1 00:00:00,009 --> 00:00:04,019 Intro / Outro: All right, Suze and KT. Are you ready for today's podcast? Yeah, 2 00:00:04,610 --> 00:00:10,219 Intro / Outro: of course, we're ready because we are unstoppable. Yeah, baby 3 00:00:12,520 --> 00:00:12,559 Intro / Outro: Music In. 4 00:00:33,299 --> 00:00:39,689 KT: Hey, everybody. It's Thursday, August 10th, 2023. This is KT 5 00:00:39,950 --> 00:00:42,339 KT: and I'm going to, I'm welcoming you to the Women 6 00:00:42,348 --> 00:00:46,750 KT: and Money podcast and the Ask Suze Anything Women and 7 00:00:46,759 --> 00:00:52,259 KT: Money podcast featuring KT on Thursdays. And we also want 8 00:00:52,270 --> 00:00:55,520 KT: to invite everyone to listen. 9 00:00:56,240 --> 00:00:58,090 Suze: All right, she tried to do that. 10 00:00:58,159 --> 00:01:07,529 KT: I did. Only one introduction is in August 10th 2023. 11 00:01:08,519 --> 00:01:12,150 KT: It's hot and steamy and we're here in the 12 00:01:12,294 --> 00:01:17,684 KT: studio where it's nice and cool and Suze has and, 13 00:01:17,694 --> 00:01:21,584 KT: and because, because when it's cool, you can't do that. 14 00:01:21,595 --> 00:01:24,915 KT: We're broadcasting from a hot and steamy island, but it's 15 00:01:24,925 --> 00:01:28,285 KT: cool in the studio and Suze 16 00:01:28,480 --> 00:01:32,440 KT: is going to answer some very cool questions. 17 00:01:32,599 --> 00:01:35,699 Suze: She wanted to start the podcast this morning. How do 18 00:01:35,709 --> 00:01:40,619 Suze: you think she did everybody? August 10th, 2023. Welcome everybody 19 00:01:40,629 --> 00:01:44,680 Suze: to the women and money. Smart enough to understand how 20 00:01:44,690 --> 00:01:49,709 Suze: smooth I am doing this. I'm good at this, Suze 21 00:01:49,800 --> 00:01:55,569 Suze: and KT here. And this is the Ask KT and Suze edition. 22 00:01:56,989 --> 00:01:58,980 KT: You tell them how to send their questions in. 23 00:01:59,010 --> 00:02:00,849 Suze: No, no, you tell them. 24 00:02:00,980 --> 00:02:04,709 KT: Come on, you don't tell me no. Come on. 25 00:02:04,720 --> 00:02:08,168 Suze: Oh, here she goes. Don't tell me, you don't even 26 00:02:08,179 --> 00:02:11,770 Suze: know that. No. Come on, KT. You don't even know 27 00:02:11,779 --> 00:02:13,970 Suze: how to tell them that you go to? 28 00:02:15,229 --> 00:02:18,470 KT: what do you go to go to Ask Suze podcast 29 00:02:18,570 --> 00:02:19,929 KT: podcast dot com... 30 00:02:19,940 --> 00:02:24,179 Suze: At Gmail! Do you see, do you see everybody? 31 00:02:24,270 --> 00:02:29,300 KT: All right. Ask Suze podcast at Gmail dot com. And, 32 00:02:29,309 --> 00:02:31,979 KT: and if you really want your question answered in the 33 00:02:31,990 --> 00:02:35,300 KT: subject line, say KT pick me. 34 00:02:35,660 --> 00:02:37,149 Suze: Oh God. 35 00:02:37,250 --> 00:02:38,649 KT: Ok. So I have some good one. 36 00:02:39,500 --> 00:02:40,210 Suze: Of course you do. 37 00:02:40,440 --> 00:02:45,470 KT: I'm starting with Sylvia. Ok. So Sylvia Sylvia wrote in, 38 00:02:45,479 --> 00:02:48,929 KT: I think this is a very fair good question. Hi, 39 00:02:48,940 --> 00:02:50,190 KT: Suze and KT. 40 00:02:50,440 --> 00:02:53,770 KT: I have a quick question on stocks that do not 41 00:02:53,779 --> 00:03:00,500 KT: pay dividends such as Tesla, Paypal, Meta, Amazon and Google. 42 00:03:00,660 --> 00:03:03,929 KT: I own these and I'm wondering if I should be 43 00:03:03,940 --> 00:03:07,220 KT: keeping them or investing in stocks that pay dividends. 44 00:03:07,695 --> 00:03:08,774 Suze: How old is she? 45 00:03:08,785 --> 00:03:11,735 Suze: She didn't say but, but Sylvia... Susie, I have some 46 00:03:11,744 --> 00:03:16,585 Suze: questions to add to this. How often do dividends get issued? 47 00:03:16,595 --> 00:03:20,315 Suze: Number one and number two, is there an average dividend 48 00:03:20,324 --> 00:03:24,134 Suze: percentage or amount that you should be looking for? 49 00:03:31,639 --> 00:03:35,570 Suze: Is that your question that you would have written in? Oh, 50 00:03:35,589 --> 00:03:36,789 Suze: this is gonna be... 51 00:03:36,800 --> 00:03:42,139 KT: I'm spicing up. Sylvia has great stocks that she said 52 00:03:42,149 --> 00:03:44,869 KT: they don't pay, but of course they don't, why don't 53 00:03:44,880 --> 00:03:49,309 KT: they KT because they're great stocks. Sylvia. Here's the other 54 00:03:49,320 --> 00:03:50,779 KT: thing I read 55 00:03:51,576 --> 00:03:55,175 KT: and I said, Suze, do my apples pay dividend. And 56 00:03:55,186 --> 00:03:59,216 KT: she said some, sometimes. So do these, sometimes. 57 00:03:59,955 --> 00:04:02,416 KT: Here's what, tell us about dividends... 58 00:04:03,466 --> 00:04:09,345 Suze: First, let me talk about why do some stocks pay dividends and others do not. 59 00:04:09,516 --> 00:04:11,485 Suze: When a stock has just been issued, 60 00:04:11,671 --> 00:04:15,511 Suze: it's still young and it wants to really grow. They 61 00:04:15,522 --> 00:04:19,940 Suze: often KT take their profits and they reinvest it back 62 00:04:19,951 --> 00:04:24,002 Suze: into the business so that they grow, they have money 63 00:04:24,011 --> 00:04:27,941 Suze: to grow and develop. So they usually don't pay dividends 64 00:04:27,951 --> 00:04:31,502 Suze: so they can maximize their growth. 65 00:04:31,880 --> 00:04:35,170 Suze: Mature companies, companies that have been around for a while 66 00:04:35,178 --> 00:04:40,369 Suze: or whatever, it may be established companies with stable cash 67 00:04:40,380 --> 00:04:44,529 Suze: flow and limited growth opportunities because they've already grown so 68 00:04:44,540 --> 00:04:47,729 Suze: big may choose if they want to 69 00:04:48,000 --> 00:04:53,578 Suze: distribute dividends and dividends simply are paid every quarter out 70 00:04:53,589 --> 00:04:57,390 Suze: of cash flow. And one of the reasons that companies 71 00:04:57,399 --> 00:05:02,649 Suze: pay dividends is they kind of reward their investors for 72 00:05:02,660 --> 00:05:06,260 Suze: being a part of them. A lot of people don't 73 00:05:06,269 --> 00:05:10,369 Suze: like companies that pay dividends because if a company pays 74 00:05:10,420 --> 00:05:10,429 Suze: a 75 00:05:10,575 --> 00:05:14,225 Suze: dividend, then you have to pay tax on that dividend 76 00:05:14,274 --> 00:05:19,575 Suze: usually as ordinary income. But KT, she's going, what's wrong? 77 00:05:19,605 --> 00:05:23,493 KT: What's wrong with extra money? Who cares? I'll pay taxes 78 00:05:23,505 --> 00:05:24,784 KT: if you give me a dividend. 79 00:05:24,795 --> 00:05:29,184 Suze: But KT you might not want to pay taxes on 80 00:05:29,195 --> 00:05:33,084 Suze: a dividend because dividends are usually taxed at ordinary income. 81 00:05:33,290 --> 00:05:36,940 Suze: And if you're investing in the stock for pure growth, 82 00:05:36,950 --> 00:05:40,779 Suze: you don't care about the income, you're young, the stock 83 00:05:40,790 --> 00:05:43,709 Suze: is young, whatever it may be, you're better off to 84 00:05:43,720 --> 00:05:47,399 Suze: let them take that money and reinvest it in them. 85 00:05:47,410 --> 00:05:50,600 Suze: So that's why you asked, how old Sylvia was that. 86 00:05:50,609 --> 00:05:55,570 KT: So let me ask you if Sylvia is 30 versus 87 00:05:55,579 --> 00:05:56,619 KT: 50 88 00:05:57,910 --> 00:05:58,890 KT: how would you answer? 89 00:05:58,899 --> 00:06:00,909 Suze: No, here's what I would say. First of all, an 90 00:06:00,920 --> 00:06:05,349 Suze: answer to your question on Apple stock, which I know, 91 00:06:05,559 --> 00:06:13,549 Suze: I love my man. Yeah, we're learning Spanish and 92 00:06:15,964 --> 00:06:20,484 Suze: yes, you eat apples. That's true. But apple pays a 93 00:06:20,494 --> 00:06:23,774 Suze: dividend of, what do you think? Does it pay or not? 94 00:06:23,964 --> 00:06:27,924 Suze: Sometimes you said no, it pays a dividend of a 95 00:06:27,934 --> 00:06:30,535 Suze: half a percent a year. 96 00:06:30,809 --> 00:06:34,099 Suze: That's it because Apple is taking the majority of their 97 00:06:34,109 --> 00:06:37,739 Suze: money and reinvesting it and developing things and things like that. 98 00:06:37,970 --> 00:06:45,700 Suze: So Sylvia, these are incredible stocks Meta, Amazon, Google, whatever 99 00:06:47,559 --> 00:06:51,920 Suze: paypal we have to watch closely just so, you know, 100 00:06:52,160 --> 00:06:55,779 Suze: but if you're not in need of income, 101 00:06:56,290 --> 00:06:59,450 Suze: then there's nothing wrong with these stocks as long as 102 00:06:59,459 --> 00:07:03,320 Suze: you keep an eye on them. So that's what I 103 00:07:03,329 --> 00:07:05,700 Suze: would tell you. It's hard for me to answer this 104 00:07:05,709 --> 00:07:08,510 Suze: because I don't know your individual situation. 105 00:07:08,709 --> 00:07:10,160 KT: My part two, 106 00:07:10,420 --> 00:07:12,279 Suze: What's your part two was? 107 00:07:12,660 --> 00:07:16,739 KT: Is there an average dividend percentage? You just said Apple 108 00:07:16,750 --> 00:07:19,429 KT: pays a point a half a percent... 109 00:07:20,299 --> 00:07:24,440 Suze: when I go to buy a dividend stock at this 110 00:07:24,450 --> 00:07:29,828 Suze: point and I'm buying it for the dividend for income. KT, 111 00:07:30,119 --> 00:07:35,029 Suze: I want to see it pay at least 4% or more. That's, 112 00:07:35,480 --> 00:07:41,089 Suze: but I'm doing it for the income. Not necessarily the growth, 113 00:07:41,100 --> 00:07:46,130 Suze: but there are fabulous companies out there that pay a 114 00:07:46,140 --> 00:07:48,070 Suze: high dividend and are 115 00:07:48,140 --> 00:07:52,760 Suze: also great growth companies. So it really just depends. There's 116 00:07:52,769 --> 00:07:54,950 Suze: no straight across the board. 117 00:07:54,959 --> 00:07:56,739 KT: Do they go up and down the dividend? 118 00:07:57,140 --> 00:07:57,850 Suze: They can. 119 00:07:57,859 --> 00:08:00,700 KT: So when you're gonna about to buy, what do you 120 00:08:00,709 --> 00:08:01,679 KT: look for? 121 00:08:01,690 --> 00:08:06,010 Suze: When I go KT to look for dividend paying companies.. 122 00:08:07,049 --> 00:08:10,769 Suze: So the two of us, yes. Right. I not only 123 00:08:10,779 --> 00:08:14,600 Suze: want a good dividend but I really want a company 124 00:08:14,609 --> 00:08:18,839 Suze: that also in the long run will go up in value. 125 00:08:19,019 --> 00:08:22,579 Suze: So I'm looking for at least a 4% dividend if 126 00:08:22,589 --> 00:08:23,440 Suze: not more. 127 00:08:23,690 --> 00:08:26,940 Suze: And there are companies out there like pfizer and other 128 00:08:26,950 --> 00:08:32,200 Suze: companies that pay approximately 4.5% right now. So you can 129 00:08:32,210 --> 00:08:36,260 Suze: have your cake and eat it too. But, but Sylvia 130 00:08:36,270 --> 00:08:42,460 Suze: has some fabulous companies there. Great. Ok. Next question 131 00:08:43,580 --> 00:08:44,630 Suze: I'm here ready. 132 00:08:44,640 --> 00:08:47,200 KT: All right. Next question is just looked at me like 133 00:08:47,210 --> 00:08:49,510 KT: I didn't know if you were done with the dividends. 134 00:08:49,520 --> 00:08:52,469 Suze: I've spent enough time on this dividend. 135 00:08:52,619 --> 00:08:56,390 KT: All right, next question is from Angie. So Angie said, Hi, 136 00:08:56,400 --> 00:08:59,719 KT: Suze and KT. I appreciate all the great advice you 137 00:08:59,729 --> 00:09:04,549 KT: give and the very detailed explanations on complex issues. I'm 138 00:09:04,559 --> 00:09:07,909 KT: about to read this thinking, Angie has a complex issue. 139 00:09:07,919 --> 00:09:08,809 KT: You ready? 140 00:09:09,109 --> 00:09:10,179 KT: I have a question about... 141 00:09:10,190 --> 00:09:13,380 Suze: She says she has a complex issue for her just 142 00:09:13,390 --> 00:09:15,799 Suze: because you may not think it's a complex issue. 143 00:09:16,349 --> 00:09:19,119 KT: I don't think it's a complex issue for her either. 144 00:09:19,409 --> 00:09:21,659 Suze: Well, she just said it was a complex issue. 145 00:09:21,669 --> 00:09:25,440 KT: Hold on. I have a question about safety deposit boxes. 146 00:09:25,590 --> 00:09:30,150 KT: I understand that gaining access to a safety deposit box 147 00:09:30,299 --> 00:09:34,549 KT: after the owner's death can be quite challenging even when 148 00:09:34,559 --> 00:09:36,229 KT: you are the trust executive. 149 00:09:36,510 --> 00:09:37,239 Suze: True. 150 00:09:37,530 --> 00:09:41,640 KT: Now Angie says I live in Illinois. I'm the joint 151 00:09:41,650 --> 00:09:45,010 KT: owner of a safety deposit box with my 90 year 152 00:09:45,039 --> 00:09:48,820 KT: old dad, Angie. You're so lucky. You still have a daddy. 153 00:09:49,250 --> 00:09:53,159 KT: I missed mine so much. Then he has a will. A 154 00:09:53,169 --> 00:09:55,799 KT: trust and I am the executor. 155 00:09:56,159 --> 00:09:59,869 KT: Will I have a problem gaining access to this after 156 00:09:59,880 --> 00:10:03,479 KT: he passes legal documents are not in the box. I 157 00:10:03,489 --> 00:10:06,070 KT: have them in a safe at home. But there are 158 00:10:06,080 --> 00:10:08,939 KT: other important things that I will need to get after 159 00:10:08,950 --> 00:10:13,479 KT: he passes. I understand some states will require a probate 160 00:10:13,489 --> 00:10:17,020 KT: court to gain access to the box. Even if you're 161 00:10:17,030 --> 00:10:18,169 KT: the joint owner. 162 00:10:18,679 --> 00:10:21,479 KT: I know these boxes are not so popular anymore, but 163 00:10:21,489 --> 00:10:24,390 KT: many elderly folks still have them. And I think the 164 00:10:24,400 --> 00:10:28,250 KT: topic needs to be discussed and, and I agree with her. 165 00:10:28,260 --> 00:10:31,780 KT: A lot of old folks still have safety boxes for, 166 00:10:31,789 --> 00:10:36,090 KT: for years. But the thing Suze that I feel is 167 00:10:36,099 --> 00:10:39,330 KT: a solution is he's alive. Ask him for the key 168 00:10:39,340 --> 00:10:40,829 KT: or get a second key. 169 00:10:41,419 --> 00:10:43,549 KT: You know what I mean? I mean, it's that simple. 170 00:10:45,099 --> 00:10:45,809 KT: That's great. 171 00:10:45,950 --> 00:10:47,530 Suze: What state did state say she was in? 172 00:10:50,090 --> 00:10:50,349 Suze: Illinois. 173 00:10:50,359 --> 00:10:54,140 Suze: I happen to know about this because Illinois has what's 174 00:10:54,150 --> 00:11:00,030 Suze: called the safety deposit box opening act. I, I could 175 00:11:00,039 --> 00:11:02,070 Suze: be wrong but I think that's true. 176 00:11:02,150 --> 00:11:05,650 KT: Are you sure that's not like an entertainment opening act? 177 00:11:07,250 --> 00:11:11,909 Suze: What, what did you eat this morning? All right. But, 178 00:11:12,039 --> 00:11:14,440 Suze: but I believe I could be wrong. You should all 179 00:11:14,450 --> 00:11:18,539 Suze: look this up. It states that you and certain people 180 00:11:18,549 --> 00:11:23,020 Suze: have the right to access the contents of a safety 181 00:11:23,030 --> 00:11:23,619 Suze: deposit 182 00:11:23,690 --> 00:11:28,400 Suze: box. If you're the executor of the deceased person's estate 183 00:11:28,409 --> 00:11:32,020 Suze: or maybe you're a co owner like you are, maybe 184 00:11:32,030 --> 00:11:35,909 Suze: you're the spouse, the immediate family member. So I think 185 00:11:35,919 --> 00:11:40,500 Suze: in Illinois you will be ok. However, forget what state 186 00:11:40,510 --> 00:11:41,200 Suze: you live in. 187 00:11:41,750 --> 00:11:45,478 Suze: The truth of the matter is. You should not keep 188 00:11:45,489 --> 00:11:49,280 Suze: a will and a trust by any means in a 189 00:11:49,289 --> 00:11:54,460 Suze: safety deposit box because you may have to show the 190 00:11:54,469 --> 00:11:57,580 Suze: bank or the entity where the box is that you 191 00:11:57,590 --> 00:12:01,900 Suze: are the executor or the trustee of the estate. 192 00:12:02,369 --> 00:12:06,330 Suze: I would also do exactly what KT said. You have 193 00:12:06,340 --> 00:12:08,819 Suze: to make sure that your name is on the box 194 00:12:08,830 --> 00:12:13,900 Suze: as an owner or a co-owner. You should absolutely have 195 00:12:13,909 --> 00:12:19,489 Suze: a key and if something were to happen, I would 196 00:12:19,500 --> 00:12:23,640 Suze: immediately go and take everything out of that box seriously 197 00:12:23,650 --> 00:12:27,478 Suze: if I could. Now the other thing is this 198 00:12:28,200 --> 00:12:32,010 Suze: what is in there that is so important that you 199 00:12:32,020 --> 00:12:33,659 Suze: need to get at. 200 00:12:34,280 --> 00:12:38,569 Suze: I would, while your father is still alive, I would 201 00:12:38,580 --> 00:12:41,070 Suze: go down there, I would go down there with him. 202 00:12:41,530 --> 00:12:44,130 Suze: I would see what is in the box that you 203 00:12:44,140 --> 00:12:47,829 Suze: feel you need to have access to. Because I can't 204 00:12:47,840 --> 00:12:51,250 Suze: imagine besides a will and a trust what else would 205 00:12:51,260 --> 00:12:56,179 Suze: be in that box? Except maybe cash things like that. 206 00:12:56,359 --> 00:12:58,848 Suze: But go down there and say dad 207 00:12:59,419 --> 00:13:02,820 Suze: and talk to him and if there is something in 208 00:13:02,830 --> 00:13:06,468 Suze: there that you really will need to get access to 209 00:13:06,479 --> 00:13:10,978 Suze: take it out, now get a fireproof box, keep it 210 00:13:10,989 --> 00:13:15,169 Suze: at your house and that's where it should be and 211 00:13:15,179 --> 00:13:18,309 Suze: just talk to him about it because in some states, oh, 212 00:13:18,320 --> 00:13:22,530 Suze: I'm telling you, it can be very, very tricky 213 00:13:22,849 --> 00:13:26,079 Suze: and they are not my favorite thing to have on 214 00:13:26,090 --> 00:13:29,869 Suze: any level. Next question, KT. 215 00:13:30,119 --> 00:13:36,559 KT: Ok. Next question. 25 married and seeking advice. I like 216 00:13:36,570 --> 00:13:41,609 KT: this subject very much. Sabrina. Hi, Suze and KT. Can you 217 00:13:41,619 --> 00:13:43,739 KT: help a younger generation? 218 00:13:44,090 --> 00:13:47,309 KT: I know many of the listeners are older that you answer. 219 00:13:47,320 --> 00:13:52,159 KT: But I'm 25. I've been listening religiously to your podcast 220 00:13:52,169 --> 00:13:53,940 KT: since 2021 221 00:13:54,229 --> 00:13:58,679 KT: and I haven't looked back. I like that, Sabrina. My 222 00:13:58,690 --> 00:14:01,699 KT: husband and I are 25 years old. We bring in 223 00:14:01,710 --> 00:14:05,689 KT: about 100 and 60,000 a year before taxes. With our 224 00:14:05,700 --> 00:14:09,559 KT: full time jobs, we invest with our company matches, we 225 00:14:09,570 --> 00:14:14,130 KT: max out our Roth IRAs every year. And now looking 226 00:14:14,140 --> 00:14:17,979 KT: to invest in something to earn us some passive income. 227 00:14:18,200 --> 00:14:21,890 KT: We thought about real estate. We have no idea where 228 00:14:21,900 --> 00:14:26,369 KT: to begin or how, what would you suggest? No real estate, 229 00:14:26,380 --> 00:14:30,500 KT: something else. We are lost. Our goal was, this is 230 00:14:30,510 --> 00:14:32,940 KT: the best part. I don't know if I thought like 231 00:14:32,950 --> 00:14:36,049 KT: that when I was 25 but our goal is to 232 00:14:36,059 --> 00:14:41,580 KT: retire by the time we are 55 please help Sabrina. 233 00:14:41,590 --> 00:14:45,289 KT: You're 25. You want to retire when you're 55. I 234 00:14:45,299 --> 00:14:46,590 KT: got news for you. 235 00:14:46,869 --> 00:14:50,070 KT: I'm... Suze and I are over 70 we never want 236 00:14:50,080 --> 00:14:53,059 KT: to retire. All right. So what does she do for 237 00:14:53,070 --> 00:14:56,000 KT: passive income or more income? 238 00:14:56,010 --> 00:14:59,159 Suze: Well, I want to say something, KT the other day, 239 00:14:59,169 --> 00:15:02,890 Suze: I did an interview and it was for older people 240 00:15:02,900 --> 00:15:06,460 Suze: in the Colorado area. I think it was called Growing 241 00:15:06,469 --> 00:15:11,320 Suze: Boulder NPR. That's the name that will come out soon. 242 00:15:11,330 --> 00:15:12,380 Suze: I recorded it. 243 00:15:12,679 --> 00:15:16,190 Suze: And the, the thing that I was telling Bill the 244 00:15:16,200 --> 00:15:18,270 Suze: interviewer is that 245 00:15:19,210 --> 00:15:23,500 Suze: you never think that you're going to grow old. And 246 00:15:23,510 --> 00:15:26,119 Suze: when you grow old, you don't feel unless you're not 247 00:15:26,130 --> 00:15:30,450 Suze: healthy as if you've grown old. So here we are 248 00:15:30,460 --> 00:15:34,229 Suze: 72 and as you can tell this morning going on 12. 249 00:15:35,270 --> 00:15:39,659 Suze: So it's fascinating that when you're young that you think 250 00:15:39,669 --> 00:15:43,520 Suze: 55 is old, you think that you're gonna want to 251 00:15:43,530 --> 00:15:47,640 Suze: retire and when you actually get there, you probably won't 252 00:15:47,650 --> 00:15:52,219 Suze: just something to think about. So, here's what I would 253 00:15:52,229 --> 00:15:53,380 Suze: say to you. 254 00:15:53,710 --> 00:15:57,440 Suze: Even though you're maxing out your Roth Ira s, even 255 00:15:57,450 --> 00:16:02,500 Suze: though you're investing in your company match at your plan. 256 00:16:02,559 --> 00:16:05,619 Suze: The very first thing I would do is if you 257 00:16:05,630 --> 00:16:10,520 Suze: do have a company plan, I would invest beyond the 258 00:16:10,530 --> 00:16:16,460 Suze: match because you have extra income, obviously, because you're looking 259 00:16:16,469 --> 00:16:20,380 Suze: to do something else with it. And the greatest thing 260 00:16:20,390 --> 00:16:22,840 Suze: that you can have in your life 261 00:16:23,309 --> 00:16:28,669 Suze: are assets that also don't take any money to keep 262 00:16:29,469 --> 00:16:33,020 Suze: the thing about real estate that you have to understand. 263 00:16:33,030 --> 00:16:36,200 Suze: My dear Sabrina is, yes, you can make a ton 264 00:16:36,210 --> 00:16:40,619 Suze: of money in real estate, but you also need money 265 00:16:40,630 --> 00:16:43,890 Suze: to keep real estate. You need to pay for the 266 00:16:43,900 --> 00:16:50,840 Suze: absurd insurance cost that it takes right now, property taxes, maintenance, 267 00:16:50,849 --> 00:16:54,880 Suze: all these things. So it's not like real estate 268 00:16:55,039 --> 00:17:01,570 Suze: is an investment that doesn't require other money to keep it. Also, 269 00:17:01,580 --> 00:17:06,020 Suze: real estate is an investment that takes time to sell. 270 00:17:06,030 --> 00:17:09,790 Suze: It costs to sell it. If you're looking at it 271 00:17:09,800 --> 00:17:15,670 Suze: as passive income, you're dependent on others who are renting 272 00:17:15,680 --> 00:17:21,150 Suze: from you to pay that rent. Real estate can be very, 273 00:17:21,160 --> 00:17:22,790 Suze: very complicated 274 00:17:23,050 --> 00:17:28,339 Suze: when it comes to the stock market or investing like that. 275 00:17:29,020 --> 00:17:33,310 Suze: It doesn't cost you anything to keep those investments normally 276 00:17:33,319 --> 00:17:36,709 Suze: doesn't really take any time to sell them. 277 00:17:37,030 --> 00:17:40,290 Suze: So you say that you invest with your company up 278 00:17:40,300 --> 00:17:42,859 Suze: to the point of the match. No, if you have 279 00:17:42,869 --> 00:17:46,439 Suze: extra money, I want you to invest in your company's 280 00:17:46,449 --> 00:17:50,229 Suze: retirement plan up to the max that you are allowed 281 00:17:50,239 --> 00:17:54,280 Suze: to invest, which can be like 20 some odd $1000. 282 00:17:54,630 --> 00:17:58,919 Suze: So you need to do that. If they have a 283 00:17:58,930 --> 00:18:02,459 Suze: Roth retirement account where you work, 284 00:18:02,689 --> 00:18:06,109 Suze: I would be putting money my new money, not, I 285 00:18:06,119 --> 00:18:09,160 Suze: wouldn't be converting the old money. I would be putting 286 00:18:09,170 --> 00:18:14,879 Suze: my new contributions into the Roth 401k there and then 287 00:18:14,890 --> 00:18:19,800 Suze: I would continue to accumulate money. I would either take 288 00:18:19,810 --> 00:18:23,390 Suze: advantage of these high interest rates, whether it's a money 289 00:18:23,400 --> 00:18:27,699 Suze: market fund, a CD at Alliant Union, the ultimate opportunity 290 00:18:27,709 --> 00:18:31,479 Suze: savings account at Alliant Credit Union, whatever it may be, 291 00:18:31,709 --> 00:18:36,770 Suze: there are high interest rates in treasuries, everything for you 292 00:18:36,780 --> 00:18:41,079 Suze: to just keep saving and saving and saving money. 293 00:18:41,680 --> 00:18:46,000 Suze: I also would be opening up an investment account at 294 00:18:46,010 --> 00:18:51,229 Suze: a brokerage firm and dollar cost averaging into a lot 295 00:18:51,239 --> 00:18:54,770 Suze: of these stocks that are so fabulous and I would 296 00:18:54,780 --> 00:18:58,489 Suze: hope that the markets go down over time so you 297 00:18:58,500 --> 00:19:01,959 Suze: could keep investing month in and month out and buy 298 00:19:01,969 --> 00:19:05,609 Suze: more shares. There are so many things that you can 299 00:19:05,619 --> 00:19:06,949 Suze: do passive 300 00:19:07,015 --> 00:19:11,583 Suze: income also can come in the form of dividends of 301 00:19:11,594 --> 00:19:15,655 Suze: what I just talked about in an earlier email. It 302 00:19:15,665 --> 00:19:20,094 Suze: can also come in the form of interest on C 303 00:19:20,104 --> 00:19:25,754 Suze: DS and treasuries as well or money market accounts. So 304 00:19:25,765 --> 00:19:30,964 Suze: there are all kinds of ways. However, you can always 305 00:19:30,974 --> 00:19:35,145 Suze: do something. But once you've done it, it's already done. 306 00:19:35,479 --> 00:19:38,869 Suze: So when it comes to real estate, you have to 307 00:19:38,880 --> 00:19:42,050 Suze: know more about it, you have to know about what 308 00:19:42,060 --> 00:19:44,810 Suze: real estate is doing in the area that you happen 309 00:19:44,819 --> 00:19:48,199 Suze: to live in all of that. So real estate is 310 00:19:48,209 --> 00:19:53,849 Suze: a lot harder decision truthfully than all the others. We 311 00:19:53,859 --> 00:19:57,409 Suze: welcome you my dear young to the women and money 312 00:19:57,420 --> 00:20:00,750 Suze: podcast as well as everybody smart enough to listen. 313 00:20:01,000 --> 00:20:05,579 Suze: And it is true. KT this podcast really is more 314 00:20:05,589 --> 00:20:10,129 Suze: focused on those that are 50 60 70 80 90 315 00:20:10,140 --> 00:20:12,189 Suze: years of age. And why is that? 316 00:20:12,540 --> 00:20:16,630 Suze: That's because there's probably not another podcast in the world 317 00:20:16,729 --> 00:20:21,089 Suze: that is focusing on you as you get older. Everybody 318 00:20:21,099 --> 00:20:24,429 Suze: wants the Youngins. But the Youngins, if you listen to 319 00:20:24,439 --> 00:20:31,989 Suze: this podcast, you can sure learn a lot from the elders, right? Sabrina, 320 00:20:32,000 --> 00:20:35,150 Suze: good for you and your husband. I'm really proud of you. 321 00:20:35,199 --> 00:20:39,109 Suze: 25 years old, you're going to be great. Compounding is... 322 00:20:40,400 --> 00:20:41,489 KT: Give her that little... 323 00:20:41,849 --> 00:20:47,219 KT: wait, Suze, we are already give her, give her that little. 324 00:20:47,900 --> 00:20:51,969 Suze: I think she knows. But my, my favorite thing is 325 00:20:51,979 --> 00:20:55,968 Suze: you start at 25 which you are, you put just 326 00:20:56,000 --> 00:20:59,290 Suze: $100 a month as you know, because you're already doing 327 00:20:59,390 --> 00:21:02,119 Suze: it in your Roth Ira. She's putting over 500 a 328 00:21:02,130 --> 00:21:05,469 Suze: month in the Roth. But if you just put $100 329 00:21:05,479 --> 00:21:08,469 Suze: a month in a Roth Ira because I want everybody 330 00:21:08,479 --> 00:21:10,438 Suze: to be included in this example. 331 00:21:10,849 --> 00:21:14,819 Suze: And you do so every single month for 40 years 332 00:21:14,829 --> 00:21:17,599 Suze: until you are 65 and you do it in a 333 00:21:17,609 --> 00:21:21,670 Suze: good index fund or slices of good growth stocks you 334 00:21:21,680 --> 00:21:25,199 Suze: will have with that 12% annual average rate of return, 335 00:21:25,209 --> 00:21:28,079 Suze: which is possible over 40 years, 1 million 336 00:21:28,145 --> 00:21:32,813 Suze: million dollars. You wait just 10 years till you are 35. 337 00:21:32,895 --> 00:21:38,114 Suze: You think what difference can $100 a year, $100 a month, 338 00:21:38,125 --> 00:21:43,285 Suze: make $1200 a year, $12,000 over 10 years. So you 339 00:21:43,295 --> 00:21:45,275 Suze: wait till you're 35. 340 00:21:46,369 --> 00:21:48,649 Suze: Do you know at the age of 65 you would 341 00:21:48,660 --> 00:21:53,660 Suze: have only $300,000 versus a million? Those 10 years cost 342 00:21:53,670 --> 00:22:00,599 Suze: you $700,000. Which is why Sabrina I'm telling you max 343 00:22:00,609 --> 00:22:07,060 Suze: out right now, your 401k max it because these are 344 00:22:07,069 --> 00:22:10,689 Suze: your compounding year and tell all your friends to do 345 00:22:10,699 --> 00:22:12,719 Suze: that too. Yeah. All right. 346 00:22:12,729 --> 00:22:15,760 KT: Ready. Next question is from Mary Anne. 347 00:22:16,449 --> 00:22:20,900 KT: Hi, KT and Suze. I purchased the must have documents 348 00:22:20,910 --> 00:22:24,930 KT: last year but I was overwhelmed when I started the process. 349 00:22:25,390 --> 00:22:28,739 KT: I have no close friends or a family of my own. 350 00:22:28,760 --> 00:22:33,859 Suze: That's why she's overwhelmed. The must have documents themselves, you know, 351 00:22:33,869 --> 00:22:35,698 Suze: that are distributed by Hay House, 352 00:22:35,949 --> 00:22:40,520 Suze: everybody. They're so easy. I can't even tell you. 353 00:22:40,530 --> 00:22:43,000 KT: So this is her question. She said I finally made 354 00:22:43,010 --> 00:22:46,390 KT: the decision and got the courage to ask my sister 355 00:22:46,400 --> 00:22:49,369 KT: to be my executor. She's coming to visit for a 356 00:22:49,380 --> 00:22:51,609 KT: couple of days and I'm hoping we can fill the 357 00:22:51,619 --> 00:22:52,979 KT: forms out together. 358 00:22:53,319 --> 00:22:57,030 KT: I was planning to add her also to my alliant account. 359 00:22:57,040 --> 00:23:00,670 KT: So she would have access to pay for any necessary 360 00:23:00,680 --> 00:23:04,800 KT: expenses on my behalf. And then she said, Suze, I'm 361 00:23:04,810 --> 00:23:08,810 KT: realizing now I should simply give her power of attorney. 362 00:23:08,829 --> 00:23:12,349 KT: I'm assuming there's a form for this as part of 363 00:23:12,359 --> 00:23:14,530 KT: the must have document package 364 00:23:14,770 --> 00:23:18,500 KT: would love to learn more about giving someone power of attorney. 365 00:23:18,599 --> 00:23:21,520 KT: And if there's any pros or cons. 366 00:23:22,040 --> 00:23:28,030 Suze: So that's what um must have documents there, there are 367 00:23:28,040 --> 00:23:31,959 Suze: four documents, five documents really in there all altogether. And 368 00:23:31,969 --> 00:23:36,160 Suze: one of them is a financial power of attorney 369 00:23:36,410 --> 00:23:40,420 Suze: that in case you become incapacitated, whatever it may be, 370 00:23:40,430 --> 00:23:44,380 Suze: you've already named somebody that can help you do that. However, 371 00:23:44,410 --> 00:23:48,449 Suze: it is really far better for you. If you ever 372 00:23:48,459 --> 00:23:53,139 Suze: become incapacitated or you need somebody to help you within 373 00:23:53,150 --> 00:23:56,339 Suze: the trust of the must have documents 374 00:23:57,189 --> 00:24:02,119 Suze: is an incapacity clause. So you would name your sister 375 00:24:02,130 --> 00:24:08,859 Suze: successor trustee in that trust and that truthfully is the 376 00:24:08,869 --> 00:24:12,639 Suze: best way for you to protect yourself. However, 377 00:24:13,290 --> 00:24:18,199 Suze: here's what concerns me about this question. You say you 378 00:24:18,209 --> 00:24:22,319 Suze: have no close friends or family... 379 00:24:22,619 --> 00:24:25,188 KT: Her own family, like of her own children. 380 00:24:25,469 --> 00:24:28,329 Suze: Oh, is that what that means? Because her sisters, her family, 381 00:24:28,339 --> 00:24:31,188 Suze: she says family of my own. Oh, I got it. 382 00:24:31,199 --> 00:24:34,728 Suze: All right. So, because a sister is a family, you 383 00:24:34,739 --> 00:24:38,719 Suze: just need to know that whoever the person is 384 00:24:38,910 --> 00:24:43,310 Suze: that you designate as successor trustee to take over. If 385 00:24:43,319 --> 00:24:47,159 Suze: you can't do it yourself or executor or you give 386 00:24:47,170 --> 00:24:51,560 Suze: them power of attorney is somebody that you can trust 387 00:24:51,640 --> 00:24:54,709 Suze: that loves you that will take care of you that 388 00:24:54,719 --> 00:24:59,129 Suze: will not really take advantage of the money and things 389 00:24:59,140 --> 00:25:01,239 Suze: like that. So just know 390 00:25:01,619 --> 00:25:04,489 Suze: that and I'm sure this is the case but not 391 00:25:04,500 --> 00:25:08,728 Suze: always that your sister fits the bill. All right, KT. 392 00:25:08,989 --> 00:25:12,859 KT: Ok. This next question is from Linda. She said, Suze, 393 00:25:12,869 --> 00:25:15,209 KT: I have a pet care business and I listen to 394 00:25:15,219 --> 00:25:18,909 KT: your podcast every day when I'm walking the dogs. I 395 00:25:18,920 --> 00:25:22,718 KT: like that. So she said I'm divorced for 10 years 396 00:25:23,150 --> 00:25:26,179 KT: at the time of my divorce. My ex-husband had to 397 00:25:26,189 --> 00:25:29,030 KT: be on the mortgage so I could get a mortgage. 398 00:25:29,430 --> 00:25:32,329 KT: So now she's saying I took all of my alimony 399 00:25:32,339 --> 00:25:34,879 KT: in a lump sum and I bought a home today. 400 00:25:34,890 --> 00:25:39,719 KT: It's worth half a million dollars. I only owe 65,000 401 00:25:40,244 --> 00:25:43,875 KT: several years back. I removed him from the deed, but 402 00:25:43,885 --> 00:25:49,254 KT: he's still on the mortgage. My mortgage is $850 a month. 403 00:25:49,265 --> 00:25:52,364 KT: The question is I have a beneficiary that will get 404 00:25:52,375 --> 00:25:56,734 KT: my home does the ex-husband have any rights to my 405 00:25:56,744 --> 00:26:01,175 KT: home and then here's the clincher, so he still calls 406 00:26:01,185 --> 00:26:02,474 KT: it his house. 407 00:26:02,979 --> 00:26:07,989 KT: So she's asking simply will my beneficiary run into problems 408 00:26:08,000 --> 00:26:09,369 KT: getting my home. 409 00:26:09,380 --> 00:26:13,910 Suze: Pop quizzie, pop quizzie. That's a pop quizzie for you. 410 00:26:14,760 --> 00:26:17,310 Suze: Ok, because I need you to know the answer to this. 411 00:26:17,319 --> 00:26:19,639 KT: She's, you've got, I think you have to get him 412 00:26:19,650 --> 00:26:23,800 KT: off the mortgage because having him on the mortgage, I 413 00:26:23,810 --> 00:26:28,430 KT: think gives him the right to do things like take 414 00:26:28,439 --> 00:26:30,540 KT: a equity line of, you know, a home equity line 415 00:26:30,550 --> 00:26:34,469 KT: of credit or take money out or do things to 416 00:26:34,500 --> 00:26:37,310 KT: stop the sale or the, I don't know. II I 417 00:26:37,319 --> 00:26:38,280 KT: think that... 418 00:26:38,709 --> 00:26:40,199 Suze: Is that your final answer? 419 00:26:40,339 --> 00:26:42,880 KT: It's not really an answer. I'm kind of guessing that 420 00:26:42,890 --> 00:26:44,680 KT: you have to get him off the mortgage. 421 00:26:45,339 --> 00:26:45,649 KT: It... 422 00:26:48,060 --> 00:26:51,500 Suze: So it doesn't matter. It's just that you are wrong. 423 00:26:52,270 --> 00:26:57,079 KT: Wait, does it matter if he's on it or not? Oh, Suze, you're so bad. 424 00:27:00,260 --> 00:27:04,899 Suze: Let me tell you why KT is saying I'm so bad. 425 00:27:04,910 --> 00:27:07,579 Suze: Is that I said ok, maybe that should be a 426 00:27:07,589 --> 00:27:10,260 Suze: quizzie as she was reading it and I said no, 427 00:27:10,270 --> 00:27:11,260 Suze: it's ok. 428 00:27:11,599 --> 00:27:13,640 Suze: I don't want it to be your quizzie because I 429 00:27:13,650 --> 00:27:16,239 Suze: have another quizzie that I picked out for her. Then 430 00:27:16,250 --> 00:27:18,420 Suze: she was asking me all the questions about it as 431 00:27:18,430 --> 00:27:20,319 Suze: if it was going to be a quizzie. He has 432 00:27:20,329 --> 00:27:23,030 Suze: nothing to do with the payments. Who cares if he's 433 00:27:23,040 --> 00:27:27,819 Suze: on the mortgage anyway. So here's the point everybody good 434 00:27:27,829 --> 00:27:31,430 Suze: for you, Linda, if you really want to stick an 435 00:27:31,439 --> 00:27:36,089 Suze: X with something seriously have them on the mortgage 436 00:27:36,223 --> 00:27:39,402 Suze: because they don't own the house. But if you were 437 00:27:39,412 --> 00:27:43,123 Suze: to stop paying that mortgage, it would ruin their credit 438 00:27:43,133 --> 00:27:46,623 Suze: rating just so, you know, and they would need to 439 00:27:46,633 --> 00:27:51,142 Suze: pay that mortgage legally even though they don't own the house. 440 00:27:51,152 --> 00:27:54,422 Suze: So as soon as you pay the house off, they 441 00:27:54,432 --> 00:27:57,353 Suze: have no claim to it. They can think they do. 442 00:27:57,363 --> 00:28:00,772 Suze: It has nothing to do with it. But the real 443 00:28:00,845 --> 00:28:04,676 Suze: smart way to do something is to have them off 444 00:28:04,686 --> 00:28:08,725 Suze: the deed. But on the mortgage, the reverse of that 445 00:28:08,744 --> 00:28:13,696 Suze: is never find yourself in a situation like Linda's ex 446 00:28:13,705 --> 00:28:16,906 Suze: is in where you are on the mortgage, but you're 447 00:28:16,916 --> 00:28:20,975 Suze: not on the title that is so dangerous. I can't 448 00:28:20,984 --> 00:28:24,656 Suze: even tell you, KT, I think we have room for 449 00:28:24,666 --> 00:28:25,375 Suze: one more. 450 00:28:26,000 --> 00:28:29,540 KT: I kind of like this one. Everybody. It's from Johnzelle . 451 00:28:29,550 --> 00:28:34,270 KT: I like Johnzelle . I like the name Johnzelle . Right. Hi, 452 00:28:34,280 --> 00:28:37,729 KT: Suze KT. I love your podcast and I appreciate the 453 00:28:37,739 --> 00:28:42,670 KT: value you add to so many lives. I'm 31. I'm 454 00:28:42,680 --> 00:28:44,849 KT: a therapist and a solo practice. 455 00:28:44,959 --> 00:28:47,170 Suze: We have another youngin, yeah! 456 00:28:47,329 --> 00:28:49,020 KT: I hate youngin... don't call them that. 457 00:28:49,349 --> 00:28:50,400 Suze: What should I call them? 458 00:28:50,650 --> 00:28:51,650 KT: I have another 459 00:28:51,959 --> 00:28:57,359 KT: young, smart listener. Not a young, young is that makes 460 00:28:57,369 --> 00:28:59,729 KT: you sound like you're 150 years old. 461 00:28:59,739 --> 00:29:01,170 Suze: I can feel that way sometimes... 462 00:29:01,420 --> 00:29:05,760 KT: Anyway, I'm 31. I'm a therapist in a solo practice. 463 00:29:05,959 --> 00:29:09,069 KT: I started saving for retirement two years ago when my 464 00:29:09,079 --> 00:29:14,050 KT: accountant mentioned the tax benefits of contributing to a SEP IRA. 465 00:29:14,439 --> 00:29:17,609 KT: The question I have comes from what I've learned from 466 00:29:17,619 --> 00:29:21,910 KT: you about a Roth IRA. My SEP IRA is not a 467 00:29:21,920 --> 00:29:25,910 KT: Roth but has the tax benefit for my business. I'm 468 00:29:25,920 --> 00:29:30,670 KT: contributing about 6500 annually to my se is it best 469 00:29:30,680 --> 00:29:33,810 KT: to keep doing what I'm doing and putting money into 470 00:29:33,819 --> 00:29:37,689 KT: my SEP or should I instead be putting money into 471 00:29:37,699 --> 00:29:41,729 KT: the Roth? You can make this a quizzie. I would do, 472 00:29:41,739 --> 00:29:43,329 KT: I get both. I do both. 473 00:29:43,599 --> 00:29:46,630 KT: So anyway, trying to decide if a tax benefit to 474 00:29:46,640 --> 00:29:50,900 KT: my business via a SEP IRA is better for me or 475 00:29:50,910 --> 00:29:54,589 KT: if the tax benefits of a Roth IRA are better 476 00:29:54,989 --> 00:29:58,609 KT: in the long run. The tax benefits of being able 477 00:29:58,619 --> 00:30:03,589 KT: to withdraw money that has grown for at least 30 478 00:30:03,599 --> 00:30:07,349 KT: or 40 years since you're only 31 is better in 479 00:30:07,359 --> 00:30:12,270 KT: a Roth IRA versus a SEP IRA? 480 00:30:12,479 --> 00:30:16,489 Suze: It is so funny. KT that, that was the question 481 00:30:16,500 --> 00:30:21,890 Suze: that you asked because the quizzies that I had picked 482 00:30:21,900 --> 00:30:28,650 Suze: for you today was I make too much money to 483 00:30:28,660 --> 00:30:30,760 Suze: have a Roth IRA. 484 00:30:31,089 --> 00:30:34,729 KT: My CPA told me the only way to have a 485 00:30:34,739 --> 00:30:39,949 KT: Roth is to open a SEP IRA and then convert it 486 00:30:39,959 --> 00:30:43,380 KT: to a Roth. Is that true? 487 00:30:43,439 --> 00:30:47,780 Suze: All right. So now we have a situation in the 488 00:30:47,790 --> 00:30:51,140 Suze: question that you just asked me that we have this 489 00:30:51,150 --> 00:30:53,979 Suze: person who's 31 who has a SEP IRA 490 00:30:55,750 --> 00:30:58,459 Suze: and can get a tax write off for it for 491 00:30:58,469 --> 00:31:01,609 Suze: the time. But maybe in bad years when she doesn't 492 00:31:01,619 --> 00:31:04,609 Suze: have a whole lot of income or whatever, it may be, 493 00:31:04,619 --> 00:31:08,589 Suze: she could then convert it to a Roth IRA and 494 00:31:08,599 --> 00:31:13,260 Suze: pay taxes on it then, but then it's in a Roth. So, 495 00:31:13,359 --> 00:31:16,109 Suze: is it true that that's the only way she can 496 00:31:16,119 --> 00:31:20,060 Suze: get money into a Roth retirement account? 497 00:31:20,739 --> 00:31:21,069 KT: No. 498 00:31:21,079 --> 00:31:23,109 KT: Why doesn't she just open a Roth? 499 00:31:23,119 --> 00:31:26,160 Suze: She has a Roth. Right? Doesn't she say she has 500 00:31:26,170 --> 00:31:26,560 Suze: a Roth? 501 00:31:26,670 --> 00:31:31,369 KT: No, she has a, she wondering if she should, 502 00:31:31,819 --> 00:31:36,619 KT: if she's better off having the Roth Ira versus the. 503 00:31:37,030 --> 00:31:40,910 Suze: So the, that answer to that question is really depends 504 00:31:40,920 --> 00:31:45,270 Suze: on her situation and her income. However, if all she's 505 00:31:45,280 --> 00:31:51,660 Suze: doing is depositing $6500 into a SEP IRA . I think you 506 00:31:51,670 --> 00:31:55,150 Suze: would be far better off putting it into a Roth Ira. 507 00:31:55,160 --> 00:31:58,109 Suze: Since that's the maximum you can put into a Roth 508 00:31:58,119 --> 00:31:58,869 Suze: Ira 509 00:31:59,459 --> 00:32:04,069 Suze: as well. However, all of you need to know 510 00:32:04,699 --> 00:32:10,400 Suze: that as of the year 2023 for the first time 511 00:32:10,410 --> 00:32:18,199 Suze: ever drum roll, there is now a Roth SEP IRA 512 00:32:21,310 --> 00:32:24,609 Suze: So if you make up more money than the Roth minimum, 513 00:32:24,619 --> 00:32:27,439 Suze: you can now open this because you can put into 514 00:32:27,449 --> 00:32:30,390 Suze: up to 25% of your net income up to, I 515 00:32:30,400 --> 00:32:35,530 Suze: think it's $66,000. So, if you could have a Roth 516 00:32:36,060 --> 00:32:42,729 Suze: IRA and put more than $6500 into that go for 517 00:32:42,739 --> 00:32:45,959 Suze: it is what I would be doing. There you go. 518 00:32:45,969 --> 00:32:47,619 Suze: And then the answer to the quiz 519 00:32:48,329 --> 00:32:51,920 Suze: is that you need to tell your CPA, that it's 520 00:32:51,930 --> 00:32:54,829 Suze: not the only way to get money into a Roth 521 00:32:54,839 --> 00:32:59,010 Suze: by converting from a SEP IRA since you can now have 522 00:32:59,020 --> 00:33:04,079 Suze: a Roth SEP IRA KT. That's it. Go on. 523 00:33:04,089 --> 00:33:05,219 KT: Should I have one? 524 00:33:06,119 --> 00:33:07,369 Suze: Should you have what? 525 00:33:07,380 --> 00:33:09,000 KT: A SEP Roth IRA. 526 00:33:10,859 --> 00:33:13,829 Suze: Actually. Yeah. You know what? 527 00:33:13,839 --> 00:33:18,170 KT: Because I, yeah, because I make more money than the minimum. 528 00:33:19,329 --> 00:33:20,739 Suze: You know what? I should have a SEP Roth. 529 00:33:21,280 --> 00:33:23,359 KT: You should too, Suze. Oh my God. 530 00:33:23,520 --> 00:33:27,170 KT: We just, let's do it, let's do it. OK? We're gonna, 531 00:33:27,189 --> 00:33:29,390 KT: we're gonna wrap this up. We're gonna go open them 532 00:33:29,400 --> 00:33:30,079 KT: right now. So 533 00:33:34,199 --> 00:33:37,890 KT: wherever you go today, everybody, what are you gonna do? 534 00:33:38,209 --> 00:33:43,130 KT: Wherever you go today? Wherever I go. 535 00:33:43,689 --> 00:33:44,770 Suze: So you mixed it up... 536 00:33:45,660 --> 00:33:50,380 KT: Because I'm excited about opening up my Roth Ira Ira. 537 00:33:50,420 --> 00:33:54,890 Suze: We'll talk to the CPA about it. All right. Anyway, today, 538 00:33:54,900 --> 00:33:59,229 Suze: now there's really KT. See, this is quite the podcast today. 539 00:33:59,670 --> 00:34:01,930 Suze: What we want to say to all of you is 540 00:34:01,939 --> 00:34:04,640 Suze: that we really only, there's really only one thing we 541 00:34:04,650 --> 00:34:08,959 Suze: want you to do every single day. And that is 542 00:34:08,969 --> 00:34:11,360 Suze: to say what KT? 543 00:34:12,050 --> 00:34:15,330 KT: Wherever I go, whatever I do. 544 00:34:15,469 --> 00:34:21,799 KT: Oh, open it up for me today today. Wherever I go, 545 00:34:21,810 --> 00:34:27,879 KT: I will create a more loving, joyful. Well, I can do. 546 00:34:27,889 --> 00:34:31,159 KT: You can change that threesome any way you want. Ready, 547 00:34:31,719 --> 00:34:38,889 KT: loving, joyful and peace, peaceful world or peaceful, loving, joyful 548 00:34:38,899 --> 00:34:42,540 KT: or loving, peaceful, joyful. You can mix and match by 549 00:34:42,550 --> 00:34:45,659 KT: the way, everybody. As long as you do that you 550 00:34:45,669 --> 00:34:48,899 KT: are going to be unstoppable. 551 00:34:57,280 --> 00:34:58,439 Intro / Outro: Music Out.