1 00:00:30,020 --> 00:00:34,979 Suze: July 2nd, (can you believe it?) 2025. Welcome everybody to 2 00:00:34,979 --> 00:00:37,818 Suze: the Women and Money podcast, as well as everybody smart 3 00:00:37,819 --> 00:00:41,979 Suze: enough to listen. Suze O here, and I'm coming to 4 00:00:41,979 --> 00:00:46,449 Suze: you early. I know, I know. It's supposed to be 5 00:00:46,450 --> 00:00:49,540 Suze: tomorrow when we drop the podcast, but we're dropping it 6 00:00:49,540 --> 00:00:53,439 Suze: one day early because number one, the holiday is coming up. 7 00:00:53,900 --> 00:00:55,500 Suze: We have guests coming. 8 00:00:55,979 --> 00:01:00,500 Suze: And I have something that I want every single one 9 00:01:00,500 --> 00:01:04,230 Suze: of you to do if it makes sense for you 10 00:01:04,230 --> 00:01:09,019 Suze: to do it. Now, when I started this podcast this year, 11 00:01:09,269 --> 00:01:13,268 Suze: I wanted the theme to be "Make Your Money, Make 12 00:01:13,269 --> 00:01:17,150 Suze: More Money." Do you remember that? Make your money, make 13 00:01:17,150 --> 00:01:21,389 Suze: more money. And what absolutely confuses me... 14 00:01:22,569 --> 00:01:25,220 Suze: Confuses me and kind of keeps me up at night 15 00:01:25,220 --> 00:01:29,809 Suze: sometimes is how so many of you, when I talk 16 00:01:29,809 --> 00:01:32,610 Suze: to you, you're scared to death. You don't know what 17 00:01:32,610 --> 00:01:35,080 Suze: to do with your money. You want to make sure 18 00:01:35,080 --> 00:01:38,010 Suze: that it's making the most. And when I ask you 19 00:01:38,330 --> 00:01:42,050 Suze: where is your money right now, you tell me it's 20 00:01:42,050 --> 00:01:44,488 Suze: in a savings account at a bank. 21 00:01:45,610 --> 00:01:48,639 Suze: And I go, and why is it there? And you 22 00:01:48,639 --> 00:01:52,949 Suze: tell me cause you are afraid to put it anywhere else. 23 00:01:53,440 --> 00:01:56,800 Suze: Like Suze, I used to put it into Treasuries, but 24 00:01:56,800 --> 00:01:59,709 Suze: now I'm afraid that the Treasury's going to go under. 25 00:01:59,919 --> 00:02:02,879 Suze: So I took it all out of Treasuries and I 26 00:02:02,879 --> 00:02:05,680 Suze: put it in my bank account. Or, 27 00:02:06,150 --> 00:02:09,309 Suze: you tell me, like my friend just told me the 28 00:02:09,309 --> 00:02:14,000 Suze: other day who lost his mother, approximately 1 year ago. 29 00:02:14,210 --> 00:02:16,440 Suze: We were talking to him about how is he doing, 30 00:02:16,610 --> 00:02:18,750 Suze: what is he doing with his money, as I talked 31 00:02:18,750 --> 00:02:21,769 Suze: to everybody about, and he said, Well, you know, Suze, 32 00:02:22,119 --> 00:02:24,440 Suze: she left me $100,000. 33 00:02:25,179 --> 00:02:28,758 Suze: And really, you know, I didn't know what to do 34 00:02:28,758 --> 00:02:31,000 Suze: with it, so what did he do with it? He 35 00:02:31,000 --> 00:02:34,479 Suze: left it at a bank and I said, What do 36 00:02:34,479 --> 00:02:36,399 Suze: you mean you left it at a bank? He said, 37 00:02:36,479 --> 00:02:39,199 Suze: I've had it in a savings account at a bank 38 00:02:39,199 --> 00:02:41,830 Suze: down the street from me for the past year. 39 00:02:42,630 --> 00:02:45,809 Suze: And I said, and can you tell me the interest 40 00:02:45,809 --> 00:02:48,059 Suze: rate that you're getting on it? 41 00:02:48,740 --> 00:02:53,220 Suze: And he said, I think it's about 0.60%, something like that. 42 00:02:53,470 --> 00:02:54,579 Suze: I don't remember. 43 00:02:55,600 --> 00:02:58,399 Suze: Right, so let's just say it was .60, but I 44 00:02:58,399 --> 00:03:02,948 Suze: have to tell you, the savings national average in banks... 45 00:03:04,139 --> 00:03:10,770 Suze: 0.38%. So maybe .60%'s a little high, but let's just 46 00:03:10,770 --> 00:03:14,850 Suze: say that's true. So I said wait a minute, are 47 00:03:14,850 --> 00:03:18,288 Suze: you telling me that for one full year, he said, yeah, 48 00:03:18,369 --> 00:03:21,250 Suze: it's a full year now, Suze, maybe even a little longer. 49 00:03:22,000 --> 00:03:26,109 Suze: That you have left that money just sitting in a 50 00:03:26,110 --> 00:03:29,020 Suze: savings account, and he said yes. 51 00:03:29,630 --> 00:03:32,300 Suze: I said, do you realize that if it's true what 52 00:03:32,300 --> 00:03:35,740 Suze: they're paying you is .60%? 53 00:03:36,580 --> 00:03:39,309 Suze: That over that entire year. 54 00:03:40,240 --> 00:03:43,509 Suze: Do you have any idea how much interest you made? 55 00:03:44,009 --> 00:03:48,119 Suze: And he said, maybe a few $1000. He said, I 56 00:03:48,119 --> 00:03:55,190 Suze: don't know. And I said, you're lucky if you made $600. 57 00:03:56,440 --> 00:03:58,270 Suze: And I said, why... 58 00:03:59,270 --> 00:04:02,979 Suze: would you do that? Do you need this money? He said, No. 59 00:04:03,270 --> 00:04:05,350 Suze: I said, Can you lock this money up for a year, 60 00:04:05,470 --> 00:04:07,270 Suze: 2 or 3? He said, Yes. 61 00:04:08,009 --> 00:04:11,460 Suze: I said, so why did you just let it sit there? 62 00:04:11,869 --> 00:04:15,339 Suze: And he said, because it was easy, it was convenient, 63 00:04:15,419 --> 00:04:18,910 Suze: and I thought, why not? And I said, I'll tell 64 00:04:18,910 --> 00:04:19,989 Suze: you why not. 65 00:04:20,709 --> 00:04:24,880 Suze: Because rather than just having made $600 because your money 66 00:04:24,880 --> 00:04:29,440 Suze: was sitting in a bank account, you could have easily 67 00:04:29,440 --> 00:04:36,739 Suze: made in a certificate of deposit $44,500 a year. That 68 00:04:36,738 --> 00:04:39,359 Suze: is a big difference. 69 00:04:40,619 --> 00:04:44,029 Suze: OK, so when we got off the phone with him, 70 00:04:44,279 --> 00:04:48,269 Suze: I started to ask other people just out of curiosity, 71 00:04:48,500 --> 00:04:51,079 Suze: do you have money in a savings account? Do you 72 00:04:51,079 --> 00:04:54,269 Suze: have money at a bank? Do you have money just liquid? 73 00:04:54,519 --> 00:04:56,868 Suze: And people would tell me, absolutely. 74 00:04:57,619 --> 00:05:03,599 Suze: I have anywhere from $10,000 to $50,000 to somebody had 75 00:05:03,600 --> 00:05:09,040 Suze: close to $200,000 just sitting in a savings account. 76 00:05:10,238 --> 00:05:14,579 Suze: And I'm like I just can't even believe it. 77 00:05:15,519 --> 00:05:19,618 Suze: So to that end I decided, you know what, how 78 00:05:19,619 --> 00:05:22,380 Suze: many of you out there, and I need you to 79 00:05:22,380 --> 00:05:27,049 Suze: be honest with me right now. You have money sitting 80 00:05:27,049 --> 00:05:31,890 Suze: in a savings account that you do not need. Come on, 81 00:05:32,140 --> 00:05:33,589 Suze: be honest with me. 82 00:05:34,609 --> 00:05:38,589 Suze: But actually more important than being honest with me, you 83 00:05:38,589 --> 00:05:40,940 Suze: need to be honest with yourself. 84 00:05:41,799 --> 00:05:45,799 Suze: Because if you have money that you don't need simply 85 00:05:45,799 --> 00:05:52,989 Suze: sitting in a savings account, making a 0.5% or whatever, 86 00:05:53,600 --> 00:05:59,510 Suze: you are not making your money, make more money. If anything, 87 00:05:59,678 --> 00:06:04,829 Suze: you're actually after taxes, inflation, and everything, you are losing 88 00:06:05,160 --> 00:06:08,839 Suze: money year in and year out. 89 00:06:09,230 --> 00:06:13,179 Suze: And given in times like we have now where inflation 90 00:06:13,178 --> 00:06:16,729 Suze: is still here, the cost of food is still high, 91 00:06:16,940 --> 00:06:21,190 Suze: rents are still high, interest rates on mortgages are still high, 92 00:06:21,700 --> 00:06:25,618 Suze: insurance premiums are still high. Every single one of you 93 00:06:25,619 --> 00:06:30,100 Suze: needs to make your money make more money. You need 94 00:06:30,100 --> 00:06:34,429 Suze: to make your money make the most possible money it 95 00:06:34,428 --> 00:06:37,260 Suze: can make. Do you understand that? 96 00:06:38,290 --> 00:06:42,329 Suze: Now, I understand that so many of you have written 97 00:06:42,329 --> 00:06:44,760 Suze: in and said you don't want to do treasuries. 98 00:06:46,059 --> 00:06:50,290 Suze: And you ask me, Suze, what is a good interest 99 00:06:50,290 --> 00:06:54,079 Suze: rate that I could get on a certificate of deposit, 100 00:06:54,529 --> 00:06:58,329 Suze: and that is why I wanted today to be the 101 00:06:58,329 --> 00:07:02,170 Suze: day that this podcast drops. 102 00:07:02,940 --> 00:07:04,290 Suze: Listen to me closely. 103 00:07:05,359 --> 00:07:09,809 Suze: Alliant Credit Union, which you know has been the sponsor 104 00:07:09,809 --> 00:07:12,070 Suze: of this podcast for a long time. 105 00:07:13,179 --> 00:07:16,709 Suze: After conversing with them and talking with them. 106 00:07:17,630 --> 00:07:23,630 Suze: Just for Suze Orman listeners on this podcast. So you're 107 00:07:23,630 --> 00:07:28,190 Suze: not gonna see this advertised really anywhere else. It's mainly 108 00:07:28,190 --> 00:07:29,339 Suze: for all of you. 109 00:07:30,809 --> 00:07:34,750 Suze: They are willing to offer starting today, and you better 110 00:07:34,750 --> 00:07:36,390 Suze: take them up on this. 111 00:07:37,220 --> 00:07:44,420 Suze: A 12 month certificate for 4.30 APY and for those 112 00:07:44,420 --> 00:07:50,109 Suze: of you who don't know, APY stands for annual percentage yield. 113 00:07:50,459 --> 00:07:53,579 Suze: So if you hold your funds in that 12 month 114 00:07:53,579 --> 00:08:00,420 Suze: certificate for the entire term, you will get 4.30 APY 115 00:08:00,420 --> 00:08:02,739 Suze: on it. Now if you compare that rate 116 00:08:03,290 --> 00:08:06,089 Suze: to other things that are out there right now, you 117 00:08:06,089 --> 00:08:11,690 Suze: will see it is a great, great rate, especially because 118 00:08:11,690 --> 00:08:18,679 Suze: it's at a safe institution. It's safe everybody, whether you're 119 00:08:18,679 --> 00:08:23,970 Suze: already a member at Alliant Credit Union or not, just 120 00:08:23,970 --> 00:08:29,980 Suze: go to myalliant.com. That's my M Y A L L 121 00:08:29,980 --> 00:08:32,369 Suze: I A N T.com. 122 00:08:33,218 --> 00:08:36,598 Suze: There you'll find all the terms you need to open 123 00:08:36,598 --> 00:08:42,239 Suze: either an Alliant certificate with that interest rate of 4.30 124 00:08:42,239 --> 00:08:46,479 Suze: APY or you will become a member there and it 125 00:08:46,479 --> 00:08:49,439 Suze: doesn't cost you anything to do so. 126 00:08:50,830 --> 00:08:53,640 Suze: You need to know that I do not make a penny. 127 00:08:54,549 --> 00:08:57,570 Suze: If you decide to do it or you decide not 128 00:08:57,570 --> 00:09:00,090 Suze: to do it, so many of you think I get 129 00:09:00,090 --> 00:09:02,599 Suze: paid to say these things, and if you do it, 130 00:09:02,609 --> 00:09:07,169 Suze: I make more money. Wrong, wrong, wrong. That's true for 131 00:09:07,169 --> 00:09:09,929 Suze: this as well as any stock I have ever mentioned. 132 00:09:10,729 --> 00:09:15,979 Suze: I don't get paid to say something like that. However, 133 00:09:16,640 --> 00:09:21,150 Suze: I do want you to get paid to make your money, 134 00:09:21,159 --> 00:09:24,760 Suze: make more money by if you have money in a 135 00:09:24,760 --> 00:09:28,840 Suze: savings account at a bank, wherever it may be making 136 00:09:29,640 --> 00:09:33,530 Suze: 0.5% interest or whatever you're not going to need it 137 00:09:33,530 --> 00:09:37,690 Suze: for at least a year. Why would you not immediately 138 00:09:37,690 --> 00:09:44,699 Suze: go to My Alliant A L L I A N T.com? 139 00:09:45,929 --> 00:09:54,020 Suze: And sign up for the one year certificate for 4.30 APY. 140 00:09:54,369 --> 00:09:57,929 Suze: It's something I'm serious that all of you should be 141 00:09:57,929 --> 00:10:03,598 Suze: taking advantage of. I'm waiting for my certificate to mature 142 00:10:03,890 --> 00:10:09,289 Suze: this month sometime later on at Alliant Credit Union, and 143 00:10:09,289 --> 00:10:10,929 Suze: I'm only hoping 144 00:10:11,609 --> 00:10:14,650 Suze: that this will still be available. So what you have 145 00:10:14,650 --> 00:10:18,369 Suze: to understand is I don't know how long they can 146 00:10:18,369 --> 00:10:22,359 Suze: stay at this interest rate. Again, this was a special 147 00:10:22,690 --> 00:10:27,049 Suze: for the Women and Money podcast listeners. 148 00:10:28,309 --> 00:10:31,819 Suze: And so therefore I'm asking all of you 149 00:10:32,520 --> 00:10:35,450 Suze: to take advantage of it now when you buy a 150 00:10:35,450 --> 00:10:41,859 Suze: certificate at Alliant Credit Union, the minimum is $1000. So 151 00:10:41,859 --> 00:10:46,409 Suze: it's not like you have to put in $10,000 50,000 dollars. 152 00:10:46,539 --> 00:10:50,739 Suze: You have $1000 that's just been sitting. All right, do 153 00:10:50,739 --> 00:10:54,260 Suze: it with $1000. If you have more that has just 154 00:10:54,260 --> 00:10:57,020 Suze: been sitting, do it with more. 155 00:10:57,340 --> 00:11:01,700 Suze: But it is really, really important to everybody that you 156 00:11:01,700 --> 00:11:04,059 Suze: take advantage of this. 157 00:11:04,859 --> 00:11:08,419 Suze: So that is essentially what I wanted to tell you 158 00:11:08,419 --> 00:11:14,010 Suze: all today. So again, when it comes to your money, 159 00:11:14,580 --> 00:11:19,080 Suze: it is really, really important that you make your money 160 00:11:19,080 --> 00:11:20,859 Suze: make more money. 161 00:11:21,940 --> 00:11:26,280 Suze: Now another way that you need to make your money 162 00:11:26,280 --> 00:11:30,478 Suze: make more money is too many of you when I 163 00:11:30,479 --> 00:11:34,070 Suze: am talking to you again or you are writing me, 164 00:11:34,349 --> 00:11:41,640 Suze: you are still investing your money in traditional 401ks or 165 00:11:41,640 --> 00:11:47,150 Suze: traditional IRAs. Have you all lost your mind. 166 00:11:47,700 --> 00:11:51,089 Suze: And when I ask you why, you tell me because 167 00:11:51,090 --> 00:11:57,520 Suze: you want the tax write off. April 21st of 2024, 168 00:11:57,890 --> 00:12:03,690 Suze: I did a podcast. Don't bears with Uncle Sam, which 169 00:12:03,690 --> 00:12:08,729 Suze: I explain in that podcast that it does not matter. 170 00:12:09,539 --> 00:12:13,539 Suze: If you're making 300,000 a year, 500,000 a year, I 171 00:12:13,539 --> 00:12:16,630 Suze: don't care how much money you're making a year. You 172 00:12:16,630 --> 00:12:22,849 Suze: are making the absolute biggest mistake in life if you 173 00:12:23,219 --> 00:12:28,130 Suze: don't take advantage of your Roth retirement accounts at work. 174 00:12:28,640 --> 00:12:32,770 Suze: And if you qualify, your Roth retirements that you can 175 00:12:32,770 --> 00:12:36,409 Suze: open up as an individual, an IRA Roth, and if 176 00:12:36,409 --> 00:12:40,880 Suze: you are making too much money of modified adjusted gross income, 177 00:12:41,130 --> 00:12:44,250 Suze: if you don't have a traditional IRA or a SEP 178 00:12:44,250 --> 00:12:46,609 Suze: IRA right now, OK. 179 00:12:47,200 --> 00:12:51,718 Suze: Then you can do a back door Roth. Do you 180 00:12:51,719 --> 00:12:55,359 Suze: hear me? What's so upsetting to me is I was 181 00:12:55,359 --> 00:12:59,190 Suze: talking to another friend. So this is going to be 182 00:12:59,190 --> 00:13:03,739 Suze: a podcast about Suze talking to her friends who drive 183 00:13:03,739 --> 00:13:09,200 Suze: her crazy anyway, but it's only because they don't get it, 184 00:13:09,520 --> 00:13:11,839 Suze: and maybe it's my fault they don't get it, but 185 00:13:11,840 --> 00:13:13,479 Suze: they should get it by now. 186 00:13:13,919 --> 00:13:16,010 Suze: But then KT doesn't get it, so what can I 187 00:13:16,010 --> 00:13:18,760 Suze: tell you when it comes to Roth? And she was 188 00:13:18,760 --> 00:13:23,429 Suze: telling me how she has money in a SEP IRA 189 00:13:24,039 --> 00:13:27,799 Suze: cause she makes too much money to qualify for a 190 00:13:27,799 --> 00:13:35,159 Suze: Roth IRA. Remember, for 2025, if you're a single person, 191 00:13:36,119 --> 00:13:41,598 Suze: you can make up to $150,000 a year of modified 192 00:13:41,599 --> 00:13:43,330 Suze: adjusted gross income. 193 00:13:44,619 --> 00:13:49,000 Suze: To do what contribute the full $7000 a year to 194 00:13:49,000 --> 00:13:51,099 Suze: a Roth, if you are under 50. 195 00:13:51,989 --> 00:13:56,500 Suze: Or $8000 a year if you are 50 or older. 196 00:13:56,750 --> 00:14:01,140 Suze: Once you're at $150 and you go to 165, after 197 00:14:01,140 --> 00:14:06,739 Suze: $165 you no longer qualify. If you're married finally and jointly, 198 00:14:07,070 --> 00:14:12,080 Suze: it's up to 236,000. So if you make just below that. 199 00:14:12,520 --> 00:14:15,960 Suze: You can then qualify for a Roth. Once it goes 200 00:14:15,960 --> 00:14:21,520 Suze: to 246,000 or above, you no longer qualify. That's when 201 00:14:21,520 --> 00:14:25,320 Suze: you could do a backdoor Roth as long as you 202 00:14:25,320 --> 00:14:27,830 Suze: don't have a traditional, 203 00:14:28,489 --> 00:14:32,650 Suze: or even a SEP IRA back to my friend. So 204 00:14:32,650 --> 00:14:35,849 Suze: she tells me how she has a SEP IRA, and 205 00:14:35,849 --> 00:14:39,650 Suze: that's exactly what her accountant wants her to do because 206 00:14:39,650 --> 00:14:42,770 Suze: her accountant told her she makes too much money, which 207 00:14:42,770 --> 00:14:43,489 Suze: she does. 208 00:14:44,429 --> 00:14:48,780 Suze: She makes too much money to qualify for a Roth, 209 00:14:49,150 --> 00:14:53,070 Suze: so I said, Did your accountant tell you that you 210 00:14:53,070 --> 00:14:58,140 Suze: could convert whatever money you have in a SEP IRA 211 00:14:58,669 --> 00:15:01,669 Suze: and you could convert it to a Roth cause there 212 00:15:01,669 --> 00:15:06,700 Suze: are no income limitations on it whatsoever when you're converting 213 00:15:06,700 --> 00:15:09,700 Suze: and of course you said no, he never told me 214 00:15:09,869 --> 00:15:11,150 Suze: that I could convert it. 215 00:15:11,750 --> 00:15:15,909 Suze: So now she's on a plan of converting to a 216 00:15:15,909 --> 00:15:17,619 Suze: Roth IRA. 217 00:15:18,489 --> 00:15:21,929 Suze: Just that simple. And in fact for those of you 218 00:15:21,929 --> 00:15:26,969 Suze: who qualify for a SEP IRA, all right, so you 219 00:15:26,969 --> 00:15:29,250 Suze: put money in a SEP, you get a tax write 220 00:15:29,250 --> 00:15:32,719 Suze: off for it, no problem, and let's say you put 221 00:15:32,719 --> 00:15:35,239 Suze: 30 or $40,000 into it. 222 00:15:36,330 --> 00:15:39,650 Suze: Right after you've done that, if you want, you could 223 00:15:39,650 --> 00:15:43,849 Suze: convert it to a Roth, and yes, now you're going 224 00:15:43,849 --> 00:15:47,880 Suze: to pay taxes on it, but it evens itself out. 225 00:15:48,450 --> 00:15:51,210 Suze: But that's how you actually get more money into a 226 00:15:51,210 --> 00:15:54,570 Suze: Roth IRA than if you were able to do a 227 00:15:54,570 --> 00:15:57,320 Suze: Roth IRA on its own. 228 00:15:58,409 --> 00:16:05,340 Suze: So this is another way of your money making more money. 229 00:16:07,190 --> 00:16:10,630 Suze: And why does that make your money make more money 230 00:16:10,840 --> 00:16:15,109 Suze: to convert and use a Roth? Again, I'm asking all 231 00:16:15,109 --> 00:16:21,000 Suze: of you to listen to the April 21st, 2024 podcast 232 00:16:21,000 --> 00:16:21,669 Suze: that I did. 233 00:16:22,729 --> 00:16:26,919 Suze: Don't be partners with Uncle Sam, and I promise you 234 00:16:27,039 --> 00:16:28,369 Suze: you will get it. 235 00:16:28,890 --> 00:16:33,940 Suze: And then you will hopefully never do a traditional IRA 236 00:16:33,940 --> 00:16:38,340 Suze: or 401k again. However, don't make the mistake if you 237 00:16:38,340 --> 00:16:41,169 Suze: happen to have a large amount of money already in 238 00:16:41,419 --> 00:16:45,869 Suze: a traditional 401k retirement plan, do not convert it all 239 00:16:45,869 --> 00:16:49,380 Suze: at once to a Roth because you will owe ordinary 240 00:16:49,380 --> 00:16:53,450 Suze: income taxes on it in the year that you convert. 241 00:16:53,460 --> 00:16:57,500 Suze: So do it little by little and see a CPA. 242 00:16:58,130 --> 00:17:01,890 Suze: Next, the way that you make your money, make more 243 00:17:01,890 --> 00:17:06,449 Suze: money is that you understand the tax laws and how 244 00:17:06,449 --> 00:17:10,770 Suze: things work. What's recently upset me is that I've gotten 245 00:17:10,770 --> 00:17:16,599 Suze: a few emails saying, Suzy, I owe money on my mortgage. 246 00:17:16,770 --> 00:17:23,170 Suze: I owe $70,000. I have $100,000 in my IRA. 247 00:17:23,819 --> 00:17:27,800 Suze: And I'm going to take out that $100,000. 248 00:17:28,560 --> 00:17:33,719 Suze: And I'm going to pay taxes on that and get 249 00:17:33,719 --> 00:17:35,199 Suze: out of debt. 250 00:17:36,040 --> 00:17:38,959 Suze: Now the reason they have to take out 100,000 in 251 00:17:38,959 --> 00:17:40,319 Suze: their tax bracket. 252 00:17:41,150 --> 00:17:43,719 Suze: And the penalty they're going to have to pay to 253 00:17:43,719 --> 00:17:47,719 Suze: take it out, it's going to cost them $30,000 to 254 00:17:47,719 --> 00:17:50,599 Suze: do so. But they felt that that was a fine 255 00:17:50,599 --> 00:17:53,510 Suze: thing to do because they have a half a million 256 00:17:53,579 --> 00:17:56,000 Suze: dollars in their IRA. 257 00:17:57,130 --> 00:18:01,879 Suze: That is not making your money make more money. That 258 00:18:01,880 --> 00:18:08,129 Suze: is actually losing money because when you lose $30,000 and 259 00:18:08,130 --> 00:18:11,739 Suze: that money is no longer there to grow for you 260 00:18:11,969 --> 00:18:16,079 Suze: and in fact that other $70,000 isn't there to grow 261 00:18:16,079 --> 00:18:16,810 Suze: for you. 262 00:18:17,719 --> 00:18:22,530 Suze: In the long run you lose out and you make 263 00:18:22,530 --> 00:18:26,859 Suze: less money, so I tell you that because you are 264 00:18:26,859 --> 00:18:31,689 Suze: never to take money out of a pre-taxed retirement account 265 00:18:31,939 --> 00:18:34,729 Suze: to pay off your debt, to pay off a mortgage, 266 00:18:34,780 --> 00:18:37,349 Suze: you are not to do it. It will never, ever, 267 00:18:37,380 --> 00:18:41,500 Suze: ever make sense. However, I can tell you this if 268 00:18:41,500 --> 00:18:45,910 Suze: you had had that money in a Roth retirement account. 269 00:18:47,140 --> 00:18:53,729 Suze: Then possibly you could have taken out $70,000 income tax free, 270 00:18:54,260 --> 00:18:56,819 Suze: especially if the account had been opened at least 5 271 00:18:56,819 --> 00:18:59,489 Suze: years and you were over 59 and a half. Hey, 272 00:18:59,660 --> 00:19:03,689 Suze: you could have taken it out totally tax free. 273 00:19:04,619 --> 00:19:08,160 Suze: So a Roth IRA is the way to go, but 274 00:19:08,160 --> 00:19:10,089 Suze: do not make the mistake. 275 00:19:10,939 --> 00:19:15,530 Suze: Of taking money out of a pre-taxed retirement account to 276 00:19:15,530 --> 00:19:19,800 Suze: pay off any kind of debt, do you hear me? 277 00:19:20,449 --> 00:19:24,560 Suze: You should always know that any of your retirement accounts 278 00:19:24,560 --> 00:19:30,540 Suze: are essentially protected against bankruptcy, so just don't do it now. 279 00:19:30,569 --> 00:19:33,510 Suze: I could go on and on with this. 280 00:19:33,839 --> 00:19:37,150 Suze: But I really wanted this to be a short podcast 281 00:19:37,449 --> 00:19:41,810 Suze: and truthfully because today in its own right is Financial 282 00:19:41,810 --> 00:19:46,890 Suze: Independence Day by the offer that Alliant Credit Union is 283 00:19:46,890 --> 00:19:49,209 Suze: putting out there to all of you, we don't know 284 00:19:49,209 --> 00:19:51,010 Suze: how long it will last. So. 285 00:19:51,150 --> 00:19:54,410 Suze: Don't assume it's going to be there, but again, it's 286 00:19:54,410 --> 00:19:59,948 Suze: 4.30 APY for a 12 month certificate, as long as 287 00:19:59,949 --> 00:20:05,219 Suze: you hold it for all 12 months. Go to myalliant 288 00:20:05,219 --> 00:20:08,270 Suze: A L L I A N T.com. 289 00:20:08,579 --> 00:20:13,750 Suze: And take advantage of it right now. And just remember 290 00:20:13,969 --> 00:20:16,770 Suze: you don't need to call Alliant to open up an 291 00:20:16,770 --> 00:20:20,770 Suze: account there. You can easily open a certificate by simply 292 00:20:20,770 --> 00:20:28,169 Suze: going directly to again myalliant.com and just follow the prompts 293 00:20:28,170 --> 00:20:30,119 Suze: just that easy. 294 00:20:30,930 --> 00:20:33,619 Suze: Cause if you don't I take advantage of it next 295 00:20:33,619 --> 00:20:36,030 Suze: time I go and I say, Can you do something 296 00:20:36,030 --> 00:20:38,750 Suze: for these people? Can you give them something that only 297 00:20:38,750 --> 00:20:42,849 Suze: the listeners can have and things like that, they'll say, Why? 298 00:20:43,069 --> 00:20:46,630 Suze: They don't do it anyway. You need to take advantage 299 00:20:46,630 --> 00:20:51,780 Suze: of it if it makes sense for you. But bottom line, 300 00:20:52,069 --> 00:20:53,430 Suze: every one of you 301 00:20:54,109 --> 00:20:59,619 Suze: really needs to make your money, make more money. All right, everybody, 302 00:21:00,010 --> 00:21:06,630 Suze: until Sunday when it will be Suze School again and 303 00:21:06,630 --> 00:21:09,880 Suze: we'll get back on a regular schedule, there's only one 304 00:21:09,880 --> 00:21:12,069 Suze: thing that I want you to remember when it comes 305 00:21:12,069 --> 00:21:13,270 Suze: to your money. 306 00:21:14,229 --> 00:21:17,589 Suze: Normally I would say people first, then money, then things. 307 00:21:17,709 --> 00:21:20,219 Suze: Now you stay safe, but what am I going to 308 00:21:20,219 --> 00:21:25,619 Suze: say today? You need to make your money, make more money. 309 00:21:25,829 --> 00:21:30,709 Suze: All right, everybody, bye bye and happy July 4th. You 310 00:21:30,709 --> 00:21:31,859 Suze: stay safe. 311 00:21:32,069 --> 00:21:36,109 Robert: Regarding the certificates Suze just talked about, exclusions and restrictions apply. 312 00:21:36,109 --> 00:21:39,089 Robert: Early withdrawal penalties do apply. Fees may reduce earnings on 313 00:21:39,089 --> 00:21:42,670 Robert: the account, and any monthly withdrawals or transfers reduce earnings. 314 00:21:43,170 --> 00:21:48,800 Robert: Alliant is federally insured by NCUA. Visit myalliant.com for full disclosures.