1 00:00:40,869 --> 00:00:45,599 Suze: June 16th, 2024. Welcome everybody to the Women and Money 2 00:00:45,610 --> 00:00:49,970 Suze: podcast as well as everybody smart enough to be here. 3 00:00:50,668 --> 00:00:55,630 Suze: And today is Father's Day. So if you happen to 4 00:00:55,639 --> 00:01:00,880 Suze: be listening on June 16th for all of you fathers 5 00:01:00,889 --> 00:01:01,840 Suze: out there, 6 00:01:02,880 --> 00:01:06,889 Suze: we send our love to you, our appreciation to you 7 00:01:07,620 --> 00:01:13,199 Suze: and really hope that you also are part of those 8 00:01:13,209 --> 00:01:18,550 Suze: smart enough to listen to this podcast. And one of 9 00:01:18,559 --> 00:01:24,349 Suze: the reasons is this a parent, whether it be a mother, 10 00:01:24,360 --> 00:01:26,959 Suze: a father, whatever your identity, 11 00:01:28,360 --> 00:01:35,209 Suze: but a parent has a tremendous responsibility, not only to 12 00:01:35,220 --> 00:01:36,339 Suze: their Children 13 00:01:37,099 --> 00:01:40,569 Suze: to make sure that they are ok financially speaking, in 14 00:01:40,580 --> 00:01:44,179 Suze: case anything happens to one of the parents or both 15 00:01:44,190 --> 00:01:45,099 Suze: of the parents, 16 00:01:45,879 --> 00:01:47,459 Suze: but a parent 17 00:01:48,319 --> 00:01:51,209 Suze: who happens to be a spouse 18 00:01:52,089 --> 00:01:59,599 Suze: has a tremendous responsibility as well to their spouse to 19 00:01:59,610 --> 00:02:05,150 Suze: make sure that again, if anything were to happen to 20 00:02:05,160 --> 00:02:11,669 Suze: anybody that everybody would be ok financially speaking, 21 00:02:12,190 --> 00:02:16,198 Suze: and this holds true for everyone, whether you are a 22 00:02:16,210 --> 00:02:21,660 Suze: parent or married without kids or even if you are 23 00:02:21,669 --> 00:02:23,169 Suze: just single. 24 00:02:24,059 --> 00:02:26,660 Suze: Now, I know today is supposed to be Suze School 25 00:02:27,199 --> 00:02:29,320 Suze: and I know that I said to all of you 26 00:02:29,330 --> 00:02:32,720 Suze: that I would do a thing on the split of NVIDIA. 27 00:02:33,369 --> 00:02:37,070 Suze: But I just can't, I can't do that today 28 00:02:37,809 --> 00:02:44,509 Suze: because I just spent two hours the other day on 29 00:02:44,520 --> 00:02:49,589 Suze: the phone with a woman who lost the father of 30 00:02:49,600 --> 00:02:55,339 Suze: her Children, her spouse very unexpectedly, just six months ago 31 00:02:56,758 --> 00:03:01,500 Suze: and was making such mistakes, in my opinion, with her money. 32 00:03:01,830 --> 00:03:06,399 Suze: It's not even funny. So I just want to tell 33 00:03:06,410 --> 00:03:07,820 Suze: you this story 34 00:03:08,570 --> 00:03:12,289 Suze: and I wanna share with you why this upset me 35 00:03:12,300 --> 00:03:15,779 Suze: so much and that this is the story that I'm 36 00:03:15,788 --> 00:03:20,190 Suze: choosing to tell on this Father's Day. 37 00:03:21,360 --> 00:03:24,160 Suze: Now, maybe some of you remember 38 00:03:24,979 --> 00:03:29,160 Suze: the podcast that I did, which was don't become partners 39 00:03:29,169 --> 00:03:33,350 Suze: with Uncle Sam. And in that podcast, 40 00:03:34,190 --> 00:03:38,009 Suze: I talked to a woman who had just lost her 41 00:03:38,020 --> 00:03:40,889 Suze: husband at that point. I think it was three months 42 00:03:41,339 --> 00:03:45,789 Suze: prior to that podcast. And I wanted her to know 43 00:03:45,800 --> 00:03:47,800 Suze: that it was really, really me 44 00:03:48,690 --> 00:03:53,820 Suze: because she wrote me on Ask Suze Podcast at gmail.com, 45 00:03:53,830 --> 00:03:55,149 Suze: which all of you can. 46 00:03:55,839 --> 00:03:58,740 Suze: And she told me her story. I happened to read 47 00:03:58,750 --> 00:04:02,220 Suze: it and I was so moved by the story. I 48 00:04:02,229 --> 00:04:04,899 Suze: wanted to talk to her in person. 49 00:04:05,779 --> 00:04:06,320 Suze: So 50 00:04:07,029 --> 00:04:09,649 Suze: I got her phone number, she gave it to me. 51 00:04:09,660 --> 00:04:14,210 Suze: I called her And the first thing she essentially said was, well, 52 00:04:14,220 --> 00:04:16,329 Suze: how do I know that this is really you? 53 00:04:17,390 --> 00:04:18,609 Suze: And she was right. 54 00:04:19,308 --> 00:04:22,709 Suze: And I said, listen, I need to prove to you 55 00:04:22,718 --> 00:04:26,889 Suze: that it is me because with artificial intelligence and all 56 00:04:26,898 --> 00:04:30,009 Suze: these things that are going on, you never really know 57 00:04:30,019 --> 00:04:33,078 Suze: if you are really you or if what you're seeing 58 00:04:33,088 --> 00:04:35,389 Suze: is really who you think you're seeing or what they're 59 00:04:35,398 --> 00:04:38,278 Suze: saying is really who you think is saying it. So 60 00:04:38,289 --> 00:04:40,729 Suze: you have to be really, really clear. 61 00:04:41,470 --> 00:04:45,859 Suze: So I said to her, I know on this podcast 62 00:04:45,869 --> 00:04:48,600 Suze: which I did, which was going to be that Sunday. 63 00:04:49,250 --> 00:04:53,549 Suze: Don't be Partners with Uncle Sam. It's great podcast. You 64 00:04:53,559 --> 00:04:56,329 Suze: better all listen to it. By the way, I said, 65 00:04:56,339 --> 00:04:58,790 Suze: listen to it and I'll say your name and everything 66 00:04:58,799 --> 00:05:02,320 Suze: on the podcast and then you'll really know that it's me. 67 00:05:02,329 --> 00:05:06,589 Suze: All right. I did that. And then after that, I 68 00:05:06,600 --> 00:05:10,808 Suze: spent a long time on the phone with her, 69 00:05:11,750 --> 00:05:16,409 Suze: really telling her exactly what I wanted her to do 70 00:05:16,738 --> 00:05:20,350 Suze: and what I did not want her to do. 57 71 00:05:20,359 --> 00:05:27,308 Suze: year old woman has four Children, ages about 21, 18, I 72 00:05:27,320 --> 00:05:29,609 Suze: think 16 and 12, somewhere in there. 73 00:05:30,609 --> 00:05:34,390 Suze: And her husband, three months prior to the first time 74 00:05:34,399 --> 00:05:38,760 Suze: of us talking unexpectedly just died. 75 00:05:39,940 --> 00:05:43,529 Suze: And here she is three months later and she was 76 00:05:43,540 --> 00:05:51,719 Suze: left a significant amount of money through life insurance policies, 77 00:05:52,260 --> 00:05:58,058 Suze: term insurance. And she was left to the tune of 78 00:05:58,070 --> 00:06:04,519 Suze: $7 million. Now, this woman has never dealt with $7 79 00:06:04,529 --> 00:06:06,040 Suze: million in her life 80 00:06:06,779 --> 00:06:09,519 Suze: and that is a lot of money 81 00:06:10,500 --> 00:06:13,109 Suze: and what I essentially told her 82 00:06:13,820 --> 00:06:17,619 Suze: and I want to tell all of you the exact 83 00:06:17,630 --> 00:06:21,079 Suze: same thing. So you are to take out your Suze 84 00:06:21,089 --> 00:06:24,178 Suze: notebooks and you are to write this down and you 85 00:06:24,190 --> 00:06:25,738 Suze: are to never forget 86 00:06:26,649 --> 00:06:28,859 Suze: that I have said this to you 87 00:06:29,720 --> 00:06:32,549 Suze: because when it happens to you, if it ever happens 88 00:06:32,559 --> 00:06:34,369 Suze: to you, and I can only pray that it never 89 00:06:34,380 --> 00:06:35,369 Suze: happens to you. 90 00:06:36,420 --> 00:06:41,200 Suze: You want to do what I'm about to say to you. 91 00:06:42,850 --> 00:06:45,419 Suze: So what I essentially said to her 92 00:06:46,109 --> 00:06:51,369 Suze: is that listen, you are to do nothing other than 93 00:06:51,380 --> 00:06:55,049 Suze: keep this money safe and sound 94 00:06:56,859 --> 00:07:00,230 Suze: except obviously pay off debts and things like that, but 95 00:07:00,238 --> 00:07:02,190 Suze: nothing besides that 96 00:07:02,920 --> 00:07:07,149 Suze: for at least six months, one year or two years 97 00:07:07,269 --> 00:07:10,459 Suze: after suffering the loss of a loved one. 98 00:07:11,390 --> 00:07:13,600 Suze: And then I went on to talk to her about 99 00:07:13,609 --> 00:07:16,470 Suze: this and said, you know, chances are, it's gonna be 100 00:07:16,480 --> 00:07:21,690 Suze: at least two years, maybe three years for you to 101 00:07:21,700 --> 00:07:25,399 Suze: feel like yourself again. And you may feel like you 102 00:07:25,410 --> 00:07:28,540 Suze: are making the right decisions and that you know what 103 00:07:28,549 --> 00:07:30,720 Suze: you're doing when it comes to money that you've never 104 00:07:30,730 --> 00:07:33,329 Suze: handled before. But I'm here to tell you, 105 00:07:34,209 --> 00:07:37,959 Suze: you are not in your body, you will get taken 106 00:07:37,970 --> 00:07:42,329 Suze: advantage of possibly, but you will not be doing that, 107 00:07:42,339 --> 00:07:46,040 Suze: which you should be doing with this money. 108 00:07:46,679 --> 00:07:50,578 Suze: So she had it in a few places already, which 109 00:07:50,589 --> 00:07:54,739 Suze: I was not happy about. But anyway, I had her 110 00:07:54,750 --> 00:07:57,940 Suze: contact those banks where the money was 111 00:07:58,920 --> 00:08:04,140 Suze: and put it in a major brokerage discount firm in 112 00:08:04,149 --> 00:08:10,399 Suze: their money market account all $7 million of it in 113 00:08:10,410 --> 00:08:13,420 Suze: a treasury money market account. Ok. 114 00:08:14,429 --> 00:08:16,929 Suze: And I said to her you are to do nothing, 115 00:08:17,420 --> 00:08:20,200 Suze: do not touch this money. You are just gonna let 116 00:08:20,209 --> 00:08:22,920 Suze: it sit there. You are going to make between four 117 00:08:22,929 --> 00:08:26,369 Suze: and 5% on it. Don't worry, interest rates aren't gonna 118 00:08:26,380 --> 00:08:30,089 Suze: go down so quickly right now. Just I care more 119 00:08:30,100 --> 00:08:34,329 Suze: about you and keeping the money safe rather than what 120 00:08:34,340 --> 00:08:35,809 Suze: you should invest it in. 121 00:08:36,590 --> 00:08:39,608 Suze: So she did that and I was so happy and 122 00:08:39,619 --> 00:08:42,450 Suze: that was that I wasn't thinking about it. And then 123 00:08:42,460 --> 00:08:46,400 Suze: just the other day I get an email from her 124 00:08:46,969 --> 00:08:51,770 Suze: and she tells me that at this brokerage firm 125 00:08:52,700 --> 00:08:54,728 Suze: and it's one that all of, you know, by the 126 00:08:54,739 --> 00:08:57,719 Suze: way that I mentioned many times on the women and 127 00:08:57,729 --> 00:09:03,739 Suze: money podcast at this brokerage firm, somebody contacted her 128 00:09:04,590 --> 00:09:13,190 Suze: and he had her put $2.4 million in two annuities, 129 00:09:13,960 --> 00:09:22,260 Suze: 1.5 million in one, 900,000 in another. He left $1.5 million 130 00:09:22,359 --> 00:09:23,880 Suze: in the money market account 131 00:09:24,929 --> 00:09:27,299 Suze: so that when she wanted to buy a house, it 132 00:09:27,309 --> 00:09:29,070 Suze: would be there for her. But that's what I had 133 00:09:29,080 --> 00:09:30,909 Suze: already instructed her to do. 134 00:09:31,780 --> 00:09:34,280 Suze: And the rest of the money he was going to 135 00:09:34,289 --> 00:09:38,000 Suze: put it in stocks and bonds and that's what he did. 136 00:09:39,460 --> 00:09:42,500 Suze: And I said to this woman, I need to talk 137 00:09:42,510 --> 00:09:42,880 Suze: to you. 138 00:09:43,609 --> 00:09:46,429 Suze: Are you up for a talk with me again? 139 00:09:47,270 --> 00:09:48,520 Suze: And she said sure. 140 00:09:49,320 --> 00:09:55,359 Suze: So the other day on Friday, I spent two hours 141 00:09:55,369 --> 00:09:58,260 Suze: on the phone with this woman 142 00:09:59,039 --> 00:10:04,809 Suze: because I felt like she deserves that. She lost her husband. 143 00:10:04,820 --> 00:10:08,030 Suze: He was good enough to make sure that she would 144 00:10:08,039 --> 00:10:10,820 Suze: be taken care of by having term life insurance in 145 00:10:10,830 --> 00:10:15,079 Suze: place and all of those things. And she deserved that. 146 00:10:15,090 --> 00:10:18,780 Suze: In my opinion, we all deserve that. In my opinion, 147 00:10:19,150 --> 00:10:22,119 Suze: we all deserve to know what to do with money 148 00:10:22,330 --> 00:10:26,219 Suze: to be taken care of. To not have some financial 149 00:10:26,229 --> 00:10:27,169 Suze: advisor 150 00:10:28,530 --> 00:10:31,419 Suze: do things with people's money when they're not ready to 151 00:10:31,429 --> 00:10:35,239 Suze: do it just because this person may make more money 152 00:10:35,250 --> 00:10:37,320 Suze: or his firm may make more money. 153 00:10:38,250 --> 00:10:42,520 Suze: Nothing upsets me more than that. Back to the story. 154 00:10:43,429 --> 00:10:45,520 Suze: So I get on the phone with her 155 00:10:46,179 --> 00:10:52,390 Suze: and I said you do realize that insurance companies do 156 00:10:52,400 --> 00:10:58,729 Suze: not operate like credit unions or certificates of deposits or 157 00:10:58,739 --> 00:11:03,200 Suze: even treasury bills, bonds or notes in a CD. If 158 00:11:03,210 --> 00:11:07,400 Suze: you put $1 million in a CD, 159 00:11:08,090 --> 00:11:12,189 Suze: while it is true that that bank most likely will 160 00:11:12,200 --> 00:11:20,250 Suze: have FDIC insurance, you will have $250,000 of that money insured, 161 00:11:20,919 --> 00:11:24,669 Suze: you probably will name a beneficiary. So that in case 162 00:11:24,679 --> 00:11:26,829 Suze: you die, the money goes to that person, 163 00:11:28,049 --> 00:11:36,270 Suze: but you therefore would have $750,000 of that million dollars 164 00:11:36,979 --> 00:11:38,718 Suze: if the bank went down 165 00:11:39,489 --> 00:11:40,380 Suze: uninsured. 166 00:11:41,200 --> 00:11:44,520 Suze: However, with a CD, whether it's at a bank or 167 00:11:44,530 --> 00:11:50,159 Suze: Alliant Credit Union or wherever, for every beneficiary that you 168 00:11:50,169 --> 00:11:56,549 Suze: have up to a maximum of five beneficiaries. Now, in 169 00:11:56,559 --> 00:11:59,429 Suze: this case, this woman has four kids. 170 00:12:00,140 --> 00:12:05,859 Suze: So if she put four kids as the beneficiaries 171 00:12:06,820 --> 00:12:11,559 Suze: of this million dollar CD, she would have a million 172 00:12:11,570 --> 00:12:14,799 Suze: dollars of FDIC insurance. 173 00:12:15,679 --> 00:12:20,099 Suze: So in an annuity in the state that this woman 174 00:12:20,109 --> 00:12:21,099 Suze: lives in 175 00:12:21,989 --> 00:12:28,530 Suze: the coverage provided by the State Life and Health Insurance 176 00:12:28,539 --> 00:12:30,650 Suze: Guarantee Association 177 00:12:31,500 --> 00:12:37,330 Suze: does not increase based on the number of beneficiaries. So 178 00:12:37,340 --> 00:12:44,840 Suze: the protection limit in most cases for annuities is $250,000 179 00:12:44,849 --> 00:12:51,059 Suze: per contract holder regardless of the number of beneficiaries named. 180 00:12:51,989 --> 00:12:57,270 Suze: Therefore, with multiple beneficiaries, she puts a million dollars into 181 00:12:57,280 --> 00:13:00,510 Suze: this with multiple beneficiaries. 182 00:13:01,299 --> 00:13:06,039 Suze: Still the total protection of the million dollar annuity would 183 00:13:06,049 --> 00:13:13,419 Suze: still be capped in this particular state at $250,000. But 184 00:13:13,429 --> 00:13:17,239 Suze: she didn't put a million dollars in an annuity. She 185 00:13:17,250 --> 00:13:20,599 Suze: put 1.5 million in one annuity 186 00:13:21,539 --> 00:13:26,640 Suze: and 900,000 in another annuity contract. 187 00:13:27,760 --> 00:13:31,718 Suze: And when asked if it was insured, is it safe? 188 00:13:31,809 --> 00:13:37,349 Suze: The agent said, yes, we're insured. This major brokerage firm 189 00:13:37,359 --> 00:13:41,718 Suze: is insured SIPC and everything, but never explained to this 190 00:13:41,729 --> 00:13:42,359 Suze: woman 191 00:13:43,369 --> 00:13:46,710 Suze: that if the insurance company was to go belly up, 192 00:13:46,719 --> 00:13:49,250 Suze: it has nothing to do with the brokerage firm. If 193 00:13:49,260 --> 00:13:52,750 Suze: the brokerage firm goes under, that's when their insurance comes 194 00:13:52,760 --> 00:13:56,848 Suze: into place. However, when you buy a stock and the 195 00:13:56,859 --> 00:14:00,909 Suze: company of that stock goes bankrupt, the major brokerage firms 196 00:14:00,919 --> 00:14:03,359 Suze: insurance isn't going to help you if you buy an 197 00:14:03,369 --> 00:14:07,830 Suze: annuity at a company and that company goes under 198 00:14:08,690 --> 00:14:11,718 Suze: the major brokerage firms, insurance isn't going to help you. 199 00:14:11,729 --> 00:14:16,650 Suze: It's the insurance company, the Life and Health Insurance Guarantee 200 00:14:16,659 --> 00:14:19,309 Suze: Association of the state 201 00:14:20,099 --> 00:14:23,609 Suze: that you live in where you bought the annuity. 202 00:14:24,909 --> 00:14:27,830 Suze: Am I making sense? So I'm like on the phone 203 00:14:27,840 --> 00:14:30,690 Suze: and I said, do you understand to this woman 204 00:14:31,789 --> 00:14:37,690 Suze: that you put $2.4 million in this annuity? 205 00:14:38,890 --> 00:14:44,390 Suze: And chances are only $500,000 of it, if it were 206 00:14:44,400 --> 00:14:47,479 Suze: two different companies and I'm not even sure it was 207 00:14:47,700 --> 00:14:50,229 Suze: $500,000 of it 208 00:14:51,150 --> 00:14:55,250 Suze: is protected if this company goes under but nothing else. 209 00:14:56,539 --> 00:14:59,080 Suze: And she didn't know that she didn't know that. 210 00:14:59,799 --> 00:15:03,780 Suze: Then I said, well, why did you do this? And 211 00:15:03,789 --> 00:15:06,539 Suze: she says to me, I didn't want to do it, 212 00:15:07,270 --> 00:15:10,429 Suze: but he was pushing me, Suze. I kept saying, I 213 00:15:10,440 --> 00:15:12,489 Suze: think I need to wait and he kept saying, no, no, 214 00:15:12,500 --> 00:15:15,250 Suze: let's do this. Let's do that. And before I knew it, 215 00:15:15,260 --> 00:15:16,169 Suze: it was done, 216 00:15:16,880 --> 00:15:20,780 Suze: now I have to tell you, I think about that 217 00:15:20,789 --> 00:15:25,419 Suze: as financial abuse, believe it or not. And why do 218 00:15:25,429 --> 00:15:26,500 Suze: I say that 219 00:15:27,349 --> 00:15:31,030 Suze: when you are a financial advisor, 220 00:15:31,950 --> 00:15:33,979 Suze: you are not a salesperson, 221 00:15:34,659 --> 00:15:39,309 Suze: but you have to be a financial advisor and manage 222 00:15:39,320 --> 00:15:43,590 Suze: the advice that you are giving somebody. And the only 223 00:15:43,599 --> 00:15:47,900 Suze: way that you can do that is to understand who 224 00:15:47,909 --> 00:15:51,429 Suze: the person is. What have they gone through. 225 00:15:52,590 --> 00:15:55,929 Suze: And when she walked in, she told him that she 226 00:15:55,940 --> 00:16:00,090 Suze: just needed everything safe and sound. She told him the 227 00:16:00,099 --> 00:16:01,849 Suze: loss that she had 228 00:16:03,030 --> 00:16:05,809 Suze: and then she didn't want to do anything really. 229 00:16:06,530 --> 00:16:08,239 Suze: And so first they put all the money in a 230 00:16:08,250 --> 00:16:11,630 Suze: money market account. All right. And the next meeting it 231 00:16:11,640 --> 00:16:13,669 Suze: was this and that and all of a sudden she 232 00:16:13,679 --> 00:16:16,630 Suze: started to feel ok with this person and before you 233 00:16:16,640 --> 00:16:18,229 Suze: know it, the money is invested, 234 00:16:19,570 --> 00:16:21,650 Suze: but he never once 235 00:16:22,780 --> 00:16:24,159 Suze: asked her 236 00:16:25,390 --> 00:16:32,539 Suze: about anything to do with her personal financial situation. 237 00:16:33,440 --> 00:16:35,669 Suze: I asked her, did he ask you if you had 238 00:16:35,679 --> 00:16:39,159 Suze: a trust or will? No? Did he ask you if 239 00:16:39,169 --> 00:16:42,729 Suze: you were sick? No. Did he ask you if you 240 00:16:42,739 --> 00:16:46,960 Suze: have parents and in-laws that you need to take care 241 00:16:46,969 --> 00:16:50,669 Suze: of with this money? No. Did he ask you what 242 00:16:50,679 --> 00:16:53,500 Suze: your mortgage payments were? And the interest rate on your 243 00:16:53,510 --> 00:16:56,549 Suze: house was so that maybe you were better off paying 244 00:16:56,559 --> 00:16:59,200 Suze: off the mortgage on your home that might be at 7% 245 00:16:59,239 --> 00:17:02,099 Suze: than putting it in a money market account. No. 246 00:17:03,000 --> 00:17:08,030 Suze: Did he ask you about anything like that? No, she says, 247 00:17:08,479 --> 00:17:12,469 Suze: I said, so what happened? You walked in, you sat down, 248 00:17:12,479 --> 00:17:15,619 Suze: he knows you have $7 million. And what does he 249 00:17:15,630 --> 00:17:18,319 Suze: say to you? He tells me what he wants me 250 00:17:18,329 --> 00:17:21,550 Suze: to invest it in. Just that simple Susy. 251 00:17:22,520 --> 00:17:25,889 Suze: And I say to her that is not a wealth 252 00:17:25,900 --> 00:17:26,699 Suze: manager 253 00:17:27,569 --> 00:17:31,810 Suze: because $7 million everybody is wealth for a woman with 254 00:17:31,819 --> 00:17:35,099 Suze: a family of four who just lost her husband and 255 00:17:35,109 --> 00:17:36,169 Suze: doesn't have a clue 256 00:17:36,849 --> 00:17:39,229 Suze: where she should go, what she should do and how 257 00:17:39,239 --> 00:17:40,099 Suze: she should be. 258 00:17:41,489 --> 00:17:47,149 Suze: And so a salesperson, you write this down, a salesperson 259 00:17:47,160 --> 00:17:51,389 Suze: is exactly what this gentleman was. A woman walks in 260 00:17:51,400 --> 00:17:54,949 Suze: has a lot of money, doesn't ask you anything about 261 00:17:54,959 --> 00:17:59,829 Suze: your situation and simply tells you what you should invest 262 00:17:59,839 --> 00:18:02,790 Suze: in and then says to you, 263 00:18:03,349 --> 00:18:05,329 Suze: let's do it. And you say no, no, I don't 264 00:18:05,339 --> 00:18:06,810 Suze: think I want to do it right now and he 265 00:18:06,819 --> 00:18:10,109 Suze: pushes you and pushes you and you're so vulnerable because 266 00:18:10,119 --> 00:18:12,170 Suze: you don't know what to do. And you just give 267 00:18:12,180 --> 00:18:13,689 Suze: up your power and say, ok, 268 00:18:15,290 --> 00:18:16,819 Suze: that is 269 00:18:17,680 --> 00:18:21,609 Suze: again, in my opinion, financial abuse 270 00:18:22,530 --> 00:18:26,439 Suze: because as an advisor, you should recognize when a client 271 00:18:26,449 --> 00:18:29,579 Suze: is ready to do something. And when they are not, 272 00:18:29,650 --> 00:18:33,879 Suze: and even if they want to do something, a good 273 00:18:33,890 --> 00:18:38,959 Suze: financial advisor knowing that somebody has just lost, their husband unexpectedly, 274 00:18:38,969 --> 00:18:42,359 Suze: wasn't even sick a day unexpectedly, 275 00:18:43,229 --> 00:18:45,619 Suze: she'd say you know what, we're not gonna do anything 276 00:18:46,089 --> 00:18:49,229 Suze: because you're not ready to yet. Just let's keep it 277 00:18:49,239 --> 00:18:55,649 Suze: safe and sound or rather than 2.4 million in annuities, 278 00:18:56,439 --> 00:18:59,448 Suze: they had a 7% surrender charge the first year and 279 00:18:59,459 --> 00:19:01,500 Suze: the second year and so forth. All right, 280 00:19:02,150 --> 00:19:05,900 Suze: rather than that. So you want to put it in treasuries, 281 00:19:05,910 --> 00:19:10,050 Suze: put $400,000 in six different maturity of treasuries, ok? You 282 00:19:10,060 --> 00:19:10,969 Suze: could do that too. 283 00:19:11,979 --> 00:19:14,359 Suze: And probably if interest rates go down a little bit, 284 00:19:14,369 --> 00:19:16,000 Suze: you could probably get out more than you put in 285 00:19:16,010 --> 00:19:17,040 Suze: if you needed it. 286 00:19:18,599 --> 00:19:21,569 Suze: And she didn't even understand what an annuity was. She's 287 00:19:21,579 --> 00:19:25,060 Suze: only 57. I said you do realize that you can't 288 00:19:25,069 --> 00:19:27,949 Suze: take a whole lot of money out of annuity before 289 00:19:27,959 --> 00:19:30,660 Suze: 59.5 without a 10% penalty. 290 00:19:31,540 --> 00:19:35,399 Suze: She didn't know any of that. She couldn't answer any 291 00:19:35,410 --> 00:19:38,599 Suze: of the questions that I had for her. 292 00:19:40,530 --> 00:19:45,949 Suze: If you ever everybody find yourself in a situation 293 00:19:47,319 --> 00:19:51,978 Suze: that it doesn't feel right. You don't understand what the 294 00:19:51,989 --> 00:19:55,859 Suze: person the salesperson is telling you to do 295 00:19:56,969 --> 00:19:59,468 Suze: if you just start to feel like, oh, I just 296 00:19:59,479 --> 00:20:01,079 Suze: better do it and then get out of here and 297 00:20:01,089 --> 00:20:02,829 Suze: then I don't have to deal with this anymore, 298 00:20:03,949 --> 00:20:08,530 Suze: please. I am begging you not to do it. 299 00:20:09,229 --> 00:20:11,959 Suze: The good side of this story because the last thing 300 00:20:11,969 --> 00:20:16,050 Suze: this woman should be invested in is two annuities. Last 301 00:20:16,060 --> 00:20:18,170 Suze: thing she'll need that on any level 302 00:20:19,890 --> 00:20:24,849 Suze: is that the contract, an annuity contract usually has a 303 00:20:24,859 --> 00:20:29,890 Suze: 10 to 30 day out clause so that she has 304 00:20:29,900 --> 00:20:32,780 Suze: till June 30th to totally 305 00:20:33,420 --> 00:20:36,680 Suze: get rid of this annuity and get all her money back. Oh. 306 00:20:36,689 --> 00:20:39,599 Suze: And did I tell you she didn't even know she 307 00:20:39,609 --> 00:20:44,129 Suze: had purchased annuities until she got a package from the 308 00:20:44,140 --> 00:20:48,719 Suze: insurance company that the broker put the money in? And 309 00:20:48,729 --> 00:20:51,698 Suze: that's when she realized, oh my God, he went ahead 310 00:20:52,130 --> 00:20:53,000 Suze: and did it. 311 00:20:55,260 --> 00:20:58,639 Suze: So after I talked to her and everything, she wrote, 312 00:20:58,650 --> 00:21:01,879 Suze: the financial advisor who always wrote her right back 313 00:21:02,949 --> 00:21:06,379 Suze: and she didn't hear from him from his email. Nothing. 314 00:21:06,949 --> 00:21:10,280 Suze: She calls him and all of a sudden his voice 315 00:21:10,290 --> 00:21:11,899 Suze: box is totally full. 316 00:21:12,689 --> 00:21:15,629 Suze: She wants all the money put back in the money 317 00:21:15,640 --> 00:21:18,349 Suze: market account and she is just going to leave it 318 00:21:18,359 --> 00:21:22,550 Suze: there until she is ready to do something with it. 319 00:21:22,560 --> 00:21:26,270 Suze: And in the meantime, it can just sit making 4.5 320 00:21:26,280 --> 00:21:28,910 Suze: or 5% right there. 321 00:21:30,310 --> 00:21:34,319 Suze: So the question I then asked her is you just 322 00:21:34,329 --> 00:21:38,680 Suze: gave $7 million to this person, so to speak, to 323 00:21:38,689 --> 00:21:42,989 Suze: take charge of for you. What happens when you can't 324 00:21:43,000 --> 00:21:46,469 Suze: get him? Who else can you call? What else can 325 00:21:46,479 --> 00:21:50,319 Suze: you do? Does he have a team? All these questions? 326 00:21:50,329 --> 00:21:53,260 Suze: And she didn't really know. And I said, I tell 327 00:21:53,270 --> 00:21:55,449 Suze: you what you're gonna do. It's still Friday. 328 00:21:56,260 --> 00:21:59,479 Suze: It's still early because you're central time. I want you 329 00:21:59,489 --> 00:22:03,199 Suze: to march yourself down into this brokerage firm into their office. 330 00:22:03,290 --> 00:22:05,500 Suze: And if he's not there, I want you to ask 331 00:22:05,510 --> 00:22:07,800 Suze: to speak to the manager of that office and I 332 00:22:07,810 --> 00:22:12,199 Suze: want you to absolutely liquidate at no charge to you, 333 00:22:12,209 --> 00:22:18,560 Suze: everything that he did against your really wanting to do it. 334 00:22:19,380 --> 00:22:21,760 Suze: So I hope she did that on Friday. I haven't 335 00:22:21,770 --> 00:22:24,699 Suze: heard back yet, but we'll see. But the reason that 336 00:22:24,709 --> 00:22:29,369 Suze: I wanted to talk about this is it still seriously 337 00:22:29,380 --> 00:22:31,689 Suze: upsets me, ladies, 338 00:22:32,390 --> 00:22:39,969 Suze: how many of you have not gotten involved with your finances? 339 00:22:41,319 --> 00:22:45,659 Suze: You haven't gotten involved with what your spouse is doing 340 00:22:45,670 --> 00:22:49,500 Suze: with the both of your money. You haven't played the, 341 00:22:49,510 --> 00:22:52,140 Suze: what if, if one of you were to die and 342 00:22:52,150 --> 00:22:54,540 Suze: you've got a lump sum of money, would you know 343 00:22:54,550 --> 00:22:55,780 Suze: what to do with it? 344 00:22:56,439 --> 00:23:01,540 Suze: I still am involved with friends and meeting people 345 00:23:02,250 --> 00:23:04,229 Suze: who have a lot of money, 346 00:23:05,020 --> 00:23:09,739 Suze: but the woman doesn't know anything about it. 347 00:23:10,880 --> 00:23:13,939 Suze: And she one day may find herself 348 00:23:15,040 --> 00:23:18,890 Suze: in the same situation that this woman is in, not 349 00:23:18,900 --> 00:23:23,239 Suze: knowing what to do and getting involved with the salesperson 350 00:23:23,250 --> 00:23:25,689 Suze: who would have probably made a whole lot of money 351 00:23:25,699 --> 00:23:26,410 Suze: on this. 352 00:23:27,050 --> 00:23:31,949 Suze: But the point of all of this really is 353 00:23:33,300 --> 00:23:37,688 Suze: there is a big difference. Everybody between a firm that 354 00:23:37,699 --> 00:23:41,119 Suze: just simply holds money in a money market account 355 00:23:42,050 --> 00:23:44,829 Suze: and a wealth management firm. 356 00:23:45,939 --> 00:23:49,569 Suze: And when you inherit large sums of money and $7 357 00:23:49,579 --> 00:23:52,510 Suze: million is a large sum of money. 358 00:23:53,400 --> 00:23:55,959 Suze: You want to make sure that you are dealing with 359 00:23:55,969 --> 00:24:01,660 Suze: a wealth management firm, a firm that has lawyers just 360 00:24:01,670 --> 00:24:05,530 Suze: to talk to you and not charge you. Maybe one 361 00:24:05,540 --> 00:24:10,859 Suze: person who only manages dividend paying stocks, another person that 362 00:24:10,869 --> 00:24:15,729 Suze: only manages bonds and one person that maybe oversees a 363 00:24:15,739 --> 00:24:17,649 Suze: lot of the other things, 364 00:24:18,119 --> 00:24:22,709 Suze: she has enough money to have a bond specialist, to 365 00:24:22,719 --> 00:24:27,560 Suze: have a dividend stock specialist, to have a specialist that 366 00:24:27,569 --> 00:24:31,139 Suze: can tell her if all of a sudden state taxes 367 00:24:31,150 --> 00:24:34,139 Suze: go down to a maximum of $5 million how to 368 00:24:34,150 --> 00:24:37,099 Suze: plan for her kids. So they don't have to pay 369 00:24:37,109 --> 00:24:38,369 Suze: a state tax 370 00:24:39,530 --> 00:24:43,270 Suze: and that's somebody that oversees the entire team. It's a 371 00:24:43,280 --> 00:24:45,979 Suze: wealth management team. 372 00:24:47,380 --> 00:24:50,979 Suze: You owe it to yourself to do these things. And 373 00:24:50,989 --> 00:24:53,119 Suze: a lot of you think you don't have enough money 374 00:24:53,130 --> 00:24:57,619 Suze: to do it. And what you're not realizing is that 375 00:24:57,630 --> 00:25:00,589 Suze: so many of you have over a million dollars now 376 00:25:00,599 --> 00:25:05,400 Suze: in your 401 Ks that you've been working so long 377 00:25:05,790 --> 00:25:09,060 Suze: and you have 1 million, 2 million, 3 million plus 378 00:25:09,069 --> 00:25:10,589 Suze: the equity in your house. 379 00:25:11,430 --> 00:25:16,859 Suze: That's the type of investment advice I want you to 380 00:25:16,869 --> 00:25:18,609 Suze: be not only looking for, 381 00:25:19,489 --> 00:25:20,790 Suze: but also 382 00:25:21,589 --> 00:25:26,649 Suze: it's the type of involvement on this Father's day that 383 00:25:26,660 --> 00:25:31,969 Suze: I want you to make sure that you have truly 384 00:25:31,979 --> 00:25:36,810 Suze: made this a day where the family does cherish each 385 00:25:36,819 --> 00:25:40,540 Suze: other with far more than just a breakfast or going 386 00:25:40,550 --> 00:25:42,119 Suze: out to eat or whatever, 387 00:25:43,050 --> 00:25:46,909 Suze: but you cherish everything that you have built 388 00:25:47,790 --> 00:25:51,770 Suze: and that you have so that you know that your 389 00:25:51,780 --> 00:25:58,489 Suze: family is absolutely protected if something were to happen to 390 00:25:58,500 --> 00:26:02,810 Suze: any of you. I wish you all a very, very 391 00:26:02,819 --> 00:26:05,979 Suze: happy father's day. There's only one thing that I want 392 00:26:05,989 --> 00:26:08,829 Suze: you to remember when it comes to your money. And 393 00:26:08,839 --> 00:26:15,489 Suze: it is this people first meaning you better know about 394 00:26:15,500 --> 00:26:16,609 Suze: your own money. 395 00:26:17,180 --> 00:26:22,770 Suze: You better know about everything financially going on in your 396 00:26:22,780 --> 00:26:23,760 Suze: household 397 00:26:24,609 --> 00:26:29,760 Suze: because you need to be present to know about your money. 398 00:26:29,849 --> 00:26:32,709 Suze: So you know, the things that you should buy with 399 00:26:32,719 --> 00:26:34,510 Suze: the money or not buy 400 00:26:35,560 --> 00:26:42,479 Suze: so that you really, no matter what happens can remain unstoppable.