1 00:00:32,550 --> 00:00:34,450 KT: Good morning, Suze. 2 00:00:34,450 --> 00:00:35,580 Suze: Are you settled down? 3 00:00:35,590 --> 00:00:40,440 KT: I'm ready to go. It's you. That takes forever. Just 4 00:00:40,440 --> 00:00:43,530 KT: put the green light on. Let's go push it. 5 00:00:43,540 --> 00:00:46,390 Suze: I gotta tell you something. I had the green light 6 00:00:46,390 --> 00:00:51,270 Suze: on the whole time, this was recorded. February 9th, everybody, 7 00:00:51,280 --> 00:00:54,030 Suze: Suze O and KT here. 8 00:00:54,030 --> 00:00:58,630 KT: She's really being tricky today, everybody February 9th, 9 00:01:00,810 --> 00:01:04,740 Suze: ...2023 and welcome everybody. As I started to say a second ago, KT, 10 00:01:04,750 --> 00:01:06,870 Suze: welcome everybody to the... 11 00:01:06,880 --> 00:01:08,400 KT: Women and Money podcast 12 00:01:08,400 --> 00:01:11,190 Suze: and everybody smart enough to listen. This is the... 13 00:01:11,200 --> 00:01:17,520 KT: Ask KT and no.. ask Suze anything. KT will read 14 00:01:17,520 --> 00:01:21,600 KT: your questions and ask Suze everything you want to know. 15 00:01:22,300 --> 00:01:23,640 KT: How's that? 16 00:01:25,340 --> 00:01:28,150 Suze: Are you proud of your disclaimer. Is that... is that? 17 00:01:28,160 --> 00:01:33,140 KT: No, I'm just trying to sound a little more professional like, Robert. Robert, 18 00:01:33,140 --> 00:01:37,770 KT: our producer, everybody is so good. He's like the perfect 19 00:01:37,770 --> 00:01:41,740 KT: radio voice. He he has everything down. I mean, he's 20 00:01:41,740 --> 00:01:44,289 KT: been doing this all his life and Suze and I, 21 00:01:44,300 --> 00:01:46,930 KT: Suze is much better than me, but I'm terrible. 22 00:01:47,170 --> 00:01:47,920 Suze: No you're not.  23 00:01:54,970 --> 00:01:57,000 KT: Well compared to robert, everyone's... Robert like is like.. he's a man that he has a man voice, but 24 00:01:57,000 --> 00:02:02,090 KT: he has a he's professional, he knows when to stop talking. Okay, 25 00:02:02,090 --> 00:02:06,070 KT: let's get on with it. I have, I have a 26 00:02:06,080 --> 00:02:09,580 KT: great questions. I'm so proud of everyone out there because 27 00:02:09,580 --> 00:02:14,200 KT: you sent me short questions. So I picked lots of them. 28 00:02:15,190 --> 00:02:21,610 KT: You ready? Alright, let's do it first question from Nancy says, 29 00:02:21,610 --> 00:02:26,810 KT: Hi Suze. My dad is 81 he has Parkinson's, he 30 00:02:26,810 --> 00:02:31,070 KT: is not prepared for burial expenses. I want to know 31 00:02:31,070 --> 00:02:34,990 KT: of a website that you had suggested in the past 32 00:02:35,070 --> 00:02:38,940 KT: that would give the best term life insurance policies and 33 00:02:38,940 --> 00:02:42,040 KT: burial insurance. Thank you, Nancy. 34 00:02:42,200 --> 00:02:47,620 Suze: Nancy Nancy Nancy at 81. Your father is too old 35 00:02:47,630 --> 00:02:52,850 Suze: to get term insurance because the premiums will be far 36 00:02:52,850 --> 00:02:58,410 Suze: too expensive. Term insurance is only purchased for a term, 37 00:02:58,410 --> 00:03:02,740 Suze: a period of time and it's usually purchased by those 38 00:03:02,740 --> 00:03:07,419 Suze: who are younger to protect their family or those who 39 00:03:07,419 --> 00:03:09,820 Suze: are financially dependent upon them 40 00:03:10,169 --> 00:03:15,620 Suze: in case they were to pre decease those people. Therefore 41 00:03:15,960 --> 00:03:20,600 Suze: term insurance at 81 you really don't want to do that. 42 00:03:20,620 --> 00:03:24,310 Suze: The website, however, that I did tell everybody to go 43 00:03:24,310 --> 00:03:29,190 Suze: to was select quote dot com for those of you 44 00:03:29,190 --> 00:03:33,310 Suze: who are in your twenties, thirties or forties, maybe even 45 00:03:33,310 --> 00:03:36,760 Suze: in your fifties and you're looking for life insurance to 46 00:03:36,760 --> 00:03:40,670 Suze: protect your family or your financially dependent ones for a 47 00:03:40,670 --> 00:03:43,620 Suze: very short period of time. 48 00:03:44,670 --> 00:03:47,869 Suze: When it comes to burial expenses if he hasn't planned 49 00:03:47,870 --> 00:03:52,580 Suze: for that meaning he doesn't even have enough money for that. 50 00:03:53,300 --> 00:03:56,480 Suze: I'm sorry to say but, you can watch one of 51 00:03:56,480 --> 00:04:00,240 Suze: those tv commercials on tv that says no matter what 52 00:04:00,250 --> 00:04:03,160 Suze: you can get $2 and get insurance but it will 53 00:04:03,160 --> 00:04:06,550 Suze: be like 1000 or $2000. It's just not worth it, 54 00:04:06,590 --> 00:04:09,960 Suze: what you should be doing is saving for it now 55 00:04:09,970 --> 00:04:11,480 Suze: out of your own money 56 00:04:11,900 --> 00:04:15,040 Suze: so that when something happens to him you will have 57 00:04:15,040 --> 00:04:17,250 Suze: the money to do that which he wishes to be 58 00:04:17,250 --> 00:04:18,250 Suze: done with. 59 00:04:18,260 --> 00:04:20,720 KT: So Suze maybe she might want to check to see 60 00:04:20,720 --> 00:04:23,599 KT: if her dad served full term in the military. 61 00:04:23,610 --> 00:04:27,150 Suze: Or something like that. So all those little things can help. 62 00:04:27,160 --> 00:04:28,090 Suze: But 63 00:04:28,760 --> 00:04:31,260 Suze: I'm not a big fan of burial insurance just so 64 00:04:31,260 --> 00:04:31,810 Suze: you know. 65 00:04:31,820 --> 00:04:36,770 KT: Okay, next question. Hi Suze. This is from Cindy. Hi Suze, 66 00:04:36,779 --> 00:04:43,760 KT: podcast listener and proud owner of must have documents. She said, 67 00:04:43,760 --> 00:04:47,420 KT: I love you and KT, I'm in California and selling 68 00:04:47,420 --> 00:04:51,910 KT: a property and buying another, I expect to make 200 69 00:04:51,910 --> 00:04:55,010 KT: to 250,000 from the sale. 70 00:04:55,320 --> 00:04:59,170 KT: I lived there 15 years and rented it out last year. 71 00:04:59,180 --> 00:05:03,550 KT: How much time do I have to enter into escrow 72 00:05:03,550 --> 00:05:07,680 KT: on the new property to avoid capital gains and of course, 73 00:05:07,690 --> 00:05:09,620 KT: anything else I need to consider. 74 00:05:10,685 --> 00:05:15,335 Suze: Cindy Cindy Cindy. If you've been listening to the women and money podcast, 75 00:05:15,345 --> 00:05:19,585 Suze: you would have heard me say many, many times that 76 00:05:19,595 --> 00:05:23,575 Suze: if you've lived in your primary residency for two out 77 00:05:23,575 --> 00:05:26,044 Suze: of the past five years, 78 00:05:26,570 --> 00:05:33,690 Suze: then you get a $250,000 exemption. So if you're telling 79 00:05:33,690 --> 00:05:39,349 Suze: me that your property has increased $250,000 from what you purchased, 80 00:05:39,350 --> 00:05:40,220 Suze: it at. 81 00:05:41,040 --> 00:05:46,290 Suze: Then you're not going to owe any capital gains tax whatsoever. 82 00:05:46,300 --> 00:05:50,670 Suze: So you're confusing old rules where you had X amount 83 00:05:50,670 --> 00:05:54,330 Suze: of time to do things. No, you are fine. There 84 00:05:54,339 --> 00:05:57,560 Suze: is no time that you have to buy something else. 85 00:05:57,570 --> 00:06:00,850 Suze: You get $250,000 as an exemption. 86 00:06:00,860 --> 00:06:02,090 KT: So, Susie, what about escrow? She's asking that question. 87 00:06:03,725 --> 00:06:07,345 Suze: No. None of that applies to her, KT. None of 88 00:06:07,345 --> 00:06:11,544 Suze: that's even important. All that's important is she did live 89 00:06:11,555 --> 00:06:14,135 Suze: in that property for two out of the past five years. 90 00:06:14,145 --> 00:06:16,784 Suze: She has sold it even though she didn't live in 91 00:06:16,785 --> 00:06:19,305 Suze: it for the last year. She did live in it 92 00:06:19,315 --> 00:06:23,164 Suze: for two out of the past five. She's fine. All right. 93 00:06:23,460 --> 00:06:26,690 KT: Hi KT and Suze, my husband and I are both 94 00:06:26,690 --> 00:06:30,400 KT: in our fifties. We want to buy cds with our 95 00:06:30,400 --> 00:06:36,630 KT: $100,000 in savings. We noticed five year CD rates fell 96 00:06:36,630 --> 00:06:40,170 KT: right after the Fed raised the rate a quarter percent. 97 00:06:40,220 --> 00:06:44,630 KT: We're nervous, five year rates will fall further. Should we 98 00:06:44,630 --> 00:06:48,160 KT: buy now or continue to wait? Please help. 99 00:06:48,170 --> 00:06:52,450 Suze: Did you notice that the day after the rates fell, 100 00:06:52,839 --> 00:06:56,470 Suze: the very next day the rates increased. Did you happen 101 00:06:56,470 --> 00:06:57,900 Suze: to look at that? 102 00:06:58,120 --> 00:07:01,900 Suze: So, I think what's really important is I'm somebody who 103 00:07:01,900 --> 00:07:05,270 Suze: believes that rates are going to be going up even 104 00:07:05,270 --> 00:07:08,690 Suze: further than where they are now. That is why I 105 00:07:08,690 --> 00:07:12,710 Suze: have said to everybody, why not get a three or 106 00:07:12,710 --> 00:07:18,020 Suze: six month Treasury bill or certificate of deposit. I would 107 00:07:18,020 --> 00:07:21,630 Suze: not be worried about it if I were you also 108 00:07:21,640 --> 00:07:25,130 Suze: five year rates right now are lower than 109 00:07:25,146 --> 00:07:28,936 Suze: and two year rates or one year rates or six 110 00:07:28,936 --> 00:07:32,986 Suze: month rates or three month rates. So you might want 111 00:07:32,986 --> 00:07:37,296 Suze: to look into three or six months treasury bills and 112 00:07:37,296 --> 00:07:40,066 Suze: for whatever reason you don't want to do that. In 113 00:07:40,066 --> 00:07:43,796 Suze: the next few weeks we will be offering three and 114 00:07:43,796 --> 00:07:49,206 Suze: six month certificates of deposits where that rate will match 115 00:07:49,206 --> 00:07:52,160 Suze: whatever the Treasury bill is paying at the 116 00:07:52,172 --> 00:07:55,232 Suze: that time, the three and six month treasury bill. That 117 00:07:55,242 --> 00:08:00,842 Suze: is open by the way to everybody. New members, Old members, 118 00:08:00,852 --> 00:08:05,432 Suze: members that are not part of the ultimate opportunity savings account. Everybody, 119 00:08:05,452 --> 00:08:08,642 Suze: if you are a member at Alliant Credit Union, go 120 00:08:08,642 --> 00:08:11,912 Suze: to my alliant dot com, you will be able to 121 00:08:11,912 --> 00:08:16,262 Suze: purchase the three and six month certificates of deposits. 122 00:08:16,512 --> 00:08:19,200 KT: Perfect. Now Suze, this next one 123 00:08:19,430 --> 00:08:23,780 KT: is a great listener. This is from Janet and Janet, 124 00:08:23,780 --> 00:08:27,060 KT: you are a fabulous listener because listen to this email. 125 00:08:27,070 --> 00:08:31,450 KT: Hi Suze, my husband and I are happily married. Of 126 00:08:31,450 --> 00:08:35,430 KT: course we don't anticipate divorce but I don't want to 127 00:08:35,429 --> 00:08:38,880 KT: be one of your stories. so I'm trying to plan ahead. 128 00:08:39,760 --> 00:08:41,900 KT: This one made me really happy when I read it. 129 00:08:41,920 --> 00:08:46,700 KT: We both have elderly parents and sadly will each probably 130 00:08:46,700 --> 00:08:49,900 KT: inherit half a million to $1 million dollars in the 131 00:08:49,900 --> 00:08:53,270 KT: next few years. I know you say to keep this 132 00:08:53,270 --> 00:08:55,060 KT: money separate but what 133 00:08:55,070 --> 00:08:57,309 KT: if we want to buy a house or do something 134 00:08:57,309 --> 00:09:02,050 KT: with it. We're in good financial shape with retirement savings etcetera, 135 00:09:02,210 --> 00:09:05,640 KT: is there a way to have an agreement where we 136 00:09:05,640 --> 00:09:10,610 KT: each get our inheritance amounts back should we divorce? 137 00:09:10,960 --> 00:09:14,000 KT: So Janet is a real what ifs kind of gal, 138 00:09:14,000 --> 00:09:14,730 KT: I like that. 139 00:09:14,740 --> 00:09:15,880 Suze: She's kind of like you. 140 00:09:15,890 --> 00:09:17,560 KT: Yeah, I'm like that Janet. 141 00:09:17,570 --> 00:09:20,599 Suze: KT asked me all the time what happens if this, 142 00:09:20,600 --> 00:09:23,270 Suze: what happens if that what happens if you leave me? 143 00:09:23,270 --> 00:09:26,260 Suze: What happens if I leave you? She's always asking. 144 00:09:26,260 --> 00:09:30,330 KT: I always have everything. All the the I's dotted the 145 00:09:30,330 --> 00:09:31,030 KT: T's crossed. 146 00:09:31,030 --> 00:09:32,690 Suze: And what do I tell you? You could have everything. 147 00:09:32,700 --> 00:09:35,540 KT: She says you can have it all, KT, you want 148 00:09:35,540 --> 00:09:37,180 KT: it right now you can have everything. 149 00:09:37,420 --> 00:09:40,050 KT: And I say no, I just want to make sure 150 00:09:40,050 --> 00:09:42,230 KT: we're not. What ifs okay. 151 00:09:42,240 --> 00:09:43,420 Suze: Alright, so 152 00:09:44,110 --> 00:09:47,680 Suze: I'm glad that you're asking this question Janet because there 153 00:09:47,679 --> 00:09:51,400 Suze: have been times where I've known couples that I thought 154 00:09:51,400 --> 00:09:56,630 Suze: had the most incredible relationship ever. And there were serious 155 00:09:56,640 --> 00:10:00,840 Suze: what ifs. So here's what's important. 156 00:10:01,220 --> 00:10:05,190 Suze: I have my own trust. KT has her own trust, 157 00:10:05,400 --> 00:10:10,530 Suze: separate trust. In that trust, you can leave the money 158 00:10:10,530 --> 00:10:12,949 Suze: to whoever you want. He can leave the money to 159 00:10:12,950 --> 00:10:18,100 Suze: ever he wants. Now hopefully your very first person that 160 00:10:18,100 --> 00:10:22,160 Suze: you're leaving it to the beneficiary is is but you 161 00:10:22,160 --> 00:10:24,809 Suze: could do two things, you can put this money in 162 00:10:24,809 --> 00:10:29,600 Suze: an account that's just in your separate trust name. 163 00:10:30,070 --> 00:10:34,550 Suze: So can he, when you buy the property, you can 164 00:10:34,550 --> 00:10:38,460 Suze: buy it in your separate trust. Now, a lot of 165 00:10:38,460 --> 00:10:43,790 Suze: people buy property with joint tenancy with right of survivorship. 166 00:10:43,940 --> 00:10:46,910 Suze: If you want to protect yourself against the what ifs 167 00:10:47,020 --> 00:10:50,880 Suze: you would purchase it in tenants in common 168 00:10:51,350 --> 00:10:56,579 Suze: so that if you die, everything is governed by your trust. 169 00:10:56,660 --> 00:11:01,939 Suze: It doesn't automatically pass over to him as joint tenancy 170 00:11:01,940 --> 00:11:05,920 Suze: with right of survivorship would be. Now one of the 171 00:11:05,920 --> 00:11:09,530 Suze: reasons I just have to say this is very, very important: 172 00:11:10,200 --> 00:11:14,060 Suze: Is that the two of you love each other. You 173 00:11:14,059 --> 00:11:18,170 Suze: own everything. Joint tenancy with right of survivorship, the inheritance. 174 00:11:18,170 --> 00:11:22,050 Suze: You had the inheritance. He had no problem. 175 00:11:22,720 --> 00:11:27,610 Suze: However, you now are killed in a car crash or 176 00:11:27,610 --> 00:11:28,480 Suze: you die 177 00:11:29,110 --> 00:11:33,179 Suze: and your husband as much as he loves you, gets 178 00:11:33,179 --> 00:11:36,950 Suze: remarried a year or two later. Don't think it doesn't happen. 179 00:11:36,960 --> 00:11:42,100 Suze: It happens all the time. Now he takes everything 180 00:11:42,620 --> 00:11:47,719 Suze: and he marries another woman and he now owns another home. 181 00:11:47,730 --> 00:11:50,790 Suze: And all of the money is in joint tenancy with 182 00:11:50,790 --> 00:11:55,479 Suze: right of survivorship. And now he dies. All that money 183 00:11:55,490 --> 00:11:59,199 Suze: goes over to his new wife. Your children 184 00:11:59,830 --> 00:12:04,449 Suze: from that previous marriage, meaning your marriage and his marriage 185 00:12:04,460 --> 00:12:10,090 Suze: now could very well be disinherited. So that is why 186 00:12:10,090 --> 00:12:14,110 Suze: many times you need to be very careful how you 187 00:12:14,110 --> 00:12:19,120 Suze: hold your assets. KT and I to this day do 188 00:12:19,120 --> 00:12:22,900 Suze: not have one joint account. 189 00:12:23,360 --> 00:12:26,819 Suze: And while it is true, we own our one condo 190 00:12:26,830 --> 00:12:31,349 Suze: in joint tenancy with right of survivorship. It's like okay, 191 00:12:31,360 --> 00:12:33,620 Suze: it can go to you or anybody. You wanted to 192 00:12:33,620 --> 00:12:36,450 Suze: go to KT, I don't care. You have to think 193 00:12:36,450 --> 00:12:41,360 Suze: about this. So tenants in common when buying a home 194 00:12:41,980 --> 00:12:44,940 Suze: individual trust for each of you. 195 00:12:45,710 --> 00:12:49,610 KT: Next is from Myrna and Suze, this is in keeping 196 00:12:49,610 --> 00:12:52,260 KT: with the advice you just gave because listen to this. 197 00:12:52,270 --> 00:12:57,740 KT: Hi Suze and KT, can you please help me understand 198 00:12:57,740 --> 00:13:01,890 KT: how to get my two adult boys' name off a 199 00:13:01,890 --> 00:13:06,670 KT: timeshare deed. I didn't realize what a burden that is 200 00:13:06,720 --> 00:13:10,219 KT: to leave as a legacy. At first it seemed right 201 00:13:10,220 --> 00:13:11,020 KT: but after here 202 00:13:11,030 --> 00:13:14,450 KT: what you said in a podcast, I'm so sorry. Now 203 00:13:14,450 --> 00:13:16,140 KT: I did it. Help. 204 00:13:16,150 --> 00:13:18,970 Suze: I can't even believe that you're not sorry that you 205 00:13:18,970 --> 00:13:23,089 Suze: didn't do it for yourself girlfriend. But alright, a typical 206 00:13:23,090 --> 00:13:26,380 Suze: mama who wants to make sure that her kids are okay. 207 00:13:26,390 --> 00:13:30,270 Suze: First you have to review the timeshare contract and you 208 00:13:30,270 --> 00:13:33,500 Suze: really have to look for any provisions that allow for 209 00:13:33,500 --> 00:13:38,010 Suze: the transfer or removal of ownership because your timeshare may 210 00:13:38,010 --> 00:13:40,670 Suze: not allow that to be done. 211 00:13:40,860 --> 00:13:43,929 Suze: Then you need to check the state laws because some 212 00:13:43,929 --> 00:13:49,930 Suze: states have specific laws regarding timeshare ownership and transfer and 213 00:13:49,940 --> 00:13:54,020 Suze: you better really make sure that you know what they say, 214 00:13:54,150 --> 00:13:57,839 Suze: then you have to contact the timeshare company. If you're 215 00:13:57,840 --> 00:14:01,250 Suze: unable to find this, whatever it is in your contract 216 00:14:01,260 --> 00:14:05,010 Suze: or the state law that allows you to transfer or 217 00:14:05,010 --> 00:14:08,200 Suze: remove the names of your kids, then you can try 218 00:14:08,200 --> 00:14:09,590 Suze: to contact the 219 00:14:09,684 --> 00:14:13,955 Suze: time share company directly to inquire about the process that 220 00:14:13,955 --> 00:14:17,205 Suze: you would have to go through for removing the names 221 00:14:17,205 --> 00:14:20,415 Suze: from the deed and last but not least. I would 222 00:14:20,415 --> 00:14:24,375 Suze: hire an attorney if the timeshare company is unwilling to 223 00:14:24,375 --> 00:14:25,255 Suze: assist you. 224 00:14:25,410 --> 00:14:31,690 Suze: That's what you may need to do. Now. The reason KT, 225 00:14:31,700 --> 00:14:36,200 Suze: that I spent so much time just answering that question 226 00:14:36,210 --> 00:14:40,260 Suze: is because I really don't like timeshares. 227 00:14:40,730 --> 00:14:45,330 Suze: They are so complicated. You can't make changes in most cases. 228 00:14:45,340 --> 00:14:48,900 Suze: It's just a headache. Don't do it, don't do it. 229 00:14:48,910 --> 00:14:50,690 Suze: Don't do it and you're stuck. 230 00:14:50,700 --> 00:14:54,300 KT: You are stuck. Really stuck. It's hard to get out of. Okay, 231 00:14:54,300 --> 00:15:00,130 KT: next question from Catherine, Suze and KT Help. Okay, okay, 232 00:15:00,130 --> 00:15:03,479 KT: we're here. I put $10,000 in a Series I bond 233 00:15:03,480 --> 00:15:07,930 KT: last January now that I'm past the one year requirement, 234 00:15:08,310 --> 00:15:12,820 KT: I'm considering taking this out and putting it into three month. 235 00:15:12,820 --> 00:15:17,470 KT: Treasuries keep cycling the money every three months. I think 236 00:15:17,470 --> 00:15:21,160 KT: she means recycling right? Keep recycling the money every three months. 237 00:15:21,170 --> 00:15:24,080 KT: What hit would I take for this? And do you 238 00:15:24,080 --> 00:15:28,110 KT: think we should start doing this with series I bonds yet? 239 00:15:28,520 --> 00:15:30,960 KT: Thank you. Love you two. She wants to know the 240 00:15:30,970 --> 00:15:32,870 KT: actual number. I don't know if you can. 241 00:15:34,660 --> 00:15:39,420 Suze: I can give her the actual number: it will be three months of what your latest interest 242 00:15:39,420 --> 00:15:41,750 Suze: rate is that you happen to be getting 243 00:15:41,920 --> 00:15:44,700 Suze: bottom line, here's what I want to tell you. You 244 00:15:44,700 --> 00:15:47,320 Suze: are so denied. You are not going to do this 245 00:15:47,320 --> 00:15:50,060 Suze: under any level. You are going to leave that money 246 00:15:50,070 --> 00:15:53,830 Suze: in the Series I bonds. You are not going to 247 00:15:53,830 --> 00:15:56,800 Suze: take it out until you hear me say. Maybe it's 248 00:15:56,800 --> 00:15:59,240 Suze: a good idea to take it out. But for the 249 00:15:59,240 --> 00:16:02,580 Suze: next five years, most likely, that 250 00:16:02,595 --> 00:16:06,095 Suze: that money is to stay right there. Do not do 251 00:16:06,095 --> 00:16:07,535 Suze: not do not do this. 252 00:16:07,545 --> 00:16:11,585 KT: Suze Suze, you sound like the Suze Orman Show and 253 00:16:11,585 --> 00:16:14,525 KT: that brings me to approved in tonight. All of you 254 00:16:14,525 --> 00:16:18,335 KT: should be watching the Suze Orman Show on freevee. We 255 00:16:18,335 --> 00:16:23,265 KT: have almost 600 episodes. The most amazing 256 00:16:23,420 --> 00:16:26,670 KT: episodes of the Suze Orman Show. So go and tune in. 257 00:16:26,670 --> 00:16:29,229 KT: It's going to be a rainy weekend. Watch them or 258 00:16:29,230 --> 00:16:32,330 KT: a cold weekend. So great. 259 00:16:33,040 --> 00:16:38,930 Suze: Why I allowed freevee to have these 600 episodes is it 260 00:16:38,930 --> 00:16:43,570 Suze: doesn't cost to watch them. So watch... 261 00:16:43,580 --> 00:16:46,910 Suze: You have kids? You want them to experience it. The answer 262 00:16:46,910 --> 00:16:51,630 Suze: in those episodes still apply to this day. Go back 263 00:16:51,640 --> 00:16:54,240 Suze: and have a financial feast. 264 00:16:54,240 --> 00:16:57,920 KT: Yeah. Have a great Suze Suze show weekend. Okay, this 265 00:16:57,920 --> 00:17:01,660 KT: one's from Tina. I love this email because it kind 266 00:17:01,660 --> 00:17:05,440 KT: of goes back to where you were in the beginning 267 00:17:05,440 --> 00:17:07,840 KT: with the woman that wants to make sure that she's 268 00:17:07,840 --> 00:17:10,280 KT: not a story of Suze's story ready? 269 00:17:10,640 --> 00:17:14,180 KT: Hi Suze. I've been a viewer reader and listener of 270 00:17:14,180 --> 00:17:18,750 KT: yours for years. I'm in a same sex relationship and 271 00:17:18,750 --> 00:17:22,250 KT: my wife and I are going to get separated and 272 00:17:22,250 --> 00:17:26,720 KT: probably divorced. We both still care about each other but 273 00:17:26,720 --> 00:17:29,740 KT: I'm scared that this is going to turn ugly. 274 00:17:30,020 --> 00:17:34,570 KT: We have young kids, two businesses and real estate together. 275 00:17:34,580 --> 00:17:37,570 KT: How do we get smart fast about what we should 276 00:17:37,570 --> 00:17:41,750 KT: each do to protect ourselves, support our children and support 277 00:17:41,750 --> 00:17:46,440 KT: each other. I don't trust her 100%. She says we 278 00:17:46,440 --> 00:17:49,500 KT: don't need lawyers. She doesn't want me to tell my 279 00:17:49,500 --> 00:17:54,310 KT: family or friends. And then Tina says again, I'm scared. 280 00:17:54,670 --> 00:17:58,020 KT: I will lose my savings which are currently in a 281 00:17:58,020 --> 00:18:03,359 KT: joint investment account. I'm super scared that we will be fighting 282 00:18:03,359 --> 00:18:07,450 KT: over the kids. I hate that she decided to end things. 283 00:18:07,460 --> 00:18:10,720 KT: I had an accident a year ago and I've been 284 00:18:10,720 --> 00:18:13,080 KT: out of work. I used to make a quarter of 285 00:18:13,080 --> 00:18:16,030 KT: a million dollars a year. Now I make nothing. 286 00:18:16,400 --> 00:18:20,460 KT: My most immediate question is; how do we disentangle our 287 00:18:20,460 --> 00:18:25,800 KT: financial lives? Mostly everything is in a joint account. Business 288 00:18:25,800 --> 00:18:29,430 KT: accounts are in her name alone. All debt is in 289 00:18:29,430 --> 00:18:33,460 KT: both of our names. But she's always been the bigger spender. 290 00:18:33,480 --> 00:18:37,640 KT: How do we decide what's fair? Before you answer this, 291 00:18:37,650 --> 00:18:42,080 KT: I just want to remind everyone listening three times. Tina 292 00:18:42,080 --> 00:18:44,570 KT: said I am scared. 293 00:18:44,950 --> 00:18:48,240 Suze: She didn't just say KT that she was scared. She 294 00:18:48,240 --> 00:18:52,640 Suze: said she was super scared. Tina listen to me and 295 00:18:52,640 --> 00:18:55,500 Suze: listen to me closely now that you are in a 296 00:18:55,500 --> 00:18:59,250 Suze: situation where you're not able to work, you are going 297 00:18:59,250 --> 00:19:03,340 Suze: to qualify for alimony. Now I don't know how much 298 00:19:03,340 --> 00:19:08,060 Suze: money your ex to be makes. But obviously it is 299 00:19:08,060 --> 00:19:09,760 Suze: more than you 300 00:19:09,990 --> 00:19:15,950 Suze: And anything is more than nothing. That's number one. Number 301 00:19:15,950 --> 00:19:19,169 Suze: two I don't like that the businesses are just in 302 00:19:19,170 --> 00:19:22,900 Suze: her name but the debt and everything else is in 303 00:19:22,910 --> 00:19:25,770 Suze: joint tenancy. I don't like that. 304 00:19:26,160 --> 00:19:29,320 Suze: I don't like that she doesn't want you to tell 305 00:19:29,330 --> 00:19:33,570 Suze: your friends, your parents or anybody you should be wanting 306 00:19:33,580 --> 00:19:37,379 Suze: to tell anybody and everybody so that you could get 307 00:19:37,390 --> 00:19:42,300 Suze: the emotional support that you obviously need. Therefore 308 00:19:42,980 --> 00:19:47,200 Suze: the fact that she told you you don't need or 309 00:19:47,200 --> 00:19:52,189 Suze: we don't need a lawyer to solve this. I don't 310 00:19:52,200 --> 00:19:53,090 Suze: like that. 311 00:19:53,710 --> 00:19:55,369 Suze: Here's what I want you to do. 312 00:19:56,140 --> 00:19:58,680 Suze: I want you to be stronger than you have ever 313 00:19:58,680 --> 00:20:03,859 Suze: possibly been and I want you to make appointments with 314 00:20:03,869 --> 00:20:11,450 Suze: every fabulous lawyer that is in your area, divorce lawyer. Okay. 315 00:20:11,460 --> 00:20:14,720 Suze: And I want you to either go see him or 316 00:20:14,720 --> 00:20:17,790 Suze: her or have an appointment over the phone 317 00:20:18,230 --> 00:20:22,429 Suze: and then you will decide now which one you would 318 00:20:22,430 --> 00:20:25,550 Suze: like to use. The reason that I want you to 319 00:20:25,550 --> 00:20:29,770 Suze: go and see every single one. Many go and see 320 00:20:29,770 --> 00:20:34,010 Suze: them all if you want, is because when she finds 321 00:20:34,010 --> 00:20:39,160 Suze: out that you've hired a lawyer she may get angry 322 00:20:39,540 --> 00:20:42,450 Suze: then she will go and try to find a lawyer 323 00:20:42,560 --> 00:20:46,729 Suze: and if that lawyer has already heard from you, 324 00:20:47,170 --> 00:20:50,670 Suze: he or she has a conflict of interest and they 325 00:20:50,670 --> 00:20:56,540 Suze: cannot represent her. So this is now what actions you 326 00:20:56,540 --> 00:21:01,230 Suze: take in order for you to feel secure for somebody 327 00:21:01,230 --> 00:21:05,600 Suze: to seriously represent you in your business interests, in all 328 00:21:05,609 --> 00:21:07,300 Suze: the interests that you have. 329 00:21:07,670 --> 00:21:11,629 Suze: That, my dear Tina is my advice to you. I 330 00:21:11,630 --> 00:21:15,840 Suze: seriously suggest that you follow it. Next question KT. 331 00:21:18,640 --> 00:21:20,659 KT: Ok, this is from C. K. and M. K. 332 00:21:21,880 --> 00:21:24,680 KT: C. K. and M. K. Hi Suze and KT. I'm 333 00:21:24,680 --> 00:21:30,030 KT: 57 and my husband is 62. I'm retired receiving a pension. 334 00:21:30,190 --> 00:21:34,480 KT: My husband is currently working and not retiring until he's 335 00:21:34,480 --> 00:21:37,200 KT: 70 to receive his social security. 336 00:21:37,480 --> 00:21:41,350 KT: We are debt free except for our 15 year mortgage. 337 00:21:41,410 --> 00:21:47,280 KT: We will be fully funding our 2022 2023 H. S. A. 338 00:21:47,290 --> 00:21:52,240 KT: and Roth Iras, we have a 12 month emergency fund. 339 00:21:52,410 --> 00:21:55,619 KT: We have an extra 20,000 in cash and would like 340 00:21:55,619 --> 00:21:59,790 KT: to know should we invest in I bonds for each 341 00:21:59,790 --> 00:22:00,470 KT: of us. 342 00:22:01,270 --> 00:22:05,909 Suze: All right, this is a pop quizzie. Everybody, did you 343 00:22:05,910 --> 00:22:11,220 Suze: just listen to the question that KT asked should this 344 00:22:11,220 --> 00:22:15,060 Suze: woman and her husband, she's going to work for another 345 00:22:15,060 --> 00:22:19,600 Suze: seven years. Everything is great. They're funding everything should they 346 00:22:19,600 --> 00:22:21,350 Suze: do what KT? 347 00:22:21,359 --> 00:22:24,440 KT: Invest in I bonds for each of them. 348 00:22:25,570 --> 00:22:28,149 Suze: Should they? Or shouldn't they? 349 00:22:28,660 --> 00:22:33,609 KT: Yea. Why not? Yeah. Why not? 350 00:22:34,250 --> 00:22:37,190 KT: Why you why not? 351 00:22:37,200 --> 00:22:40,320 Suze: Alright. Here's what I would be telling you. C. K. 352 00:22:40,320 --> 00:22:43,260 Suze: and M. K. You have everything that's going for you 353 00:22:43,260 --> 00:22:45,609 Suze: absolutely brilliantly. 354 00:22:46,270 --> 00:22:52,429 Suze: However you still have a mortgage and I want you 355 00:22:52,430 --> 00:22:55,800 Suze: in a situation once you are in your retirement years 356 00:22:55,810 --> 00:23:00,889 Suze: and you retire, that you no longer have a mortgage. Now, 357 00:23:00,900 --> 00:23:03,700 Suze: I don't know the interest rate that you're currently paying 358 00:23:03,700 --> 00:23:04,889 Suze: on your mortgage. 359 00:23:05,280 --> 00:23:09,300 Suze: But if it were me before I bought series I bonds, 360 00:23:09,310 --> 00:23:12,390 Suze: I most likely, especially if you're going to be keeping 361 00:23:12,390 --> 00:23:17,640 Suze: that house, I would absolutely be taking that extra $20,000 362 00:23:17,650 --> 00:23:21,480 Suze: and paying down my mortgage. 363 00:23:21,660 --> 00:23:26,100 Suze: Because again, you never know right? You're retired, you're receiving 364 00:23:26,100 --> 00:23:29,780 Suze: a pension right? However your husband is going to work. 365 00:23:29,790 --> 00:23:32,560 Suze: But what if he's in an accident? What if something happens? 366 00:23:32,570 --> 00:23:36,270 Suze: You don't quite have the money right by by paying 367 00:23:36,270 --> 00:23:40,520 Suze: down the mortgage and possibly owning your home outright sooner. 368 00:23:40,530 --> 00:23:44,420 Suze: That will be far better in my opinion to do. 369 00:23:44,480 --> 00:23:45,660 KT: Yeah. They'll feel really free. Alright, the next is Edna. 370 00:23:49,010 --> 00:23:52,879 Suze: I'm so impressed. Katie didn't even like wimp about getting 371 00:23:52,880 --> 00:23:53,800 Suze: that one wrong. 372 00:23:54,030 --> 00:23:56,810 KT: No, I figured why not? Anyway. I recently rolled over my 401Kk) 373 00:23:57,800 --> 00:24:03,470 KT: from previous employers to my TD Ameritrade account. I bought E. T. F. S. 374 00:24:03,490 --> 00:24:06,740 KT: Do I have to monitor it like stocks or do 375 00:24:06,740 --> 00:24:09,909 KT: I leave it alone and just check it once a month. 376 00:24:10,470 --> 00:24:12,440 KT: Check her E. T. S. 377 00:24:12,450 --> 00:24:17,510 Suze: So E. T. F. S. Everybody are exchange traded funds 378 00:24:17,520 --> 00:24:22,859 Suze: and hopefully you, Edna bought an exchange traded fund in 379 00:24:22,859 --> 00:24:27,660 Suze: something that's really diversified. Like the Standard and Poor's 500 380 00:24:27,660 --> 00:24:31,840 Suze: of Vanguard Total Stock market index ETF where you're totally 381 00:24:31,840 --> 00:24:37,540 Suze: diversified and you should not just be making a one 382 00:24:37,550 --> 00:24:39,420 Suze: time investment. 383 00:24:39,780 --> 00:24:45,950 Suze: So if you rolled over, let's just say $12,000 or $24,000, 384 00:24:45,960 --> 00:24:50,179 Suze: I personally would have wanted you to take $1,000 a 385 00:24:50,180 --> 00:24:56,449 Suze: month and invested dollar cost averaging or $2,000 a month. 386 00:24:57,050 --> 00:25:01,340 Suze: It is possible that you invested all of it in 387 00:25:01,350 --> 00:25:05,990 Suze: this E. T. F. Depending on the E. T. F. Yeah. 388 00:25:06,000 --> 00:25:09,180 Suze: You have to monitor it. You have to watch what 389 00:25:09,180 --> 00:25:12,710 Suze: it's doing because you don't want to see something go 390 00:25:12,710 --> 00:25:16,130 Suze: all the way down 30 40 or 50%. 391 00:25:16,680 --> 00:25:19,459 Suze: And the economy is horrible. You don't know what to 392 00:25:19,460 --> 00:25:22,300 Suze: do and then have to wait 10 or 15 years 393 00:25:22,300 --> 00:25:25,440 Suze: for it to come back to be even. So if 394 00:25:25,440 --> 00:25:29,939 Suze: you're dollar cost averaging, don't monitor it and just keep 395 00:25:29,940 --> 00:25:34,959 Suze: doing it. If however you invested a lump sum in 396 00:25:34,970 --> 00:25:36,420 Suze: it all 397 00:25:36,720 --> 00:25:39,949 Suze: now you have to monitor it. That's what I would say. 398 00:25:39,960 --> 00:25:43,409 Suze: Or maybe what you want to do is take some of 399 00:25:43,410 --> 00:25:46,810 Suze: the money out of it. Put it in high interest 400 00:25:46,810 --> 00:25:49,820 Suze: account that the brokerage firm has and then dollar cost 401 00:25:49,820 --> 00:25:53,120 Suze: average back into it. That's probably what I would do 402 00:25:53,119 --> 00:25:56,610 Suze: if you did a lump sum. All right. KT... 403 00:25:57,380 --> 00:25:58,870 KT: That's a wrap, Suze. 404 00:25:58,890 --> 00:26:01,310 Suze: So no, KT. This isn't a wrap because I just 405 00:26:01,310 --> 00:26:04,870 Suze: want to address one other thing, which is this. 406 00:26:05,560 --> 00:26:08,970 Suze: I got a message on the women and money community 407 00:26:08,970 --> 00:26:13,160 Suze: app from somebody by the name of Morgan. And Morgan 408 00:26:13,160 --> 00:26:17,389 Suze: really was a little upset at me seriously, because I 409 00:26:17,390 --> 00:26:20,070 Suze: said that you know, a lot of banks offer high 410 00:26:20,070 --> 00:26:23,500 Suze: interest rates and they're suckering you in and there it's 411 00:26:23,500 --> 00:26:25,550 Suze: a false rate. Alright, let me just correct that for 412 00:26:25,550 --> 00:26:29,770 Suze: a second. Banks can be fabulous. Truthfully. 413 00:26:30,140 --> 00:26:32,490 Suze: And if you find a place that has a high 414 00:26:32,490 --> 00:26:35,220 Suze: interest rate and you want to do that, that's absolutely 415 00:26:35,220 --> 00:26:39,300 Suze: where you should go. All right. The reason why I 416 00:26:39,300 --> 00:26:44,040 Suze: started with Alliant Credit Union and did the ultimate opportunity 417 00:26:44,040 --> 00:26:50,139 Suze: savings account, was that they were the only financial institution 418 00:26:50,140 --> 00:26:53,340 Suze: and I went to a lot that we're willing to 419 00:26:53,340 --> 00:26:58,629 Suze: allow people to deposit just $100 a month 420 00:26:59,090 --> 00:27:06,460 Suze: and after 12 months of consecutive $100 deposits, Alliant would 421 00:27:06,460 --> 00:27:12,619 Suze: give them $100. They also, at the time, if you 422 00:27:12,619 --> 00:27:17,980 Suze: remember they were giving all of you .6% interest when 423 00:27:17,980 --> 00:27:22,030 Suze: that was far higher than any bank or any other 424 00:27:22,030 --> 00:27:24,740 Suze: financial institution out there. 425 00:27:25,330 --> 00:27:29,870 Suze: So if you did the math on that, for people 426 00:27:29,869 --> 00:27:34,179 Suze: who only could afford $100 a month, that was coming 427 00:27:34,180 --> 00:27:40,969 Suze: out to 16 or 18% - fabulous deal. After many of 428 00:27:40,970 --> 00:27:42,940 Suze: you decided to do that. 429 00:27:43,350 --> 00:27:47,820 Suze: You know, then we created other investment vehicles for you. 430 00:27:47,830 --> 00:27:52,370 Suze: So Morgan, here's what I would tell you and everybody else. 431 00:27:52,390 --> 00:27:58,250 Suze: If you really want to get high rate, high interest rate, 432 00:27:58,260 --> 00:28:03,719 Suze: far higher than any bank or credit union can give you. 433 00:28:04,060 --> 00:28:10,820 Suze: Why not get certificates of deposits or Treasury bills? Why 434 00:28:10,820 --> 00:28:17,200 Suze: settle for 3.35% or 3.75% just to keep your money liquid, 435 00:28:17,200 --> 00:28:19,570 Suze: especially if it doesn't need to be liquid 436 00:28:19,880 --> 00:28:23,890 Suze: when you could easily get three month or six month 437 00:28:23,890 --> 00:28:28,650 Suze: treasury bills for 4.8%. Especially the six months - same thing 438 00:28:28,650 --> 00:28:33,639 Suze: with the offer that's coming with Alliant Credit Union for 439 00:28:33,640 --> 00:28:38,340 Suze: certificates of deposits. Their three month and six month certificate 440 00:28:38,340 --> 00:28:41,510 Suze: of deposit will absolutely match 441 00:28:42,340 --> 00:28:45,960 Suze: as close as possible. The interest rates on three and 442 00:28:45,960 --> 00:28:50,060 Suze: six month treasury bills. So if you're really looking for 443 00:28:50,060 --> 00:28:53,590 Suze: the highest interest rate, that's what you should be doing. 444 00:28:53,600 --> 00:28:57,920 Suze: Other than that. Hey, you are all free to go 445 00:28:57,930 --> 00:29:03,280 Suze: anywhere anywhere you guys... to do what? Find the highest 446 00:29:03,290 --> 00:29:06,720 Suze: interest rate possible for your money. 447 00:29:07,120 --> 00:29:14,220 Suze: So yeah, I like Alliant credit.. people are fantastic. And 448 00:29:14,220 --> 00:29:18,040 Suze: I like that. It's not just about the interest rates 449 00:29:18,040 --> 00:29:21,410 Suze: that they pay, it's about the car loans, the mortgage rates, 450 00:29:21,450 --> 00:29:25,470 Suze: the service, they give their people all kinds of things 451 00:29:25,470 --> 00:29:29,000 Suze: like that. The care, the care. So I hope Morgan 452 00:29:29,000 --> 00:29:30,690 Suze: that answered your question. 453 00:29:30,950 --> 00:29:33,280 Suze: I hope you feel that you can trust me because 454 00:29:33,290 --> 00:29:38,020 Suze: honest to God..., if you can't trust you can't trust me. Yeah, 455 00:29:38,020 --> 00:29:41,060 Suze: we're in trouble. But I like that. You questioned it 456 00:29:41,070 --> 00:29:46,570 Suze: and I hope this answered your doubt. Alright, KT Take 457 00:29:46,580 --> 00:29:47,650 Suze: us out: 458 00:29:47,660 --> 00:29:49,720 KT: Okay, Suze. So wherever we go 459 00:29:49,730 --> 00:29:53,830 KT: today, we're going to be sure we create a peaceful, 460 00:29:53,830 --> 00:29:56,170 KT: joyful and loving world. 461 00:29:56,180 --> 00:29:57,490 Suze: Who's we, KT? 462 00:29:57,490 --> 00:29:58,480 KT: You and me, Suze. 463 00:29:58,480 --> 00:30:02,820 Suze: And everybody listening to the women and money podcast. Now 464 00:30:02,820 --> 00:30:08,930 Suze: you stay safe. And remember you are all unstoppable.