 --> 00:22:37,879 Suze: the 6% area. I still have faith in Pfizer. I 342 00:22:37,890 --> 00:22:42,649 Suze: still own Pfizer. And that's probably if you're looking for 343 00:22:42,660 --> 00:22:47,550 Suze: income with a stock that could continue to grow as 344 00:22:47,560 --> 00:22:49,209 Suze: well as possibly go down. 345 00:22:49,619 --> 00:22:54,890 Suze: Pfizer might be a stock that you switch into from 346 00:22:55,099 --> 00:22:57,680 Suze: Devon symbol DVN. 347 00:22:58,410 --> 00:23:04,170 Suze: We will buy stocks that absolutely skyrocket on us and 348 00:23:04,180 --> 00:23:08,260 Suze: we will buy stocks that absolutely go down and may 349 00:23:08,270 --> 00:23:11,030 Suze: never go back up again. 350 00:23:11,739 --> 00:23:17,959 Suze: But that is why you have diversification within certain areas. 351 00:23:17,969 --> 00:23:21,680 Suze: It doesn't have to be equal diversification by any means. 352 00:23:21,979 --> 00:23:26,760 Suze: But that is the risk one takes. But I still 353 00:23:26,770 --> 00:23:31,420 Suze: think if you bought most of the stocks or ETF 354 00:23:31,430 --> 00:23:34,520 Suze: S that were recommended and not just Devon, 355 00:23:35,459 --> 00:23:38,880 Suze: maybe you bought XLE and you stayed in that and 356 00:23:38,890 --> 00:23:42,849 Suze: now you're up tremendously on that and you had diversification 357 00:23:42,859 --> 00:23:46,910 Suze: in that ETF but if you look at most of 358 00:23:46,920 --> 00:23:53,810 Suze: the recommendations truthfully, you have done very, very well. Let 359 00:23:53,819 --> 00:23:57,790 Suze: me just talk about Palantir because you're all writing about that. 360 00:23:58,030 --> 00:24:02,520 Suze: What would Suze do? Da Da, da Suze is keeping Palantir. 361 00:24:03,030 --> 00:24:06,910 Suze: Suze, actually, as it went down to 71 the other 362 00:24:06,920 --> 00:24:10,660 Suze: day after it hit 80. Suze bought more, 363 00:24:11,739 --> 00:24:14,959 Suze: I like that stock. I'm going to continue to like 364 00:24:14,969 --> 00:24:18,890 Suze: that stock. It is not the only stock that I own. 365 00:24:19,180 --> 00:24:23,449 Suze: I own probably 50 stocks maybe even more than that 366 00:24:23,459 --> 00:24:24,949 Suze: at this point in time. 367 00:24:25,219 --> 00:24:28,379 Suze: Well, actually, I absolutely do own f more than 50 368 00:24:28,390 --> 00:24:32,199 Suze: stocks at this point in time. Other kinds of investments. 369 00:24:32,400 --> 00:24:37,939 Suze: My money is spread across the board in gold in IBI, 370 00:24:38,099 --> 00:24:43,479 Suze: in Bitcoin, in all of those things along with bonds, 371 00:24:43,489 --> 00:24:48,219 Suze: municipal bonds, treasury bonds series, I bonds that I've had 372 00:24:48,229 --> 00:24:51,040 Suze: for a while that I just wanna keep for some reason. 373 00:24:51,270 --> 00:24:54,760 Suze: Um and it, it spread everywhere 374 00:24:55,780 --> 00:24:59,639 Suze: so that no matter what happens on some level somewhere, 375 00:24:59,969 --> 00:25:03,680 Suze: my money is averaging and doing just great for me. 376 00:25:04,520 --> 00:25:07,899 Suze: So, bottom line, I'm saying it now and you can 377 00:25:07,910 --> 00:25:12,500 Suze: do whatever you want. I'm sticking with Palantir. However, 378 00:25:13,130 --> 00:25:17,489 Suze: what is the goal of money? The goal of money 379 00:25:17,500 --> 00:25:21,270 Suze: is for you to be secure. And listen, if it's 380 00:25:21,280 --> 00:25:25,280 Suze: making you nervous and you've tripled your money, you've done 381 00:25:25,290 --> 00:25:29,189 Suze: whatever with it and you want to sell, sell, you 382 00:25:29,199 --> 00:25:32,949 Suze: can do that. Nobody is saying you have to stay in. 383 00:25:34,050 --> 00:25:37,449 Suze: So if you need money, if you're in debt, you 384 00:25:37,459 --> 00:25:40,849 Suze: invested in it, you're just nervous and losing sleep over 385 00:25:40,859 --> 00:25:42,750 Suze: it and watching it every single day, 386 00:25:43,589 --> 00:25:47,839 Suze: there's nothing wrong with selling some of it, selling all 387 00:25:47,849 --> 00:25:51,609 Suze: of it or selling none of it. It just depends 388 00:25:51,839 --> 00:25:56,448 Suze: on how you feel about it. And if it's making 389 00:25:56,459 --> 00:25:58,609 Suze: you feel insecure and nervous, 390 00:25:59,280 --> 00:26:01,089 Suze: just sell 391 00:26:02,010 --> 00:26:05,239 Suze: overall, I think the markets are going to be doing 392 00:26:05,250 --> 00:26:09,159 Suze: very well for next year, especially if you're invested in 393 00:26:09,170 --> 00:26:12,489 Suze: certain areas. That doesn't mean that it's not gonna come 394 00:26:12,500 --> 00:26:16,920 Suze: down significantly at times. But when it does, that's when 395 00:26:16,930 --> 00:26:21,311 Suze: you take advantage of stocks that you wanna hold for 5, 10, 396 00:26:21,311 --> 00:26:25,140 Suze: 15 years and you just keep them in dollar cost 397 00:26:25,150 --> 00:26:28,500 Suze: average into them. I am asking all of you to 398 00:26:28,510 --> 00:26:30,400 Suze: be extremely patient 399 00:26:30,939 --> 00:26:35,199 Suze: with the program that Keith Fitzgerald is coming out with. 400 00:26:35,329 --> 00:26:39,030 Suze: Stop writing me saying when is it gonna happen? When 401 00:26:39,040 --> 00:26:42,439 Suze: is it gonna happen? It's gonna happen when it is 402 00:26:42,449 --> 00:26:44,479 Suze: supposed to happen 403 00:26:45,209 --> 00:26:48,349 Suze: and either you wanna wait for it or you don't. 404 00:26:49,160 --> 00:26:54,939 Suze: But all things that are really great are worth waiting for. 405 00:26:54,959 --> 00:26:58,109 Suze: I myself have truly no idea when it will really 406 00:26:58,119 --> 00:27:01,449 Suze: come out. Keith keeps saying they're in the final stages 407 00:27:01,459 --> 00:27:04,619 Suze: they're doing this. They're doing that. I'll believe it when 408 00:27:04,630 --> 00:27:09,339 Suze: I see it. But I wanna give Keith enough latitude 409 00:27:09,910 --> 00:27:11,400 Suze: and development room 410 00:27:11,750 --> 00:27:16,550 Suze: until he feels great about it. Not because all of 411 00:27:16,560 --> 00:27:20,290 Suze: you are impatient and you want it. Now, 412 00:27:21,250 --> 00:27:24,040 Suze: don't be like that everybody. 413 00:27:24,969 --> 00:27:28,419 Suze: You need to be a patient investor. You need to 414 00:27:28,430 --> 00:27:32,050 Suze: be an understanding investor of how you feel about your 415 00:27:32,060 --> 00:27:37,458 Suze: own investments. You need to be a generous person. When 416 00:27:37,469 --> 00:27:40,239 Suze: you know, when you're being generous to others as well 417 00:27:40,250 --> 00:27:44,099 Suze: as yourself. You need to be a true teacher of 418 00:27:44,109 --> 00:27:45,380 Suze: your children and 419 00:27:45,489 --> 00:27:50,229 Suze: future generations and get them to understand what the goal 420 00:27:50,239 --> 00:27:53,680 Suze: of money is. But you yourself have to understand what 421 00:27:53,689 --> 00:27:57,689 Suze: it is. So what actions do you take today to 422 00:27:57,699 --> 00:28:01,709 Suze: make yourself feel secure? You need to be a person 423 00:28:01,839 --> 00:28:05,250 Suze: that has the ability and the courage to stand in 424 00:28:05,260 --> 00:28:06,069 Suze: the truth 425 00:28:07,479 --> 00:28:10,089 Suze: and tell people if they've given you something that you 426 00:28:10,099 --> 00:28:12,140 Suze: don't like what you're gonna do with it and how 427 00:28:12,150 --> 00:28:15,579 Suze: you're gonna return it or whatever it may be. You 428 00:28:15,790 --> 00:28:16,459 Suze: need 429 00:28:17,369 --> 00:28:24,469 Suze: to be integrous and really courageous and really have the 430 00:28:24,479 --> 00:28:26,270 Suze: ability to understand 431 00:28:27,540 --> 00:28:32,660 Suze: that people love you for who you are not for 432 00:28:32,670 --> 00:28:35,589 Suze: what you give them. So 433 00:28:36,630 --> 00:28:39,469 Suze: that brings us to the end of this Suze School. 434 00:28:39,479 --> 00:28:43,430 Suze: Thursday will be another Ask KT and Suze Anything. But 435 00:28:43,439 --> 00:28:47,579 Suze: until then, can you just think about these next 10 436 00:28:47,589 --> 00:28:51,890 Suze: days and what you are or not going to do 437 00:28:52,300 --> 00:28:58,020 Suze: with all that time. See you Thursday everybody. There's really 438 00:28:58,030 --> 00:29:00,770 Suze: only one thing that I want you to remember when 439 00:29:00,780 --> 00:29:04,510 Suze: it comes to your money and it is this people first. 440 00:29:04,520 --> 00:29:05,810 Suze: That means you, 441 00:29:06,250 --> 00:29:09,680 Suze: you, you, you not others, not others that you can 442 00:29:09,689 --> 00:29:13,079 Suze: give a gift to, but giving a true gift of 443 00:29:13,089 --> 00:29:19,520 Suze: financial security to yourself people first, then money, then things. 444 00:29:19,530 --> 00:29:24,800 Suze: And if you do that you will be unstoppable.