1 00:00:08,110 --> 00:00:08,520 MUSIC: (Music Intro) 2 00:00:34,440 --> 00:00:38,260 KT: Good Morning Suze. Today is June Nine. 3 00:00:38,260 --> 00:00:39,810 Suze: That's my KT! 4 00:00:39,810 --> 00:00:44,110 KT: Do you believe? It's already like summer starting June 21 5 00:00:44,110 --> 00:00:46,040 KT: is the official summer date, isn't it? 6 00:00:46,050 --> 00:00:49,120 Suze: Oh now you're asking me things. I don't know. That 7 00:00:49,120 --> 00:00:52,990 Suze: should have been my quizzie. B ut I think you 8 00:00:52,990 --> 00:00:56,980 Suze: are absolutely correct there. Good morning Miss Travis and welcome 9 00:00:56,990 --> 00:00:59,250 Suze: everybody to the Ask Suze and 10 00:00:59,970 --> 00:01:01,080 KT: KT 11 00:01:01,090 --> 00:01:02,360 Suze: Anything 12 00:01:02,740 --> 00:01:08,460 Suze: podcast we're good. That we're not swimmers. You know those 13 00:01:08,459 --> 00:01:12,069 Suze: swimmers that synchronized swimming, we wouldn't be able to do that, 14 00:01:12,069 --> 00:01:12,770 Suze: would we? 15 00:01:14,230 --> 00:01:14,810 Suze: Do you 16 00:01:14,810 --> 00:01:21,660 Suze: all know that KT can swim... Now, our pool 17 00:01:21,740 --> 00:01:26,429 Suze: is 70 ft long and the reason that I did 18 00:01:26,440 --> 00:01:29,120 Suze: a pool that was 70 ft long, is that the 19 00:01:29,120 --> 00:01:32,470 Suze: one thing that KT loves more in life than anything 20 00:01:32,480 --> 00:01:34,030 Suze: other than me 21 00:01:34,040 --> 00:01:35,180 Suze: is 22 00:01:35,180 --> 00:01:38,970 Suze: to swim laps and she's not this person who has 23 00:01:38,970 --> 00:01:40,959 Suze: a pool s o it looks good. 24 00:01:41,440 --> 00:01:45,390 Suze: This woman gets in that pool and for essentially almost 25 00:01:45,390 --> 00:01:46,570 Suze: one hour 26 00:01:46,580 --> 00:01:50,590 KT: almost every day unless it's really raining and thundering. 27 00:01:50,600 --> 00:01:53,050 Suze: But she swims 40 to 50 28 00:01:54,620 --> 00:01:59,080 Suze: laps, which means a lap is, it goes one way 29 00:01:59,090 --> 00:02:01,910 Suze: and back the other a length is if you just 30 00:02:01,910 --> 00:02:02,750 Suze: go one way 31 00:02:03,240 --> 00:02:05,550 Suze: and I just sit there and watch her 32 00:02:06,040 --> 00:02:10,079 Suze: for like an hour doing this at full speed. So 33 00:02:10,080 --> 00:02:12,460 Suze: fabulous that she can do that. 34 00:02:12,840 --> 00:02:14,060 Suze: I on the other hand, 35 00:02:14,540 --> 00:02:17,810 KT: float, we 36 00:02:17,810 --> 00:02:18,650 KT: like floaters. 37 00:02:18,650 --> 00:02:21,310 Suze: So everybody wants to know how my birthday was 38 00:02:21,320 --> 00:02:25,620 KT: Fabulous. Suze. Actually, I was worried because we didn't make 39 00:02:25,620 --> 00:02:29,700 KT: any special. We didn't do anything special, Colo made a 40 00:02:29,700 --> 00:02:33,010 KT: little barbecue for us late in the afternoon of all 41 00:02:33,010 --> 00:02:33,859 KT: her favorite 42 00:02:34,040 --> 00:02:38,330 KT: sausages and things that she just treats herself to every 43 00:02:38,330 --> 00:02:41,320 KT: now and then. It was just really a very delightful, 44 00:02:41,330 --> 00:02:44,680 KT: quiet day, uneventful. 45 00:02:44,730 --> 00:02:48,060 Suze: And I want to say once again, thank you for 46 00:02:48,060 --> 00:02:53,800 Suze: all the truly heartfelt emails that I got so many 47 00:02:53,810 --> 00:02:55,160 Suze: and so many of you 48 00:02:55,440 --> 00:02:58,310 Suze: are writing me, telling me no, no, Suze don't feel 49 00:02:58,310 --> 00:03:01,160 Suze: bad about your mom if you didn't listen to my 50 00:03:01,160 --> 00:03:05,150 Suze: birthday podcast, it was really about my mom and dad 51 00:03:05,160 --> 00:03:08,660 Suze: and it's not that I feel bad about it. 52 00:03:09,440 --> 00:03:13,060 Suze: It's just something when you recognize something in your life 53 00:03:13,540 --> 00:03:15,360 Suze: where you could have done better. 54 00:03:15,940 --> 00:03:18,850 Suze: Okay. At least I've recognized it. 55 00:03:19,440 --> 00:03:22,720 Suze: And I wanted to pass on that recognition to all 56 00:03:22,720 --> 00:03:25,270 Suze: of you who are still lucky enough to have your 57 00:03:25,270 --> 00:03:29,350 Suze: parents or one parent or whoever, maybe that person in 58 00:03:29,350 --> 00:03:30,060 Suze: your life 59 00:03:30,740 --> 00:03:34,780 Suze: so that you just think about it. And you know KT, 60 00:03:34,790 --> 00:03:36,690 Suze: what was so great to me is we have a 61 00:03:36,690 --> 00:03:39,839 Suze: really great friend by the name of Mags, who we 62 00:03:39,840 --> 00:03:42,810 Suze: work with and she said that she was on her 63 00:03:42,810 --> 00:03:46,110 Suze: way to visit her mom and she listened to that 64 00:03:46,110 --> 00:03:51,050 Suze: podcast twice before she went in to see her mother 65 00:03:51,540 --> 00:03:55,720 Suze: to just remember, yeah, her mom is older and what 66 00:03:55,720 --> 00:03:58,130 Suze: that might be like for her and it actually changed 67 00:03:58,140 --> 00:04:04,260 Suze: her attitude and how she was with her mom that day. Great. Right, alright. 68 00:04:04,270 --> 00:04:05,350 Suze: Should we start? 69 00:04:05,350 --> 00:04:07,650 KT: Yeah, let's do it June nine baby 70 00:04:08,140 --> 00:04:08,619 Suze: baby baby baby baby 71 00:04:10,100 --> 00:04:12,660 KT: My first question is from Abraham. 72 00:04:13,140 --> 00:04:17,960 KT: Hi Suze. My credit card recently started charging annual fees 73 00:04:18,339 --> 00:04:20,159 KT: I want to cancel but 74 00:04:20,540 --> 00:04:20,840 KT: it's 75 00:04:20,839 --> 00:04:24,409 KT: My oldest account. He's had it for 18 years and 76 00:04:24,410 --> 00:04:27,659 KT: I have a relatively high credit limit. Would it be 77 00:04:27,660 --> 00:04:31,520 KT: best for my FICO to keep this card or cancel it? 78 00:04:32,029 --> 00:04:33,460 Suze: That should have been your quizzie. 79 00:04:34,339 --> 00:04:35,289 KT: Keep it. 80 00:04:35,300 --> 00:04:37,210 Suze: You would tell him to keep it? 81 00:04:37,210 --> 00:04:37,430 KT: Yeah. 82 00:04:37,440 --> 00:04:42,430 Suze: (Suze makes the "wrong answer" sound) S orry maybe that shouldn't have been your quizzie. 83 00:04:43,630 --> 00:04:46,020 KT: I thought we don't want to cancel or close down a 84 00:04:46,020 --> 00:04:47,530 KT: credit card. That old. 85 00:04:47,540 --> 00:04:48,950 Suze: However 86 00:04:49,640 --> 00:04:52,409 Suze: let's go to Suze School really quickly right here. Now 87 00:04:52,410 --> 00:04:53,660 Suze: everybody 88 00:04:54,040 --> 00:04:56,779 Suze: a Fico if you don't know what that is that 89 00:04:56,779 --> 00:05:01,290 Suze: is your credit score. Your legitimate credit score that 80% 90 00:05:01,300 --> 00:05:05,640 Suze: of lenders actually look at before they give you a 91 00:05:05,640 --> 00:05:09,290 Suze: loan and assign an interest rate to that loan. Your 92 00:05:09,300 --> 00:05:13,080 Suze: Fico or your Fair Isaac Credit Company, that's what that 93 00:05:13,080 --> 00:05:15,960 Suze: stands for. That created credit scores way back when 94 00:05:16,240 --> 00:05:19,710 Suze: the higher your Fico score the lower your interest rates, 95 00:05:19,710 --> 00:05:23,160 Suze: the lower your Fico score the higher your interest rates 96 00:05:23,170 --> 00:05:26,180 Suze: you all want a Fico score of about 7 60 97 00:05:26,180 --> 00:05:30,060 Suze: or above. The highest is 8 50. Just so you 98 00:05:30,060 --> 00:05:30,460 Suze: know 99 00:05:31,040 --> 00:05:32,659 Suze: however Abraham 100 00:05:33,040 --> 00:05:36,810 Suze: the reason that I told KT she wasn't correct in 101 00:05:36,810 --> 00:05:39,160 Suze: her answer is because 102 00:05:40,140 --> 00:05:43,260 Suze: they started to charge you an annual fee 103 00:05:43,839 --> 00:05:48,360 Suze: And in my opinion no credit card is really worth 104 00:05:48,370 --> 00:05:53,500 Suze: paying an annual fee unless you are getting tremendous benefits 105 00:05:53,510 --> 00:05:54,760 Suze: from that card. 106 00:05:55,339 --> 00:05:58,229 Suze: Like two of you can fly at the price of one, 107 00:05:58,230 --> 00:06:01,730 Suze: whatever it may be. So you have to really think 108 00:06:01,730 --> 00:06:06,560 Suze: twice about is the fee worth keeping that card? 109 00:06:07,140 --> 00:06:10,200 Suze: Obviously you don't think so or you wouldn't have written 110 00:06:10,200 --> 00:06:10,859 Suze: into me 111 00:06:11,540 --> 00:06:14,859 Suze: while it is true that it may be your oldest account. 112 00:06:15,339 --> 00:06:17,950 Suze: The time that you own a card, 113 00:06:18,540 --> 00:06:22,789 Suze: The length of it is only worth 10% of your 114 00:06:22,790 --> 00:06:23,960 Suze: Fico score. 115 00:06:24,440 --> 00:06:27,659 Suze: So if you close it down it's not going to 116 00:06:27,660 --> 00:06:29,859 Suze: hurt you that much on any level. 117 00:06:30,339 --> 00:06:34,040 Suze: Also you say you have a relatively high credit limit 118 00:06:34,050 --> 00:06:36,550 Suze: of $17,000 119 00:06:37,339 --> 00:06:41,640 Suze: Only you know if you would ever need that credit 120 00:06:41,640 --> 00:06:41,960 Suze: limit 121 00:06:42,540 --> 00:06:45,170 Suze: because you may find yourself in a situation one day 122 00:06:45,170 --> 00:06:47,580 Suze: where if you close it down, you go, oh my God, 123 00:06:47,589 --> 00:06:50,770 Suze: I wish I hadn't because I lost my job. I 124 00:06:50,770 --> 00:06:54,560 Suze: need access to money. So is it possible for you 125 00:06:55,040 --> 00:06:56,960 Suze: to replace that card 126 00:06:57,440 --> 00:07:01,540 Suze: with another card that doesn't charge an annual fee but 127 00:07:01,550 --> 00:07:04,460 Suze: also will give you a high credit limit 128 00:07:05,040 --> 00:07:08,630 Suze: so that you still have availability to money in case 129 00:07:08,630 --> 00:07:10,460 Suze: something goes wrong. 130 00:07:10,840 --> 00:07:14,460 Suze: Normally I would say absolutely close it down. 131 00:07:15,140 --> 00:07:18,420 Suze: But you have to remember if you need that credit 132 00:07:18,420 --> 00:07:22,840 Suze: limit and you can't replace it, then don't close it down. 133 00:07:22,850 --> 00:07:24,250 Suze: Then KT would right. 134 00:07:28,820 --> 00:07:30,050 KT: So we're both right, 135 00:07:31,640 --> 00:07:32,520 KT: we're both right. 136 00:07:32,530 --> 00:07:33,340 KT: You 137 00:07:33,340 --> 00:07:36,850 KT: Gave him two options. You gave him a reason. 138 00:07:36,860 --> 00:07:38,640 Suze: Yes, I of course I always give, 139 00:07:39,190 --> 00:07:41,680 KT: here's a third reason. What if you call the credit 140 00:07:41,680 --> 00:07:45,590 KT: card company and say listen, I we've been doing business 141 00:07:45,590 --> 00:07:47,360 KT: together for so many years. 142 00:07:47,740 --> 00:07:51,460 KT: I'm now going to cancel because you're charging me that. 143 00:07:52,420 --> 00:07:53,030 KT: They could 144 00:07:53,030 --> 00:07:55,620 KT: avoid that. So give it a shot. I would 145 00:07:55,860 --> 00:07:57,330 KT: Well now look at what we have. 146 00:07:58,840 --> 00:08:03,720 KT: Okay. Next question is from Willa. Hello, I'm 54 years 147 00:08:03,720 --> 00:08:06,960 KT: old with only 65,000 of savings. 148 00:08:07,240 --> 00:08:09,360 KT: I have no additional debt 149 00:08:09,540 --> 00:08:13,650 KT: But I don't have a 401K. Or any other savings. 150 00:08:14,040 --> 00:08:17,220 KT: Should I buy stocks or just look for a high 151 00:08:17,220 --> 00:08:18,750 KT: yield savings account? 152 00:08:19,140 --> 00:08:22,280 KT: I'm afraid to lose the little I have. If I 153 00:08:22,280 --> 00:08:23,920 KT: invest everything. 154 00:08:24,490 --> 00:08:25,210 KT: That's the answer, 155 00:08:25,220 --> 00:08:28,300 Suze: KT, what is the most important word in that question? 156 00:08:28,310 --> 00:08:29,350 KT: I'm afraid. 157 00:08:29,360 --> 00:08:30,370 Suze: I love you so much. 158 00:08:31,110 --> 00:08:34,650 KT: I said she just answered it herself. She's afraid of losing the little 159 00:08:34,650 --> 00:08:37,980 KT: bit that she has. So don't do it. Don't invest 160 00:08:37,980 --> 00:08:39,350 KT: in the stocks. 161 00:08:41,540 --> 00:08:43,949 Suze: But Willa, here's the thing. You need to know 162 00:08:44,640 --> 00:08:47,850 Suze: that fear, shame and anger 163 00:08:48,240 --> 00:08:51,260 Suze: Are the three internal obstacles to wealth. 164 00:08:51,840 --> 00:08:54,960 Suze: They will cause you to spend more money than you should. 165 00:08:55,540 --> 00:08:57,679 Suze: They will cause you to sell when you should be 166 00:08:57,679 --> 00:09:01,860 Suze: keeping something or buy when you shouldn't be purchasing at all. 167 00:09:02,240 --> 00:09:08,010 Suze: You have $65,000 of savings. And that is it. So 168 00:09:08,010 --> 00:09:11,840 Suze: I would not be putting any money in the stock 169 00:09:11,840 --> 00:09:15,620 Suze: market honestly right here and right now this stock market 170 00:09:15,620 --> 00:09:17,949 Suze: while still could go up for another week to or 171 00:09:17,950 --> 00:09:18,949 Suze: another month 172 00:09:19,540 --> 00:09:21,620 Suze: in the long run, I think you're going to see 173 00:09:21,620 --> 00:09:24,590 Suze: it go down a lot further. I think we are 174 00:09:24,590 --> 00:09:28,959 Suze: in a downward long term trend just so you know, 175 00:09:29,540 --> 00:09:35,400 Suze: However, listen to my podcast on April 17 on series 176 00:09:35,410 --> 00:09:36,460 Suze: I bonds 177 00:09:36,840 --> 00:09:39,489 Suze: and you might want to put some money in a 178 00:09:39,490 --> 00:09:42,630 Suze: Series I bonds if you don't want to tie up 179 00:09:42,640 --> 00:09:47,179 Suze: your money at all, you then would be purchasing two year, 180 00:09:47,190 --> 00:09:50,390 Suze: three year, five year treasury notes that could pay you 181 00:09:50,390 --> 00:09:54,380 Suze: very close to 3%. So at least you could be 182 00:09:54,380 --> 00:10:00,500 Suze: making some amount of money. Also with $65,000 of savings, 183 00:10:00,510 --> 00:10:03,959 Suze: I would absolutely be taking advantage of 184 00:10:04,440 --> 00:10:08,849 Suze: the ultimate opportunity savings account with Alliant Credit Union, 185 00:10:09,440 --> 00:10:12,900 Suze: you can just take $100 a month, put it in 186 00:10:12,910 --> 00:10:17,500 Suze: every single month into an Alliant Credit union savings account 187 00:10:17,510 --> 00:10:19,250 Suze: through my 188 00:10:19,740 --> 00:10:21,750 Suze: alliant dot com 189 00:10:22,240 --> 00:10:24,390 Suze: and look for me when you go there and you'll 190 00:10:24,390 --> 00:10:27,860 Suze: know then you're in the right place. You put $100 191 00:10:27,860 --> 00:10:29,760 Suze: a month in every month. 192 00:10:30,340 --> 00:10:34,210 Suze: Not only will you earn the .75% interest they're currently 193 00:10:34,210 --> 00:10:35,160 Suze: paying on it, 194 00:10:35,640 --> 00:10:38,460 Suze: But at the end of 12 consecutive payments, 195 00:10:38,840 --> 00:10:45,880 Suze: They'll give you $100, you would need about $18,000 in 196 00:10:45,880 --> 00:10:47,360 Suze: that account today 197 00:10:48,140 --> 00:10:52,760 Suze: to earn $100 of interest. But with $100 bonus, 198 00:10:53,140 --> 00:10:56,370 Suze: You can do it on just $1,200 after one year. 199 00:10:56,380 --> 00:10:59,589 Suze: Listen to the end of this podcast and it tells 200 00:10:59,590 --> 00:11:03,460 Suze: you in detail everything you need to know. But those 201 00:11:03,460 --> 00:11:06,430 Suze: are the things that I would think about doing with 202 00:11:06,440 --> 00:11:07,420 Suze: my money 203 00:11:07,429 --> 00:11:11,490 KT: Now. Suze. Listen carefully. This next question I think you 204 00:11:11,490 --> 00:11:12,550 KT: just answered. 205 00:11:12,740 --> 00:11:14,210 KT: This is from Stephanie 206 00:11:14,340 --> 00:11:17,270 KT: who's also a fellow Gemini. She's turning 207 00:11:17,920 --> 00:11:18,559 KT: she's 208 00:11:18,559 --> 00:11:20,950 KT: Turning 38 years old this week. 209 00:11:21,230 --> 00:11:23,390 Suze: What were you doing at 38, Ms Travis? 210 00:11:23,400 --> 00:11:25,780 KT: Oh my God I was at the height of my 211 00:11:25,780 --> 00:11:28,860 KT: Hong kong amazing career. 212 00:11:29,340 --> 00:11:29,760 KT: I was 213 00:11:29,760 --> 00:11:33,960 KT: on fire at 38. Really unbelievable, 214 00:11:34,340 --> 00:11:35,360 KT: unbelievable. 215 00:11:36,540 --> 00:11:37,480 KT: So anyway 216 00:11:37,490 --> 00:11:39,860 Suze: How come you never asked me back? 217 00:11:40,240 --> 00:11:42,760 KT: What were you doing in 38 Suze. 218 00:11:43,440 --> 00:11:45,849 Suze: Well if you've read any I might. Yes I do 219 00:11:45,850 --> 00:11:48,979 Suze: and I wish I didn't write, I had just been 220 00:11:48,980 --> 00:11:52,550 Suze: ripped off by one of my employees remember that and 221 00:11:52,550 --> 00:11:55,080 Suze: it was a horrible year for me. But that's besides 222 00:11:55,080 --> 00:11:56,610 Suze: the point. Okay 223 00:11:56,610 --> 00:12:00,660 KT: So let's go back to Gemini's ready. So this is Stephanie. 224 00:12:00,740 --> 00:12:04,770 KT: So listen to what she's asking everyone because Suze just 225 00:12:04,770 --> 00:12:06,260 KT: gave her the answer 226 00:12:06,640 --> 00:12:10,750 KT: I want to confirm to ensure I understand correctly. Suze, 227 00:12:10,760 --> 00:12:15,600 KT: should I continue to dollar cost average into the S& 228 00:12:15,740 --> 00:12:21,240 KT: P 500 E. T. F. And individual diversified stocks like 229 00:12:21,240 --> 00:12:24,589 KT: I have been for the last few years meaning she's 230 00:12:24,590 --> 00:12:25,860 KT: following your advice, 231 00:12:26,240 --> 00:12:31,280 KT: I am over 10 years away from retirement and still 232 00:12:31,280 --> 00:12:35,309 KT: have time for my portfolio to bounce back in full 233 00:12:35,309 --> 00:12:37,359 KT: like it has historically. 234 00:12:37,840 --> 00:12:38,350 KT: So 235 00:12:38,350 --> 00:12:39,640 KT: she's 38. 236 00:12:39,650 --> 00:12:40,140 KT: She's 237 00:12:40,140 --> 00:12:41,559 KT: assuming 238 00:12:41,940 --> 00:12:45,990 KT: that that portfolio will bounce back in full 239 00:12:46,000 --> 00:12:46,840 KT: like it has 240 00:12:46,840 --> 00:12:48,059 KT: historically. And 241 00:12:48,059 --> 00:12:50,020 KT: hopefully her assumption will be correct 242 00:12:50,360 --> 00:12:50,640 Suze: because 243 00:12:50,640 --> 00:12:54,540 Suze: usually she should she keep doing that because usually KT 244 00:12:54,540 --> 00:12:59,240 Suze: normally and who knows what normal is anymore. Right from 245 00:12:59,250 --> 00:13:01,540 Suze: the top of the market to the bottom of the 246 00:13:01,540 --> 00:13:04,260 Suze: market till it returns to the top again. Can be 247 00:13:04,260 --> 00:13:06,960 Suze: anywhere from 3.5 to 5 years. 248 00:13:07,440 --> 00:13:11,970 Suze: Right? So it just depends. She has more than 10 years. 249 00:13:11,980 --> 00:13:13,170 Suze: She's fine with 250 00:13:13,170 --> 00:13:13,689 Suze: that. 251 00:13:14,260 --> 00:13:18,060 Suze: Keep it your in the S&P 500. 252 00:13:18,540 --> 00:13:21,230 Suze: Obviously you may know that I like the Vanguard total 253 00:13:21,230 --> 00:13:24,720 Suze: stock market index better than the standard and poor's 500 254 00:13:24,730 --> 00:13:29,090 Suze: index because the vanguard total stock market index E. T. F. 255 00:13:29,100 --> 00:13:33,910 Suze: By the way invest in far more stocks than just 256 00:13:33,910 --> 00:13:35,849 Suze: the standard and Poor's 500. 257 00:13:35,940 --> 00:13:37,770 Suze: So that's why I'd like to go that way. But 258 00:13:37,780 --> 00:13:39,270 Suze: either way you're fine. All right. 259 00:13:39,280 --> 00:13:43,290 KT: Okay. Next question is from Polly. Hi Suze. I'm at 260 00:13:43,290 --> 00:13:47,790 KT: the end of a car lease I owe 20,000 and 261 00:13:47,790 --> 00:13:50,360 KT: I have 8000 of equity in the car. 262 00:13:50,740 --> 00:13:53,860 KT: I decided to buy it even though it's not exactly 263 00:13:53,860 --> 00:13:54,550 KT: what I want. 264 00:13:54,940 --> 00:13:57,840 KT: My question is should I refinance some 265 00:13:57,840 --> 00:13:58,360 KT: of it 266 00:13:58,740 --> 00:14:01,670 KT: Or pay it off and hold onto the money. I 267 00:14:01,670 --> 00:14:05,689 KT: don't have any credit card debt and I have $50,000 268 00:14:05,690 --> 00:14:10,760 KT: in the bank. My monthly living expenses are about $3500. 269 00:14:11,140 --> 00:14:12,250 KT: Thank you, Polly. 270 00:14:12,940 --> 00:14:13,790 Suze: Should that be your quizzie. 271 00:14:14,370 --> 00:14:17,450 KT: um I can guess what she should 272 00:14:17,450 --> 00:14:18,680 KT: do. Yeah, 273 00:14:18,679 --> 00:14:20,180 KT: she should buy the car. 274 00:14:21,740 --> 00:14:22,270 Suze: How? 275 00:14:22,280 --> 00:14:24,860 KT: By financing it or paying it off in full? 276 00:14:25,240 --> 00:14:27,090 KT: I think she should pay it off in full 277 00:14:28,060 --> 00:14:32,760 Suze: (Suze makes the "correct answer sound). We're gonna call this KT's quizzie podcast. 278 00:14:32,980 --> 00:14:35,510 KT: But she only has 50,000 in the bank. 279 00:14:35,520 --> 00:14:38,760 Suze: Yes, but she says in here 280 00:14:39,240 --> 00:14:43,060 Suze: Right that she has 50,000 in the bank and her 281 00:14:43,060 --> 00:14:46,460 Suze: monthly living expenses are $3500. 282 00:14:47,040 --> 00:14:51,989 Suze: So she's close to, if she pays off $20,000 that 283 00:14:51,990 --> 00:14:55,800 Suze: still leaves her $30,000 in the bank. She now doesn't 284 00:14:55,800 --> 00:15:01,090 Suze: have a monthly payment on this car. Number one. Number two. 285 00:15:01,100 --> 00:15:03,260 Suze: If she then still has 286 00:15:03,740 --> 00:15:09,200 Suze: $30,000 in there, she's pretty close to a one-year emergency fund. 287 00:15:09,210 --> 00:15:11,750 Suze: So she could be fine because she would then take 288 00:15:11,750 --> 00:15:14,390 Suze: the money that she would normally be paying for the 289 00:15:14,390 --> 00:15:17,810 Suze: car payment, put it back in her emergency fund and 290 00:15:17,810 --> 00:15:20,260 Suze: before you know it she'll be right back up 291 00:15:20,840 --> 00:15:21,050 Suze: to 292 00:15:21,050 --> 00:15:22,200 Suze: Her $50,000 293 00:15:22,200 --> 00:15:23,960 KT: And you know what else I was thinking 294 00:15:24,340 --> 00:15:24,790 KT: if she 295 00:15:24,790 --> 00:15:28,070 KT: strapped or is in big trouble, the price of cars 296 00:15:28,070 --> 00:15:30,690 KT: right now for even a used car, she could sell it. 297 00:15:30,700 --> 00:15:33,540 Suze: Well, one of the reasons KT that I would want 298 00:15:33,540 --> 00:15:37,450 Suze: her to buy this car right now is she probably 299 00:15:37,450 --> 00:15:39,640 Suze: bought it three years ago or at least it three 300 00:15:39,640 --> 00:15:43,660 Suze: years ago before car prices went so high. 301 00:15:43,840 --> 00:15:44,560 Suze: So her 302 00:15:44,740 --> 00:15:47,650 Suze: buyout price was determined 303 00:15:48,040 --> 00:15:49,360 Suze: three years ago. 304 00:15:49,740 --> 00:15:52,550 Suze: So I'm sure if she bought that car and she 305 00:15:52,550 --> 00:15:55,820 Suze: turned around and sold it right now she could make 306 00:15:55,830 --> 00:16:01,130 Suze: money on it if she wanted to. Absolutely. However, used cars. 307 00:16:01,130 --> 00:16:04,270 Suze: Everybody are starting to come down. So now they will 308 00:16:04,270 --> 00:16:07,680 Suze: start to be more affordable again. Next question, KT 309 00:16:07,690 --> 00:16:09,520 KT: OK. This is from Carla 310 00:16:09,940 --> 00:16:12,920 KT: and this is a sweet question, Suze. How do I 311 00:16:12,920 --> 00:16:17,690 KT: transfer my ira from my bank to a Roth ira. 312 00:16:17,700 --> 00:16:20,960 Suze: You have the most compassionate look on that little face 313 00:16:20,960 --> 00:16:21,380 Suze: of yours, 314 00:16:21,390 --> 00:16:22,540 KT: Tell Carla What to do? 315 00:16:23,140 --> 00:16:27,360 Suze: All right, Carla? Because KT thought this was such, such 316 00:16:27,360 --> 00:16:29,350 Suze: a sweet, innocent question. 317 00:16:30,070 --> 00:16:31,960 Suze: And the one thing that I want all of you 318 00:16:31,960 --> 00:16:33,260 Suze: to understand is 319 00:16:34,140 --> 00:16:37,260 Suze: don't ever be afraid to ask any question 320 00:16:37,640 --> 00:16:38,660 Suze: because I get it. 321 00:16:39,340 --> 00:16:42,080 Suze: That's me. I live with KT. No, 322 00:16:42,080 --> 00:16:45,170 KT: I ask her questions like this all the time. All 323 00:16:45,170 --> 00:16:48,000 KT: day long. I say Suze, what if I wanted to 324 00:16:48,000 --> 00:16:50,780 KT: do this? And she looks at me like, are you crazy? 325 00:16:50,780 --> 00:16:52,870 KT: Don't you know, and I don't 326 00:16:52,880 --> 00:16:53,560 KT: so I'm not 327 00:16:53,560 --> 00:16:54,359 KT: embarrassed. 328 00:16:54,540 --> 00:16:56,040 Suze: There you go. So it's 329 00:16:56,040 --> 00:16:57,230 Suze: important. But 330 00:16:57,230 --> 00:16:59,380 Suze: I never look at you like you're crazy. 331 00:16:59,390 --> 00:17:01,070 KT: No, but sometimes, 332 00:17:01,140 --> 00:17:03,770 KT: you know, I'm never embarrassed and and all my life, 333 00:17:03,770 --> 00:17:07,950 KT: even life before Suze, I was the first one usually 334 00:17:07,950 --> 00:17:10,639 KT: in a room to ask a question. So people are 335 00:17:10,640 --> 00:17:12,020 KT: afraid to ask questions. 336 00:17:12,020 --> 00:17:14,330 Suze: Yeah I want you all to feel free to ask 337 00:17:14,340 --> 00:17:18,520 Suze: any question that you want. Also I'm asking all of 338 00:17:18,520 --> 00:17:21,270 Suze: you to have tremendous patience by the way 339 00:17:21,640 --> 00:17:25,730 Suze: Because I did a webinar about a week ago or 340 00:17:25,730 --> 00:17:30,859 Suze: so and we had 55,000 people in one day. We 341 00:17:30,859 --> 00:17:33,460 Suze: got 6500 questions. 342 00:17:33,840 --> 00:17:37,310 Suze: So it's impossible really everybody for me to keep up 343 00:17:37,320 --> 00:17:40,590 Suze: on all the questions and answer you personally like I 344 00:17:40,590 --> 00:17:44,290 Suze: was doing way back when. So just just know that 345 00:17:44,290 --> 00:17:47,139 Suze: if you want to write in and ask a question, 346 00:17:47,150 --> 00:17:50,610 Suze: either join me on the women and money app by 347 00:17:50,609 --> 00:17:54,450 Suze: going to google player apple apps and download it and there. 348 00:17:54,450 --> 00:17:58,689 Suze: We post a lot of pictures of the family here 349 00:17:58,690 --> 00:18:00,820 Suze: and what we're doing that I do not post on 350 00:18:00,830 --> 00:18:04,770 Suze: instagram or facebook just so you know 351 00:18:05,140 --> 00:18:08,310 Suze: or you can send in a question to ask Suze 352 00:18:08,310 --> 00:18:12,700 Suze: podcast at gmail dot com. And Suze is S U 353 00:18:12,710 --> 00:18:13,859 Suze: Z E. 354 00:18:14,340 --> 00:18:17,109 Suze: And so listen closely because you never know when you're 355 00:18:17,109 --> 00:18:19,460 Suze: going to hear it on this podcast. 356 00:18:20,240 --> 00:18:23,810 Suze: Now, back to Carla, I almost forgot here what I 357 00:18:23,810 --> 00:18:24,770 Suze: was doing. 358 00:18:25,240 --> 00:18:30,649 Suze: Okay Carla, all you have to do is open up 359 00:18:30,660 --> 00:18:35,430 Suze: a Roth ira at the institution, the financial institution that 360 00:18:35,430 --> 00:18:37,960 Suze: you want to have your Roth ira with 361 00:18:38,340 --> 00:18:44,680 Suze: I would suggest either Charles Schwab fidelity td Ameritrade a 362 00:18:44,680 --> 00:18:47,060 Suze: discount brokerage firm like that. 363 00:18:47,940 --> 00:18:51,700 Suze: Then what I would do is after you have done 364 00:18:51,700 --> 00:18:55,920 Suze: that have that company that you set it up with, 365 00:18:55,930 --> 00:19:00,590 Suze: contact your old company where your I. R. A. Is 366 00:19:00,590 --> 00:19:04,159 Suze: from your bank and they will do a custodian to 367 00:19:04,160 --> 00:19:07,670 Suze: custodian transfer where they will take the money 368 00:19:08,040 --> 00:19:12,050 Suze: and have it directly deposited into your Roth I. R. A. 369 00:19:12,060 --> 00:19:13,460 Suze: But please know 370 00:19:14,040 --> 00:19:17,570 Suze: that when you convert money because what you're technically doing 371 00:19:17,570 --> 00:19:21,869 Suze: is converting from a traditional ira that you've never paid 372 00:19:21,869 --> 00:19:24,450 Suze: taxes on to a Roth ira. 373 00:19:24,940 --> 00:19:28,290 Suze: If you convert the entire amount at once you will 374 00:19:28,300 --> 00:19:31,359 Suze: owe taxes on that entire amount. 375 00:19:31,840 --> 00:19:34,889 Suze: If you only convert half you will owe taxes on 376 00:19:34,900 --> 00:19:38,620 Suze: that amount. So just make sure you understand the tax 377 00:19:38,619 --> 00:19:43,250 Suze: ramifications of converting before you do this. 378 00:19:43,260 --> 00:19:46,590 KT: Okay. Next question is similar from Kimberley. 379 00:19:46,940 --> 00:19:50,899 KT: Hi KT and Suze in the recent webinar Suze mentioned 380 00:19:50,900 --> 00:19:55,840 KT: Treasury notes. Can we buy these within a Roth ira 381 00:19:55,850 --> 00:19:56,940 KT: or is it 382 00:19:56,940 --> 00:19:57,670 KT: separate? 383 00:19:58,340 --> 00:19:59,560 Suze: Quizzie time, KT 384 00:19:59,560 --> 00:20:03,810 KT: Totally separate (Suze makes the "wrong answer" sound), 385 00:20:03,820 --> 00:20:10,030 Suze: A Treasury Bill Bonder Note. You can buy in your I. R. A. 386 00:20:10,040 --> 00:20:15,540 Suze: You cannot buy an I Bond within an Ira or 387 00:20:15,550 --> 00:20:16,960 Suze: a Roth Ira. 388 00:20:17,140 --> 00:20:19,640 Suze: So all you have to do to buy a Treasury 389 00:20:19,640 --> 00:20:21,159 Suze: Bill Bond or Note 390 00:20:21,540 --> 00:20:24,859 Suze: and I still think they're fabulous places to put money 391 00:20:25,340 --> 00:20:29,990 Suze: within a retirement account that you want. Absolutely safe and sound. 392 00:20:30,000 --> 00:20:32,700 Suze: And the easiest way to do that is just purchase 393 00:20:32,700 --> 00:20:37,050 Suze: them through your broker wherever you happen to have your 394 00:20:37,050 --> 00:20:38,260 Suze: account set up. 395 00:20:38,270 --> 00:20:41,100 KT: So Suze, the next two questions 396 00:20:41,109 --> 00:20:42,090 KT: Alright are 397 00:20:42,090 --> 00:20:44,660 KT: from June and Justin 398 00:20:44,940 --> 00:20:50,220 KT: interesting, right June and Justin. So these two questions from 399 00:20:50,220 --> 00:20:54,459 KT: two complete strangers are similar and I'll just read the 400 00:20:54,460 --> 00:20:55,260 KT: first one. 401 00:20:55,640 --> 00:21:00,200 KT: Hi Suze, I recently got a promotional email from vanguard 402 00:21:00,210 --> 00:21:05,609 KT: to try their digital robo advisor for free for 90 days. 403 00:21:05,619 --> 00:21:09,570 KT: I know your opinion on personal advisors, which I don't 404 00:21:09,570 --> 00:21:13,160 KT: need to repeat here and then she put in brackets 405 00:21:13,440 --> 00:21:16,170 KT: nobody cares about your money as much as you do. 406 00:21:16,340 --> 00:21:16,780 Suze: Do 407 00:21:16,780 --> 00:21:18,750 Suze: you think a robo advisor is going to care about 408 00:21:18,750 --> 00:21:19,160 Suze: it more? 409 00:21:19,740 --> 00:21:21,220 Suze: Just joking, go on. Okay. 410 00:21:21,220 --> 00:21:25,139 KT: So wait. So however, since you regard Vanguard highly, I 411 00:21:25,140 --> 00:21:27,919 KT: was curious if you might have a different opinion 412 00:21:27,930 --> 00:21:28,630 KT: about 413 00:21:28,640 --> 00:21:33,530 KT: robo advisors and to be fair to Justin, Justin has 414 00:21:33,530 --> 00:21:37,160 KT: been following you Suze since he was 26 now he 415 00:21:37,160 --> 00:21:38,669 KT: is 41 416 00:21:38,740 --> 00:21:41,940 KT: he recently got caught up on your podcast and wants 417 00:21:41,940 --> 00:21:46,350 KT: to know your opinion on robo advisors. There you go 418 00:21:46,359 --> 00:21:47,570 KT: June and Justin. 419 00:21:47,580 --> 00:21:52,130 Suze: So, you have to know the fees that are involved 420 00:21:52,140 --> 00:21:56,050 Suze: with the company that you're doing a Robo advisor with 421 00:21:56,740 --> 00:21:59,939 Suze: And is it worth it for you to do that. 422 00:21:59,950 --> 00:22:03,609 Suze: So here we go June, you before you do this 423 00:22:03,609 --> 00:22:06,630 Suze: with Vanguard because you're not gonna know anything over these 424 00:22:06,630 --> 00:22:07,770 Suze: next three months 425 00:22:08,140 --> 00:22:11,310 Suze: the way, you know, an advisor is a good advisor 426 00:22:11,320 --> 00:22:14,560 Suze: and I don't dislike all financial advisors 427 00:22:15,040 --> 00:22:18,670 Suze: by any means. I've always said if you have a 428 00:22:18,670 --> 00:22:20,770 Suze: great financial advisor, 429 00:22:21,140 --> 00:22:24,050 Suze: right, you should share that name with everybody, you know, 430 00:22:24,740 --> 00:22:28,310 Suze: because they're really worth their weight in gold. But many 431 00:22:28,310 --> 00:22:32,970 Suze: financial advisors are nothing more than salespeople Truthfully that tell 432 00:22:32,970 --> 00:22:36,500 Suze: you to buy variable life, universal life or whole life 433 00:22:36,500 --> 00:22:39,440 Suze: insurance or they put you in mutual funds that have 434 00:22:39,440 --> 00:22:42,800 Suze: a load on it or I could go on and on. 435 00:22:42,810 --> 00:22:44,560 Suze: All right. So 436 00:22:44,940 --> 00:22:48,770 Suze: it's not that I don't like advisors, I just like 437 00:22:48,780 --> 00:22:52,680 Suze: great advisers that care about you more than the money 438 00:22:52,680 --> 00:22:55,350 Suze: that they make, Right? So there we go on that. 439 00:22:56,140 --> 00:22:56,860 Suze: However, 440 00:22:57,340 --> 00:23:00,760 Suze: I would call Vanguard and I would ask them 441 00:23:01,840 --> 00:23:05,860 Suze: What is the fee after the 90 days is up 442 00:23:06,440 --> 00:23:09,640 Suze: Because again, you can't judge them in 90 days and 443 00:23:09,640 --> 00:23:12,380 Suze: they know very well once you start doing something for 444 00:23:12,380 --> 00:23:15,640 Suze: 90 days, you're just probably gonna leave your money there 445 00:23:15,650 --> 00:23:17,660 Suze: and that's how they're gonna make their money. 446 00:23:18,040 --> 00:23:22,080 Suze: So are you better off buying things on your own? 447 00:23:22,090 --> 00:23:24,760 Suze: Like index funds, things like that 448 00:23:25,540 --> 00:23:29,050 Suze: than using a robo advisor that has a fee. 449 00:23:29,440 --> 00:23:33,410 Suze: So the same thing goes with Justin Justin, you should 450 00:23:33,420 --> 00:23:33,960 Suze: ask 451 00:23:34,640 --> 00:23:39,210 Suze: the Robo Advisor that you're interested in what their fee is. Now, 452 00:23:39,210 --> 00:23:40,960 Suze: this is what I can tell you 453 00:23:41,440 --> 00:23:46,090 Suze: when compared to most advisors, robo advisors have been equally 454 00:23:46,090 --> 00:23:47,350 Suze: doing just as great 455 00:23:47,940 --> 00:23:51,119 Suze: just so you know, but my real thing that I 456 00:23:51,119 --> 00:23:53,540 Suze: would love for you to do is to become your 457 00:23:53,550 --> 00:23:58,990 Suze: own advisor, make your own decisions, learn about how to 458 00:23:58,990 --> 00:24:02,550 Suze: do it, what you should do. So that empowers you 459 00:24:02,560 --> 00:24:04,560 Suze: so that you just don't feel like 460 00:24:05,340 --> 00:24:09,450 Suze: you know you're on automatic here. But again, robo advisory 461 00:24:09,450 --> 00:24:12,830 Suze: firms have been doing very well over the long run. 462 00:24:12,840 --> 00:24:16,649 KT: That's good to know because here's a question from Mary 463 00:24:16,660 --> 00:24:20,990 KT: who doesn't have a good advisor in my opinion. Suze, 464 00:24:21,000 --> 00:24:21,960 KT: I'm turning 465 00:24:22,090 --> 00:24:23,209 KT: 72 466 00:24:23,210 --> 00:24:24,270 KT: years old 467 00:24:25,070 --> 00:24:26,810 Suze: 72 everybody - one year older than me 468 00:24:27,490 --> 00:24:28,200 KT: ...being 469 00:24:28,200 --> 00:24:33,670 KT: encouraged. Ready? To get an indexed universal life insurance. 470 00:24:34,240 --> 00:24:38,500 Suze: So you've already answered your question, my dear Mary, in 471 00:24:38,500 --> 00:24:40,660 Suze: that you're being encouraged. 472 00:24:41,040 --> 00:24:45,060 Suze: What does that word encouraged mean? 473 00:24:45,640 --> 00:24:50,250 Suze: You know it's not advised to it's been encouraged and 474 00:24:50,250 --> 00:24:53,119 Suze: when somebody uses that word like you did in this 475 00:24:53,130 --> 00:24:56,620 Suze: email I read into it, I read into it that 476 00:24:56,619 --> 00:24:59,370 Suze: you have an advisor that keeps telling you to do 477 00:24:59,369 --> 00:25:01,410 Suze: this and you don't want to do it. So they 478 00:25:01,410 --> 00:25:04,320 Suze: keep encouraging you to do it over and over again. 479 00:25:04,320 --> 00:25:05,460 Suze: But your gut 480 00:25:05,640 --> 00:25:08,460 Suze: is telling you don't do it 481 00:25:09,340 --> 00:25:12,969 Suze: At the age of 72, Why do you need a 482 00:25:12,970 --> 00:25:15,060 Suze: life insurance policy at all? 483 00:25:15,540 --> 00:25:19,250 Suze: There's a cost to life insurance. A company just doesn't 484 00:25:19,250 --> 00:25:22,100 Suze: give you a death benefit because they're nice to you, 485 00:25:22,109 --> 00:25:25,949 Suze: you pay them to have that death benefit. 486 00:25:26,640 --> 00:25:29,750 Suze: So is there a reason at the age of 72 487 00:25:29,760 --> 00:25:31,770 Suze: you should have a death benefit? 488 00:25:32,240 --> 00:25:35,420 Suze: And because you are older and I can say that 489 00:25:35,420 --> 00:25:38,320 Suze: now because you're only one year older than me. So 490 00:25:38,320 --> 00:25:42,889 Suze: but because we are older now, our insurance, the cost 491 00:25:42,900 --> 00:25:45,050 Suze: of insurance within any 492 00:25:45,440 --> 00:25:50,460 Suze: Insurance policy is going to be higher so I wouldn't 493 00:25:50,460 --> 00:25:52,750 Suze: be doing this and why wouldn't touch it with a 494 00:25:52,750 --> 00:25:57,409 Suze: 10-foot pole. But you already know that. Why don't you 495 00:25:57,410 --> 00:25:59,540 Suze: ask your advisor if you do it, how much commission 496 00:25:59,540 --> 00:26:02,060 Suze: they're gonna make? Just try that one on for size. 497 00:26:02,070 --> 00:26:02,960 Suze: Alright go on. 498 00:26:03,740 --> 00:26:06,490 KT: This is from Angela with the state of the economy 499 00:26:06,490 --> 00:26:09,510 KT: and stock market would it be best to draw the 500 00:26:09,510 --> 00:26:12,710 KT: money out of my 401K and put it in a 501 00:26:12,710 --> 00:26:14,359 KT: regular savings account. 502 00:26:14,840 --> 00:26:18,399 KT: I'm 59. My husband is on disability. We're trying to 503 00:26:18,400 --> 00:26:22,040 KT: help my mom and his dad. So we're usually strapped 504 00:26:22,040 --> 00:26:26,739 KT: for money. We can't afford to lose my 401K. Even 505 00:26:26,740 --> 00:26:28,760 KT: though it's not a large amount. 506 00:26:29,240 --> 00:26:29,690 KT: So 507 00:26:29,700 --> 00:26:30,560 KT: there you go 508 00:26:30,940 --> 00:26:34,410 Suze: Angela. It is true with the state of this economy 509 00:26:34,410 --> 00:26:35,860 Suze: and the stock market, 510 00:26:36,640 --> 00:26:39,520 Suze: I would be staying away from stocks right now because 511 00:26:39,520 --> 00:26:42,669 Suze: it seems like you really really need this money 512 00:26:43,140 --> 00:26:46,280 Suze: And you may need it sooner than later and you 513 00:26:46,280 --> 00:26:49,260 Suze: want to keep it 100% safe and sound 514 00:26:49,640 --> 00:26:54,550 Suze: Within your 401K. The first question is is there an 515 00:26:54,550 --> 00:26:59,150 Suze: investment within your 401K. Where you could invest this money 516 00:26:59,160 --> 00:27:01,550 Suze: and keep it safe and sound 517 00:27:02,240 --> 00:27:04,629 Suze: there might be a money market account. There might be 518 00:27:04,630 --> 00:27:07,160 Suze: something like that. If there is not 519 00:27:07,840 --> 00:27:12,380 Suze: and you are not working anymore for this company, then 520 00:27:12,390 --> 00:27:15,760 Suze: I would be doing an ira rollover with it 521 00:27:16,140 --> 00:27:18,340 Suze: because you don't want to pay taxes on this money 522 00:27:18,340 --> 00:27:21,580 Suze: right now. You're still too young to be taking money 523 00:27:21,590 --> 00:27:24,740 Suze: out of it At this point in time, I would 524 00:27:24,740 --> 00:27:28,480 Suze: do an IRA rollover with it at a discount brokerage 525 00:27:28,480 --> 00:27:34,320 Suze: firm such as Td Ameritrade Fidelity, um, Schwab e- trade, 526 00:27:34,320 --> 00:27:39,129 Suze: whatever it may be. And within there you could buy 527 00:27:39,140 --> 00:27:43,950 Suze: certificates of deposit or you could buy treasury notes or bills. 528 00:27:43,960 --> 00:27:46,770 Suze: If you are still working for this company, 529 00:27:47,140 --> 00:27:50,960 Suze: then ask your HR person, can you do a partial 530 00:27:50,960 --> 00:27:56,170 Suze: distribution or can you do a distribution from this? 401k. 531 00:27:56,180 --> 00:27:59,980 Suze: Into an ira rollover while you are still working with 532 00:27:59,980 --> 00:28:00,460 Suze: them 533 00:28:00,840 --> 00:28:04,560 Suze: and do what I said to do a few seconds ago. 534 00:28:05,040 --> 00:28:07,859 Suze: But if you can't afford to lose any money, 535 00:28:08,740 --> 00:28:11,139 Suze: it should not be in the stock market at all 536 00:28:11,150 --> 00:28:12,590 Suze: at this point in time. 537 00:28:12,609 --> 00:28:16,010 KT: Okay, here we go. Everybody. Guess what time it is. 538 00:28:16,020 --> 00:28:16,250 KT: It 539 00:28:16,260 --> 00:28:22,360 Suze: is quizzie time. Now, KT and everybody listening. Because this 540 00:28:22,359 --> 00:28:25,060 Suze: quizzie is not just for KT. It's for all of you. 541 00:28:25,640 --> 00:28:28,190 Suze: This is a different kind of quizzie. 542 00:28:29,640 --> 00:28:31,790 Suze: This is a quizzie. W here I want all of 543 00:28:31,790 --> 00:28:34,350 Suze: you to pretend you're me, 544 00:28:34,840 --> 00:28:38,670 Suze: poor things. Anyway, pretend that you're me 545 00:28:39,040 --> 00:28:41,050 Suze: and people ask 546 00:28:41,540 --> 00:28:45,890 Suze: me and now you a question that really has more 547 00:28:45,890 --> 00:28:50,360 Suze: to do with life and decisions than just money 548 00:28:50,840 --> 00:28:53,260 Suze: because the one great thing about the Women and Money 549 00:28:53,260 --> 00:28:57,500 Suze: podcast is it's not just about money. It's about life, 550 00:28:57,510 --> 00:29:02,060 Suze: it's about relationships. It's about your fears of life. Everything 551 00:29:02,540 --> 00:29:04,550 Suze: because that makes up 552 00:29:05,240 --> 00:29:07,670 Suze: your true wealth. If you ask me. 553 00:29:08,140 --> 00:29:11,180 Suze: So here is your quizzie. And you're going to have 554 00:29:11,180 --> 00:29:12,410 Suze: to think about this KT. 555 00:29:12,420 --> 00:29:14,510 KT: Okay, We're all going to put on Suze hats. 556 00:29:14,650 --> 00:29:17,170 Suze: Hi, Suze and KT. 557 00:29:17,740 --> 00:29:20,630 Suze: I really need your advice as I'm stuck in what 558 00:29:20,630 --> 00:29:22,960 Suze: feels like a hopeless situation. 559 00:29:23,940 --> 00:29:25,050 Suze: I am 60 560 00:29:25,740 --> 00:29:32,850 Suze: divorced and retired in 2016. Unfortunately, before I found your advice, 561 00:29:33,340 --> 00:29:39,060 Suze: I own my home with no mortgage. It's worth $300,000. 562 00:29:39,940 --> 00:29:41,670 Suze: The house is more than I need 563 00:29:42,040 --> 00:29:44,660 Suze: and I would like to downsize and move to a 564 00:29:44,660 --> 00:29:47,260 Suze: warmer climate. But I feel trapped. 565 00:29:48,940 --> 00:29:53,940 Suze: My mother is 82 and lives independently nearby in her 566 00:29:53,950 --> 00:29:55,860 Suze: own large home. 567 00:29:56,440 --> 00:29:59,450 Suze: She leans on me a lot and needs my help 568 00:29:59,460 --> 00:30:03,060 Suze: for driving her and various things around the house. 569 00:30:03,440 --> 00:30:07,270 Suze: She wants to stay there at least until her cat dies. 570 00:30:07,640 --> 00:30:11,950 Suze: I really want to sell while the housing market is up. 571 00:30:11,960 --> 00:30:13,960 Suze: But I feel too guilty 572 00:30:14,340 --> 00:30:16,860 Suze: to move to another part of the country. 573 00:30:17,240 --> 00:30:20,220 Suze: I don't want to sell and rent here because I 574 00:30:20,220 --> 00:30:22,760 Suze: don't want to spend money on renting. 575 00:30:24,040 --> 00:30:27,070 Suze: Also, I could not live in the same house with 576 00:30:27,070 --> 00:30:31,660 Suze: my mother as I would become a raving maniac. Should 577 00:30:31,660 --> 00:30:35,310 Suze: I go ahead with my plans? Please help me Suze. 578 00:30:35,320 --> 00:30:40,170 Suze: I value your advice. Thanks for all you and KT do. 579 00:30:40,840 --> 00:30:46,220 KT: That is not difficult to answer Suze. She's 60 years old. 580 00:30:46,230 --> 00:30:50,070 KT: You've got to put yourself first. You need to make 581 00:30:50,070 --> 00:30:54,270 KT: yourself a happy camper in order to even have a 582 00:30:54,270 --> 00:30:59,560 KT: future happy relationship with your mom. Do not feel guilty, 583 00:30:59,640 --> 00:31:00,959 KT: sell the house, 584 00:31:01,140 --> 00:31:04,690 KT: move to Florida where we live, which is great. And 585 00:31:04,690 --> 00:31:07,210 KT: guess what? Your mom's going to buy a little cat 586 00:31:07,220 --> 00:31:10,760 KT: carrier and come and visit you when it's freezing in 587 00:31:10,760 --> 00:31:14,850 KT: that big house. You need to live your own life. 588 00:31:14,850 --> 00:31:20,060 KT: You absolutely, you'll regret and you'll be miserable along with 589 00:31:20,340 --> 00:31:23,490 KT: you know the relationship you have right now with your mom, 590 00:31:23,500 --> 00:31:26,850 KT: you need to put yourself first. End of story. 591 00:31:27,640 --> 00:31:29,040 KT: End of story Suze. 592 00:31:29,040 --> 00:31:32,540 Suze: God, that you so surprised me with that answer. 593 00:31:32,540 --> 00:31:34,300 KT: No, I believe that 594 00:31:34,310 --> 00:31:36,820 Suze: there's no right or wrong answer by the way for 595 00:31:36,820 --> 00:31:38,310 Suze: this situation. Everybody, I 596 00:31:38,310 --> 00:31:41,200 KT: think that that you have to be true to yourself. 597 00:31:41,200 --> 00:31:44,560 KT: I'm learning that as I get older and older and older. 598 00:31:44,560 --> 00:31:46,560 KT: That if you cannot 599 00:31:47,040 --> 00:31:47,270 KT: put 600 00:31:47,270 --> 00:31:51,350 KT: yourself first and your needs and your happiness and your 601 00:31:51,350 --> 00:31:54,270 KT: peace of mind, you can't share that with others. 602 00:31:54,280 --> 00:31:56,360 Suze: But how do you think she would feel 603 00:31:56,840 --> 00:31:59,540 Suze: if she sells her house she goes and she moves 604 00:31:59,550 --> 00:32:02,570 Suze: and now her mother gets sick. Now there's nobody to 605 00:32:02,570 --> 00:32:05,520 Suze: take care of her mom. Then you know her mom 606 00:32:05,520 --> 00:32:06,510 Suze: hurts herself. 607 00:32:06,520 --> 00:32:09,870 KT: No. Her mother sounds like she's stubborn. She doesn't want 608 00:32:09,870 --> 00:32:14,270 KT: to move from a big house or even consider relocating 609 00:32:14,740 --> 00:32:17,520 KT: because the cat comes before her daughter. That's how I 610 00:32:17,520 --> 00:32:18,160 KT: read it. 611 00:32:18,640 --> 00:32:21,920 KT: There you go. Comes 612 00:32:21,920 --> 00:32:24,160 KT: before her daughter 613 00:32:24,740 --> 00:32:29,080 KT: And this daughter really she's 60 years old. She's divorced, 614 00:32:29,090 --> 00:32:32,630 KT: live again. You're still young. 615 00:32:32,640 --> 00:32:33,160 KT: Put 616 00:32:33,160 --> 00:32:36,340 KT: yourself first. And if mom gets sick or mom needs 617 00:32:36,340 --> 00:32:39,010 KT: help guess what? Get on a plane and come back 618 00:32:39,010 --> 00:32:40,160 KT: and help her for a week, 619 00:32:41,040 --> 00:32:43,300 KT: move her out to where you are. 620 00:32:47,940 --> 00:32:48,560 Suze: Here's what I would have answered this quizzie. 621 00:32:49,150 --> 00:32:52,270 Suze: I would have said you're an adult and your mother 622 00:32:52,270 --> 00:32:52,860 Suze: is an adult 623 00:32:53,640 --> 00:32:56,060 Suze: and you need to sit down with her 624 00:32:56,440 --> 00:32:59,560 Suze: and you need to tell her how you're feeling. 625 00:33:00,140 --> 00:33:02,960 Suze: You need together to make a plan. 626 00:33:03,340 --> 00:33:06,460 Suze: And I just think if your mother could give you 627 00:33:06,460 --> 00:33:09,160 Suze: her blessings and say okay honey 628 00:33:09,540 --> 00:33:12,920 Suze: do that. It would make it easier on you because 629 00:33:12,920 --> 00:33:14,850 Suze: then you wouldn't feel so guilty 630 00:33:15,340 --> 00:33:19,860 Suze: if she begs you not to go and says things 631 00:33:19,860 --> 00:33:20,560 Suze: like that. 632 00:33:21,040 --> 00:33:23,020 Suze: Then you have to figure out what you need to 633 00:33:23,020 --> 00:33:24,550 Suze: say back to her. 634 00:33:25,330 --> 00:33:27,959 Suze: You need to say mom come with me, 635 00:33:28,440 --> 00:33:32,410 Suze: let's both relocate. Let's both go to some place and 636 00:33:32,410 --> 00:33:36,040 Suze: take advantage of this high real estate market and things 637 00:33:36,040 --> 00:33:36,959 Suze: like that. 638 00:33:37,940 --> 00:33:42,120 Suze: But I think this is a question that nobody can 639 00:33:42,120 --> 00:33:44,360 Suze: answer for you but you 640 00:33:44,740 --> 00:33:47,500 Suze: because you're the one who has to live with the 641 00:33:47,500 --> 00:33:52,610 Suze: ramifications of your decisions and you have to feel really 642 00:33:52,610 --> 00:33:55,780 Suze: good about them because otherwise you're going to sell your house, 643 00:33:55,790 --> 00:33:59,020 Suze: you're gonna move your mother's gonna make you feel guilty 644 00:33:59,020 --> 00:34:00,850 Suze: every single time you talk to her 645 00:34:01,240 --> 00:34:04,180 Suze: and somehow you're not going to end up enjoying the 646 00:34:04,180 --> 00:34:05,670 Suze: fact that you did this. 647 00:34:06,140 --> 00:34:10,200 Suze: So you have to come to a decision with your 648 00:34:10,200 --> 00:34:13,110 Suze: mother as to how are both of you going to 649 00:34:13,110 --> 00:34:16,060 Suze: live your lives as you get older 650 00:34:17,340 --> 00:34:19,670 Suze: as to what you should do with it 651 00:34:20,239 --> 00:34:22,549 Suze: and go from there. 652 00:34:23,040 --> 00:34:26,030 Suze: But there's no right or wrong answer to this question. 653 00:34:26,030 --> 00:34:28,050 KT: Stand in your truth, 654 00:34:28,440 --> 00:34:29,850 KT: stand in your truth. 655 00:34:31,140 --> 00:34:32,060 KT: Think about it. 656 00:34:32,440 --> 00:34:34,810 Suze: I know that KT but she can stand in her 657 00:34:34,810 --> 00:34:38,830 Suze: truth and still tell her mother what her truth is 658 00:34:38,840 --> 00:34:42,760 KT: and her truth is that she really wants a change 659 00:34:42,770 --> 00:34:43,859 KT: in her life. 660 00:34:44,340 --> 00:34:48,290 Suze: I get that KT, I get that. But as adults 661 00:34:48,300 --> 00:34:50,760 Suze: and they're both serious adults right now, 662 00:34:51,340 --> 00:34:54,590 Suze: you need to have a conversation with your mom. 663 00:34:54,600 --> 00:34:57,110 KT: I agree with that. And if your mom doesn't want 664 00:34:57,110 --> 00:35:01,230 KT: to listen or share or communicate, then you have to 665 00:35:01,230 --> 00:35:03,969 KT: make that decision. That's right for you. 666 00:35:07,640 --> 00:35:09,910 Suze: I... I don't know what to say to that and 667 00:35:09,910 --> 00:35:12,050 Suze: I don't know what to say that only because I'm 668 00:35:12,050 --> 00:35:16,250 Suze: now replaying the podcast that I did on my birthday 669 00:35:16,260 --> 00:35:17,860 Suze: and the regrets that I had 670 00:35:18,340 --> 00:35:21,900 Suze: right and my my main regret was I didn't understand 671 00:35:21,900 --> 00:35:24,620 Suze: what my mother was going through. So that's all I'm 672 00:35:24,620 --> 00:35:27,279 Suze: gonna say. You might want to listen to that podcast 673 00:35:27,290 --> 00:35:32,210 Suze: and make your decision from there. Alright, everybody now on 674 00:35:32,210 --> 00:35:33,460 Suze: Sunday 675 00:35:34,040 --> 00:35:35,930 Suze: we're gonna have Suze School. 676 00:35:36,150 --> 00:35:37,270 KT: What are you going to talk about? 677 00:35:37,270 --> 00:35:40,980 Suze: It's gonna be kind of a technical Suze School 678 00:35:41,070 --> 00:35:42,189 KT: and what topic 679 00:35:42,200 --> 00:35:46,250 Suze: may be dividend, paying stocks and how they really work, 680 00:35:46,250 --> 00:35:48,350 Suze: because I don't think people understand that 681 00:35:48,739 --> 00:35:52,759 Suze: or I'm really in to people knowing 682 00:35:53,140 --> 00:35:56,170 Suze: triggers in the market that they should look for 683 00:35:56,940 --> 00:36:00,109 Suze: that will indicate for them if they should sell or 684 00:36:00,110 --> 00:36:02,450 Suze: buy or what they should do if they're in a 685 00:36:02,450 --> 00:36:05,710 Suze: situation where they either have money to invest or they 686 00:36:05,710 --> 00:36:08,250 Suze: need money from stocks that they have 687 00:36:09,530 --> 00:36:10,670 KT: do both. 688 00:36:10,690 --> 00:36:12,660 Suze: I don't know if I have enough time and 689 00:36:12,660 --> 00:36:17,530 KT: do dividends first and then go into the triggers because 690 00:36:17,530 --> 00:36:20,930 KT: not a lot of people people ask Suze all the time, 691 00:36:20,930 --> 00:36:21,850 KT: what should I do? 692 00:36:22,700 --> 00:36:25,149 Suze: And by the way, I'm just going to go back 693 00:36:25,150 --> 00:36:27,710 Suze: to this for one more second for those of you 694 00:36:27,710 --> 00:36:30,090 Suze: because I do look at all the emails that come 695 00:36:30,090 --> 00:36:31,250 Suze: in or I try to 696 00:36:31,730 --> 00:36:35,549 Suze: those of you that are asking really long questions about 697 00:36:35,550 --> 00:36:39,910 Suze: your own personal portfolio. What do I think about this E. T. F. 698 00:36:39,910 --> 00:36:41,990 Suze: This mutual fund, this thing that you have. How are 699 00:36:41,989 --> 00:36:46,029 Suze: you please don't write that because I can't answer them. 700 00:36:46,040 --> 00:36:50,620 Suze: There's no way I can answer that. So I wish 701 00:36:50,620 --> 00:36:54,250 Suze: I could be every one of yours' Personal financial advisor, 702 00:36:54,730 --> 00:36:58,760 Suze: you never know one day I may artificially intelligent myself 703 00:36:58,770 --> 00:37:03,660 Suze: to do that. You never know, right. But but there's 704 00:37:03,660 --> 00:37:06,310 Suze: no way for me to do that. I just want 705 00:37:06,310 --> 00:37:08,850 Suze: you to know. But I am so grateful that you 706 00:37:08,850 --> 00:37:13,750 Suze: take the time to write in. Alright? So until Sunday, KT, 707 00:37:14,130 --> 00:37:15,620 Suze: what do we want to say to everybody? 708 00:37:15,620 --> 00:37:17,420 KT: Be safe, strong and 709 00:37:17,420 --> 00:37:20,920 Suze: secure. We love you all so much. See you then. 710 00:37:20,920 --> 00:37:21,310 Suze: Bye bye. 711 00:37:21,310 --> 00:37:22,670 KT: Bye. 712 00:37:24,230 --> 00:37:24,460 MUSIC: (Music Out)