1 00:00:41,159 --> 00:00:45,790 Suze: September 8th 2024. Welcome everybody to the Women and Money 2 00:00:45,799 --> 00:00:49,470 Suze: podcast as well as everybody smart enough to listen. 3 00:00:50,119 --> 00:00:52,880 Suze: If you think that I'm going to talk about the 4 00:00:52,889 --> 00:01:01,330 Suze: rules of inherited pre-tax IRAs wrong, wrong, wrong. After two 5 00:01:01,340 --> 00:01:06,610 Suze: serious Suze Schools, even though one was with KT, we're 6 00:01:06,620 --> 00:01:09,000 Suze: going to leave that topic alone for a while to 7 00:01:09,010 --> 00:01:13,680 Suze: let you all digest everything that you do need to know. 8 00:01:13,730 --> 00:01:16,518 Suze: But I am going to reiterate that. I think it's 9 00:01:16,529 --> 00:01:18,339 Suze: really important that you mark 10 00:01:18,930 --> 00:01:24,720 Suze: last Thursdays as well as last Sunday's podcast because trust 11 00:01:24,730 --> 00:01:29,029 Suze: me one day, you are going to need those rules. 12 00:01:29,040 --> 00:01:31,730 Suze: So you will come back, listen to it again and 13 00:01:31,739 --> 00:01:37,569 Suze: again and hopefully you will know the answers. Now, I 14 00:01:37,580 --> 00:01:39,550 Suze: will in a few weeks 15 00:01:39,900 --> 00:01:44,919 Suze: after this is all settled down, do one on successor 16 00:01:44,930 --> 00:01:49,800 Suze: beneficiaries so that you understand how those rules happen to go, 17 00:01:50,040 --> 00:01:53,739 Suze: but not quite now. All right, 18 00:01:54,440 --> 00:01:58,910 Suze: obviously, last week was a horrific week in the stock 19 00:01:58,919 --> 00:02:03,099 Suze: market and I am sure all of you are going. 20 00:02:03,110 --> 00:02:05,349 Suze: What should I do? What should I do? Oh my God. 21 00:02:05,360 --> 00:02:08,320 Suze: Should I sell the emails that I'm getting to Suze? 22 00:02:08,330 --> 00:02:11,190 Suze: Should I get out? Should I do whatever you have 23 00:02:11,199 --> 00:02:15,139 Suze: got to understand when it comes to investing. 24 00:02:15,550 --> 00:02:20,250 Suze: If you are investing, you are in this for the 25 00:02:20,258 --> 00:02:24,139 Suze: long run, you are not in this right now to 26 00:02:24,149 --> 00:02:26,619 Suze: make a few dollars, to have something, go up to 27 00:02:26,630 --> 00:02:28,369 Suze: have something go down to. No, 28 00:02:30,020 --> 00:02:35,279 Suze: investing is not about you adding confusion to your life. 29 00:02:35,288 --> 00:02:39,228 Suze: It's about you having a solid foundation knowing that you 30 00:02:39,240 --> 00:02:44,919 Suze: are invested in great quality stocks, ETFs or mutual funds 31 00:02:45,210 --> 00:02:47,039 Suze: and that over time, 32 00:02:47,758 --> 00:02:51,380 Suze: they'll continue to go up. But there is not one 33 00:02:51,389 --> 00:02:56,979 Suze: type of an investment that you own that won't experience 34 00:02:56,990 --> 00:03:01,089 Suze: a downturn, whether it's in bonds, think about it just 35 00:03:01,100 --> 00:03:03,770 Suze: a few years ago or even maybe a year or 36 00:03:03,779 --> 00:03:06,649 Suze: so ago. If you had been invested 37 00:03:07,250 --> 00:03:11,449 Suze: in a long term bond fund or in individual bonds 38 00:03:11,479 --> 00:03:14,489 Suze: as interest rates started to go up, you saw the 39 00:03:14,500 --> 00:03:18,850 Suze: value of those bonds go down and if you were 40 00:03:18,860 --> 00:03:22,359 Suze: somebody who owned those bonds in a brokerage account or 41 00:03:22,369 --> 00:03:26,059 Suze: whatever it may have been where you get statements every 42 00:03:26,070 --> 00:03:30,699 Suze: single month, you would see your balance go down and 43 00:03:30,710 --> 00:03:34,740 Suze: down and down and yet you were freaking out and 44 00:03:34,750 --> 00:03:36,660 Suze: you probably wanted to get out of them. 45 00:03:37,179 --> 00:03:42,000 Suze: But if you had just kept them right now because 46 00:03:42,009 --> 00:03:45,240 Suze: interest rates are starting to come down, the value of 47 00:03:45,250 --> 00:03:47,710 Suze: those bond funds or bonds are now going back up 48 00:03:47,720 --> 00:03:51,919 Suze: and now you're happy again. The same is absolutely true 49 00:03:51,970 --> 00:03:56,330 Suze: with your equity investments. Whether it's in a 401k plan 50 00:03:56,380 --> 00:04:00,559 Suze: individual investment accounts. Roths. I don't care. I want you 51 00:04:00,570 --> 00:04:03,520 Suze: to think back about two years ago 52 00:04:04,020 --> 00:04:09,190 Suze: when great quality stocks, Apple, Amazon, all of them went 53 00:04:09,199 --> 00:04:12,520 Suze: down so significantly, it isn't even funny. 54 00:04:12,960 --> 00:04:16,450 Suze: And then what did they do? They started to go up, up, up, up, up, 55 00:04:16,459 --> 00:04:19,309 Suze: up and now they're starting to go down, down down, 56 00:04:19,320 --> 00:04:23,609 Suze: but there's still a lot higher than back in 2022. 57 00:04:23,779 --> 00:04:28,359 Suze: That is the nature of investing. If you don't have 58 00:04:28,369 --> 00:04:30,739 Suze: what it takes to do that. If that is not 59 00:04:30,750 --> 00:04:34,570 Suze: your nature, then you shouldn't be investing because I promise 60 00:04:34,579 --> 00:04:36,549 Suze: you you will sell at the wrong time, you will 61 00:04:36,559 --> 00:04:40,820 Suze: buy at the wrong time. You cannot time this market. 62 00:04:41,250 --> 00:04:45,469 Suze: But if you just continue to dollar cost average, be consistent, 63 00:04:45,480 --> 00:04:49,600 Suze: have good quality stocks again over the long run. When 64 00:04:49,609 --> 00:04:53,709 Suze: these great companies go down, you are essentially if you 65 00:04:53,720 --> 00:04:56,890 Suze: have the courage to do so and you invest in them, 66 00:04:56,959 --> 00:05:01,950 Suze: you are getting them on sale. However, with that said, 67 00:05:02,339 --> 00:05:05,320 Suze: it's important that you know, when should you dollar cost 68 00:05:05,329 --> 00:05:08,079 Suze: average at what price should you do? It? It's not 69 00:05:08,089 --> 00:05:12,000 Suze: always just as simple as, oh, it's going down. Therefore, 70 00:05:12,010 --> 00:05:17,690 Suze: I'll buy more over time. Everything will be ok. I 71 00:05:17,700 --> 00:05:21,599 Suze: just briefly want to say a few things a long 72 00:05:21,609 --> 00:05:26,159 Suze: time ago we started to talk about you should invest in Palantir. 73 00:05:27,609 --> 00:05:31,880 Suze: Palantir has just been added to the Standard and Poors 500. 74 00:05:32,950 --> 00:05:36,929 Suze: That is great news for all of you. So that 75 00:05:36,940 --> 00:05:37,899 Suze: is a stock 76 00:05:38,630 --> 00:05:43,079 Suze: I'm telling you you should be looking into. Also, I 77 00:05:43,089 --> 00:05:48,329 Suze: just want to point out one other little thing which is, 78 00:05:48,829 --> 00:05:53,440 Suze: do you remember January 7th? I gave you seven exchange 79 00:05:53,450 --> 00:05:57,529 Suze: traded funds that I thought you should. Absolutely. If all 80 00:05:57,540 --> 00:06:00,940 Suze: you even had was $1000 that if you just bought 81 00:06:00,950 --> 00:06:05,640 Suze: one share of each, that you would be ok. 82 00:06:06,000 --> 00:06:10,339 Suze: And even with the horrific news and the changes of 83 00:06:10,350 --> 00:06:14,539 Suze: the stock market, if you had done that, even with 84 00:06:14,549 --> 00:06:20,109 Suze: the market going down considerably recently, you would still be 85 00:06:20,119 --> 00:06:24,500 Suze: up 11.21% on your money. 86 00:06:25,160 --> 00:06:27,839 Suze: And that is because it had a variety of things 87 00:06:27,850 --> 00:06:32,359 Suze: in it. It had health care, finance, real estate, biotech, 88 00:06:32,369 --> 00:06:37,619 Suze: the Dow Jones industrial average technology. So you had diversification 89 00:06:37,630 --> 00:06:42,559 Suze: there in certain areas that I wanted you invested in. 90 00:06:42,859 --> 00:06:48,328 Suze: So even with this going down, you're still up 11%. 91 00:06:48,609 --> 00:06:51,519 Suze: I don't think that's such a bad thing on any 92 00:06:51,529 --> 00:06:56,170 Suze: level also. Do you remember on August 5th? I gave 93 00:06:56,178 --> 00:06:59,279 Suze: you the names of stocks that I really liked and 94 00:06:59,290 --> 00:07:02,880 Suze: over time I thought you should buy and things like that. 95 00:07:02,890 --> 00:07:05,880 Suze: Do you know if you did? So that you would, 96 00:07:05,890 --> 00:07:11,279 Suze: since August 5th, you would still be up 5.52%. 97 00:07:11,640 --> 00:07:15,100 Suze: Some of those things that I gave you are up 10% 98 00:07:15,269 --> 00:07:21,589 Suze: or more. So, therefore, the market has not gone to, 99 00:07:21,600 --> 00:07:25,640 Suze: you know, where down under - KT doesn't like when 100 00:07:25,649 --> 00:07:28,019 Suze: I swear and KT is sitting next to me right 101 00:07:28,029 --> 00:07:30,220 Suze: now and there is a reason for that. 102 00:07:30,739 --> 00:07:36,660 Suze: But anyway, so just stay cool. Don't worry about it. 103 00:07:36,769 --> 00:07:38,679 Suze: And the truth of the matter is, and I will 104 00:07:38,690 --> 00:07:41,880 Suze: reiterate this since most of you do not need this 105 00:07:41,890 --> 00:07:46,170 Suze: money for years to come. 10 years, 20 years, whatever 106 00:07:46,179 --> 00:07:49,559 Suze: it may be, even five years, just let the markets 107 00:07:49,570 --> 00:07:51,000 Suze: do what they wanna do 108 00:07:51,519 --> 00:07:55,089 Suze: in your retirement accounts, especially at work where you're putting 109 00:07:55,100 --> 00:07:58,750 Suze: money in every single month, your dollar cost averaging in 110 00:07:58,760 --> 00:08:02,989 Suze: the long run, you will be ok. And just remember 111 00:08:03,000 --> 00:08:06,570 Suze: sooner than later a program that is being created for 112 00:08:06,579 --> 00:08:12,600 Suze: you will come out to help you with all of this. 113 00:08:13,149 --> 00:08:13,989 Suze: All right. Now, 114 00:08:15,339 --> 00:08:16,339 Suze: the other day, 115 00:08:17,140 --> 00:08:20,890 Suze: I had the great honor of being invited to go 116 00:08:20,899 --> 00:08:22,170 Suze: to Telemundo 117 00:08:22,739 --> 00:08:26,399 Suze: and not only be on Telemundo, you could all see it. 118 00:08:26,410 --> 00:08:29,079 Suze: I'll post that link for all of you, but it 119 00:08:29,089 --> 00:08:33,330 Suze: is in Spanish. They've dubbed me over because Telemundo is 120 00:08:33,340 --> 00:08:36,939 Suze: all in Spanish. And what's a shame is that I 121 00:08:36,950 --> 00:08:40,320 Suze: couldn't do it in Spanish because I have a belief 122 00:08:40,330 --> 00:08:42,319 Suze: that every one of us should know how to speak 123 00:08:42,330 --> 00:08:46,119 Suze: Spanish as well as English. But that is, besides the 124 00:08:46,130 --> 00:08:50,000 Suze: point after that I went and I gave a seminar 125 00:08:50,030 --> 00:08:52,260 Suze: to about 200 people 126 00:08:52,640 --> 00:08:57,099 Suze: as well as it was broadcast out to many people online. 127 00:08:57,109 --> 00:09:00,580 Suze: And there was one question that seemed to strike a 128 00:09:00,590 --> 00:09:05,650 Suze: chord with the audience more than really any question that 129 00:09:05,659 --> 00:09:09,169 Suze: I was asked. And the question was Suze, 130 00:09:09,650 --> 00:09:14,630 Suze: how do you deal with a relationship when maybe you're 131 00:09:14,640 --> 00:09:18,390 Suze: the saver, your spouse or partner is not? How do 132 00:09:18,400 --> 00:09:21,189 Suze: you deal with it with kids? But it seemed like 133 00:09:21,200 --> 00:09:26,309 Suze: that was when the audience really, really perked up. How 134 00:09:26,320 --> 00:09:33,549 Suze: do you have a successful relationship when it comes to finances? 135 00:09:33,950 --> 00:09:37,090 Suze: And the reason that Miss Travis is sitting in the 136 00:09:37,099 --> 00:09:40,690 Suze: room with us right now, even though this is normally 137 00:09:40,700 --> 00:09:46,049 Suze: just Suze School, is that today? September 8th 138 00:09:46,469 --> 00:09:48,789 Suze: is what Miss Travis? 139 00:09:48,799 --> 00:09:50,380 KT: Our wedding anniversary? 140 00:09:50,450 --> 00:09:51,419 Suze: How many KT? 141 00:09:51,429 --> 00:09:52,289 KT: 14 years, 142 00:09:52,700 --> 00:09:56,699 Suze: 14 years baby And even though we've been together now, 143 00:09:56,710 --> 00:09:57,479 Suze: how many? 144 00:09:57,489 --> 00:09:59,978 KT: 23 something like that. 145 00:10:00,580 --> 00:10:04,090 Suze: But remember everybody, we really couldn't get married. It wasn't 146 00:10:04,530 --> 00:10:05,520 Suze: legal here in the States. 147 00:10:05,580 --> 00:10:06,010 KT: We went to Africa, 148 00:10:06,510 --> 00:10:09,539 Suze: we went to South Africa and did it just that simple. 149 00:10:09,619 --> 00:10:14,890 Suze: But anyway, so given that it is our wedding anniversary. 150 00:10:14,919 --> 00:10:16,059 KT: Happy anniversary, Suze. 151 00:10:16,380 --> 00:10:25,989 Suze: Awe KT! KT want to tell everybody about our last year anniversary. 152 00:10:26,640 --> 00:10:30,030 KT: Oh my God. We were in, did they remember we 153 00:10:30,039 --> 00:10:33,450 KT: were in Madrid and Suze surprised me with the most 154 00:10:33,460 --> 00:10:37,348 KT: extraordinary breakfast in Madrid 155 00:10:37,760 --> 00:10:43,049 KT: that consisted of rose petals leading to a table in 156 00:10:43,059 --> 00:10:46,909 KT: a cafe. Early in the morning, I had no makeup on. 157 00:10:46,919 --> 00:10:49,949 KT: I had on like my gym clothes. I looked horrible. 158 00:10:49,960 --> 00:10:53,579 KT: I thought I was gonna have coffee and toast. No, no, no, no, no. 159 00:10:53,669 --> 00:10:59,659 KT: She had the most exquisite breakfast served. She had musicians, 160 00:10:59,669 --> 00:11:01,539 KT: she had an opera singer. 161 00:11:01,559 --> 00:11:02,939 Suze: Two opera singers, 162 00:11:05,280 --> 00:11:09,530 KT: They sang Beseme Mucho. But they also sang some beautiful, beautiful arias that 163 00:11:09,539 --> 00:11:10,200 KT: I love. 164 00:11:11,250 --> 00:11:14,969 KT: We had champagne, a cake, everything and this 165 00:11:14,979 --> 00:11:19,299 KT: and there were other people sitting around us wondering like 166 00:11:19,309 --> 00:11:23,390 KT: what are they celebrating? It was great balloons, balloons. 167 00:11:24,900 --> 00:11:25,559 Suze: I have goosebumps. 168 00:11:26,719 --> 00:11:28,900 KT: How can you forget that? You cannot. 169 00:11:29,140 --> 00:11:30,890 KT: It was unbelievable 170 00:11:30,900 --> 00:11:34,809 Suze: and ask me what I have planned for this anniversary Nada, nada. 171 00:11:36,010 --> 00:11:40,520 KT: She goes from extreme to nada. Nothing. 172 00:11:40,530 --> 00:11:44,569 Suze: Although I do have a little anniversary gift for you. 173 00:11:44,580 --> 00:11:45,169 KT: You do? 174 00:11:45,270 --> 00:11:46,460 Suze: Do you want me to give it to you on 175 00:11:46,469 --> 00:11:47,770 Suze: the podcast right now? 176 00:11:48,090 --> 00:11:50,770 KT: You have it here in the studio. 177 00:11:50,820 --> 00:11:53,299 Suze: I have it in my words. 178 00:11:53,309 --> 00:11:54,599 KT: Oh, ok. 179 00:11:54,820 --> 00:11:57,210 Suze: So my gift to you 180 00:11:58,169 --> 00:12:02,718 Suze: is you get to pick three things that you can 181 00:12:02,729 --> 00:12:08,349 Suze: do once, twice or three times with me. All right. 182 00:12:08,570 --> 00:12:12,039 Suze: So any of these three things you can do all 183 00:12:12,049 --> 00:12:15,270 Suze: three you can do one at a time. What however 184 00:12:15,280 --> 00:12:15,960 Suze: you want to do it? 185 00:12:15,969 --> 00:12:16,559 KT: What are they? 186 00:12:17,250 --> 00:12:19,909 Suze: So, and you get to choose and whenever you want 187 00:12:19,919 --> 00:12:25,030 Suze: to do it, I have to say yes, number one, 188 00:12:25,039 --> 00:12:30,229 Suze: take a walk with you. Number two, play golf with 189 00:12:30,239 --> 00:12:35,099 Suze: you and number three go in the ocean with you. 190 00:12:36,460 --> 00:12:37,960 Suze: Happy anniversary. 191 00:12:37,969 --> 00:12:41,098 KT: I love all three. Can we do all three today? 192 00:12:41,460 --> 00:12:44,650 Suze: If you want to do all three today, we can 193 00:12:44,659 --> 00:12:47,840 Suze: do all three today. If you want to hold them 194 00:12:47,849 --> 00:12:52,219 Suze: for other days, you can. But that is your anniversary 195 00:12:52,229 --> 00:12:56,059 Suze: gift whenever you want to do those three things. I, 196 00:12:56,070 --> 00:12:57,598 Suze: no matter what I'm doing, 197 00:12:58,070 --> 00:13:00,780 Suze: I have to stop and say, let's do it. 198 00:13:00,890 --> 00:13:05,419 KT: I love that. That's the best gift ever. And so 199 00:13:05,710 --> 00:13:07,419 KT: a little kiss in between, 200 00:13:07,929 --> 00:13:14,469 Suze: Maybe. Alright. But anyway, so why is KT here? We're 201 00:13:14,479 --> 00:13:17,348 Suze: here number one to celebrate the joy that we have 202 00:13:17,359 --> 00:13:21,150 Suze: being together. But also because I know how much you 203 00:13:21,159 --> 00:13:26,539 Suze: love KT as well to talk about spontaneously, KT, 204 00:13:28,010 --> 00:13:34,210 Suze: what makes our relationship successful, financially speaking. 205 00:13:35,099 --> 00:13:38,280 Suze: What do you think that is? And what advice? 206 00:13:39,750 --> 00:13:43,079 KT: Well, the first is so easy, Susie, we, we both 207 00:13:43,090 --> 00:13:49,270 KT: have 100% transparency and communication with each other. We have 208 00:13:49,280 --> 00:13:54,539 KT: never ever hidden or not disclosed or we're afraid to 209 00:13:54,549 --> 00:13:59,070 KT: talk about money with each other ever. And for me, 210 00:13:59,080 --> 00:14:03,539 KT: speaking about money has always been extremely easy, very easy, 211 00:14:03,549 --> 00:14:06,789 KT: which makes me the perfect partner for Suze Orman. 212 00:14:07,190 --> 00:14:10,989 KT: But I think that is the key is communication, communication, 213 00:14:11,000 --> 00:14:11,969 KT: communication 214 00:14:12,179 --> 00:14:17,380 Suze: Besides communication because obviously everybody, it is really, really important. 215 00:14:17,390 --> 00:14:21,169 Suze: So get out your little Suze notebooks. What is the 216 00:14:21,179 --> 00:14:22,169 Suze: key or keys 217 00:14:22,804 --> 00:14:29,284 Suze: to a successful relationship? Financially speaking, because if you can't 218 00:14:29,294 --> 00:14:33,974 Suze: be successful, financially speaking, trust me, you are not going 219 00:14:33,984 --> 00:14:37,294 Suze: to be successful on any other level, you're just not. 220 00:14:37,565 --> 00:14:42,354 Suze: Remember one out of two people who get married, get divorced, couples. 221 00:14:42,414 --> 00:14:46,234 Suze: The number one reason for divorce is arguments over money. 222 00:14:46,424 --> 00:14:48,034 KT: What's the number two for you? 223 00:14:48,525 --> 00:14:50,594 Suze: Number two, for me, truthfully 224 00:14:51,070 --> 00:14:57,799 Suze: is to, yes, we're totally one with our love, our communication, 225 00:14:57,869 --> 00:15:02,969 Suze: our relationship. But also you are one with your money, 226 00:15:03,570 --> 00:15:07,659 Suze: totally with your money. I am one with my money 227 00:15:07,669 --> 00:15:10,820 Suze: even though we know your money and my money is 228 00:15:10,830 --> 00:15:11,650 Suze: our money. 229 00:15:12,450 --> 00:15:16,710 Suze: You have total autonomy over the money that is in 230 00:15:16,719 --> 00:15:21,000 Suze: your name. You are not dependent upon me in terms 231 00:15:21,010 --> 00:15:24,520 Suze: of how to invest it. You have your own relationship 232 00:15:24,609 --> 00:15:29,080 Suze: with the brokerage firm that you're totally independent with it. 233 00:15:29,090 --> 00:15:32,909 Suze: You look at your statements, you look at my statements. 234 00:15:33,080 --> 00:15:35,510 Suze: I don't look at statements because I look at them 235 00:15:35,520 --> 00:15:38,469 Suze: online and I'm looking at it every single day. 236 00:15:38,909 --> 00:15:43,080 Suze: But I think the key everybody for our success is 237 00:15:43,090 --> 00:15:47,450 Suze: that KT has power over her own money. 238 00:15:48,210 --> 00:15:51,489 Suze: And I think we've set up our relationship in such 239 00:15:51,500 --> 00:15:56,140 Suze: a way that KT has trust that the power in 240 00:15:56,150 --> 00:15:59,890 Suze: this relationship is not because maybe I make more money 241 00:15:59,900 --> 00:16:00,989 Suze: than KT. 242 00:16:01,000 --> 00:16:05,239 KT: Always have. She's always had far more money. Than me. 243 00:16:05,250 --> 00:16:07,010 KT: But that doesn't matter... 244 00:16:07,020 --> 00:16:09,780 Suze: Who's really the powerful one in this relationship? 245 00:16:10,739 --> 00:16:10,909 KT: KT. 246 00:16:10,919 --> 00:16:12,309 Suze: Why do you think that is? 247 00:16:12,359 --> 00:16:13,679 KT: I know it is. 248 00:16:13,690 --> 00:16:14,710 Suze: But why? 249 00:16:15,179 --> 00:16:19,700 Suze: Because so many times KT, seriously, people get into when 250 00:16:19,710 --> 00:16:22,950 Suze: they're in a relationship that the person who has the 251 00:16:22,960 --> 00:16:27,309 Suze: most money, the person who makes the most money has 252 00:16:27,320 --> 00:16:32,000 Suze: the most power in the relationship. So why is that, 253 00:16:32,460 --> 00:16:36,130 Suze: that really in our relationship? And everybody knows this to 254 00:16:36,140 --> 00:16:38,520 Suze: be true. You have the most power. 255 00:16:38,530 --> 00:16:39,929 KT: I make decisions. 256 00:16:40,210 --> 00:16:41,309 Suze: And I don't? 257 00:16:41,690 --> 00:16:46,400 KT: You, you weigh in, you're a Gemini. She's a Gemini 258 00:16:46,590 --> 00:16:50,039 KT: which means that she weighs in. She changes her mind. 259 00:16:50,049 --> 00:16:52,989 KT: She's not sure she goes back. She analyzes things. I 260 00:16:53,000 --> 00:16:54,039 KT: can make a decision 261 00:16:54,244 --> 00:16:59,414 KT: flat out whether it's right or wrong is another podcast, 262 00:16:59,424 --> 00:17:02,594 KT: but I do make decisions and I stick by them. 263 00:17:02,604 --> 00:17:06,395 KT: And I have incredible confidence in my decision 264 00:17:06,405 --> 00:17:11,055 Suze: Because she has confidence in her decisions and because she 265 00:17:11,064 --> 00:17:15,635 Suze: has power and knowledge of who she is in life 266 00:17:15,958 --> 00:17:19,788 Suze: when she decides something, even if I disagree with it, 267 00:17:19,928 --> 00:17:24,208 Suze: I say yes, do it because my job in this 268 00:17:24,218 --> 00:17:27,369 Suze: relationship isn't always to be right, isn't to be the 269 00:17:27,379 --> 00:17:30,848 Suze: one that makes decisions and do the da da da. No, 270 00:17:31,318 --> 00:17:35,308 Suze: the key in this relationship. Everybody is for me to 271 00:17:35,318 --> 00:17:39,729 Suze: make sure that KT feels mutually respected, 272 00:17:40,449 --> 00:17:47,030 Suze: admired, honored that when she says something, I say, OK, 273 00:17:47,520 --> 00:17:51,130 Suze: that I don't put her decisions down that I do 274 00:17:51,140 --> 00:17:57,530 Suze: come to her and I ask that we have equal power. 275 00:17:57,540 --> 00:18:02,069 KT: Yeah, I think Suze, it's respect, it's trust, it's communication. 276 00:18:02,390 --> 00:18:05,989 KT: It's not even equal power. It's not the word power, 277 00:18:06,089 --> 00:18:07,948 KT: it's more the word. Um, 278 00:18:08,660 --> 00:18:12,270 KT: you know, sharing, we're kind of in it together, we're 279 00:18:12,280 --> 00:18:15,030 KT: in it together. And I think that we have very, 280 00:18:15,040 --> 00:18:20,119 KT: very uniquely different roles but we respect each other's roles 281 00:18:20,130 --> 00:18:22,839 KT: and is more important than the other. 282 00:18:22,849 --> 00:18:27,500 Suze: But we're talking about finances now, KT. So when we 283 00:18:27,510 --> 00:18:28,579 Suze: first met, 284 00:18:29,319 --> 00:18:32,670 Suze: because a lot of people say Suze, my spouse is 285 00:18:32,680 --> 00:18:37,010 Suze: so horrible with money or Suze, my spouse doesn't understand money. 286 00:18:37,180 --> 00:18:40,420 Suze: I do. They don't want to learn about money, whatever 287 00:18:40,430 --> 00:18:41,209 Suze: it may be. 288 00:18:41,500 --> 00:18:45,349 KT: When Suze and I met, which was very well. We 289 00:18:45,359 --> 00:18:47,449 KT: were 50 when we met each. 290 00:18:47,479 --> 00:18:51,859 Suze: Actually, when we met, we were about 48 I was 49. 291 00:18:52,150 --> 00:18:54,959 KT: So, and we were both, I was a baby millionaire 292 00:18:54,969 --> 00:18:58,889 KT: and Susie was a very big millionaire. So we already 293 00:18:58,900 --> 00:19:02,949 KT: met each other with significant wallets. Let's put it that way. 294 00:19:02,969 --> 00:19:04,149 Suze: You knew nothing about. 295 00:19:04,219 --> 00:19:11,629 KT: I knew nothing about finances. I was always extremely responsible 296 00:19:11,640 --> 00:19:15,250 KT: and good with the money I had. But have I, 297 00:19:15,260 --> 00:19:15,948 KT: I wish I 298 00:19:16,155 --> 00:19:22,545 KT: Suze a lot earlier. I did not know anything about finances, investments, 299 00:19:22,635 --> 00:19:27,895 KT: things like that, but I was very responsible, not in debt. 300 00:19:27,905 --> 00:19:30,255 Suze: So that's a big key. Everybody when you get in 301 00:19:30,265 --> 00:19:34,504 Suze: a relationship, you better know is your spouse to be, 302 00:19:34,515 --> 00:19:37,185 Suze: or partner to be in debt. What do you know 303 00:19:37,194 --> 00:19:39,823 Suze: about them? Financially speaking, 304 00:19:40,079 --> 00:19:44,139 Suze: write this down. You need to be as intimate, financially 305 00:19:44,150 --> 00:19:49,849 Suze: speaking as you are personally with your spouse or your partner. 306 00:19:49,859 --> 00:19:54,829 Suze: Don't be afraid to talk about money. So when KT 307 00:19:54,839 --> 00:19:56,250 Suze: and I first met 308 00:19:56,890 --> 00:20:00,030 Suze: and this is the main reason I wanted you on today, 309 00:20:00,040 --> 00:20:03,069 Suze: KT when we first met, 310 00:20:03,979 --> 00:20:10,060 Suze: I wasn't afraid to ask KT serious questions about how 311 00:20:10,069 --> 00:20:12,760 Suze: much money do you have? What do you owe on 312 00:20:12,770 --> 00:20:15,829 Suze: your home, if anything. Do you have a car? Are 313 00:20:15,839 --> 00:20:20,010 Suze: you leasing it? What do you have and what's going 314 00:20:20,020 --> 00:20:25,040 Suze: on in your finances? When KT answered 315 00:20:25,290 --> 00:20:28,439 Suze: the truth of the matter is what KT? 316 00:20:28,449 --> 00:20:31,239 KT: When I met her, I was so proud that I 317 00:20:31,250 --> 00:20:36,260 KT: had this whole life insurance policy sold to me while 318 00:20:36,270 --> 00:20:38,948 KT: I was working in Hong Kong making a lot of 319 00:20:38,959 --> 00:20:42,219 KT: money and this was sold to me under the guise 320 00:20:42,229 --> 00:20:44,180 KT: that this would be a great way to have a 321 00:20:44,189 --> 00:20:48,949 KT: retirement fund in my later years. And I was so excited. 322 00:20:48,959 --> 00:20:51,339 KT: I was real proud. I thought, oh, this is gonna 323 00:20:51,349 --> 00:20:53,250 KT: impress her. She's gonna love this. 324 00:20:53,719 --> 00:20:56,579 KT: Well, that's not exactly what happened. 325 00:20:57,239 --> 00:21:02,520 Suze: She put in $15,000 a year on her birthday into 326 00:21:02,530 --> 00:21:11,099 Suze: this for 10 years. She deposited 100 and $50,000 in 327 00:21:11,109 --> 00:21:13,959 Suze: this policy. Now you tell the rest, KT: 328 00:21:14,560 --> 00:21:16,890 KT: She looked at me. She said, ok, we're gonna cancel. 329 00:21:16,900 --> 00:21:17,800 KT: I said what and 330 00:21:17,810 --> 00:21:20,718 Suze: Why are we gonna cancel? What was your cash value? 331 00:21:20,729 --> 00:21:21,780 KT: It was very little, it was $50,000. 332 00:21:22,829 --> 00:21:25,170 Suze: Here's my question to you during the time that you 333 00:21:25,180 --> 00:21:30,030 Suze: owned this investment, had you ever bothered to even look 334 00:21:30,040 --> 00:21:31,698 Suze: at what it was really worth? 335 00:21:32,359 --> 00:21:34,780 KT: No, not really because I just trusted it was a 336 00:21:34,790 --> 00:21:38,020 KT: great thing I was doing every year by putting that 337 00:21:38,030 --> 00:21:38,699 KT: money in. 338 00:21:38,709 --> 00:21:42,650 Suze: This is very important. Whether you're in a relationship, you're 339 00:21:42,660 --> 00:21:47,199 Suze: not in a relationship, you cannot just do something every 340 00:21:47,209 --> 00:21:50,139 Suze: single year or a month and not look at the 341 00:21:50,150 --> 00:21:55,099 Suze: results of what you are doing. KT had never bothered 342 00:21:55,109 --> 00:22:00,300 Suze: to look at what was that? $15,000 a year doing. 343 00:22:00,780 --> 00:22:03,349 Suze: Well. I'll tell you what it was doing. It was 344 00:22:03,359 --> 00:22:06,239 Suze: making her insurance agent rich. 345 00:22:06,250 --> 00:22:09,209 KT: It was, yeah, he got a big and I like 346 00:22:09,219 --> 00:22:11,879 KT: I liked him so much and I said he sends 347 00:22:11,890 --> 00:22:15,160 KT: me a birthday card and, and holiday cards every year. 348 00:22:15,170 --> 00:22:17,339 KT: And she said, of course he does KT 349 00:22:17,709 --> 00:22:20,670 Suze: The point of the matter is I wasn't afraid when 350 00:22:20,680 --> 00:22:24,800 Suze: we first met to ask her about her money. Look 351 00:22:24,810 --> 00:22:28,859 Suze: at her money, see that after all those years, 10 352 00:22:28,869 --> 00:22:34,609 Suze: years of doing something, she only had 50,000 in this investment. 353 00:22:34,939 --> 00:22:39,139 Suze: So we had open communication for her to listen but 354 00:22:39,150 --> 00:22:40,989 Suze: not all of a sudden go, No, Suze, 355 00:22:41,319 --> 00:22:44,540 Suze: this was good and stand by it so that she 356 00:22:44,550 --> 00:22:48,699 Suze: didn't have to appear wrong. She immediately canceled it so 357 00:22:48,709 --> 00:22:52,300 Suze: many of the things truthfully KT that you were doing 358 00:22:52,310 --> 00:22:56,339 Suze: based on the advice of other financial people, whether it 359 00:22:56,349 --> 00:23:00,339 Suze: was with your home, your car, whatever it may be, 360 00:23:00,349 --> 00:23:05,540 Suze: they were all wrong, they were just wrong. But we 361 00:23:05,550 --> 00:23:10,300 Suze: had the open communication to make it right. 362 00:23:10,810 --> 00:23:15,069 Suze: So that's what's important is for you to be able 363 00:23:15,079 --> 00:23:19,589 Suze: to talk about everything. We knew each other's FICO scores. 364 00:23:19,599 --> 00:23:24,989 Suze: We looked into everything about both of our personal finances. 365 00:23:25,000 --> 00:23:30,790 Suze: Nothing was a secret between us. What's important is that 366 00:23:30,800 --> 00:23:34,989 Suze: during that time, KT from then till now, 367 00:23:36,180 --> 00:23:42,380 Suze: it's amazing how you scour everything, right? The mail comes in. Obviously, 368 00:23:42,390 --> 00:23:47,239 Suze: we own a lot of individual stocks, probably close to 369 00:23:47,250 --> 00:23:50,800 Suze: 70 believe it or not. And when you own an 370 00:23:50,810 --> 00:23:52,199 Suze: individual stock, 371 00:23:52,619 --> 00:23:57,239 Suze: you get these prospectuses, you get these annual reviews. KT 372 00:23:57,250 --> 00:23:58,650 Suze: what do you do with everyone? 373 00:23:58,680 --> 00:24:01,550 KT: Every single one I look and, and you also get 374 00:24:01,560 --> 00:24:05,400 KT: an individual statement on the buy and sell, call for 375 00:24:05,410 --> 00:24:09,900 KT: the stocks. I look at every single one, everyone and 376 00:24:09,910 --> 00:24:12,469 KT: if there's something that looks a little odd or I 377 00:24:12,479 --> 00:24:14,199 KT: don't understand a term, 378 00:24:14,599 --> 00:24:17,849 KT: I immediately either look it up or make a phone 379 00:24:17,859 --> 00:24:20,349 KT: call or ask Suze, what does this mean? 380 00:24:20,359 --> 00:24:24,630 Suze: Right now, the reason that that is important is that 381 00:24:25,180 --> 00:24:29,750 Suze: KT went from knowing nothing about her money, even though 382 00:24:29,760 --> 00:24:32,430 Suze: she was good with saving her money 383 00:24:32,949 --> 00:24:37,459 Suze: to now knowing every possible thing there is to know 384 00:24:37,469 --> 00:24:44,569 Suze: about her money except understanding inherited IRAs which she never 385 00:24:44,579 --> 00:24:46,959 Suze: wants to hear about that topic again as long as 386 00:24:46,969 --> 00:24:47,409 Suze: you live. 387 00:24:47,500 --> 00:24:49,969 KT: Tell them what I said after we did that podcast, 388 00:24:49,979 --> 00:24:50,969 KT: I said, Suze, 389 00:24:52,199 --> 00:24:53,849 KT: I'd better die before you 390 00:24:54,130 --> 00:24:56,609 KT: because if I, if you die before me and I 391 00:24:56,619 --> 00:24:58,489 KT: have to deal with this thing and listen to this 392 00:24:58,500 --> 00:25:02,069 KT: podcast about inherited IRAs, I'm gonna go crazy. The 393 00:25:02,079 --> 00:25:06,209 Suze: good news is though. KT you're my spouse. So you 394 00:25:06,219 --> 00:25:09,109 Suze: don't have to think about a lot of that stuff. 395 00:25:09,119 --> 00:25:13,089 Suze: You just need to know you are an eligible designated 396 00:25:13,099 --> 00:25:16,959 Suze: beneficiary and really given that we're almost the same age, 397 00:25:16,969 --> 00:25:19,469 Suze: it will just go into your account. That's all you 398 00:25:19,479 --> 00:25:22,469 Suze: need to remember. All right. That's it. Simple. Right? 399 00:25:22,800 --> 00:25:26,949 Suze: The next thing that you need to write down is 400 00:25:26,959 --> 00:25:29,300 Suze: that if you're in a relationship, 401 00:25:30,189 --> 00:25:34,629 Suze: you both need to take responsibility for everything. 402 00:25:35,359 --> 00:25:38,989 Suze: We both look at the bills that come in, we 403 00:25:39,000 --> 00:25:42,819 Suze: make sure that everything that we're charged for whatever it 404 00:25:42,829 --> 00:25:46,188 Suze: is that it is something that we purchased, that it 405 00:25:46,199 --> 00:25:50,410 Suze: is something that we have. We both look at it. 406 00:25:50,420 --> 00:25:53,629 Suze: It's just not KT's responsibility when it comes to our 407 00:25:53,640 --> 00:25:59,780 Suze: monthly expenses and everything. It is both of our responsibilities. So, 408 00:25:59,790 --> 00:26:00,500 Suze: if you want 409 00:26:00,640 --> 00:26:05,349 Suze: a great personal relationship, you have to have a great 410 00:26:05,359 --> 00:26:11,270 Suze: financial relationship where you are both wanting to know everything 411 00:26:11,280 --> 00:26:15,930 Suze: about what's going on with your money every single month. 412 00:26:16,050 --> 00:26:19,069 Suze: So you need to make a date once a month 413 00:26:19,250 --> 00:26:22,188 Suze: that when everything comes in, you sit down and you 414 00:26:22,199 --> 00:26:25,040 Suze: look at it but not like, oh, I have to 415 00:26:25,050 --> 00:26:25,810 Suze: look at it. 416 00:26:26,229 --> 00:26:29,829 Suze: You'll do it. Like we get to look at what 417 00:26:29,839 --> 00:26:33,060 Suze: our money that we have put all our efforts into 418 00:26:33,069 --> 00:26:37,530 Suze: earning is making for us. Oh, we get to look 419 00:26:37,540 --> 00:26:41,349 Suze: at how we are spending our money. Are we spending 420 00:26:41,359 --> 00:26:45,020 Suze: it wisely or are we wasting it? Oh, we get 421 00:26:45,030 --> 00:26:49,389 Suze: to cut expenses here, whether you have to cut expenses 422 00:26:49,400 --> 00:26:52,979 Suze: or not, you get enjoyment out of saving 423 00:26:53,630 --> 00:26:57,619 Suze: true saving. And if you can start to do those 424 00:26:57,630 --> 00:27:02,359 Suze: things and be open, then you will have a successful 425 00:27:02,369 --> 00:27:07,599 Suze: personal relationship as well. How does this relate back to 426 00:27:07,609 --> 00:27:10,280 Suze: the topic that I started with 427 00:27:11,400 --> 00:27:14,250 Suze: in the same way that when you get into a 428 00:27:14,260 --> 00:27:20,139 Suze: personal relationship with somebody, you enter it with the desire 429 00:27:20,150 --> 00:27:21,069 Suze: and the hope 430 00:27:21,819 --> 00:27:26,180 Suze: that you're in it for the long term, in essence, 431 00:27:26,189 --> 00:27:29,969 Suze: till death. Do you part that is part of the 432 00:27:29,979 --> 00:27:33,000 Suze: vows that many of you have taken? 433 00:27:33,839 --> 00:27:37,369 Suze: And as you know, my belief with money 434 00:27:38,010 --> 00:27:42,879 Suze: is money is just a physical manifestation of who you are. 435 00:27:42,890 --> 00:27:46,750 Suze: You know, everybody that I believe that. So the truth 436 00:27:46,760 --> 00:27:50,948 Suze: of the matter is you are also in a long 437 00:27:50,959 --> 00:27:57,139 Suze: term relationship with your money. And when you invest, you 438 00:27:57,150 --> 00:28:03,229 Suze: invest your money just like you're investing in a personal relationship, 439 00:28:03,729 --> 00:28:08,319 Suze: you're investing in it for the long term. It is 440 00:28:08,329 --> 00:28:12,489 Suze: not short term. It's not five years, two years, it's 441 00:28:12,500 --> 00:28:17,319 Suze: long term. And just like in a personal relationship where 442 00:28:17,329 --> 00:28:19,069 Suze: there are ups, there are 443 00:28:19,170 --> 00:28:23,680 Suze: downs, obviously there are fights, there are disagreements. KT and 444 00:28:23,689 --> 00:28:27,229 Suze: I have arguments. We have disagreements. We do things that 445 00:28:27,239 --> 00:28:29,949 Suze: we wish we hadn't or we say things that sometimes 446 00:28:29,959 --> 00:28:32,780 Suze: we wish we hadn't. But since we know we're in 447 00:28:32,790 --> 00:28:34,468 Suze: this for the long term 448 00:28:35,219 --> 00:28:38,719 Suze: our thoughts never go to. Oh, this is it. We're 449 00:28:38,729 --> 00:28:39,359 Suze: out of it. 450 00:28:39,930 --> 00:28:44,930 Suze: Same thing with money and your investments. There are times 451 00:28:44,939 --> 00:28:48,589 Suze: when it's up, times when it's down, but you cannot 452 00:28:48,599 --> 00:28:52,780 Suze: just think. No, I'm out of it. I'm selling, I'm gone. 453 00:28:53,030 --> 00:28:57,670 Suze: If it's a good quality investment portfolio, you are in 454 00:28:57,680 --> 00:29:01,829 Suze: it for the long term. So let the ups and 455 00:29:01,839 --> 00:29:07,439 Suze: downs happen whether it's with your money in your relationship 456 00:29:07,589 --> 00:29:08,819 Suze: no matter what. 457 00:29:09,199 --> 00:29:14,050 Suze: But if you understand everything and the long term goals 458 00:29:14,060 --> 00:29:14,979 Suze: that you have, 459 00:29:15,670 --> 00:29:20,329 Suze: then in the long run, you too will be happy 460 00:29:20,339 --> 00:29:24,770 Suze: to what KT celebrate your anniversary. What do you want 461 00:29:24,780 --> 00:29:26,069 Suze: to say? My love? 462 00:29:26,209 --> 00:29:27,239 KT: I love you. 463 00:29:28,339 --> 00:29:29,959 Suze: Do you love me more than I love you? 464 00:29:30,609 --> 00:29:32,189 KT: We love each other the same. 465 00:29:32,219 --> 00:29:35,349 Suze: There you go. So there's only one thing that we 466 00:29:35,359 --> 00:29:39,189 Suze: want you to remember on this most incredible day of 467 00:29:39,199 --> 00:29:44,060 Suze: our 14th wedding anniversary is this 468 00:29:44,859 --> 00:29:46,479 Suze: People first, 469 00:29:46,540 --> 00:29:47,569 KT: then money, 470 00:29:47,579 --> 00:29:52,949 Suze: then things and respect each other. Honor each other, love 471 00:29:52,959 --> 00:29:57,489 Suze: each other and remember you're in it for the long term. 472 00:29:57,699 --> 00:30:00,689 Suze: So until next Thursday and what happens on Thursday? 473 00:30:00,699 --> 00:30:02,449 KT: We're going to Spain baby 474 00:30:03,094 --> 00:30:03,395 KT: to Majorca. 475 00:30:03,944 --> 00:30:07,334 Suze: Yeah, we are going to Spain for one week. So 476 00:30:07,344 --> 00:30:10,675 Suze: we will try to get our Ask, Suze and KT 477 00:30:10,685 --> 00:30:15,074 Suze: anything in before we leave, we may have to do another, 478 00:30:15,084 --> 00:30:18,535 Suze: Ask Suze and Katie anything for Suze School. So at 479 00:30:18,545 --> 00:30:23,435 Suze: least you have some new material but until then we 480 00:30:23,444 --> 00:30:27,675 Suze: really want you to do what? Stay healthy, stay safe 481 00:30:27,685 --> 00:30:31,244 Suze: and stay unstoppable.