WEBVTT - Suze School: Are You In Financial Panic Mode? 0:00:42.080 --> 0:00:46.900 December 15th, 2024. Welcome everybody to the Women and Money 0:00:46.909 --> 0:00:50.779 podcast as well as everybody smart enough to listen. 0:00:51.598 --> 0:00:52.830 December 15th. 0:00:53.509 --> 0:00:58.840 What does that mean? It means that many of you. Now, 0:00:58.849 --> 0:01:01.930 if you haven't already gotten the gifts that you wanna 0:01:01.939 --> 0:01:04.400 give for the holiday season, 0:01:05.528 --> 0:01:09.708 the day that the gifts are given 10 days from now, 0:01:09.719 --> 0:01:14.698 you are now in financial panic mode. Maybe just maybe 0:01:14.708 --> 0:01:17.708 you thought, no, I'm not gonna give gifts this year. 0:01:17.719 --> 0:01:20.087 I'm gonna make things. I'm just gonna tell people how 0:01:20.098 --> 0:01:22.988 much I love them. And now these are the 10 0:01:22.999 --> 0:01:26.907 days that financial guilt comes in. 0:01:27.720 --> 0:01:31.378 You start to look at everybody celebrating and the parties 0:01:31.389 --> 0:01:33.919 and the gifts giving and all these things that are 0:01:33.930 --> 0:01:37.209 going on within your office or wherever you may work 0:01:37.220 --> 0:01:40.620 or whatever it is, you look at TV. And now 0:01:40.629 --> 0:01:44.300 everybody is walking down the streets and caroling and all 0:01:44.309 --> 0:01:48.940 these things and everybody's celebrating and now you are in 0:01:48.949 --> 0:01:50.500 to the holiday spirit. 0:01:51.300 --> 0:01:53.519 And it is within that spirit 0:01:54.360 --> 0:01:58.250 that even though you were being financially strong, in most cases, 0:01:58.260 --> 0:02:03.260 up till this point, it is that this day, 10 0:02:03.269 --> 0:02:08.220 days before "G-Day," I call it "G-Day" because it's the 0:02:08.229 --> 0:02:10.089 gift giving day, 0:02:11.339 --> 0:02:14.440 you all start to get weak and you give in, 0:02:15.538 --> 0:02:20.130 you go into a store, you're looking at things and 0:02:20.139 --> 0:02:23.169 you decide, ok, I'll just get this and the person 0:02:23.179 --> 0:02:28.089 behind the counter says, you know, anything you buy today, 0:02:28.899 --> 0:02:32.369 you will get 20% off. If you simply apply for 0:02:32.380 --> 0:02:36.339 a credit card and you go really, I can save 0:02:36.350 --> 0:02:40.050 that much money. You only went in there to spend 0:02:40.059 --> 0:02:44.830 maybe $50 but you like 20% off everything I buy. 0:02:45.529 --> 0:02:46.830 And then what do you do? 0:02:47.919 --> 0:02:50.419 You go to all the other departments and you think 0:02:50.429 --> 0:02:52.899 about what you want, not what you need, but what 0:02:52.910 --> 0:02:56.109 you want, what others may want. And before you know it, 0:02:56.119 --> 0:03:00.259 you walk out with typically by the way around $600 0:03:00.270 --> 0:03:04.049 or $700 worth of items that in your head, you 0:03:04.059 --> 0:03:09.399 just saved $120 on and that's what you do. And 0:03:09.410 --> 0:03:10.279 then you leave. 0:03:11.199 --> 0:03:14.380 Now you're feeling really, really good that you saved all 0:03:14.389 --> 0:03:15.460 of this money, 0:03:17.029 --> 0:03:20.330 you give the gifts, ok? You have a great holiday, 0:03:20.339 --> 0:03:23.839 I hope and then comes January and the bill comes 0:03:23.850 --> 0:03:24.130 in 0:03:24.960 --> 0:03:28.770 and if it's at a department store, you see that 0:03:28.779 --> 0:03:31.769 the interest is at around 28%. 0:03:32.820 --> 0:03:36.320 And now what do you do? You only pay the 0:03:36.330 --> 0:03:37.910 minimum payment due 0:03:38.580 --> 0:03:40.899 and you think? Oh, that's all right. I can just 0:03:40.910 --> 0:03:44.940 take care of this over time. Let's just put a 0:03:44.949 --> 0:03:48.119 pin in that for one second. 0:03:48.869 --> 0:03:51.649 Now, I want to go to a Suze story. 0:03:52.669 --> 0:03:56.080 I'll never forget when I was doing the Oprah Winfrey show. 0:03:56.750 --> 0:04:01.809 And Oprah would have me go into people's homes 0:04:02.729 --> 0:04:06.270 and my job was to figure out what they had 0:04:06.279 --> 0:04:09.600 going on, how to get them out of debt, how 0:04:09.610 --> 0:04:12.800 to make sure that they were on the correct financial path. 0:04:13.539 --> 0:04:17.920 And there was not one home, not one home that 0:04:17.928 --> 0:04:19.320 I went into 0:04:20.238 --> 0:04:22.700 that when I was going through their closets 0:04:23.630 --> 0:04:26.899 in their closets were all this stuff. And I know 0:04:26.910 --> 0:04:29.149 I've said this before, but I'm gonna say it again. 0:04:29.299 --> 0:04:33.190 All this stuff in the back of the closet, just 0:04:33.200 --> 0:04:34.140 stuff there. 0:04:35.040 --> 0:04:37.308 And I would say let's bring everything out so we 0:04:37.320 --> 0:04:38.510 can see what you have. 0:04:39.428 --> 0:04:44.209 Everything that came out of that closet, that top shelf 0:04:45.750 --> 0:04:50.399 were gifts given to them for the holiday season that 0:04:50.410 --> 0:04:54.779 they didn't like, but they didn't have the courage to return. 0:04:55.920 --> 0:04:59.459 And I would say, why did you keep it? Well, 0:04:59.470 --> 0:05:02.428 I didn't want to hurt the person's feelings, Suze. They 0:05:02.440 --> 0:05:06.329 gave it to me with such love. I said, but 0:05:06.339 --> 0:05:09.980 you didn't even like what they gave you. You wasted 0:05:09.988 --> 0:05:13.420 their money by taking this gift 0:05:14.250 --> 0:05:17.790 under the false pretense that you loved it. You opened 0:05:17.799 --> 0:05:20.950 it up, you said, oh my God, thank you so much. 0:05:21.059 --> 0:05:24.019 And you give them a hug and then they leave 0:05:24.029 --> 0:05:25.769 and then you look at it and go. 0:05:27.100 --> 0:05:29.670 I wish I could return this. And then that little 0:05:29.678 --> 0:05:32.690 voice would come in and say I can't return this. 0:05:32.700 --> 0:05:36.899 It will hurt their feelings in the closet. It goes 0:05:36.910 --> 0:05:40.190 and it stays there for the next 20 years. 0:05:40.928 --> 0:05:45.459 You know, and I know that is true. That happens 0:05:45.470 --> 0:05:50.220 to me and KT every single holiday season, 0:05:50.899 --> 0:05:55.380 we tell everybody there is not anything that we want. 0:05:55.410 --> 0:05:58.739 There is not anything that we need. So we beg you, 0:05:58.750 --> 0:06:03.399 please don't send gifts, please don't give us gifts. But 0:06:03.410 --> 0:06:05.839 do you think anybody listens to us? No, 0:06:06.559 --> 0:06:09.010 undoubtedly when we go back to Florida, 0:06:10.059 --> 0:06:12.279 there are gifts and I already know because we were 0:06:12.290 --> 0:06:15.920 just there, there are gifts that people have sent 0:06:16.559 --> 0:06:19.959 and we open them up and we go, we don't 0:06:19.970 --> 0:06:20.859 want this. 0:06:21.549 --> 0:06:24.709 We don't need this. And the truth of the matter 0:06:24.720 --> 0:06:27.988 is we don't even like it. Now, here we are 0:06:28.000 --> 0:06:31.649 with these gifts and what do we do with them? 0:06:31.738 --> 0:06:33.609 We return them 0:06:34.510 --> 0:06:37.929 and we let the person know who sent us those 0:06:37.940 --> 0:06:41.290 gifts that we are returning them and the credit will 0:06:41.299 --> 0:06:45.920 be back on their account. But now we have to 0:06:45.928 --> 0:06:49.049 take this gift, take it back, figure out how to 0:06:49.059 --> 0:06:49.769 return it. 0:06:50.450 --> 0:06:54.160 It's a mess. So I want you to just think 0:06:54.170 --> 0:06:58.828 about this because I know what we experience is something 0:06:58.839 --> 0:07:02.670 that every single one of you experiences. 0:07:03.709 --> 0:07:08.519 And I find that all so sad. You know, when 0:07:08.529 --> 0:07:11.730 I was a financial advisor, actually seeing clients 0:07:12.769 --> 0:07:15.250 and we would work so hard, I worked so hard 0:07:15.260 --> 0:07:18.529 with them to get them out of credit card debt 0:07:18.540 --> 0:07:20.910 to make sure that they were on the right path 0:07:21.279 --> 0:07:23.989 all year long. We would do that 0:07:24.980 --> 0:07:26.489 and then came December. 0:07:27.640 --> 0:07:31.820 I would always call December the month of doom. 0:07:34.260 --> 0:07:38.510 Financial doom, because why? It is in the month of 0:07:38.519 --> 0:07:43.600 December that all the work that is being done to 0:07:43.609 --> 0:07:46.320 save money to get out of debt, 0:07:46.929 --> 0:07:51.040 we're doomed. It comes right back all in this month, 0:07:51.049 --> 0:07:59.459 especially during the last 10 days before "G-Day", gift day 0:08:00.630 --> 0:08:03.529 because it is in these days that you freak, 0:08:04.470 --> 0:08:08.470 you give in to temptation, you go into a store 0:08:08.510 --> 0:08:12.279 and you just buy anything that they've placed where they 0:08:12.290 --> 0:08:14.709 know you will see it, you will want it, you 0:08:14.720 --> 0:08:16.029 buy it and you leave. 0:08:16.709 --> 0:08:20.049 So I just want to give you a few numbers 0:08:20.850 --> 0:08:24.429 of what that gift if I am speaking to you, 0:08:25.450 --> 0:08:29.200 what that gift probably will cost you. 0:08:29.989 --> 0:08:34.409 If in fact, all you did was you went in 0:08:34.650 --> 0:08:37.369 and when it was all said and done, let's just 0:08:37.380 --> 0:08:42.289 say you spent $1000 not that hard to day 0:08:42.989 --> 0:08:46.879 at $100 a crack. That's 10 people. Not that hard 0:08:46.888 --> 0:08:50.908 or even $50. That's 20 people. It is very possible 0:08:51.439 --> 0:08:57.508 that you are now charging $1000 on credit cards for gifts. 0:08:57.979 --> 0:09:01.908 Do you know if you went in to a department store, 0:09:02.198 --> 0:09:06.749 you took advantage of that 20% off. And now your 0:09:06.758 --> 0:09:11.218 bill really is $1000. Do you know 0:09:11.780 --> 0:09:14.450 that if all you ever do is pay the minimum 0:09:14.460 --> 0:09:19.260 payment due, it is going to take you nine years 0:09:19.270 --> 0:09:22.520 and six months to pay that off. 0:09:23.309 --> 0:09:29.159 You also will have paid $1931 in interest. 0:09:29.849 --> 0:09:36.190 So you now have shelled out almost $3000 0:09:37.640 --> 0:09:41.780 for probably a gift that may or may not be 0:09:41.789 --> 0:09:46.619 sitting in somebody's closet. Do you know that the average 0:09:46.630 --> 0:09:51.099 credit card debt today in the United States of America 0:09:51.419 --> 0:09:59.459 is $6329 and an average interest rate of 23.37% 0:10:00.330 --> 0:10:03.710 with the minimum payment due. Usually in both of these cases, 0:10:03.719 --> 0:10:07.030 by the way that I just cited is 2%. 0:10:07.979 --> 0:10:10.449 Do you know that if you continue to only pay 0:10:10.460 --> 0:10:12.010 the minimum payment due, 0:10:13.039 --> 0:10:15.960 it's going to take the majority of people out there 0:10:15.969 --> 0:10:19.770 21 years and three months to pay that off and 0:10:19.780 --> 0:10:23.179 $12,809 in interest. 0:10:24.140 --> 0:10:29.960 So $6329 over all those years, 21 years, you have 0:10:29.969 --> 0:10:30.710 shelled out 0:10:31.520 --> 0:10:35.348 18 or $19,000. 0:10:36.780 --> 0:10:40.150 I just want you to think about that for a second. Now, 0:10:40.159 --> 0:10:44.119 I know this might not be very holiday, spirit wise 0:10:44.130 --> 0:10:45.400 of Suze Orman, 0:10:46.190 --> 0:10:50.890 but it is sure financial wise of Suze Orman. 0:10:52.469 --> 0:10:54.729 The gift giving season 0:10:55.969 --> 0:11:01.059 really is one of true generosity. You take out your 0:11:01.070 --> 0:11:05.909 Suze notebooks and you write this down. Now. True generosity 0:11:07.010 --> 0:11:11.098 and generosity is not just giving somebody a gift. 0:11:11.820 --> 0:11:17.369 True generosity is when you give somebody a gift, but 0:11:17.380 --> 0:11:21.890 it's also a gift for yourself as well. And what 0:11:21.900 --> 0:11:25.530 that means is that you are able to buy that 0:11:25.539 --> 0:11:26.819 gift with cash 0:11:27.750 --> 0:11:31.079 and you're able to buy that gift with cash because 0:11:31.090 --> 0:11:34.640 you have an 8 to 12 month emergency fund. You 0:11:34.650 --> 0:11:39.689 have absolutely no credit card debt whatsoever. You are fully 0:11:39.700 --> 0:11:42.309 funding your retirement accounts, 0:11:42.989 --> 0:11:47.719 your car is owned outright. You are living a debt 0:11:47.729 --> 0:11:52.500 free life. You have money in excess of what I 0:11:52.510 --> 0:11:56.968 just said. And all right, you can buy people gifts 0:11:57.619 --> 0:12:01.429 and it's not gonna put any hardship on you whatsoever. 0:12:01.469 --> 0:12:04.830 If however, you are buying somebody a gift and you 0:12:04.840 --> 0:12:07.390 have got to put that gift on your credit card 0:12:07.400 --> 0:12:09.770 where you already have debt 0:12:10.359 --> 0:12:13.260 that you carry every single month. 0:12:15.119 --> 0:12:17.390 You are not being generous to yourself. 0:12:18.739 --> 0:12:26.630 You are financially sabotaging your future. Remember, credit card debt 0:12:27.250 --> 0:12:32.599 is where you pay for your present day desires, your 0:12:32.609 --> 0:12:36.210 desire to look generous, your desire to have a new iphone, 0:12:36.219 --> 0:12:40.000 your desire to have these things that you want, not 0:12:40.010 --> 0:12:43.950 need that you want. But the true cost of that 0:12:43.960 --> 0:12:50.219 everybody is your future day needs when you get older 0:12:50.229 --> 0:12:51.619 and you need money. 0:12:52.390 --> 0:12:56.049 The true gift that not only can you give yourself 0:12:56.059 --> 0:13:00.510 but to others is the gift of standing in your 0:13:00.520 --> 0:13:01.130 truth 0:13:02.000 --> 0:13:04.429 to be able to say to somebody. 0:13:05.710 --> 0:13:06.929 I want you to know. 0:13:07.940 --> 0:13:09.859 I would love to give you a gift. I would 0:13:09.869 --> 0:13:12.598 love to buy this and that for you. But I 0:13:12.609 --> 0:13:15.339 don't have the money to do so. 0:13:16.390 --> 0:13:19.770 So what is it that I could do for you 0:13:20.289 --> 0:13:25.440 that doesn't cost money? They could simply show you how 0:13:25.450 --> 0:13:31.599 much I love you. Especially during this holiday season. Chances 0:13:31.609 --> 0:13:33.969 are if you were to say that to somebody, you 0:13:33.979 --> 0:13:36.880 know what they're gonna say back to you. Oh, thank 0:13:36.890 --> 0:13:40.619 God because I'm in the exact same situation and I've 0:13:40.630 --> 0:13:42.909 always given you a gift because you've given me a 0:13:42.919 --> 0:13:44.729 gift and I've always had to put it on my 0:13:44.739 --> 0:13:45.609 credit card. 0:13:45.909 --> 0:13:51.460 Let's just be with each other. Let's just maybe have 0:13:51.469 --> 0:13:53.549 a dinner at home together. 0:13:54.289 --> 0:13:58.349 Let's just stand in our truth in this holiday season 0:14:00.349 --> 0:14:02.210 and not give a gift, 0:14:03.469 --> 0:14:06.650 not give a gift of something 0:14:07.429 --> 0:14:12.209 but give a gift of each other to each other. 0:14:12.859 --> 0:14:15.580 And now I know this is very difficult to do 0:14:15.590 --> 0:14:17.400 when it comes to children. 0:14:19.039 --> 0:14:22.099 But if you think you're giving them a gift that 0:14:22.109 --> 0:14:23.539 you can't afford 0:14:24.739 --> 0:14:26.840 and it goes on your credit card. 0:14:27.690 --> 0:14:31.190 I'm just asking you, what do you think you're teaching them? 0:14:31.760 --> 0:14:33.669 How do you think that they're gonna grow up and 0:14:33.679 --> 0:14:35.609 what they're gonna end up doing if they're in that 0:14:35.619 --> 0:14:36.830 same situation 0:14:37.669 --> 0:14:42.609 you might want to say to them sweethearts on this holiday. 0:14:43.500 --> 0:14:48.409 Let's go and give time to others that are less fortunate. 0:14:48.820 --> 0:14:51.919 Let's go and volunteer. Let's go and do this. Let's 0:14:51.929 --> 0:14:53.159 go and do that. 0:14:54.289 --> 0:14:59.090 There's nothing wrong with that. Now, I know it's not easy. 0:14:59.690 --> 0:15:02.989 I know you can't stand watching your little kids go. 0:15:03.000 --> 0:15:06.030 But mom but mom, dad, dad, whatever it may be. 0:15:07.340 --> 0:15:11.559 But I want you to just think about that. 0:15:12.849 --> 0:15:16.190 You know, last week you heard that Barb, KT's sister 0:15:16.719 --> 0:15:18.469 was on the podcast 0:15:19.219 --> 0:15:23.039 and after that podcast was over, she went and she said, oh, Suze, 0:15:23.049 --> 0:15:24.869 I should have told them this, I should have told 0:15:24.880 --> 0:15:27.780 them that I should have done this or that. And 0:15:27.789 --> 0:15:30.580 I was like, but Barb, you did great. That was 0:15:30.590 --> 0:15:34.280 a great podcast. And I said, Barb, what was the 0:15:34.289 --> 0:15:37.000 greatest gift during all those years? 0:15:38.059 --> 0:15:41.320 And essentially what Barb said was the gift is what 0:15:41.330 --> 0:15:44.840 I'm seeing right now, Suze. And my children 0:15:45.520 --> 0:15:50.619 who make gifts, who don't get into debt, who all 0:15:50.630 --> 0:15:56.380 have savings, responsible jobs, refuse to spend money on wants 0:15:56.530 --> 0:16:00.219 and put it away for needs. That's the greatest gift 0:16:00.229 --> 0:16:04.479 I could have ever been given. Because to me, Suze, really, 0:16:04.489 --> 0:16:07.900 there's nothing more important than my children 0:16:08.640 --> 0:16:12.849 and I see what has happened by standing in our 0:16:12.859 --> 0:16:13.419 truth 0:16:14.419 --> 0:16:18.559 and not being able to do certain things. And I said, 0:16:19.460 --> 0:16:23.419 Barb, how did that gift come about? And she said, well, 0:16:23.429 --> 0:16:25.359 it wasn't easy. It took time. 0:16:26.159 --> 0:16:30.979 But after you telling us over and over again about 0:16:30.989 --> 0:16:35.140 needs versus wants all the gifts we were buying for 0:16:35.150 --> 0:16:40.640 the kids stopped because they started to understand the true 0:16:40.650 --> 0:16:45.059 meaning of the holidays and the true meaning of money 0:16:46.109 --> 0:16:52.450 and the true purpose of money, which is to be secure. 0:16:53.440 --> 0:16:57.539 So can you just imagine a 13 year old saying, 0:16:57.799 --> 0:17:00.500 when asked, what is the goal of money? And they 0:17:00.510 --> 0:17:02.679 say it's to be secure, 0:17:04.140 --> 0:17:08.079 don't you think that would be the greatest gift you 0:17:08.089 --> 0:17:10.589 could give your family? 0:17:11.310 --> 0:17:16.250 Yesterday morning, Colo was in the bedroom with us having 0:17:16.260 --> 0:17:19.290 our coffee. We like for some reason, they have coffee 0:17:19.300 --> 0:17:24.729 in our bedroom. And I said, Colo, if I was 0:17:24.739 --> 0:17:27.050 going to do a podcast tomorrow 0:17:27.968 --> 0:17:32.078 on, what is the greatest gift you could give somebody? 0:17:32.088 --> 0:17:36.427 Do you know what Klo said to me? He said, Suze, 0:17:36.759 --> 0:17:40.869 tell them the greatest gift is the gift of saving 0:17:41.699 --> 0:17:43.319 the gift of saving. 0:17:44.079 --> 0:17:49.239 He said, there's nothing that makes me feel better when 0:17:49.250 --> 0:17:52.839 I know now not to be giving my kids gifts 0:17:52.849 --> 0:17:55.859 of all these things that they want. But to say, 0:17:55.869 --> 0:18:00.119 guess what? I just put $100 in a savings account 0:18:00.130 --> 0:18:00.698 for you 0:18:02.479 --> 0:18:04.180 and what that does for them. 0:18:05.180 --> 0:18:11.688 But even Colo, Colo after all these years, finally has said, 0:18:11.849 --> 0:18:15.380 the greatest gift you can give your children is the 0:18:15.390 --> 0:18:18.079 gift of savings. 0:18:18.949 --> 0:18:21.939 Just something for all of you to think about. 0:18:22.900 --> 0:18:26.530 The other day, I got an email from a friend 0:18:26.540 --> 0:18:28.359 of mine by the name of Allison. 0:18:29.540 --> 0:18:32.829 And she says to me, Suze, my son came up 0:18:32.839 --> 0:18:36.800 to me and said, I want to start making money. 0:18:36.810 --> 0:18:39.540 So I want to invest in the stock market. 0:18:40.260 --> 0:18:42.849 And Allison says, but Suze, I have no idea how 0:18:42.859 --> 0:18:46.680 to do that. I said, ok, there's two ways to 0:18:46.689 --> 0:18:50.439 do it but how much money do you think he 0:18:50.449 --> 0:18:55.099 has to invest? She said, just a few $100. I said, 0:18:55.109 --> 0:18:59.839 so therefore you can buy one exchange traded fund such 0:18:59.849 --> 0:19:04.959 as VOO VOO, VTI, any of those - Spiders SPY 0:19:05.380 --> 0:19:08.819 and just keep doing that with little amounts of money 0:19:08.829 --> 0:19:10.560 as time goes on or 0:19:11.290 --> 0:19:15.229 you can teach him a lesson that you don't invest 0:19:15.239 --> 0:19:18.910 in the stock market and just think that everything is 0:19:18.920 --> 0:19:22.660 going to just go up maybe one of the greatest 0:19:22.670 --> 0:19:25.750 lessons at this point in his life. He's still very 0:19:25.760 --> 0:19:30.229 young about 10. This point in his life is to 0:19:30.239 --> 0:19:34.500 understand that you just don't invest in the market thinking 0:19:34.510 --> 0:19:35.949 that you want to make money. 0:19:36.760 --> 0:19:40.229 You invest in the stock market because you want to 0:19:40.239 --> 0:19:43.579 see your money grow over time. 0:19:44.770 --> 0:19:48.429 But that you have to know with growth over time 0:19:48.439 --> 0:19:54.030 also comes the possibility of losing money as well. 0:19:54.900 --> 0:19:57.650 So if I were you and I then gave her 0:19:57.660 --> 0:20:03.478 a list of stocks, I would invest $20 in each 0:20:03.489 --> 0:20:05.310 one of these stocks 0:20:06.079 --> 0:20:09.900 and then I would save any extra besides that. And 0:20:09.910 --> 0:20:12.819 I would teach him when these stocks go down, you 0:20:12.829 --> 0:20:15.859 put more money in, you put another $5 in or 0:20:15.869 --> 0:20:20.020 $10 in and you just keep doing that over time 0:20:20.150 --> 0:20:23.889 and every time he gets extra money, especially for the 0:20:23.900 --> 0:20:28.699 gift giving season that is coming up, give him cash, 0:20:28.760 --> 0:20:30.819 but that cash has got to go 0:20:31.229 --> 0:20:34.979 into a money market account waiting to be invested in 0:20:34.989 --> 0:20:36.689 these stocks. 0:20:37.479 --> 0:20:41.250 And now that is what they are going to do. 0:20:41.959 --> 0:20:42.420 But 0:20:43.180 --> 0:20:46.520 is that something all of you can do for your 0:20:46.530 --> 0:20:51.859 children as well? Teach them investing and what it's like 0:20:51.869 --> 0:20:55.569 to make your money grow, but also teach them the 0:20:55.579 --> 0:21:01.169 risk that investments can go down as well, which brings 0:21:01.180 --> 0:21:05.719 us to our last topic of this Suze School. 0:21:06.589 --> 0:21:10.649 Now, if you remember quite a while ago, I started 0:21:10.660 --> 0:21:13.569 to say to many of you that heard 0:21:14.400 --> 0:21:18.219 that if you own Devon, especially if it is outside 0:21:18.229 --> 0:21:22.140 of a retirement account, sell it, I would sell it 0:21:22.150 --> 0:21:24.139 and I would then take that money and put it 0:21:24.150 --> 0:21:27.660 into either Pfizer or Whirlpool at that time. 0:21:28.589 --> 0:21:32.339 That's it. Take the loss also. Now, even in a 0:21:32.349 --> 0:21:36.729 retirement account, I would probably do the same as well. 0:21:38.560 --> 0:21:42.069 During the years that we've owned, Devon, we have gotten 0:21:42.079 --> 0:21:47.069 a nice dividend. So you need to figure out truly, 0:21:47.229 --> 0:21:51.520 how much did you lose on that one investment? Did 0:21:51.530 --> 0:21:54.379 you lose it all? Just depends on when you bought 0:21:54.390 --> 0:21:58.459 it and if you continued to dollar cost average into it, 0:21:58.550 --> 0:22:04.479 little by little, if you had truthfully, you wouldn't be 0:22:04.489 --> 0:22:07.540 down quite so much, believe it or not. 0:22:08.390 --> 0:22:13.750 But Devon is a stock that is absolutely underperformed to 0:22:13.760 --> 0:22:17.650 my surprise to what's going on all oil stocks right now, 0:22:17.660 --> 0:22:21.380 energy stocks are not doing great. But I do think 0:22:21.390 --> 0:22:23.849 if you invested in that stock and you did so 0:22:23.859 --> 0:22:25.879 mainly for the dividend, 0:22:26.910 --> 0:22:30.319 then Pfizer, even though I know you think Pfizer is 0:22:30.329 --> 0:22:33.569 never gonna go up, it's now paying a dividend in 0:22:33.579 --> 0:22:37.879 the 6% area. I still have faith in Pfizer. I 0:22:37.890 --> 0:22:42.649 still own Pfizer. And that's probably if you're looking for 0:22:42.660 --> 0:22:47.550 income with a stock that could continue to grow as 0:22:47.560 --> 0:22:49.209 well as possibly go down. 0:22:49.619 --> 0:22:54.890 Pfizer might be a stock that you switch into from 0:22:55.099 --> 0:22:57.680 Devon symbol DVN. 0:22:58.410 --> 0:23:04.170 We will buy stocks that absolutely skyrocket on us and 0:23:04.180 --> 0:23:08.260 we will buy stocks that absolutely go down and may 0:23:08.270 --> 0:23:11.030 never go back up again. 0:23:11.739 --> 0:23:17.959 But that is why you have diversification within certain areas. 0:23:17.969 --> 0:23:21.680 It doesn't have to be equal diversification by any means. 0:23:21.979 --> 0:23:26.760 But that is the risk one takes. But I still 0:23:26.770 --> 0:23:31.420 think if you bought most of the stocks or ETF 0:23:31.430 --> 0:23:34.520 S that were recommended and not just Devon, 0:23:35.459 --> 0:23:38.880 maybe you bought XLE and you stayed in that and 0:23:38.890 --> 0:23:42.849 now you're up tremendously on that and you had diversification 0:23:42.859 --> 0:23:46.910 in that ETF but if you look at most of 0:23:46.920 --> 0:23:53.810 the recommendations truthfully, you have done very, very well. Let 0:23:53.819 --> 0:23:57.790 me just talk about Palantir because you're all writing about that. 0:23:58.030 --> 0:24:02.520 What would Suze do? Da Da, da Suze is keeping Palantir. 0:24:03.030 --> 0:24:06.910 Suze, actually, as it went down to 71 the other 0:24:06.920 --> 0:24:10.660 day after it hit 80. Suze bought more, 0:24:11.739 --> 0:24:14.959 I like that stock. I'm going to continue to like 0:24:14.969 --> 0:24:18.890 that stock. It is not the only stock that I own. 0:24:19.180 --> 0:24:23.449 I own probably 50 stocks maybe even more than that 0:24:23.459 --> 0:24:24.949 at this point in time. 0:24:25.219 --> 0:24:28.379 Well, actually, I absolutely do own f more than 50 0:24:28.390 --> 0:24:32.199 stocks at this point in time. Other kinds of investments. 0:24:32.400 --> 0:24:37.939 My money is spread across the board in gold in IBI, 0:24:38.099 --> 0:24:43.479 in Bitcoin, in all of those things along with bonds, 0:24:43.489 --> 0:24:48.219 municipal bonds, treasury bonds series, I bonds that I've had 0:24:48.229 --> 0:24:51.040 for a while that I just wanna keep for some reason. 0:24:51.270 --> 0:24:54.760 Um and it, it spread everywhere 0:24:55.780 --> 0:24:59.639 so that no matter what happens on some level somewhere, 0:24:59.969 --> 0:25:03.680 my money is averaging and doing just great for me. 0:25:04.520 --> 0:25:07.899 So, bottom line, I'm saying it now and you can 0:25:07.910 --> 0:25:12.500 do whatever you want. I'm sticking with Palantir. However, 0:25:13.130 --> 0:25:17.489 what is the goal of money? The goal of money 0:25:17.500 --> 0:25:21.270 is for you to be secure. And listen, if it's 0:25:21.280 --> 0:25:25.280 making you nervous and you've tripled your money, you've done 0:25:25.290 --> 0:25:29.189 whatever with it and you want to sell, sell, you 0:25:29.199 --> 0:25:32.949 can do that. Nobody is saying you have to stay in. 0:25:34.050 --> 0:25:37.449 So if you need money, if you're in debt, you 0:25:37.459 --> 0:25:40.849 invested in it, you're just nervous and losing sleep over 0:25:40.859 --> 0:25:42.750 it and watching it every single day, 0:25:43.589 --> 0:25:47.839 there's nothing wrong with selling some of it, selling all 0:25:47.849 --> 0:25:51.609 of it or selling none of it. It just depends 0:25:51.839 --> 0:25:56.448 on how you feel about it. And if it's making 0:25:56.459 --> 0:25:58.609 you feel insecure and nervous, 0:25:59.280 --> 0:26:01.089 just sell 0:26:02.010 --> 0:26:05.239 overall, I think the markets are going to be doing 0:26:05.250 --> 0:26:09.159 very well for next year, especially if you're invested in 0:26:09.170 --> 0:26:12.489 certain areas. That doesn't mean that it's not gonna come 0:26:12.500 --> 0:26:16.920 down significantly at times. But when it does, that's when 0:26:16.930 --> 0:26:21.311 you take advantage of stocks that you wanna hold for 5, 10, 0:26:21.311 --> 0:26:25.140 15 years and you just keep them in dollar cost 0:26:25.150 --> 0:26:28.500 average into them. I am asking all of you to 0:26:28.510 --> 0:26:30.400 be extremely patient 0:26:30.939 --> 0:26:35.199 with the program that Keith Fitzgerald is coming out with. 0:26:35.329 --> 0:26:39.030 Stop writing me saying when is it gonna happen? When 0:26:39.040 --> 0:26:42.439