1
00:00:07,800 --> 00:00:12,399
Suze: August 14, 2025. Welcome everybody to the Women and Money

2
00:00:12,398 --> 00:00:17,549
Suze: podcast as well as everybody smart enough to listen. Why

3
00:00:17,549 --> 00:00:18,718
Suze: are you looking at me like that?

4
00:00:18,840 --> 00:00:23,120
KT: Because today's August 14th, and tomorrow's August 15th.

5
00:00:23,315 --> 00:00:26,134
KT: One of my very favorite days of the whole year.

6
00:00:26,344 --> 00:00:27,895
Suze: Oh, I know what we're going to do tomorrow.

7
00:00:27,944 --> 00:00:31,014
KT: We're going to definitely be in the saltwater. It's Saltwater Day.

8
00:00:31,264 --> 00:00:32,314
Suze: Tell everybody what that is.

9
00:00:32,424 --> 00:00:36,625
Suze: I'm not really sure all of the religious connections to

10
00:00:36,625 --> 00:00:39,584
Suze: Saltwater Day, but when I was a little girl, my

11
00:00:39,584 --> 00:00:42,665
Suze: grandma and grandpa would bring all of us down to

12
00:00:42,665 --> 00:00:44,903
Suze: the ocean, and we had to put our feet in

13
00:00:44,904 --> 00:00:45,865
Suze: the saltwater.

14
00:00:46,360 --> 00:00:49,740
KT: It was just a blessing. It's a saltwater day. I

15
00:00:49,740 --> 00:00:53,619
KT: think it was a blessing for fishermen back in Italy long, long, long ago.

16
00:00:53,619 --> 00:00:56,450
Suze: Which is where KT's family is from.

17
00:00:56,979 --> 00:01:02,459
KT: So today also is a special day because Suze and

18
00:01:02,459 --> 00:01:06,360
KT: I are alone on the island. Colo's in Colombia with

19
00:01:06,360 --> 00:01:10,610
KT: his family, and we're just, we're just having like this

20
00:01:10,610 --> 00:01:11,699
KT: best time.

21
00:01:12,610 --> 00:01:15,449
KT: Kind of on our own schedule. Colo usually has coffee

22
00:01:15,449 --> 00:01:17,839
KT: with us in the morning, we figure out the day.

23
00:01:18,089 --> 00:01:20,489
KT: We do a lot of planning, but we're, we're like

24
00:01:20,489 --> 00:01:21,529
KT: on vacation.

25
00:01:22,050 --> 00:01:23,120
KT: We don't have to work.

26
00:01:23,290 --> 00:01:25,500
Suze: But you know, I think we've told them that many

27
00:01:25,500 --> 00:01:28,149
Suze: times how much we obviously love Colo,

28
00:01:28,809 --> 00:01:30,169
KT: But we're on vacation.

29
00:01:30,169 --> 00:01:34,629
Suze: But think about those of you who have children and

30
00:01:34,629 --> 00:01:37,529
Suze: their older children and you love them so much, but

31
00:01:37,529 --> 00:01:40,410
Suze: then when everybody leaves the house and it's kind of

32
00:01:40,410 --> 00:01:42,779
Suze: just you on your own.

33
00:01:43,720 --> 00:01:45,489
KT: It's like the kids went to camp.

34
00:01:45,625 --> 00:01:47,654
Suze: And we don't have to think about are we dressed,

35
00:01:47,735 --> 00:01:50,894
Suze: are we not dressed, all those kinds of things. All right,

36
00:01:51,095 --> 00:01:56,375
Suze: so this is Ask KT and Suze Anything. And if

37
00:01:56,375 --> 00:02:00,504
Suze: you want to ask a question and if KT chooses it,

38
00:02:00,614 --> 00:02:03,014
Suze: you have to be patient everybody, and you have to

39
00:02:03,014 --> 00:02:06,775
Suze: listen every week because you just never know when if

40
00:02:06,775 --> 00:02:09,214
Suze: you ask something from quite a few months ago.

41
00:02:09,688 --> 00:02:14,358
Suze: If she's chosen that or not, so don't give up hope.

42
00:02:14,569 --> 00:02:17,369
Suze: And hey, if you really have a question that you

43
00:02:17,369 --> 00:02:20,358
Suze: want answered and you did write in a long time ago,

44
00:02:20,688 --> 00:02:24,678
Suze: write in again, but keep it short cause if it's long,

45
00:02:26,288 --> 00:02:29,407
Suze: I ain't going to pick them. However, how do you

46
00:02:29,407 --> 00:02:34,369
Suze: write in? Go to ask Suze - SUZE podcast at gmail.com.

47
00:02:34,619 --> 00:02:41,429
Suze: And that is where you ask your brief question. All right, KT.

48
00:02:41,869 --> 00:02:44,418
KT: Keep it short, keep it simple. OK, this is from Lisa.

49
00:02:44,470 --> 00:02:48,059
KT: She said, Hi, Suze, I have a question for you.

50
00:02:48,309 --> 00:02:52,699
KT: You always say husband and wife or partners should contribute

51
00:02:52,699 --> 00:02:54,699
KT: equally towards monthlt expenses.

52
00:02:57,320 --> 00:02:57,432
Suze: Yes... equal percentages.

53
00:02:57,432 --> 00:03:01,609
KT: She forgot the most important word, Lisa percentage.

54
00:03:01,610 --> 00:03:05,220
Suze: Not equal amounts of money, but equal percentages.

55
00:03:05,220 --> 00:03:08,990
KT: Which is, yeah, this is gonna change your entire email

56
00:03:08,990 --> 00:03:13,380
KT: question ready? she said my husband's a big fan of you, Suze.

57
00:03:13,630 --> 00:03:15,350
KT: He follows almost every

58
00:03:15,479 --> 00:03:18,869
KT: advice you give and in this case wants me to

59
00:03:18,869 --> 00:03:20,829
KT: contribute half of my salary.

60
00:03:20,949 --> 00:03:24,380
Suze: No. Stop. Do you see right there, KT? He's a big fan.

61
00:03:24,710 --> 00:03:26,539
Suze: He listens to everything I say.

62
00:03:30,589 --> 00:03:30,679
KT: He forgot the word percentage.

63
00:03:30,679 --> 00:03:33,500
Suze: I never said if one of you makes $7,000 a month,

64
00:03:33,550 --> 00:03:35,789
Suze: the other makes $3,000 take home a month.

65
00:03:36,210 --> 00:03:39,440
Suze: And your expenses, let's say are $3000 a month that

66
00:03:39,440 --> 00:03:45,610
Suze: you each put in $1500. No equal percentages, not equal amounts.

67
00:03:45,720 --> 00:03:49,160
KT: So finish giving people that example. So if she makes

68
00:03:49,160 --> 00:03:52,119
KT: $7,000 she makes $3.000 take home

69
00:03:52,199 --> 00:03:56,759
Suze: So you add those two together. That's $10,000. You divide

70
00:03:56,759 --> 00:04:02,320
Suze: $10,000 into your joint expenses, $3,000 and that's 30%.

71
00:04:02,809 --> 00:04:07,660
Suze: So, of his 7,000 KT he would have to give 30%

72
00:04:07,660 --> 00:04:10,619
Suze: of that into the expenses, that's 2,100.

73
00:04:11,050 --> 00:04:15,410
Suze: Because she only makes $3,000 let's say it's her, right? 30%

74
00:04:15,410 --> 00:04:23,649
Suze: of $3,000 is $900. There's your $3,000 equal percentages but

75
00:04:23,649 --> 00:04:27,159
Suze: not equal amounts of money. Go on, KT.

76
00:04:27,290 --> 00:04:31,600
KT: OK, so Lisa said she makes a third of his salary.

77
00:04:31,690 --> 00:04:33,649
Suze: Well, there's an example of what we just did.

78
00:04:33,649 --> 00:04:38,010
KT: But he doesn't contribute anything in managing the house. Now

79
00:04:38,010 --> 00:04:38,820
KT: Lisa's goes on...

80
00:04:38,875 --> 00:04:43,255
KT: to kind of whine a little bit about I take

81
00:04:43,255 --> 00:04:45,184
KT: care of the kids. I drop them off and pick

82
00:04:45,184 --> 00:04:47,825
KT: them up from school. I clean, I cook, I work

83
00:04:47,825 --> 00:04:50,315
KT: without any break, even on the weekend. All he does

84
00:04:50,315 --> 00:04:52,575
KT: is wake up, take the dog for a quick walk

85
00:04:52,575 --> 00:04:55,494
KT: and go to work. He watches movies on the weekend,

86
00:04:55,625 --> 00:04:58,825
KT: talks with his friends. How is that fair? So it

87
00:04:58,825 --> 00:05:02,464
KT: is fair if you go back to adding the little words,

88
00:05:02,584 --> 00:05:06,785
KT: Suze said that your husband left out "percentages."

89
00:05:07,299 --> 00:05:11,578
KT: You always say, Suze, people first, then money. So there's

90
00:05:11,579 --> 00:05:15,328
KT: your answer. Lisa. It's really easy percentages.

91
00:05:15,940 --> 00:05:19,010
Suze: So KT, let me tell you what I really think

92
00:05:19,010 --> 00:05:24,690
Suze: about this. All right. When somebody is making 2/3 more

93
00:05:24,690 --> 00:05:28,619
Suze: of the money than you because she's only making 30%

94
00:05:28,619 --> 00:05:29,578
Suze: of what he's making.

95
00:05:30,709 --> 00:05:31,779
Suze: Somehow.

96
00:05:32,670 --> 00:05:35,950
Suze: People tend to, I'm not saying her husband does, but

97
00:05:35,950 --> 00:05:39,269
Suze: I think he does, right, get this attitude of, well,

98
00:05:39,350 --> 00:05:43,510
Suze: I'm bringing in most of the money. I'm obviously therefore

99
00:05:43,510 --> 00:05:44,660
Suze: working harder.

100
00:05:45,359 --> 00:05:48,250
Suze: And therefore, yeah, I deserve to be able to sit

101
00:05:48,250 --> 00:05:50,709
Suze: around and relax and take the dogs out or do

102
00:05:50,709 --> 00:05:53,859
Suze: whatever and that's it. That's all I need to do.

103
00:05:54,428 --> 00:05:59,779
Suze: So that could be going on. What's very important, Lisa,

104
00:06:00,230 --> 00:06:03,149
Suze: is for you to sit down with him and it's

105
00:06:03,149 --> 00:06:05,910
Suze: not just all right, now you're going to divide it

106
00:06:05,910 --> 00:06:10,190
Suze: by equal percentages, all right, cause that still doesn't take

107
00:06:10,190 --> 00:06:13,790
Suze: into consideration what's done in the house.

108
00:06:14,269 --> 00:06:17,909
Suze: So you need to sit down with him because maybe

109
00:06:17,910 --> 00:06:21,029
Suze: you straighten out the money aspect of it, but it

110
00:06:21,029 --> 00:06:25,670
Suze: doesn't straighten out the household chores of it, and you

111
00:06:25,670 --> 00:06:29,230
Suze: should talk with him, not to him, with him about

112
00:06:29,230 --> 00:06:33,118
Suze: how you feel that just because you make less than

113
00:06:33,119 --> 00:06:36,950
Suze: doesn't mean that you work less than, doesn't mean that

114
00:06:36,950 --> 00:06:38,829
Suze: you don't work as hard.

115
00:06:39,140 --> 00:06:43,469
Suze: So therefore, what can you do to divide up chores

116
00:06:43,470 --> 00:06:46,029
Suze: so that you feel it's equal financially.

117
00:06:46,540 --> 00:06:51,149
Suze: As well as physically around the house. Next question, KT.

118
00:06:51,149 --> 00:06:56,609
KT: Suze, next question's from Albert, a man smart enough to listen.

119
00:06:56,609 --> 00:06:59,058
Suze: Victoria and Albert, have you all ever been?

120
00:06:59,100 --> 00:07:01,329
KT: Oh, the V and A museum in London.

121
00:07:01,579 --> 00:07:03,100
Suze: If you're ever there, go, go, go.

122
00:07:03,579 --> 00:07:08,209
KT: What a great she was our favorite queen of all, Victoria. Yes,

123
00:07:08,359 --> 00:07:10,579
KT: she and Albert were madly in love. They had, I,

124
00:07:10,700 --> 00:07:11,339
KT: I think 13.

125
00:07:11,436 --> 00:07:14,756
KT: kids or something huge number of children.

126
00:07:14,936 --> 00:07:17,656
Suze: So you don't think that Queen Elizabeth was madly in

127
00:07:17,656 --> 00:07:18,415
Suze: love with...

128
00:07:18,885 --> 00:07:23,295
KT: No, not like Albert and Victoria. And they couldn't. Albert

129
00:07:23,295 --> 00:07:26,536
KT: and Victoria were the greatest love story of all of

130
00:07:26,536 --> 00:07:28,696
KT: English history and with Bar none.

131
00:07:28,786 --> 00:07:30,365
Suze: And what about our love story?

132
00:07:30,455 --> 00:07:35,006
KT: The greater than English, greater than the world history, bar none.

133
00:07:35,325 --> 00:07:36,135
KT: All right. Hi.

134
00:07:36,552 --> 00:07:40,441
KT: and Suze, I'm really confused about the money I converted

135
00:07:40,441 --> 00:07:45,492
KT: from my IRA to my Roth IRA. I opened up

136
00:07:45,492 --> 00:07:51,131
KT: a Roth IRA with Vanguard in 2021 with ETFs. I

137
00:07:51,131 --> 00:07:56,201
KT: converted some money, about $10,000 from my IRA to my

138
00:07:56,201 --> 00:08:00,532
KT: Roth IRA this year. I know I will pay ordinary

139
00:08:00,532 --> 00:08:01,411
KT: income taxes.

140
00:08:01,910 --> 00:08:06,070
KT: I was listening to a podcast from 2024, and Suze

141
00:08:06,070 --> 00:08:11,190
KT: said the five year rule will start over on that conversion.

142
00:08:11,269 --> 00:08:12,269
Suze: Absolutely true.

143
00:08:12,470 --> 00:08:16,859
KT: I freaked out, said Albert said, I freaked out, Suze.

144
00:08:17,149 --> 00:08:19,989
KT: I did not know that. That's a lesson to all

145
00:08:19,989 --> 00:08:23,549
KT: of us to listen to every podcast. He's right.

146
00:08:24,179 --> 00:08:27,420
KT: Correct me if I'm wrong, but any contributions I have

147
00:08:27,420 --> 00:08:31,660
KT: put in since 2021, Albert said he's 57.

148
00:08:32,059 --> 00:08:36,340
KT: I can take out penalty free any time but not

149
00:08:36,340 --> 00:08:37,330
KT: the earnings.

150
00:08:37,789 --> 00:08:37,957
Suze: Correct.

151
00:08:37,957 --> 00:08:42,270
KT: But the 10,000 I converted this year will start its

152
00:08:42,270 --> 00:08:44,109
KT: own five year rule.

153
00:08:44,229 --> 00:08:44,659
Suze: Right

154
00:08:44,869 --> 00:08:49,549
KT: Which means I cannot touch it until 2030.

155
00:08:49,549 --> 00:08:51,549
Suze: January 1st, 2030. Go on.

156
00:08:51,710 --> 00:08:56,150
KT: Does that go for the earnings too that the 10,000 earned?

157
00:08:56,849 --> 00:09:01,090
Suze: Well, it depends, right, because only if Albert is going

158
00:09:01,090 --> 00:09:04,919
Suze: to be 59 and a half years of age or older, which I

159
00:09:04,919 --> 00:09:06,010
Suze: think he's going to.

160
00:09:06,010 --> 00:09:07,809
KT: He will be because he's 57 now.

161
00:09:07,849 --> 00:09:12,190
Suze: Here's the thing you have to understand, everybody, whenever you convert,

162
00:09:12,200 --> 00:09:16,199
Suze: it does not matter how long your original Roth IRA

163
00:09:16,200 --> 00:09:20,039
Suze: has been open. All right, when you convert.

164
00:09:21,130 --> 00:09:27,289
Suze: Every conversion has its own five year rule, period. But

165
00:09:27,289 --> 00:09:32,010
Suze: what's so fascinating is that the five year rule is

166
00:09:32,010 --> 00:09:35,770
Suze: dated in a very awkward way. So let's say that

167
00:09:35,770 --> 00:09:43,770
Suze: Albert converted on December 31, 2024. Let's just say that's true.

168
00:09:45,239 --> 00:09:51,109
Suze: Then that counts as an entire year towards the conversion,

169
00:09:51,359 --> 00:09:54,789
Suze: so it doesn't matter when you convert in a year,

170
00:09:55,000 --> 00:09:59,228
Suze: it's as if that year has already passed, so to speak.

171
00:09:59,559 --> 00:10:04,809
Suze: So now it's 2024, his five year rule,

172
00:10:05,450 --> 00:10:09,679
Suze: will be up like in 2029, believe it or not,

173
00:10:09,809 --> 00:10:15,449
Suze: KT right at January 1st, 2029, even though it hasn't

174
00:10:15,450 --> 00:10:20,409
Suze: been a full five years from December 31st, so just

175
00:10:20,409 --> 00:10:24,489
Suze: know that, everybody. So that's number one. Number two, there

176
00:10:24,489 --> 00:10:28,489
Suze: are two penalties. There's taxes on a Roth.

177
00:10:29,010 --> 00:10:32,570
Suze: When you don't follow the rules and a 10% tax

178
00:10:32,570 --> 00:10:37,919
Suze: penalty if you're not of age, once you reach 59

179
00:10:37,919 --> 00:10:40,929
Suze: and a half, it doesn't matter if it hasn't been

180
00:10:40,929 --> 00:10:44,570
Suze: in there five years cause you're already too old for

181
00:10:44,570 --> 00:10:49,010
Suze: the 10% penalty to apply. So forget that one regardless

182
00:10:49,010 --> 00:10:52,289
Suze: of how long it's been in there. It's the ordinary

183
00:10:52,289 --> 00:10:55,689
Suze: income tax penalty that you're worried about.

184
00:10:56,190 --> 00:10:59,319
Suze: So that has to have been in there for five

185
00:10:59,320 --> 00:11:03,280
Suze: years for you not to owe ordinary income tax on

186
00:11:03,280 --> 00:11:06,599
Suze: the earnings when it comes to your original amount you

187
00:11:06,599 --> 00:11:08,479
Suze: converted and paid taxes on.

188
00:11:09,140 --> 00:11:11,569
Suze: You're not going to owe taxes on that, so I

189
00:11:11,570 --> 00:11:15,329
Suze: wouldn't worry too much about that. So that's just what

190
00:11:15,330 --> 00:11:16,200
Suze: you have to do.

191
00:11:16,450 --> 00:11:19,650
KT: So Albert, you didn't really make any mistakes, right, Suze?

192
00:11:19,770 --> 00:11:20,919
Suze: No, it's like it's fine.

193
00:11:21,020 --> 00:11:22,130
KT: You're good Albert.

194
00:11:22,250 --> 00:11:26,079
Suze: You'll be there before you know it. Remember, it's January

195
00:11:26,080 --> 00:11:31,098
Suze: 1st of 2030 that all that money will be available

196
00:11:31,099 --> 00:11:32,409
Suze: to you, period.

197
00:11:33,059 --> 00:11:35,380
Suze: Right, but, and you know, it is how it is.

198
00:11:35,429 --> 00:11:38,219
Suze: What are you gonna do? OK, what are you gonna do, KT?

199
00:11:38,659 --> 00:11:41,189
Suze: Do you know what you're gonna do when it comes

200
00:11:41,190 --> 00:11:42,109
Suze: to converting money?

201
00:11:42,109 --> 00:11:43,900
KT: Don't talk to me about Roth right now.

202
00:11:44,020 --> 00:11:46,099
Suze: Fine, I won't. I knew it would get to you.

203
00:11:46,309 --> 00:11:47,478
KT: Let's talk. Let's...

204
00:11:49,400 --> 00:11:52,189
Suze: When I want to aggravate her, everybody, I walk around

205
00:11:52,190 --> 00:11:55,059
Suze: the house and I whisper, I want to tell you something.

206
00:11:55,570 --> 00:11:57,419
Suze: And she comes up to me close and I go,

207
00:11:57,710 --> 00:12:01,739
Suze: Roth IRAs KT. Anyway, go on.

208
00:12:02,070 --> 00:12:02,659
KT: All right.

209
00:12:03,570 --> 00:12:07,020
KT: This is from Gina. Gina said, Hello, Suze and KT.

210
00:12:07,650 --> 00:12:11,619
KT: I tried to buy some Bitcoin ETFs, which is Ibit

211
00:12:11,619 --> 00:12:16,210
KT: the other day in my Merrill Edge account. To my dismay,

212
00:12:16,570 --> 00:12:19,599
KT: it is a restricted fund, and they do not let

213
00:12:19,599 --> 00:12:19,840
KT: you

214
00:12:20,005 --> 00:12:23,875
KT: purchase it because of the risk. I called customer service

215
00:12:23,875 --> 00:12:27,755
KT: and they said no Bitcoin is allowed. Any thoughts on

216
00:12:27,755 --> 00:12:30,715
KT: how I can get around this and put bitcoin in

217
00:12:30,715 --> 00:12:31,905
KT: my portfolio?

218
00:12:32,164 --> 00:12:34,314
Suze: So let me tell you, Gina, how I would get

219
00:12:34,315 --> 00:12:36,474
Suze: around it if I were you.

220
00:12:37,419 --> 00:12:41,039
Suze: Obviously they won't allow you to do it. Everybody writes

221
00:12:41,039 --> 00:12:43,640
Suze: me and says, Why won't they allow me to do it?

222
00:12:43,840 --> 00:12:47,479
Suze: And for some reason, Merrill Lynch still feels the edge

223
00:12:47,479 --> 00:12:50,570
Suze: account that it is too risky. All right, that's just

224
00:12:50,570 --> 00:12:54,760
Suze: the stance that they are taking. Now what would I

225
00:12:54,760 --> 00:12:57,559
Suze: do if I were you, if I really wanted to

226
00:12:57,559 --> 00:12:59,030
Suze: invest in Bitcoin?

227
00:12:59,549 --> 00:13:02,580
Suze: I would open up an account at either Charles Schwab

228
00:13:02,580 --> 00:13:06,380
Suze: or Fidelity or most of the other brokerage firms that

229
00:13:06,380 --> 00:13:12,579
Suze: will absolutely allow you to buy a Bitcoin ETF just

230
00:13:12,580 --> 00:13:13,659
Suze: that simple.

231
00:13:14,090 --> 00:13:17,650
Suze: So you know I like Bitcoin. You all know I

232
00:13:17,650 --> 00:13:21,169
Suze: like Bitcoin, and I used to say only invest with

233
00:13:21,169 --> 00:13:24,250
Suze: money that you can afford to lose. I have to

234
00:13:24,250 --> 00:13:28,010
Suze: tell you I am changing that stance because as it

235
00:13:28,010 --> 00:13:33,609
Suze: goes higher and higher in value, as major banks are

236
00:13:33,609 --> 00:13:38,090
Suze: starting to actually participate in it, I'm starting to feel

237
00:13:38,090 --> 00:13:41,489
Suze: better about it, so I do not have a problem.

238
00:13:42,080 --> 00:13:45,489
Suze: If you invest a small amount of money, maybe 5%

239
00:13:45,489 --> 00:13:50,919
Suze: or whatever, in IBIT, and the truth of the matter is,

240
00:13:51,210 --> 00:13:56,209
Suze: if you did it directly into the Bitcoin itself, you

241
00:13:56,210 --> 00:13:58,929
Suze: would actually make more money than if you did it

242
00:13:58,929 --> 00:14:03,130
Suze: through an ETF. But for safety reasons or just because

243
00:14:03,130 --> 00:14:05,209
Suze: you feel safer with it that way.

244
00:14:06,030 --> 00:14:09,340
Suze: I don't think there's anything wrong with you owning Ibit

245
00:14:09,559 --> 00:14:11,840
Suze: at all. All right.

246
00:14:12,049 --> 00:14:16,049
KT: OK. Next question is from Ellen. She said, Hello, Suze

247
00:14:16,049 --> 00:14:21,289
KT: and KT. I have a paid off home. The title

248
00:14:21,289 --> 00:14:25,280
KT: has my name and my deceased husband's name on it.

249
00:14:25,650 --> 00:14:26,210
KT: Mm hm.

250
00:14:26,650 --> 00:14:29,559
KT: A lawyer advised me I didn't have to take his

251
00:14:29,559 --> 00:14:33,320
KT: name off the title. Is this wise? I want to

252
00:14:33,320 --> 00:14:36,880
KT: make a revocable trust, and I'm not sure if this

253
00:14:36,880 --> 00:14:40,039
KT: needs to be changed before I do that. I have

254
00:14:40,039 --> 00:14:42,559
KT: two adult children who will inherit the home.

255
00:14:42,979 --> 00:14:47,130
Suze: Yeah, legally there's nothing that says, Ellen, that you have

256
00:14:47,130 --> 00:14:50,760
Suze: to take his name off the title. First of all,

257
00:14:50,880 --> 00:14:53,320
Suze: so sorry for your loss, obviously.

258
00:14:53,880 --> 00:15:00,599
Suze: However, however you should, because if you're going to transfer

259
00:15:00,599 --> 00:15:04,070
Suze: it into the trust, it should be in your name only.

260
00:15:04,320 --> 00:15:07,359
Suze: It will make it far easier for your children if

261
00:15:07,359 --> 00:15:10,119
Suze: something were to happen to you. So even though the

262
00:15:10,119 --> 00:15:15,150
Suze: lawyer says you don't have to, that is technically correct. However,

263
00:15:15,239 --> 00:15:18,239
Suze: just cause you don't have to do something doesn't mean

264
00:15:18,239 --> 00:15:21,349
Suze: you shouldn't do it. So what I would tell you,

265
00:15:21,739 --> 00:15:24,770
Suze: do it and do it as soon as you possibly can.

266
00:15:25,530 --> 00:15:26,369
Suze: All right.

267
00:15:26,729 --> 00:15:30,299
KT: Next question is from Brownie. Do you remember we had a,

268
00:15:30,330 --> 00:15:34,570
KT: a fisherman from Bimini called Brownie that took us fishing

269
00:15:34,570 --> 00:15:38,679
KT: to get little like Lane snapper. Remember he was so

270
00:15:38,679 --> 00:15:39,119
KT: much fun.

271
00:15:39,369 --> 00:15:40,099
Suze: Why do you think?

272
00:15:40,289 --> 00:15:40,650
KT: I don't know.

273
00:15:40,809 --> 00:15:42,169
Suze: What happened to him. Where is he?

274
00:15:42,289 --> 00:15:44,450
KT: I don't know, probably still fishing, but he was like

275
00:15:44,450 --> 00:15:48,010
KT: a little fishing guide, very friendly, very happy, and his

276
00:15:48,010 --> 00:15:48,820
KT: name was Brownie.

277
00:15:48,969 --> 00:15:49,609
Suze: You know, years ago.

278
00:15:49,929 --> 00:15:53,090
Suze: Everybody, when we didn't know how to fish, we would

279
00:15:53,090 --> 00:15:57,119
Suze: hire the local Bahamians, and they would be the one

280
00:15:57,119 --> 00:16:00,799
Suze: that would take us out and show us how to fish.

281
00:16:01,409 --> 00:16:06,570
KT: Bahamas style with little yo yos and strings with hooks, very, very,

282
00:16:06,650 --> 00:16:08,048
KT: very primitive.

283
00:16:08,048 --> 00:16:11,289
Suze: And they caught more fish than we did on our

284
00:16:11,289 --> 00:16:13,849
Suze: expensive stupid rods. All right, go on.

285
00:16:14,409 --> 00:16:17,770
KT: All right, so Brownie said, I am 67 and still

286
00:16:17,770 --> 00:16:19,489
KT: currently working part time.

287
00:16:20,049 --> 00:16:26,640
KT: I am contributing to a 403B at work which matches 6%. Unfortunately,

288
00:16:26,679 --> 00:16:31,369
KT: it is not a Roth. Should I continue to contribute 6%

289
00:16:31,369 --> 00:16:35,489
KT: to it and then contribute my other 4% and start

290
00:16:35,489 --> 00:16:39,729
KT: a new Roth account? And then Brownie says, just curious

291
00:16:39,729 --> 00:16:42,280
KT: if at this stage in our lives would it make

292
00:16:42,280 --> 00:16:46,130
KT: that much of a difference. He's 67. What do you think, Suze?

293
00:16:46,659 --> 00:16:52,440
Suze: Yes, Brownie, even at your old age of 67, what

294
00:16:52,440 --> 00:16:53,619
Suze: is it with these people?

295
00:16:53,690 --> 00:16:55,830
KT: I don't know, right? And it sounds young to me.

296
00:16:56,030 --> 00:17:00,140
Suze: Me too, so it's absolutely worth it. But you're not

297
00:17:00,140 --> 00:17:04,859
Suze: limited to just 4% into your Roth IRA. I don't

298
00:17:04,859 --> 00:17:06,890
Suze: know what that 4% would be. You.

299
00:17:06,953 --> 00:17:10,633
Suze: You should be funding it to the max of $8,000

300
00:17:10,633 --> 00:17:15,141
Suze: a year, but you can't pass up the free money

301
00:17:15,142 --> 00:17:18,463
Suze: that your corporation is paying you, even though it's in

302
00:17:18,463 --> 00:17:22,012
Suze: a pre-tax account. No problem. All right.

303
00:17:22,343 --> 00:17:26,022
KT: So Marisol asks, dear Suze, I wonder what would be

304
00:17:26,022 --> 00:17:27,342
KT: a better option when

305
00:17:27,395 --> 00:17:31,984
KT: converting from an IRA to a Roth IRA, I have

306
00:17:31,984 --> 00:17:37,135
KT: cash infidelity and an ETF. What would you suggest to convert?

307
00:17:37,385 --> 00:17:44,615
KT: I have $75,000 in cash. I usually convert $60,000 a year,

308
00:17:44,946 --> 00:17:49,816
KT: so my tax bracket doesn't spike. I used the cash

309
00:17:49,816 --> 00:17:53,305
KT: to dollar cost average and buying the ETF and stocks

310
00:17:53,306 --> 00:17:55,745
KT: you've mentioned in your podcast.

311
00:17:56,170 --> 00:17:59,030
KT: I bet she's done quite well with that, Suze. So

312
00:17:59,030 --> 00:18:02,469
KT: this money is in an IRA. Should I convert the

313
00:18:02,469 --> 00:18:06,069
KT: cash or the stocks this coming year? It's a lot

314
00:18:06,069 --> 00:18:07,670
KT: of conversion money, isn't it?

315
00:18:07,829 --> 00:18:12,349
Suze: Right, so whatever you have in your IRA that happens

316
00:18:12,349 --> 00:18:13,469
Suze: to be stock.

317
00:18:14,030 --> 00:18:17,119
Suze: And that stock can go up in value because let's

318
00:18:17,119 --> 00:18:20,640
Suze: say you invested it in good things. If I were you,

319
00:18:20,689 --> 00:18:24,239
Suze: I would be converting that to the Roth first, even

320
00:18:24,239 --> 00:18:28,000
Suze: if you have to liquidate it, liquidate it, go into

321
00:18:28,000 --> 00:18:28,839
Suze: a Roth.

322
00:18:29,199 --> 00:18:32,310
Suze: And just buy it again what you have and let

323
00:18:32,310 --> 00:18:36,609
Suze: it increase in value there. The cash in the meantime,

324
00:18:36,829 --> 00:18:39,979
Suze: let's say it's making 4% when you then go to

325
00:18:39,979 --> 00:18:43,310
Suze: convert that, you're not going to have to worry about

326
00:18:43,310 --> 00:18:44,560
Suze: converting it on a

327
00:18:44,739 --> 00:18:49,089
Suze: higher amount of money if the stocks continue up. So

328
00:18:49,089 --> 00:18:51,170
Suze: I would be doing the stocks at this point because

329
00:18:51,170 --> 00:18:54,170
Suze: if they're good stocks or good ETFs, I do think

330
00:18:54,170 --> 00:18:56,968
Suze: they're going to go higher and higher. All right, go on.

331
00:18:57,250 --> 00:19:02,010
KT: OK, the next question is from Lynetta. Dear Suze and KT,

332
00:19:02,170 --> 00:19:06,770
KT: thank you so much for being there. She said, I've

333
00:19:06,770 --> 00:19:10,250
KT: learned so much. I started listening in 2020 and she's

334
00:19:10,250 --> 00:19:14,209
KT: come a long way but still needs your guidance, Suze. Ready?

335
00:19:14,829 --> 00:19:17,719
KT: She said, I'm so grateful when you responded to me

336
00:19:17,719 --> 00:19:21,479
KT: after my dad died. I had no clue about what

337
00:19:21,479 --> 00:19:25,530
KT: to do with the inherited 401k savings. I did as

338
00:19:25,530 --> 00:19:30,560
KT: you said, and it is in an inherited IRA at Fidelity.

339
00:19:30,810 --> 00:19:33,410
KT: So there you go, good for you, Lynetta. You followed

340
00:19:33,410 --> 00:19:34,520
KT: Suze's advice.

341
00:19:34,699 --> 00:19:37,479
Suze: But what's interesting about this email is what one thing

342
00:19:37,479 --> 00:19:38,319
Suze: that she said.

343
00:19:39,119 --> 00:19:40,869
KT: That she has a long way to go.

344
00:19:40,959 --> 00:19:43,000
Suze: No, and I contacted her directly.

345
00:19:43,239 --> 00:19:44,579
KT: Oh yes, yes, yes.

346
00:19:45,719 --> 00:19:49,079
Suze: So you never know. You never know when you're going

347
00:19:49,079 --> 00:19:51,179
Suze: to hear from me directly. All right, go on.

348
00:19:51,329 --> 00:19:54,150
KT: And she contacts a whole lot of you directly just

349
00:19:54,150 --> 00:19:54,919
KT: so you know that.

350
00:19:55,329 --> 00:19:58,319
KT: So she says, I don't have a Roth 403B, but

351
00:19:58,319 --> 00:20:00,640
KT: this is now being offered at work. But there's no

352
00:20:00,640 --> 00:20:05,229
KT: matching funds. When I talked with the Financial Focus adviser

353
00:20:05,520 --> 00:20:09,119
KT: who's handling the accounts for our district, I asked him

354
00:20:09,119 --> 00:20:13,109
KT: if I could be invested in stocks and or ETFs.

355
00:20:13,439 --> 00:20:16,659
KT: He became a little agitated and said he would invest

356
00:20:16,660 --> 00:20:20,800
KT: in what he thought was best for me. Wow. So

357
00:20:20,800 --> 00:20:24,000
KT: when asked how much he charged, he said 1%.

358
00:20:24,250 --> 00:20:26,959
KT: I don't like the fact that he doesn't talk more

359
00:20:26,959 --> 00:20:31,079
KT: with me about what I want it invested in. My

360
00:20:31,079 --> 00:20:35,349
KT: question is, do I open a Roth 403B with Financial Focus,

361
00:20:35,839 --> 00:20:40,319
KT: continue buying CDs, or do something else? I'm not sure

362
00:20:40,319 --> 00:20:44,709
KT: what to do. I'm 67. I make $70,000 a year.

363
00:20:45,000 --> 00:20:48,319
KT: Please help me figure this out. I'm forever grateful for

364
00:20:48,319 --> 00:20:49,389
KT: your advice.

365
00:20:50,020 --> 00:20:52,170
KT: So I'll tell you what I would do.

366
00:20:52,420 --> 00:20:53,180
Suze: What would you do?

367
00:20:53,260 --> 00:20:56,369
KT: Forget Financial focus. Do it on your own, girl.

368
00:20:56,579 --> 00:20:59,139
Suze: Yeah, you can do it on your own, or better yet,

369
00:20:59,260 --> 00:21:03,520
Suze: since they don't match. Just open up a Roth IRA,

370
00:21:03,780 --> 00:21:08,459
Suze: and you can invest $8000 a year there and or

371
00:21:08,459 --> 00:21:12,780
Suze: if you happen to have a mortgage on your home, truthfully.

372
00:21:13,530 --> 00:21:17,670
Suze: You're better off at this age making sure that that

373
00:21:17,670 --> 00:21:21,420
Suze: extra money goes to pay down the mortgage on your home,

374
00:21:21,630 --> 00:21:24,109
Suze: because I want you all to think about it. Why

375
00:21:24,109 --> 00:21:27,589
Suze: are you saving money and investing in a Roth retirement

376
00:21:27,589 --> 00:21:28,630
Suze: account or a 401k...

377
00:21:28,800 --> 00:21:32,439
Suze: However you're doing it, it's to generate income for you

378
00:21:32,439 --> 00:21:36,989
Suze: to pay your expenses. Your largest expense happens to be

379
00:21:36,989 --> 00:21:40,920
Suze: your mortgage on your home, so you're far better off

380
00:21:40,920 --> 00:21:43,839
Suze: getting rid of the mortgage on your home.

381
00:21:44,750 --> 00:21:48,069
Suze: Than saving money in a retirement account to pay the

382
00:21:48,069 --> 00:21:51,310
Suze: mortgage payment. Now, KT, I could give you an example

383
00:21:51,310 --> 00:21:54,430
Suze: of that, but I have in the past. However, that's

384
00:21:54,430 --> 00:21:57,459
Suze: what I would be doing if I were you. All right.

385
00:21:57,630 --> 00:22:00,829
KT: All right, great. And my last question is from Bob.

386
00:22:01,630 --> 00:22:04,729
KT: I love this one. Yeah, I like what he did.

387
00:22:04,729 --> 00:22:07,020
Suze: You know what I love about the name Bob?

388
00:22:07,390 --> 00:22:08,020
KT: Bob?

389
00:22:08,219 --> 00:22:10,379
Suze: Yeah, what do I love about it?

390
00:22:10,670 --> 00:22:14,500
KT: You can say Roberto, Robert, Bob, Bobby.

391
00:22:18,880 --> 00:22:18,898
Suze: No...

392
00:22:18,910 --> 00:22:18,959
KT: Babushka.

393
00:22:18,969 --> 00:22:18,972
Suze: No.

394
00:22:18,972 --> 00:22:19,139
KT: Ok, what then?

395
00:22:19,709 --> 00:22:22,170
Suze: It's the same backwards and forwards. I just love that.

396
00:22:22,380 --> 00:22:24,500
KT: Oh, you can spell it backwards and forwards and get

397
00:22:24,500 --> 00:22:25,369
KT: the same name.

398
00:22:25,540 --> 00:22:26,130
Suze: Yeah, I love that.

399
00:22:26,219 --> 00:22:27,130
KT: Bob, Bob.

400
00:22:27,380 --> 00:22:30,219
Suze: When I used to do the Suze Orman show, I

401
00:22:30,219 --> 00:22:32,540
Suze: used to love when I saw a name like that. Anyway,

402
00:22:32,699 --> 00:22:33,109
Suze: go on.

403
00:22:33,380 --> 00:22:38,099
KT: All right, I remember, I remember, um.

404
00:22:39,020 --> 00:22:43,500
KT: Is it was someone that our friend Ken knew someone

405
00:22:43,500 --> 00:22:48,139
KT: that could spell everything backwards really fast.

406
00:22:48,530 --> 00:22:50,619
KT: Like you gave him a word and he could spell

407
00:22:50,619 --> 00:22:54,170
KT: it backwards like he had that something that he had um...

408
00:22:54,170 --> 00:22:54,969
Suze: And you love that?

409
00:22:55,130 --> 00:22:58,129
KT: Yeah, it's one of the most difficult things to do.

410
00:22:58,130 --> 00:23:01,199
Suze: All right now you all know for Bob. What's his question?

411
00:23:01,410 --> 00:23:04,689
KT: This is my final question. Hi Susie and KT. I'm

412
00:23:04,689 --> 00:23:08,650
KT: 61 and retired early due to an illness and surgeries

413
00:23:08,650 --> 00:23:14,489
KT: as well as an abusive work environment. Uh-huh. That's the

414
00:23:14,489 --> 00:23:15,448
KT: real reason.

415
00:23:15,939 --> 00:23:21,719
KT: So Bob said, I have $1.4 million saved. Good for him.

416
00:23:21,979 --> 00:23:25,649
KT: I maxed my Roth contribution since I first watched your

417
00:23:25,650 --> 00:23:29,180
KT: show back in the day. Honestly, I would not be

418
00:23:29,180 --> 00:23:31,699
KT: where I am if I had not read your books

419
00:23:31,699 --> 00:23:34,459
KT: and watched your show. Thank you, Suze.

420
00:23:34,619 --> 00:23:36,229
Suze: I love an appreciative man.

421
00:23:36,359 --> 00:23:36,550
KT: Yeah.

422
00:23:36,660 --> 00:23:37,300
Suze: I love that.

423
00:23:37,339 --> 00:23:38,170
KT: I do too.

424
00:23:38,459 --> 00:23:39,619
KT: I also took a small

425
00:23:39,704 --> 00:23:44,175
KT: pension payout that I am gradually converting to Roth funds.

426
00:23:44,334 --> 00:23:48,494
KT: He's so smart. My question, how can I protect my

427
00:23:48,494 --> 00:23:52,334
KT: funds that are in CDs and money market accounts from

428
00:23:52,334 --> 00:23:57,055
KT: a falling value in the dollar? That's a great question.

429
00:23:57,750 --> 00:24:01,119
Suze: So Bob, what I would be asking you is how's

430
00:24:01,119 --> 00:24:06,359
Suze: it done? How are your investments doing? Because the dollar

431
00:24:06,359 --> 00:24:12,079
Suze: has fallen incredibly over these past few months. So the

432
00:24:12,079 --> 00:24:15,948
Suze: main reason a dollar will affect you when it falls

433
00:24:15,949 --> 00:24:19,079
Suze: in value is number one if you're going to travel overseas.

434
00:24:19,829 --> 00:24:24,709
Suze: So travel becomes far more expensive because the dollar isn't

435
00:24:24,709 --> 00:24:28,030
Suze: worth as much, so it doesn't convert to as much

436
00:24:28,030 --> 00:24:33,750
Suze: in a foreign currency. However, the increased cost of goods

437
00:24:33,750 --> 00:24:39,500
Suze: and everyday items can be affected by a falling dollar

438
00:24:39,829 --> 00:24:43,709
Suze: because it's more expensive to buy what they need if

439
00:24:43,709 --> 00:24:46,550
Suze: they have to import it in, so that's

440
00:24:46,680 --> 00:24:49,760
Suze: really all that it's going to do. It's not going

441
00:24:49,760 --> 00:24:53,560
Suze: to affect your actual investments when it's a CD or

442
00:24:53,560 --> 00:24:57,630
Suze: a treasury. It could affect the stock market, things like that,

443
00:24:57,719 --> 00:25:02,599
Suze: because a falling dollar can also contribute to inflation. So

444
00:25:02,599 --> 00:25:05,359
Suze: we just have to watch it carefully, however,

445
00:25:05,829 --> 00:25:08,979
Suze: I do think that the dollar isn't going to fall

446
00:25:08,979 --> 00:25:12,510
Suze: a whole lot more than it has already fallen, so

447
00:25:12,510 --> 00:25:15,939
Suze: I think you've already seen the things that it can do.

448
00:25:15,989 --> 00:25:19,719
Suze: But out of everything that you have going on, boyfriend,

449
00:25:19,949 --> 00:25:21,750
Suze: I wouldn't worry about it.

450
00:25:22,329 --> 00:25:23,180
KT: You did great, Bob.

451
00:25:23,589 --> 00:25:26,479
Suze: Now he's a man who learned how to do what, KT?

452
00:25:27,030 --> 00:25:28,630
KT: Make his money, make more.

453
00:25:28,829 --> 00:25:31,790
Suze: There you go. He's learned how to do that. And

454
00:25:31,790 --> 00:25:35,069
Suze: now at his ripe old age of 61.

455
00:25:35,479 --> 00:25:39,540
Suze: He could actually probably do anything that he wants all right,

456
00:25:39,719 --> 00:25:40,849
Suze: Miss Travis...

457
00:25:40,979 --> 00:25:42,139
KT: That's a wrap Suze.

458
00:25:42,459 --> 00:25:45,589
Suze: Until tomorrow morning when we go soak in the salt water.

459
00:25:45,660 --> 00:25:46,339
KT: Yes, ma'am.

460
00:25:46,489 --> 00:25:49,540
Suze: But we do that every single day anyway, so I

461
00:25:49,540 --> 00:25:53,530
Suze: don't know why tomorrow's any more special to you, but anyway,

462
00:25:53,619 --> 00:25:57,819
Suze: we do soak every single day cause they say salt

463
00:25:57,819 --> 00:26:01,489
Suze: water heals you and KT and I really believe that.

464
00:26:01,930 --> 00:26:05,510
Suze: So until next time is only one thing that we

465
00:26:05,510 --> 00:26:09,300
Suze: want everybody to remember when it comes to their money.

466
00:26:09,430 --> 00:26:12,469
KT: We're going to do what Bob does make your money,

467
00:26:12,630 --> 00:26:13,680
KT: make more money.

468
00:26:13,790 --> 00:26:17,630
Suze: So you are to do that, stay safe and healthy

469
00:26:17,910 --> 00:26:21,020
Suze: and know that we both love you so very, very much.

470
00:26:21,270 --> 00:26:23,459
Suze: All right, everybody, bye bye bye now.