1 00:00:29,079 --> 00:00:34,790 Suze: March 30th, 2025. Welcome everybody to the Women and Money podcast, 2 00:00:35,159 --> 00:00:40,189 Suze: as well as everybody smart enough to listen. Suze O here. 3 00:00:41,130 --> 00:00:45,089 Suze: Now before I begin today's Suze School, can all of 4 00:00:45,090 --> 00:00:48,970 Suze: you just tell me what was I thinking when I 5 00:00:48,970 --> 00:00:54,959 Suze: decided to move to a private island many, many years ago? 6 00:00:55,250 --> 00:00:57,930 Suze: Can you just all tell me that? 7 00:00:59,590 --> 00:01:01,740 Suze: Did it ever dawn on me that when you move 8 00:01:01,740 --> 00:01:04,110 Suze: to a private island that you have to make your 9 00:01:04,110 --> 00:01:07,230 Suze: own electricity, you have to make your own water, you 10 00:01:07,230 --> 00:01:10,269 Suze: have to just like bring in everything that there's absolutely 11 00:01:10,269 --> 00:01:14,000 Suze: nothing here but water and trees. Did it ever dawn 12 00:01:14,000 --> 00:01:15,309 Suze: on you, Suze Orman? 13 00:01:16,160 --> 00:01:20,000 Suze: Anyway, this is my way of saying I apologize for 14 00:01:20,000 --> 00:01:24,360 Suze: not being able to send a podcast on Thursday, but 15 00:01:24,360 --> 00:01:26,720 Suze: don't even ask me what happened because I don't even 16 00:01:26,720 --> 00:01:32,440 Suze: know what happened. But there was a major, major electrical 17 00:01:32,440 --> 00:01:35,949 Suze: outage on the island. One of our transformers went down. 18 00:01:36,040 --> 00:01:41,559 Suze: It was bad and it took forever, forever to put 19 00:01:41,559 --> 00:01:43,440 Suze: it back up again. 20 00:01:44,029 --> 00:01:47,860 Suze: The great thing about it was truthfully is that the 21 00:01:47,860 --> 00:01:51,360 Suze: weather was beautiful. It was cool, so we had our 22 00:01:51,360 --> 00:01:55,120 Suze: windows open and the wind was blowing and everything was 23 00:01:55,120 --> 00:01:59,250 Suze: beautiful and it was so incredibly quiet. 24 00:02:00,309 --> 00:02:05,550 Suze: It was quiet. Nothing was going on. You didn't hear 25 00:02:05,800 --> 00:02:09,669 Suze: any ringing of anything or nothing. It was silent. 26 00:02:10,529 --> 00:02:14,458 Suze: And for those few days it made me really appreciate 27 00:02:15,669 --> 00:02:20,470 Suze: how wonderful silence can be, because it's in silence that 28 00:02:20,470 --> 00:02:24,149 Suze: you can hear your own thoughts and you can really 29 00:02:24,149 --> 00:02:28,029 Suze: focus on important things in life. I don't even know 30 00:02:28,029 --> 00:02:31,119 Suze: what they are right at this moment, but you can. 31 00:02:31,770 --> 00:02:34,668 Suze: It is what it is, everybody, but we are up 32 00:02:34,669 --> 00:02:39,519 Suze: and running again, and the island is as noisy as ever. 33 00:02:40,869 --> 00:02:43,690 Suze: The other noise that's happening in this world. 34 00:02:44,389 --> 00:02:49,460 Suze: Is obviously what's happening with inflation. What's about to happen 35 00:02:49,460 --> 00:02:52,649 Suze: in 3 days from now when the tariffs take effect, 36 00:02:53,179 --> 00:02:59,440 Suze: and the stock market is not liking it on any level. 37 00:03:00,190 --> 00:03:03,699 Suze: It's going down and it's going down and it's going 38 00:03:03,699 --> 00:03:07,149 Suze: down and you know I was watching my favorite little 39 00:03:07,149 --> 00:03:08,410 Suze: stock Palantir. 40 00:03:08,869 --> 00:03:12,429 Suze: And I was watching it go from 85 to 90 41 00:03:12,690 --> 00:03:16,770 Suze: to 95 to 97, and for a second there I 42 00:03:16,770 --> 00:03:20,919 Suze: thought to myself, Suze, why didn't you buy more at 85? 43 00:03:21,630 --> 00:03:23,859 Suze: But when I was going to buy more at 85, 44 00:03:23,929 --> 00:03:28,240 Suze: I thought to myself, Suze, you own enough of that stock. 45 00:03:28,490 --> 00:03:32,570 Suze: You don't have to own more of that stock. Don't 46 00:03:32,570 --> 00:03:35,490 Suze: buy any more of that stock. You own as much 47 00:03:35,490 --> 00:03:37,850 Suze: as you want to own of that stock. 48 00:03:39,149 --> 00:03:42,179 Suze: And then I thought, OK, but watch, it's probably going 49 00:03:42,179 --> 00:03:45,729 Suze: to go up to 100 or 125 and so forth. 50 00:03:46,300 --> 00:03:49,899 Suze: And of course on Friday I watched it go from 51 00:03:49,899 --> 00:03:54,500 Suze: like 95 or 97 back down to 90, back down 52 00:03:54,500 --> 00:03:56,619 Suze: to 85, back down to 84. 53 00:03:57,440 --> 00:03:59,970 Suze: And that reminded me of 54 00:04:01,139 --> 00:04:06,529 Suze: when you have designated for yourselves an amount of money 55 00:04:06,779 --> 00:04:11,529 Suze: that you want to have invested in one particular position, 56 00:04:11,979 --> 00:04:13,809 Suze: don't get greedy. 57 00:04:14,929 --> 00:04:19,350 Suze: Don't think just because a stock is going up and 58 00:04:19,350 --> 00:04:22,029 Suze: you see it going up and you really believe it's 59 00:04:22,029 --> 00:04:25,828 Suze: gonna go a lot higher, that means you have to 60 00:04:25,829 --> 00:04:28,179 Suze: put more money into it. 61 00:04:29,510 --> 00:04:35,299 Suze: And I found myself, everybody getting suckered into that possibility. 62 00:04:36,988 --> 00:04:40,730 Suze: And I'm so glad that I didn't because I really 63 00:04:40,730 --> 00:04:46,049 Suze: do own enough of Palantir. I really, really do, and 64 00:04:46,049 --> 00:04:50,329 Suze: so does KT and there are so many other incredible 65 00:04:50,329 --> 00:04:53,440 Suze: stocks that are taking a serious beating right now. 66 00:04:54,170 --> 00:04:58,260 Suze: That it just makes sense to maybe start buying other 67 00:04:58,260 --> 00:05:01,070 Suze: things and diversifying even more. 68 00:05:02,359 --> 00:05:04,899 Suze: So the question becomes. 69 00:05:06,428 --> 00:05:10,070 Suze: Have you decided on the amounts of money that you 70 00:05:10,070 --> 00:05:13,429 Suze: want in every single investment that you have? 71 00:05:14,089 --> 00:05:16,760 Suze: So that you don't get suckered into what I almost 72 00:05:16,760 --> 00:05:19,869 Suze: got suckered into, which is every time it goes down, 73 00:05:20,200 --> 00:05:21,279 Suze: I should buy more. 74 00:05:22,829 --> 00:05:26,390 Suze: Because even though I know dollar cost averaging and value 75 00:05:26,390 --> 00:05:29,669 Suze: cost averaging is a very important thing for all of 76 00:05:29,670 --> 00:05:31,309 Suze: us to continue to do. 77 00:05:32,220 --> 00:05:35,890 Suze: There comes a point when it's an individual stock, not 78 00:05:35,890 --> 00:05:38,839 Suze: when it is an exchange traded fund or a mutual fund. 79 00:05:39,130 --> 00:05:44,450 Suze: Different because that has total diversification within it. But when 80 00:05:44,450 --> 00:05:49,239 Suze: it is an individual stock, I really think you all, 81 00:05:49,488 --> 00:05:54,010 Suze: including myself, need to set a total of how much 82 00:05:54,010 --> 00:05:57,010 Suze: money do you want to put in one stock and 83 00:05:57,010 --> 00:05:57,649 Suze: risk it. 84 00:05:58,170 --> 00:06:01,230 Suze: I think it's an important thing for all of you 85 00:06:01,230 --> 00:06:04,950 Suze: to look at your portfolio and write down for each 86 00:06:04,950 --> 00:06:08,510 Suze: individual stock you own how much is the total that 87 00:06:08,510 --> 00:06:10,269 Suze: you want in that stock. 88 00:06:11,380 --> 00:06:14,799 Suze: And then that's the amount that your dollar cost average 89 00:06:14,799 --> 00:06:18,320 Suze: or value cost average every single month into it. 90 00:06:19,089 --> 00:06:22,220 Suze: Cause things are changing right now. 91 00:06:23,540 --> 00:06:28,539 Suze: People are not happy out there. People are absolutely scared 92 00:06:28,540 --> 00:06:31,500 Suze: to death, and I have to tell you rightfully so. 93 00:06:32,470 --> 00:06:35,529 Suze: You know, there were some articles that were posted on 94 00:06:35,529 --> 00:06:39,700 Suze: my Facebook page about how to collect Social Security at 70, 95 00:06:39,709 --> 00:06:42,549 Suze: and I still think that's the time to collect, and 96 00:06:42,549 --> 00:06:45,980 Suze: the people that badgered those articles, I can't even tell 97 00:06:45,980 --> 00:06:49,190 Suze: you like what's wrong with you, Susie Orman? People should 98 00:06:49,190 --> 00:06:53,709 Suze: be claiming Social Security right here and right now because 99 00:06:53,709 --> 00:06:56,220 Suze: who knows if Social Security is going to be around 100 00:06:56,510 --> 00:06:57,428 Suze: to claim. 101 00:06:58,750 --> 00:07:04,428 Suze: Do you really think everybody just because you claimed Social Security? 102 00:07:05,130 --> 00:07:08,600 Suze: That that means you're not subject to them cutting your 103 00:07:08,600 --> 00:07:13,470 Suze: Social Security. Do you think that? Or do you think 104 00:07:13,470 --> 00:07:18,000 Suze: that it's possible that they're scaring all of you into 105 00:07:18,000 --> 00:07:22,200 Suze: claiming Social Security earlier so they don't have to pay 106 00:07:22,200 --> 00:07:25,559 Suze: you bigger benefits at times goes on? Do you think 107 00:07:25,559 --> 00:07:26,589 Suze: that's possible? 108 00:07:27,690 --> 00:07:30,250 Suze: Because if they're going to cut, they're not going to 109 00:07:30,250 --> 00:07:33,809 Suze: cut the people who are already getting Social Security or 110 00:07:33,809 --> 00:07:38,010 Suze: qualified to get Social Security. What they're going to do is, 111 00:07:38,049 --> 00:07:41,760 Suze: like I told you before, they will postpone the age 112 00:07:41,760 --> 00:07:45,850 Suze: that you can get your Social Security. That is how 113 00:07:45,850 --> 00:07:49,170 Suze: they will affect you more than anything else. So for 114 00:07:49,170 --> 00:07:51,850 Suze: those of you who are just saying, I'm going to 115 00:07:51,850 --> 00:07:53,730 Suze: collect now, it's not going to be here for me 116 00:07:53,730 --> 00:07:57,049 Suze: to collect, stop thinking like that. 117 00:07:57,700 --> 00:07:58,529 Suze: Stop it. 118 00:07:59,549 --> 00:08:04,670 Suze: Cause you could be sabotaging your financial future. All right, 119 00:08:05,149 --> 00:08:09,779 Suze: I need all of you to seriously calm down. If 120 00:08:09,779 --> 00:08:12,390 Suze: they were to do something like that or if Social 121 00:08:12,390 --> 00:08:16,040 Suze: Security all of a sudden stopped sending you checks because 122 00:08:16,040 --> 00:08:20,459 Suze: the whole system crashed, there would be such an uproar. 123 00:08:20,829 --> 00:08:24,899 Suze: I can't even tell you. Social Security is the foundation 124 00:08:25,190 --> 00:08:29,140 Suze: of 70 million people's financial future. 125 00:08:30,320 --> 00:08:33,510 Suze: That is a lot of people, everybody, and it's the 126 00:08:33,510 --> 00:08:37,599 Suze: future of many more millions people who aren't even claiming yet. 127 00:08:38,828 --> 00:08:42,328 Suze: So if it happens to go awry because the systems 128 00:08:42,328 --> 00:08:45,249 Suze: have been stripped or whatever, they have to fix it 129 00:08:45,249 --> 00:08:47,088 Suze: and they have to get it back on board for 130 00:08:47,088 --> 00:08:51,528 Suze: all of you. But don't start claiming at 62 because 131 00:08:51,528 --> 00:08:54,647 Suze: you don't think it's going to be there when you're 67. 132 00:08:55,729 --> 00:08:59,049 Suze: Don't claim at 67 when you were going to wait 133 00:08:59,049 --> 00:09:03,090 Suze: till 70 because you're afraid that if you're not already 134 00:09:03,090 --> 00:09:07,130 Suze: claiming that therefore you'll maybe be cut. 135 00:09:09,200 --> 00:09:15,330 Suze: So please you're all driving yourself nuts now is it possible? 136 00:09:16,090 --> 00:09:19,840 Suze: That given how many people they have laid off. 137 00:09:20,530 --> 00:09:24,569 Suze: That Social Security is going to be incredibly difficult to get, 138 00:09:24,700 --> 00:09:29,059 Suze: meaning apply for, to get your questions answered, to do 139 00:09:29,059 --> 00:09:32,780 Suze: all of those things. Oh, you bet it is. I'll 140 00:09:32,780 --> 00:09:36,510 Suze: be the first to tell you that, but then you 141 00:09:36,510 --> 00:09:38,819 Suze: have to work within this system. 142 00:09:39,570 --> 00:09:43,150 Suze: You should all seriously be calling your Congresspeople or your 143 00:09:43,150 --> 00:09:46,750 Suze: senators and saying, please don't fire the people who are 144 00:09:46,750 --> 00:09:50,719 Suze: working for Social Security. Please don't cut off the phone lines. 145 00:09:50,789 --> 00:09:52,699 Suze: Don't do those things. 146 00:09:53,989 --> 00:09:58,599 Suze: So if you're worried about this and you're scared to death, 147 00:09:59,010 --> 00:10:02,280 Suze: then you have to use your voice so that you're 148 00:10:02,280 --> 00:10:06,210 Suze: not afraid. What have I told all of you that 149 00:10:06,210 --> 00:10:09,890 Suze: the main way to conquer fear is through action. 150 00:10:10,710 --> 00:10:13,500 Suze: Not to get more and more afraid, not to take 151 00:10:13,500 --> 00:10:20,020 Suze: the wrong action, but to take actions that absolutely make sense, 152 00:10:20,270 --> 00:10:24,429 Suze: and that is to don't let them fire those people, 153 00:10:24,549 --> 00:10:29,030 Suze: don't let them close down all the offices, and just 154 00:10:29,030 --> 00:10:31,309 Suze: because they've closed them down doesn't mean they're going to 155 00:10:31,309 --> 00:10:32,679 Suze: keep them closed down. 156 00:10:33,789 --> 00:10:39,429 Suze: But your job is to make sure that you have everything, 157 00:10:39,549 --> 00:10:44,299 Suze: you have your records, you go to MySocialSecurity.gov or whatever 158 00:10:44,299 --> 00:10:46,549 Suze: it is, and you go to MySocial Security and you 159 00:10:46,549 --> 00:10:48,580 Suze: have everything that you need to know. 160 00:10:49,590 --> 00:10:53,330 Suze: And that you know how you're going to apply when 161 00:10:53,330 --> 00:10:57,090 Suze: you need to apply, and you have figured all of 162 00:10:57,090 --> 00:10:58,049 Suze: that out. 163 00:10:58,780 --> 00:11:04,130 Suze: But we actually have on some level, kind of bigger problems, 164 00:11:04,140 --> 00:11:07,419 Suze: everybody than that right now because we're not exactly sure 165 00:11:07,419 --> 00:11:08,939 Suze: what's happening with Social Security. 166 00:11:09,700 --> 00:11:12,489 Suze: We know they're going to mess with it somehow, but 167 00:11:12,489 --> 00:11:15,359 Suze: I think everything should be OK in the long run. 168 00:11:15,890 --> 00:11:18,409 Suze: What's really going to mess with all of us right 169 00:11:18,409 --> 00:11:21,959 Suze: now are the tariffs that are going to take place 170 00:11:22,169 --> 00:11:25,719 Suze: within 3 days, which is one of the reasons that 171 00:11:25,719 --> 00:11:30,169 Suze: you see the stock market absolutely tanking itself. 172 00:11:30,929 --> 00:11:34,000 Suze: That and the fact that inflation is coming in higher, 173 00:11:34,210 --> 00:11:37,609 Suze: consumer confidence is lower, all of these things that are 174 00:11:37,609 --> 00:11:42,289 Suze: going on, the stock market doesn't like it. So because 175 00:11:42,289 --> 00:11:45,848 Suze: tariffs are coming, and that means that the price of 176 00:11:45,849 --> 00:11:50,880 Suze: things you use every single day may be going up, 177 00:11:51,210 --> 00:11:55,330 Suze: then you need to prepare yourselves. You need to know 178 00:11:55,330 --> 00:11:58,169 Suze: exactly what you must do right now. 179 00:11:58,700 --> 00:12:01,690 Suze: In order to understand, oh, things are gonna go up, 180 00:12:01,900 --> 00:12:05,140 Suze: so what should I do to make my money make 181 00:12:05,140 --> 00:12:08,619 Suze: more money? Take out your Suze notebooks, all right. 182 00:12:10,030 --> 00:12:14,978 Suze: Number one, I really do want you to review your spending. 183 00:12:15,150 --> 00:12:15,789 Suze: I do. 184 00:12:16,570 --> 00:12:19,200 Suze: I want you to print out your last month of 185 00:12:19,200 --> 00:12:22,520 Suze: bank and credit card statements, and I want you to 186 00:12:22,520 --> 00:12:25,840 Suze: get out a highlighter or your app or whatever you 187 00:12:25,840 --> 00:12:29,959 Suze: use and go line by line, and I want you 188 00:12:29,960 --> 00:12:34,679 Suze: to really know where is your money going because as 189 00:12:34,679 --> 00:12:38,640 Suze: things get more expensive, you're going to need to know 190 00:12:38,640 --> 00:12:43,309 Suze: where do you cut back, especially if you're living paycheck 191 00:12:43,309 --> 00:12:44,280 Suze: to paycheck. 192 00:12:44,710 --> 00:12:48,239 Suze: Is your money going to groceries? Is it going to Amazon? 193 00:12:48,409 --> 00:12:51,500 Suze: Is it going to eating out? I want you to 194 00:12:51,500 --> 00:12:54,880 Suze: know the categories where a price hike is going to 195 00:12:54,880 --> 00:12:58,210 Suze: hit you the hardest, because let me tell you, if 196 00:12:58,210 --> 00:13:01,089 Suze: you're already spending more than you make, which most of 197 00:13:01,090 --> 00:13:05,169 Suze: you are, tariffs are going to push you further into 198 00:13:05,169 --> 00:13:09,010 Suze: the danger zone. So you have to look at everything 199 00:13:09,010 --> 00:13:10,729 Suze: that you're spending money on. 200 00:13:11,349 --> 00:13:14,890 Suze: And think about where are the tariffs going to hit 201 00:13:14,890 --> 00:13:18,380 Suze: me the worst and how do I cut back. You 202 00:13:18,380 --> 00:13:22,859 Suze: just need to know where is your money going, and 203 00:13:22,859 --> 00:13:25,650 Suze: I know many of you think you know where it's going, 204 00:13:25,940 --> 00:13:28,260 Suze: but it's a whole other thing when you see it 205 00:13:28,260 --> 00:13:30,900 Suze: mapped out in front of you. Number 2: 206 00:13:31,919 --> 00:13:36,659 Suze: Stock up on the essential things right now. Now I'm 207 00:13:36,659 --> 00:13:39,199 Suze: not telling you to go and be a hoarder, but 208 00:13:39,200 --> 00:13:43,150 Suze: I am telling you if you know you'll need it anyway, 209 00:13:43,599 --> 00:13:46,000 Suze: and it's not going to spoil, believe it or not, 210 00:13:46,200 --> 00:13:49,799 Suze: Suze Orman wants you to buy it now. What kind 211 00:13:49,799 --> 00:13:50,789 Suze: of things? 212 00:13:51,210 --> 00:13:55,000 Suze: I want you to buy paper towels, laundry detergent, toiletries, 213 00:13:55,119 --> 00:14:00,119 Suze: pet foods. If it is imported or contains imported parts 214 00:14:00,119 --> 00:14:05,400 Suze: or ingredients, it's likely to go up in price. So 215 00:14:05,400 --> 00:14:08,478 Suze: how do you make your money, make more money by 216 00:14:08,479 --> 00:14:14,440 Suze: being proactive, not reactive? That's how you stay ahead. Number 3: 217 00:14:15,400 --> 00:14:20,840 Suze: Time your big purchases wisely. Now listen to me. If 218 00:14:20,840 --> 00:14:23,909 Suze: you've been thinking about buying, for instance, a new fridge, 219 00:14:24,119 --> 00:14:27,270 Suze: a laptop, or a car part, or even a car, 220 00:14:27,520 --> 00:14:29,599 Suze: you are not to wait. 221 00:14:30,359 --> 00:14:35,049 Suze: A 10 to 25% price hike on certain goods could 222 00:14:35,049 --> 00:14:38,210 Suze: be just around the corner, everybody, it could be 3 223 00:14:38,210 --> 00:14:41,369 Suze: days away. I don't know when it's actually going to 224 00:14:41,369 --> 00:14:43,770 Suze: hit the price of the goods that you're buying, but 225 00:14:43,770 --> 00:14:47,369 Suze: it's going to do it. But the important thing, however, 226 00:14:47,409 --> 00:14:51,049 Suze: is do not go into debt to buy something. 227 00:14:51,880 --> 00:14:55,179 Suze: Just because you're afraid the price is going to go up, 228 00:14:55,280 --> 00:14:59,200 Suze: do you hear me? Only buy it if you have 229 00:14:59,200 --> 00:15:03,239 Suze: the cash. So don't go into Costco or wherever you 230 00:15:03,239 --> 00:15:05,559 Suze: go and take out your credit card and go, I'm 231 00:15:05,559 --> 00:15:08,150 Suze: going to buy everything right now cause it's cheaper right now, 232 00:15:08,200 --> 00:15:10,280 Suze: and I'm going to rack up credit card debt and 233 00:15:10,280 --> 00:15:12,750 Suze: then you end up paying 18% on your credit card 234 00:15:12,750 --> 00:15:15,950 Suze: because all you can do is pay the minimum payment due. No, 235 00:15:16,320 --> 00:15:18,869 Suze: that doesn't help you at all. 236 00:15:19,559 --> 00:15:23,200 Suze: So if you're planning to finance something, let's say you're 237 00:15:23,200 --> 00:15:26,640 Suze: going to use a credit card or whatever, you have 238 00:15:26,640 --> 00:15:30,489 Suze: to make sure it's at a 0% interest rate. 239 00:15:31,419 --> 00:15:33,859 Suze: So there are credit cards out there that you can 240 00:15:33,859 --> 00:15:37,859 Suze: get at a 0% interest rate and that you have 241 00:15:37,859 --> 00:15:41,729 Suze: a solid plan to pay it off in full at 242 00:15:41,729 --> 00:15:45,330 Suze: the end of every month when the bill comes in. 243 00:15:45,940 --> 00:15:49,739 Suze: If you can't do that, guess what then? You don't 244 00:15:49,739 --> 00:15:54,820 Suze: need it right now. Are you hearing me? 4. 245 00:15:55,109 --> 00:15:59,960 Suze: I need you to guard your emergency fund like it's gold. 246 00:16:00,239 --> 00:16:03,770 Suze: You've been looking at gold lately at $3080 an ounce, 247 00:16:03,890 --> 00:16:06,650 Suze: it's precious right now, it's valuable. 248 00:16:07,630 --> 00:16:10,369 Suze: You know, I want every single one of you to 249 00:16:10,369 --> 00:16:15,340 Suze: have at least 8 to 12 months of must-pay expenses saved, 250 00:16:15,770 --> 00:16:19,489 Suze: not in the market, not in a CD, but in 251 00:16:19,489 --> 00:16:23,609 Suze: a high yield savings account, ready to go. 252 00:16:24,469 --> 00:16:27,830 Suze: Remember how many times have I told you that money 253 00:16:27,830 --> 00:16:31,099 Suze: that you may need within 5 years is not money 254 00:16:31,099 --> 00:16:33,109 Suze: that belongs in the stock market. 255 00:16:33,989 --> 00:16:38,219 Suze: So you have to be prepared because if these tariffs 256 00:16:38,219 --> 00:16:41,659 Suze: really do take a toll, if the market does continue 257 00:16:41,659 --> 00:16:44,820 Suze: to go down, if all the prices on everything start 258 00:16:44,820 --> 00:16:47,659 Suze: to go up and you find yourself that you're really 259 00:16:47,659 --> 00:16:52,299 Suze: not able to afford things anymore, you need that must 260 00:16:52,299 --> 00:16:56,059 Suze: pay expenses fund. Have you been working on it? I've 261 00:16:56,059 --> 00:16:58,979 Suze: been telling you this forever because it's your buffer. 262 00:16:59,510 --> 00:17:04,000 Suze: It's your peace of mind, right? Tariffs and inflation and 263 00:17:04,000 --> 00:17:08,939 Suze: job uncertainty is here. It's here right now, everybody, and 264 00:17:08,939 --> 00:17:14,458 Suze: you want to be protected. Number 5, at times like 265 00:17:14,459 --> 00:17:17,699 Suze: this when you all are freaked out and I want 266 00:17:17,699 --> 00:17:21,930 Suze: you to stop being freaked out, you have to stop 267 00:17:21,930 --> 00:17:23,739 Suze: emotional spending. 268 00:17:24,468 --> 00:17:28,208 Suze: I have found that when things get tough, oh, you 269 00:17:28,208 --> 00:17:31,848 Suze: just go and buy and by and by, cause that 270 00:17:31,848 --> 00:17:34,468 Suze: just makes you think that you're gonna soften everything up. 271 00:17:34,688 --> 00:17:37,729 Suze: You'll feel better for a little bit until the bills 272 00:17:37,729 --> 00:17:38,287 Suze: come in. 273 00:17:39,119 --> 00:17:43,869 Suze: So some of you hear this news about tariffs and think, well, 274 00:17:44,479 --> 00:17:46,900 Suze: I better live it up while I can. Is that 275 00:17:46,900 --> 00:17:48,708 Suze: any of you? Better not be. 276 00:17:49,160 --> 00:17:53,429 Suze: But that's not the smart thing to do. That's not strong, 277 00:17:53,489 --> 00:17:56,800 Suze: and that's not being secure. And what is the goal 278 00:17:56,800 --> 00:18:01,599 Suze: of money? It's for you to be secure. You don't 279 00:18:01,599 --> 00:18:05,640 Suze: spend to feel better. You prepare to feel better. You 280 00:18:05,640 --> 00:18:09,319 Suze: want power. You want control. You want that by being 281 00:18:09,319 --> 00:18:10,629 Suze: financially prepared. 282 00:18:11,479 --> 00:18:12,150 Suze: All right. 283 00:18:13,160 --> 00:18:15,939 Suze: So I know I'm on a rant here. I can 284 00:18:15,939 --> 00:18:19,260 Suze: tell I'm like going a million miles an hour because 285 00:18:19,260 --> 00:18:24,010 Suze: the emails that I'm getting have infused me with your fear, 286 00:18:24,339 --> 00:18:28,530 Suze: your anxiousness, your not knowing what to do, and you're 287 00:18:28,530 --> 00:18:32,729 Suze: just so freaked out. I need you to stop. 288 00:18:35,900 --> 00:18:36,719 Suze: Just stop. 289 00:18:38,420 --> 00:18:42,560 Suze: And you need to understand that if you've been listening 290 00:18:42,560 --> 00:18:45,760 Suze: to the Women and Money podcast and if you've been 291 00:18:45,760 --> 00:18:49,239 Suze: doing everything that I've asked you to do, you are 292 00:18:49,239 --> 00:18:54,319 Suze: more than prepared for what possibly could come the next 293 00:18:54,319 --> 00:18:55,569 Suze: few months. 294 00:18:56,290 --> 00:18:58,520 Suze: And I don't know what's going to come the next 295 00:18:58,520 --> 00:19:01,400 Suze: few months. Nobody knows what's going to come the next 296 00:19:01,400 --> 00:19:05,399 Suze: few months. So these aren't just nice do tips that 297 00:19:05,400 --> 00:19:08,319 Suze: I'm giving you here. They're just not. These are what 298 00:19:08,319 --> 00:19:11,040 Suze: I'm calling your must dos, just like I say you 299 00:19:11,040 --> 00:19:14,829 Suze: should all have the must-have documents. These are your must dos, 300 00:19:14,839 --> 00:19:18,599 Suze: and I believe from the bottom of my heart that 301 00:19:18,599 --> 00:19:22,250 Suze: the more prepared you are, the more peace you will have, 302 00:19:22,459 --> 00:19:25,119 Suze: no matter what happens with the economy. 303 00:19:25,780 --> 00:19:28,719 Suze: And again, how many times have I said to you, 304 00:19:28,969 --> 00:19:32,449 Suze: the government can't save you, the economy can't save you, 305 00:19:32,489 --> 00:19:36,760 Suze: only you are going to save yourself. So stop listening 306 00:19:36,760 --> 00:19:41,040 Suze: to the news, stop listening to everybody freaking out what 307 00:19:41,040 --> 00:19:43,290 Suze: you have to really, really do. 308 00:19:43,900 --> 00:19:47,339 Suze: I come from a place of power and get ahead 309 00:19:47,339 --> 00:19:51,859 Suze: of everything that is absolutely possible. That's what you need 310 00:19:51,859 --> 00:19:55,260 Suze: to do. So you just need to stay in your 311 00:19:55,260 --> 00:19:57,819 Suze: power now. I will be the first to tell you. 312 00:19:58,109 --> 00:20:02,329 Suze: That these tariffs they can and they have been shaking 313 00:20:02,329 --> 00:20:08,659 Suze: up the stock market, especially in sectors that rely on 314 00:20:08,660 --> 00:20:12,660 Suze: international supply chains. So that means I want you to 315 00:20:12,660 --> 00:20:18,339 Suze: think about tech, auto manufacturing, even retail. 316 00:20:18,969 --> 00:20:22,250 Suze: Why not look into your 401k and your Roth IRA 317 00:20:22,250 --> 00:20:25,688 Suze: and your brokerage accounts and just look at what you 318 00:20:25,689 --> 00:20:30,890 Suze: happen to be invested in? Do you even know? Don't 319 00:20:30,890 --> 00:20:34,250 Suze: just blindly put the money in a target date mutual 320 00:20:34,250 --> 00:20:37,510 Suze: fund that you picked 10 years ago. You really need 321 00:20:37,510 --> 00:20:41,250 Suze: to just look at what investments do you have. So 322 00:20:41,250 --> 00:20:43,050 Suze: this is the perfect time. 323 00:20:43,829 --> 00:20:47,899 Suze: For you to take account and really go through everything, 324 00:20:48,030 --> 00:20:50,469 Suze: not just your monthly expenses like I asked you to 325 00:20:50,469 --> 00:20:54,589 Suze: do a few minutes ago, but every single thing that 326 00:20:54,589 --> 00:20:58,550 Suze: you happen to have been invested in. And if you're 327 00:20:58,550 --> 00:21:03,380 Suze: too concentrated in just one sector or one country, now 328 00:21:03,380 --> 00:21:10,469 Suze: is the time you might want to think about rebalancing. Next, diversify, diversify, diversify, 329 00:21:10,589 --> 00:21:12,500 Suze: and I've told you this before. 330 00:21:12,869 --> 00:21:18,459 Suze: If your portfolio is overloaded in one area, especially one 331 00:21:18,459 --> 00:21:21,770 Suze: that's vulnerable to tariffs, then I have to tell you 332 00:21:21,780 --> 00:21:25,819 Suze: you're not protected right now. So make sure that you 333 00:21:25,819 --> 00:21:29,978 Suze: really do have a healthy mix of investments, everybody, which 334 00:21:29,979 --> 00:21:33,698 Suze: is why a broad-based Standard and Poor's 500 index fund 335 00:21:33,699 --> 00:21:36,969 Suze: or the Vanguard Total Stock Market Index fund or VOO, 336 00:21:37,260 --> 00:21:40,099 Suze: whatever it may be, are fine things for you to 337 00:21:40,099 --> 00:21:41,170 Suze: be invested in. 338 00:21:41,839 --> 00:21:46,819 Suze: But you want US based companies. You want some international exposure, 339 00:21:46,869 --> 00:21:50,380 Suze: but not too much. I've told you forever you want 340 00:21:50,380 --> 00:21:54,069 Suze: dividend paying stocks. In my opinion, you want some of 341 00:21:54,069 --> 00:21:59,869 Suze: your money in Treasury intermediate bonds right in there. And 342 00:21:59,869 --> 00:22:02,819 Suze: so those are things that you just need to know, 343 00:22:03,189 --> 00:22:07,550 Suze: but you have to keep investing, especially in your retirement 344 00:22:07,550 --> 00:22:09,790 Suze: accounts as markets go down. 345 00:22:10,410 --> 00:22:13,890 Suze: As prices keep falling like I told you, you should 346 00:22:13,890 --> 00:22:17,199 Suze: be so happy, especially if you have years until you 347 00:22:17,199 --> 00:22:22,919 Suze: need this money, because with every contribution, remember, dollar cost averaging, 348 00:22:23,130 --> 00:22:26,089 Suze: which is your best friend in a volatile market, the 349 00:22:26,089 --> 00:22:29,420 Suze: more the market goes down, the more shares you buy, 350 00:22:29,449 --> 00:22:31,839 Suze: and the more shares you buy when the market goes up, 351 00:22:32,000 --> 00:22:35,448 Suze: the more money you have. So when you're investing in 352 00:22:35,449 --> 00:22:36,959 Suze: a Roth 401k. 353 00:22:37,979 --> 00:22:41,849 Suze: And that money is coming out of your paycheck. It's 354 00:22:41,849 --> 00:22:45,410 Suze: not the same as when you're outside of a retirement 355 00:22:45,410 --> 00:22:49,409 Suze: account and you're putting money from your actual cash or 356 00:22:49,410 --> 00:22:53,729 Suze: whatever into an individual stock where you need to decide 357 00:22:53,729 --> 00:22:57,869 Suze: the amount of money you want in it. In a 401k, 358 00:22:58,609 --> 00:23:02,650 Suze: you have continuous money coming out of your paycheck, usually 359 00:23:02,650 --> 00:23:05,569 Suze: into a diversified ETF or mutual fund. 360 00:23:06,430 --> 00:23:08,910 Suze: So you don't have to worry when the markets are 361 00:23:08,910 --> 00:23:11,949 Suze: going down. You just continue to do it and do 362 00:23:11,949 --> 00:23:14,219 Suze: it and do it and do it and do it. 363 00:23:14,430 --> 00:23:20,349 Suze: It's just that simple, so very different than individual stocks 364 00:23:20,349 --> 00:23:25,188 Suze: for those of you who have years until you're going 365 00:23:25,189 --> 00:23:28,640 Suze: to retire, we may be entering one of the best 366 00:23:28,640 --> 00:23:32,629 Suze: years for investing of your life's, believe it or not. 367 00:23:33,829 --> 00:23:38,349 Suze: So it's important that all of you kind of have 368 00:23:38,349 --> 00:23:40,959 Suze: different buckets. You have a bucket of cash and short 369 00:23:40,959 --> 00:23:44,180 Suze: term needs. You have a bucket of income producing investments. 370 00:23:44,310 --> 00:23:47,669 Suze: You have a bucket of long term growth. So if 371 00:23:47,670 --> 00:23:50,629 Suze: all of your money is in the market and you're 372 00:23:50,630 --> 00:23:55,430 Suze: retiring soon and it's all in growth and you need 373 00:23:55,430 --> 00:23:56,910 Suze: income from that money. 374 00:23:57,699 --> 00:24:01,040 Suze: You might have a problem. So what I want you 375 00:24:01,040 --> 00:24:03,400 Suze: to do is I want you to really look at 376 00:24:03,400 --> 00:24:06,179 Suze: it and go, where is your income going to come 377 00:24:06,180 --> 00:24:09,839 Suze: from if these markets go down. 378 00:24:10,540 --> 00:24:13,939 Suze: So what is the bottom line here, everybody? 379 00:24:15,599 --> 00:24:16,770 Suze: Tariffs are coming. 380 00:24:17,589 --> 00:24:21,310 Suze: I don't want you to ignore that, and I also 381 00:24:21,310 --> 00:24:25,819 Suze: don't want you to panic because panic is not a 382 00:24:25,819 --> 00:24:26,949 Suze: financial plan. 383 00:24:27,819 --> 00:24:31,390 Suze: So let me just remind you of the three most 384 00:24:31,390 --> 00:24:35,510 Suze: important things that I want you to do right now. 385 00:24:35,800 --> 00:24:40,399 Suze: Number 1, get honest about your spending. You can't protect 386 00:24:40,400 --> 00:24:43,479 Suze: your money if you don't know where it's going. Pull 387 00:24:43,479 --> 00:24:46,239 Suze: those statements and trim the fat, cut the waste and 388 00:24:46,239 --> 00:24:48,719 Suze: only spend on truly what matters. 389 00:24:49,369 --> 00:24:54,199 Suze: Number 2, protect your essentials. Stock up on what you 390 00:24:54,199 --> 00:24:57,900 Suze: know you'll need. Make smart buying decisions. And if a 391 00:24:57,900 --> 00:25:01,420 Suze: big purchase is coming, don't delay, but don't go into 392 00:25:01,420 --> 00:25:05,849 Suze: debt either. Be strategic, be thoughtful, and be in control. 393 00:25:06,140 --> 00:25:08,300 Suze: And number 3, stick with your. 394 00:25:08,479 --> 00:25:11,910 Suze: Investments, but don't fall asleep on them. You must know 395 00:25:11,910 --> 00:25:15,739 Suze: what you own. You must diversify. You must keep investing, 396 00:25:16,069 --> 00:25:21,310 Suze: especially in your retirement accounts. Please remember that volatility, are 397 00:25:21,310 --> 00:25:24,989 Suze: you listening to me? is a buying opportunity, and if 398 00:25:24,989 --> 00:25:27,669 Suze: you can stay calm, stay consistent. 399 00:25:28,390 --> 00:25:33,130 Suze: And let me say this again. Don't touch your emergency fund. 400 00:25:33,780 --> 00:25:37,459 Suze: That money is your safety net. Remember that. That is 401 00:25:37,459 --> 00:25:41,780 Suze: your power, and nobody takes your power away, not even 402 00:25:41,780 --> 00:25:45,339 Suze: with tariffs. Do you get it, everybody? What is my 403 00:25:45,339 --> 00:25:48,650 Suze: saying for this year? It's about how do you make 404 00:25:48,650 --> 00:25:50,379 Suze: your money, make more money. 405 00:25:51,729 --> 00:25:54,640 Suze: I just gave you a whole lot of things for 406 00:25:54,640 --> 00:25:56,709 Suze: you to think about and for you to do. 407 00:25:57,469 --> 00:26:00,579 Suze: And I did it in a very fast and powerful 408 00:26:00,579 --> 00:26:03,938 Suze: way because I want you to take action. 409 00:26:04,829 --> 00:26:08,589 Suze: Because the tariffs are here and things are going to 410 00:26:08,589 --> 00:26:13,270 Suze: get considerably more expensive, considerably. 411 00:26:14,540 --> 00:26:18,250 Suze: So don't put things off if you need to do them. 412 00:26:18,699 --> 00:26:23,140 Suze: Now is the time, right? So until next Thursday when 413 00:26:23,140 --> 00:26:27,300 Suze: Miss Travis, God willing, with power on this island, joins 414 00:26:27,300 --> 00:26:31,449 Suze: us again for Ask KT and Suze Anything. There's only one 415 00:26:31,449 --> 00:26:33,180 Suze: thing that I want you to remember when it comes 416 00:26:33,180 --> 00:26:37,170 Suze: to your money, and it is this people first, then money, 417 00:26:37,339 --> 00:26:41,349 Suze: then things. Now you stay safe. Bye bye now.