1 00:00:29,090 --> 00:00:34,470 Suze: February 2nd, 2025. Welcome everybody to the Women and Money podcast, 2 00:00:34,520 --> 00:00:37,958 Suze: as well as everybody smart enough to do what KT? 3 00:00:38,240 --> 00:00:41,709 KT: Well, wait, tell them it's Sunday school and KT is here. 4 00:00:42,080 --> 00:00:44,119 Suze: Yes, but you needed to finish my line, 5 00:00:44,369 --> 00:00:45,000 KT: smart enough to 6 00:00:45,000 --> 00:00:45,229 Suze: listen. 7 00:00:45,860 --> 00:00:49,810 Suze: That's my girl, now KT is here today because why? 8 00:00:50,098 --> 00:00:53,619 Suze: Because Thursday was Suze School rather than ask KT and 9 00:00:53,619 --> 00:00:54,380 Suze: Suze anything. 10 00:00:54,819 --> 00:00:56,939 KT: And you all wrote in and said, Where is she? 11 00:00:57,099 --> 00:01:00,900 KT: We miss her. Put KT back. It's not the same 12 00:01:00,900 --> 00:01:01,729 KT: without her. 13 00:01:04,160 --> 00:01:05,800 Suze: Now, I don't know if that's true because she's the 14 00:01:05,800 --> 00:01:09,400 Suze: one who reads a lot of the emails, but I 15 00:01:09,400 --> 00:01:12,190 Suze: bet it is on some level. Did you miss being here? 16 00:01:13,199 --> 00:01:16,300 KT: Yes, I missed myself on Thursday, being on the Thursday. 17 00:01:16,800 --> 00:01:20,199 KT: When I listen and I don't hear me, it's like, KT, 18 00:01:20,319 --> 00:01:20,639 KT: where are you? 19 00:01:20,639 --> 00:01:23,470 Suze: You know what I would love all of you to do, 20 00:01:23,639 --> 00:01:26,760 Suze: by the way, if you want to ask a question, 21 00:01:26,919 --> 00:01:31,269 Suze: write into ask SUZE As Suze podcast at gmail.com. 22 00:01:31,730 --> 00:01:34,879 Suze: And if KT chooses it, we will answer it and 23 00:01:34,949 --> 00:01:37,889 Suze: and kind of haggle over it, right KT? 24 00:01:38,160 --> 00:01:38,680 KT: A little bit. 25 00:01:38,720 --> 00:01:43,250 Suze: a little bit on this podcast. However, I did an 26 00:01:43,250 --> 00:01:47,839 Suze: experiment the other day and I was able to translate 27 00:01:47,839 --> 00:01:51,290 Suze: what I said in my voice into Spanish. 28 00:01:51,319 --> 00:01:52,550 KT: It was so great. 29 00:01:52,720 --> 00:01:55,559 Suze: So the question is, is anybody out there 30 00:01:56,139 --> 00:02:02,190 Suze: interested in hearing this podcast in Spanish? I'm just curious. 31 00:02:02,400 --> 00:02:05,639 Suze: If so, you can go on the Women and Money 32 00:02:05,639 --> 00:02:08,478 Suze: community app and you can download it at Apple Apps 33 00:02:08,479 --> 00:02:13,759 Suze: or Google Play or send in an email. KT, what 34 00:02:13,758 --> 00:02:15,019 Suze: you got for me today? 35 00:02:15,020 --> 00:02:19,119 KT: OK, my first question, it's a little bit, it's a 36 00:02:19,119 --> 00:02:24,279 KT: little sad, but it's important. It's from Juliana. She said, hello, Suze, 37 00:02:24,440 --> 00:02:25,830 KT: I'd like some advice. 38 00:02:26,119 --> 00:02:29,389 KT: I've been married for over 40 years, but I'm getting 39 00:02:29,389 --> 00:02:33,750 KT: a divorce. I'm separated at this time. The marriage was 40 00:02:33,750 --> 00:02:41,070 KT: all about abuse, emotional, physical, verbal, and financial gaslighting. I 41 00:02:41,070 --> 00:02:43,860 KT: was close to having a stroke and a heart attack 42 00:02:43,860 --> 00:02:45,190 KT: plus stress. 43 00:02:45,850 --> 00:02:50,309 KT: Is making this move the right direction, Suze, please reply. 44 00:02:51,389 --> 00:02:55,990 Suze: Oh, Juliana, it's, you know, I have this saying. 45 00:02:56,649 --> 00:03:00,479 Suze: And as you know, I have many sayings that you 46 00:03:00,479 --> 00:03:06,320 Suze: usually never ask a question that you don't know the 47 00:03:06,320 --> 00:03:07,679 Suze: answer to. 48 00:03:08,788 --> 00:03:13,669 Suze: Juliana, read the email that you sent me. Why in 49 00:03:13,669 --> 00:03:17,859 Suze: the world would you want to stay in a relationship 50 00:03:17,860 --> 00:03:24,139 Suze: that was financially, emotionally, psychologically, physically, in every possible way abusive? 51 00:03:24,508 --> 00:03:28,459 Suze: You had the courage to separate from him. 52 00:03:29,630 --> 00:03:33,669 Suze: Now you have to be really courageous and do what 53 00:03:33,669 --> 00:03:38,190 Suze: it takes to divorce him. There's a tendency with women 54 00:03:38,190 --> 00:03:41,229 Suze: who are abused because, as you know, I work with many, 55 00:03:41,279 --> 00:03:45,830 Suze: many women who are abused in many ways, and it 56 00:03:45,830 --> 00:03:49,869 Suze: all starts, by the way, with financial abuse. But anyway. 57 00:03:51,250 --> 00:03:54,550 Suze: The tendency is, no, I want to go back. He's 58 00:03:54,550 --> 00:03:58,750 Suze: not that bad. I can stay. He'll change. I need 59 00:03:58,750 --> 00:04:01,869 Suze: him to be happy. No, what you need in your 60 00:04:01,869 --> 00:04:04,589 Suze: life is for you to be happy. What you need 61 00:04:04,589 --> 00:04:07,149 Suze: in your life is for you to be secure. What 62 00:04:07,149 --> 00:04:09,550 Suze: you need in your life is to be the powerful 63 00:04:09,550 --> 00:04:12,259 Suze: woman you were born to be. What you need in 64 00:04:12,259 --> 00:04:14,500 Suze: your life is simply the courage. 65 00:04:15,440 --> 00:04:17,420 Suze: And the faith in yourself. 66 00:04:18,158 --> 00:04:22,468 Suze: To do what you know is right versus what's easy. 67 00:04:22,558 --> 00:04:25,019 Suze: It's easy to go back and continue to suffer for 68 00:04:25,019 --> 00:04:26,158 Suze: the rest of your life. 69 00:04:27,309 --> 00:04:31,609 Suze: It's right for you not to do what's wrong. 70 00:04:32,059 --> 00:04:37,010 KT: I want to add one more thing. 40 years, Juliana, 71 00:04:37,380 --> 00:04:41,290 KT: you're at that age in your life where you deserve 72 00:04:41,660 --> 00:04:45,659 KT: your final, you know, swan song to be the very 73 00:04:45,660 --> 00:04:50,420 KT: best and to be happy and free and light. So 74 00:04:50,420 --> 00:04:53,769 KT: just go for it. I agree 100% with what Suze said. 75 00:04:53,769 --> 00:04:56,339 Suze: And if any of you are out there and were 76 00:04:56,339 --> 00:04:59,209 Suze: in the situation that Juliana was in. 77 00:04:59,950 --> 00:05:03,559 Suze: Either post it on the Women and Money app or 78 00:05:03,559 --> 00:05:04,750 Suze: send in an email. 79 00:05:05,019 --> 00:05:08,529 Suze: And we'll send them on to Juliana so she can 80 00:05:08,529 --> 00:05:11,130 Suze: feel your support. All right, KT. 81 00:05:11,290 --> 00:05:15,570 KT: OK, next question's from Stephen. Hello, Suze. Thank you for 82 00:05:15,570 --> 00:05:19,329 KT: your advice this morning. I've been dollar cost averaging into 83 00:05:19,329 --> 00:05:24,809 KT: Whirlpool and noticed it plummeted to about $109. Is this 84 00:05:24,809 --> 00:05:29,159 KT: a buying opportunity or a time to hold back? 85 00:05:29,529 --> 00:05:32,809 Suze: Well, my dear Stephen, you didn't see it then obviously 86 00:05:32,809 --> 00:05:34,159 Suze: on Friday when it 87 00:05:34,678 --> 00:05:40,790 Suze: plummeted to $105 a share, but here's what you need 88 00:05:40,790 --> 00:05:45,200 Suze: to know why did that happen, in my opinion, especially 89 00:05:45,200 --> 00:05:50,909 Suze: on Friday. Because of the tariffs that President Trump implemented 90 00:05:50,910 --> 00:05:56,149 Suze: on February 1st, and a lot of the white goods 91 00:05:56,559 --> 00:05:59,730 Suze: come from Mexico and 20% 92 00:06:00,220 --> 00:06:05,929 Suze: for whirlpool come from Mexico, so it's going to impact 93 00:06:06,220 --> 00:06:10,380 Suze: their costs and everything like that. So that's why it 94 00:06:10,380 --> 00:06:14,010 Suze: went down. So what would I do if I were you? 95 00:06:14,899 --> 00:06:18,040 Suze: I don't say this often, but I probably would sell, 96 00:06:18,369 --> 00:06:22,320 Suze: believe it or not, and I would probably diversify at 97 00:06:22,320 --> 00:06:28,250 Suze: this point in time into two stocks, Verizon as well 98 00:06:28,250 --> 00:06:33,649 Suze: as Pfizer. You'll actually get a higher dividend yield and 99 00:06:33,649 --> 00:06:35,969 Suze: you'll be able to buy, let's just say you owned 100 00:06:35,970 --> 00:06:41,200 Suze: 100 shares of Whirlpool, and the price of Whirlpool right now, 101 00:06:41,250 --> 00:06:43,049 Suze: as you know, is 105. 102 00:06:43,279 --> 00:06:47,109 Suze: The price of Verizon is around 39. The price of 103 00:06:47,109 --> 00:06:52,079 Suze: Pfizer is around 29. You could buy 150 shares of each. 104 00:06:52,700 --> 00:06:56,140 Suze: Keep your dividend a little bit higher, and when those 105 00:06:56,140 --> 00:06:59,380 Suze: stocks do eventually start to go on one day, I 106 00:06:59,380 --> 00:07:03,260 Suze: believe they will, you'll make back the money faster. And 107 00:07:03,260 --> 00:07:06,339 Suze: in the meantime, if it's outside of a retirement account 108 00:07:06,619 --> 00:07:10,059 Suze: that you've been dollar cost averaging, you can take that 109 00:07:10,059 --> 00:07:12,410 Suze: loss if you have one. All right. 110 00:07:12,619 --> 00:07:15,260 KT: OK. Next is from Nikki. I picked this one, Suze, 111 00:07:15,299 --> 00:07:16,049 KT: because I always think 112 00:07:16,149 --> 00:07:20,059 KT: about this for us, it said our condo association is 113 00:07:20,059 --> 00:07:24,179 KT: voting on insurance. Should everyone have their own policy for 114 00:07:24,179 --> 00:07:27,899 KT: the unit or not? Some believe they could cover any 115 00:07:27,899 --> 00:07:31,700 KT: damage to another unit for less than the yearly premium. 116 00:07:32,019 --> 00:07:35,420 KT: Do you have an opinion on this, Suze? I've carried 117 00:07:35,420 --> 00:07:39,700 KT: my policy for 22 years and never used it. 118 00:07:39,989 --> 00:07:43,730 KT: If I canceled and decided to go back on, the 119 00:07:43,730 --> 00:07:45,769 KT: premium would be much higher. 120 00:07:46,049 --> 00:07:48,000 Suze: If they even insure you at all. 121 00:07:48,029 --> 00:07:51,489 KT: And then Nikki said she understands both sides. So what 122 00:07:51,489 --> 00:07:51,970 KT: do you 123 00:07:51,970 --> 00:07:52,440 KT: recommend? 124 00:07:52,690 --> 00:07:55,359 Suze: So Nikki, here's the thing I'm a little bit confused. 125 00:07:55,850 --> 00:07:58,290 Suze: It's kind of hard to confuse me, don't you think, KT? 126 00:07:59,029 --> 00:08:00,049 KT: Yeah, sometimes. 127 00:08:00,940 --> 00:08:03,260 Suze: You can confuse me a lot. 128 00:08:03,260 --> 00:08:03,980 KT: I confuse her all the time. 129 00:08:04,100 --> 00:08:05,899 Suze: What's the main thing you confuse me over? 130 00:08:05,899 --> 00:08:10,100 KT: Oh my goodness. When she tells me something, if she's 131 00:08:10,100 --> 00:08:14,739 KT: not really clear with that, you know, explanation, then I 132 00:08:14,739 --> 00:08:15,890 KT: get very confused. 133 00:08:16,059 --> 00:08:18,899 Suze: So that we're not just talking about finance and things 134 00:08:18,899 --> 00:08:21,799 Suze: like that, anything, she goes, Well, what does that mean? 135 00:08:22,220 --> 00:08:24,339 KT: All right, so wait, answer Nikki's question, 136 00:08:24,700 --> 00:08:25,540 KT: because we always 137 00:08:25,665 --> 00:08:27,285 KT: talk about this for ourselves. 138 00:08:27,575 --> 00:08:32,054 Suze: We, well, not really, not this. We talk about should 139 00:08:32,054 --> 00:08:36,135 Suze: we drop our insurance on our condo since it's $28,000 140 00:08:36,135 --> 00:08:36,645 Suze: a year. 141 00:08:36,775 --> 00:08:37,574 KT: Unbelievable 142 00:08:37,575 --> 00:08:40,734 Suze: For a 2000 square foot apartment period in 143 00:08:40,734 --> 00:08:41,335 KT: South Florida. 144 00:08:41,614 --> 00:08:46,135 Suze: Or we self-insure because if you have one claim, they 145 00:08:46,135 --> 00:08:47,284 Suze: will drop you anywhere. 146 00:08:47,375 --> 00:08:48,554 KT: So what should Nikki do? 147 00:08:48,655 --> 00:08:51,255 Suze: And so just so you know, everybody, we are going 148 00:08:51,255 --> 00:08:52,215 Suze: to self-insure. 149 00:08:52,799 --> 00:08:57,919 Suze: Nikki, there is a big difference between condo insurance that 150 00:08:57,919 --> 00:09:04,479 Suze: insures everything. It usually insures the condo building, the structure 151 00:09:04,479 --> 00:09:08,280 Suze: of the condo, the inside of the common areas of 152 00:09:08,280 --> 00:09:14,020 Suze: the condo. I don't know of a policy that insures 153 00:09:14,020 --> 00:09:19,239 Suze: individual units. The individual units, if you get damage for 154 00:09:19,239 --> 00:09:22,159 Suze: your inside of your condo. 155 00:09:22,429 --> 00:09:25,010 Suze: You have a leak. You have a little fire in 156 00:09:25,010 --> 00:09:29,760 Suze: your condo and everything. I don't think I could be wrong, 157 00:09:29,969 --> 00:09:33,369 Suze: but I don't think that the condo insurance for the 158 00:09:33,369 --> 00:09:37,728 Suze: entire condo which they have to carry is going to 159 00:09:37,729 --> 00:09:39,020 Suze: take care of your 160 00:09:39,414 --> 00:09:43,955 Suze: individual units. So if it doesn't take care of your 161 00:09:43,955 --> 00:09:47,155 Suze: individual units and you don't have the money to self insure, 162 00:09:47,405 --> 00:09:50,044 Suze: then you need to keep a policy because you never 163 00:09:50,044 --> 00:09:55,204 Suze: know what can happen. However, please check and ask the question, 164 00:09:55,325 --> 00:10:00,914 Suze: simple question. If I have something go wrong in my apartment, 165 00:10:00,924 --> 00:10:05,005 Suze: it doesn't affect anybody else's apartment but my own. 166 00:10:05,909 --> 00:10:10,659 Suze: Will the condo insurance cover it if I don't have 167 00:10:10,789 --> 00:10:14,348 Suze: individual insurance? Just look at what it will cover and 168 00:10:14,349 --> 00:10:17,270 Suze: what it won't, and I think you'll find you're gonna 169 00:10:17,270 --> 00:10:19,429 Suze: need your own individual policy. Next KT. 170 00:10:19,429 --> 00:10:21,700 KT: OK, this is from. 171 00:10:22,679 --> 00:10:22,689 KT: Uh 172 00:10:24,090 --> 00:10:24,280 KT: Hm 173 00:10:25,219 --> 00:10:29,380 KT: This is Ramona, but wait, Ramona wrote Southern Gal. That 174 00:10:29,380 --> 00:10:33,179 KT: was her, her email Southern Gal. So this is Ramona. 175 00:10:33,299 --> 00:10:37,190 KT: Hi Susie, I'm single, 61 years of age, and recently 176 00:10:37,190 --> 00:10:42,219 KT: retired from 34 years in education. Let's congratulate her. 177 00:10:42,500 --> 00:10:43,099 Suze: Congratulations. 178 00:10:43,179 --> 00:10:46,770 KT: We love teachers. I have learned within the last few 179 00:10:46,770 --> 00:10:47,260 KT: days that it 180 00:10:47,385 --> 00:10:50,875 KT: may be in my best interest to move my 403B 181 00:10:50,875 --> 00:10:55,455 KT: into a Roth IRA because of the future taxes I 182 00:10:55,455 --> 00:10:59,044 KT: will have to pay on the 403B. I'll be receiving 183 00:10:59,044 --> 00:11:02,854 KT: my first pension check February 1st. What's the best time 184 00:11:02,854 --> 00:11:05,294 KT: for me to make the move so that I will 185 00:11:05,294 --> 00:11:10,375 KT: pay the least amount of taxes on the 403B? She's 186 00:11:10,375 --> 00:11:13,414 KT: very confused in terms of all these tax brackets. So 187 00:11:13,414 --> 00:11:14,215 KT: what's your advice, Suze? 188 00:11:14,335 --> 00:11:16,684 Suze: My dear Ramona, listen to me. 189 00:11:17,239 --> 00:11:22,219 Suze: The very first question you need to ask yourself is, 190 00:11:22,229 --> 00:11:26,099 Suze: are you going to need any of the income from 191 00:11:26,099 --> 00:11:30,789 Suze: your 403B for you to live on? If the answer 192 00:11:30,789 --> 00:11:34,549 Suze: to that is yes, you are not to move a 193 00:11:34,549 --> 00:11:38,909 Suze: penny from the 403B into your Roth IRA. 194 00:11:39,440 --> 00:11:43,929 Suze: Because you need the income anyway. Therefore, you're going to 195 00:11:43,929 --> 00:11:46,289 Suze: have to pay taxes on it. It makes no sense 196 00:11:46,289 --> 00:11:51,559 Suze: to do that, OK, if, however, your pension is enough 197 00:11:51,559 --> 00:11:55,710 Suze: for you to live on and you do not need 198 00:11:55,710 --> 00:11:58,010 Suze: any of the money and you don't think you're going 199 00:11:58,010 --> 00:12:01,238 Suze: to need any of the money for quite a while, 200 00:12:01,250 --> 00:12:02,210 Suze: if ever. 201 00:12:02,799 --> 00:12:05,919 Suze: Because maybe it's enough for you to live on your pension. 202 00:12:06,440 --> 00:12:08,400 Suze: Sooner than later, you're going to be able to collect 203 00:12:08,400 --> 00:12:12,010 Suze: Social Security, so you may not have to take any 204 00:12:12,010 --> 00:12:14,478 Suze: money from the 403B for you to live on. 205 00:12:15,309 --> 00:12:20,069 Suze: Then little by little over these next few years start 206 00:12:20,070 --> 00:12:24,429 Suze: transferring or converting the money to a Roth IRA, not 207 00:12:24,429 --> 00:12:27,710 Suze: because tax brackets are going to go up because you're 208 00:12:27,710 --> 00:12:29,590 Suze: probably not going to be in that high of a 209 00:12:29,590 --> 00:12:34,669 Suze: tax bracket anyway, however, but because it's the smart thing 210 00:12:34,669 --> 00:12:39,780 Suze: to do, especially if you're not going to need that money. 211 00:12:40,700 --> 00:12:44,630 Suze: Therefore, that would be the only reason I would do it. 212 00:12:44,919 --> 00:12:47,440 Suze: If you are going to need that money, do not 213 00:12:47,440 --> 00:12:50,669 Suze: convert it to a Roth IRA. All right. 214 00:12:50,760 --> 00:12:54,199 KT: OK, my next question is from Brenda, and this is 215 00:12:54,200 --> 00:12:57,679 KT: a category you and I both love the dentist. 216 00:12:58,539 --> 00:13:02,059 Suze: I don't like the dentist. Actually, I love my new dentist. 217 00:13:02,900 --> 00:13:04,409 Suze: I actually love my old dentist 218 00:13:04,409 --> 00:13:07,140 KT: too. You like, you just like your dentist. We both do. 219 00:13:07,340 --> 00:13:09,299 Suze: I just don't like going to the dentist. 220 00:13:09,460 --> 00:13:11,140 KT: I love going. I love to get clean. 221 00:13:11,229 --> 00:13:12,900 Suze: What in the world do you love going. 222 00:13:14,419 --> 00:13:17,690 KT: Cleaning. I always feel great when I, when I leave 223 00:13:17,690 --> 00:13:21,659 KT: and my teeth are real clean. OK, so the question is, Suze, 224 00:13:21,739 --> 00:13:24,299 KT: what is the best dental insurance for me that pays 225 00:13:24,299 --> 00:13:30,349 KT: more for implants, for crowns, and for most procedures? And 226 00:13:30,349 --> 00:13:33,530 KT: is there a dental insurance that will let me take, 227 00:13:33,900 --> 00:13:37,659 KT: let me cover my 10 year old granddaughter that pays 228 00:13:37,659 --> 00:13:41,218 KT: for braces? And then she wrote, without waiting a year, 229 00:13:41,299 --> 00:13:43,619 KT: so I don't understand why you have to wait a year. 230 00:13:44,849 --> 00:13:48,830 Suze: Because most dental insurance plans have a 6 month or 231 00:13:48,830 --> 00:13:54,349 Suze: a year waiting period for, you know, things wrong, 232 00:13:54,380 --> 00:13:54,500 KT: right, 233 00:13:54,590 --> 00:13:58,539 Suze: so for preexisting things. So here's the thing, it is 234 00:13:58,539 --> 00:14:01,659 Suze: no secret that I don't like dental insurance. I don't 235 00:14:01,659 --> 00:14:03,820 Suze: like anything about it, to tell you the truth, KT. 236 00:14:04,460 --> 00:14:08,500 Suze: First of all, the premiums are expensive. Second of all, 237 00:14:08,580 --> 00:14:11,580 Suze: they have a maximum of what in most cases they 238 00:14:11,580 --> 00:14:12,289 Suze: will cover. 239 00:14:12,630 --> 00:14:17,729 Suze: And also they usually have a 6 month waiting period, right? 240 00:14:17,770 --> 00:14:19,890 Suze: And then if something goes wrong they'll pay for it, 241 00:14:19,900 --> 00:14:24,380 Suze: but if something's wrong right now, they might not. What 242 00:14:24,380 --> 00:14:28,289 Suze: do I love? I love one thing and one thing only, 243 00:14:28,380 --> 00:14:31,619 Suze: and both KT and I have it, and that is 244 00:14:31,619 --> 00:14:34,179 Suze: a dental savings plan. 245 00:14:34,549 --> 00:14:38,190 Suze: What always amazed me when I first heard about this, KT, 246 00:14:38,219 --> 00:14:39,739 Suze: do you remember from Bob Harris? 247 00:14:39,900 --> 00:14:41,099 KT: Yeah, we didn't know about it. 248 00:14:41,179 --> 00:14:44,340 Suze: I'm like, Bob, he was the CEO of Dental Plans.com 249 00:14:44,340 --> 00:14:47,140 Suze: at the time. I was like, how's it possible that 250 00:14:47,140 --> 00:14:51,590 Suze: Suze Orman doesn't know about dental savings plans? How's that 251 00:14:51,590 --> 00:14:52,900 Suze: even possible? 252 00:14:53,650 --> 00:14:55,960 Suze: And then he started to explain it to me and 253 00:14:55,960 --> 00:14:57,919 Suze: then I just didn't believe it. It sounded like it 254 00:14:57,919 --> 00:15:00,479 Suze: was too good to be true till we used till 255 00:15:00,479 --> 00:15:04,789 Suze: we used one and I, are you kidding? So anyway. 256 00:15:05,669 --> 00:15:09,250 Suze: What you should do, my dear Brenda, is you should 257 00:15:09,250 --> 00:15:13,450 Suze: go to dental plans.com. 258 00:15:14,229 --> 00:15:19,369 Suze: And there is where you will find dental savings plans 259 00:15:19,450 --> 00:15:23,640 Suze: that will cover all kinds of work. There's anywhere between, 260 00:15:23,690 --> 00:15:28,289 Suze: I don't know, a 10 to 60% savings on procedures. 261 00:15:28,409 --> 00:15:33,309 Suze: So there are ones out there that will cover obviously braces, implants, 262 00:15:33,409 --> 00:15:38,049 Suze: all of those things, especially not just for you but 263 00:15:38,049 --> 00:15:40,330 Suze: for your 10 year old granddaughter. You probably could get 264 00:15:40,330 --> 00:15:41,570 Suze: a family plan. 265 00:15:41,780 --> 00:15:45,210 Suze: And I think the premiums may be at most $200 266 00:15:45,210 --> 00:15:50,609 Suze: a year to get a membership versus $150 a month 267 00:15:50,609 --> 00:15:55,049 Suze: or whatever for dental insurance. Now both KT and I 268 00:15:55,049 --> 00:15:56,890 Suze: can tell you how much money you think you save... 269 00:15:56,890 --> 00:16:01,690 KT: My goodness on crowns, I always save over $1000 for sure, right? 270 00:16:01,809 --> 00:16:02,799 Suze: Yeah, and 271 00:16:02,799 --> 00:16:02,809 KT: uh. 272 00:16:02,945 --> 00:16:03,815 KT: What about you, root canals. 273 00:16:04,304 --> 00:16:05,034 Suze: I for some 274 00:16:05,034 --> 00:16:05,804 KT: reason a root 275 00:16:05,804 --> 00:16:07,815 Suze: canal for some reason in the past two years I 276 00:16:07,815 --> 00:16:12,414 Suze: needed 3 root canals and I saved, I think, $1200 277 00:16:12,414 --> 00:16:15,775 Suze: on each one, a lot. So do me a favor, 278 00:16:15,854 --> 00:16:20,215 Suze: just go to dental plans.com and check them out. I'm 279 00:16:20,215 --> 00:16:23,445 Suze: so glad, Bob Harris, thank you forever for introducing them 280 00:16:23,445 --> 00:16:27,054 Suze: to us and now to everybody listening because nobody really 281 00:16:27,054 --> 00:16:27,734 Suze: knows about 282 00:16:27,734 --> 00:16:28,164 Suze: them. 283 00:16:28,494 --> 00:16:31,575 KT: All right, now next question is from Hem. 284 00:16:32,099 --> 00:16:32,109 KT: Hem 285 00:16:33,900 --> 00:16:35,409 Suze: Oh, you're having a thing with names today. 286 00:16:35,530 --> 00:16:35,770 KT: I am. 287 00:16:35,849 --> 00:16:37,950 KT: I, I picked a lot of these because I saw 288 00:16:37,950 --> 00:16:41,169 KT: the Hem. I don't know who he is, if it's 289 00:16:41,169 --> 00:16:44,669 KT: a man or a woman, but it's a Hem. Hi KT, 290 00:16:46,080 --> 00:16:49,330 KT: My question is, how can I put my my house 291 00:16:49,679 --> 00:16:53,869 KT: in my trust as I just purchased the must-have documents package. 292 00:16:54,159 --> 00:16:57,880 KT: I co-own a house with my brother as joint tenants 293 00:16:57,880 --> 00:17:01,309 KT: with the right of survivorship. Can I only put it 294 00:17:01,309 --> 00:17:05,400 KT: in the trust if he passes first? Can't figure out 295 00:17:05,400 --> 00:17:08,718 KT: how to do this within the trust package. Both of 296 00:17:08,719 --> 00:17:11,829 KT: you are awesome. Keep it up for the people, as 297 00:17:11,829 --> 00:17:15,119 KT: we are super grateful. So Hem. 298 00:17:15,343 --> 00:17:18,014 KT: What does Hem do? First of all, great that you 299 00:17:18,013 --> 00:17:21,213 KT: got the must have documents. All of us need them. 300 00:17:21,254 --> 00:17:26,533 Suze: Yes, we do. But Hem, here we go. Should we 301 00:17:26,534 --> 00:17:27,693 Suze: do a little song for Hem? 302 00:17:27,813 --> 00:17:28,933 KT: No, just Hem. 303 00:17:29,042 --> 00:17:34,613 Suze: Hem, right, hem, you cannot have a living revocable trust 304 00:17:34,614 --> 00:17:40,404 Suze: in just your name if your brother doesn't also have 305 00:17:40,404 --> 00:17:44,644 Suze: a living revocable trust. KT and I own things jointly. 306 00:17:45,130 --> 00:17:49,910 Suze: We both have individual trusts. So therefore, and they're both 307 00:17:49,910 --> 00:17:52,670 Suze: with joint tenancy with the right to survive the whole 308 00:17:52,670 --> 00:17:57,540 Suze: thing because we both have trusts. Given that he does 309 00:17:57,540 --> 00:18:02,380 Suze: not have a trust, you cannot do that unless he 310 00:18:02,380 --> 00:18:05,510 Suze: gets a trust. And by the way, you can share 311 00:18:05,510 --> 00:18:07,920 Suze: your documents with him for free. 312 00:18:08,300 --> 00:18:11,079 Suze: But if he doesn't want to do that, then you 313 00:18:11,079 --> 00:18:14,040 Suze: have to wait till he dies to be able to 314 00:18:14,040 --> 00:18:14,800 Suze: put it in 315 00:18:15,040 --> 00:18:15,438 Suze: trust. 316 00:18:15,599 --> 00:18:17,689 KT: But if he did open a trust with the must 317 00:18:17,689 --> 00:18:21,800 KT: have documents that Hem is working with now, then they 318 00:18:21,800 --> 00:18:22,280 KT: could do that, right? 319 00:18:22,400 --> 00:18:23,280 Suze: Yes, because it's 320 00:18:23,280 --> 00:18:23,920 Suze: both in trust. 321 00:18:24,449 --> 00:18:26,280 KT: Yeah, great. All right, there you go, Hem. 322 00:18:26,880 --> 00:18:30,760 KT: So next is from Mary Anne. Hi, Suze and KT 323 00:18:30,760 --> 00:18:34,770 KT: just heard a suggestion, I love this one, that boomer 324 00:18:34,770 --> 00:18:40,169 KT: candy ETFs may be a low risk option for retirees 325 00:18:40,170 --> 00:18:44,650 KT: to invest in as interest rates go down on bonds. 326 00:18:45,189 --> 00:18:48,900 KT: Can you explain, can you tell me what boomer candy is, Suze? 327 00:18:48,910 --> 00:18:49,949 Suze: Never heard 328 00:18:49,949 --> 00:18:50,739 Suze: of it before. 329 00:18:51,150 --> 00:18:51,989 KT: Yes, you know what it is. 330 00:18:51,989 --> 00:18:53,369 Suze: No, I have no idea. 331 00:18:53,650 --> 00:18:56,900 KT: She knows everybody. She knows everything, but I never heard 332 00:18:56,900 --> 00:19:00,229 KT: of it. So when I picked this question, I wanted 333 00:19:00,229 --> 00:19:00,550 KT: to know 334 00:19:00,699 --> 00:19:03,130 KT: for myself, what the heck is a boomer candy, and 335 00:19:03,130 --> 00:19:03,810 KT: will I like it? 336 00:19:03,810 --> 00:19:06,699 Suze: It's a big lollipop. 337 00:19:07,209 --> 00:19:08,689 KT: No, it is a boomer candy. 338 00:19:08,770 --> 00:19:09,688 Suze: So Boomer 339 00:19:09,689 --> 00:19:10,489 KT: is a great name. 340 00:19:10,650 --> 00:19:13,790 Suze: It is a great name, right? But boomer candies are 341 00:19:13,790 --> 00:19:20,280 Suze: simply exchange traded funds that have all these strategies within them. 342 00:19:20,530 --> 00:19:24,649 Suze: They sell covered calls. They do options. They do these really. 343 00:19:25,469 --> 00:19:31,270 Suze: Kind of experienced techniques, complicated techniques to keep the principle 344 00:19:31,270 --> 00:19:34,510 Suze: safe and sound so that you can get growth but 345 00:19:34,510 --> 00:19:38,869 Suze: not lose as much money. So they do covered calls. 346 00:19:38,910 --> 00:19:39,989 Suze: They're called bucket. 347 00:19:40,000 --> 00:19:40,884 KT: Do you like them? 348 00:19:40,884 --> 00:19:43,709 Suze: Listen, I'm not into these fancy things. A lot of 349 00:19:43,709 --> 00:19:44,589 Suze: people like them. 350 00:19:45,670 --> 00:19:49,109 Suze: Me, I'm like just a good old fashioned gal, and 351 00:19:49,109 --> 00:19:50,739 Suze: I like just regular. 352 00:19:51,869 --> 00:19:52,038 KT: Do you think I should do one? 353 00:19:52,038 --> 00:19:54,959 Suze: No, you are not doing an ETF like that. No, 354 00:19:55,949 --> 00:19:59,540 Suze: if you were going to do something like that, KT, 355 00:19:59,829 --> 00:20:02,989 Suze: you would take the individual stocks that you own. 356 00:20:03,469 --> 00:20:08,448 Suze: And you would sell covered calls on them. You don't 357 00:20:08,449 --> 00:20:11,448 Suze: need an ETF to do that for you when I 358 00:20:11,449 --> 00:20:14,239 Suze: could do it for you, and I hate to tell you, 359 00:20:14,449 --> 00:20:17,410 Suze: we already do it on our own. Do you not 360 00:20:17,410 --> 00:20:18,119 Suze: know that? 361 00:20:18,290 --> 00:20:18,489 KT: I 362 00:20:18,489 --> 00:20:20,890 KT: know that, but I just was wondering what the heck 363 00:20:20,890 --> 00:20:23,609 KT: is Boomer Candy? Great, great name. 364 00:20:23,770 --> 00:20:26,650 Suze: So a lot of these were created because they really 365 00:20:26,650 --> 00:20:29,530 Suze: appeal to people who are near retirement. All right. 366 00:20:29,714 --> 00:20:30,333 Suze: Anyway, go on. 367 00:20:30,344 --> 00:20:35,813 KT: Boomers. OK. Next question is from Giselle. She said, Hi, Suze, 368 00:20:36,145 --> 00:20:40,334 KT: my company does not offer a Roth 401k, just a 369 00:20:40,334 --> 00:20:45,104 KT: traditional 401k. Is it better to do a traditional with 370 00:20:45,104 --> 00:20:49,145 KT: a 4% match, or should I take that money and 371 00:20:49,145 --> 00:20:51,464 KT: invest in my vanguard Roth IRA. 372 00:20:51,464 --> 00:20:54,063 Suze: No, do the traditional... 373 00:20:54,665 --> 00:20:55,515 KT: And get that 4%. 374 00:20:55,545 --> 00:20:55,935 Suze: ...but 375 00:20:56,390 --> 00:21:00,369 Suze: only invest up to the point of the match. 376 00:21:00,699 --> 00:21:04,919 Suze: And then if you qualify for it income wise, do 377 00:21:04,920 --> 00:21:08,649 Suze: a Roth IRA on your own with the other part 378 00:21:08,650 --> 00:21:10,630 Suze: of that money. All right, next, KT. 379 00:21:10,849 --> 00:21:14,469 KT: So next is from Heather, she said, I'm retired. Hubby 380 00:21:14,469 --> 00:21:18,489 KT: works part time. We need to pull funds monthly from 381 00:21:18,489 --> 00:21:22,849 KT: our IRAs. Should I be selling each month or do 382 00:21:22,849 --> 00:21:26,959 KT: a big chunk when the market is up? Good question. 383 00:21:27,650 --> 00:21:28,609 Suze: I have to tell you. 384 00:21:29,040 --> 00:21:32,089 Suze: If I knew I had to take money out of 385 00:21:32,089 --> 00:21:37,819 Suze: my IRA, assuming that everything you're invested in within your 386 00:21:37,819 --> 00:21:41,969 Suze: IRA happens to be good quality and you love it, 387 00:21:42,380 --> 00:21:45,219 Suze: I would take it from the stocks or the ETFs 388 00:21:45,219 --> 00:21:46,709 Suze: that are the highest. 389 00:21:47,540 --> 00:21:51,869 Suze: Take it now while it's up. Those that are already 390 00:21:51,869 --> 00:21:55,489 Suze: down maybe that gives it a chance to come back up, 391 00:21:55,660 --> 00:21:57,660 Suze: but you don't want to see things that are up 392 00:21:57,660 --> 00:22:01,660 Suze: if you have to take it go down. However, I 393 00:22:01,660 --> 00:22:05,619 Suze: just want to say this if you know you need 394 00:22:05,619 --> 00:22:07,859 Suze: to take money from your IRA. 395 00:22:08,670 --> 00:22:12,459 Suze: Then the truth of the matter is it's really wise 396 00:22:12,670 --> 00:22:17,149 Suze: for you to have at least 3 years of that 397 00:22:17,150 --> 00:22:21,829 Suze: money in a money market fund within your IRA so 398 00:22:21,829 --> 00:22:24,949 Suze: that you're not affected by the ups and downs of 399 00:22:24,949 --> 00:22:27,260 Suze: the market just so you know. 400 00:22:27,910 --> 00:22:30,819 Suze: So you might want to think about that. All right, go on. 401 00:22:31,189 --> 00:22:32,589 KT: So the next question is from Alicia. 402 00:22:32,589 --> 00:22:33,770 Suze: Are you having fun on Sunday? 403 00:22:34,430 --> 00:22:37,030 KT: I am. I like, do you all like me being 404 00:22:37,030 --> 00:22:37,819 KT: here with her? 405 00:22:38,030 --> 00:22:41,069 Suze: I'd like you being here with me, and that's the 406 00:22:41,069 --> 00:22:45,430 Suze: only thing that matters. KT, do you know how difficult 407 00:22:45,430 --> 00:22:45,910 Suze: it is 408 00:22:46,569 --> 00:22:51,020 Suze: to just sit down in front of a microphone alone 409 00:22:51,020 --> 00:22:54,819 Suze: have absolutely no guests. Think about it, everybody. All these 410 00:22:54,819 --> 00:22:57,869 Suze: other podcaster, they have guest after guest after guest. 411 00:22:57,989 --> 00:22:59,270 KT: They make a lot of small talk. 412 00:22:59,949 --> 00:23:02,750 Suze: Well, we make small talk, but that's kind of easy 413 00:23:02,750 --> 00:23:06,780 Suze: to have a conversation to be the only one on 414 00:23:07,109 --> 00:23:09,670 Suze: is very, very difficult, so it makes it so much 415 00:23:09,670 --> 00:23:10,958 Suze: easier when you're here with me. 416 00:23:11,040 --> 00:23:11,760 KT: You bet it is, Suze. 417 00:23:11,869 --> 00:23:13,229 Suze: That's my girl. 418 00:23:13,819 --> 00:23:15,750 KT: Next, my next question is from Alicia. 419 00:23:16,329 --> 00:23:19,649 KT: She said, Hello, Suze and KT. My question is about 420 00:23:19,650 --> 00:23:24,810 KT: investing and saving for retirement. My father recently passed and 421 00:23:24,810 --> 00:23:28,170 KT: left me around $450,000. 422 00:23:28,819 --> 00:23:32,660 KT: I have considered hiring a personal financial adviser at my 423 00:23:32,660 --> 00:23:39,260 KT: bank to invest 250,000. He charges 1%. He said he 424 00:23:39,260 --> 00:23:41,939 KT: would ready for this one, Suze. He said he would 425 00:23:41,939 --> 00:23:47,500 KT: like to put 150,000 in a Transamerica structured index annuity 426 00:23:47,500 --> 00:23:52,969 KT: fund and invest the other 1,000,000 in various securities. 427 00:23:53,400 --> 00:23:57,909 KT: I would like to understand this Transamerica annuity fund better. 428 00:23:58,160 --> 00:24:01,790 KT: Is it a good investment? Well, it's good for him. 429 00:24:02,729 --> 00:24:04,280 KT: All right, there you go. I'm sorry. I didn't want 430 00:24:04,280 --> 00:24:05,889 KT: to imposes on your answers. 431 00:24:05,890 --> 00:24:10,849 Suze: Here's what's not good, Alicia. Number one, is he gonna charge 432 00:24:10,849 --> 00:24:16,530 Suze: you 1%, um, that $150,000 that he's putting in a 433 00:24:16,530 --> 00:24:19,579 Suze: Transamerica structured index annuity fund. 434 00:24:20,270 --> 00:24:24,389 Suze: Or because he's getting paid 3, 4, 5, 6 or 435 00:24:24,390 --> 00:24:29,579 Suze: 7 or 8% of that $150,000 to put your money 436 00:24:29,579 --> 00:24:34,469 Suze: in there, so is that 1% exempt from that? Is 437 00:24:34,469 --> 00:24:39,579 Suze: the $100,000 in various securities that he's getting 1% on? 438 00:24:40,150 --> 00:24:43,469 Suze: Does that mean that those are all securities without any 439 00:24:43,469 --> 00:24:45,459 Suze: commission as well? 440 00:24:46,089 --> 00:24:48,649 Suze: However, here's the bottom line. Let me tell you a 441 00:24:48,650 --> 00:24:53,010 Suze: little bit about the Transamerica structured annuity, since I happen 442 00:24:53,010 --> 00:24:57,889 Suze: to know about it, which is, it's really just an 443 00:24:57,890 --> 00:25:03,160 Suze: index annuity that's attached to an index that you get 444 00:25:03,160 --> 00:25:08,010 Suze: a certain percentage. So your upside is limited, your downside 445 00:25:08,010 --> 00:25:11,689 Suze: supposedly is limited as well, but here's the kicker. 446 00:25:12,369 --> 00:25:17,439 Suze: This particular annuity has for the first 6 years, just 447 00:25:17,439 --> 00:25:20,438 Suze: 6 years, all right. The first year if you want 448 00:25:20,439 --> 00:25:23,589 Suze: to take out money, there's an 8% surrender charge. 449 00:25:24,239 --> 00:25:26,489 Suze: If you want to take out money the second year, 450 00:25:26,569 --> 00:25:29,780 Suze: there's still an 8% surrender charge. If you want to 451 00:25:29,780 --> 00:25:33,139 Suze: take money out the third year, there's a 7%, then 452 00:25:33,140 --> 00:25:36,300 Suze: it goes to 5%, then it goes to 4%, and 453 00:25:36,300 --> 00:25:41,339 Suze: then 6 years and beyond no fee at all. Why 454 00:25:41,339 --> 00:25:43,619 Suze: do you want to put your money in something that 455 00:25:43,619 --> 00:25:45,900 Suze: limits your upside, number one. 456 00:25:46,520 --> 00:25:50,739 Suze: It defers your money, meaning you don't pay taxes on it, 457 00:25:50,800 --> 00:25:52,880 Suze: but when you do take it out, you're going to 458 00:25:52,880 --> 00:25:55,119 Suze: pay ordinary income tax on it. 459 00:25:56,079 --> 00:25:59,550 Suze: And there's a surrender charge. Why not just put your 460 00:25:59,550 --> 00:26:02,389 Suze: money in some of the ETFs that we talk about 461 00:26:02,390 --> 00:26:02,900 Suze: here 462 00:26:03,670 --> 00:26:09,660 Suze: on the Women and Money podcast, whether it's SPY, VTI, VOO, 463 00:26:09,670 --> 00:26:12,709 Suze: or any of them to tell you the truth, and 464 00:26:12,709 --> 00:26:15,430 Suze: they're all no loaded, which means you're not going to 465 00:26:15,430 --> 00:26:20,069 Suze: pay any fees to buy them. And number 2, as 466 00:26:20,069 --> 00:26:23,069 Suze: they do go up, which they will when you take 467 00:26:23,069 --> 00:26:24,959 Suze: money out any time you want. 468 00:26:25,619 --> 00:26:27,300 Suze: As long as it's been in there a year, you're 469 00:26:27,300 --> 00:26:29,500 Suze: only going to pay capital gains tax on it. And 470 00:26:29,500 --> 00:26:33,810 Suze: if you leave this money to your beneficiaries in this annuity, 471 00:26:34,140 --> 00:26:36,859 Suze: they're going to have to pay ordinary income tax on 472 00:26:36,859 --> 00:26:39,650 Suze: whatever the gain happens to be. If you leave it 473 00:26:39,650 --> 00:26:42,780 Suze: to them via ETFs and just a regular account, they 474 00:26:42,780 --> 00:26:45,780 Suze: get a step up in bases. So here's the bottom line. 475 00:26:46,369 --> 00:26:49,699 Suze: Run, don't walk away. All right. 476 00:26:49,760 --> 00:26:50,609 KT: You don't need him. 477 00:26:50,770 --> 00:26:52,169 Suze: No, I don't think she does. No. 478 00:26:52,729 --> 00:26:53,089 KT: All right, 479 00:26:53,209 --> 00:26:54,869 KT: that's a wrap for me, Suze. 480 00:26:55,209 --> 00:26:57,329 Suze: Well, it's a wrap for you, but I do have 481 00:26:57,329 --> 00:26:57,930 Suze: a quizzy. 482 00:26:58,050 --> 00:27:01,849 KT: Oh, OK, I'm ready. Are even on Sunday, on Sunday, OK, 483 00:27:01,910 --> 00:27:03,050 KT: I get a quizzy Sunday? 484 00:27:03,209 --> 00:27:05,159 Suze: Right? So we're going to go to church right now. 485 00:27:06,609 --> 00:27:10,530 Suze: But I chose this because it really touched my heart 486 00:27:10,530 --> 00:27:13,829 Suze: because as all of you know, I really do scan 487 00:27:14,099 --> 00:27:16,849 Suze: the emails. I don't know which one she's going to pick, 488 00:27:17,020 --> 00:27:19,890 Suze: but every time I see one that touches my heart, 489 00:27:20,140 --> 00:27:24,260 Suze: I either answer it directly and or I choose it 490 00:27:24,260 --> 00:27:27,010 Suze: for KT's quizzy. Hi guys. 491 00:27:27,979 --> 00:27:31,579 Suze: She says, love your podcast and would like to thank 492 00:27:31,579 --> 00:27:35,020 Suze: you for the heart you put into your conversations as 493 00:27:35,020 --> 00:27:38,988 Suze: well as your advice. I have a simple question. I 494 00:27:38,989 --> 00:27:43,989 Suze: am a widow with two grown children. Now listen carefully, KT, 495 00:27:44,030 --> 00:27:48,099 Suze: and everybody, cause this quizzy isn't just for KT. How 496 00:27:48,099 --> 00:27:52,920 Suze: would you answer it as well? My daughter is married 497 00:27:52,920 --> 00:27:56,390 Suze: to a wonderful man, and they are financially going to 498 00:27:56,390 --> 00:27:57,270 Suze: be OK. 499 00:27:57,949 --> 00:28:01,910 Suze: My son is a single father of three boys and 500 00:28:01,910 --> 00:28:06,030 Suze: has struggled with money since the boy's mom passed away 501 00:28:06,030 --> 00:28:07,079 Suze: 4 years ago. 502 00:28:07,589 --> 00:28:08,280 KT: So sorry. 503 00:28:08,430 --> 00:28:12,760 Suze: My question, would it be ethical to divide my life 504 00:28:12,760 --> 00:28:20,300 Suze: insurance policy 60% to give to him, 40% for my daughter, 505 00:28:20,750 --> 00:28:24,579 Suze: or to give him even a little more? If so, 506 00:28:24,790 --> 00:28:26,510 Suze: should I discuss it with them. 507 00:28:26,770 --> 00:28:30,150 Suze: I think my late husband would agree, and we would 508 00:28:30,150 --> 00:28:33,909 Suze: probably go ahead with this. Would love your opinion on 509 00:28:33,910 --> 00:28:38,510 Suze: this financial and more important for me, this ethical question. 510 00:28:38,550 --> 00:28:41,709 Suze: So just think about it, everybody, and KT, you think 511 00:28:41,709 --> 00:28:45,239 Suze: about it as well. You're the daughter of this woman. 512 00:28:45,869 --> 00:28:49,219 Suze: You're married to a wonderful man, but you're just doing 513 00:28:49,219 --> 00:28:51,540 Suze: financially OK, not sure. 514 00:28:52,130 --> 00:28:54,530 Suze: Right, but just financially OK, so we don't know what 515 00:28:54,530 --> 00:28:57,250 Suze: could happen in the future. How would you feel if 516 00:28:57,250 --> 00:28:58,410 Suze: your mommy died? 517 00:28:59,079 --> 00:29:03,260 Suze: And left more to your brother than to you. Just 518 00:29:03,260 --> 00:29:05,760 Suze: think about it before you say what you think this 519 00:29:05,760 --> 00:29:06,569 Suze: woman should do. 520 00:29:09,650 --> 00:29:12,430 Suze: Oh, you should see her little face. What would you do? 521 00:29:12,640 --> 00:29:15,000 KT: So Suze, I did think about this, and I think 522 00:29:15,000 --> 00:29:20,160 KT: what's important is what she said in the email. Absolutely 523 00:29:20,160 --> 00:29:23,119 KT: discuss this with them now with the son and the 524 00:29:23,119 --> 00:29:27,410 KT: daughter now because I think the daughter could very well 525 00:29:27,410 --> 00:29:32,630 KT: be hurt if Mommy dies and she sees that 60% 526 00:29:32,630 --> 00:29:35,790 KT: of her life insurance policy was left to the brother 527 00:29:36,079 --> 00:29:39,160 KT: and only 40% to her instead of a 50/50. 528 00:29:39,550 --> 00:29:42,219 KT: So I think it's really important that they have the 529 00:29:42,219 --> 00:29:47,689 KT: conversation first, and I do think, yes, she absolutely should 530 00:29:47,689 --> 00:29:49,250 KT: give her son more. 531 00:29:49,369 --> 00:29:50,119 Suze: All right so. 532 00:29:51,109 --> 00:29:51,150 Suze: Ding ding 533 00:29:53,770 --> 00:29:54,160 KT: ding ding ding 534 00:29:54,160 --> 00:29:57,010 KT: kind of kind of ding ding ding because there's 535 00:29:57,010 --> 00:29:59,089 Suze: sensitive there's more to it than that. 536 00:29:59,859 --> 00:30:00,420 KT: What's that? 537 00:30:00,579 --> 00:30:04,290 Suze: Alright. So here's what I would tell you to do. 538 00:30:05,089 --> 00:30:09,170 Suze: Have just like KT said, have a discussion with them 539 00:30:09,170 --> 00:30:10,000 Suze: right now. 540 00:30:10,930 --> 00:30:16,699 Suze: But also tell them you're open to as time goes on. 541 00:30:17,619 --> 00:30:21,280 Suze: Cause you don't know when death occurs. If death was 542 00:30:21,280 --> 00:30:25,079 Suze: going to occur tomorrow, then yes, I would like to 543 00:30:25,079 --> 00:30:30,400 Suze: split it 60/40 or 70/30, and I'm sure your daughter 544 00:30:30,400 --> 00:30:34,469 Suze: will say absolutely, Mommy, you know my brother has kids, 545 00:30:34,599 --> 00:30:39,800 Suze: he's not doing well emotionally, lost his wife. I get that, Mommy. 546 00:30:39,810 --> 00:30:42,599 Suze: In fact, maybe you leave it all to him, but 547 00:30:42,599 --> 00:30:44,079 Suze: let's just say... 548 00:30:44,520 --> 00:30:50,030 Suze: Cause I don't know how, how old Sandy happens to be, OK, 549 00:30:50,359 --> 00:30:55,119 Suze: is that Sandy who wrote this email, by the way, Sandy, 550 00:30:55,239 --> 00:30:59,630 Suze: let's say 10 years from now, 15 years from now, 551 00:31:00,239 --> 00:31:03,239 Suze: all of a sudden your daughter is the one that 552 00:31:03,239 --> 00:31:07,520 Suze: isn't doing well. Maybe she got sick. Maybe her husband 553 00:31:07,520 --> 00:31:10,949 Suze: got sick. Maybe they spent all their money on medical bills, 554 00:31:11,079 --> 00:31:12,439 Suze: but now your son. 555 00:31:13,010 --> 00:31:18,369 Suze: Has remarried flourishing and everything is great for him. So 556 00:31:18,369 --> 00:31:23,599 Suze: whenever making a plan, everybody, it's a plan for today. 557 00:31:24,050 --> 00:31:28,530 Suze: But 5 years from now, 10 years from now, situations 558 00:31:28,530 --> 00:31:32,890 Suze: may change, and if they change, then you have to 559 00:31:32,890 --> 00:31:36,359 Suze: change it as well, Sandy, so you never know, maybe 560 00:31:36,359 --> 00:31:38,609 Suze: 10 years from now you'll leave it all to your 561 00:31:38,609 --> 00:31:40,890 Suze: daughter and none to your son. 562 00:31:41,510 --> 00:31:45,260 Suze: So have him talk with them now. Tell them if 563 00:31:45,260 --> 00:31:49,589 Suze: things change in the future. So will this, but it's 564 00:31:49,589 --> 00:31:53,709 Suze: not just your life insurance policy, it's how about your 565 00:31:53,709 --> 00:31:58,260 Suze: other assets as well. And the real question to you is, 566 00:31:58,510 --> 00:32:01,739 Suze: do you have everything set up to pass to them 567 00:32:01,989 --> 00:32:07,619 Suze: in a way that's financially, easily and beneficial to them? 568 00:32:07,939 --> 00:32:08,280 Suze: Do you 569 00:32:08,339 --> 00:32:12,319 Suze: have a living revocable trust. Do you have an advanced 570 00:32:12,319 --> 00:32:15,229 Suze: directive and durable power of attorney for health care? Do 571 00:32:15,229 --> 00:32:19,319 Suze: you actually have a will and everything? Do you, Sandy? 572 00:32:19,609 --> 00:32:23,130 Suze: Because it's more than just a life insurance policy for 573 00:32:23,130 --> 00:32:24,130 Suze: those of you, 574 00:32:24,569 --> 00:32:29,979 Suze: you should go to musthadocs.com. Take a look at the 575 00:32:29,979 --> 00:32:36,579 Suze: must-have docs there. $99 for over $2500 worth of state 576 00:32:36,579 --> 00:32:40,619 Suze: of the art documents that you can share with any 577 00:32:40,619 --> 00:32:44,140 Suze: of the members of your family telling you you all 578 00:32:44,140 --> 00:32:48,420 Suze: should look into it, and that includes you, Sandy. 579 00:32:48,930 --> 00:32:49,209 Suze: All right KT 580 00:32:49,810 --> 00:32:51,459 KT: I, I agree with that. I think that's really... 581 00:32:51,849 --> 00:32:53,280 Suze: Well then you want to give me a ding ding ding 582 00:32:53,280 --> 00:32:56,569 Suze: ding ding ding ding ding ding. Whose ding is cuter? Ready? 583 00:32:56,609 --> 00:32:58,810 Suze: Let's try ding ding ding ding ding ding 584 00:32:58,810 --> 00:32:59,400 Suze: ding ding. 585 00:32:59,969 --> 00:33:03,030 KT: That was pretty that was very harmonious, 586 00:33:03,680 --> 00:33:05,489 Suze: Just like our relationship. 587 00:33:05,569 --> 00:33:05,890 KT: Yes. 588 00:33:06,050 --> 00:33:06,530 Suze: all right. 589 00:33:06,949 --> 00:33:10,540 Suze: OK, everybody, that is a wrap. So there's only one 590 00:33:10,540 --> 00:33:12,650 Suze: thing that we want you to remember when it comes 591 00:33:12,650 --> 00:33:14,660 Suze: to your money, and it's what KT? 592 00:33:15,219 --> 00:33:17,729 KT: People first, then money, then things. 593 00:33:17,780 --> 00:33:17,900 Suze: And 594 00:33:17,900 --> 00:33:21,339 Suze: if you do that, stay strong and stay safe and 595 00:33:21,339 --> 00:33:28,530 Suze: stay healthy, hopefully together we will rise.