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Suze: October 22, 2022. And we have a lot of 22

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Suze: is there? It's 22 2022. Lot of 22s. But anyway,

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Suze: welcome to the Women and Money podcast as well as

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Suze: everyone smart enough to listen.

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Suze: Alright, so many things I want to talk to you

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Suze: about today, but I'm going to start with my favorite topic.

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Suze: Actually before I do that,

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Suze: I have an idea for all of you. I'd like

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Suze: you all to start a Suze notebook

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Suze: where when you listen to a podcast and I say

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Suze: something that either pertains to you or I give you

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Suze: a U. R. L. address that I want you to

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Suze: go to or whatever it may be. You write it down.

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Suze: Maybe it's your own personal highlights of the podcast that

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Suze: you need to know

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Suze: because I personally think it is far easier to flip

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Suze: through just one notebook and put a title on it.

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Suze: Series I bonds, Social Security, dollar cost averaging whatever it

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Suze: is that I talk to you about.

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Suze: So that you can go and find the information that

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Suze: I gave you on this podcast versus having to search

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Suze: podcast listen to it all over again.

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Suze: Why not just make your lives easier?

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Suze: The reason I say that is because I gave a

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Suze: podcast in July 21 of this year, all about gifting

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Suze: I bonds

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Suze: and it gave you everything you needed to know in

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Suze: that one podcast.

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Suze: But now a lot of you are writing me and

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Suze: you're asking the questions that you want to know about

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Suze: gifting I bonds and maybe I see your email. Maybe

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Suze: I don't, there's so many that come in you know

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Suze: because I sometimes just flip through and whatever it lands

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Suze: on that's the one I answer.

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Suze: But this way you wouldn't have to come back or

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Suze: write me an email and ask a question.

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Suze: You could go to your little Suze notebook and find

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Suze: the answers right there. Or at least you could put

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Suze: down the date of the podcast and go straight to that. However,

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Suze: it's better if you write it down.

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Suze: So there's a few days left until you can buy

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Suze: a series I bond at this particular interest rate. And

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Suze: one of the greatest things that you can do for

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Suze: others family members, whoever it may be is that if

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Suze: you want to give a gift to your grandkids, to

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Suze: your spouse, to your nieces, to your nephews. Whoever.

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Suze: The greatest gift you could give them right now is

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Suze: a Series I bond maybe you do it as an

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Suze: early holiday gift. Does't have to be for $10,000. Remember,

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Suze: I bonds can be purchased for as little as $25

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Suze: and then any amount after that up to $10,000. And

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Suze: that is the maximum that you can buy as an individual.

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Suze: And even though you know I've talked to you about

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Suze: their other ways for you to get more money into.

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Suze: I bonds in one year.

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Suze: You can only gift in I bond from an individual account.

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Suze: You can't gift an I bond from a trust account

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Suze: or a business account. Just a personal individual account.

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Suze: Let's just say you want to gift somebody from your

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Suze: account

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Suze: a Series I bond

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Suze: what you need to know because this is what is

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Suze: confusing you

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Suze: you're wondering that if you purchase a bond as a

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Suze: gift

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Suze: while it sits in your gift box, Does the time

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Suze: clock start?

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Suze: And what I mean by the time clock is this

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Suze: as you hopefully all know by now that you cannot

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Suze: touch any money that's in an I bond for one year.

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Suze: After that one year years two through 5, there's a

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Suze: three month interest penalty.

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Suze: So that is the clock, the five year clock that

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Suze: has to pass for you to be able to take

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Suze: out any amount of money you want from your I

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Suze: bond account without any penalty whatsoever.

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Suze: When you gift an I bond to somebody and it

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Suze: sits in your gift box before you deliver it to them,

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Suze: does the time clock start? Does that five year time

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Suze: clock start? And the answer to that is yes it does.

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Suze: So if it needs to sit in your gift box

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Suze: for one year

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Suze: and then you deliver it to the person that you

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Suze: purchased it for

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Suze: They at that time. If they took money out they

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Suze: pay the three month interest penalty from years two through 5.

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Suze: Let's just say it's sat in your gift box for

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Suze: five years.

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Suze: It just sat there. Maybe you're giving it to a

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Suze: niece and you want her to be older before you

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Suze: give it to her

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Suze: And you give it to her in the 6th year

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Suze: when she gets it.

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Suze: She could take any money out of that. I bond.

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Suze: She wanted because the five year time clock has already passed. Now.

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Suze: A lot of you may be thinking, why would I

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Suze: wait if I want to buy an I bond as

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Suze: a gift, why would I wait and leave it in

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Suze: my gift box before I deliver it to the person

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Suze: that I want to give it to.

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Suze: Maybe that person that you want to give it to

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Suze: has already purchased a $10,000 I bond for that year.

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Suze: You can't give it to them, then you can't deliver

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Suze: it because then they would be over the limit for

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Suze: a personal account. KT and I have both purchased Series

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Suze: I bonds as gifts for each other that sit in

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Suze: our gift box in our individual accounts.

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Suze: KT and I both contribute $10,000 a year to our

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Suze: personal I bond on account and will continue to do so

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Suze: while interest rates are high.

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Suze: We're still able to take advantage of these high interest

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Suze: rates because all the gift bonds that I purchased for

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Suze: KT and vice versa are making 9.62% annualized. Right now

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Suze: they'll make 6.48%

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Suze: When the 9.62% interest rate is up. Remember those are

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Suze: annualized deals. And so we'll continue to make that high

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Suze: interest rate on those I bonds that are in our

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Suze: gift boxes for each other as well as being able

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Suze: to buy individual I bonds in our individual accounts. Am

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Suze: I making sense to you?

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Suze: When interest rates start to go down

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Suze: and you are no longer going to want to buy

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Suze: I bonds because maybe there will be something better for

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Suze: you to buy at that time.

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Suze: That's when

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Suze: we will stop buying individual I bonds in our individual

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Suze: account and then we will deliver $10,000 of I bonds

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Suze: to each other.

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Suze: But at that time we've been making the high interest

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Suze: rate

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Suze: and the time clock has all ready possibly passed.

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Suze: So maybe five years from now, six years from now,

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Suze: as we are delivering $10,000 a year,

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Suze: then we could take the money out without any penalty

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Suze: and invested in something else. But we had a great

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Suze: interest rate over these years. Am I making sense to

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Suze: all of you

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Suze: gifting I bonds can be an incredible financial planning tool

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Suze: right now, if you know how to use them correctly.

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Suze: All right, everybody. Again, the podcast that I did everything

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Suze: you need to know about gifting I bonds was July

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Suze: 21st 2022. Are you're gonna write that down in your little

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Suze: Suze notebook? Are you going to write down everything? I

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Suze: just said right now, remember this is a podcast so

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Suze: you can pause it,

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Suze: you can pause it and write down notes to yourself.

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Suze: And then once you have done that, start the podcast

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Suze: up again.

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Suze: Next, I want to talk about a few things because

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Suze: we have another date looming that you need to know

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Suze: about and that's October 31 and now I'm not going

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Suze: to talk to you about Halloween and buying candy and

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Suze: all of that. Anyway, many of you out there have

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Suze: been working

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Suze: for public service organizations and you have been so confused.

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Suze: Do you qualify for public service loan forgiveness? And what

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Suze: that is is if you have a student loan

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Suze: And you have worked in the public service sector for

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Suze: 10 years after those 10 years,

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Suze: depending on the type of student loan, you have

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Suze: all of your student loan debt will absolutely be forgiven

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Suze: and you will not owe taxes on the amount that

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Suze: was forgiven.

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Suze: But do you qualify for it? Do you not? What

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Suze: loan is due? And that even includes if you worked for

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Suze: public service sector for 10 years that maybe weren't consecutive,

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Suze: maybe you worked for three years in one, Then you

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Suze: went to work for a regular corporation then for another

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Suze: two years you came back. So there's a website, I

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Suze: want all of you who are in the public service

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Suze: sector and wondering,

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Suze: do you qualify for public service loan forgiveness. I want

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Suze: you to go to P

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Suze: that's like pee in like profit? S like in Suze

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Suze: L like in love F like in friends. So P

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Suze: S L F dot gov and if you go there

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Suze: and you have to do this before October 31st, you

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Suze: will answer a few questions and they will be able

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Suze: to tell you do you qualify or do you not

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Suze: or what do you have to do?

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Suze: So you should all be doing that.

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Suze: Now. I want to talk to you about student loan

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Suze: forgiveness as you know, hopefully many of you will have

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Suze: $10,000 of your student loan forgiven up to $20,000 if

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Suze: you had a Pell grant.

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Suze: But there have been legal suits brought against this program

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Suze: to stop it now. I thought on today's podcast, I

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Suze: was going to be able to say to you good news.

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Suze: Everybody guess what? They may very well start forgiving your

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Suze: student loans very shortly here because the objection went to

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Suze: one of the people on the Supreme Court,

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Suze: she overruled it. She said nope, I'm not going to

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Suze: take this to the court and we thought everything was

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Suze: done until last night when another legal suit was brought.

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Suze: So we'll have to see what happens. I doubt highly

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Suze: that any of these suits will absolutely stop this but

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Suze: that's just something that you should know but I would

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Suze: be acting as if this is absolutely going to happen

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Suze: and you should be applying for debt relief right now

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Suze: and you do so by going to student aid dot

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Suze: gov slash debt relief again. All these U. R. L. S.

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Suze: will be on the app on the Women and Money

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Suze: app as well in the notes of this podcast and

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Suze: you should apply right now. It is so easy they

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Suze: ask you a few questions and that is it.

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Suze: However,

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Suze: because this is such a big deal.

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Suze: We live in a time a day and an age

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Suze: where fraud and people trying to take advantage of you

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Suze: is rampant.

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Suze: So if somebody calls you and says or sends you

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Suze: an email that they can help you make sure that

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Suze: you get your student loan forgiven that they can fill

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Suze: out the forms for you that they can do anything

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Suze: for you when it comes to student loan forgiveness. You

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Suze: are to hang up on them

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Suze: and you should report them to report fraud dot FTC

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Suze: dot gov. Now these things are important right now because

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Suze: fraud is rampant and many people have already been taken

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Suze: advantage of and how do I know that? Because you're

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Suze: writing me

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Suze: and when somebody wants to help you go, oh you

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Suze: can help me. All right, help me. You don't need

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Suze: help with this because it is so easy for you

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Suze: to do Alright everybody. So I just wanted to get

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Suze: all of that out of the way. Now let's talk

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Suze: about investing.

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Suze: You're also now starting to write me this week because

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Suze: why the stock market has gone up considerably. But the

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Suze: truth of the matter is the market hasn't really gone

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Suze: up considerably at all. It's still down quite a bit.

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Suze: It had a good week or two now, didn't I

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Suze: say last Sunday

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Suze: that it would not surprise me if the market went

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Suze: up this week. Didn't I say that

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Suze: and didn't I say that for those of you? However,

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Suze: and I didn't say this last sunday, but I said

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Suze: this before that those of you who have money invested

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Suze: in this stock market

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Suze: that you seriously cannot afford to lose because you need

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Suze: this money for something you need it for a down

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Suze: payment on a home, maybe you need it for your

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Suze: emergency fund, who knows what you need it for. But

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Suze: you need it within a year two or possibly three,

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Suze: that is not money that belongs in the stock market.

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Suze: And now you're writing me and saying Suze, it's going up.

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Suze: I'm just gonna hold on until it gets back to

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Suze: where I'm even and then I'll sell.

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Suze: Alright, I need you all to listen to me carefully.

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Suze: I do not under any circumstances believe that this is

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Suze: the start of the market going straight back up.

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Suze: If anything, I think now we are closer to next

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Suze: week or maybe two or three or four weeks from

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Suze: now for this market to go right back down.

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Suze: So whether it's this week or maybe even next week

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Suze: or whatever

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Suze: and I wouldn't play a game with this market.

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Suze: This is the time that if you need the money

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Suze: maybe you want to take it off the table. If

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Suze: however you have 10 20,30 years 'till you need this

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Suze: money and it's invested properly. Especially if you're in dividend

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Suze: paying E. T. F.s or stocks just stay where you are.

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Suze: All right. But also understand

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Suze: that most likely you're going to see everything that's up

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Suze: right now this week anyway we'll probably go way back

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Suze: down again. Now there's no way for me to know.

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Suze: Yes will it? No it won't.

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Suze: But that's just what I think.

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Suze: So please take that and understand that as these markets

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Suze: are going up however, and really they could go up

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Suze: another two or so weeks before they go down. Although

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Suze: they could absolutely start to go down next week. You

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Suze: never know.

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Suze: But while the market is going up like it was

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Suze: this week, that is not the time that you chase

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Suze: a stock and you dollar cost average into it.

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00:18:21,710 --> 00:18:25,889
Suze: Next topic is Social Security. Now all of you are

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Suze: going to be very happy come January if you're collecting

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Suze: Social Security because your check is going to go up

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Suze: by 8.7% you're also going to be happy because Medicare

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Suze: premiums for really one of the first times Medicare part

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Suze: B they're going to go down

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Suze: And it's going to go down anywhere. You know from

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Suze: $170 right in there a year. Not bad for many

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Suze: of you.

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Suze: However, you're also confused about this inflation adjustment, technically it's

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Suze: called COLA. The cost of living adjustment and the reason

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Suze: why Social Security is giving you 8.7% more is because

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Suze: of inflation and they want you to be able to

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Suze: keep up with inflation at least with your Social Security check.

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Suze: But so many of you think that if you're not

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Suze: already collecting Social Security that you don't qualify for COLA

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Suze: and I just want you all to know that is

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Suze: not true,

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Suze: You don't have to be collecting Social Security for the

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Suze: computation to be going into the system that whatever Social

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Suze: Security you're about to get or when you do claim it,

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00:19:46,520 --> 00:19:51,889
Suze: it will be adjusted starting now for 8.7%. So you

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Suze: get that cost of living adjustment whether you are collecting

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Suze: Social Security or not.

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Suze: Now, you know that over all these years and all

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Suze: the books I've written, I have been always saying in

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Suze: most cases wait 'till you are 70 to collect Social Security,

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Suze: wait 'till you are 70 to collect Social Security because

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Suze: you will get far more because from the age of

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Suze: 67 to 70

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00:20:38,840 --> 00:20:44,070
Suze: You are guaranteed an 8% increase, annually. That's more than you

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Suze: can make in the stock market or anywhere else.

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Suze: Somebody wrote in and gave me this big explanation of

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Suze: why they want to start Social Security at 62.

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Suze: And even though they might get a reduction of like 30%

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Suze: from what they would get at full retirement age that

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Suze: if they took that amount of money at 62

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Suze: and they invested it in the stock market that over

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Suze: the long run

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Suze: they would make a whole lot more money.

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Suze: I am begging you if anybody tells you to do

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Suze: that or if you're thinking about doing that, do not

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Suze: do it. Do not do it. Do not do it.

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Suze: Look at what has happened to the stock market just

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Suze: since the beginning of this year, many of you are

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00:25:37,060 --> 00:25:43,740
Suze: down 50% in your portfolios and when something goes down 50%,

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Suze: it has to go back up 100% for you to

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Suze: be even.

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Suze: Remember when something goes from 10 to 5, that's a 50% decline.

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Suze: But to go from five all the way back up

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Suze: to 10, that is 100% increase. So I am begging

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00:26:05,800 --> 00:26:10,540
Suze: you not to do it. That 8% increase a year from 67

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Suze: to 70...

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Suze: you're not going to get that anywhere else if you

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Suze: don't have to take Social Security earlier than your full

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00:26:19,350 --> 00:26:25,660
Suze: retirement age or preferably 70 please don't. Now I totally

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00:26:25,660 --> 00:26:28,240
Suze: understand that there are many of you out there who

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00:26:28,240 --> 00:26:31,119
Suze: are ill and you're not gonna make it till your

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00:26:31,119 --> 00:26:34,310
Suze: full retirement age, Okay then take it

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00:26:34,730 --> 00:26:38,910
Suze: or many of you are in such dire circumstances that

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00:26:38,910 --> 00:26:41,670
Suze: you do have to take it otherwise there is no

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Suze: way for you to get by. Okay, I understand that.

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00:26:46,560 --> 00:26:50,720
Suze: But the majority of you really if you can

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00:26:51,369 --> 00:26:56,410
Suze: at least wait 'till full retirement age, preferably 70.

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00:27:12,020 --> 00:27:15,920
Suze: Right. So those are the things that I really wanted

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00:27:15,920 --> 00:27:20,190
Suze: you to know for this particular podcast. Did you write

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Suze: what you needed to know down in your Suze book?

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00:27:23,700 --> 00:27:27,650
Suze: I hope so because many of these things are really

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00:27:27,650 --> 00:27:32,630
Suze: important for you to know. Otherwise you can be doing

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Suze: things with your money

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00:27:34,250 --> 00:27:37,680
Suze: and making big mistakes and that is not something that

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Suze: I want you to do. So until next time. There's

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Suze: only one thing that I really want for you and

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Suze: your money and that's for you to be safe. Strong

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Suze: and secure. Alright everybody see you then. Bye bye now