1 00:00:29,170 --> 00:00:32,799 Robert: April 20th, 2025. Welcome to the Women and Money podcast 2 00:00:32,799 --> 00:00:36,279 Robert: as well as everyone smart enough to listen. Hi there, Robert, 3 00:00:36,319 --> 00:00:37,708 Robert: the producer here again. 4 00:00:38,430 --> 00:00:41,310 Robert: So before I set up what we're going to hear today, Suze, 5 00:00:41,430 --> 00:00:44,348 Robert: as she posted on the Women and Money community app, 6 00:00:44,430 --> 00:00:46,939 Robert: which you can all get for free, by the way, 7 00:00:47,189 --> 00:00:50,509 Robert: by going to Apple Apps or Google Play. Anyway, Suze 8 00:00:50,509 --> 00:00:54,659 Robert: posted there that she thanks you for your patience and love, 9 00:00:54,869 --> 00:00:57,590 Robert: and she'll be back with a brand new episode this 10 00:00:57,590 --> 00:01:01,549 Robert: coming Thursday. But today, we're gonna play the main part 11 00:01:01,549 --> 00:01:04,669 Robert: of an episode from last fall called Make a Date 12 00:01:04,669 --> 00:01:05,629 Robert: with Your Money. 13 00:01:06,330 --> 00:01:09,089 Robert: Which, as we're closing in on the midway part of 14 00:01:09,089 --> 00:01:09,599 Robert: the year, 15 00:01:10,279 --> 00:01:12,470 Robert: is a good thing to hear again. Oh, and one 16 00:01:12,470 --> 00:01:16,309 Robert: more thing for those of you who celebrate, Suze and KT, 17 00:01:16,349 --> 00:01:20,500 Robert: as well as Colo and myself, wish you a happy Easter. 18 00:01:20,930 --> 00:01:22,300 Robert: And now, Suze. 19 00:01:23,629 --> 00:01:26,550 Suze: Make a date with your money. 20 00:01:27,440 --> 00:01:32,110 Suze: Make a date. Get out your calendars, everybody, and make 21 00:01:32,110 --> 00:01:36,119 Suze: a date when you or your spouse or your life 22 00:01:36,120 --> 00:01:40,110 Suze: partner or your children. I don't care who your parents, 23 00:01:40,279 --> 00:01:44,239 Suze: you sit down and you make a date. 24 00:01:45,010 --> 00:01:51,000 Suze: And that date is the entire day is devoted to 25 00:01:51,000 --> 00:01:57,239 Suze: dealing with every aspect of your money, not so much 26 00:01:57,239 --> 00:01:59,279 Suze: what you're invested in. 27 00:02:00,459 --> 00:02:03,459 Suze: But is everything in place? 28 00:02:04,690 --> 00:02:10,949 Suze: Are you protected in case something happens? Number one, check 29 00:02:10,949 --> 00:02:15,160 Suze: all your home or rental insurance policies as to what 30 00:02:15,160 --> 00:02:18,639 Suze: they cover and what they don't cover, and also have 31 00:02:18,639 --> 00:02:24,109 Suze: you increased the coverage, really, everybody since you bought the home, 32 00:02:24,758 --> 00:02:28,160 Suze: given that maybe it's worth a whole lot more than 33 00:02:28,160 --> 00:02:32,750 Suze: it was 10 years ago when you originally got that insurance. 34 00:02:33,520 --> 00:02:36,250 Suze: And the fact of the matter is, it costs a 35 00:02:36,250 --> 00:02:40,449 Suze: lot more to replace that home today because of inflation. 36 00:02:42,020 --> 00:02:47,410 Suze: As it did a long time ago, next, what's really 37 00:02:47,410 --> 00:02:51,820 Suze: important about what I just said is this When you 38 00:02:51,820 --> 00:02:57,619 Suze: have as many homes that have been destroyed by hurricanes, 39 00:02:57,740 --> 00:03:00,410 Suze: by the 100 and some odd tornadoes that happened in 40 00:03:00,410 --> 00:03:04,460 Suze: the Florida area, by all the things that are happening 41 00:03:04,460 --> 00:03:06,100 Suze: around the United States. 42 00:03:07,250 --> 00:03:13,449 Suze: That makes lumber materials, the cost of building because all 43 00:03:13,449 --> 00:03:15,970 Suze: the workers, what do they do? They go to those 44 00:03:15,970 --> 00:03:19,690 Suze: areas because they know they're going to get jobs, which 45 00:03:19,690 --> 00:03:25,038 Suze: leaves these workers who are in your area possibly charging more, 46 00:03:25,279 --> 00:03:29,130 Suze: so it's gonna cost more to replace your home than 47 00:03:29,130 --> 00:03:33,360 Suze: it did 10 years ago than it did 5 years ago, 48 00:03:33,649 --> 00:03:36,440 Suze: and I want you on this date with your money. 49 00:03:37,110 --> 00:03:41,539 Suze: To make sure as you're looking at your insurance policy, 50 00:03:42,110 --> 00:03:43,940 Suze: what are you covered for? 51 00:03:45,070 --> 00:03:48,059 Suze: Are they going to allow you to rebuild your house 52 00:03:48,059 --> 00:03:51,100 Suze: and pay for all of it, so is it replacement costs, 53 00:03:51,130 --> 00:03:54,699 Suze: or do you just get the insurance value? Does it 54 00:03:54,699 --> 00:03:57,970 Suze: pay for trees and does it pay for your garage 55 00:03:57,970 --> 00:04:01,100 Suze: and the tools in your garage and all of those 56 00:04:01,100 --> 00:04:04,929 Suze: things you need to check that out. 57 00:04:06,130 --> 00:04:07,279 Suze: Are you 58 00:04:08,190 --> 00:04:13,100 Suze: insured for hurricane, for flood, for any of that. Now 59 00:04:13,100 --> 00:04:16,420 Suze: your normal insurance policy is not going to cover you 60 00:04:16,420 --> 00:04:17,019 Suze: for flood. 61 00:04:17,709 --> 00:04:23,250 Suze: And unless you've added hurricane insurance on, or earthquake insurance on, 62 00:04:23,440 --> 00:04:28,920 Suze: it's not gonna be there either, but you have to know. 63 00:04:29,859 --> 00:04:32,850 Suze: So you have to look at your insurance policies. 64 00:04:34,100 --> 00:04:40,010 Suze: And answer all of those questions. Am I insured for X, Y, 65 00:04:40,089 --> 00:04:44,769 Suze: and Z? Is everything in my house insured and how 66 00:04:44,769 --> 00:04:49,339 Suze: much is it insured for? Are my structures on my 67 00:04:49,339 --> 00:04:54,839 Suze: property insured? My garage, is everything in my garage insured? 68 00:04:55,049 --> 00:05:00,570 Suze: Are my trees insured? You have to ask every possible question. 69 00:05:01,428 --> 00:05:05,750 Suze: And what is the answer to that question? Only you 70 00:05:05,750 --> 00:05:06,980 Suze: will know. 71 00:05:07,738 --> 00:05:09,979 Suze: So that's the first thing you're going to do when 72 00:05:09,980 --> 00:05:12,618 Suze: you have a date with your money. 73 00:05:13,529 --> 00:05:16,850 Suze: Also, what I want you to do is I really 74 00:05:16,850 --> 00:05:22,200 Suze: want you to look at every retirement plan and insurance policy, 75 00:05:22,209 --> 00:05:27,010 Suze: life insurance policy that you have. I also want you 76 00:05:27,010 --> 00:05:32,049 Suze: to look at the beneficiaries of your health savings accounts. 77 00:05:32,928 --> 00:05:35,558 Suze: Because you have got to make sure. 78 00:05:36,178 --> 00:05:41,410 Suze: That all the beneficiaries are the beneficiaries that you want 79 00:05:41,410 --> 00:05:45,329 Suze: to get the money. You don't want to have had 80 00:05:45,329 --> 00:05:49,488 Suze: a retirement account where you left an ex-spouse or whoever 81 00:05:49,488 --> 00:05:51,368 Suze: it may be that money. 82 00:05:52,230 --> 00:05:55,390 Suze: And now you're not even talking to that person. 83 00:05:56,130 --> 00:06:00,040 Suze: And doesn't even matter if you're not remarried, but you 84 00:06:00,040 --> 00:06:03,190 Suze: don't want that person to get it, and so you 85 00:06:03,190 --> 00:06:07,029 Suze: have to look at the beneficiaries and make sure that 86 00:06:07,029 --> 00:06:09,720 Suze: they are absolutely up to date. 87 00:06:10,700 --> 00:06:13,329 Suze: If you happen to be married. 88 00:06:14,049 --> 00:06:17,959 Suze: I want you to double check that a trust is 89 00:06:17,959 --> 00:06:24,118 Suze: not the primary beneficiary of any of your retirement accounts 90 00:06:24,119 --> 00:06:27,988 Suze: or your HSA account. I want you to make sure 91 00:06:27,988 --> 00:06:33,670 Suze: that your spouse's name is the primary beneficiary of those 92 00:06:33,670 --> 00:06:38,390 Suze: retirement accounts. If it's not your spouse because you're not married, 93 00:06:38,640 --> 00:06:39,599 Suze: I don't care then. 94 00:06:40,049 --> 00:06:43,209 Suze: Whatever you want to do, but it is not to 95 00:06:43,209 --> 00:06:48,738 Suze: be anything other than your spouse as the primary beneficiary 96 00:06:48,738 --> 00:06:53,450 Suze: if in fact you are married. Next, I want you 97 00:06:53,450 --> 00:06:54,160 Suze: to check. 98 00:06:55,070 --> 00:06:59,029 Suze: All the interest rates that you are paying on the 99 00:06:59,029 --> 00:07:04,209 Suze: unpaid balances on your credit cards, yep... 100 00:07:05,480 --> 00:07:10,299 Suze: A lot of you have credit card debt. You just do. 101 00:07:10,750 --> 00:07:14,910 Suze: It's been very difficult possibly because of inflation. Maybe you've 102 00:07:14,910 --> 00:07:18,059 Suze: been ill, maybe you lost a job, who knows what, 103 00:07:18,579 --> 00:07:22,630 Suze: but you've been putting your everyday living or vacations or 104 00:07:22,630 --> 00:07:25,950 Suze: gifts on your credit cards. You've been paying the minimum 105 00:07:25,950 --> 00:07:26,790 Suze: payment due. 106 00:07:27,600 --> 00:07:30,779 Suze: And maybe if you look at the interest rates on 107 00:07:30,779 --> 00:07:37,100 Suze: there you'll find that they're at 13%, 20%, 28%, and 108 00:07:37,100 --> 00:07:41,420 Suze: you're only paying the minimum payment due. You are never 109 00:07:41,420 --> 00:07:45,018 Suze: going to get ahead. And how many times have I 110 00:07:45,019 --> 00:07:49,578 Suze: said debt is bondage, you will never have financial freedom 111 00:07:49,579 --> 00:07:53,739 Suze: if you're in bondage. So therefore I want you to 112 00:07:53,739 --> 00:07:55,609 Suze: sit down on this date. 113 00:07:56,630 --> 00:07:59,059 Suze: Make sure you have pencil and paper for all this. 114 00:07:59,350 --> 00:08:03,190 Suze: Get out all your credit card receipts, and I want 115 00:08:03,190 --> 00:08:05,989 Suze: you to write down in order. 116 00:08:07,230 --> 00:08:11,940 Suze: Your credit card, the interest rate that you are currently paying, 117 00:08:12,149 --> 00:08:16,869 Suze: the balance due, and the minimum payment due, and I 118 00:08:16,869 --> 00:08:19,869 Suze: want you to do that on every single one of 119 00:08:19,869 --> 00:08:23,380 Suze: your cards. And then I want you to arrange them 120 00:08:23,640 --> 00:08:27,160 Suze: from the highest interest rate to the lowest. 121 00:08:27,980 --> 00:08:32,979 Suze: Now if you in fact have a good FICO score, 122 00:08:33,380 --> 00:08:38,780 Suze: maybe 720 or above, sometimes even 680 or above, credit 123 00:08:38,780 --> 00:08:41,840 Suze: cards will take it, but you might want to consider 124 00:08:41,840 --> 00:08:46,218 Suze: if you have a really high interest rate on these cards. 125 00:08:46,969 --> 00:08:49,429 Suze: To do a balance transfer 126 00:08:50,409 --> 00:08:54,409 Suze: to a credit card that will lock in a 0% 127 00:08:54,409 --> 00:08:57,289 Suze: interest rate for about 21 months. 128 00:08:58,080 --> 00:09:00,880 Suze: On a credit card that won't charge you an annual 129 00:09:00,880 --> 00:09:04,799 Suze: fee and a credit card that will not charge more 130 00:09:04,799 --> 00:09:10,239 Suze: than 3% of a balance transfer fee. If you could 131 00:09:10,239 --> 00:09:14,630 Suze: do that, then pay as much as you possibly can 132 00:09:14,969 --> 00:09:20,119 Suze: during those 20 or 21 months at 0% interest. Hopefully 133 00:09:20,119 --> 00:09:23,080 Suze: your card will be paid off or many of your 134 00:09:23,080 --> 00:09:24,510 Suze: cards will be paid off. 135 00:09:25,539 --> 00:09:30,440 Suze: By the time that interest rate is up, beware, once 136 00:09:30,440 --> 00:09:33,260 Suze: the 21 months is up, your interest rate's gonna go 137 00:09:33,260 --> 00:09:35,780 Suze: back up probably to 28%. 138 00:09:36,539 --> 00:09:37,690 Suze: So currently, 139 00:09:38,489 --> 00:09:42,369 Suze: if you look at your credit cards, you total up 140 00:09:42,369 --> 00:09:47,250 Suze: the minimum payments that you are paying right now, and 141 00:09:47,250 --> 00:09:53,489 Suze: whatever those minimum payments are, I want you to add 20% 142 00:09:53,489 --> 00:09:56,469 Suze: to that amount. So let's say you have 5 credit 143 00:09:56,469 --> 00:09:59,849 Suze: cards and the minimum that you're paying every single month 144 00:09:59,849 --> 00:10:04,089 Suze: on all 5 is, let's just say $500 100 dollars 145 00:10:04,090 --> 00:10:04,809 Suze: on each. 146 00:10:05,750 --> 00:10:09,959 Suze: If you're paying $500 a month, I want you to 147 00:10:09,960 --> 00:10:14,760 Suze: pay 20% more or another $100 and I want you 148 00:10:14,760 --> 00:10:19,718 Suze: to pay at least $600 or more on the ones 149 00:10:19,719 --> 00:10:23,598 Suze: with the 0% if you're able to do a balance 150 00:10:23,599 --> 00:10:26,239 Suze: transfer if you are not. 151 00:10:27,039 --> 00:10:29,510 Suze: Then what you are to do is put those credit 152 00:10:29,510 --> 00:10:32,340 Suze: cards in the freezer, just get rid of them for now. 153 00:10:33,270 --> 00:10:37,090 Suze: You are to continue to pay the minimum payment due 154 00:10:37,090 --> 00:10:40,689 Suze: that you are paying now. You are not going to 155 00:10:40,690 --> 00:10:42,809 Suze: pay the minimum payment due that they're going to say 156 00:10:42,809 --> 00:10:45,809 Suze: is due next month or the month after that. If 157 00:10:45,809 --> 00:10:48,929 Suze: you can afford to pay that this month, you can 158 00:10:48,929 --> 00:10:51,210 Suze: afford to pay it every month. 159 00:10:51,950 --> 00:10:54,890 Suze: And you're going to pay the minimum payment due on 160 00:10:54,890 --> 00:10:58,250 Suze: every credit card and add that extra $100 that I 161 00:10:58,250 --> 00:11:01,679 Suze: was just saying to the one with the highest interest rate. 162 00:11:02,250 --> 00:11:05,250 Suze: When that credit card is totally paid off. 163 00:11:05,659 --> 00:11:08,979 Suze: You're going to take that amount plus that $100 that 164 00:11:08,979 --> 00:11:12,590 Suze: you were paying, roll it down to the next highest. 165 00:11:12,919 --> 00:11:15,919 Suze: When that's paid off, you're going to take the $100 166 00:11:16,000 --> 00:11:18,830 Suze: the first credit card payment, the second credit card payment, 167 00:11:18,989 --> 00:11:21,039 Suze: and roll it down to the third, and you're going 168 00:11:21,039 --> 00:11:24,280 Suze: to keep doing that till you are out of credit 169 00:11:24,280 --> 00:11:25,400 Suze: card debt. 170 00:11:26,390 --> 00:11:30,030 Suze: Once you pay off a credit card, please do not 171 00:11:30,030 --> 00:11:32,909 Suze: close down your credit cards because if you do, you 172 00:11:32,909 --> 00:11:37,299 Suze: are closing down your credit limit, and that will affect 173 00:11:37,869 --> 00:11:43,409 Suze: your FICO score. So talking about FICO scores and your 174 00:11:43,409 --> 00:11:47,189 Suze: date with money, I want you to check all of 175 00:11:47,190 --> 00:11:52,309 Suze: your credit reports and FICO scores to make sure all 176 00:11:52,309 --> 00:11:54,590 Suze: is as it should be. 177 00:11:55,780 --> 00:12:00,119 Suze: And it's important because now with so many people being 178 00:12:00,119 --> 00:12:03,630 Suze: able to steal your identity to do all kinds of things, 179 00:12:03,840 --> 00:12:06,119 Suze: the only way that you're going to catch it before 180 00:12:06,119 --> 00:12:09,119 Suze: it becomes a really big problem is to be checking 181 00:12:09,119 --> 00:12:13,819 Suze: your FICO scores as well as your credit reports. You 182 00:12:13,820 --> 00:12:18,520 Suze: can get your credit reports for free by going to annualcreditreport.com. 183 00:12:19,299 --> 00:12:22,919 Suze: But just check and see what's on there. If anything 184 00:12:22,919 --> 00:12:26,599 Suze: looks suspicious, contact the credit bureau and by the way, 185 00:12:26,710 --> 00:12:28,840 Suze: while you're at it, if you really want to make 186 00:12:28,840 --> 00:12:34,200 Suze: sure that you stay safe and sound, then freeze your 187 00:12:34,200 --> 00:12:40,440 Suze: credit reports. Last but not least, it's really important that 188 00:12:40,440 --> 00:12:44,640 Suze: you make sure that you have created and signed and 189 00:12:44,640 --> 00:12:46,640 Suze: notarized and funded. 190 00:12:47,309 --> 00:12:50,459 Suze: Obviously what I talk about all the time, the must 191 00:12:50,460 --> 00:12:55,630 Suze: have documents a living trust, a will, an advanced directive, 192 00:12:55,650 --> 00:12:57,789 Suze: and a durable power of attorney for health care and 193 00:12:57,789 --> 00:13:02,669 Suze: a financial power and funding, by the way, simply means 194 00:13:02,669 --> 00:13:05,950 Suze: changing the titles on your accounts and real estate from 195 00:13:05,950 --> 00:13:09,349 Suze: your individual name to the name of the trust. 196 00:13:10,400 --> 00:13:15,179 Suze: When something goes wrong, when you are injured, when all 197 00:13:15,179 --> 00:13:18,770 Suze: of a sudden you have unexpectedly lost your life, think 198 00:13:18,770 --> 00:13:24,780 Suze: about all the people who have unexpectedly lost their lives. 199 00:13:25,789 --> 00:13:30,820 Suze: And now what's happening, their beneficiaries, their people. 200 00:13:31,840 --> 00:13:36,450 Suze: You know, they probably don't even have paperwork. Who knows? 201 00:13:36,989 --> 00:13:40,520 Suze: So it's really important that you have all of these 202 00:13:40,520 --> 00:13:44,598 Suze: things together. You know about your insurance. You know about 203 00:13:44,599 --> 00:13:48,320 Suze: your FICO score, you know about your beneficiaries. You know 204 00:13:48,320 --> 00:13:51,919 Suze: about what your insurance covers, doesn't cover you know that 205 00:13:51,919 --> 00:13:54,880 Suze: you have the must have documents in order. You know 206 00:13:54,880 --> 00:13:56,869 Suze: all of those things. 207 00:13:57,450 --> 00:13:59,479 Suze: And when you know all of those things, and there's 208 00:13:59,479 --> 00:14:02,228 Suze: so many more, but I won't overwhelm you today. 209 00:14:03,289 --> 00:14:07,770 Suze: Then really you start to own the power to control 210 00:14:07,770 --> 00:14:12,760 Suze: your own destiny versus lack of knowledge, lack of wanting 211 00:14:12,760 --> 00:14:15,329 Suze: to have a date with your money, and then something 212 00:14:15,330 --> 00:14:20,010 Suze: happens and then you lack that power to control your destiny. 213 00:14:20,979 --> 00:14:23,849 Suze: And that's not what I want for you. 214 00:14:24,619 --> 00:14:28,559 Suze: So if you can do all that and remember that 215 00:14:28,559 --> 00:14:30,869 Suze: there's only one thing that matters when it comes to 216 00:14:30,869 --> 00:14:34,859 Suze: your money, and it is this people first, then money, 217 00:14:35,000 --> 00:14:40,190 Suze: then things, and if you stay healthy, you stay knowledgeable, 218 00:14:40,520 --> 00:14:44,960 Suze: you stay involved with every aspect of your money. 219 00:14:46,599 --> 00:14:49,859 Suze: Well then I have to tell you, in my opinion, 220 00:14:50,380 --> 00:14:53,489 Suze: you will be unstoppable.