1
00:00:28,069 --> 00:00:29,420
KT: Good morning, Suze.

2
00:00:29,989 --> 00:00:30,940
Suze: Here we go, everybody.

3
00:00:31,430 --> 00:00:34,068
KT: July 17th, 2025.

4
00:00:34,250 --> 00:00:36,409
Suze: Oh, she's she's on it. She's already on it.

5
00:00:36,990 --> 00:00:39,830
KT: It's July. It's my birthday month. I can't wait.

6
00:00:40,340 --> 00:00:45,700
Suze: All right, everybody, her birthday is Monday, 4 days from now,

7
00:00:46,029 --> 00:00:51,389
Suze: and her twin sister arrives on the 20th for us

8
00:00:51,389 --> 00:00:54,110
Suze: to go fishing and be with her. So this is

9
00:00:54,110 --> 00:00:56,389
Suze: KT's birthday weekend coming up.

10
00:00:56,740 --> 00:00:59,360
Suze: So we'll just have to see what happens on Sunday

11
00:00:59,360 --> 00:01:05,650
Suze: or not anyway. So welcome everybody to the Ask KT

12
00:01:05,650 --> 00:01:09,559
Suze: and Suze Anything podcast, and this is where you write

13
00:01:09,559 --> 00:01:14,009
Suze: in to asksuze podcast@gmail.com. And if you don't know how

14
00:01:14,010 --> 00:01:16,250
Suze: to spell my name by now, I'm not going to

15
00:01:16,250 --> 00:01:17,250
Suze: tell you anymore.

16
00:01:17,610 --> 00:01:20,750
Suze: You write in your question, and if KT chooses it,

17
00:01:20,980 --> 00:01:25,720
Suze: we will answer it on the podcast and thousands of

18
00:01:25,720 --> 00:01:28,518
Suze: people write in just so you know, so you never

19
00:01:28,519 --> 00:01:32,000
Suze: know when we flip back, we go forward, whatever. You

20
00:01:32,000 --> 00:01:35,199
Suze: got to listen every week to see if your question

21
00:01:35,199 --> 00:01:39,119
Suze: is answered and then many of you know, like I

22
00:01:39,120 --> 00:01:43,230
Suze: did last week, I answer you directly if I think

23
00:01:43,230 --> 00:01:44,879
Suze: the situation warrants it.

24
00:01:45,559 --> 00:01:50,050
Suze: Before we start, KT, let's remind everybody about the 12...

25
00:01:50,360 --> 00:01:51,379
KT: Oh, that's a great deal.

26
00:01:51,519 --> 00:01:56,839
Suze: Yes, certificate at Alliant Credit Union for 4.30 APY for

27
00:01:56,839 --> 00:02:01,239
Suze: amounts under $75,000 for $75,000 or more, it's.

28
00:02:01,385 --> 00:02:07,245
Suze: 4.35 APY. Go to my Alliant A L L I

29
00:02:07,245 --> 00:02:11,645
Suze: A N T.com and check it out. All right, now KT,

30
00:02:11,684 --> 00:02:12,163
Suze: what do you got?

31
00:02:12,365 --> 00:02:16,145
KT: OK, Suze, this first question I really want everyone listening

32
00:02:16,145 --> 00:02:18,634
KT: to kind of weigh in and tell me what you think.

33
00:02:18,645 --> 00:02:21,345
KT: It's from a woman by the name of Diane, but,

34
00:02:21,485 --> 00:02:24,323
KT: but I don't know. It's not a question.

35
00:02:25,365 --> 00:02:26,434
Suze: You look like it's a statement.

36
00:02:26,764 --> 00:02:28,725
KT: It's more than that. It's um.

37
00:02:29,639 --> 00:02:33,910
KT: It's called oopsie, like oopsie. She feels like she made

38
00:02:33,910 --> 00:02:36,639
KT: a grave mistake, so let me share it with everyone.

39
00:02:36,910 --> 00:02:40,059
KT: She said, Hi, Suze and KT. I'm 66 years old.

40
00:02:40,190 --> 00:02:43,960
KT: My husband is 70. I have just realized, and I've

41
00:02:43,960 --> 00:02:47,990
KT: watched your show forever, listen to your and KT's podcasts

42
00:02:47,990 --> 00:02:48,830
KT: while I walk.

43
00:02:49,179 --> 00:02:52,570
KT: I realize I've neglected my husband's needs.

44
00:02:52,850 --> 00:02:53,080
Suze: Uh oh.

45
00:02:53,210 --> 00:02:56,130
KT: That's how it starts. I've always been the one in

46
00:02:56,130 --> 00:02:59,130
KT: charge of our finances, and I've done quite well, thanks

47
00:02:59,130 --> 00:03:03,570
KT: to you. I have an Excel sheet that tracks our finances.

48
00:03:03,729 --> 00:03:08,880
KT: I have hired our fee-only advisors. I've paid the bills.

49
00:03:09,008 --> 00:03:12,250
KT: I've applied and opened our credit card. We have one.

50
00:03:12,740 --> 00:03:17,940
KT: And department store cards. I have opened utilities, etc. Don't worry,

51
00:03:18,008 --> 00:03:21,288
KT: I sit him down once a month and make him

52
00:03:21,288 --> 00:03:24,639
KT: look at our finances even though he has no interest.

53
00:03:24,940 --> 00:03:27,288
KT: So Diane's referring to her husband.

54
00:03:27,880 --> 00:03:31,070
KT: But the way she's referring sounds like she, she's...

55
00:03:31,070 --> 00:03:31,839
Suze: Go on, just go

56
00:03:31,839 --> 00:03:32,029
Suze: on.

57
00:03:32,750 --> 00:03:37,470
KT: I did not, however, put his name on anything. It

58
00:03:37,470 --> 00:03:40,750
KT: just never occurred to me. It wasn't until this year

59
00:03:40,750 --> 00:03:42,869
KT: when we went to Europe that I learned we should

60
00:03:42,869 --> 00:03:46,229
KT: have two credit cards in case we lost one.

61
00:03:46,699 --> 00:03:50,130
KT: As I dug deeper, I realized if something happened to me,

62
00:03:50,380 --> 00:03:54,720
KT: he would have no access to the utilities, my credit cards,

63
00:03:54,860 --> 00:03:59,179
KT: store cards, etc. I then checked his credit score, and

64
00:03:59,179 --> 00:04:03,690
KT: it was good. Why? Because he's he's a user on

65
00:04:03,690 --> 00:04:06,580
KT: my credit card. Mine is excellent.

66
00:04:07,330 --> 00:04:10,830
KT: So this is what it's sad, she said, please remind

67
00:04:10,830 --> 00:04:14,839
KT: your listeners to remember their partners. I don't even know

68
00:04:14,839 --> 00:04:18,019
KT: how to clean up this mess I've created.

69
00:04:18,690 --> 00:04:21,600
KT: So Diane thinks she's created a mess. I don't think

70
00:04:21,600 --> 00:04:22,559
KT: she's created a mess.

71
00:04:22,630 --> 00:04:22,719
Suze: She

72
00:04:22,720 --> 00:04:24,428
Suze: hasn't created a mess yet.

73
00:04:24,678 --> 00:04:26,359
KT: All right, so tell, tell her how to...

74
00:04:26,570 --> 00:04:30,118
Suze: But she knows very well that if something happens to

75
00:04:30,119 --> 00:04:35,950
Suze: her tomorrow, today, in a few hours from now, she

76
00:04:35,950 --> 00:04:42,320
Suze: has left an extraordinary mess for her husband, who she

77
00:04:42,320 --> 00:04:47,149
Suze: obviously loves. So how does she clean this up?

78
00:04:47,670 --> 00:04:51,559
Suze: It's very, very easy, my friend. All you have to

79
00:04:51,559 --> 00:04:56,308
Suze: do is apply for a credit card in your husband's name.

80
00:04:56,600 --> 00:05:00,190
Suze: Put the utilities in both of your names if you want.

81
00:05:00,480 --> 00:05:04,600
Suze: Make sure that you, I don't even care about the

82
00:05:04,600 --> 00:05:08,558
Suze: credit cards at the department stores, but make sure that

83
00:05:08,559 --> 00:05:12,920
Suze: he has a credit card in his own name.

84
00:05:13,869 --> 00:05:17,940
Suze: Just start doing things so that he has access to

85
00:05:17,940 --> 00:05:21,738
Suze: everything on your savings accounts. Make him pay on death.

86
00:05:22,109 --> 00:05:25,988
Suze: But here's the thing. Rather than what are you going

87
00:05:25,988 --> 00:05:30,428
Suze: to do in case you die to protect him? My

88
00:05:30,428 --> 00:05:33,190
Suze: question is, what do you do to protect both of

89
00:05:33,190 --> 00:05:35,618
Suze: you in case there is incapacity.

90
00:05:36,500 --> 00:05:39,420
Suze: Let's say Diane, you can't pay the bills anymore because

91
00:05:39,420 --> 00:05:42,289
Suze: you've been in a car accident. So here's the first

92
00:05:42,290 --> 00:05:45,380
Suze: thing I want you both to do. You need to

93
00:05:45,380 --> 00:05:49,839
Suze: get a living revocable trust, an advanced directive and durable

94
00:05:49,839 --> 00:05:53,140
Suze: power of attorney for health care, a will and an

95
00:05:53,140 --> 00:05:57,059
Suze: advanced directive, and a financial power of attorney. Where do

96
00:05:57,059 --> 00:06:01,459
Suze: you get those? I would go to musthavedocs.com.

97
00:06:02,059 --> 00:06:05,450
Suze: And that is where you can get $2500 worth of

98
00:06:05,450 --> 00:06:08,558
Suze: state of the art documents good in all 50 states,

99
00:06:08,850 --> 00:06:13,799
Suze: and you and your husband can do it together. So

100
00:06:13,799 --> 00:06:18,690
Suze: it's only $99 again for $2500 worth of state of

101
00:06:18,690 --> 00:06:21,529
Suze: the art documents. And by the way, everybody, you can

102
00:06:21,529 --> 00:06:25,890
Suze: share the activation code with as many family members as

103
00:06:25,890 --> 00:06:28,969
Suze: you want. This isn't a mess yet.

104
00:06:30,119 --> 00:06:34,219
Suze: But one day it very well will be so.

105
00:06:34,850 --> 00:06:38,589
Suze: What can you do? Straighten it out right now. Next question, KT.

106
00:06:38,920 --> 00:06:43,149
KT: Next question, Suze, is from Jennifer. She said, greetings, Suze and KT.

107
00:06:43,519 --> 00:06:48,600
KT: I heard a rumor that starting 2026, my state of

108
00:06:48,600 --> 00:06:52,479
KT: Michigan will no longer tax retirement income.

109
00:06:52,760 --> 00:06:53,890
Suze: Oh, that's nice. Good.

110
00:06:54,160 --> 00:06:55,029
KT: Is that true?

111
00:06:55,279 --> 00:06:55,920
Suze: I don't know to

112
00:06:55,920 --> 00:06:56,559
Suze: tell you the truth.

113
00:06:56,600 --> 00:06:59,440
KT: It's a rumor. Can you please break this down for

114
00:06:59,440 --> 00:07:02,880
KT: me and Susie speaks so I can better understand.

115
00:07:03,260 --> 00:07:06,140
KT: She said for states that do not tax retirement income

116
00:07:06,140 --> 00:07:09,660
KT: like Florida and Texas, what does this mean for traditional

117
00:07:09,660 --> 00:07:14,660
KT: versus Roth recommendations? Nothing. As always, thank you. Ready for

118
00:07:14,660 --> 00:07:20,089
KT: the sign off, right, memory lane, Suze? Money moms Jennifer.

119
00:07:20,339 --> 00:07:21,250
Suze: Do you remember?

120
00:07:21,299 --> 00:07:26,980
KT: Yes, General Mills. Suze created this entire program called the Money Moms.

121
00:07:26,980 --> 00:07:28,380
Suze: Yes, do you remember that?

122
00:07:28,489 --> 00:07:28,940
Suze: I'll never forget.

123
00:07:29,320 --> 00:07:30,730
KT: It was fantastic.

124
00:07:30,839 --> 00:07:31,510
Suze: I know.

125
00:07:31,640 --> 00:07:35,630
KT: It's a newsletter she did, and General Mills actually distributed to all these women.

126
00:07:35,630 --> 00:07:40,089
Suze: Tell everybody what you did, how you got me on

127
00:07:40,089 --> 00:07:42,679
Suze: the cover of a cereal

128
00:07:42,679 --> 00:07:43,149
Suze: box.

129
00:07:43,200 --> 00:07:45,440
KT: Oh yeah, we have Suze on a cereal box from

130
00:07:45,440 --> 00:07:48,230
KT: General Mills. It was Total, I think it was Total.

131
00:07:48,450 --> 00:07:50,880
KT: I don't remember... not Wheaties. It wasn't Wheaties because that's

132
00:07:50,880 --> 00:07:53,720
KT: reserved for for athletes more or less, but.

133
00:07:53,899 --> 00:07:55,619
KT: Suze was on Total.

134
00:07:55,619 --> 00:07:56,578
Suze: Was it Total? Are you sure?

135
00:07:56,820 --> 00:07:58,660
KT: Yeah, great. It was a good ceral.

136
00:07:58,859 --> 00:07:59,850
Suze: Is that still here?

137
00:07:59,980 --> 00:08:01,250
KT: Yes. Yes.

138
00:08:01,989 --> 00:08:04,019
KT: Do you want me to post it on the, on

139
00:08:04,019 --> 00:08:06,690
KT: the wall? We can. Tell everyone how to get there.

140
00:08:06,989 --> 00:08:10,329
Suze: Go to the Women and Money community app, download it

141
00:08:10,329 --> 00:08:14,339
Suze: for free on Apple Apps or Google Play, and you

142
00:08:14,339 --> 00:08:15,779
Suze: can play with us. All right.

143
00:08:15,859 --> 00:08:19,089
KT: I'll post that that cereal box with Suze for Total.

144
00:08:19,510 --> 00:08:22,739
KT: But the Money Moms was great. It was, I loved

145
00:08:22,739 --> 00:08:23,899
KT: working with General Mills.

146
00:08:25,040 --> 00:08:25,500
Suze: What a good

147
00:08:25,500 --> 00:08:28,220
Suze: company. So let me answer this. All of a sudden

148
00:08:28,220 --> 00:08:30,779
Suze: KT just put this Michigan... away.

149
00:08:31,269 --> 00:08:35,609
Suze: So Michigan, so the truth is I don't know if

150
00:08:35,609 --> 00:08:39,679
Suze: they passed that or not for 2026, but I'm sure

151
00:08:39,679 --> 00:08:42,559
Suze: that they did if you say that. But let's say

152
00:08:42,559 --> 00:08:47,219
Suze: the rumor is true. OK. One thing I do know

153
00:08:47,219 --> 00:08:52,650
Suze: is that Michigan in itself has a state income tax

154
00:08:52,650 --> 00:08:53,890
Suze: currently at

155
00:08:54,179 --> 00:08:59,760
Suze: 4.25% and that's up from 4.05%, which it was in

156
00:08:59,760 --> 00:09:04,030
Suze: 24 and then it went up. It's now up at 4.25%.

157
00:09:04,039 --> 00:09:07,520
Suze: All it means for you is that when you take

158
00:09:07,520 --> 00:09:11,520
Suze: money out of a pre-taxed retirement account, you're only going

159
00:09:11,520 --> 00:09:16,108
Suze: to owe federal income tax on it, not state. Just

160
00:09:16,109 --> 00:09:21,349
Suze: that simple. Now that makes every single penny count. Remember

161
00:09:21,349 --> 00:09:22,669
Suze: what I said for this year?

162
00:09:23,159 --> 00:09:26,609
Suze: You need to make your money make more money, and

163
00:09:26,609 --> 00:09:30,450
Suze: this is one way that your money will make more money. However,

164
00:09:30,489 --> 00:09:33,289
Suze: your question, so what does it mean for a traditional

165
00:09:33,289 --> 00:09:36,450
Suze: versus a Roth recommendation? There is nothing that's going to

166
00:09:36,450 --> 00:09:41,049
Suze: get me off the Roth recommendation, nothing, nothing, nothing, because

167
00:09:41,049 --> 00:09:44,530
Suze: the largest income tax that you pay really is on

168
00:09:44,530 --> 00:09:46,090
Suze: the federal level.

169
00:09:46,669 --> 00:09:49,250
Suze: So why would you want to pay the federal level

170
00:09:49,250 --> 00:09:52,929
Suze: just because you have a traditional retirement account, because the

171
00:09:52,929 --> 00:09:55,569
Suze: state of Michigan doesn't want to charge you any more

172
00:09:55,570 --> 00:09:58,799
Suze: tax wrong. You're going to do Roth all the way.

173
00:09:58,890 --> 00:10:01,848
Suze: Do you hear me, my dear Jennifer, and everybody

174
00:10:01,969 --> 00:10:05,079
Suze: listening to me. If you are not doing a Roth

175
00:10:05,080 --> 00:10:10,280
Suze: 401k or a Roth IRA if you qualify or a

176
00:10:10,280 --> 00:10:13,880
Suze: Roth back door if it makes sense for you, you

177
00:10:13,880 --> 00:10:16,520
Suze: are making the biggest mistake in your life if you

178
00:10:16,520 --> 00:10:19,080
Suze: ask me. All right, why are you looking at me

179
00:10:19,080 --> 00:10:19,400
Suze: like that?

180
00:10:19,840 --> 00:10:20,039
KT: Because you're

181
00:10:20,039 --> 00:10:23,080
KT: getting all riled up about that, Roth

182
00:10:23,119 --> 00:10:23,989
Suze: Do you know why?

183
00:10:24,309 --> 00:10:27,250
KT: Yeah, because so many people don't do it. They don't

184
00:10:27,250 --> 00:10:29,320
KT: take advantage of this incredible gift.

185
00:10:29,320 --> 00:10:31,500
Suze: Just drives me crazy.

186
00:10:31,650 --> 00:10:34,469
KT: OK, don't be so crazy. You ready for my next one.

187
00:10:35,630 --> 00:10:35,768
Suze: I'm crazy over you.

188
00:10:35,768 --> 00:10:36,289
KT: So this is...

189
00:10:36,289 --> 00:10:37,719
Suze: And your birthday.

190
00:10:38,549 --> 00:10:41,849
KT: I, I think we're going to have a real fun day. OK,

191
00:10:42,010 --> 00:10:44,239
KT: so this is from Marilyn, and I like this.

192
00:10:44,239 --> 00:10:47,289
Suze: What day do we not have a really fun

193
00:10:47,289 --> 00:10:47,609
Suze: day?

194
00:10:47,770 --> 00:10:49,849
KT: We have fun all the time, but on my birthday

195
00:10:49,849 --> 00:10:52,049
KT: it's gonna be exceptionally fun.

196
00:10:52,640 --> 00:10:54,580
KT: Because Lynn will be here and we're gonna teach her

197
00:10:54,580 --> 00:10:57,400
KT: how to really fish. Tell them why we have to

198
00:10:57,400 --> 00:10:59,489
KT: teach her how to fish really well.

199
00:10:59,960 --> 00:11:05,439
Suze: Because on August 1st, Ms. Travis and her sister Lynn.

200
00:11:05,690 --> 00:11:10,219
Suze: And my BFF Margaret Nielsen and Maggie, her daughter, are

201
00:11:10,219 --> 00:11:16,700
Suze: all going to British Columbia to go salmon fishing. Fabulous, right?

202
00:11:16,900 --> 00:11:20,059
Suze: And you may be wondering why is Suze not going

203
00:11:20,349 --> 00:11:23,390
Suze: cause I don't want to. All right, go on, KT, next.

204
00:11:25,320 --> 00:11:29,010
KT: OK, Suze, my next question is from Marilyn in San Francisco.

205
00:11:29,359 --> 00:11:32,590
KT: She's been listening to you forever. She's in the green. Her,

206
00:11:32,770 --> 00:11:36,069
KT: her accounts keep climbing. She's very, very happy,

207
00:11:36,109 --> 00:11:38,080
Suze: So that's what she means when she says that she's she's...

208
00:11:38,080 --> 00:11:39,789
KT: ...in the green. She's not in the red.

209
00:11:39,979 --> 00:11:40,640
Suze: She's in the money.

210
00:11:41,049 --> 00:11:42,119
KT: Well, it should be in the black, right?

211
00:11:42,320 --> 00:11:42,479
Suze: She's in the black, I don't know why she wrote green

212
00:11:43,479 --> 00:11:48,330
KT: Well she wrote green. Well, well, she's anyway, so, so

213
00:11:48,330 --> 00:11:49,479
KT: here's her question.

214
00:11:50,020 --> 00:11:53,179
KT: She has a very low overhead now in San Francisco

215
00:11:53,179 --> 00:11:56,059
KT: because of everything she's learned from you, but she has

216
00:11:56,059 --> 00:12:00,020
KT: a nephew in Poland, and he's starting law school and

217
00:12:00,020 --> 00:12:03,270
KT: she wants to help him, and this is a special nephew.

218
00:12:03,419 --> 00:12:07,250
KT: It's the son of her brother who died by suicide,

219
00:12:07,700 --> 00:12:10,859
KT: so she really has a, you know, a desire to

220
00:12:10,859 --> 00:12:14,460
KT: help him. So she said, What would you recommend for

221
00:12:14,460 --> 00:12:14,700
KT: a fund

222
00:12:15,155 --> 00:12:17,353
KT: set up where I can invest for him and let

223
00:12:17,354 --> 00:12:18,955
KT: the account compound for

224
00:12:18,955 --> 00:12:19,385
KT: him.

225
00:12:19,674 --> 00:12:22,594
Suze: Yeah, so here's the thing. I don't know if he's

226
00:12:22,594 --> 00:12:25,515
Suze: going to need financial aid. I don't know what who

227
00:12:25,515 --> 00:12:28,914
Suze: pays for what when he's in college, but here's what

228
00:12:28,914 --> 00:12:33,275
Suze: I would do if I were you truthfully. We always

229
00:12:33,275 --> 00:12:37,324
Suze: want to help these youngins out, and we think, oh well,

230
00:12:37,354 --> 00:12:41,114
Suze: let's put money away in their name just so that

231
00:12:41,114 --> 00:12:43,234
Suze: they can have it when they get older.

232
00:12:43,530 --> 00:12:47,080
Suze: But the problem is we don't know what their lives

233
00:12:47,080 --> 00:12:50,690
Suze: turn out to be when they are older, so I

234
00:12:50,690 --> 00:12:54,640
Suze: am recommending to you out of years and years of

235
00:12:54,640 --> 00:12:58,949
Suze: experience make a side account that you know is for him,

236
00:12:59,520 --> 00:13:03,109
Suze: where you put money into it, you invest into it,

237
00:13:03,280 --> 00:13:07,799
Suze: you keep compounding it, and as he gets older later on.

238
00:13:08,349 --> 00:13:11,890
Suze: If he's a good kid, he deserves help. He's everything

239
00:13:11,890 --> 00:13:14,340
Suze: that you want for him. You know, you'll know and

240
00:13:14,340 --> 00:13:18,450
Suze: then you'll just give it to him then just that simple.

241
00:13:18,780 --> 00:13:21,819
Suze: Don't go putting it in his name right now, right?

242
00:13:21,830 --> 00:13:24,580
Suze: And for those of you whose kids are going to

243
00:13:24,580 --> 00:13:27,020
Suze: the school in the United States, if you did it

244
00:13:27,020 --> 00:13:29,940
Suze: in a uniform gift to Minors Act account and they

245
00:13:29,940 --> 00:13:30,659
Suze: need financial

246
00:13:30,784 --> 00:13:34,455
Suze: aid, you're going to hurt them for financial aid, so

247
00:13:34,455 --> 00:13:37,723
Suze: don't do it. 529 is far better. All right.

248
00:13:37,724 --> 00:13:41,483
KT: All right, good. So Suze, yet again I get another

249
00:13:41,484 --> 00:13:48,294
KT: email that also has very emotional ramifications around suicide as well.

250
00:13:48,934 --> 00:13:52,015
KT: So this is from Ana. She's 37 years old. She

251
00:13:52,015 --> 00:13:53,094
KT: has no children.

252
00:13:53,539 --> 00:13:56,200
KT: She has a question whether or not it's wise to

253
00:13:56,200 --> 00:14:01,679
KT: use some of the $82,000 from an inherited IRA to

254
00:14:01,679 --> 00:14:06,510
KT: pay off $41,000 worth of credit card debt. So,

255
00:14:07,289 --> 00:14:10,190
KT: she said she's learned from your show, it's equally important

256
00:14:10,190 --> 00:14:13,710
KT: to ask herself what's going on with me that I

257
00:14:13,710 --> 00:14:18,789
KT: would allow so much credit card debt to accumulate. So

258
00:14:18,789 --> 00:14:21,309
KT: here's the story, just in a nutshell, everyone.

259
00:14:22,190 --> 00:14:25,150
KT: She said that um less than two years before her

260
00:14:25,150 --> 00:14:28,590
KT: dad's passing, her husband died of suicide, and in her

261
00:14:28,590 --> 00:14:33,030
KT: grief she started spending and traveling to find meaning again.

262
00:14:33,109 --> 00:14:37,229
KT: I bet. All right. Shortly after her husband passed, her

263
00:14:37,229 --> 00:14:41,280
KT: dad died from COVID in his 50s way too soon.

264
00:14:41,789 --> 00:14:44,789
KT: So again, she said she's just, you know, she got

265
00:14:44,789 --> 00:14:46,390
KT: herself into further debt.

266
00:14:46,690 --> 00:14:51,309
KT: And now she said, I've made changes, stopped eating out, shopping,

267
00:14:51,400 --> 00:14:55,359
KT: and traveling frequently. I dearly miss the most important men

268
00:14:55,359 --> 00:14:57,760
KT: in my life, and I owe it to them to

269
00:14:57,760 --> 00:15:00,880
KT: do better financially and mentally.

270
00:15:01,409 --> 00:15:03,890
KT: She said, I first heard you, Suze, on Oprah, and

271
00:15:03,890 --> 00:15:12,520
KT: I started contributing to a 401k Roth. Today it has $419,000. Wow,

272
00:15:12,729 --> 00:15:15,530
KT: she bought her first home 18 months ago. She makes

273
00:15:15,530 --> 00:15:18,770
KT: extra payments. She's on track to pay off a 30

274
00:15:18,770 --> 00:15:23,969
KT: year mortgage in 15 years. She makes $160,000 a year,

275
00:15:24,049 --> 00:15:24,530
KT: she said.

276
00:15:24,830 --> 00:15:28,700
KT: I'm aware of how emotionally freeing it would be to

277
00:15:28,700 --> 00:15:32,210
KT: have zero debt and get a fresh start by wiping

278
00:15:32,210 --> 00:15:36,979
KT: out the 41,000 credit card debt, and it's this very

279
00:15:36,979 --> 00:15:41,340
KT: emotion that makes me wonder whether using IRA funds is

280
00:15:41,340 --> 00:15:45,539
KT: similar to the emotional spending that got me into credit

281
00:15:45,539 --> 00:15:48,700
KT: card debt in the first place. She wants an outside

282
00:15:48,700 --> 00:15:50,210
KT: perspective from you.

283
00:15:51,179 --> 00:15:52,119
KT: What do you think?

284
00:15:52,330 --> 00:15:57,359
Suze: This one's really a hard one because of the emotional

285
00:15:57,359 --> 00:16:03,450
Suze: connection that Ana has with this debt and what it

286
00:16:03,450 --> 00:16:08,479
Suze: represents to her. Financially, if it was strictly a financial decision.

287
00:16:09,570 --> 00:16:12,429
Suze: I wouldn't let her do it on any level, so

288
00:16:12,429 --> 00:16:13,580
Suze: Ana listened to me.

289
00:16:14,260 --> 00:16:20,030
Suze: You make $160,000 a year. You live in Southern California.

290
00:16:20,919 --> 00:16:24,830
Suze: Between those two things you are going to be between

291
00:16:25,119 --> 00:16:29,000
Suze: the state and federal taxes when you withdraw money from

292
00:16:29,000 --> 00:16:33,150
Suze: your inherited IRA. You're going to have to take out

293
00:16:33,440 --> 00:16:38,190
Suze: approximately 70, maybe $75,000.

294
00:16:39,640 --> 00:16:44,239
Suze: Right, in order to leave you with $41,000 to pay

295
00:16:44,239 --> 00:16:47,239
Suze: off in credit card debt because it's going to put

296
00:16:47,239 --> 00:16:51,799
Suze: you in a higher tax bracket, and then that will

297
00:16:51,799 --> 00:16:57,559
Suze: only leave you with $8400 in the inherited IRA.

298
00:16:58,570 --> 00:17:04,800
Suze: And so financially speaking that makes absolutely no sense to

299
00:17:04,800 --> 00:17:10,400
Suze: get rid of $41,000 of credit card debt. It's going

300
00:17:10,400 --> 00:17:15,680
Suze: to cost you an additional $30,000 in taxes approximately to

301
00:17:15,680 --> 00:17:22,079
Suze: do so makes absolutely no sense at all. Therefore, however,

302
00:17:22,640 --> 00:17:26,290
Suze: you have to ask and answer the question to yourself,

303
00:17:26,619 --> 00:17:34,250
Suze: Is that $31,000 worth getting rid of this emotional baggage,

304
00:17:34,520 --> 00:17:39,579
Suze: cause it's that debt that represents to you the loss

305
00:17:39,579 --> 00:17:44,300
Suze: of not only your husband and your father, but your

306
00:17:44,300 --> 00:17:49,889
Suze: own self-worth. You lost yourself in that process.

307
00:17:50,229 --> 00:17:54,000
Suze: So do you think that getting rid of that debt...

308
00:17:54,589 --> 00:17:59,050
Suze: You will find yourself again and on some level maybe

309
00:17:59,050 --> 00:18:04,209
Suze: even get that much closer to your deceased husband and

310
00:18:04,209 --> 00:18:05,839
Suze: father in a strange way.

311
00:18:07,010 --> 00:18:12,369
Suze: Only you can answer that question for me, strictly on

312
00:18:12,369 --> 00:18:17,520
Suze: a financial level, your father, because I read your entire email,

313
00:18:18,380 --> 00:18:23,929
Suze: died in 2021. You obviously have not taken any money

314
00:18:23,930 --> 00:18:29,979
Suze: out of this inherited IRA all these years. You have

315
00:18:29,979 --> 00:18:36,698
Suze: six years left to wipe this account clean. So if

316
00:18:36,699 --> 00:18:39,069
Suze: you want, you can do it all at once right now,

317
00:18:39,140 --> 00:18:40,979
Suze: get rid of the debt and done.

318
00:18:41,839 --> 00:18:45,729
Suze: Or you could possibly

319
00:18:46,839 --> 00:18:49,949
Suze: first look at your credit card debt and make sure

320
00:18:49,949 --> 00:18:54,770
Suze: that the 41,000 is at a 0% interest rate because

321
00:18:54,770 --> 00:18:57,880
Suze: it seems like you have money. You've been responsible with

322
00:18:57,880 --> 00:19:00,880
Suze: your own money. I'm sure you've been on time with

323
00:19:00,880 --> 00:19:04,150
Suze: your payments, so maybe you have a good FICO score,

324
00:19:04,400 --> 00:19:07,629
Suze: and if you do, you could do a balance transfer

325
00:19:07,920 --> 00:19:12,109
Suze: at a 0% interest rate for 21 months, just same.

326
00:19:12,599 --> 00:19:16,239
Suze: Then every year for the next 6 years.

327
00:19:16,660 --> 00:19:21,390
Suze: You could, let's just say, assuming a 7% annual growth rate,

328
00:19:21,719 --> 00:19:26,280
Suze: you could take out maybe like $17,000 a year, so

329
00:19:26,280 --> 00:19:29,719
Suze: it's not that big of a hit to your taxes

330
00:19:29,719 --> 00:19:35,079
Suze: all at once. It might leave you with $10,000 after

331
00:19:35,079 --> 00:19:38,800
Suze: taxes that you can, if you want, put towards the

332
00:19:38,800 --> 00:19:41,319
Suze: credit card debt. So in 4 years it would be gone.

333
00:19:42,280 --> 00:19:47,010
Suze: And then you've been smarter with your money. If you

334
00:19:47,010 --> 00:19:53,109
Suze: did it that way, you're also making $160,000 a year.

335
00:19:53,770 --> 00:19:56,699
Suze: It would seem to me that somewhere there.

336
00:19:57,349 --> 00:20:01,430
Suze: There is enough money for you to every single month

337
00:20:01,430 --> 00:20:04,780
Suze: put extra money towards your credit card.

338
00:20:06,160 --> 00:20:09,239
Suze: More than possibly your mortgage or anything else if you're

339
00:20:09,239 --> 00:20:12,319
Suze: doing that and get rid of that credit card debt

340
00:20:12,319 --> 00:20:16,599
Suze: that way financially, just to recap, I would not take

341
00:20:16,599 --> 00:20:20,800
Suze: it all out at once and pay it off emotionally.

342
00:20:21,400 --> 00:20:26,359
Suze: Only you can decide if the emotional payoff will be

343
00:20:26,359 --> 00:20:29,699
Suze: worth it. The fact that in the end of your

344
00:20:29,699 --> 00:20:31,520
Suze: email you question that.

345
00:20:32,140 --> 00:20:35,010
Suze: I think you know the answer to that is it's

346
00:20:35,010 --> 00:20:40,000
Suze: not worth it cause you can look at that debt

347
00:20:40,329 --> 00:20:43,689
Suze: not as a burden but as a gift that you

348
00:20:43,689 --> 00:20:48,280
Suze: gave yourself to get through of the truly greatest losses

349
00:20:48,280 --> 00:20:49,400
Suze: of your life.

350
00:20:50,369 --> 00:20:54,920
Suze: And it gained a perspective for you as to what's

351
00:20:54,920 --> 00:20:58,599
Suze: important now, so I personally would look at that debt

352
00:20:58,599 --> 00:21:02,959
Suze: as a gift, not as a burden. So that's what

353
00:21:02,959 --> 00:21:04,760
Suze: I would do. Next question, KT.

354
00:21:05,900 --> 00:21:09,650
KT: Hi Suze, this is, by the way from Cathy. Hi Suze.

355
00:21:10,000 --> 00:21:13,560
KT: I listened to your podcast on June 12th, and KT

356
00:21:13,560 --> 00:21:18,359
KT: read a question about which account advisory fees should be

357
00:21:18,359 --> 00:21:22,589
KT: paid from. You said all fees should be paid from

358
00:21:22,589 --> 00:21:27,477
KT: the non-retirement brokerage account if you're done properly.

359
00:21:27,477 --> 00:21:28,079
Suze: Correct.

360
00:21:28,560 --> 00:21:32,219
KT: Can you please help me understand why that is? So

361
00:21:32,219 --> 00:21:35,280
KT: here's what Cathy did. She went and and told her

362
00:21:35,280 --> 00:21:40,280
KT: financial adviser from Fidelity what you said, and the adviser

363
00:21:40,280 --> 00:21:44,020
KT: said she can take out the fee from any account

364
00:21:44,020 --> 00:21:47,589
KT: that she wishes, and taking it out of the pre-tax

365
00:21:47,589 --> 00:21:52,920
KT: could be better to lower her eventual RMD. So there

366
00:21:52,920 --> 00:21:56,319
KT: you go. She, she's totally confused, she said, Please, Suze.

367
00:21:56,910 --> 00:21:58,739
KT: Well, help me clarify this.

368
00:21:58,939 --> 00:22:02,458
Suze: I'm going to stick to my answer. Obviously every financial

369
00:22:02,459 --> 00:22:06,739
Suze: adviser may have their own reason for saying whatever because

370
00:22:06,739 --> 00:22:08,260
Suze: they know more about you.

371
00:22:08,540 --> 00:22:12,560
Suze: But let's just talk about right now the pre-tax one

372
00:22:12,560 --> 00:22:15,800
Suze: and the Roth one. You don't want to take money,

373
00:22:16,050 --> 00:22:21,680
Suze: especially from the Roth, that's accumulating tax-free to pay the fees.

374
00:22:21,930 --> 00:22:26,089
Suze: That makes no sense. You're losing out on compounding, and

375
00:22:26,089 --> 00:22:26,849
Suze: the same is.

376
00:22:26,935 --> 00:22:33,084
Suze: True with the pre-tax ones. So for Roth IRAs, you

377
00:22:33,084 --> 00:22:37,444
Suze: are always to pay the advisory fees from outside or

378
00:22:37,444 --> 00:22:41,895
Suze: from taxable funds to avoid the shrinkage of that account

379
00:22:42,324 --> 00:22:45,234
Suze: because that doesn't even have RMDs on it.

380
00:22:45,849 --> 00:22:49,040
Suze: Do you understand what I'm saying to you here? Why

381
00:22:49,040 --> 00:22:51,438
Suze: would you pay it to reduce your RMDs when your

382
00:22:51,439 --> 00:22:55,680
Suze: Roth doesn't have any RMDs? And as far as the

383
00:22:55,680 --> 00:23:00,589
Suze: traditional IRA, you could pay it from either source, all right,

384
00:23:01,000 --> 00:23:05,399
Suze: but paying it from a taxable account usually preserves more

385
00:23:05,400 --> 00:23:09,839
Suze: long term value, especially if you have still a long

386
00:23:09,839 --> 00:23:10,959
Suze: investment horizon.

387
00:23:11,209 --> 00:23:14,560
Suze: And do not urgently need the money to reduce those

388
00:23:14,560 --> 00:23:18,920
Suze: future RMDs. So all I can tell you is I'm

389
00:23:18,920 --> 00:23:21,869
Suze: going to stick by what I'm saying, all right? So

390
00:23:22,560 --> 00:23:25,188
Suze: that's just what I'm saying. I just, I just...

391
00:23:27,489 --> 00:23:27,949
KT: There you go.

392
00:23:28,040 --> 00:23:28,199
Suze: I

393
00:23:28,199 --> 00:23:29,550
Suze: just don't get it. All right.

394
00:23:30,709 --> 00:23:34,060
Suze: Why would you want to use money within a retirement account?

395
00:23:34,790 --> 00:23:39,500
Suze: That compounds for you and grows there and grows there

396
00:23:39,709 --> 00:23:43,149
Suze: to take out just to reduce your RMDs. I don't

397
00:23:43,150 --> 00:23:44,859
Suze: think so anyway, go on.

398
00:23:46,489 --> 00:23:49,239
Suze: And I would be converting, by the way, the money

399
00:23:49,239 --> 00:23:53,430
Suze: that's in the traditional IRA to the Roth IRA to

400
00:23:53,430 --> 00:23:57,270
Suze: do what? So you don't have any RMDs. What's an

401
00:23:57,270 --> 00:23:58,699
Suze: RMD KT?

402
00:23:59,469 --> 00:24:01,500
KT: Required minimum distribution, baby,

403
00:24:01,589 --> 00:24:02,989
Suze: Ding ding ding ding ding.

404
00:24:03,520 --> 00:24:03,680
Suze: All right,

405
00:24:04,589 --> 00:24:08,670
KT: This is from Alisa. Dear Suze and KT, I love

406
00:24:08,670 --> 00:24:12,430
KT: your show. I've written a few questions, but I've never

407
00:24:12,430 --> 00:24:13,500
KT: been chosen.

408
00:24:14,109 --> 00:24:15,310
Suze: Why did you choose her this time?

409
00:24:15,589 --> 00:24:18,399
KT: Because she said she, she wrote, Who's right, me or him?

410
00:24:18,469 --> 00:24:20,510
KT: So this is the kind of question I like, yeah.

411
00:24:20,930 --> 00:24:24,040
KT: I really need help on this one, so please help us.

412
00:24:24,290 --> 00:24:31,689
KT: My husband deposited $40,000 in a Roth called SOAEX, Spirit

413
00:24:31,689 --> 00:24:37,609
KT: of Energy Fund in 2017. Over the years he's collected dividends,

414
00:24:37,729 --> 00:24:42,369
KT: which he's very proud of, Suze, approximately $4000 a year.

415
00:24:42,689 --> 00:24:45,449
KT: It fluctuates a bit each year, but I'd say that's

416
00:24:45,449 --> 00:24:49,699
KT: the average. The last payment was half of normal.

417
00:24:50,079 --> 00:24:56,109
KT: The fund has been losing value since 2017. The value

418
00:24:56,109 --> 00:25:02,188
KT: of his money now is only $16,000. He's lost $24,000

419
00:25:02,189 --> 00:25:06,589
KT: in eight years. He still receives approximately the same amount

420
00:25:06,589 --> 00:25:09,939
KT: in dividends even though the fund has gone down.

421
00:25:10,709 --> 00:25:14,760
KT: So I can kind of see her husband's, you know, mentality, Suze.

422
00:25:14,800 --> 00:25:18,680
KT: In 8 years he got like $30,000 worth of dividends.

423
00:25:18,839 --> 00:25:22,400
KT: He thinks he should keep it because it's in a

424
00:25:22,400 --> 00:25:27,250
KT: dividend bearing account. He's calculating about a 10% return.

425
00:25:27,939 --> 00:25:30,280
KT: I think he should sell it because I don't think

426
00:25:30,280 --> 00:25:32,719
KT: it's going to go back up and at some point

427
00:25:32,719 --> 00:25:37,119
KT: it may become insolvent, right? Now she said the saddest

428
00:25:37,119 --> 00:25:39,959
KT: thing is that it is in a Roth that we

429
00:25:39,959 --> 00:25:43,829
KT: can't even use the losses to balance out other gains.

430
00:25:44,660 --> 00:25:47,889
KT: And now he, she said, he's so frugal and complains

431
00:25:47,890 --> 00:25:51,050
KT: when I spend money on the house or myself, but

432
00:25:51,050 --> 00:25:55,670
KT: here he is throwing away his money by the thousands.

433
00:25:55,989 --> 00:25:58,698
KT: What do you think we should do, sell it or

434
00:25:58,699 --> 00:26:03,319
KT: keep it? And is there any way to deduct the losses?

435
00:26:06,270 --> 00:26:07,869
Suze: Should I ask you what you would do?

436
00:26:08,310 --> 00:26:09,380
KT: You want to ask me?

437
00:26:09,750 --> 00:26:09,829
Suze: Is

438
00:26:09,829 --> 00:26:11,459
Suze: there anybody else sitting here with me?

439
00:26:12,310 --> 00:26:18,060
KT: Um, if I were her, I'd say to him, Why

440
00:26:18,060 --> 00:26:21,829
KT: don't we make an agreement that if it keeps going down,

441
00:26:21,910 --> 00:26:24,708
KT: let's sell, done like give him a little bit of

442
00:26:24,709 --> 00:26:26,510
KT: a wiggle room and an option.

443
00:26:27,189 --> 00:26:31,429
KT: But he's down, you know, $24,000 in eight years, but

444
00:26:31,430 --> 00:26:33,869
KT: the dividend payments are greater than the loss.

445
00:26:33,939 --> 00:26:35,630
Suze: He's made $32,000 in dividends.

446
00:26:36,630 --> 00:26:40,979
KT: Not really, probably 30 because the last payment was half,

447
00:26:41,790 --> 00:26:45,310
Suze: It's like, here's the bottom line, right? S O A

448
00:26:45,310 --> 00:26:51,630
Suze: E X S is a sinking ship, right? So it

449
00:26:51,630 --> 00:26:55,829
Suze: stands for the Spirit of American Energy Fund.

450
00:26:56,089 --> 00:26:59,939
Suze: And it's one of those sector funds, KT, that only

451
00:26:59,939 --> 00:27:04,290
Suze: focuses on energy related stocks. So it's not like I

452
00:27:04,290 --> 00:27:07,729
Suze: could say, oh, this stock company is this and da da,

453
00:27:07,880 --> 00:27:10,760
Suze: you know, it's not like an individual stock company that

454
00:27:10,760 --> 00:27:14,640
Suze: you can analyze really. So if you look at this

455
00:27:14,640 --> 00:27:20,839
Suze: sector fund that only focuses on energy related stocks, these

456
00:27:20,839 --> 00:27:22,959
Suze: funds can be extremely volatile.

457
00:27:23,290 --> 00:27:27,959
Suze: And in this case it has been, so what I

458
00:27:27,959 --> 00:27:32,890
Suze: would be saying there's $16,000 left. I would cut it

459
00:27:32,890 --> 00:27:37,040
Suze: right here, believe it or not. I would sell because

460
00:27:37,040 --> 00:27:40,790
Suze: especially if they're starting to cut the dividend back already.

461
00:27:41,560 --> 00:27:45,560
Suze: That doesn't bode well for it. Can they deduct the loss?

462
00:27:45,589 --> 00:27:49,859
Suze: They cannot, right? So because it's in the wrath. So

463
00:27:50,069 --> 00:27:54,979
Suze: if it were me, I would tell my husband, right,

464
00:27:55,150 --> 00:27:59,030
Suze: if he were sitting at my kitchen table. Listen, you've

465
00:27:59,030 --> 00:28:02,459
Suze: already lost money, don't lose more. The past is the past.

466
00:28:02,750 --> 00:28:08,270
Suze: Don't let sunk costs cloud your judgment because that's what's

467
00:28:08,270 --> 00:28:09,339
Suze: happening here.

468
00:28:09,689 --> 00:28:13,310
Suze: And if this fund keeps declining or becomes insolvent, they

469
00:28:13,310 --> 00:28:16,948
Suze: will lose what's left. You know this is called a

470
00:28:16,949 --> 00:28:21,459
Suze: yield trap. There is a name for it where you're

471
00:28:21,459 --> 00:28:24,270
Suze: stuck in a stock because of the yield that it

472
00:28:24,270 --> 00:28:27,938
Suze: pays you, and I've said many times on this podcast

473
00:28:28,020 --> 00:28:30,660
Suze: that don't worry so much about the price of the stock,

474
00:28:30,829 --> 00:28:34,270
Suze: you're in it for the dividend, the income, but once

475
00:28:34,270 --> 00:28:37,349
Suze: a stock goes down as much as this stock has

476
00:28:37,349 --> 00:28:38,099
Suze: gone down.

477
00:28:38,530 --> 00:28:41,609
Suze: You're no longer in it just for the income, because

478
00:28:41,609 --> 00:28:46,050
Suze: the income most likely is gonna go away. So I

479
00:28:46,050 --> 00:28:47,599
Suze: would be selling it now.

480
00:28:48,599 --> 00:28:52,630
Suze: He may not want to. He may very well say

481
00:28:52,630 --> 00:28:55,869
Suze: I'm not, so you can say, All right, how about

482
00:28:55,869 --> 00:28:58,739
Suze: if we compromise and sell half.

483
00:28:59,979 --> 00:29:02,859
Suze: Let's take out half the money now and let's put

484
00:29:02,859 --> 00:29:09,569
Suze: it in something like the ETF SMH within the retirement account.

485
00:29:09,780 --> 00:29:13,369
Suze: You leave your money there. I'll leave my money in this,

486
00:29:13,380 --> 00:29:16,839
Suze: and let's just see what happens as time goes on.

487
00:29:17,219 --> 00:29:20,140
Suze: So at least that gives him some credit, and you

488
00:29:20,140 --> 00:29:23,660
Suze: don't make him feel totally powerless over this and like

489
00:29:23,660 --> 00:29:28,660
Suze: a loser because you have to also think for $16,000.

490
00:29:29,500 --> 00:29:35,050
Suze: Be careful here. Be careful about pride. Be careful about

491
00:29:35,260 --> 00:29:39,469
Suze: somebody who really, really feels already horrific about the fact

492
00:29:39,469 --> 00:29:42,300
Suze: of how much money was lost in principle.

493
00:29:43,140 --> 00:29:46,949
Suze: So, you know, people first, then money, then things. So

494
00:29:46,949 --> 00:29:50,310
Suze: you have to just kind of do it gently. If

495
00:29:50,310 --> 00:29:52,949
Suze: it were me, obviously, I would have cut the losses

496
00:29:52,949 --> 00:29:55,119
Suze: and I would just done it, but

497
00:29:55,650 --> 00:29:58,319
Suze: you might want to take the 50/50 approach. What do

498
00:29:58,319 --> 00:29:58,520
Suze: you think, KT?

499
00:29:58,599 --> 00:30:03,670
KT: I listened to Suze Orman cut it, sell it, done.

500
00:30:03,959 --> 00:30:06,790
KT: Why don't you just tell your husband you asked Suze Orman,

501
00:30:07,000 --> 00:30:09,079
KT: and she said, it's a sinking ship, honey, get rid

502
00:30:09,079 --> 00:30:09,780
KT: of it. Jump.

503
00:30:10,040 --> 00:30:10,239
Suze: Yeah?

504
00:30:10,640 --> 00:30:12,750
KT: I would. That's all. Just tell them straight up.

505
00:30:13,040 --> 00:30:15,800
Suze: I might say keep it if they hadn't cut the

506
00:30:15,800 --> 00:30:21,199
Suze: dividend in half, right? And given that they did.

507
00:30:21,709 --> 00:30:24,410
Suze: That's not a good sign, girlfriend. It's just not a

508
00:30:24,410 --> 00:30:25,469
Suze: good sign. All right, go on.

509
00:30:25,550 --> 00:30:30,229
KT: OK, Suze, last question, and it's probably one of my favorite.

510
00:30:30,300 --> 00:30:34,469
KT: It's short and it's about our friend Roth. Hi Suze,

511
00:30:34,670 --> 00:30:38,109
KT: this is from Maria. She said, Hi, Suze, I've been

512
00:30:38,109 --> 00:30:42,390
KT: following your amazing advice for 30+ years.

513
00:30:42,959 --> 00:30:46,640
KT: Ever since I discovered you on Oprah, I'm now 62

514
00:30:46,640 --> 00:30:51,209
KT: years old and looking at retiring soon. My question's pretty basic,

515
00:30:51,280 --> 00:30:57,000
KT: I think. Does dollar cost averaging still apply for Roth IRAs?

516
00:30:57,199 --> 00:30:57,599
Suze: You

517
00:30:57,599 --> 00:31:01,920
Suze: betcha. You betcha. The answer to that is yes, yes, yes,

518
00:31:02,040 --> 00:31:03,560
Suze: dollar cost averaging

519
00:31:04,550 --> 00:31:09,430
Suze: applies to every single account that you have when you

520
00:31:09,430 --> 00:31:15,500
Suze: are investing in the stock market. Just that simple. All right, KT,

521
00:31:15,589 --> 00:31:19,750
Suze: then that is a wrap. So there's only one thing

522
00:31:19,750 --> 00:31:22,989
Suze: that I want for you this year and every year

523
00:31:22,989 --> 00:31:23,910
Suze: from now on.

524
00:31:24,290 --> 00:31:28,219
Suze: And that is very simple. You are to make your money,

525
00:31:28,469 --> 00:31:33,099
Suze: make more money. Stay safe, everybody, know we love you

526
00:31:33,430 --> 00:31:36,060
Suze: and we'll see what happens on Sunday.

527
00:31:36,430 --> 00:31:37,339
KT: Bye bye.