1 00:00:07,619 --> 00:00:13,250 Suze: February 12, 2026. Welcome everybody to what KT to what? 2 00:00:13,470 --> 00:00:17,250 KT: The Women in Money podcast and everyone's smart enough to listen. 3 00:00:17,459 --> 00:00:19,420 Suze: And what are we doing today? It's the Ask what? 4 00:00:19,540 --> 00:00:22,270 KT: Ask KT to ask Suze anything. 5 00:00:23,790 --> 00:00:26,709 Suze: So here we go, everybody. Here's what you need to 6 00:00:26,709 --> 00:00:28,250 Suze: know if you have a question. 7 00:00:28,819 --> 00:00:34,659 Suze: Just send it in to ask Suze podcast@gmail.com. And if 8 00:00:34,659 --> 00:00:39,020 Suze: KT chooses it, oh, we will ask and answer it 9 00:00:39,180 --> 00:00:43,339 Suze: on the podcast. However, as many of you know, I 10 00:00:43,340 --> 00:00:47,199 Suze: do go through those emails, and if I feel like 11 00:00:47,200 --> 00:00:51,400 Suze: it because it strikes a chord in my heart, I 12 00:00:51,580 --> 00:00:52,819 Suze: will answer it. 13 00:00:53,950 --> 00:00:56,680 KT: Wait, you gotta tell everybody about Super Bowl. For those 14 00:00:56,680 --> 00:01:01,630 KT: of you that missed Super Bowl Sunday podcast, go back 15 00:01:01,630 --> 00:01:04,150 KT: and listen to it. It was one of the very 16 00:01:04,150 --> 00:01:07,370 KT: best and one of my favorite that Suze's ever done. 17 00:01:07,819 --> 00:01:08,489 Suze: Why did you like it? 18 00:01:08,599 --> 00:01:12,230 KT: It was really, really educational. It was informative. 19 00:01:12,875 --> 00:01:15,315 KT: You were calm. You were great. 20 00:01:15,434 --> 00:01:15,955 Suze: You were great. 21 00:01:16,275 --> 00:01:18,235 Suze: Wait, are you saying that I'm not calm? 22 00:01:18,275 --> 00:01:20,595 KT: It was Super Bowl Sunday, and I was worried that 23 00:01:20,595 --> 00:01:23,514 KT: she was gonna give all of you like this really 24 00:01:23,514 --> 00:01:28,894 KT: big ra ra ra podcast, but it was unbelievably wonderful. 25 00:01:29,235 --> 00:01:30,854 KT: I listened to it twice. 26 00:01:31,944 --> 00:01:32,254 Suze: Come on... 27 00:01:32,315 --> 00:01:35,675 KT: I did. I did. You did. I did, and so 28 00:01:35,675 --> 00:01:38,074 KT: did my sister. We really loved it. It was one 29 00:01:38,074 --> 00:01:38,754 KT: of your best. 30 00:01:38,834 --> 00:01:39,955 Suze: But I have to tell you. 31 00:01:40,339 --> 00:01:43,319 Suze: I love the thing about patience versus impatience. 32 00:01:43,550 --> 00:01:46,739 KT: Don't, don't give it away. Those of you that didn't listen, 33 00:01:46,989 --> 00:01:47,819 KT: go listen. 34 00:01:49,279 --> 00:01:51,309 Suze: I can give anything away. I want to give away. 35 00:01:51,550 --> 00:01:52,809 KT: Let's tell him that I won. 36 00:01:55,669 --> 00:01:59,980 KT: KT was for Seahawks, baby, and they did a great job. 37 00:02:00,269 --> 00:02:01,010 Suze: I have to tell you. 38 00:02:01,819 --> 00:02:03,860 Suze: I couldn't have been more disappointed. 39 00:02:03,940 --> 00:02:06,699 KT: I know Suze was a little depressed with her Patriots. 40 00:02:06,760 --> 00:02:08,240 Suze: I wasn't depressed. 41 00:02:08,610 --> 00:02:12,610 Suze: It was, I have a strange feeling that the quarterback 42 00:02:12,610 --> 00:02:18,070 Suze: who had had an injured shoulder still did, but anyway, 43 00:02:18,570 --> 00:02:24,529 Suze: the Seahawks so deserved to win. So congratulations, KT. Tell 44 00:02:24,529 --> 00:02:27,009 Suze: everybody what a party animal I've turned into. 45 00:02:27,490 --> 00:02:31,570 KT: Oh my God, ever since we, ever since we left 46 00:02:31,570 --> 00:02:32,250 KT: the island. 47 00:02:32,686 --> 00:02:35,365 KT: Suze has looked at me, she said, I'm making up 48 00:02:35,365 --> 00:02:38,526 KT: for lost time. I said, we were not stranded for 49 00:02:38,526 --> 00:02:42,215 KT: 14 years. It's not like, you know, we were on 50 00:02:42,216 --> 00:02:46,555 KT: an island without being able to leave. I said we 51 00:02:46,555 --> 00:02:49,984 KT: chose to be there, but she came back to Florida 52 00:02:50,205 --> 00:02:55,886 KT: and she has booked every theatrical event, every concert. 53 00:02:56,072 --> 00:03:00,552 KT: Every performance, all kinds of live. She hasn't gone to 54 00:03:00,552 --> 00:03:04,322 KT: live events in years, so we have a calendar that 55 00:03:04,322 --> 00:03:09,042 KT: is just like a social animal. Unbelievable, especially she's not 56 00:03:09,042 --> 00:03:10,792 KT: a butterfly. She's a social animal. 57 00:03:11,641 --> 00:03:15,531 Suze: Especially from somebody who very seldom even left the house, right? 58 00:03:15,751 --> 00:03:17,281 Suze: KT for all those years. 59 00:03:17,431 --> 00:03:19,511 KT: If I had a house like that, I wouldn't leave. 60 00:03:20,369 --> 00:03:23,250 Suze: You used to, you don't know, but you wanna know 61 00:03:23,250 --> 00:03:28,029 Suze: what's great, everybody, we went from a seriously sprawling estate 62 00:03:28,029 --> 00:03:29,899 Suze: that we had built in. 63 00:03:30,350 --> 00:03:34,380 Suze: In the Bahamas to really a tiny condo... 64 00:03:34,500 --> 00:03:37,789 KT: We have a little, little, little condo here on the beach, 65 00:03:37,869 --> 00:03:38,350 KT: which is great. 66 00:03:38,669 --> 00:03:40,630 Suze: But tell everybody how much we're loving it. 67 00:03:40,710 --> 00:03:43,750 KT: We love it. We've, we've told them this before. Suze 68 00:03:43,750 --> 00:03:46,720 KT: has such joy knowing where I am all the time 69 00:03:46,949 --> 00:03:50,160 KT: and in this little condo, but she can hear me, 70 00:03:50,270 --> 00:03:53,029 KT: she can see me, she can say KT, she doesn't 71 00:03:53,029 --> 00:03:55,176 KT: have to call me or ring bells. 72 00:03:55,350 --> 00:03:57,029 Suze: But, more than finding KT. 73 00:03:57,729 --> 00:04:02,649 Suze: Egotistical woman over there, no, but seriously, more than finding her, 74 00:04:02,940 --> 00:04:05,889 Suze: I just want to tell all of you who maybe 75 00:04:05,889 --> 00:04:10,490 Suze: are afraid to downsize, you're used to all the space 76 00:04:10,490 --> 00:04:14,089 Suze: around you, and you like that you get used and 77 00:04:14,089 --> 00:04:18,618 Suze: start to love what you do have around you, and 78 00:04:19,010 --> 00:04:22,209 Suze: we couldn't be happier really if we tried. 79 00:04:22,279 --> 00:04:25,519 KT: You know what also really did it for me is that. 80 00:04:26,049 --> 00:04:31,140 KT: We obviously sold our state um turnkey so we left 81 00:04:31,140 --> 00:04:36,919 KT: everything but we did take personal belongings, photographs, art, anything 82 00:04:36,920 --> 00:04:40,539 KT: that was special for us as soon as I brought 83 00:04:40,540 --> 00:04:43,200 KT: those back into this little space. 84 00:04:43,678 --> 00:04:47,720 KT: I felt, I felt surrounded by my love and comfort 85 00:04:48,000 --> 00:04:51,519 KT: buttons and, and it made it all very easy to 86 00:04:51,519 --> 00:04:55,178 KT: make the transition. So think about that, it makes it, 87 00:04:55,279 --> 00:04:58,380 KT: you can make it really easy if you just do 88 00:04:59,109 --> 00:05:00,029 KT: what feels natural. 89 00:05:00,029 --> 00:05:02,700 Suze: And what do I enjoy more than anything. 90 00:05:03,269 --> 00:05:05,429 Suze: Not having to pay all that money to live on 91 00:05:05,428 --> 00:05:09,950 Suze: a private island anyway, that's besides the point. But tell 92 00:05:09,950 --> 00:05:11,420 Suze: everybody where you're going tonight. 93 00:05:12,029 --> 00:05:16,350 KT: Oh, the social calendar. OK, we're doing something that I'm really 94 00:05:16,350 --> 00:05:17,769 KT: very excited about. 95 00:05:18,250 --> 00:05:19,329 KT: I love this is so... 96 00:05:19,329 --> 00:05:21,190 Suze: This is her early Valentine's Day, everybody. 97 00:05:21,250 --> 00:05:25,489 KT: We both love Andrea Bocelli, especially since I'm an Italian 98 00:05:25,488 --> 00:05:30,789 KT: girl and he's one of my most favorite Italian artists. 99 00:05:31,010 --> 00:05:34,529 KT: I can't wait to hear him sing, and Suze got 100 00:05:34,529 --> 00:05:38,390 KT: us great seats right up front, and I'm very, very, 101 00:05:38,690 --> 00:05:41,769 KT: I'm looking forward to it. I said he can't see me, 102 00:05:41,839 --> 00:05:44,829 KT: but he'll feel me. He'll feel me, Suze. 103 00:05:46,010 --> 00:05:50,890 Suze: Right, I love that. Let's begin now. We're gonna start 104 00:05:50,890 --> 00:05:55,690 Suze: with an email that I'm asking KT to read, and 105 00:05:55,690 --> 00:05:59,209 Suze: this is a very serious problem if you ask me 106 00:05:59,209 --> 00:06:04,169 Suze: that is happening with Treasury Direct. So I want you 107 00:06:04,170 --> 00:06:07,529 Suze: to listen to this email closely. 108 00:06:08,000 --> 00:06:12,368 Suze: Because don't think it can't happen to you. Go on. 109 00:06:13,000 --> 00:06:16,118 KT: Are we ready? I did not edit this, people, so listen up. 110 00:06:16,320 --> 00:06:18,760 KT: This is from a woman by the name of Cheryl, 111 00:06:19,119 --> 00:06:22,779 KT: and Cheryl said, Suze, I purchased a US savings bond 112 00:06:22,779 --> 00:06:30,079 KT: from Treasury Direct in 2022. In July of 2025, my 113 00:06:30,079 --> 00:06:32,880 KT: account was fraudulently accessed. 114 00:06:33,619 --> 00:06:38,059 KT: My bank information was changed and my money liquidated all 115 00:06:38,059 --> 00:06:43,359 KT: without my authorization. They did not notify me until October 116 00:06:43,579 --> 00:06:48,339 KT: when they reported fraudulent activity on my account. The money 117 00:06:48,339 --> 00:06:52,260 KT: was long gone. I immediately called and they refused to 118 00:06:52,260 --> 00:06:56,299 KT: connect me with a fraud investigator. They have refused to 119 00:06:56,299 --> 00:07:02,420 KT: provide any information, blaming me for not protecting my information. 120 00:07:02,678 --> 00:07:05,839 KT: So, this is, she's talking about Treasury direct to everyone. So, 121 00:07:06,000 --> 00:07:09,679 KT: Cheryl said, however, my loss of funds was not unique. 122 00:07:09,839 --> 00:07:13,880 KT: I've discovered 16 other people who lost their money in 123 00:07:13,880 --> 00:07:17,600 KT: the same manner and almost at the same time frame. 124 00:07:18,059 --> 00:07:22,220 KT: When we attempted to access our accounts, we received hundreds 125 00:07:22,220 --> 00:07:27,220 KT: of spam emails. Had our bank information changed. Our accounts 126 00:07:27,220 --> 00:07:32,410 KT: were liquidated without any authorization. Our accounts were locked, preventing 127 00:07:32,410 --> 00:07:36,579 KT: us from seeing what happened. When we were finally allowed 128 00:07:36,579 --> 00:07:40,200 KT: access to our accounts months later, our money was long gone. 129 00:07:40,779 --> 00:07:45,899 KT: All accounts had their money transferred to Pathward NA into 130 00:07:45,899 --> 00:07:47,579 KT: an account named checking. 131 00:07:48,109 --> 00:07:49,059 KT: What's Pathward, Suze? 132 00:07:49,420 --> 00:07:50,670 Suze: It's a financial... 133 00:07:51,420 --> 00:07:53,130 KT: Another, another company, OK. 134 00:07:53,220 --> 00:07:54,839 Suze: ...that people are using to do this. 135 00:07:55,209 --> 00:07:58,730 KT: OK. The money was then transferred to Broxel and a 136 00:07:58,730 --> 00:08:02,709 KT: prepaid Visa card. All money is lost. 137 00:08:03,250 --> 00:08:08,029 KT: We have received no help whatsoever from Treasury Direct and Pathward. 138 00:08:08,290 --> 00:08:13,149 KT: We have asked our Congress people, the OIG, the FBI, 139 00:08:13,570 --> 00:08:19,130 KT: the CFPB, and others for assistance. Thus far, Treasury Direct 140 00:08:19,130 --> 00:08:24,369 KT: is stonewalling everyone. We have also filed complaints with the 141 00:08:24,369 --> 00:08:31,089 KT: SD Department of Consumer Affairs seeking redress from Pathward, all 142 00:08:31,089 --> 00:08:32,270 KT: to no avail. 143 00:08:33,090 --> 00:08:36,380 KT: And to add salt to an open wound, listen up everybody, 144 00:08:36,460 --> 00:08:40,580 KT: you won't believe it. Treasury Direct mailed us a 1099 145 00:08:40,580 --> 00:08:44,939 KT: form requiring us to pay taxes on the money that 146 00:08:44,940 --> 00:08:49,218 KT: was lost. When I called TD, they told me to 147 00:08:49,219 --> 00:08:53,340 KT: call the IRS. The IRS told me to call TD. 148 00:08:53,619 --> 00:08:55,520 KT: You can't make this stuff up. 149 00:08:56,080 --> 00:08:59,940 Suze: So, everybody listen up. The reason that I wanted KT 150 00:08:59,940 --> 00:09:02,880 Suze: to read that is I have been going back and 151 00:09:02,880 --> 00:09:07,479 Suze: forth with Cheryl about this, giving her exact things, do this, 152 00:09:07,599 --> 00:09:10,159 Suze: do that, do this, do that, and it breaks my 153 00:09:10,159 --> 00:09:14,989 Suze: heart that Cheryl and others that she knows of now, 154 00:09:15,239 --> 00:09:19,760 Suze: they're having to go through this, but there's something I 155 00:09:19,760 --> 00:09:21,880 Suze: need you all to understand. 156 00:09:22,690 --> 00:09:26,530 Suze: Treasury Direct is run by the government. It is not 157 00:09:26,530 --> 00:09:31,210 Suze: a commercial bank or a credit union with 24/7 fraud 158 00:09:31,210 --> 00:09:37,030 Suze: teams and instant reversals. So if ACH instructions are changed 159 00:09:37,369 --> 00:09:41,330 Suze: and the money is moved, I'm telling you investigations can 160 00:09:41,330 --> 00:09:42,250 Suze: take time. 161 00:09:42,710 --> 00:09:45,030 Suze: Right, KT has a look on her face like what 162 00:09:45,030 --> 00:09:51,609 Suze: is an ACH instruction? ACH stands for automated clearing house, 163 00:09:51,989 --> 00:09:56,109 Suze: and it's electronic network that moves money, that's it, between 164 00:09:56,109 --> 00:10:00,299 Suze: bank accounts in the US and that's how money usually moves, 165 00:10:00,349 --> 00:10:00,829 Suze: all right? 166 00:10:01,859 --> 00:10:08,630 Suze: That's bureaucracy, everybody, not conspiracy, but here's what matters to you. 167 00:10:09,520 --> 00:10:12,119 Suze: If you have a Treasury Direct account. 168 00:10:13,000 --> 00:10:18,650 Suze: I want you to use a password you use nowhere else, nowhere. 169 00:10:19,599 --> 00:10:23,609 Suze: You are to never click a treasury link from an email. 170 00:10:23,919 --> 00:10:26,880 Suze: That's how this happens. You get an email, and you 171 00:10:26,880 --> 00:10:30,840 Suze: think it's from the treasury, and you click on the link, gone. 172 00:10:31,659 --> 00:10:36,340 Suze: You need to type the website directly into your browser, 173 00:10:36,419 --> 00:10:40,260 Suze: so when you are going to contact Treasury Direct, do 174 00:10:40,260 --> 00:10:42,900 Suze: it directly into your browser. 175 00:10:43,640 --> 00:10:46,280 Suze: I want you, I know it's a pain, but I 176 00:10:46,280 --> 00:10:51,000 Suze: want you to secure your email with two-factor authentication. 177 00:10:51,750 --> 00:10:54,640 Suze: And you just gotta do this. You gotta check your 178 00:10:54,640 --> 00:10:59,679 Suze: linked bank account settings regularly. If you don't, something can 179 00:10:59,679 --> 00:11:03,239 Suze: happen and you don't even know that it's happened. And 180 00:11:03,239 --> 00:11:07,179 Suze: you have to get that cybercrime today is so sophisticated, 181 00:11:07,450 --> 00:11:13,819 Suze: and if someone gets into your email they can reset everything, 182 00:11:13,880 --> 00:11:17,000 Suze: so I need you to listen to me. Your financial 183 00:11:17,000 --> 00:11:20,090 Suze: security is not, didn't I just sound like Kristen Wiig there? 184 00:11:20,820 --> 00:11:24,199 Suze: Listen to me. Anyway, I want you to listen to me. 185 00:11:24,700 --> 00:11:29,039 Suze: Your financial security is not just about where your money is. 186 00:11:29,500 --> 00:11:34,380 Suze: It's about how well you protect access to it. We 187 00:11:34,380 --> 00:11:40,039 Suze: can't control everything, but we can control our digital discipline. 188 00:11:40,380 --> 00:11:44,210 Suze: I need you to be smart, be proactive, be powerful, 189 00:11:44,340 --> 00:11:45,520 Suze: because nobody 190 00:11:45,940 --> 00:11:51,380 Suze: should lose $11,000 or any amount of money due to 191 00:11:51,380 --> 00:11:54,080 Suze: a preventable cyber crime. 192 00:11:55,039 --> 00:11:56,770 Suze: All right, KT, next question. 193 00:11:57,090 --> 00:11:59,890 KT: So this is from Fred and Dorothy. I, I like 194 00:11:59,890 --> 00:12:02,608 KT: this because it sounds like a dance team, like Fred, 195 00:12:02,780 --> 00:12:04,929 KT: Fred Astaire. So dear Suze, 196 00:12:05,090 --> 00:12:08,090 Suze: You know, everybody that KT has said, why don't we 197 00:12:08,090 --> 00:12:09,409 Suze: go take dance lessons? 198 00:12:09,460 --> 00:12:12,010 KT: I've been wanting to dance with Suze all my life. 199 00:12:12,119 --> 00:12:15,020 KT: We're not good together dancing. She's a little taller. 200 00:12:16,530 --> 00:12:17,739 Suze: Guess what we did the other day? 201 00:12:18,609 --> 00:12:19,599 Suze: Don't tell them. 202 00:12:20,130 --> 00:12:21,150 Suze: I'm gonna tell them. So, so.. 203 00:12:21,349 --> 00:12:21,869 KT: Oh my God... 204 00:12:23,289 --> 00:12:27,468 Suze: So, I'm about 5'4, 5'4.5. OK, that's how tall I've been. 205 00:12:27,609 --> 00:12:28,690 Suze: That's how tall I am. 206 00:12:29,119 --> 00:12:32,599 Suze: In case you didn't know, KT was 5'2. 207 00:12:34,500 --> 00:12:36,460 KT: Wait, the, the key word "was." 208 00:12:36,719 --> 00:12:39,559 Suze: Right. And so the other day we were at the 209 00:12:39,559 --> 00:12:42,919 Suze: doctor's and for a checkup, and they... 210 00:12:43,090 --> 00:12:45,159 KT: You know those scales they have that, that have the 211 00:12:45,159 --> 00:12:46,919 KT: little thing on the top you put on top of 212 00:12:46,919 --> 00:12:51,319 KT: your head measures your height. Suze said step on that KT. 213 00:12:52,080 --> 00:12:54,569 Suze: So KT is barely 5 feet right now. 214 00:12:54,919 --> 00:12:57,429 KT: No, that's not true. I'm, I'm a 5'1". 215 00:12:58,119 --> 00:13:01,039 Suze: KT, don't you dare lie. It's like her weight. She's 216 00:13:01,039 --> 00:13:03,780 Suze: always lying by one or two or three pounds. She's 217 00:13:03,989 --> 00:13:07,460 Suze: barely 5 ft right now, yeah. 218 00:13:08,559 --> 00:13:12,039 Suze: A little bundle of love. But wait, what's so great 219 00:13:12,039 --> 00:13:14,880 Suze: about that is her sister Lynn, who's her twin, said, Suze, 220 00:13:15,000 --> 00:13:17,640 Suze: do you know I'm not even 5 feet anymore? So 221 00:13:17,640 --> 00:13:20,780 Suze: I told KT that and she said, she's that short, 222 00:13:21,080 --> 00:13:24,359 Suze: and I said, You're that short. That's how it all 223 00:13:24,359 --> 00:13:25,239 Suze: started anyway, go on. 224 00:13:27,229 --> 00:13:30,299 KT: Dorothy wrote, Dear Suze, when you say not to invest 225 00:13:30,299 --> 00:13:32,659 KT: in the stock market with money you will need in 226 00:13:32,659 --> 00:13:36,659 KT: five years, do you mean from the time you start 227 00:13:36,659 --> 00:13:40,739 KT: investing or until the time you feel you might actually 228 00:13:40,739 --> 00:13:43,199 KT: need it? Such a cute question. 229 00:13:43,799 --> 00:13:50,020 KT: And then she said there's about $750,000 in retirement accounts 230 00:13:50,250 --> 00:13:54,609 KT: plus $200,000 in CDs. Our house is paid off and 231 00:13:54,609 --> 00:13:58,728 KT: we have no debt. Our Social Security combined will be 232 00:13:58,729 --> 00:14:03,330 KT: over $6,000 per month and currently we spend about $5,000 233 00:14:03,330 --> 00:14:06,109 KT: per month. Thank you for clarifying. 234 00:14:06,559 --> 00:14:11,209 Suze: Dear Fred and Dorothy, here's the very simple answer to 235 00:14:11,210 --> 00:14:12,169 Suze: your question. 236 00:14:12,450 --> 00:14:16,049 Suze: It's five years from when you think you might actually 237 00:14:16,049 --> 00:14:19,890 Suze: need it, not from when you start investing, but from 238 00:14:19,890 --> 00:14:23,299 Suze: when you think you will actually need it. Just that simple. 239 00:14:23,409 --> 00:14:24,190 Suze: All right, KT, 240 00:14:24,289 --> 00:14:28,890 KT: OK, this next email is from Victoria. She said, My 241 00:14:28,890 --> 00:14:33,289 KT: husband wants to buy shares of stock in his employer's company. 242 00:14:33,609 --> 00:14:38,090 KT: It's a fintech company that is not publicly traded. Now. 243 00:14:38,130 --> 00:14:40,979 KT: The company's been around for six years. 244 00:14:41,469 --> 00:14:47,580 KT: We have already loaned his company $50,000 at 8% interest, 245 00:14:47,590 --> 00:14:51,690 KT: which I am told is now being converted to stock. 246 00:14:52,070 --> 00:14:57,950 KT: He wants to invest $100,000 more. The company is still 247 00:14:57,950 --> 00:15:01,700 KT: in the red. Victoria said, Suze, I think this is 248 00:15:01,700 --> 00:15:05,390 KT: a bad idea, but I don't know anything about this 249 00:15:05,390 --> 00:15:07,030 KT: sort of thing. Please help. 250 00:15:07,679 --> 00:15:08,830 KT: This is a tough one. 251 00:15:09,640 --> 00:15:12,140 Suze: No, it is not a tough one. What makes it a tough 252 00:15:12,140 --> 00:15:12,859 Suze: one for you? 253 00:15:13,770 --> 00:15:17,929 KT: Well, because she thinks it's a bad idea, he really 254 00:15:17,929 --> 00:15:20,549 KT: wants to support and believes in his company. 255 00:15:20,710 --> 00:15:24,210 Suze: KT, now let me ask you something, and you be honest. 256 00:15:25,020 --> 00:15:29,700 Suze: How many times have I come to you and I said, oh, 257 00:15:29,859 --> 00:15:31,390 Suze: let's do this and you said 258 00:15:32,760 --> 00:15:34,900 KT: No. And I don't say I don't I say no. 259 00:15:34,900 --> 00:15:38,500 Suze: And the times that I haven't listened to you, what happened? 260 00:15:39,270 --> 00:15:43,109 Suze: We've lost the money. We've lost the money. 261 00:15:43,190 --> 00:15:45,119 KT: But the times that we both said yes... 262 00:15:45,869 --> 00:15:50,190 Suze: We made, we made a lot of money. So here's 263 00:15:50,190 --> 00:15:50,859 Suze: what I've learned. 264 00:15:51,030 --> 00:15:52,270 KT: That's a great rule. 265 00:15:52,780 --> 00:15:55,739 Suze: So here's what I've learned. First of all, this is 266 00:15:55,739 --> 00:15:57,830 Suze: what you should understand, my dear. 267 00:15:58,780 --> 00:16:04,979 Suze: Most fintech companies in general, right, operate at a loss 268 00:16:04,979 --> 00:16:07,859 Suze: for years and years and years. 269 00:16:08,820 --> 00:16:15,619 Suze: Many never go public. Many raise repeated funding rounds, and 270 00:16:15,619 --> 00:16:19,659 Suze: when they do what you and your husband need to understand, 271 00:16:19,940 --> 00:16:26,000 Suze: it dilutes the, the equity of the shareholders. So actually 272 00:16:26,010 --> 00:16:32,619 Suze: it's worth less as time goes on. Employees often overestimate KT, 273 00:16:32,940 --> 00:16:37,880 Suze: the value of their stock. There's also an ego thing involved. 274 00:16:38,330 --> 00:16:41,020 Suze: Which is, oh look, I invested in the company that 275 00:16:41,020 --> 00:16:45,020 Suze: I work at, and things like that. The company is 276 00:16:45,020 --> 00:16:48,619 Suze: six years old, she said. It's in the red. They 277 00:16:48,619 --> 00:16:53,419 Suze: already did a $50,000 loan at 8%, but now, and 278 00:16:53,419 --> 00:16:56,380 Suze: you and I have just experienced this again with another 279 00:16:56,380 --> 00:16:59,419 Suze: company that we both decided to go invest in. 280 00:17:00,409 --> 00:17:06,180 Suze: That we had lent them money at 8%, but then 281 00:17:06,180 --> 00:17:09,939 Suze: the time came, should we or should we not take 282 00:17:09,939 --> 00:17:13,400 Suze: our money out plus 8% or convert it to stock, 283 00:17:13,420 --> 00:17:16,819 Suze: and we decided to convert it to stock because they 284 00:17:16,819 --> 00:17:23,589 Suze: are profitable now. They are making money. They are distributed everywhere, 285 00:17:23,859 --> 00:17:26,899 Suze: so in another year or two they'll be fine. They 286 00:17:26,900 --> 00:17:30,040 Suze: don't need to raise any more money. 287 00:17:30,530 --> 00:17:34,880 Suze: And they had the money to pay us back. So 288 00:17:34,979 --> 00:17:39,469 Suze: the problem is now that they have converted it into stock, 289 00:17:39,900 --> 00:17:43,060 Suze: there's a risk here, and I want everybody to understand this, 290 00:17:43,099 --> 00:17:48,180 Suze: and it's called double concentration risk. Have you ever heard 291 00:17:48,180 --> 00:17:48,458 Suze: about that, KT? 292 00:17:49,780 --> 00:17:50,579 KT: I never heard that term. 293 00:17:50,900 --> 00:17:54,540 Suze: So here's where the risk comes. Her husband, 294 00:17:55,040 --> 00:17:58,959 Suze: has a salary from this company. His career is in 295 00:17:58,959 --> 00:18:04,180 Suze: this company. Their health insurance is from this company. His bonus. 296 00:18:04,280 --> 00:18:09,560 Suze: And now if he puts an extra $100,000 into it, 297 00:18:09,800 --> 00:18:15,520 Suze: there will be $150,000 of their capital at risk. Now 298 00:18:15,520 --> 00:18:19,099 Suze: $50,000 of their capital is at risk because it converted 299 00:18:19,099 --> 00:18:20,199 Suze: to stock. 300 00:18:20,609 --> 00:18:25,060 Suze: So it would be all tied up in the same company. 301 00:18:25,290 --> 00:18:29,849 Suze: If this company goes under, they have lost it all. 302 00:18:30,050 --> 00:18:34,688 Suze: He loses his job, his stock, everything, and that's how 303 00:18:34,689 --> 00:18:39,209 Suze: families get absolutely obliterated. Now, I could go on and 304 00:18:39,209 --> 00:18:42,010 Suze: on and on and on, but here's what I would 305 00:18:42,010 --> 00:18:44,050 Suze: tell you, I wouldn't do this if I were you. 306 00:18:44,290 --> 00:18:46,170 Suze: Trust me on that one. All right, KT. 307 00:18:46,329 --> 00:18:48,449 KT: This is from Stacy. 308 00:18:49,040 --> 00:18:53,760 KT: Hi Suze and KT. Quick update and a big thank you. 309 00:18:54,310 --> 00:18:59,760 KT: After purchasing the must-have docs on January 15, 2021, finally 310 00:18:59,760 --> 00:19:03,800 KT: printing them out only a few months ago, everybody, we 311 00:19:03,800 --> 00:19:06,680 KT: finally did the thing we should have done a long 312 00:19:06,680 --> 00:19:07,959 KT: time ago. 313 00:19:08,439 --> 00:19:11,640 KT: Now she's giving me all these big dates. Suze, on 314 00:19:11,640 --> 00:19:15,530 KT: January twenty-eighth, we gathered our witnesses, went to the bank, 315 00:19:15,760 --> 00:19:20,400 KT: had everything notarized. It is done. Look how long it 316 00:19:20,400 --> 00:19:21,599 KT: took her to do this. 317 00:19:21,839 --> 00:19:23,300 Suze: I don't know why it takes people so long. 318 00:19:23,300 --> 00:19:26,280 KT: I know, it's not a big deal. So she said, 319 00:19:26,400 --> 00:19:30,060 KT: Better late than never. I'm honestly so relieved and proud. 320 00:19:30,199 --> 00:19:33,680 KT: I love that she's proud to have it handled. 321 00:19:34,239 --> 00:19:37,160 KT: Now, she said, Suze, you've made a real difference for 322 00:19:37,160 --> 00:19:40,680 KT: our family. Also, thank you for turning me on to 323 00:19:40,680 --> 00:19:43,959 KT: Keith Fitz-Gerald Fitzy, as you call him. 324 00:19:44,739 --> 00:19:47,140 KT: So there you go. Tell everyone they're gonna hear him 325 00:19:47,140 --> 00:19:47,719 KT: this Sunday. 326 00:19:47,819 --> 00:19:50,140 Suze: So here's what I need all of you to do 327 00:19:50,140 --> 00:19:53,899 Suze: today because we may have to record it on tomorrow, 328 00:19:53,979 --> 00:19:58,280 Suze: on Friday, right, rather than Sunday because of his schedule. 329 00:19:58,500 --> 00:20:02,180 Suze: But anyway, if you have a question that you want 330 00:20:02,180 --> 00:20:05,380 Suze: me to ask him, you better post it or send 331 00:20:05,380 --> 00:20:10,119 Suze: it in. As Suze podcast at gmail.com right away, right away, 332 00:20:10,300 --> 00:20:12,199 Suze: and I'll look at it and see. All right. 333 00:20:12,540 --> 00:20:13,899 KT: I love Fitzy, everyone. 334 00:20:14,180 --> 00:20:18,010 KT: Susie and and Keith talk almost every day. They've become 335 00:20:18,010 --> 00:20:21,599 KT: really good pals, but they all talk about money, and 336 00:20:21,599 --> 00:20:23,479 KT: I love to listen because it's fascinating. 337 00:20:24,229 --> 00:20:27,489 Suze: And we're gonna meet him and Noriko for the very 338 00:20:27,489 --> 00:20:32,900 Suze: first time in May, in Japan, where Noriko is obviously from. 339 00:20:33,250 --> 00:20:37,089 Suze: So we're so excited. We've never met personally. We FaceTime 340 00:20:37,089 --> 00:20:37,728 Suze: almost every day. 341 00:20:38,369 --> 00:20:41,169 KT: They, they're like brother and sister, so much fun. 342 00:20:41,560 --> 00:20:44,649 KT: OK, first we want to congratulate you on getting those 343 00:20:44,650 --> 00:20:47,599 KT: must-have docs done, but it took you 5 years. 344 00:20:48,319 --> 00:20:51,729 Suze: Just do it, everybody. It's so easy. An hour, maybe 345 00:20:51,729 --> 00:20:54,290 Suze: an hour, two hours at the most of your time. 346 00:20:54,390 --> 00:20:57,250 Suze: And so for those of you who don't know, the 347 00:20:57,250 --> 00:21:02,310 Suze: must-have docs happen to be documents that you need, so 348 00:21:02,380 --> 00:21:06,300 Suze: you must have them just that simple, and they are. 349 00:21:06,569 --> 00:21:10,448 Suze: A living revocable trust, a will, an advanced directive, a 350 00:21:10,449 --> 00:21:13,688 Suze: durable power of attorney for health care, and a financial 351 00:21:13,689 --> 00:21:17,410 Suze: power of attorney. And the reason that they were created 352 00:21:17,410 --> 00:21:21,689 Suze: over 20 some odd years ago was that all of 353 00:21:21,689 --> 00:21:25,650 Suze: you needed those documents, but you couldn't find a way 354 00:21:25,650 --> 00:21:28,409 Suze: to get them for a price that you could afford 355 00:21:28,410 --> 00:21:32,969 Suze: because lawyers are gonna charge you $5,000 10,000 dollars, whatever 356 00:21:32,969 --> 00:21:33,949 Suze: it may be. 357 00:21:34,439 --> 00:21:38,920 Suze: So it was decided, let's give everybody a way to 358 00:21:38,920 --> 00:21:41,958 Suze: get state of the art documents in all 50 states 359 00:21:41,959 --> 00:21:43,819 Suze: for a price that they can afford. 360 00:21:44,410 --> 00:21:49,699 Suze: And currently they are $99 for over $2,500 worth of 361 00:21:49,699 --> 00:21:52,780 Suze: state of the art documents that you can share with 362 00:21:52,780 --> 00:21:56,140 Suze: as many family members as you want, and you share 363 00:21:56,140 --> 00:22:00,099 Suze: it by simply giving them the activation code, cause you 364 00:22:00,099 --> 00:22:04,599 Suze: all have your own private passwords that you yourselves create. 365 00:22:05,520 --> 00:22:08,079 Suze: Next question, KT. Oh, by the way, you get them 366 00:22:08,079 --> 00:22:12,000 Suze: by going to musthave docs.com. All right. 367 00:22:12,459 --> 00:22:15,280 KT: And, and in keeping with that, this is from Joy. 368 00:22:15,400 --> 00:22:18,760 KT: Joyce said, Hi Miss Suze. I'm 48 years old with 369 00:22:18,760 --> 00:22:22,920 KT: cerebral palsy, and I lost my dad in June. He 370 00:22:22,920 --> 00:22:25,640 KT: was good to me in every way, and I never 371 00:22:25,640 --> 00:22:31,079 KT: worried about finances because he supplemented my income all the time. 372 00:22:31,410 --> 00:22:34,170 KT: I never pressured him to do it, and he always 373 00:22:34,170 --> 00:22:38,750 KT: said that is why he did because I never asked, 374 00:22:39,010 --> 00:22:42,329 KT: and he wouldn't let me say no. Now he is 375 00:22:42,329 --> 00:22:45,109 KT: gone and I realize how I didn't prepare. 376 00:22:45,790 --> 00:22:48,430 KT: I am not where I need to be in retirement, 377 00:22:48,510 --> 00:22:51,469 KT: but thanks to you, I am now maxing out on 378 00:22:51,469 --> 00:22:55,829 KT: my employer match. I need your help though, convincing my 379 00:22:55,829 --> 00:22:59,510 KT: mom how important it is to have a trust and 380 00:22:59,510 --> 00:23:04,069 KT: a will. She thinks it's not necessary because she has 381 00:23:04,069 --> 00:23:08,349 KT: my name on all of her accounts. Mom is 75. 382 00:23:08,670 --> 00:23:12,929 KT: We're caring, ready for this for my 97-year-old grandmother. 383 00:23:13,349 --> 00:23:16,229 KT: Help me to get her to understand the importance of 384 00:23:16,229 --> 00:23:20,989 KT: a will and trust. So there you go, um, and 385 00:23:20,989 --> 00:23:23,099 KT: then she wrote in brackets at the end of this. 386 00:23:23,160 --> 00:23:26,708 KT: She said, My mom, trust what you say, Suze. Please 387 00:23:26,709 --> 00:23:29,750 KT: help me to get her to do a will and 388 00:23:29,750 --> 00:23:34,829 KT: a trust. So tell Mama Hall, Joy's mom, to just 389 00:23:34,829 --> 00:23:36,938 KT: do it, Suze. It's really easy. 390 00:23:37,189 --> 00:23:42,449 Suze: So Joy, here is the truth. If all Mommy has 391 00:23:42,819 --> 00:23:47,589 Suze: is bank accounts, no real estate, just bank accounts and 392 00:23:47,589 --> 00:23:52,680 Suze: things like that, and it's held in both of your names, 393 00:23:53,069 --> 00:23:56,680 Suze: your name and her name, not you as a beneficiary, 394 00:23:57,020 --> 00:24:00,800 Suze: but you where you actually own the account with her. 395 00:24:01,180 --> 00:24:05,060 Suze: All right, if she didn't have a will or a trust, truthfully, 396 00:24:05,180 --> 00:24:07,660 Suze: no big deal. I know you're not expecting me to 397 00:24:07,660 --> 00:24:09,419 Suze: say that, but it's true. 398 00:24:09,920 --> 00:24:13,079 Suze: 'Cause as long as you can sign for her, as 399 00:24:13,079 --> 00:24:15,560 Suze: long as you can write the checks, pay the bills, 400 00:24:15,599 --> 00:24:20,839 Suze: and do all of that, OK. However, if mom happens 401 00:24:20,839 --> 00:24:23,939 Suze: to have real estate, anything like that. 402 00:24:24,630 --> 00:24:27,359 Suze: And then all of a sudden, the two of you 403 00:24:27,359 --> 00:24:30,280 Suze: own it in both of your names. Listen to me 404 00:24:30,280 --> 00:24:31,139 Suze: closely now. 405 00:24:31,839 --> 00:24:36,069 Suze: And now she becomes incapacitated. You need to sell the 406 00:24:36,069 --> 00:24:37,869 Suze: house for whatever reason. 407 00:24:39,170 --> 00:24:41,260 Suze: And she thinks it's fine because it's in both of 408 00:24:41,260 --> 00:24:45,458 Suze: your names. Now you have trouble cause if you go 409 00:24:45,459 --> 00:24:48,180 Suze: to sell a piece of real estate that is held 410 00:24:48,180 --> 00:24:50,810 Suze: in both of your names as joint tenancy with right 411 00:24:50,810 --> 00:24:57,859 Suze: of survivorship and she becomes incapacitated, she can't sign and 412 00:24:57,859 --> 00:25:03,239 Suze: it takes both of your signatures to sign to sell something. 413 00:25:04,050 --> 00:25:06,569 Suze: Even to take out a home equity line of credit 414 00:25:06,569 --> 00:25:10,089 Suze: or whatever it may be, then you're going to have 415 00:25:10,089 --> 00:25:14,208 Suze: to have her declared incompetent depending on the state that 416 00:25:14,209 --> 00:25:16,488 Suze: you live in. Let's say it's California, that'll cost you 417 00:25:16,489 --> 00:25:21,689 Suze: $5,000 and get a conservatorship assigned to her. It will 418 00:25:21,689 --> 00:25:26,050 Suze: be a serious mess, and you could avoid all that 419 00:25:26,050 --> 00:25:27,650 Suze: simply by having. 420 00:25:28,339 --> 00:25:33,139 Suze: A revocable living trust that has an incapacity clause in it. 421 00:25:34,050 --> 00:25:37,699 Suze: Something happens to mamma, you can immediately sign for her. 422 00:25:37,849 --> 00:25:41,729 Suze: Mamma could sign for you, and all that trouble could 423 00:25:41,729 --> 00:25:46,448 Suze: be avoided. Also, I'm just going to say this it's 424 00:25:46,449 --> 00:25:51,468 Suze: very dangerous in many situations to have a child's name 425 00:25:52,089 --> 00:25:56,689 Suze: on the property, because if you are in a car 426 00:25:56,689 --> 00:26:01,489 Suze: accident and you seriously hurt somebody and it is your problem. 427 00:26:02,050 --> 00:26:06,468 Suze: There are people who could come after that house then 428 00:26:06,469 --> 00:26:11,609 Suze: known as lawyers, and there goes Mommy's house. All kinds 429 00:26:11,609 --> 00:26:15,119 Suze: of things can happen. And last but not least, and 430 00:26:15,119 --> 00:26:19,030 Suze: I know I'm going on about this, KT, but it's important, 431 00:26:19,170 --> 00:26:22,329 Suze: and this happened to somebody. I read this email before 432 00:26:22,329 --> 00:26:26,189 Suze: about an aunt who signed everything over to her niece, 433 00:26:26,689 --> 00:26:29,369 Suze: and the niece died before the aunt. 434 00:26:29,920 --> 00:26:32,949 Suze: And the niece left everything to the boyfriend and now 435 00:26:32,949 --> 00:26:37,729 Suze: the aunt, remember this. So what happens, Joy, if all 436 00:26:37,729 --> 00:26:42,510 Suze: of a sudden you die before mommy? And now here's 437 00:26:42,510 --> 00:26:46,030 Suze: mommy with nobody to take care of anything, and she 438 00:26:46,030 --> 00:26:48,510 Suze: hasn't thought about that, so. 439 00:26:49,260 --> 00:26:52,979 Suze: It's not a lot of money. It's $99 as I 440 00:26:52,979 --> 00:26:57,719 Suze: said just a little bit ago, and there's nothing wrong 441 00:26:57,859 --> 00:27:04,739 Suze: with having double protection, nothing. So mom, if you trust 442 00:27:04,739 --> 00:27:09,719 Suze: what I say, then get a trust. There was obviously 443 00:27:09,719 --> 00:27:13,489 Suze: a reason that 20 years ago I put so much 444 00:27:13,489 --> 00:27:16,060 Suze: energy into making sure all of you had one. 445 00:27:16,640 --> 00:27:19,728 Suze: And you need to protect yourself because it's not just 446 00:27:19,729 --> 00:27:23,770 Suze: about the trust. Do you have an advanced directive? Do 447 00:27:23,770 --> 00:27:26,250 Suze: you have a durable power of attorney for health care? 448 00:27:26,569 --> 00:27:30,650 Suze: Do you have all of those things? So those things 449 00:27:30,650 --> 00:27:34,489 Suze: are very, very important. So just why not do it? 450 00:27:34,560 --> 00:27:34,930 Suze: All right, KT. 451 00:27:36,310 --> 00:27:39,280 KT: So Susie, this is a question that came in from 452 00:27:39,280 --> 00:27:42,390 KT: one of our Alliant customers. She said, I've been a 453 00:27:42,390 --> 00:27:45,659 KT: client of Alliant for years now, and I love them. 454 00:27:46,390 --> 00:27:51,229 KT: My monthly expenses are $10,000 a month, so I keep 455 00:27:51,229 --> 00:27:57,209 KT: about $120,000 in an emergency fund in the ultimate opportunity 456 00:27:57,209 --> 00:27:58,109 KT: savings account. 457 00:27:58,729 --> 00:28:02,489 KT: Can I change that to the jumbo savings? That's the 458 00:28:02,489 --> 00:28:04,859 KT: new jumbo savings we just told everyone. 459 00:28:05,290 --> 00:28:07,689 Suze: So wait, let me answer that. So first of all, 460 00:28:08,209 --> 00:28:13,209 Suze: what's great about the jumbo savings account that Alliant is 461 00:28:13,209 --> 00:28:16,829 Suze: currently offering is number one, it's a savings account. Therefore, 462 00:28:16,839 --> 00:28:21,688 Suze: it is liquid. You can get at it at any time. Also, 463 00:28:21,930 --> 00:28:27,530 Suze: it's giving you a 3.35% APY. Great. 464 00:28:27,900 --> 00:28:30,849 Suze: You keep it for at least 1one year, 12 months, 465 00:28:30,939 --> 00:28:34,780 Suze: an average daily balance of $100,000. At the end of 466 00:28:34,780 --> 00:28:39,260 Suze: that time you get a $250 bonus which comes out 467 00:28:39,260 --> 00:28:43,819 Suze: to be about a 3.6% return if in fact they 468 00:28:43,829 --> 00:28:48,739 Suze: keep the 3.35% APY which they probably will for the 469 00:28:48,739 --> 00:28:51,979 Suze: entire year. Time will tell, so. 470 00:28:52,890 --> 00:28:56,810 Suze: Can you do that if you already are a customer 471 00:28:56,810 --> 00:29:00,569 Suze: of Alliant Credit Union and you want to transfer from 472 00:29:00,569 --> 00:29:06,890 Suze: the ultimate opportunity savings account that's only making 3.01%, which 473 00:29:06,890 --> 00:29:09,290 Suze: is an incredible rate for any amount of money, by 474 00:29:09,290 --> 00:29:09,729 Suze: the way. 475 00:29:10,064 --> 00:29:14,064 Suze: To this new one you absolutely can. So this is 476 00:29:14,064 --> 00:29:18,104 Suze: not just for new money. You can transfer it. Just 477 00:29:18,104 --> 00:29:22,785 Suze: know you have to do it before March 31st of 478 00:29:22,785 --> 00:29:23,314 Suze: this year. 479 00:29:23,984 --> 00:29:27,125 KT: But Suze, wait, tell them how to get the jumbo savings account. 480 00:29:27,625 --> 00:29:29,744 Suze: How do you think you get the jumbo savings account? 481 00:29:29,744 --> 00:29:31,645 KT: MyAlliant.com 482 00:29:32,045 --> 00:29:34,925 Suze: So that's M Y A L L I A N 483 00:29:34,925 --> 00:29:36,005 Suze: T dot com. 484 00:29:36,599 --> 00:29:41,560 Suze: By the way, the $250 bonus is only available to 485 00:29:41,599 --> 00:29:46,400 Suze: those of you who come in through the Suze URL with... 486 00:29:46,400 --> 00:29:47,530 KT: Suze fans, all the Suze listeners and fans, this is just for you. 487 00:29:47,400 --> 00:29:53,969 Suze: So that's why you have to go to my MY. 488 00:29:54,234 --> 00:29:57,915 Suze: A L L I A N T dot com. If 489 00:29:57,915 --> 00:30:02,824 Suze: you forget that, just go to Suze Orman.com, my website, 490 00:30:03,035 --> 00:30:05,474 Suze: and you'll see a banner right there. Just click on 491 00:30:05,474 --> 00:30:07,175 Suze: it and go for it. 492 00:30:07,265 --> 00:30:10,435 KT: OK, so this is, no, it's the same, um, same 493 00:30:10,435 --> 00:30:13,135 KT: person from Alliant, she said, or same customer. 494 00:30:13,630 --> 00:30:18,599 KT: I also have gotten part of my inheritance of $45,000. 495 00:30:18,670 --> 00:30:21,630 KT: Do you think I should put that in the jumbo 496 00:30:21,630 --> 00:30:24,910 KT: savings as well? I will need it for a down 497 00:30:24,910 --> 00:30:27,170 KT: payment in about seven months. 498 00:30:27,829 --> 00:30:32,189 Suze: Now, in this particular situation, if I were you, I 499 00:30:32,189 --> 00:30:37,790 Suze: would put the $120,000 in the jumbo savings account. 500 00:30:38,520 --> 00:30:44,410 Suze: The $45,000 given that you'll need it in about seven months, 501 00:30:44,810 --> 00:30:49,439 Suze: then take advantage of the 3.9%. 502 00:30:50,290 --> 00:30:55,329 Suze: APY for what the 6 month certificate that Alliant happens 503 00:30:55,329 --> 00:30:59,010 Suze: to be offering. So then that gives you the money 504 00:30:59,010 --> 00:31:02,089 Suze: that you'll need in seven months, but it also gives 505 00:31:02,089 --> 00:31:06,489 Suze: you a higher interest rate. Do you see? So that's 506 00:31:06,489 --> 00:31:13,109 Suze: what I would be doing in this particular situation. So 3.6%, 3.9%. 507 00:31:13,469 --> 00:31:15,430 Suze: Maybe if you don't need it and they offer that 508 00:31:15,430 --> 00:31:21,060 Suze: again then you'll average about a 3.75% return possibly so 509 00:31:21,060 --> 00:31:23,790 Suze: we'll see what happens there but that's what I would 510 00:31:23,790 --> 00:31:27,589 Suze: be doing if I were you. OK. Also, one other thing, 511 00:31:27,750 --> 00:31:31,290 Suze: KT people have been asking, and this was asked on 512 00:31:31,619 --> 00:31:35,579 Suze: The Women and Money community app wall, which I've been 513 00:31:35,579 --> 00:31:40,020 Suze: hesitant to answer because of the scamming that's going on 514 00:31:40,339 --> 00:31:43,689 Suze: with my name, my pictures, and everything like that. 515 00:31:45,109 --> 00:31:49,709 Suze: So, the interest rate of 3.01%. Somebody asked, did I 516 00:31:49,709 --> 00:31:52,280 Suze: think it was going to stay at that rate? I 517 00:31:52,280 --> 00:31:56,510 Suze: absolutely do. I would not be worried about them lowering it. OK, 518 00:31:56,630 --> 00:31:57,060 Suze: go on. 519 00:31:57,250 --> 00:32:01,150 KT: So Suze, my last question is a long one, but 520 00:32:01,150 --> 00:32:02,910 KT: I think a very valuable one. 521 00:32:03,849 --> 00:32:06,589 KT: Suze, this is from Mary. Thank you for your wonderful 522 00:32:06,589 --> 00:32:11,250 KT: podcast and newsletter which we receive via email. I have 523 00:32:11,250 --> 00:32:12,530 KT: one question for you. 524 00:32:12,689 --> 00:32:14,369 Suze: By the way, all of you can sign up for 525 00:32:14,369 --> 00:32:17,729 Suze: that if you go to Suze Orman.com. You can sign 526 00:32:17,729 --> 00:32:19,650 Suze: up for that every single week. Go on. 527 00:32:20,420 --> 00:32:23,609 KT: OK, so Mary has a question. Should we get a 528 00:32:23,609 --> 00:32:25,410 KT: financial advisor? 529 00:32:25,900 --> 00:32:28,150 KT: A year ago my husband Mike and I took a 530 00:32:28,150 --> 00:32:32,310 KT: seminar on retirement at the University of Saint Thomas where 531 00:32:32,310 --> 00:32:35,150 KT: we lived at the time. This is in Saint Paul, 532 00:32:35,229 --> 00:32:38,949 KT: by the way, everyone, um, it was fantastic even though 533 00:32:38,949 --> 00:32:43,069 KT: we had been retired since 2021. Mike has always been 534 00:32:43,069 --> 00:32:46,550 KT: a wizard with our finances and our portfolio grew over 535 00:32:46,550 --> 00:32:51,069 KT: the decades to nearly $2 million and she said it's 536 00:32:51,069 --> 00:32:55,280 KT: even still there after taking out $80,000 last summer. 537 00:32:55,760 --> 00:32:59,130 KT: And then this is very sweet. Mary said, I'm thrilled 538 00:32:59,130 --> 00:33:02,369 KT: that I married a man so savvy with money, not 539 00:33:02,369 --> 00:33:06,689 KT: to mention a kind, patient, and loving man. We live 540 00:33:06,689 --> 00:33:10,930 KT: on dividends and Social Security. We're not frivolous people, but 541 00:33:10,930 --> 00:33:14,089 KT: we've definitely been able to do things we love and 542 00:33:14,089 --> 00:33:17,290 KT: help out our children over the years. Now, this is 543 00:33:17,290 --> 00:33:20,599 KT: where this, the, the what the what if's come in, everybody. 544 00:33:20,770 --> 00:33:21,530 KT: Mary said, 545 00:33:22,119 --> 00:33:28,420 KT: Suze, last May, Mike was diagnosed with Parkinson's. Since last June, 546 00:33:28,520 --> 00:33:31,719 KT: we now live in Las Vegas, which is where he's 547 00:33:31,719 --> 00:33:33,920 KT: getting treatment at the Cleveland Clinic. 548 00:33:34,900 --> 00:33:38,260 KT: I told Mike that we really should get a financial advisor. 549 00:33:38,339 --> 00:33:41,140 KT: My thinking is that anything that we can hand off 550 00:33:41,140 --> 00:33:44,500 KT: to someone else we should so that we can focus 551 00:33:44,500 --> 00:33:48,099 KT: on doing what he needs to keep the Parkinson's at 552 00:33:48,099 --> 00:33:52,020 KT: bay for as long as possible. So Mary then goes 553 00:33:52,020 --> 00:33:56,199 KT: on to tell us that is it worth handing over 554 00:33:56,780 --> 00:34:01,359 KT: our money for 1% every year to a financial advisor. 555 00:34:01,709 --> 00:34:04,270 KT: Mike is only going to get worse, and I think 556 00:34:04,270 --> 00:34:07,310 KT: that we should move to a financial advisor while he 557 00:34:07,310 --> 00:34:09,750 KT: is still able to know what's going on. 558 00:34:10,870 --> 00:34:16,218 KT: So Mary is asking should she maybe contact the guy 559 00:34:16,218 --> 00:34:19,438 KT: that she and Mike took their course from back in 560 00:34:19,438 --> 00:34:24,148 KT: Saint Paul that they really liked and because it's likely 561 00:34:24,158 --> 00:34:27,118 KT: she'll be moving back to the Twin Cities in the future. 562 00:34:27,539 --> 00:34:28,229 Suze: What are their ages? 563 00:34:28,599 --> 00:34:31,398 KT: He's 69 and Mary's 73. 564 00:34:32,309 --> 00:34:33,769 Suze: So what would you do, KT? 565 00:34:34,029 --> 00:34:37,108 KT: I definitely, uh, hand the money over to the financial 566 00:34:37,108 --> 00:34:41,029 KT: advisor that Mike really liked. They both did, and, and 567 00:34:41,029 --> 00:34:45,049 KT: I would hope to trust him and for 1% because 568 00:34:45,229 --> 00:34:48,388 KT: what she's doing is she's preparing for the future. The 569 00:34:48,388 --> 00:34:50,408 KT: what ifs are already there. 570 00:34:50,658 --> 00:34:51,098 Suze: All right, so... 571 00:34:51,099 --> 00:34:52,099 KT: It's now what do I do. 572 00:34:52,108 --> 00:34:55,229 Suze: I hear you, KT, and I knew you were gonna 573 00:34:55,229 --> 00:34:58,589 Suze: answer that way, right? However, 574 00:34:59,370 --> 00:35:02,610 Suze: I would not answer that way. Mary, I want you 575 00:35:02,610 --> 00:35:04,909 Suze: to listen to me and listen to me closely. 576 00:35:05,949 --> 00:35:10,859 Suze: Your husband is still capable of doing this, and part 577 00:35:10,860 --> 00:35:15,300 Suze: of what will keep him going is to stay involved 578 00:35:15,300 --> 00:35:20,299 Suze: intellectually whether his brain is slower or whatever happens until 579 00:35:20,300 --> 00:35:25,219 Suze: he really can't, and you'll know when he can't, but 580 00:35:25,219 --> 00:35:30,729 Suze: don't take it away from him before he can't. The 581 00:35:30,729 --> 00:35:32,520 Suze: adviser will always be there. 582 00:35:33,070 --> 00:35:35,549 Suze: You can hand over the money to the advisor at 583 00:35:35,550 --> 00:35:36,409 Suze: any time. 584 00:35:37,209 --> 00:35:42,270 Suze: But don't do it yet because it's something that he loves, 585 00:35:42,419 --> 00:35:45,500 Suze: he's great at, and it's how he can continue to 586 00:35:45,500 --> 00:35:49,899 Suze: feel like he's the man that he became intellectually speaking, 587 00:35:49,979 --> 00:35:55,699 Suze: at least, OK, Number one. Number two, don't you dare 588 00:35:55,699 --> 00:35:58,909 Suze: think that you can't do this. 589 00:35:59,540 --> 00:36:03,100 Suze: You absolutely can. So rather than just saying you liked 590 00:36:03,100 --> 00:36:06,620 Suze: this guy, you did it, da da da da, why 591 00:36:06,620 --> 00:36:10,419 Suze: not like your money? And what do I mean by that? 592 00:36:10,739 --> 00:36:15,120 Suze: Sit down with your husband, have him teach you now, 593 00:36:15,500 --> 00:36:19,379 Suze: get involved with it now, because what happens if you 594 00:36:19,379 --> 00:36:21,659 Suze: turn it over to this one advisor, all of a 595 00:36:21,659 --> 00:36:24,540 Suze: sudden something happens to this one advisor or that advisor 596 00:36:24,540 --> 00:36:27,339 Suze: leaves or whatever. Are you kidding me? No. 597 00:36:28,070 --> 00:36:31,100 Suze: You have what it takes to at least get involved 598 00:36:31,100 --> 00:36:34,909 Suze: and learn about the stocks and the investments that you 599 00:36:34,909 --> 00:36:39,540 Suze: already have. Talk to your husband about something happens to you, 600 00:36:39,750 --> 00:36:42,530 Suze: which stocks do you think we should keep forever, because 601 00:36:42,530 --> 00:36:46,350 Suze: there are stocks you should keep forever. There are dividend 602 00:36:46,350 --> 00:36:50,100 Suze: players that you should probably keep forever, and maybe you 603 00:36:50,100 --> 00:36:54,790 Suze: don't have to give up 1%. 1% is a lot 604 00:36:54,790 --> 00:36:56,070 Suze: of money, girlfriend. 605 00:36:56,350 --> 00:37:00,169 Suze: Of $2 million just so you know it's at least 606 00:37:00,169 --> 00:37:03,899 Suze: $20,000 a year just to have somebody else manage the 607 00:37:03,899 --> 00:37:08,810 Suze: money that may or may not need to be managed 608 00:37:09,110 --> 00:37:12,330 Suze: and maybe not all of it needs to be managed 609 00:37:12,550 --> 00:37:15,850 Suze: maybe some of it stays where it happens to be. 610 00:37:16,399 --> 00:37:19,850 Suze: Maybe eventually when time comes you give a smaller amount 611 00:37:20,229 --> 00:37:25,290 Suze: to that financial advisor, but before you give anything to anybody, 612 00:37:25,510 --> 00:37:29,850 Suze: you give yourself the time, the credit, and the ability 613 00:37:30,310 --> 00:37:31,989 Suze: to know you have what it 614 00:37:32,215 --> 00:37:35,685 Suze: takes to take care of your own money so you 615 00:37:35,685 --> 00:37:39,014 Suze: use this time now to put a bet while you're 616 00:37:39,014 --> 00:37:42,734 Suze: in Las Vegas on yourself and be and be a 617 00:37:42,735 --> 00:37:45,475 Suze: true winner with your husband now. 618 00:37:46,735 --> 00:37:48,114 KT: I love that. 619 00:37:49,014 --> 00:37:49,653 Suze: I did OK? 620 00:37:49,653 --> 00:37:53,094 KT: That I like put a bet on yourself, bet on yourself. 621 00:37:53,294 --> 00:37:57,395 Suze: All right, OK, everybody, so until Sunday. 622 00:37:58,310 --> 00:38:00,800 Suze: And you know what Sunday is. Fitzy's going to be 623 00:38:00,800 --> 00:38:05,620 Suze: joining me, so send in your questions today, today, all right? 624 00:38:05,679 --> 00:38:11,439 Suze: And maybe I will ask Fitzy your question. But until Sunday, 625 00:38:11,959 --> 00:38:14,399 Suze: there's only one thing that we want you to remember. 626 00:38:14,600 --> 00:38:16,139 Suze: Can you sing it like Andrea Bocelli? 627 00:38:16,229 --> 00:38:18,120 KT: I was just gonna say I'm gonna sing it. 628 00:38:19,330 --> 00:38:20,129 KT: No, I'm not gonna sing. 629 00:38:20,129 --> 00:38:22,209 Suze: Come on, try KT. 630 00:38:22,209 --> 00:38:24,908 KT: People first, then money, then things. Now you stay safe. 631 00:38:25,250 --> 00:38:28,449 Suze: Oh, she just got so, she just got so shy. 632 00:38:28,729 --> 00:38:30,909 Suze: All right, see you Sunday. Bye-bye.