1 00:00:40,569 --> 00:00:46,519 Suze: February 18th, 2024. Welcome everybody to the Women and Money 2 00:00:46,529 --> 00:00:50,680 Suze: podcast as well as everybody smart enough to listen today 3 00:00:50,689 --> 00:00:54,150 Suze: is Suze School and you need to get out your 4 00:00:54,159 --> 00:00:55,479 Suze: Suze notebook 5 00:00:56,305 --> 00:01:00,615 Suze: because this is a Suze school that many of you 6 00:01:00,625 --> 00:01:04,535 Suze: have requested. Many of you are totally confused about. So 7 00:01:04,544 --> 00:01:10,904 Suze: we're going to do a Suze school on backdoor Roth IRAs. However, 8 00:01:10,915 --> 00:01:12,724 Suze: before I do that, 9 00:01:13,089 --> 00:01:16,370 Suze: I just want to say, I think it's so fascinating 10 00:01:16,379 --> 00:01:20,889 Suze: that last Sunday Suze school, we talked about diversification, balance 11 00:01:20,900 --> 00:01:23,730 Suze: all of those things and how not to put all 12 00:01:23,739 --> 00:01:27,069 Suze: your money in tech because it's possible that the tech 13 00:01:27,080 --> 00:01:31,569 Suze: stocks could decrease while energy stocks could increase. And on 14 00:01:31,580 --> 00:01:34,470 Suze: some level, that's exactly what happened last week. 15 00:01:34,879 --> 00:01:37,550 Suze: So it is important for you just to take a 16 00:01:37,559 --> 00:01:42,519 Suze: balanced approach because nothing goes straight up, nothing goes straight 17 00:01:42,529 --> 00:01:47,300 Suze: down unless it's a horrific company and you just have 18 00:01:47,309 --> 00:01:50,959 Suze: to stay put that way in terms of interest rates. 19 00:01:51,349 --> 00:01:55,069 Suze: We saw that inflation came in a little bit hotter 20 00:01:55,080 --> 00:01:59,970 Suze: than everybody expected. Ok. It wasn't that big of a deal. Truthfully, 21 00:02:00,220 --> 00:02:03,739 Suze: many people think that that will mean 22 00:02:04,120 --> 00:02:08,258 Suze: that the interest rates will stay higher for longer and 23 00:02:08,270 --> 00:02:10,860 Suze: that the feds will not cut interest rates till later 24 00:02:10,869 --> 00:02:13,880 Suze: on in this year. There are some people that believe 25 00:02:13,889 --> 00:02:16,270 Suze: the feds may even raise interest rates, 26 00:02:16,669 --> 00:02:21,369 Suze: but either way things are staying relatively stable at this 27 00:02:21,380 --> 00:02:26,130 Suze: point in time. Long term, the market still look good 28 00:02:26,139 --> 00:02:29,850 Suze: medium term. They're just doing a little bit of consolidation here. 29 00:02:29,910 --> 00:02:32,928 Suze: So just don't go freaking out. I do think that 30 00:02:32,940 --> 00:02:37,758 Suze: interest rates may have gone up some, especially in treasuries 31 00:02:37,770 --> 00:02:41,619 Suze: and they're probably at their top at this point in time, 32 00:02:41,690 --> 00:02:45,210 Suze: we will have to see, let's go to Suze School 33 00:02:46,210 --> 00:02:52,880 Suze: Backdoor Roth IRAs. And in reality, this really is one 34 00:02:52,889 --> 00:02:55,910 Suze: of the more confusing topics out there. 35 00:02:56,699 --> 00:03:01,119 Suze: The first thing you have to understand happens to be 36 00:03:01,130 --> 00:03:08,369 Suze: income qualifications for a Roth IRA. And a Roth IRA 37 00:03:08,380 --> 00:03:13,139 Suze: is simply a retirement account that you open up individually 38 00:03:13,149 --> 00:03:14,519 Suze: on your own. 39 00:03:15,520 --> 00:03:18,699 Suze: You open it up with money that you have already 40 00:03:18,710 --> 00:03:23,779 Suze: paid taxes on and therefore as it grows and after 41 00:03:23,788 --> 00:03:25,750 Suze: a certain amount of time and when you go to 42 00:03:25,758 --> 00:03:27,779 Suze: take it out, if you ever do, go to take 43 00:03:27,788 --> 00:03:30,220 Suze: it out, it's totally tax free. 44 00:03:31,570 --> 00:03:34,059 Suze: But what you're getting confused about 45 00:03:34,720 --> 00:03:41,160 Suze: is the Roth retirement accounts that you have at work: 46 00:03:41,169 --> 00:03:47,660 Suze: A Roth 401k A Roth 403b or a Roth TSP. 47 00:03:48,389 --> 00:03:54,720 Suze: And you need to understand a Roth retirement account at 48 00:03:54,729 --> 00:04:03,000 Suze: your employer's has absolutely no income limitations whatsoever. So it 49 00:04:03,009 --> 00:04:07,770 Suze: does not matter how much money you make, you still 50 00:04:07,789 --> 00:04:13,970 Suze: can have a Roth retirement account at your employer's place 51 00:04:13,979 --> 00:04:15,199 Suze: where you work. 52 00:04:16,269 --> 00:04:23,049 Suze: You also can have an individual Roth IRA where you 53 00:04:23,059 --> 00:04:26,730 Suze: contribute money to it every single year. 54 00:04:27,450 --> 00:04:33,149 Suze: Besides a Roth retirement plan at work, you can have 55 00:04:33,160 --> 00:04:33,779 Suze: both 56 00:04:34,519 --> 00:04:39,420 Suze: And you are not limited because you happen to contribute 57 00:04:39,428 --> 00:04:42,940 Suze: to a Roth at your employers as to how much 58 00:04:42,950 --> 00:04:47,549 Suze: you can put in to a Roth IRA. Are you 59 00:04:47,559 --> 00:04:49,058 Suze: writing this down? 60 00:04:50,059 --> 00:04:54,679 Suze: So you can fully max out your Roth retirement plan 61 00:04:54,690 --> 00:05:01,429 Suze: at work in most cases, which is $23,000 if you 62 00:05:01,440 --> 00:05:10,359 Suze: are under 50 or $30500 if you are 50 or 63 00:05:10,488 --> 00:05:11,320 Suze: older 64 00:05:13,329 --> 00:05:19,079 Suze: And you can have an individual Roth IRA. If you 65 00:05:19,089 --> 00:05:24,308 Suze: qualify for one where you can max out $7000 a 66 00:05:24,320 --> 00:05:30,390 Suze: year for 2024 if you are under 50 and $8,000 if you 67 00:05:30,399 --> 00:05:32,510 Suze: are 50 older, 68 00:05:33,279 --> 00:05:37,940 Suze: so you very well could max out both. One has 69 00:05:37,950 --> 00:05:41,190 Suze: nothing to do with the other in terms of how 70 00:05:41,200 --> 00:05:44,058 Suze: much money you can put in. All right? 71 00:05:44,940 --> 00:05:50,820 Suze: What determines however, if you can have a Roth IRA? 72 00:05:51,500 --> 00:05:57,839 Suze: It's determined by your modified adjusted gross income. 73 00:05:58,779 --> 00:06:03,420 Suze: So, if you are single. That's how you file taxes. 74 00:06:03,600 --> 00:06:08,190 Suze: You can put in the maximum in a Roth IRA. 75 00:06:08,200 --> 00:06:12,809 Suze: Regardless of what you've done at work, you can put 76 00:06:12,820 --> 00:06:19,209 Suze: in a maximum if your modified adjusted gross income is 77 00:06:19,220 --> 00:06:23,359 Suze: under $146,000 78 00:06:24,250 --> 00:06:26,678 Suze: That's what you need to know. Now, 79 00:06:27,799 --> 00:06:32,380 Suze: the more income you make, the less you can put 80 00:06:32,390 --> 00:06:35,118 Suze: in into a Roth IRA. 81 00:06:36,140 --> 00:06:40,559 Suze: So it actually decreases from like 7000 or 8000 to 82 00:06:40,570 --> 00:06:46,010 Suze: 6000 to $5000 as your income goes up and once 83 00:06:46,019 --> 00:06:52,488 Suze: your income as a single reaches $161,000 or more, you 84 00:06:52,500 --> 00:06:57,890 Suze: no longer are qualified to absolutely even open a Roth 85 00:06:57,899 --> 00:07:00,519 Suze: IRA for this year 86 00:07:01,079 --> 00:07:04,049 Suze: Doesn't matter if you were able to open one for 87 00:07:04,059 --> 00:07:06,670 Suze: last year or the years before that you get to 88 00:07:06,678 --> 00:07:09,980 Suze: keep those. But for this year, you would not be 89 00:07:09,989 --> 00:07:14,489 Suze: able to open up a Roth IRA which allows you 90 00:07:14,500 --> 00:07:18,350 Suze: to contribute money every single month and all of those things. 91 00:07:18,429 --> 00:07:25,220 Suze: If you are married finally, jointly, those figures are $230,000. 92 00:07:25,230 --> 00:07:29,250 Suze: Anything under that, you can max out your Roth IRA 93 00:07:29,859 --> 00:07:35,850 Suze: and that amount goes down. Once you've reached $240,000 of 94 00:07:35,859 --> 00:07:40,070 Suze: modified adjusted gross income, write this down everybody, 95 00:07:40,720 --> 00:07:45,089 Suze: you no longer qualify for a Roth IRA. 96 00:07:45,750 --> 00:07:49,769 Suze: Now, the Roth IRA that I happen to be talking 97 00:07:49,779 --> 00:07:53,690 Suze: about is a contributory Roth IRA 98 00:07:54,380 --> 00:07:59,899 Suze: which every single year you can put money into it. 99 00:07:59,980 --> 00:08:03,570 Suze: There are all these types of advantages to it, but 100 00:08:03,579 --> 00:08:07,920 Suze: it's a contributory Roth where you contribute every single year, 101 00:08:07,929 --> 00:08:13,040 Suze: as long as you still qualify, income wise. Just know 102 00:08:13,049 --> 00:08:13,359 Suze: that 103 00:08:14,019 --> 00:08:18,730 Suze: Where all of you are getting confused is with something 104 00:08:18,739 --> 00:08:20,600 Suze: known as a converted 105 00:08:21,489 --> 00:08:23,589 Suze: Roth IRA. 106 00:08:24,679 --> 00:08:26,130 Suze: A conversion 107 00:08:26,799 --> 00:08:32,380 Suze: is when you go from a retirement account that you 108 00:08:32,390 --> 00:08:33,979 Suze: already have, 109 00:08:34,780 --> 00:08:38,340 Suze: that you have never paid taxes on, that's known as 110 00:08:38,349 --> 00:08:39,760 Suze: a traditional 111 00:08:40,659 --> 00:08:48,200 Suze: 401k 403b or TSP or a traditional IRA. 112 00:08:49,159 --> 00:08:53,630 Suze: And you decide that the money that you already have 113 00:08:53,640 --> 00:08:56,500 Suze: in a traditional retirement account, 114 00:08:57,289 --> 00:09:03,429 Suze: you want to convert to a Roth retirement account. 115 00:09:04,489 --> 00:09:11,830 Suze: And when you convert, there are no income qualifications whatsoever. 116 00:09:12,429 --> 00:09:18,919 Suze: If you had, let's just say $50,000 in a traditional 117 00:09:18,929 --> 00:09:19,869 Suze: IRA 118 00:09:20,770 --> 00:09:25,510 Suze: at a brokerage firm held in your obviously individual name 119 00:09:25,739 --> 00:09:29,119 Suze: and you wanted to convert some of that or all 120 00:09:29,130 --> 00:09:34,210 Suze: of that to a Roth IRA. You could absolutely do so. 121 00:09:34,780 --> 00:09:38,108 Suze: Even if you were making a million dollars a year, 122 00:09:38,119 --> 00:09:39,630 Suze: you could do so 123 00:09:40,770 --> 00:09:44,840 Suze: You just need to know any money that you convert 124 00:09:45,940 --> 00:09:50,169 Suze: is taxed to you that year as ordinary income. 125 00:09:50,869 --> 00:09:53,010 Suze: Write that down 126 00:09:53,750 --> 00:10:01,080 Suze: You can also convert in your employer's retirement accounts from 127 00:10:01,090 --> 00:10:06,809 Suze: a traditional retirement account at your employer into their Roth 128 00:10:06,820 --> 00:10:11,690 Suze: retirement account. But whatever amount you convert, 129 00:10:12,409 --> 00:10:15,780 Suze: you will owe ordinary income taxes on. 130 00:10:16,979 --> 00:10:20,039 Suze: But most people who convert 131 00:10:21,320 --> 00:10:23,728 Suze: a traditional retirement account 132 00:10:24,570 --> 00:10:26,630 Suze: to a Roth, 133 00:10:27,780 --> 00:10:33,099 Suze: they are converting money, they have never paid taxes on, 134 00:10:33,109 --> 00:10:36,140 Suze: do not confuse the two. 135 00:10:36,969 --> 00:10:40,478 Suze: Doesn't it matter what other kind of retirement accounts you have? 136 00:10:40,650 --> 00:10:44,089 Suze: You can convert it and you will just owe taxes 137 00:10:44,099 --> 00:10:46,590 Suze: on any amount of money you convert. 138 00:10:47,640 --> 00:10:53,469 Suze: Let's go to a back door Roth IRA. And why 139 00:10:53,479 --> 00:10:54,739 Suze: you would do one 140 00:10:55,890 --> 00:11:01,309 Suze: You make more than the modified adjusted gross incomes that 141 00:11:01,320 --> 00:11:02,710 Suze: I told you about 142 00:11:03,419 --> 00:11:07,179 Suze: and therefore you don't qualify to be able to do 143 00:11:07,190 --> 00:11:13,960 Suze: a contributory Roth IRA. Government says, sorry, a Roth IRA 144 00:11:13,969 --> 00:11:17,359 Suze: one that you contribute to every year has so many 145 00:11:17,369 --> 00:11:22,000 Suze: advantages over any other retirement account out there. We're only 146 00:11:22,010 --> 00:11:26,118 Suze: going to allow certain people who don't make that much money, 147 00:11:26,130 --> 00:11:29,880 Suze: relatively speaking, allowed to have one. 148 00:11:30,380 --> 00:11:34,559 Suze: But let's say you're making 400,000, 500,000 a year, whether 149 00:11:34,570 --> 00:11:37,619 Suze: you're single individual, whatever it may be 150 00:11:38,289 --> 00:11:41,109 Suze: and therefore you do not qualify. 151 00:11:42,080 --> 00:11:45,489 Suze: There is a way for you to get money into 152 00:11:45,500 --> 00:11:50,858 Suze: a Roth IRA and that's by going through the back door. 153 00:11:51,570 --> 00:11:56,669 Suze: How do you do that? You do that by opening 154 00:11:56,679 --> 00:12:07,010 Suze: up an IRA that's called a non-deductible IRA. Remember most 155 00:12:07,020 --> 00:12:11,469 Suze: of you that have a traditional IRA, you funded it 156 00:12:11,479 --> 00:12:15,700 Suze: with money that you never paid taxes on. 157 00:12:16,409 --> 00:12:19,950 Suze: So money that is in a traditional IRA 158 00:12:21,000 --> 00:12:25,710 Suze: is money that's known as pre-tax money. Never pay taxes 159 00:12:25,719 --> 00:12:26,099 Suze: on it 160 00:12:27,330 --> 00:12:30,239 Suze: To set up a backdoor Roth, 161 00:12:31,030 --> 00:12:34,849 Suze: you fund it with money that you have already paid 162 00:12:34,859 --> 00:12:39,489 Suze: taxes on. So it's a non deductible 163 00:12:40,250 --> 00:12:44,570 Suze: IRA. And that's how you set it up. When you 164 00:12:44,580 --> 00:12:48,309 Suze: open it up with a brokerage firm, you tell them 165 00:12:48,780 --> 00:12:54,459 Suze: that this is a non-deductible IRA 166 00:12:55,270 --> 00:12:59,250 Suze: after it's been in there and many tax people will 167 00:12:59,260 --> 00:13:01,849 Suze: tell you, let it sit there for six months or so. 168 00:13:02,349 --> 00:13:04,700 Suze: So it just doesn't look like you did that just 169 00:13:04,710 --> 00:13:08,770 Suze: to get in to a Roth IRA. But after it's 170 00:13:08,780 --> 00:13:10,330 Suze: been there for a little bit, 171 00:13:11,150 --> 00:13:16,728 Suze: you then can convert it to a Roth IRA. Why 172 00:13:16,780 --> 00:13:21,699 Suze: can you convert it then to a Roth IRA? Because 173 00:13:21,710 --> 00:13:28,559 Suze: there are no income limitations on conversions, everybody. There are 174 00:13:28,570 --> 00:13:38,729 Suze: only income limitations on contributory Roth IRAs. Please understand that difference. 175 00:13:39,390 --> 00:13:44,130 Suze: So if you have money that you've already paid taxes 176 00:13:44,140 --> 00:13:52,218 Suze: on in a non-deductible IRA and you convert it to 177 00:13:52,229 --> 00:13:57,819 Suze: a Roth IRA. Now you have gotten money into a 178 00:13:57,830 --> 00:14:02,689 Suze: Roth IRA regardless of the income that you make, that's 179 00:14:02,700 --> 00:14:05,960 Suze: called going through the back door. 180 00:14:06,869 --> 00:14:11,369 Suze: Here, however, is what you have to understand 181 00:14:12,179 --> 00:14:18,520 Suze: If you happen to have an individual retirement account, 182 00:14:19,140 --> 00:14:26,039 Suze: whether it is a traditional IRA, a SEP IRA for small 183 00:14:26,049 --> 00:14:31,820 Suze: business owners, a simple IRA, whatever you happen to have 184 00:14:31,849 --> 00:14:36,479 Suze: outside of work, what you have at work makes no difference. 185 00:14:36,659 --> 00:14:43,090 Suze: If it has the letters IRA on it, you own 186 00:14:43,099 --> 00:14:46,140 Suze: it outside of what you have at work. Listen to 187 00:14:46,150 --> 00:14:47,599 Suze: me closely now 188 00:14:48,380 --> 00:14:52,359 Suze: and it is obviously funded with money that you have 189 00:14:52,369 --> 00:14:56,169 Suze: never paid taxes on. It is not a Roth, it 190 00:14:56,179 --> 00:14:59,119 Suze: is an IRA that you have funded 191 00:15:00,010 --> 00:15:07,369 Suze: with pre-tax money and you do a backdoor Roth IRA. 192 00:15:08,179 --> 00:15:12,229 Suze: You are going to owe taxes according to what's called 193 00:15:12,239 --> 00:15:16,640 Suze: the pro rata rule. Write that down - on the amount 194 00:15:16,650 --> 00:15:22,359 Suze: of money that you converted to your backdoor Roth with 195 00:15:22,369 --> 00:15:27,840 Suze: money you have already paid taxes on. So I am 196 00:15:27,849 --> 00:15:31,599 Suze: going to repeat what I just said. So there is 197 00:15:31,609 --> 00:15:36,039 Suze: absolutely no confusion on this point whatsoever. 198 00:15:36,869 --> 00:15:41,630 Suze: Before you ever do a backdoor Roth IRA, 199 00:15:42,440 --> 00:15:45,580 Suze: you have got to make sure if you have any 200 00:15:45,590 --> 00:15:50,650 Suze: money in a traditional IRA or any account outside of 201 00:15:50,659 --> 00:15:54,799 Suze: your employer. And it wouldn't have the words IRA on 202 00:15:54,809 --> 00:15:57,260 Suze: it if it were at your employers, by the way, 203 00:15:57,570 --> 00:16:01,669 Suze: an IRA is an individual retirement account that you set 204 00:16:01,679 --> 00:16:03,260 Suze: up by yourself. 205 00:16:04,520 --> 00:16:09,900 Suze: Any account that has the three letters IRA that has 206 00:16:09,909 --> 00:16:14,500 Suze: been funded with pre tax money, which most of them 207 00:16:14,510 --> 00:16:18,080 Suze: have now recently, they're going to be coming out with Roth, 208 00:16:18,130 --> 00:16:21,619 Suze: SEP IRAs . And so, but then it would say Roth. 209 00:16:22,070 --> 00:16:25,039 Suze: So if it doesn't say Roth on it, and it 210 00:16:25,049 --> 00:16:28,330 Suze: simply says IRA of any kind 211 00:16:29,659 --> 00:16:35,309 Suze: and you do a backdoor Roth, you are going to 212 00:16:35,320 --> 00:16:40,190 Suze: be subjected to the pro rata rule. So this is 213 00:16:40,200 --> 00:16:45,520 Suze: how the pro rata rule works. Let's just assume that 214 00:16:45,530 --> 00:16:53,559 Suze: you have $30,000 in a SEP IRA. Just let's assume that 215 00:16:53,570 --> 00:16:54,359 Suze: that is true. 216 00:16:55,169 --> 00:17:01,500 Suze: And you decided to do a backdoor Roth IRA. So 217 00:17:01,510 --> 00:17:08,300 Suze: you deposited at the beginning of January $8000. And then 218 00:17:08,310 --> 00:17:13,680 Suze: a few days later, you converted that $8000 to a 219 00:17:13,689 --> 00:17:18,510 Suze: backdoor Roth. And you think everything is fine 220 00:17:19,448 --> 00:17:25,708 Suze: But it's not ok because you have $30,000 in a 221 00:17:25,718 --> 00:17:32,947 Suze: pre-taxed SEP IRA. So to put it simply what that means 222 00:17:32,958 --> 00:17:37,298 Suze: to you is you now are subject to the pro 223 00:17:37,499 --> 00:17:40,788 Suze: rata rule and you need to know how to calculate 224 00:17:40,928 --> 00:17:44,489 Suze: the pro rata rule. So this is how you would 225 00:17:44,499 --> 00:17:46,948 Suze: do it in this particular example: 226 00:17:47,619 --> 00:17:51,969 Suze: You have $8000 that you just put in to a 227 00:17:51,979 --> 00:17:53,849 Suze: backdoor Roth IRA. 228 00:17:54,569 --> 00:18:00,469 Suze: You have to add that $8000 to the $30,000 that 229 00:18:00,479 --> 00:18:05,129 Suze: you have in your SEP IRA. So now you have 230 00:18:05,140 --> 00:18:14,069 Suze: a total of $38,000 in all your individual retirement accounts. 231 00:18:14,760 --> 00:18:19,209 Suze: You then have to divide $8000 the amount of money 232 00:18:19,219 --> 00:18:22,150 Suze: you put into your backdoor. Roth IRA 233 00:18:22,650 --> 00:18:26,270 Suze: by that $38,000 figure. 234 00:18:27,099 --> 00:18:31,359 Suze: And what you would find is that is 21%. 235 00:18:32,560 --> 00:18:40,010 Suze: Next, you have to multiply 21% by the $8000 that 236 00:18:40,020 --> 00:18:44,469 Suze: you put in to your backdoor. Roth. And that will 237 00:18:44,479 --> 00:18:51,209 Suze: give you $1680. And it is that amount of money 238 00:18:51,329 --> 00:18:52,978 Suze: that is tax free 239 00:18:53,719 --> 00:18:59,020 Suze: of the $8000 that you put into your Roth backdoor. 240 00:18:59,250 --> 00:19:06,239 Suze: That means that $6320 is the amount of money of 241 00:19:06,250 --> 00:19:11,540 Suze: that backdoor Roth that is going to be taxable to you. 242 00:19:11,900 --> 00:19:17,060 Suze: That is how you figure out the pro rata rule amount. 243 00:19:18,569 --> 00:19:22,949 Suze: So I hope this has cleared up any confusion that 244 00:19:22,959 --> 00:19:27,349 Suze: you have about backdoor Roth IRAs. 245 00:19:29,459 --> 00:19:34,420 Suze: Next Sunday is going to be another podcast kind of 246 00:19:34,430 --> 00:19:35,399 Suze: like this, 247 00:19:36,119 --> 00:19:40,500 Suze: but it's going to focus on when it might make 248 00:19:40,510 --> 00:19:46,660 Suze: sense for you to actually change your tax filing status 249 00:19:46,670 --> 00:19:48,938 Suze: from married filing jointly 250 00:19:49,680 --> 00:19:56,208 Suze: to married, filing separately, in specific situations. 251 00:19:56,869 --> 00:20:01,129 Suze: So don't miss it because you may be in the 252 00:20:01,140 --> 00:20:05,430 Suze: situation that I'm going to be talking about on next 253 00:20:05,439 --> 00:20:07,280 Suze: Sunday's Suze School. 254 00:20:07,910 --> 00:20:12,329 Suze: So it's an important one as they all are to 255 00:20:12,339 --> 00:20:13,919 Suze: tune into 256 00:20:14,890 --> 00:20:18,800 Suze: Until next week, there's only one thing that I really 257 00:20:18,810 --> 00:20:21,910 Suze: want you to remember when it comes to your money 258 00:20:21,920 --> 00:20:24,869 Suze: and it is this people first. What do I mean 259 00:20:24,880 --> 00:20:28,099 Suze: by that at this point in time? Yeah, I mean, 260 00:20:28,119 --> 00:20:31,670 Suze: you better know exactly what you can and cannot do 261 00:20:31,680 --> 00:20:35,560 Suze: with your money. You better know exactly why you are 262 00:20:35,569 --> 00:20:37,910 Suze: doing what you are doing with your money. 263 00:20:38,150 --> 00:20:41,810 Suze: You better know exactly when it makes sense to get 264 00:20:41,819 --> 00:20:45,319 Suze: life insurance and when it doesn't, you need to know 265 00:20:45,329 --> 00:20:48,339 Suze: things about your own money because what happens to your 266 00:20:48,349 --> 00:20:52,329 Suze: money directly affects the quality of your life and nobody else. 267 00:20:52,339 --> 00:20:58,208 Suze: So people first then money, then things now you stay 268 00:20:58,219 --> 00:21:01,369 Suze: safe and unstoppable.