1 00:00:45,959 --> 00:00:51,450 KT: Good morning, everybody. And welcome to the Ask Suze Anything 2 00:00:51,459 --> 00:00:53,568 KT: Women and Money podcast. 3 00:00:54,220 --> 00:00:57,979 KT: Today is February 29th and I have something special to 4 00:00:57,990 --> 00:01:02,540 KT: say before. I introduce you to Suze. Never again. Never again. 5 00:01:02,549 --> 00:01:06,959 KT: For four years. Will this day ever be present on 6 00:01:06,970 --> 00:01:10,680 KT: your calendars. So listen up and listen up. Good. 7 00:01:10,690 --> 00:01:13,459 Suze: Oh, she is so proud of herself for opening up 8 00:01:13,470 --> 00:01:16,610 Suze: the podcast pretty good, KT. But you do need to 9 00:01:16,620 --> 00:01:18,399 Suze: tell everybody it is the Women and Money podcast. 10 00:01:18,500 --> 00:01:19,529 KT: I said that. 11 00:01:21,269 --> 00:01:24,239 Suze: You didn't say women and money. You said it's not the... 12 00:01:25,930 --> 00:01:29,378 KT: It's the women and this is the... today is February 29. 13 00:01:29,389 --> 00:01:30,269 Suze: Here she goes again, 14 00:01:30,489 --> 00:01:33,639 KT: The Women and Money podcast asks Suze... 15 00:01:34,529 --> 00:01:36,899 Suze: No, you need to say, and everybody smart enough to listen. 16 00:01:36,910 --> 00:01:41,419 KT: Ok and today is February 29th, the Women and Money 17 00:01:41,430 --> 00:01:42,470 KT: Podcast 18 00:01:44,190 --> 00:01:47,250 KT: and everybody and everybody smart enough to listen. 19 00:01:48,440 --> 00:01:50,550 KT: You're not, you better listen up because you ain't gonna 20 00:01:50,559 --> 00:01:52,160 KT: hear this for another four years. 21 00:01:52,269 --> 00:01:55,930 Suze: Forget it. Let's go. Everybody. So, this is where you've 22 00:01:55,940 --> 00:01:58,489 Suze: written in. Why do I ever ask her to open 23 00:01:58,500 --> 00:02:02,800 Suze: up the podcast? Is it that difficult? Is it that difficult? 24 00:02:03,849 --> 00:02:06,489 KT: It's not what I do.  I'm not good at it. It's not what I do. 25 00:02:06,629 --> 00:02:11,339 Suze: How can somebody who is married to me even utter 26 00:02:11,425 --> 00:02:14,274 Suze: the words? I'm not good at something. I'm not good 27 00:02:14,285 --> 00:02:18,404 Suze: at opening the podcast. I'm great at asking questions and 28 00:02:18,413 --> 00:02:22,044 Suze: answering quizzes. I'm not good at. I wouldn't exactly say 29 00:02:22,054 --> 00:02:22,824 Suze: you're great at it. 30 00:02:23,005 --> 00:02:26,304 KT: Come on, let's not waste. Everyone's time this day ain't 31 00:02:26,315 --> 00:02:28,445 KT: gonna happen again for four years. 32 00:02:28,535 --> 00:02:32,205 Suze: All right, everybody. This is the Ask KT and Suze 33 00:02:32,214 --> 00:02:34,445 Suze: Anything edition. If you have a question 34 00:02:34,699 --> 00:02:37,360 Suze: that you would like to possibly be chosen to be 35 00:02:37,369 --> 00:02:44,539 Suze: answered on this podcast write into Ask Suze Podcast at gmail.com. 36 00:02:44,550 --> 00:02:48,330 Suze: And that is Suze. All right, KT. 37 00:02:48,770 --> 00:02:51,559 KT: This first question, put a smile on my face. It's 38 00:02:51,570 --> 00:02:56,119 KT: from Jen. Hi Suze and KT. How do you recommend 39 00:02:56,250 --> 00:03:02,520 KT: assets and life insurance documentation be stored for your beneficiaries? 40 00:03:03,020 --> 00:03:07,549 KT: Do life insurance and 529 savings plans go into your 41 00:03:07,559 --> 00:03:12,339 KT: living revocable trust. I'm just wondering if something happened to 42 00:03:12,350 --> 00:03:16,759 KT: myself and my spouse. How would my children's guardian know 43 00:03:16,770 --> 00:03:21,330 KT: about the retirement accounts? Life insurance and assets that they're 44 00:03:21,339 --> 00:03:23,100 KT: entitled to receive? 45 00:03:23,270 --> 00:03:23,830 Suze: Well girlfriend 46 00:03:24,059 --> 00:03:27,080 Suze: if you've left them in a trust, how would they 47 00:03:27,089 --> 00:03:32,570 Suze: know about it unless you told them? So tell them. 48 00:03:32,729 --> 00:03:36,460 Suze: So a 529 is not in a trust. Life insurance 49 00:03:36,470 --> 00:03:39,039 Suze: can be in a trust if it's a life insurance 50 00:03:39,050 --> 00:03:42,229 Suze: trust because you want it out of your estate because 51 00:03:42,240 --> 00:03:44,960 Suze: you have so much money. But really, Jen, 52 00:03:45,320 --> 00:03:48,660 Suze: just tell them where all the documents are, share it 53 00:03:48,669 --> 00:03:51,970 Suze: with them. Don't wait until you're not here anymore in 54 00:03:51,979 --> 00:03:54,770 Suze: the hopes that somebody's going to tell them about everything. 55 00:03:54,830 --> 00:03:58,669 Suze: Tell them while they are a live girlfriend, share it 56 00:03:58,679 --> 00:04:01,970 Suze: with them, show them your trust, show them your wills, 57 00:04:02,009 --> 00:04:05,850 Suze: show them everything you have so that they know who 58 00:04:05,860 --> 00:04:09,630 Suze: actually is also going to be the successor trustee or 59 00:04:09,639 --> 00:04:13,539 Suze: the executor. So they all know. All right, KT. 60 00:04:14,080 --> 00:04:18,570 KT: OK. Next question from Suzanne. Suze. I am a high 61 00:04:18,579 --> 00:04:25,500 KT: earning employee and received $7000 back from my contributions last year. 62 00:04:25,690 --> 00:04:28,510 KT: I have so many questions about this. It is not 63 00:04:28,519 --> 00:04:32,219 KT: even funny. Why do I have to be penalized if 64 00:04:32,230 --> 00:04:35,719 KT: others don't want to contribute? How do I prepare for 65 00:04:35,730 --> 00:04:39,380 KT: this coming year so that I don't contribute too much? 66 00:04:39,760 --> 00:04:43,119 KT: explain what this is because I didn't get it at first. 67 00:04:43,130 --> 00:04:46,178 KT: And then I had to look it up. I asked Suze, 68 00:04:46,190 --> 00:04:47,920 KT: what the heck is she talking about? 69 00:04:48,029 --> 00:04:52,540 Suze: Listen, everybody, especially if it is a small company can 70 00:04:52,549 --> 00:04:57,420 Suze: fall into this, but everybody that contributes to a 401k, 71 00:04:57,880 --> 00:05:02,779 Suze: the plan has to make sure that all the employees 72 00:05:02,928 --> 00:05:07,229 Suze: in the plan are contributing on some level 73 00:05:07,709 --> 00:05:11,649 Suze: and in case they choose not to, the plan can 74 00:05:11,660 --> 00:05:16,779 Suze: become what's called top heavy and a top heavy plan 75 00:05:16,790 --> 00:05:21,890 Suze: is when more than 60% of the total value of 76 00:05:21,899 --> 00:05:22,809 Suze: the plan 77 00:05:23,470 --> 00:05:28,690 Suze: has been funded by the key employees of that company. 78 00:05:29,209 --> 00:05:33,299 Suze: And when that happens, then either they have to make 79 00:05:33,309 --> 00:05:36,018 Suze: it right by doing the safe harbor things and on 80 00:05:36,029 --> 00:05:39,489 Suze: and on and on. But in your case, they actually 81 00:05:39,500 --> 00:05:42,890 Suze: chose to just give the money back to you to 82 00:05:42,899 --> 00:05:46,409 Suze: equalize it out. You know, KT, that's why 83 00:05:46,494 --> 00:05:49,635 Suze: we used to make those big bucks from those major 84 00:05:49,644 --> 00:05:53,635 Suze: corporations who paid me to go and talk to their 85 00:05:53,644 --> 00:05:57,154 Suze: thousands of employees in the hopes that they would sign 86 00:05:57,165 --> 00:06:01,494 Suze: up for the retirement account. Because if they didn't sign 87 00:06:01,505 --> 00:06:03,704 Suze: up for the 401k plan, 88 00:06:04,359 --> 00:06:09,220 Suze: then the key employees may have contributed too much in 89 00:06:09,230 --> 00:06:12,230 Suze: comparison and then it would have been a top heavy plan, 90 00:06:12,238 --> 00:06:14,059 Suze: which isn't good for anybody. 91 00:06:14,720 --> 00:06:18,540 Suze: So here's what you need to know Suzanne. Normally, if 92 00:06:18,549 --> 00:06:24,380 Suze: your plan was top heavy last year, December 31st of 93 00:06:24,390 --> 00:06:29,700 Suze: last year, it's going to be top heavy again this year. 94 00:06:30,109 --> 00:06:32,940 Suze: So that's just how they figure it out. So don't 95 00:06:32,950 --> 00:06:36,899 Suze: contribute as much this year because if you do and 96 00:06:36,910 --> 00:06:40,828 Suze: they haven't rectified everything, you are going to get money 97 00:06:40,839 --> 00:06:42,869 Suze: back again. All right. 98 00:06:42,880 --> 00:06:44,459 KT: So this is from Melissa. 99 00:06:45,019 --> 00:06:51,289 KT: Suze, I have approximately $91,000 in a 403b. I am 100 00:06:51,299 --> 00:06:55,130 KT: no longer with my employer. I had to retire early 101 00:06:55,140 --> 00:06:59,429 KT: for health reasons. I will be 55 this month. So 102 00:06:59,440 --> 00:07:03,019 KT: my question is, what do I do with the money? 103 00:07:03,029 --> 00:07:05,618 KT: Do I let it sit in the account even though 104 00:07:05,630 --> 00:07:06,760 KT: I'm no longer making 105 00:07:06,863 --> 00:07:10,464 KT: contributions or do I roll it over to an IRA? 106 00:07:10,975 --> 00:07:15,785 KT: The Annuity account representative also gave me the following options, 107 00:07:15,855 --> 00:07:21,424 KT: cash it out, do systematic withdrawals or annuitize the amount 108 00:07:21,434 --> 00:07:25,434 KT: I desperately need advice. Do you like any of those options? 109 00:07:25,445 --> 00:07:30,855 Suze: Not really? Melissa, here's the thing normally I would say 110 00:07:30,864 --> 00:07:31,565 Suze: to you 111 00:07:32,339 --> 00:07:35,070 Suze: if you don't have any possibility of wanting to do 112 00:07:35,079 --> 00:07:39,000 Suze: a backdoor Roth IRA. Later on that, I would tell 113 00:07:39,010 --> 00:07:43,040 Suze: you to take the $91,000 and do an IRA rollover 114 00:07:43,049 --> 00:07:46,380 Suze: with it at a discount brokerage firm like Charles Schwab 115 00:07:46,390 --> 00:07:50,489 Suze: or Fidelity or wherever. Then you have a variety of 116 00:07:50,500 --> 00:07:55,359 Suze: things that you can invest in. Whether it's mutual funds, 117 00:07:55,369 --> 00:08:00,600 Suze: exchange traded funds, individual stocks, treasuries, whatever it may be. 118 00:08:01,279 --> 00:08:05,769 Suze: But the only reason that I'm hesitating right now is 119 00:08:05,779 --> 00:08:11,239 Suze: because a lot of people feel comfortable with the money 120 00:08:11,250 --> 00:08:15,390 Suze: in the 403b that you may have because you're used 121 00:08:15,399 --> 00:08:20,410 Suze: to the investment choices. You're used to how your statement looks, 122 00:08:20,420 --> 00:08:24,779 Suze: you feel safe there and it's someplace that you know. 123 00:08:25,760 --> 00:08:31,040 Suze: And when you do a rollover, especially with $91,000 then 124 00:08:31,049 --> 00:08:34,260 Suze: who is going to make the decisions for you to 125 00:08:34,270 --> 00:08:39,330 Suze: invest that money, how it should be invested and sometimes 126 00:08:39,429 --> 00:08:42,979 Suze: you can get really afraid having $91,000 all in one 127 00:08:43,090 --> 00:08:47,669 Suze: lump sum to decide what you should do with. Remember 128 00:08:47,679 --> 00:08:52,400 Suze: you got this $91,000 simply by having money deducted from 129 00:08:52,409 --> 00:08:56,659 Suze: your paychecks and over time it grew, it wasn't like Melissa, 130 00:08:56,669 --> 00:09:00,270 Suze: what are you gonna do with $91,000 in one lump sum? So, 131 00:09:00,750 --> 00:09:03,598 Suze: if you want, you can leave it exactly where it 132 00:09:03,609 --> 00:09:06,460 Suze: is and just keep going. I would not be cashing 133 00:09:06,469 --> 00:09:10,809 Suze: it out. I wouldn't look at systematic withdrawals, especially since 134 00:09:10,820 --> 00:09:16,369 Suze: you're really only 55. I wouldn't annuitize it on any level. 135 00:09:16,700 --> 00:09:19,799 Suze: If you feel comfortable with it, you like the mutual 136 00:09:19,809 --> 00:09:24,919 Suze: fund choices, leave it there. However, you also don't have 137 00:09:24,929 --> 00:09:28,400 Suze: to take all of it out. You could take out 138 00:09:28,409 --> 00:09:32,159 Suze: $20,000 and do an IRA rollover with it 139 00:09:32,859 --> 00:09:36,239 Suze: and therefore see what it feels like to invest that 140 00:09:36,250 --> 00:09:38,909 Suze: money and have control over it. And then if you 141 00:09:38,919 --> 00:09:42,650 Suze: feel secure, you can do a custodian to custodian transfer 142 00:09:42,659 --> 00:09:44,880 Suze: again and roll over the rest. 143 00:09:45,530 --> 00:09:48,270 Suze: But if you feel comfortable with it, if you have 144 00:09:48,280 --> 00:09:51,289 Suze: control over the money and you're not afraid, then I 145 00:09:51,299 --> 00:09:55,510 Suze: would be doing an IRA rollover with it. All right, KT. 146 00:09:55,520 --> 00:09:59,919 KT: This next question, Suze I chose because it's a conversation 147 00:09:59,929 --> 00:10:02,869 KT: about family issues and real estate. 148 00:10:03,159 --> 00:10:05,880 KT: And again, I think this may come up with many 149 00:10:05,890 --> 00:10:07,119 KT: families that are listening. 150 00:10:07,130 --> 00:10:09,309 Suze: So I'm looking at her and she's got two pages 151 00:10:09,320 --> 00:10:12,489 Suze: to read to us so this is a Suze story time. 152 00:10:13,450 --> 00:10:16,739 KT: I'm gonna just tell the story. It's Hi, KT and Suze. 153 00:10:16,789 --> 00:10:19,989 KT: I'm a longtime fan of your books and podcasts. I 154 00:10:20,000 --> 00:10:22,940 KT: would like to get your thoughts about my situation. 155 00:10:23,289 --> 00:10:27,539 KT: My father is currently 76 years old. He owns a 156 00:10:27,549 --> 00:10:32,270 KT: two family home in Brooklyn. My mother, father, sister and 157 00:10:32,280 --> 00:10:34,809 KT: I are on the deed of the house. The house 158 00:10:34,820 --> 00:10:39,070 KT: was purchased actually from their uncle in 2006, Suze for 159 00:10:39,080 --> 00:10:45,229 KT: about 495,000. But now the property is valued at 1.5 160 00:10:45,239 --> 00:10:46,619 KT: million or more. 161 00:10:47,340 --> 00:10:51,299 KT: And he thinks that he, that there's about a 325,000 162 00:10:51,309 --> 00:10:52,440 KT: mortgage left. 163 00:10:52,450 --> 00:10:56,000 Suze: So think about that for one second, KT, they bought 164 00:10:56,010 --> 00:10:56,840 Suze: it for how much? 165 00:10:56,849 --> 00:10:58,280 KT: 495 166 00:10:58,340 --> 00:10:59,679 Suze: And how many years ago? 167 00:10:59,909 --> 00:11:01,780 KT: 2006. 168 00:11:01,830 --> 00:11:06,690 Suze: So in all of these years, really, almost 20 years 169 00:11:06,700 --> 00:11:09,530 Suze: if you think about it and they still have a 170 00:11:09,539 --> 00:11:14,919 Suze: mortgage of $325,000 that means they probably didn't put 171 00:11:15,010 --> 00:11:19,409 Suze: any money down if any. And they've only been paying 172 00:11:19,419 --> 00:11:20,630 Suze: a mortgage. All right. 173 00:11:20,640 --> 00:11:23,969 KT: So my father and sister are on the mortgage and 174 00:11:23,979 --> 00:11:27,280 KT: they've been making the payments over the years. My parents 175 00:11:27,289 --> 00:11:29,750 KT: live on the second floor. My sister and her family 176 00:11:29,760 --> 00:11:32,309 KT: live on the first floor. I do not live in 177 00:11:32,320 --> 00:11:34,390 KT: the house and I own a separate house. 178 00:11:34,840 --> 00:11:38,580 KT: Now, here's the story. His dad retired five years after 179 00:11:38,590 --> 00:11:43,299 KT: purchasing the house, the sister. Ok, so five years, so... 180 00:11:43,309 --> 00:11:44,299 Suze: 2011, 181 00:11:45,049 --> 00:11:49,179 KT: Yeah. The sister started paying for the entire mortgage payment. She's 182 00:11:49,190 --> 00:11:52,299 KT: been paying 13 years, she's been paying for it. So 183 00:11:52,309 --> 00:11:53,460 KT: my father recently 184 00:11:53,534 --> 00:11:57,585 KT: informed me to remove my name from the deed and 185 00:11:57,594 --> 00:12:01,854 KT: avoid any future dispute over the property with my sister. 186 00:12:01,945 --> 00:12:06,854 KT: In return, he will have me as the contingent beneficiary 187 00:12:06,945 --> 00:12:12,194 KT: for his bank account investments. Anything he has including his retirement, 188 00:12:12,565 --> 00:12:17,104 KT: his mother would be the primary beneficiary of those investments. 189 00:12:17,700 --> 00:12:22,199 KT: So long story short, he's concerned that by the time 190 00:12:22,210 --> 00:12:26,349 KT: his parents both pass, there may not be anything left 191 00:12:26,359 --> 00:12:27,799 KT: in those accounts for him. 192 00:12:28,359 --> 00:12:30,429 KT: I do not need. Then he says I do not 193 00:12:30,440 --> 00:12:33,070 KT: need the money. I try to tell myself it's not 194 00:12:33,080 --> 00:12:36,239 KT: a big deal, but my gut just does not feel 195 00:12:36,250 --> 00:12:40,789 KT: right removing my name from the deed. Also, as my 196 00:12:40,799 --> 00:12:43,590 KT: parents get older, I feel like it's better for them 197 00:12:43,599 --> 00:12:46,960 KT: to keep my name on the property... Ready? In case 198 00:12:46,969 --> 00:12:51,109 KT: my sister persuades them to remove their name from the 199 00:12:51,119 --> 00:12:56,590 KT: property and sell it. He doesn't trust his sister. So 200 00:12:57,099 --> 00:13:00,409 KT: he then goes on to say he consulted with an attorney, 201 00:13:00,419 --> 00:13:03,179 KT: a CPA blah, blah, blah, blah, blah. He said he 202 00:13:03,190 --> 00:13:06,559 KT: feels that he should be entitled to a small equity 203 00:13:06,570 --> 00:13:08,679 KT: when and if the home is sold. 204 00:13:09,090 --> 00:13:13,909 KT: And basically, he's asking, you know, your guidance or advice 205 00:13:14,080 --> 00:13:17,989 KT: from a trusted professional, which is you, on what he 206 00:13:18,000 --> 00:13:20,950 KT: should do. But this is emotional. It's not really a 207 00:13:20,960 --> 00:13:22,429 KT: financial decision, 208 00:13:22,440 --> 00:13:24,630 Suze: But it did say in there you, I did just 209 00:13:24,640 --> 00:13:28,070 Suze: hear you say correct that his father and sister 210 00:13:28,539 --> 00:13:30,650 Suze: don't want his name on it. 211 00:13:30,739 --> 00:13:34,570 KT: The father wants to remove his name from the deed. 212 00:13:34,739 --> 00:13:38,890 KT: So there will not be any future disputes with the 213 00:13:38,900 --> 00:13:44,030 KT: property after he passes. Which just sounds like the sister 214 00:13:44,039 --> 00:13:45,159 KT: and brother don't get along. 215 00:13:45,619 --> 00:13:48,359 Suze: So I just took the email from KT 216 00:13:48,719 --> 00:13:51,640 Suze: and there's one line here, KT you didn't read which was, 217 00:13:51,650 --> 00:13:55,140 Suze: but my father and sister feel like I did not 218 00:13:55,150 --> 00:13:59,010 Suze: contribute payment to the house and should not be entitled 219 00:13:59,020 --> 00:14:00,179 Suze: to any equity. 220 00:14:00,489 --> 00:14:02,690 KT: Suze. I feel the same way. I think that the 221 00:14:02,700 --> 00:14:05,939 KT: father and sister are right. He doesn't need the money, 222 00:14:06,000 --> 00:14:06,349 KT: but he thinks, 223 00:14:06,465 --> 00:14:09,405 KT: because he's the son, he, he's entitled. 224 00:14:09,414 --> 00:14:12,544 Suze: He also said since my sister lives in the house 225 00:14:12,554 --> 00:14:15,965 Suze: and occupied the first floor, we could have generated rental 226 00:14:15,974 --> 00:14:17,934 Suze: income from the first floor of the house to pay 227 00:14:17,945 --> 00:14:20,395 Suze: for the majority of the mortgage over the years at 228 00:14:20,405 --> 00:14:21,994 Suze: the end of the day, I just want to be 229 00:14:22,005 --> 00:14:24,085 Suze: fair for all parties. 230 00:14:25,609 --> 00:14:27,090 KT: Well, how do you feel about it? 231 00:14:27,099 --> 00:14:28,320 Suze: Well, here's the thing. 232 00:14:29,140 --> 00:14:32,099 Suze: I hope that you've all sat down as a family 233 00:14:32,109 --> 00:14:37,200 Suze: and talked about it because the greatest loss here isn't 234 00:14:37,210 --> 00:14:40,880 Suze: the loss of money or equity on the home or 235 00:14:40,890 --> 00:14:44,340 Suze: money that you could have gotten afterwards. It's the loss 236 00:14:44,349 --> 00:14:46,640 Suze: of the relationship with your sister. 237 00:14:47,750 --> 00:14:51,530 Suze: It's the feeling angry at your father. 238 00:14:52,539 --> 00:14:56,570 Suze: No amount of money really is worth that. The truth 239 00:14:56,580 --> 00:15:00,409 Suze: of the matter is you say that you're doing fine financially. 240 00:15:00,739 --> 00:15:05,030 Suze: So then what is it, what's really bugging you here? 241 00:15:05,190 --> 00:15:08,770 Suze: Is it that you're not being valued in your mind? 242 00:15:09,210 --> 00:15:15,219 Suze: Is it that your father is favoring your sister over you? 243 00:15:15,229 --> 00:15:19,109 Suze: But there's something else that is going on here that 244 00:15:19,119 --> 00:15:23,609 Suze: you need to have a discussion with yourself. If it 245 00:15:23,619 --> 00:15:27,590 Suze: were me, I'd be really happy that my father was 246 00:15:27,599 --> 00:15:30,330 Suze: going to put me on the account as a contingent 247 00:15:30,340 --> 00:15:34,750 Suze: beneficiary to a savings account that has about $250,000 in it. 248 00:15:35,090 --> 00:15:37,950 Suze: Maybe your mother will spend it. Maybe she won't. 249 00:15:38,270 --> 00:15:42,250 Suze: But at least he's considering that and of course, all 250 00:15:42,260 --> 00:15:45,159 Suze: the money should first go to your mother. If your 251 00:15:45,169 --> 00:15:50,729 Suze: mother wanted to, she should spend everything because it's their money. 252 00:15:50,739 --> 00:15:56,489 Suze: That's number one. But number two, you might suggest to 253 00:15:56,500 --> 00:15:58,330 Suze: your father 254 00:15:59,020 --> 00:16:04,239 Suze: that when he and mom die, then obviously your sister 255 00:16:04,250 --> 00:16:10,280 Suze: is going to get the entire house. Maybe at that time, 256 00:16:10,960 --> 00:16:14,179 Suze: he could make it so that you own some of 257 00:16:14,190 --> 00:16:17,400 Suze: it at that time. Like he leaves you a portion 258 00:16:17,409 --> 00:16:19,200 Suze: of it at that time 259 00:16:19,929 --> 00:16:23,340 Suze: so that you get a little bit of that half 260 00:16:23,349 --> 00:16:28,030 Suze: of that inheritance as well. That could be done by 261 00:16:28,039 --> 00:16:31,059 Suze: how they hold title to the house, they could hold 262 00:16:31,070 --> 00:16:33,890 Suze: title to the house as tenants in common or many 263 00:16:33,900 --> 00:16:36,729 Suze: other ways. But you might want to talk to him 264 00:16:36,739 --> 00:16:40,030 Suze: about that if he does not want to do that 265 00:16:40,580 --> 00:16:44,630 Suze: and he wants to leave everything to your sister. 266 00:16:45,440 --> 00:16:50,090 Suze: You have to honor his wishes. It's his money. He 267 00:16:50,099 --> 00:16:54,020 Suze: is the father. He gets to decide and he's made 268 00:16:54,030 --> 00:16:57,859 Suze: a decision and you need to honor that decision no 269 00:16:57,869 --> 00:17:01,669 Suze: matter how you feel again. You've been blessed with the 270 00:17:01,679 --> 00:17:04,040 Suze: fact that you don't need the money. But I'll tell 271 00:17:04,050 --> 00:17:07,300 Suze: you what you do need. You need a relationship with 272 00:17:07,310 --> 00:17:10,920 Suze: your mother, your father and your sister. And if you 273 00:17:10,930 --> 00:17:14,540 Suze: don't have that, you really have struck 274 00:17:14,920 --> 00:17:19,349 Suze: an emotional poverty level that you will experience when you 275 00:17:19,359 --> 00:17:21,739 Suze: have lost them. All right, KT. 276 00:17:22,680 --> 00:17:26,938 KT: That was a good answer, Suze and I like having 277 00:17:26,949 --> 00:17:31,199 KT: these conversations because I think these issues come up more 278 00:17:31,209 --> 00:17:32,419 KT: than anyone thinks. 279 00:17:32,530 --> 00:17:35,619 Suze: Well, KT, you know, we've had to discuss these issues 280 00:17:36,359 --> 00:17:39,030 Suze: that do we leave more to this one? Do we 281 00:17:39,040 --> 00:17:41,160 Suze: leave less to that one? Do we not leave anything 282 00:17:41,170 --> 00:17:42,099 Suze: to any of them? 283 00:17:42,770 --> 00:17:45,250 Suze: We've had to make those decisions and many of them 284 00:17:45,260 --> 00:17:48,520 Suze: may not be very happy because I'm sure some of 285 00:17:48,530 --> 00:17:52,319 Suze: them KT really are calculating. Oh, I wonder how much 286 00:17:52,329 --> 00:17:57,599 Suze: Suze's gonna leave me. So it happens. So do what 287 00:17:57,609 --> 00:18:00,300 Suze: I do. Everybody just tell them you're not getting anything 288 00:18:00,640 --> 00:18:01,219 KT: Charity. 289 00:18:03,859 --> 00:18:07,839 KT: All right. Next question is from Diane. Good morning, KT 290 00:18:07,849 --> 00:18:11,479 KT: and Suze. I enjoyed the in depth Suze School about 291 00:18:11,489 --> 00:18:14,760 KT: the five year rule. I have a question. I'm having 292 00:18:14,770 --> 00:18:21,119 KT: trouble verifying the answer to. I'm 59.5. My husband is 61. 293 00:18:21,410 --> 00:18:24,780 KT: I'm still working, but my husband is not. Can we 294 00:18:24,790 --> 00:18:29,410 KT: put money in both my Roth IRA and his Roth IRA. 295 00:18:29,640 --> 00:18:33,708 KT: I've read something about spousal donations. If they don't have 296 00:18:33,739 --> 00:18:35,030 KT: earned income. 297 00:18:35,079 --> 00:18:36,170 Suze: Diane, you 298 00:18:36,444 --> 00:18:41,025 Suze: absolutely can both put money in a Roth IRA for 299 00:18:41,035 --> 00:18:45,324 Suze: yourself and for your husband, it falls under the nonworking 300 00:18:45,334 --> 00:18:49,204 Suze: spousal account. Now, they're not gonna say that on the account, 301 00:18:49,214 --> 00:18:51,905 Suze: it's gonna be a Roth IRA in his name. But 302 00:18:51,915 --> 00:18:55,135 Suze: that is what will allow you to put money in there. 303 00:18:55,625 --> 00:18:57,744 Suze: Just know that you are limited 304 00:18:58,260 --> 00:19:02,359 Suze: to how much money you earn. If you've earned over 305 00:19:02,369 --> 00:19:06,760 Suze: $16,000 a year, then you can put $8000 in your account, 306 00:19:06,770 --> 00:19:11,280 Suze: which is the max this year and $8000 in his account. So, 307 00:19:11,290 --> 00:19:14,939 Suze: it's based on how much money you're also making. But 308 00:19:14,949 --> 00:19:16,079 Suze: if you're making good money, 309 00:19:16,189 --> 00:19:18,930 Suze: yeah, you could fully fund it no matter what. As 310 00:19:18,939 --> 00:19:25,369 Suze: long as you are under the modified adjusted growth income limits. 311 00:19:25,380 --> 00:19:25,929 Suze: All right. 312 00:19:26,140 --> 00:19:29,579 KT: Ok. So everybody, again, I picked another one of these 313 00:19:29,810 --> 00:19:34,989 KT: stories today. I feel like storytelling time today. So this 314 00:19:35,000 --> 00:19:39,489 KT: is from Peggy. Dear, Suze. I'm 56 years old. I'm 315 00:19:39,500 --> 00:19:42,438 KT: hoping to retire at the age of 65 316 00:19:42,719 --> 00:19:46,899 KT: 14 years ago, my husband was laid off during the recession. 317 00:19:47,900 --> 00:19:51,140 KT: At the time, we had three children under nine and 318 00:19:51,150 --> 00:19:55,219 KT: decided that him staying home was the best option. Here 319 00:19:55,229 --> 00:20:00,129 KT: we are 14 years later, the youngest is now 18. 320 00:20:00,560 --> 00:20:04,180 KT: My husband has still not gotten a job or contributed 321 00:20:04,189 --> 00:20:08,219 KT: financially to the household during all that time. 322 00:20:08,630 --> 00:20:11,448 KT: I love him very much and he does all the 323 00:20:11,459 --> 00:20:16,739 KT: household upkeep. I come home to a cooked dinner, completed laundry, 324 00:20:16,780 --> 00:20:22,069 KT: dishes away, food shopping, done, and a clean house. He 325 00:20:22,079 --> 00:20:24,770 KT: is definitely not lazy in that sense. 326 00:20:24,915 --> 00:20:30,774 KT: I love having a house husband, however. Ready Suze? I've 327 00:20:30,785 --> 00:20:34,574 KT: lost my sense of self. The only way I can 328 00:20:34,584 --> 00:20:38,255 KT: retire is if the mortgage is paid off. We currently 329 00:20:38,265 --> 00:20:42,935 KT: have 13 years left on that mortgage. We have three children, 330 00:20:42,944 --> 00:20:45,895 KT: one out of college, one in college and one heading 331 00:20:45,905 --> 00:20:47,415 KT: to college in the fall. 332 00:20:47,880 --> 00:20:50,300 KT: I feel awful and guilty that we're not able to 333 00:20:50,310 --> 00:20:54,459 KT: help the children with any of their college finances. They 334 00:20:54,469 --> 00:20:58,069 KT: are riddled with debt due to taking out student loans. 335 00:20:58,319 --> 00:21:01,739 KT: I've spoken to my husband multiple times and shared my 336 00:21:01,750 --> 00:21:06,900 KT: feelings over the last several years. He always promises to 337 00:21:06,910 --> 00:21:10,449 KT: get a job or do something, but the promises never 338 00:21:10,459 --> 00:21:11,319 KT: come through. 339 00:21:11,849 --> 00:21:15,750 KT: I'm at my wit's end, kicking him out, wouldn't solve 340 00:21:15,760 --> 00:21:20,430 KT: anything financially. I don't believe in divorce and we vowed 341 00:21:20,439 --> 00:21:26,270 KT: for richer or poorer. I can't imagine my life without him. However, 342 00:21:26,359 --> 00:21:27,430 KT: I resent him 343 00:21:27,520 --> 00:21:32,159 KT: every day. I know. Wait, listen to this. I go 344 00:21:32,170 --> 00:21:34,239 KT: to work. I bring home the money. I pay the 345 00:21:34,250 --> 00:21:38,389 KT: bills and make sure everything is in financial order. But 346 00:21:38,400 --> 00:21:41,899 KT: I struggle with guilt when I buy something for myself 347 00:21:41,910 --> 00:21:45,900 KT: or for the house. So my husband's 57 he's not 348 00:21:45,910 --> 00:21:50,020 KT: worked in his field for 14 years, which has changed drastically. 349 00:21:50,030 --> 00:21:53,060 KT: I don't expect him to get a job in this field. 350 00:21:53,430 --> 00:21:56,879 KT: A simple job at Home Depot or ShopRite or anything 351 00:21:56,890 --> 00:22:00,270 KT: to bring in extra money enough to throw more money 352 00:22:00,280 --> 00:22:03,849 KT: at the mortgage. But I think he's embarrassed to do that. 353 00:22:04,130 --> 00:22:08,209 KT: I often think myself about getting a second job. However, 354 00:22:08,219 --> 00:22:12,130 KT: I work a very demanding 40 plus hour nurse manager 355 00:22:12,140 --> 00:22:15,579 KT: position and I can only do something on the weekend. 356 00:22:16,030 --> 00:22:19,179 KT: I think it would be more embarrassing for him if 357 00:22:19,189 --> 00:22:21,379 KT: people knew that I had to get a second job 358 00:22:21,390 --> 00:22:25,369 KT: to support the family when he hasn't worked in years. 359 00:22:25,780 --> 00:22:29,250 KT: She makes a good salary. They live a simple life. 360 00:22:29,260 --> 00:22:35,050 KT: They don't have much extra. She's contributing 10% to retirement. However, 361 00:22:35,060 --> 00:22:38,290 KT: she can't even afford to bump it up to 15%. 362 00:22:38,760 --> 00:22:41,750 KT: She said any advice on how to approach the subject. 363 00:22:42,500 --> 00:22:45,560 KT: This is a tough one. This is a, you know, 364 00:22:45,569 --> 00:22:49,410 KT: you often wonder how many, how many couples are in 365 00:22:49,420 --> 00:22:50,359 KT: that position. 366 00:22:50,630 --> 00:22:53,660 Suze: Yeah I know there's not a lot of extra money here, 367 00:22:53,910 --> 00:22:56,569 Suze: but I would tell you to go to couples counseling. 368 00:22:57,410 --> 00:23:03,430 Suze: I really would because obviously he's not hearing you because 369 00:23:03,439 --> 00:23:06,660 Suze: you've had this conversation with him many, many times 370 00:23:07,479 --> 00:23:10,859 Suze: and you may not be hearing him 371 00:23:11,709 --> 00:23:16,329 Suze: And what his fears are and what he's afraid of. Obviously, 372 00:23:16,339 --> 00:23:20,770 Suze: he's embarrassed. He feels like the only thing he can 373 00:23:20,780 --> 00:23:24,409 Suze: do are the things he's doing at the house and 374 00:23:24,420 --> 00:23:28,489 Suze: he doesn't even know how to begin. So you both 375 00:23:28,500 --> 00:23:34,250 Suze: need help in that communication with one another. I love 376 00:23:34,260 --> 00:23:37,500 Suze: that you don't believe in divorce. I love that you 377 00:23:37,510 --> 00:23:38,760 Suze: say you love him 378 00:23:39,170 --> 00:23:42,969 Suze: that it was for richer or poorer. However, what I 379 00:23:42,979 --> 00:23:49,750 Suze: don't love is that you resent him every single day. 380 00:23:50,660 --> 00:23:55,949 Suze: So you know, you can't have it both ways because 381 00:23:55,959 --> 00:24:00,260 Suze: somehow there's no way you can resent somebody 382 00:24:00,949 --> 00:24:05,849 Suze: and like them. And KT, what's my favorite saying? Like 383 00:24:05,859 --> 00:24:11,030 Suze: is more important than love. We throw around that word. 384 00:24:11,040 --> 00:24:12,969 Suze: I love you. I love you. I love you so 385 00:24:12,979 --> 00:24:16,199 Suze: easy and then something happens and it's like I hate you, 386 00:24:16,209 --> 00:24:17,489 Suze: I hate you. I hate you, 387 00:24:18,380 --> 00:24:21,349 Suze: Right? I like KT. 388 00:24:21,359 --> 00:24:22,750 KT: I like Suze. 389 00:24:22,760 --> 00:24:26,150 KT: But no, really, we really, really like each other. 390 00:24:26,160 --> 00:24:29,688 Suze: And that is more important than loving her because there 391 00:24:29,699 --> 00:24:33,339 Suze: are times that I'm like, I'm not feeling that loving 392 00:24:34,250 --> 00:24:37,099 Suze: right? Really? But I always... 393 00:24:37,109 --> 00:24:40,709 KT: She never stops liking me and I, I like everything 394 00:24:40,719 --> 00:24:41,419 KT: about her. 395 00:24:41,430 --> 00:24:45,790 Suze: So I need you to ask yourself the question. What 396 00:24:45,800 --> 00:24:47,698 Suze: do you like about him? 397 00:24:48,709 --> 00:24:49,930 Suze: What is it 398 00:24:50,790 --> 00:24:52,969 Suze: that keeps you there really? 399 00:24:53,790 --> 00:24:57,659 Suze: Because when you resent somebody every day that you look 400 00:24:57,670 --> 00:25:02,290 Suze: at you emit a certain energy and that energy may 401 00:25:02,300 --> 00:25:06,889 Suze: also be contributing to what keeps him down because don't 402 00:25:06,900 --> 00:25:10,560 Suze: think he can't feel it. When I'm mad at KT, 403 00:25:10,569 --> 00:25:12,930 Suze: she can feel it even though she says, are you OK? 404 00:25:12,939 --> 00:25:15,729 Suze: And I go, I'm all right. She knows. I know. 405 00:25:16,260 --> 00:25:19,650 Suze: When you live with somebody and you've lived with them 406 00:25:19,660 --> 00:25:23,130 Suze: for a long time, you've shared children with them. 407 00:25:23,709 --> 00:25:29,489 Suze: They know. So is your resentment, what's keeping him from 408 00:25:29,500 --> 00:25:34,500 Suze: feeling strength and power and the ability to go on 409 00:25:34,510 --> 00:25:37,500 Suze: and make a change? So I would tell you at 410 00:25:37,510 --> 00:25:38,930 Suze: this point in time, 411 00:25:39,410 --> 00:25:43,010 Suze: you really, really need again to go to couple counseling. 412 00:25:43,020 --> 00:25:46,229 Suze: I just want to make one other comment about the children. 413 00:25:46,239 --> 00:25:49,949 Suze: Do not feel bad for them that you can't pay 414 00:25:49,959 --> 00:25:54,239 Suze: for their college education. Nobody paid for my college education 415 00:25:54,359 --> 00:25:56,469 Suze: and look at me today. 416 00:25:56,859 --> 00:26:00,829 Suze: So it's really important that they understand when you have 417 00:26:00,839 --> 00:26:04,219 Suze: the ability financially to pay for a college education. And 418 00:26:04,229 --> 00:26:07,400 Suze: when you don't, and when they get older and they 419 00:26:07,410 --> 00:26:10,219 Suze: have children, they may be in the position to say 420 00:26:10,229 --> 00:26:12,500 Suze: to their kids. Listen, I had to pay for it 421 00:26:12,510 --> 00:26:15,089 Suze: on my own. I had student loan debt and I 422 00:26:15,099 --> 00:26:15,760 Suze: did it. 423 00:26:16,060 --> 00:26:19,760 Suze: I can't afford to pay for your college education. So 424 00:26:19,790 --> 00:26:24,479 Suze: you're educating them on the realities of life, don't protect 425 00:26:24,489 --> 00:26:29,349 Suze: them against the realities of life and don't protect yourself 426 00:26:29,390 --> 00:26:33,719 Suze: about the reality of the relationship that you are really, 427 00:26:33,729 --> 00:26:35,239 Suze: really in. 428 00:26:36,280 --> 00:26:40,319 Suze: Well, those were quite the questions you picked this time, 429 00:26:40,329 --> 00:26:44,800 Suze: my dear KT. And it is quizzy time. And if 430 00:26:44,810 --> 00:26:48,000 Suze: I had known you had chosen the stories you chose, 431 00:26:48,010 --> 00:26:50,839 Suze: I probably wouldn't have chosen this quizzy. But since I 432 00:26:50,849 --> 00:26:54,790 Suze: don't have another quizzy, I'm gonna do this quizzy. All right, 433 00:26:54,800 --> 00:26:58,469 Suze: everybody and we all know what quizzy time means means. 434 00:26:58,569 --> 00:27:02,930 Suze: How would you answer this question: 435 00:27:04,010 --> 00:27:06,188 Suze: Dear KT and Suze. 436 00:27:06,859 --> 00:27:10,099 Suze: I'm so lucky to be one of the everyone else 437 00:27:10,109 --> 00:27:14,719 Suze: smart enough to listen to your podcast. I only wished 438 00:27:14,729 --> 00:27:17,569 Suze: I had discovered your show sooner. As I think I 439 00:27:17,579 --> 00:27:19,479 Suze: made a big mistake. 440 00:27:20,199 --> 00:27:24,939 Suze: Last year out of the blue, a relative very generously 441 00:27:24,949 --> 00:27:28,619 Suze: gifted me a large sum of money they wanted me 442 00:27:28,630 --> 00:27:31,949 Suze: to use for a down payment for a home. I 443 00:27:31,959 --> 00:27:35,589 Suze: ended up buying a small condo I'd like in DC 444 00:27:35,790 --> 00:27:42,300 Suze: with a 30 year mortgage at a 5.75% interest rate. However, 445 00:27:42,910 --> 00:27:47,119 Suze: I really messed up the math on how home ownership 446 00:27:47,130 --> 00:27:51,929 Suze: would affect my ability to cover all my other expenses. 447 00:27:52,300 --> 00:27:57,609 Suze: I'm 27 and only have around $1000 left each month 448 00:27:57,619 --> 00:28:02,409 Suze: for other expenses after paying my mortgage and condo fee 449 00:28:02,420 --> 00:28:07,409 Suze: as well as contributing 5% to my Roth TSP. I'm 450 00:28:07,420 --> 00:28:11,250 Suze: struggling to pay off credit cards in full each month. 451 00:28:11,859 --> 00:28:15,540 Suze: What should I do? Here's the question. 452 00:28:16,270 --> 00:28:20,198 Suze: Should I sell the condo after only owning it for 453 00:28:20,209 --> 00:28:23,689 Suze: a year and give the money back to my relative. 454 00:28:24,589 --> 00:28:27,930 Suze: Had I discovered your podcast sooner. I would have made 455 00:28:27,939 --> 00:28:32,410 Suze: a different choice and carefully calculated my budget. Waited for 456 00:28:32,420 --> 00:28:35,729 Suze: interest rates to go down and focused on saving for 457 00:28:35,739 --> 00:28:38,829 Suze: an emergency fund and retirement instead. 458 00:28:39,459 --> 00:28:42,400 Suze: Thank you for your help and sending peace and hugs 459 00:28:42,410 --> 00:28:44,520 Suze: your way. So, 460 00:28:45,449 --> 00:28:51,160 Suze: should he sell the condo after only owning it for 461 00:28:51,170 --> 00:28:56,329 Suze: a year and give the money back to his relative? 462 00:28:56,959 --> 00:28:58,689 KT: Did he inherit the money? 463 00:28:58,699 --> 00:28:59,339 Suze: No, it was a gift? 464 00:28:59,359 --> 00:29:05,030 KT: A gift? Absolutely. Absolutely. Here's what I would do. 465 00:29:05,040 --> 00:29:06,030 Suze: What would you do? 466 00:29:06,040 --> 00:29:09,500 KT: So, he's 27 years old. Sounds like such a good boy. 467 00:29:09,839 --> 00:29:13,619 KT: I would absolutely find out if you can earn or 468 00:29:13,630 --> 00:29:17,150 KT: make a tiny profit selling it because he has a 469 00:29:17,160 --> 00:29:22,099 KT: 30 year mortgage. My goodness, that's a big mortgage. So, absolutely. 470 00:29:22,109 --> 00:29:26,900 KT: Try to sell it. But let the relatives know your plan, 471 00:29:27,170 --> 00:29:29,569 KT: let them know that you bit off more than you 472 00:29:29,579 --> 00:29:32,689 KT: can chew. That you understand, you made a mistake and 473 00:29:32,699 --> 00:29:35,670 KT: that you're going to sell it and give them back 474 00:29:35,680 --> 00:29:38,829 KT: the money. They may want you to sell it and 475 00:29:38,839 --> 00:29:42,410 KT: use that money to get something a little more reasonable 476 00:29:42,530 --> 00:29:45,069 KT: and try to help you with a leg up on, 477 00:29:45,079 --> 00:29:47,349 KT: on your life. That's what it seems like they want 478 00:29:47,359 --> 00:29:50,829 KT: to do. So I would sell it. Yeah. Get something 479 00:29:50,839 --> 00:29:52,670 KT: more reasonable that you can afford. 480 00:29:53,069 --> 00:29:55,680 Suze: I'm gonna give you a ding ding ding on that one. 481 00:29:56,369 --> 00:29:58,609 Suze: That wasn't an exciting ding ding ding. Was it? 482 00:30:00,010 --> 00:30:01,199 KT: Give it to me? Give it to me 483 00:30:01,229 --> 00:30:04,260 Suze: Ding, ding, ding, ding, ding, ding, ding, ding, ding kind of. 484 00:30:04,270 --> 00:30:09,569 Suze: So here's what's really important is that we always stand 485 00:30:09,579 --> 00:30:14,209 Suze: in our truth and we don't take an action with 486 00:30:14,219 --> 00:30:17,680 Suze: something that was a gift from somebody else 487 00:30:18,069 --> 00:30:22,689 Suze: without including them in that decision, which is what you said. 488 00:30:23,010 --> 00:30:26,290 Suze: So I just wouldn't sell it outright. I would definitely 489 00:30:26,300 --> 00:30:30,339 Suze: go to this relative. Tell them the truth and tell 490 00:30:30,349 --> 00:30:33,469 Suze: them that you made a mistake. You love them so much, 491 00:30:33,630 --> 00:30:37,250 Suze: but that in fact, you are going to sell it 492 00:30:37,319 --> 00:30:39,410 Suze: if that's what they think you should do. And then 493 00:30:39,420 --> 00:30:43,150 Suze: let's see what they say. The next question becomes, 494 00:30:43,530 --> 00:30:47,010 Suze: if you sell it, chances are you may make money 495 00:30:47,020 --> 00:30:50,660 Suze: on it. You never know because it's been a while now. 496 00:30:51,709 --> 00:30:56,459 Suze: Are you going to return to them? The money that 497 00:30:56,469 --> 00:30:59,380 Suze: they gave you, plus the money that you made because 498 00:30:59,390 --> 00:31:00,589 Suze: it was their money 499 00:31:01,329 --> 00:31:05,349 Suze: or are you not? Because really if you think about it, 500 00:31:05,359 --> 00:31:09,270 Suze: you did make money based on the tax savings because 501 00:31:09,280 --> 00:31:13,069 Suze: your mortgage that you had provided you with some ability 502 00:31:13,079 --> 00:31:17,150 Suze: to save money on taxes. So you saved a little there. 503 00:31:17,739 --> 00:31:20,410 Suze: But can you figure out a way that you'll also 504 00:31:20,420 --> 00:31:23,229 Suze: feel good about it because you did pay that mortgage 505 00:31:23,239 --> 00:31:24,349 Suze: for all that time. 506 00:31:24,660 --> 00:31:28,839 Suze: As to do you split the money that you made 507 00:31:28,849 --> 00:31:31,040 Suze: on it, if you do make any money on it 508 00:31:31,050 --> 00:31:34,000 Suze: or do you not? It's not just as simple as 509 00:31:34,010 --> 00:31:35,790 Suze: I'm gonna sell it and give you the money back 510 00:31:35,800 --> 00:31:39,089 Suze: because remember that money could have been sitting in a 511 00:31:39,099 --> 00:31:44,390 Suze: money market account for them making four or 5% a year. 512 00:31:45,109 --> 00:31:48,849 Suze: So maybe that's what you do. You calculate what four 513 00:31:48,859 --> 00:31:51,640 Suze: or 5% would have been on that money sitting there 514 00:31:51,650 --> 00:31:53,810 Suze: if you do make more than that. And that's how 515 00:31:53,819 --> 00:31:57,569 Suze: much you give them back and you keep the rest, 516 00:31:57,579 --> 00:31:59,969 Suze: assuming you've made money. 517 00:32:01,089 --> 00:32:03,790 KT: I'd offer all of it back. And if I were 518 00:32:03,800 --> 00:32:07,280 KT: those relatives, I'd say, oh, sweetheart, we're so proud of 519 00:32:07,290 --> 00:32:09,640 KT: you that you realized you bit off more than you 520 00:32:09,650 --> 00:32:13,290 KT: can chew. Let's sit down together with a calculator and 521 00:32:13,300 --> 00:32:16,369 KT: we'll figure it out. Let's start over. That's what I 522 00:32:16,380 --> 00:32:18,060 KT: would say if I were the relative., 523 00:32:18,069 --> 00:32:20,849 Suze: But we don't know what the relatives are gonna say. 524 00:32:20,859 --> 00:32:23,829 Suze: What we have to do here, KT, is to be 525 00:32:23,839 --> 00:32:27,719 Suze: fair is to give him choices of how to think 526 00:32:27,729 --> 00:32:27,750 Suze: of 527 00:32:28,015 --> 00:32:30,444 Suze: because trust me, if all of a sudden he goes 528 00:32:30,454 --> 00:32:32,454 Suze: to sell this and he makes a whole lot of 529 00:32:32,464 --> 00:32:36,494 Suze: money on it, he's gonna have to face this question 530 00:32:36,505 --> 00:32:40,145 Suze: that I just posed. So it's not what the relatives 531 00:32:40,155 --> 00:32:44,305 Suze: are gonna say. It's what is he going to think 532 00:32:44,314 --> 00:32:48,885 Suze: when the time comes. But absolutely talk to them first. 533 00:32:49,015 --> 00:32:50,694 Suze: All right, Miss Travis. 534 00:32:50,704 --> 00:32:51,635 KT: That's a wrap. 535 00:32:51,645 --> 00:32:55,055 Suze: That's a wrap. So, until next time 536 00:32:55,609 --> 00:32:57,920 Suze: there's only one thing that we want you to remember 537 00:32:57,930 --> 00:33:00,079 Suze: when it comes to your money and it is this: 538 00:33:00,510 --> 00:33:03,719 KT: People first, then money, then things. 539 00:33:03,729 --> 00:33:06,839 Suze: And if you do that and stay safe, we promise 540 00:33:06,849 --> 00:33:10,439 Suze: you you will be unstoppable.