1 00:00:40,439 --> 00:00:45,519 Suze: March 10th, 2024. Welcome everybody to the Women and Money 2 00:00:45,529 --> 00:00:49,569 Suze: podcast as well as everybody smart enough to listen. And 3 00:00:49,580 --> 00:00:53,598 Suze: as you are hearing this, KT and I are both 4 00:00:53,610 --> 00:00:57,669 Suze: on a plane on our way back from Abu Dhabi. 5 00:00:58,659 --> 00:01:01,889 Suze: And I was thinking all right, I just don't want 6 00:01:01,900 --> 00:01:04,279 Suze: to do the best of all the time because a 7 00:01:04,290 --> 00:01:06,800 Suze: lot of you have heard them or whatever it may be. 8 00:01:07,000 --> 00:01:10,769 Suze: What could I do for today for all of you? 9 00:01:11,470 --> 00:01:15,569 Suze: That would be just a little bit different. And then 10 00:01:15,610 --> 00:01:17,889 Suze: I had this idea 11 00:01:18,620 --> 00:01:22,339 Suze: On February 5th, 2024, 12 00:01:23,050 --> 00:01:27,629 Suze: I was on a podcast by the name of She's 13 00:01:27,639 --> 00:01:32,550 Suze: a 10 Times 5 that was hosted by Laurie Jabber 14 00:01:32,559 --> 00:01:37,809 Suze: and Michelle Emmick. And I was the guest and it's 15 00:01:37,819 --> 00:01:40,628 Suze: about an hour long, but I have to tell you, 16 00:01:41,599 --> 00:01:46,349 Suze: I had a blast. I loved it. I loved being 17 00:01:46,360 --> 00:01:49,379 Suze: with them. I had a great time. And then I 18 00:01:49,389 --> 00:01:53,459 Suze: thought to myself when I was thinking about today. Oh, 19 00:01:53,470 --> 00:01:57,819 Suze: I bet all of you would love to hear it 20 00:01:57,830 --> 00:02:02,059 Suze: as well. So, right now we are going to be 21 00:02:02,069 --> 00:02:02,779 Suze: playing 22 00:02:03,919 --> 00:02:09,059 Suze: that. She's a 10 Times 5 podcast and I hope 23 00:02:09,070 --> 00:02:11,600 Suze: you enjoy it as much as I did. 24 00:02:12,220 --> 00:02:18,960 Laurie Jabber: Ok, welcome Susie. We are in the presence of greatness. 25 00:02:19,119 --> 00:02:21,449 Suze: I told you to say that you didn't have to 26 00:02:21,460 --> 00:02:23,479 Suze: say it, but I told you to say it, but 27 00:02:23,490 --> 00:02:24,589 Suze: it's kind of true. OK, no problem, 28 00:02:25,309 --> 00:02:28,380 Laurie Jabber: Yeah. Well, you know what I love is when you 29 00:02:28,389 --> 00:02:31,800 Laurie Jabber: meet women that uh are groundbreaking and set the 30 00:02:32,059 --> 00:02:36,270 Laurie Jabber: standard and become kind of the go to for subject matter, 31 00:02:36,600 --> 00:02:41,079 Laurie Jabber: it's really phenomenal and also someone that's a good citizen. 32 00:02:41,089 --> 00:02:43,660 Laurie Jabber: And so before we hit record, we were talking about 33 00:02:43,669 --> 00:02:46,740 Laurie Jabber: all that you do for our service members. So thank 34 00:02:46,750 --> 00:02:49,100 Laurie Jabber: you for all of that as a fellow service member. 35 00:02:49,309 --> 00:02:51,800 Suze: But you know, I do want to say something about 36 00:02:52,020 --> 00:02:55,600 Suze: sitting in the presence of greatness and how I just 37 00:02:55,610 --> 00:02:59,800 Suze: kind of jokingly but not said that to you that, well, whatever, 38 00:03:00,199 --> 00:03:05,449 Suze: Laurie, here's what's really important. Women never stand up for 39 00:03:05,460 --> 00:03:08,270 Suze: how great they are. And you know what I realized 40 00:03:08,279 --> 00:03:11,429 Suze: when I would go around the whole world speaking to women, men, 41 00:03:11,440 --> 00:03:15,050 Suze: whatever and, and would ask people to stand up who 42 00:03:15,059 --> 00:03:17,869 Suze: put on this whole event that we were at, they'd 43 00:03:17,880 --> 00:03:20,990 Suze: stand up and sit down, especially the women they once 44 00:03:21,000 --> 00:03:24,690 Suze: stand up and own what they did. Women always say 45 00:03:24,699 --> 00:03:27,418 Suze: it's fine. I'm ok even to this day. 46 00:03:27,505 --> 00:03:30,364 Suze: So women, if you are great, if you know, you 47 00:03:30,375 --> 00:03:33,695 Suze: are great, tell the world that you're great. Feel that 48 00:03:33,705 --> 00:03:37,645 Suze: you're great and sit in your greatness. Not in your, oh, 49 00:03:37,654 --> 00:03:40,574 Suze: it's fine type of attitude. All right. I just thought 50 00:03:40,585 --> 00:03:41,175 Suze: I'd say that 51 00:03:41,625 --> 00:03:42,714 Michelle Emmick: Woo! Getting off to a start. 52 00:03:42,725 --> 00:03:45,384 Laurie Jabber: I'm loving it. Now. Let's go. Yeah. And the other 53 00:03:45,395 --> 00:03:47,925 Laurie Jabber: thing I think that we're becoming better, 54 00:03:48,309 --> 00:03:51,610 Laurie Jabber: especially as we get to our midlife is al also 55 00:03:51,619 --> 00:03:55,820 Laurie Jabber: acknowledging other women because I think compliments from other women, 56 00:03:55,830 --> 00:04:00,800 Laurie Jabber: especially if they're, you know, successful or accomplished is something else. 57 00:04:01,860 --> 00:04:06,229 Suze: Yeah. Actually a compliment from anybody is something else. And 58 00:04:06,240 --> 00:04:09,389 Suze: the truth is you have to be willing to accept 59 00:04:09,399 --> 00:04:13,669 Suze: that compliment no matter who it's coming from. What I 60 00:04:13,679 --> 00:04:17,339 Suze: find more with women is that we need to learn 61 00:04:17,350 --> 00:04:20,630 Suze: how to wish women well. And I'll be honest with 62 00:04:20,640 --> 00:04:23,630 Suze: you when I first started before you really become like 63 00:04:23,640 --> 00:04:24,589 Suze: a Suze Orman. 64 00:04:24,859 --> 00:04:29,579 Suze: And I'd have in my mind, what was competition, other women, 65 00:04:29,589 --> 00:04:33,079 Suze: financial pundits, whatever. We always, well, I didn't go after 66 00:04:33,089 --> 00:04:36,289 Suze: them but they would always come after me. They would 67 00:04:36,299 --> 00:04:38,940 Suze: always write an article that was negative or this, that 68 00:04:38,950 --> 00:04:42,200 Suze: was negative as if they wanted to put me down 69 00:04:42,230 --> 00:04:46,459 Suze: by putting me down, it would raise them up and, 70 00:04:46,660 --> 00:04:49,099 Suze: and for a little bit, I started to get jealous 71 00:04:49,109 --> 00:04:51,600 Suze: of them for some unknown reason, 72 00:04:52,079 --> 00:04:54,750 Suze: even though really they were never on the same plateau 73 00:04:54,760 --> 00:04:59,738 Suze: as me. So, one of my laws of life is 74 00:04:59,750 --> 00:05:03,339 Suze: may every wish that you wish another be a wish 75 00:05:03,350 --> 00:05:06,200 Suze: that you wish for yourself. Or in fact, it is 76 00:05:06,510 --> 00:05:09,790 Suze: because I had to learn really how to wish others greatness, 77 00:05:09,799 --> 00:05:13,700 Suze: especially women in my field because there weren't many of us. 78 00:05:14,190 --> 00:05:16,559 Suze: And as soon as I realized that if you could 79 00:05:16,570 --> 00:05:20,059 Suze: wish them greatness, it's really a wish that you wish 80 00:05:20,070 --> 00:05:21,380 Suze: for yourself as well. 81 00:05:22,220 --> 00:05:29,769 Laurie Jabber: Amen to that. Wow. I know. Yeah. Right. Yeah. You know, 82 00:05:29,779 --> 00:05:32,839 Laurie Jabber: being an ex military and, and Michelle has heard me 83 00:05:32,850 --> 00:05:35,510 Laurie Jabber: say this is if I had to do over, I 84 00:05:35,519 --> 00:05:39,329 Laurie Jabber: wish as someone who was streaming ups, you know, upstream, 85 00:05:39,339 --> 00:05:42,190 Laurie Jabber: swimming upstream with the men that we had done a 86 00:05:42,200 --> 00:05:45,130 Laurie Jabber: better job locking arms and supporting one another. We were 87 00:05:45,140 --> 00:05:48,040 Laurie Jabber: really horrible with that. And that is one big regret 88 00:05:48,049 --> 00:05:48,589 Laurie Jabber: I have. 89 00:05:49,010 --> 00:05:52,200 Suze: Yeah, it's, yeah, it's, it's interesting. We all need to 90 00:05:52,209 --> 00:05:55,000 Suze: learn how to support one another and for one another, 91 00:05:55,010 --> 00:05:58,859 Suze: success as I went on in time and I really 92 00:05:58,869 --> 00:06:03,039 Suze: became big, even certain people on CNBC and other they 93 00:06:03,049 --> 00:06:05,799 Suze: would like, oh, did you just do that this weekend? 94 00:06:05,809 --> 00:06:08,070 Suze: How much did you money make that weekend? 95 00:06:08,480 --> 00:06:10,678 Suze: And I would answer things like more than you're gonna 96 00:06:10,690 --> 00:06:13,760 Suze: make in your entire life. Got a problem with that. Right. 97 00:06:13,769 --> 00:06:16,869 Suze: But it's, you have to learn to be strong, you 98 00:06:16,880 --> 00:06:19,420 Suze: have to be a warrior and not turn your back 99 00:06:19,428 --> 00:06:23,160 Suze: on the battlefield. You know, my favorite motto is especially 100 00:06:23,170 --> 00:06:27,100 Suze: as a woman. You know, when the dogs keep barking, 101 00:06:27,549 --> 00:06:29,659 Suze: the elephant keeps walking, 102 00:06:30,470 --> 00:06:33,540 Suze: let everybody bark, let everybody say whatever they want to 103 00:06:33,549 --> 00:06:36,820 Suze: say about you, let them be the dogs that do that. 104 00:06:36,829 --> 00:06:40,589 Suze: But you have to be the elephant that keeps walking 105 00:06:40,600 --> 00:06:43,609 Suze: and walking to get you to where you wanna go. 106 00:06:43,619 --> 00:06:45,790 Suze: But you have to know where is it that you 107 00:06:45,799 --> 00:06:46,630 Suze: wanna go? 108 00:06:47,738 --> 00:06:48,390 Michelle Emmick: Yes. 109 00:06:49,488 --> 00:06:54,769 Laurie Jabber: OK. So with that, let's dive into this. And yeah, 110 00:06:54,779 --> 00:06:56,470 Laurie Jabber: Michelle and I were talking about this when you get 111 00:06:56,480 --> 00:07:00,320 Laurie Jabber: someone like you who is so renowned. And also got 112 00:07:00,640 --> 00:07:03,690 Laurie Jabber: such a wealth of knowledge in kind of a really 113 00:07:03,700 --> 00:07:05,420 Laurie Jabber: diverse subject. 114 00:07:05,940 --> 00:07:08,320 Laurie Jabber: It could be easy to boil the ocean here. So 115 00:07:08,329 --> 00:07:11,440 Laurie Jabber: we are gonna try to be as surgical as possible. 116 00:07:11,450 --> 00:07:14,350 Laurie Jabber: We canvassed and curated a list of questions for our 117 00:07:14,359 --> 00:07:17,950 Laurie Jabber: genre and Michelle, let's dive right in the first one. 118 00:07:17,989 --> 00:07:20,059 Michelle Emmick: Yeah. OK. We got, this is the first question we 119 00:07:20,070 --> 00:07:22,890 Michelle Emmick: got for you, Suze. Um You've talked about before in 120 00:07:22,899 --> 00:07:27,799 Michelle Emmick: an interview that over 90% of Americans are financially illiterate, 121 00:07:29,579 --> 00:07:33,059 Michelle Emmick: you know, 90%. Ok. I said I bet it might 122 00:07:33,070 --> 00:07:33,609 Michelle Emmick: be more than 123 00:07:33,640 --> 00:07:36,899 Laurie Jabber: that. Well, and especially with women, you know, 124 00:07:37,369 --> 00:07:39,760 Michelle Emmick: so, you know, there's a lot of women out there 125 00:07:39,769 --> 00:07:43,519 Michelle Emmick: that can be both illiterate and removed from the reality 126 00:07:43,529 --> 00:07:46,290 Michelle Emmick: of family finances. So what are women, especially those who 127 00:07:46,299 --> 00:07:49,700 Michelle Emmick: have a partner that typically make the decisions and manage 128 00:07:49,709 --> 00:07:52,880 Michelle Emmick: the finances. What, what can women do to become more literate? 129 00:07:53,739 --> 00:07:57,149 Suze: Well, there's so many sources right now, whether it be 130 00:07:57,160 --> 00:08:01,040 Suze: my Women and Money podcast, truthfully, which with over 500 131 00:08:01,049 --> 00:08:06,760 Suze: episodes is an entire financial literacy course to the max, 132 00:08:06,769 --> 00:08:09,899 Suze: not only on the emotional level, but the financial level 133 00:08:09,910 --> 00:08:13,519 Suze: because really you can't, you can't separate the two, you know, 134 00:08:13,529 --> 00:08:16,989 Suze: who you are and what you have is always one. 135 00:08:17,100 --> 00:08:20,000 Suze: But what's really interesting with a woman 136 00:08:20,589 --> 00:08:26,929 Suze: is a woman normally takes care of the household finances. 137 00:08:26,940 --> 00:08:31,709 Suze: And why is that? Because the house holds everything that 138 00:08:31,720 --> 00:08:36,690 Suze: she loves, it holds her children, her pets, her plants, 139 00:08:36,700 --> 00:08:39,210 Suze: possibly her parents, her spouse, 140 00:08:39,530 --> 00:08:43,469 Suze: so that she's totally literate in and it's usually her 141 00:08:43,479 --> 00:08:48,710 Suze: financial spouse or her spouse that does the investing, but 142 00:08:48,719 --> 00:08:53,189 Suze: she is absolutely capable. You know, women, it's our nature 143 00:08:53,200 --> 00:08:56,640 Suze: to nurture it. You know, we were born in many 144 00:08:56,650 --> 00:08:59,349 Suze: cases that we could give birth and we had the 145 00:08:59,359 --> 00:09:02,750 Suze: ability in many cases to feed that, which we've given 146 00:09:02,760 --> 00:09:03,750 Suze: birth to. 147 00:09:04,130 --> 00:09:08,549 Suze: So we've, our nature has always been to nurture what 148 00:09:08,559 --> 00:09:13,459 Suze: we haven't nurtured is the understanding that the day comes 149 00:09:13,469 --> 00:09:17,750 Suze: when women actu speaking live longer than men do. 150 00:09:18,239 --> 00:09:20,799 Suze: I personally think we're killing them off. But that's besides 151 00:09:20,809 --> 00:09:25,539 Suze: the point. But that, and when that time comes, that 152 00:09:25,549 --> 00:09:28,010 Suze: is not the time for all of you who are 153 00:09:28,020 --> 00:09:32,200 Suze: doing that to find out that when your spouse, maybe 154 00:09:32,210 --> 00:09:35,299 Suze: it's a male spouse says to you. Oh, honey, don't worry, 155 00:09:35,309 --> 00:09:38,659 Suze: your pretty little head about it. I have this under control. 156 00:09:39,390 --> 00:09:41,968 Suze: That is not the time to find out when he 157 00:09:41,979 --> 00:09:45,250 Suze: passes before you, that he didn't know anything about what 158 00:09:45,260 --> 00:09:47,950 Suze: he was doing. I'm going to tell all of you 159 00:09:47,960 --> 00:09:52,869 Suze: women this right now, men are financial fakers. They do 160 00:09:52,880 --> 00:09:54,579 Suze: not know what they're really doing. 161 00:09:54,770 --> 00:09:57,770 Suze: They take their advice from somebody else. They say they 162 00:09:57,780 --> 00:10:01,848 Suze: understand it and chances are they don't. So bottom line 163 00:10:01,859 --> 00:10:04,348 Suze: is this, you are never gonna be powerful in life 164 00:10:04,359 --> 00:10:08,049 Suze: ladies until you are powerful over how you think, feel 165 00:10:08,059 --> 00:10:09,799 Suze: and act with your money, 166 00:10:10,390 --> 00:10:13,369 Suze: not just the money in the household and paying the 167 00:10:13,380 --> 00:10:16,539 Suze: bills that way, but all of your money because most 168 00:10:16,549 --> 00:10:19,650 Suze: of you are also working right now. Do you have 169 00:10:19,659 --> 00:10:22,739 Suze: the right retirement account? Do you have a Roth retirement account? 170 00:10:22,750 --> 00:10:25,659 Suze: It's only really retirement accounts you should have whether it's 171 00:10:25,669 --> 00:10:29,599 Suze: a Roth 401k TSP or 403b or Roth IRA. 172 00:10:30,080 --> 00:10:33,479 Suze: Forget these pre-tax retirement accounts. If that's what you're doing, 173 00:10:33,489 --> 00:10:36,049 Suze: the traditional ones, my opinion, you're making one of the 174 00:10:36,059 --> 00:10:39,319 Suze: biggest mistakes out there. Do you have a will, a 175 00:10:39,330 --> 00:10:42,510 Suze: living revocable trust in advance directive and durable power of 176 00:10:42,520 --> 00:10:45,169 Suze: attorney for health care to take care of yourself when 177 00:10:45,179 --> 00:10:48,859 Suze: you become incapacitated and your minor children 178 00:10:49,450 --> 00:10:52,159 Suze: in case something happens to you because minor Children can't 179 00:10:52,169 --> 00:10:56,169 Suze: inherit money people. How do you own title to your home? 180 00:10:56,179 --> 00:10:59,140 Suze: What are you doing to finance your kids, college education? 181 00:10:59,150 --> 00:11:02,289 Suze: Are you in credit card debt? Are you not? All 182 00:11:02,299 --> 00:11:05,890 Suze: of these things are things that you can do? You know, 183 00:11:05,900 --> 00:11:09,440 Suze: there's a saying in Asia that women hold up half 184 00:11:09,450 --> 00:11:13,039 Suze: the sky in the United States of America. Everybody, we 185 00:11:13,049 --> 00:11:15,049 Suze: hold up the entire sky 186 00:11:15,400 --> 00:11:17,690 Suze: and it is now time for you to own the 187 00:11:17,700 --> 00:11:20,580 Suze: power to control your destiny. And if you are not, 188 00:11:21,059 --> 00:11:23,059 Suze: I am here to tell you, you are without a 189 00:11:23,070 --> 00:11:27,500 Suze: shadow of a doubt making the biggest mistake out there, period. 190 00:11:29,260 --> 00:11:32,478 Laurie Jabber: I am so glad you said that. And I'm going to, 191 00:11:33,630 --> 00:11:36,570 Laurie Jabber: I'm gonna tell you, I'm one of those women and 192 00:11:37,059 --> 00:11:40,659 Laurie Jabber: I have just over the past couple years started to 193 00:11:40,669 --> 00:11:43,718 Laurie Jabber: lean in a little heavier because I happened to marry 194 00:11:43,729 --> 00:11:47,890 Laurie Jabber: a man that was a CFO and who likes to 195 00:11:47,900 --> 00:11:51,250 Laurie Jabber: control the numbers, who likes to think that he knows 196 00:11:51,260 --> 00:11:54,690 Laurie Jabber: everything that's going on. And I think it's very easy 197 00:11:54,700 --> 00:11:57,140 Laurie Jabber: for us to get lazy, especially if you have someone 198 00:11:57,150 --> 00:11:59,919 Laurie Jabber: who you feel is very business savvy. 199 00:12:00,640 --> 00:12:03,380 Suze: Yeah. Let me ask you, do you have a living 200 00:12:03,390 --> 00:12:07,150 Suze: revocable trust and everything in place? Yes, you do. So 201 00:12:07,159 --> 00:12:10,169 Suze: that is something that he did and have you looked 202 00:12:10,179 --> 00:12:12,359 Suze: at it? Do you know where everything goes? Do you 203 00:12:12,369 --> 00:12:15,260 Suze: know who your successor trustee is? Do you know all 204 00:12:15,270 --> 00:12:16,500 Suze: those things about it. 205 00:12:17,200 --> 00:12:19,819 Laurie Jabber: We do, we just redid our trust. We have two 206 00:12:19,830 --> 00:12:22,859 Laurie Jabber: adult Children. So we had to, we had to get 207 00:12:22,869 --> 00:12:27,789 Laurie Jabber: power of attorneys and directives and all of that as well. 208 00:12:27,849 --> 00:12:30,309 Laurie Jabber: So it gave us a chance to kind of re-look 209 00:12:30,320 --> 00:12:31,179 Laurie Jabber: at stuff. 210 00:12:31,190 --> 00:12:34,539 Suze: But let me ask you this question. If you were 211 00:12:34,549 --> 00:12:37,739 Suze: to die before he would, he know how to pay 212 00:12:37,750 --> 00:12:40,419 Suze: all the bills and take care of all the household expenses. 213 00:12:40,609 --> 00:12:41,059 Laurie Jabber: Yes. 214 00:12:41,450 --> 00:12:43,949 Suze: All right. So he's somebody who has owned the power 215 00:12:43,960 --> 00:12:49,299 Suze: to control his destiny. You have this podcast that you 216 00:12:49,309 --> 00:12:53,829 Suze: are talking to all of these people yet, really not 217 00:12:53,840 --> 00:12:57,309 Suze: necessarily secretly because you're announcing it here. You have to 218 00:12:57,320 --> 00:12:59,369 Suze: feel powerless and insecure. 219 00:13:01,510 --> 00:13:03,929 Laurie Jabber: Yeah, to some degree, I think, you know, there was 220 00:13:03,940 --> 00:13:07,000 Laurie Jabber: a wake up call that happened, you know where I said, God, 221 00:13:07,010 --> 00:13:12,159 Laurie Jabber: I'm really not involved in the investment side and that's 222 00:13:12,169 --> 00:13:14,400 Laurie Jabber: one of the things that I talk with other 10 223 00:13:14,409 --> 00:13:17,760 Laurie Jabber: times fives and sometimes 10 times four if they're, you know, 224 00:13:17,770 --> 00:13:21,150 Laurie Jabber: eager to learn. But we start to get to the 225 00:13:21,159 --> 00:13:24,619 Laurie Jabber: point where you look at your portfolio and you wanna 226 00:13:24,630 --> 00:13:26,358 Laurie Jabber: be risk averse, 227 00:13:27,070 --> 00:13:30,940 Laurie Jabber: you wanna have the right types of instruments and you 228 00:13:30,950 --> 00:13:35,400 Laurie Jabber: wanna have things that generate income. So because you, you 229 00:13:35,409 --> 00:13:37,289 Laurie Jabber: are looking to retire, right? 230 00:13:37,299 --> 00:13:40,369 Suze: Yeah. Uh huh. Or at least putting yourself in the 231 00:13:40,380 --> 00:13:44,439 Suze: position that if the markets were to crash, if all 232 00:13:44,450 --> 00:13:46,819 Suze: of a sudden we have another war or whatever it 233 00:13:46,830 --> 00:13:50,590 Suze: is even here on our homeland, which is totally possible. Everybody, 234 00:13:50,599 --> 00:13:52,289 Suze: it could be a civil war. You never know these 235 00:13:52,299 --> 00:13:53,569 Suze: days what can go on 236 00:13:53,859 --> 00:13:56,520 Suze: that, what you have and what you see is what 237 00:13:56,530 --> 00:14:01,718 Suze: you get to keep that outside circumstances aren't going to 238 00:14:01,729 --> 00:14:04,239 Suze: affect your financial situation. 239 00:14:04,880 --> 00:14:07,978 Suze: And because you all have to understand that the goal 240 00:14:07,989 --> 00:14:11,340 Suze: of money is for you to be what secure. So 241 00:14:11,349 --> 00:14:14,738 Suze: what is it going to take for you to be secure? 242 00:14:14,770 --> 00:14:19,659 Suze: And women need a different level of security for some 243 00:14:19,669 --> 00:14:23,450 Suze: reason than men do. Like I have always said, we 244 00:14:23,460 --> 00:14:25,869 Suze: should all own our homes outright. If we have a 245 00:14:25,880 --> 00:14:25,979 Suze: mortgage 246 00:14:26,294 --> 00:14:29,255 Suze: on a home that we're gonna keep forever, we should 247 00:14:29,265 --> 00:14:33,044 Suze: all own it outright. By the time we retire yet, 248 00:14:33,054 --> 00:14:35,815 Suze: men will normally say I don't want to own the 249 00:14:35,825 --> 00:14:38,604 Suze: house outright. I have a low interest rate mortgage. I'm 250 00:14:38,614 --> 00:14:41,145 Suze: getting a tax write off. I can make so much 251 00:14:41,155 --> 00:14:43,825 Suze: more money on that money. It's not even funny why 252 00:14:43,835 --> 00:14:46,065 Suze: would I want to put it in a house with 253 00:14:46,075 --> 00:14:47,174 Suze: no mortgage? 254 00:14:47,900 --> 00:14:51,099 Suze: And I'm like, are you kidding me? Like how stupid 255 00:14:51,109 --> 00:14:54,349 Suze: can you possibly be? Number one as you get to 256 00:14:54,359 --> 00:14:56,700 Suze: the end of a mortgage, there is no more tax 257 00:14:56,710 --> 00:14:59,359 Suze: write off. It's all in the beginning years of the 258 00:14:59,369 --> 00:15:02,940 Suze: mortgage and it's about what does it take for you 259 00:15:02,950 --> 00:15:06,400 Suze: to make those mortgage payments? And how much does that 260 00:15:06,409 --> 00:15:09,440 Suze: cost you and all of these things. But the real 261 00:15:09,450 --> 00:15:13,200 Suze: thing is Laurie, if it would make you feel more secure, 262 00:15:13,960 --> 00:15:16,900 Suze: then that is the decision that has to be made 263 00:15:16,909 --> 00:15:21,140 Suze: regardless of what he thinks he can do with the 264 00:15:21,150 --> 00:15:24,270 Suze: money or not. It's just that simple. I don't know, 265 00:15:24,280 --> 00:15:28,219 Suze: really one wealthy person that has a mortgage on their home. 266 00:15:29,020 --> 00:15:32,039 Suze: Not one, especially since you can only write off the 267 00:15:32,049 --> 00:15:36,479 Suze: interest on $750,000 currently. Like, and with the price of 268 00:15:36,489 --> 00:15:40,479 Suze: these mortgages and homes. Are you kidding me? Really? Everybody. 269 00:15:40,489 --> 00:15:41,460 Suze: I don't think so. 270 00:15:42,510 --> 00:15:46,159 Laurie Jabber: Yeah. Well, let me ask you this question 271 00:15:47,340 --> 00:15:50,099 Laurie Jabber: and I'm one of these people and you mentioned God, 272 00:15:50,109 --> 00:15:53,179 Laurie Jabber: what if there's something catastrophic, like a war or civil war? 273 00:15:53,640 --> 00:15:55,280 Laurie Jabber: I feel like a lot of us 274 00:15:55,940 --> 00:16:02,119 Laurie Jabber: have become dubious of governmental in like instruments. You know, 275 00:16:02,130 --> 00:16:03,929 Laurie Jabber: how are they gonna hold up? How is the currency 276 00:16:03,940 --> 00:16:04,599 Laurie Jabber: gonna hold up? 277 00:16:04,979 --> 00:16:08,000 Laurie Jabber: Um, are stocks really going to be the way to go 278 00:16:08,010 --> 00:16:10,010 Laurie Jabber: because I know you want a mix of bonds and, 279 00:16:10,020 --> 00:16:13,200 Laurie Jabber: and stock. What's your thoughts there with kind of the 280 00:16:13,210 --> 00:16:16,340 Laurie Jabber: ineptitude of our Capitol Hill people? 281 00:16:16,349 --> 00:16:20,429 Suze: Yeah. Um, I'll admit that treasury bills, bonds and notes 282 00:16:20,440 --> 00:16:25,219 Suze: at times have made me nervous. Might so much show 283 00:16:25,229 --> 00:16:28,489 Suze: that Sheila Bair, who was the chairman a few years 284 00:16:28,500 --> 00:16:31,359 Suze: ago of the FD of the FDIC. 285 00:16:31,650 --> 00:16:36,549 Suze: And what, what happened with that is that in 2008 286 00:16:36,559 --> 00:16:39,880 Suze: when the really we came closer to collapsing than you 287 00:16:39,890 --> 00:16:44,229 Suze: have any idea. But I did a campaign with her 288 00:16:44,239 --> 00:16:48,140 Suze: $36 million campaign public service announcement 289 00:16:48,380 --> 00:16:52,390 Suze: as to why you should feel secure with the FDIC 290 00:16:52,400 --> 00:16:56,909 Suze: and this whole thing on TV, everything just to stop 291 00:16:56,919 --> 00:17:01,119 Suze: a run on the banks. So, just a while ago 292 00:17:01,130 --> 00:17:03,630 Suze: when I didn't know if we were gonna have a 293 00:17:03,640 --> 00:17:07,040 Suze: government shutdown or not, I had her on one of 294 00:17:07,050 --> 00:17:09,198 Suze: my podcasts and I'm sure you can go back 295 00:17:09,300 --> 00:17:12,969 Suze: back to that and hear, hear it. And what was 296 00:17:12,979 --> 00:17:16,099 Suze: funny is she was saying how we're fine and everything. 297 00:17:16,239 --> 00:17:21,290 Suze: And I said, well, how about, you know, FDIC, right? 298 00:17:21,300 --> 00:17:24,899 Suze: All of these things, you know, the, not the FDIC 299 00:17:24,910 --> 00:17:28,359 Suze: but the, the things that secure banks and CDs and 300 00:17:28,369 --> 00:17:30,109 Suze: things like that, right? 301 00:17:31,010 --> 00:17:35,079 Suze: And everything is kind of insured by that. So the 302 00:17:35,089 --> 00:17:39,800 Suze: treasury which is insured by the treasury, the banks and 303 00:17:39,810 --> 00:17:44,319 Suze: everything are insured by FDIC. Credit unions are insured by 304 00:17:44,329 --> 00:17:45,739 Suze: NCUAA 305 00:17:46,449 --> 00:17:51,550 Suze: and, but they're insured by FDIC. I mean, it's all connected. 306 00:17:52,079 --> 00:17:55,468 Suze: So I would do a combination of things, you know, 307 00:17:55,479 --> 00:17:59,150 Suze: bonds can be many things, they can be municipal bonds, 308 00:17:59,160 --> 00:18:02,910 Suze: treasury bill bonds or notes, they can be corporate bonds, 309 00:18:02,920 --> 00:18:06,780 Suze: you can have stocks that pay dividends, all of those 310 00:18:06,790 --> 00:18:10,589 Suze: things can be a mix to create your fixed income 311 00:18:10,599 --> 00:18:13,140 Suze: vehicles that give you income. 312 00:18:13,400 --> 00:18:16,089 Suze: But I'll be honest with you at times, I get 313 00:18:16,099 --> 00:18:21,209 Suze: nervous because of how much debt the government has as 314 00:18:21,219 --> 00:18:24,729 Suze: to if there really was a collapse, how would they 315 00:18:24,739 --> 00:18:28,670 Suze: cover all of that? But at this point, that's where 316 00:18:28,680 --> 00:18:31,800 Suze: we are. So you have to have a mix of 317 00:18:31,810 --> 00:18:34,079 Suze: almost everything. If you ask me. 318 00:18:34,819 --> 00:18:36,660 Michelle Emmick: What's your thought of crypto.. on crypto? 319 00:18:37,380 --> 00:18:40,949 Suze: I think, you know, crypto is an interesting thing. I 320 00:18:40,959 --> 00:18:45,909 Suze: think it's gaining far more validity. Finally, now that exchange 321 00:18:45,920 --> 00:18:50,930 Suze: traded funds are being created around the true value of crypto. 322 00:18:51,079 --> 00:18:53,280 Suze: But I will still say that I would not be 323 00:18:53,290 --> 00:18:57,459 Suze: investing in the crypto market with any money except the 324 00:18:57,469 --> 00:18:58,149 Suze: money that I 325 00:18:58,234 --> 00:19:03,255 Suze: could afford to lose. Otherwise I would not be touching 326 00:19:03,265 --> 00:19:06,284 Suze: it with a 10 foot pole because anything could happen 327 00:19:06,295 --> 00:19:09,084 Suze: at any time, the government all of a sudden could 328 00:19:09,094 --> 00:19:12,484 Suze: intervene with it and then therefore make it. So it 329 00:19:12,494 --> 00:19:16,073 Suze: does go down once the governments involved. So I just 330 00:19:16,084 --> 00:19:18,974 Suze: don't think if you're going to want to make money, 331 00:19:19,410 --> 00:19:24,069 Suze: then make money little by little, you know, understand the 332 00:19:24,079 --> 00:19:28,660 Suze: value of compounding, understand that you never take a lump 333 00:19:28,670 --> 00:19:30,699 Suze: sum of money and put it into the market all 334 00:19:30,709 --> 00:19:34,050 Suze: at once. You know, you dollar cost average with it 335 00:19:34,060 --> 00:19:35,550 Suze: where if you like something, 336 00:19:35,630 --> 00:19:38,439 Suze: then you buy a little bit of it. Now, then 337 00:19:38,449 --> 00:19:41,040 Suze: you buy a little bit again, like even with my 338 00:19:41,050 --> 00:19:44,829 Suze: treasuries and honestly, I have millions and millions and millions 339 00:19:44,839 --> 00:19:48,489 Suze: of dollars in treasuries. Um You know, I just put 340 00:19:48,500 --> 00:19:52,750 Suze: a little bit more in a 30 year treasury bond. Um, 341 00:19:52,790 --> 00:19:56,250 Suze: but I didn't put a lot, like I put, you know, 342 00:19:56,260 --> 00:19:58,719 Suze: some money in it to see what's happening before I 343 00:19:58,729 --> 00:20:01,780 Suze: put more in. So I never go all in at 344 00:20:01,790 --> 00:20:03,410 Suze: once on anything. 345 00:20:04,630 --> 00:20:09,569 Suze: I have absolutely zero in the physical crypto right now. 346 00:20:09,630 --> 00:20:14,219 Suze: I have some in stocks, not a lot, maybe $30,000 347 00:20:14,310 --> 00:20:17,979 Suze: in a stock that has to do with crypto. Symbol: MARA 348 00:20:19,310 --> 00:20:23,550 Suze: but it's um it's, you know, it's I have nothing 349 00:20:23,560 --> 00:20:26,810 Suze: in crypto at this moment. Truthfully the actual crypto. 350 00:20:27,810 --> 00:20:32,089 Laurie Jabber: My, I'm a serial entrepreneur and I would always tell 351 00:20:32,099 --> 00:20:36,540 Laurie Jabber: people never put your money into something you don't know 352 00:20:36,550 --> 00:20:39,729 Laurie Jabber: anything about. You got that. That is my hard line 353 00:20:39,739 --> 00:20:40,949 Laurie Jabber: with crypto because 354 00:20:42,250 --> 00:20:44,189 Laurie Jabber: and now I feel like the true definition of a 355 00:20:44,199 --> 00:20:46,430 Laurie Jabber: blonde when I try to understand what's going on with 356 00:20:46,439 --> 00:20:49,389 Laurie Jabber: that hair ball. It is way, way above my pay grade. 357 00:20:49,400 --> 00:20:49,989 Laurie Jabber: II I don't get it. 358 00:20:50,349 --> 00:20:52,900 Suze: What color hair do I have? What depends? I need to, 359 00:20:53,170 --> 00:20:54,379 Suze: I need to get color, right? 360 00:20:54,420 --> 00:20:54,979 Michelle Emmick: We have three blondes here. 361 00:20:56,839 --> 00:20:57,810 Laurie Jabber: Three Blondes yeah. 362 00:20:57,819 --> 00:20:59,939 Suze: So we won't be digging blonde hair because I don't 363 00:20:59,949 --> 00:21:05,119 Suze: understand crypto. I don't really understand what secures it. I don't, 364 00:21:05,130 --> 00:21:06,910 Suze: I can't really 365 00:21:07,076 --> 00:21:10,556 Suze: wrap my head around it. So it's like, nah, I 366 00:21:10,566 --> 00:21:14,796 Suze: don't think so. Not for me. However, there is, there 367 00:21:14,806 --> 00:21:18,805 Suze: are people that speculate, there are people like Kathy Woods 368 00:21:18,816 --> 00:21:22,515 Suze: who I think is brilliant with her investments that now 369 00:21:22,526 --> 00:21:25,635 Suze: has a, you know, ETF, that way. So if people 370 00:21:25,645 --> 00:21:29,875 Suze: want to take money again that they can afford to 371 00:21:29,885 --> 00:21:31,875 Suze: lose just because they feel like 372 00:21:31,972 --> 00:21:34,771 Suze: they want to be involved with it. Be my guest. 373 00:21:34,802 --> 00:21:37,061 Michelle Emmick: That's great advice. If you've got the money. 374 00:21:37,411 --> 00:21:40,462 Suze: To lose, to lose. I don't know. I have a 375 00:21:40,472 --> 00:21:42,651 Suze: whole lot of money and I don't like losing any 376 00:21:42,661 --> 00:21:44,391 Suze: of it. That's the point. 377 00:21:44,911 --> 00:21:49,351 Laurie Jabber: Yeah, no F--- you money over here. Ok. Um, here's something for you. 378 00:21:49,362 --> 00:21:52,112 Laurie Jabber: And this is a conversation that uh happens a lot 379 00:21:52,121 --> 00:21:55,491 Laurie Jabber: with us women who our kids go off to college. 380 00:21:55,501 --> 00:21:56,832 Laurie Jabber: Michelle is not there yet, 381 00:21:57,800 --> 00:22:00,688 Laurie Jabber: but that want to downsize. And they've got these properties 382 00:22:00,699 --> 00:22:04,199 Laurie Jabber: that have risen in value and there's a significant uh 383 00:22:04,209 --> 00:22:05,839 Laurie Jabber: cash consequence. 384 00:22:06,660 --> 00:22:10,359 Laurie Jabber: I was asked by probably eight ladies, what's the right 385 00:22:10,369 --> 00:22:13,619 Laurie Jabber: way to go about avoiding that tax consequence? And they 386 00:22:13,630 --> 00:22:15,729 Laurie Jabber: asked me to ask you about 1031. 387 00:22:16,680 --> 00:22:20,629 Suze: So there's a big difference between an investment property, a 388 00:22:20,640 --> 00:22:26,390 Suze: commercial property, a rental property and a primary residency. 389 00:22:27,030 --> 00:22:30,660 Suze: So when you have a primary residence that you have 390 00:22:30,670 --> 00:22:35,448 Suze: lived in your home as a primary residency for two 391 00:22:35,459 --> 00:22:38,449 Suze: out of the past five years, 392 00:22:38,969 --> 00:22:42,369 Suze: then when you go to sell it, you get a 393 00:22:42,380 --> 00:22:46,829 Suze: $250,000 exemption. And if you own it with somebody else, 394 00:22:46,839 --> 00:22:49,890 Suze: they also get it, let's say your spouse, they also 395 00:22:49,900 --> 00:22:56,650 Suze: get a $250,000 exemption. So that's $500,000 that you do 396 00:22:56,660 --> 00:23:01,389 Suze: not have to pay capital gains tax on. Number one, 397 00:23:01,400 --> 00:23:02,390 Suze: you buy a house, 398 00:23:02,473 --> 00:23:07,233 Suze: let's just say, for a half a million dollars and 399 00:23:07,243 --> 00:23:09,733 Suze: now it's worth a million dollars and you go to 400 00:23:09,743 --> 00:23:12,072 Suze: sell it and you've lived in it for two out 401 00:23:12,083 --> 00:23:15,321 Suze: of the past five years. Is your primary residency? No 402 00:23:15,333 --> 00:23:21,353 Suze: tax whatsoever on it. Remember your cost basis also is 403 00:23:21,363 --> 00:23:25,172 Suze: the amount of money that you put into it for repair. 404 00:23:25,182 --> 00:23:25,922 Suze: So you buy a 405 00:23:25,975 --> 00:23:31,735 Suze: $500,000 house, you put $200,000 into it for renovation or whatever. 406 00:23:31,744 --> 00:23:38,456 Suze: Now your cost basis is $700,000. So don't forget that everybody. Also, 407 00:23:38,465 --> 00:23:42,076 Suze: I think it's very important that if you happen to 408 00:23:42,086 --> 00:23:45,196 Suze: live in a community property state, look it up to 409 00:23:45,205 --> 00:23:48,686 Suze: see if you do or you don't. California, Texas, Washington 410 00:23:48,696 --> 00:23:49,385 Suze: so forth 411 00:23:49,819 --> 00:23:55,280 Suze: and you own your property in community property with right 412 00:23:55,290 --> 00:24:00,319 Suze: of survivorship. If your spot with a spouse, if your 413 00:24:00,329 --> 00:24:03,879 Suze: spouse happens to die, you get a step up in 414 00:24:03,890 --> 00:24:09,380 Suze: basis on the entire property. So you buy it for 415 00:24:09,880 --> 00:24:16,859 Suze: $30,000 500,000 dollars, whatever it is, it's now worth $3 416 00:24:16,869 --> 00:24:18,099 Suze: million 417 00:24:18,689 --> 00:24:23,030 Suze: and your spouse dies. Your new cost basis on it 418 00:24:23,040 --> 00:24:27,619 Suze: is $3 million. If you turn around and sell it 419 00:24:27,630 --> 00:24:29,189 Suze: at that point in time, 420 00:24:29,699 --> 00:24:33,310 Suze: no capital gains or it will be taxed on the 421 00:24:33,319 --> 00:24:37,000 Suze: $3 million mark. Remember if you own it in joint 422 00:24:37,010 --> 00:24:41,229 Suze: tenancy with right of survivorship and a spouse dies, you 423 00:24:41,239 --> 00:24:45,079 Suze: only get a step up in basis on half of it, 424 00:24:45,219 --> 00:24:49,199 Suze: not on the entire amount. So those are things for 425 00:24:49,209 --> 00:24:53,199 Suze: you to think about. So with a primary residency, I 426 00:24:53,209 --> 00:24:56,609 Suze: I you don't do a 1031 exchange with it, you 427 00:24:56,619 --> 00:24:58,079 Suze: have a rental property 428 00:24:58,500 --> 00:25:02,189 Suze: and now you want to do a 1031 exchange, which, 429 00:25:02,199 --> 00:25:06,400 Suze: what is what it's technically called? They can be very, 430 00:25:06,410 --> 00:25:11,010 Suze: very tricky. First of all, my recommendation would be you 431 00:25:11,020 --> 00:25:16,459 Suze: have an intermediary, somebody that the money goes through to 432 00:25:16,469 --> 00:25:19,979 Suze: make sure that you do everything according to the IRS. 433 00:25:20,199 --> 00:25:23,359 Suze: So what a 1031 exchange is for those of you 434 00:25:23,369 --> 00:25:25,890 Suze: who may not know is let's say you have a 435 00:25:25,900 --> 00:25:27,390 Suze: rental property 436 00:25:27,780 --> 00:25:31,630 Suze: and maybe you paid 300,000 for it and now it's 437 00:25:31,640 --> 00:25:36,160 Suze: worth a million and you don't wanna pay any taxes 438 00:25:36,170 --> 00:25:36,910 Suze: on that. 439 00:25:37,829 --> 00:25:42,679 Suze: You have 45 days from the day that you have 440 00:25:42,689 --> 00:25:43,800 Suze: sold it 441 00:25:44,300 --> 00:25:48,880 Suze: to find a property that is just like essentially the 442 00:25:48,890 --> 00:25:52,560 Suze: one that you sold, you have 100 and 80 days 443 00:25:52,569 --> 00:25:55,579 Suze: from the day that you sold it to close on 444 00:25:55,589 --> 00:26:00,520 Suze: that property. So then what happens is your cost basis 445 00:26:00,530 --> 00:26:04,640 Suze: of the first one now has transferred to the cost 446 00:26:04,650 --> 00:26:08,420 Suze: basis of the second one and you haven't had to 447 00:26:08,430 --> 00:26:10,560 Suze: pay any capital gains tax on it. 448 00:26:10,724 --> 00:26:12,724 Suze: Now, I just have to say this and I hope 449 00:26:12,734 --> 00:26:15,454 Suze: I'm not go getting over a lot of your heads. 450 00:26:15,464 --> 00:26:19,354 Suze: You have to think about this because unless you're going 451 00:26:19,364 --> 00:26:24,313 Suze: to leave that property to your beneficiaries, your Children, where 452 00:26:24,324 --> 00:26:28,084 Suze: upon your death they get a step up in basis. 453 00:26:28,094 --> 00:26:31,685 Suze: So then you've avoided taxes on it altogether. But if 454 00:26:31,694 --> 00:26:35,785 Suze: you intend to possibly sell that property while you are 455 00:26:35,795 --> 00:26:36,984 Suze: still alive, 456 00:26:37,520 --> 00:26:42,130 Suze: just be very careful because with the debt that we're carrying, 457 00:26:42,140 --> 00:26:46,229 Suze: who knows what income tax brackets are going to be 458 00:26:46,239 --> 00:26:49,500 Suze: 10 years from now, who knows what they're gonna do 459 00:26:49,510 --> 00:26:53,989 Suze: to the capital gains tax to 10 years from now. So, 460 00:26:54,000 --> 00:26:58,069 Suze: just be very, very careful with that. But that is 461 00:26:58,079 --> 00:27:02,670 Suze: how you would technically do a 1031 exchange to make 462 00:27:02,680 --> 00:27:06,219 Suze: sure that you don't get in any trouble. 463 00:27:07,160 --> 00:27:10,699 Laurie Jabber: That's really good info. It is really complex. I mean, it's, 464 00:27:10,709 --> 00:27:12,699 Laurie Jabber: there's a lot of layers to that and that there's 465 00:27:12,709 --> 00:27:16,199 Laurie Jabber: a lot of layers to owning property in general and, 466 00:27:16,209 --> 00:27:17,800 Laurie Jabber: and depending on what state you're in. Right? 467 00:27:18,209 --> 00:27:22,319 Suze: Yeah, of course. Right. So, but, um, you know, it 468 00:27:22,329 --> 00:27:25,530 Suze: just depends, I always say, oh, just, you know, pay 469 00:27:25,540 --> 00:27:28,359 Suze: the capital gains tax. Now, here's something you might want 470 00:27:28,369 --> 00:27:31,859 Suze: to think about if you ever are in a situation 471 00:27:31,869 --> 00:27:34,280 Suze: where you don't have any income for a year. Let's 472 00:27:34,290 --> 00:27:35,119 Suze: say you're a woman by 473 00:27:35,219 --> 00:27:38,349 Suze: yourself. You've been left this property and now you're going, 474 00:27:38,359 --> 00:27:40,250 Suze: oh my God. I really don't want to sell it 475 00:27:40,310 --> 00:27:43,438 Suze: because I'm gonna own all, all these capital gains tax 476 00:27:43,449 --> 00:27:45,959 Suze: on and capital gains. By the way, everybody is when 477 00:27:45,969 --> 00:27:49,239 Suze: you've owned something for more than one year. Otherwise, if 478 00:27:49,250 --> 00:27:52,189 Suze: you sell it, it's taxed to you as ordinary income. 479 00:27:52,410 --> 00:27:55,889 Suze: Most people don't know that if you're making only, let's 480 00:27:55,900 --> 00:28:00,680 Suze: just say $44,000 a year or less of income and 481 00:28:00,689 --> 00:28:03,939 Suze: you sell something regardless of how much money you made 482 00:28:03,949 --> 00:28:06,339 Suze: on it. You don't pay any capital gains tax at all. 483 00:28:07,239 --> 00:28:07,920 Laurie Jabber: Wow. 484 00:28:08,290 --> 00:28:11,630 Suze: Yeah. So, I had friends who, when the Oprah Winfrey 485 00:28:11,640 --> 00:28:16,738 Suze: show closed down, they had a million dollars sometimes in 486 00:28:16,750 --> 00:28:19,650 Suze: apple stock or whatever, but they didn't have any income 487 00:28:19,670 --> 00:28:24,439 Suze: for a while. Guess what? We sold everything. They didn't 488 00:28:24,449 --> 00:28:27,219 Suze: pay a penny of capital gains on it. And then 489 00:28:27,229 --> 00:28:31,219 Suze: we reinvested at the higher price. Brilliant 490 00:28:31,880 --> 00:28:33,410 Suze: if I have to say so myself. 491 00:28:33,670 --> 00:28:37,060 Laurie Jabber: Wow. I, that is good information. 492 00:28:37,770 --> 00:28:37,889 Laurie Jabber: Yeah. 493 00:28:39,219 --> 00:28:41,869 Laurie Jabber: Ok. So, one of the things that we've touched upon 494 00:28:41,880 --> 00:28:43,479 Laurie Jabber: repeatedly is 495 00:28:44,260 --> 00:28:47,599 Laurie Jabber: we don't know what's gonna be 10 years from now. Ok. 496 00:28:48,699 --> 00:28:52,959 Laurie Jabber: I get really frustrated with women who, and men as 497 00:28:52,969 --> 00:28:56,760 Laurie Jabber: well who think that social security is an entitlement 498 00:28:57,839 --> 00:29:00,160 Laurie Jabber: and that they're going to be able to retire. Well, we, 499 00:29:00,170 --> 00:29:02,359 Laurie Jabber: you know, we've put away to social security, that's, their 500 00:29:02,369 --> 00:29:08,089 Laurie Jabber: retirement plan is going to be receiving those resources. What's 501 00:29:08,099 --> 00:29:10,020 Laurie Jabber: your thoughts? And what would you say to those type of people? 502 00:29:10,829 --> 00:29:12,930 Suze: I feel sorry for you if that's how you think 503 00:29:12,939 --> 00:29:16,319 Suze: and you continue to think after you hear what we're 504 00:29:16,329 --> 00:29:18,640 Suze: about to say to you right now, 505 00:29:19,119 --> 00:29:24,260 Suze: social security is absolutely in danger. Not that I think 506 00:29:24,270 --> 00:29:26,300 Suze: it's gonna go away. But what I do think is 507 00:29:26,310 --> 00:29:30,060 Suze: gonna happen is in the same way, the full social 508 00:29:30,069 --> 00:29:33,219 Suze: security age years ago used to be 65 509 00:29:34,250 --> 00:29:37,390 Suze: and then the full retirement age was moved up to 510 00:29:37,400 --> 00:29:39,130 Suze: 67 511 00:29:39,979 --> 00:29:43,319 Suze: and I have no doubt that it's gonna be moved 512 00:29:43,329 --> 00:29:48,489 Suze: up to 70 could be moved up one day to 73. 513 00:29:48,500 --> 00:29:52,530 Suze: They will keep postponing, in my opinion. I don't have 514 00:29:52,540 --> 00:29:57,050 Suze: any inside information on this, the actual age that you 515 00:29:57,060 --> 00:30:01,650 Suze: have to be to collect full retirement benefits. Your full 516 00:30:01,660 --> 00:30:06,520 Suze: social security number one, number two. If you take it 517 00:30:06,530 --> 00:30:08,219 Suze: before that time, 518 00:30:08,599 --> 00:30:11,989 Suze: let's say you take it at 62 rather than 67 519 00:30:12,000 --> 00:30:17,979 Suze: right now, that's a 30% reduction to you. And not 520 00:30:17,989 --> 00:30:22,040 Suze: only that, but it's like that's just it, it depending 521 00:30:22,050 --> 00:30:24,880 Suze: on how much money you may be making besides that, 522 00:30:25,099 --> 00:30:29,380 Suze: don't be surprised if they don't make social security fully 523 00:30:29,390 --> 00:30:31,420 Suze: taxable as well 524 00:30:32,290 --> 00:30:35,729 Suze: at what tax bracket? Well, that's up to them. So 525 00:30:35,739 --> 00:30:40,050 Suze: if you're putting yourself in a situation where you think 526 00:30:40,589 --> 00:30:44,569 Suze: in a society where inflation may they say it may 527 00:30:44,579 --> 00:30:48,410 Suze: be coming down, but has your rent come down? Right? 528 00:30:48,420 --> 00:30:52,130 Suze: Has the price of real estate really come down? Now, 529 00:30:52,140 --> 00:30:55,119 Suze: some things have come down, but most of the things 530 00:30:55,130 --> 00:31:00,449 Suze: are really still very expensive. Let's play social security right now. 531 00:31:00,969 --> 00:31:04,300 Suze: Look at what your social security is going to be 532 00:31:04,310 --> 00:31:07,969 Suze: at whatever age you think you're gonna collect social security. 533 00:31:07,979 --> 00:31:10,689 Suze: You can find that out very easily by going on 534 00:31:10,699 --> 00:31:14,969 Suze: to SSA.gov, register for my social security and they'll tell 535 00:31:14,979 --> 00:31:19,790 Suze: you what you'll get. Now, pretend that's all the money 536 00:31:19,800 --> 00:31:23,339 Suze: that you have. Just pretend that's what you have coming in. 537 00:31:23,969 --> 00:31:26,469 Suze: Look at your expenses as to what you think will 538 00:31:26,479 --> 00:31:31,030 Suze: no longer be there. Maybe you'll own your home outright. 539 00:31:31,459 --> 00:31:37,270 Suze: But have you looked at what's happening with insurance? Property insurance, 540 00:31:37,280 --> 00:31:40,910 Suze: car insurance? So if you want to insure those things, 541 00:31:40,920 --> 00:31:44,109 Suze: you're gonna see this year property tax, property insurance went 542 00:31:44,119 --> 00:31:45,829 Suze: up 19% 543 00:31:46,760 --> 00:31:50,089 Suze: in many cases. It's not the mortgage that people can't afford. 544 00:31:50,099 --> 00:31:54,119 Suze: It's the insurance on the property just to insure the 545 00:31:54,130 --> 00:32:00,489 Suze: little condo that we have in Florida. That isn't very expensive. 546 00:32:00,500 --> 00:32:05,319 Suze: It's $28,000 a year, a few years ago. It was 547 00:32:05,329 --> 00:32:07,680 Suze: like $5000 a year to insure. 548 00:32:08,319 --> 00:32:12,810 Suze: So are you positive that your social security will be 549 00:32:12,819 --> 00:32:18,300 Suze: able to pay for everything? Look at your Medicare premiums, right? 550 00:32:18,310 --> 00:32:23,930 Suze: Your Medicare B premiums come out of your social security. 551 00:32:24,400 --> 00:32:27,810 Suze: So you don't get what you think you get for 552 00:32:27,819 --> 00:32:32,479 Suze: social security because you really need to get Medicare, which 553 00:32:32,489 --> 00:32:35,760 Suze: is my favorite thing to do versus any other form 554 00:32:35,770 --> 00:32:37,890 Suze: that's offered to you as you get older. 555 00:32:38,979 --> 00:32:43,079 Suze: Subtract a good 100 to $400 a month from that 556 00:32:43,260 --> 00:32:46,699 Suze: and just play social security. Can you survive on that? 557 00:32:47,270 --> 00:32:48,359 Suze: You cannot. 558 00:32:48,910 --> 00:32:52,160 Suze: So everybody please, this is the time that you have 559 00:32:52,170 --> 00:32:55,459 Suze: to be financially independent, you have to fully fund at 560 00:32:55,469 --> 00:32:58,920 Suze: least a Roth Ira or if you are working and 561 00:32:58,930 --> 00:33:02,560 Suze: they have a Roth retirement account where they match your contribution, 562 00:33:02,569 --> 00:33:06,630 Suze: fully funded up to that point of the match. Even 563 00:33:06,640 --> 00:33:08,660 Suze: if you haven't, you know, even if you don't have 564 00:33:08,670 --> 00:33:10,329 Suze: a pot to pee in right now, 565 00:33:10,869 --> 00:33:14,290 Suze: you have to do things like that. Are you kidding? 566 00:33:14,300 --> 00:33:17,650 Suze: You have to. Yeah, because so many people, right. That, 567 00:33:17,660 --> 00:33:20,989 Suze: I mean, I think it's like 60% over 60% of 568 00:33:21,000 --> 00:33:25,170 Suze: our country lives paycheck to paycheck. Yeah, I know. And so, 569 00:33:25,180 --> 00:33:29,160 Suze: you know, that's one of the reasons I co-founded Secures save.com. 570 00:33:29,170 --> 00:33:31,359 Suze: All of you might want to go and look it up. 571 00:33:31,369 --> 00:33:33,359 Suze: I don't want to talk about it here, but look 572 00:33:33,369 --> 00:33:37,579 Suze: at what I created to make sure that that doesn't happen. 573 00:33:37,810 --> 00:33:40,130 Suze: But the real thing that you need to understand 574 00:33:40,224 --> 00:33:44,525 Suze: and is that if you can't afford to save for 575 00:33:44,535 --> 00:33:48,045 Suze: retirement today because you don't have enough money to pay 576 00:33:48,055 --> 00:33:51,314 Suze: your bills while you have a paycheck coming in. How 577 00:33:51,324 --> 00:33:54,084 Suze: are you going to pay for those exact same bills 578 00:33:54,094 --> 00:33:57,194 Suze: when you no longer have a paycheck coming in? 579 00:33:57,849 --> 00:34:02,859 Suze: So you need to do it today because compounding is 580 00:34:02,869 --> 00:34:06,150 Suze: the key. You know, my last book that I wrote 581 00:34:06,160 --> 00:34:09,589 Suze: was the ultimate retirement guide for 50 plus. 582 00:34:10,138 --> 00:34:14,828 Suze: And I went for, you know, everybody cares about if 583 00:34:14,839 --> 00:34:19,158 Suze: you're 20 or 30 or 40 once you're in your fifties, 584 00:34:19,178 --> 00:34:21,648 Suze: all of a sudden, nobody cares about you anymore. Because 585 00:34:21,658 --> 00:34:27,268 Suze: why you don't count towards rating on television for advertisers. 586 00:34:27,418 --> 00:34:29,079 Suze: They don't care about you. 587 00:34:29,639 --> 00:34:33,219 Suze: I care about you. These ladies care about you, but 588 00:34:33,229 --> 00:34:37,089 Suze: the question is, do you care about yourself? So there 589 00:34:37,100 --> 00:34:40,229 Suze: are things that you still can do today to protect 590 00:34:40,239 --> 00:34:43,090 Suze: your tomorrows. And if you keep putting it off and 591 00:34:43,100 --> 00:34:45,129 Suze: putting it off and putting it off, 592 00:34:45,830 --> 00:34:49,540 Suze: please, I'm telling you, I deal with women who have 593 00:34:49,550 --> 00:34:53,929 Suze: put it off and I always say to them, you know, it's, 594 00:34:53,939 --> 00:34:56,840 Suze: it's never too late, you know, it's never too early 595 00:34:56,850 --> 00:34:59,469 Suze: to begin. And I used to say it was never 596 00:34:59,479 --> 00:35:03,020 Suze: too late to start, but there does come a time 597 00:35:03,030 --> 00:35:03,929 Suze: in your life 598 00:35:04,790 --> 00:35:08,169 Suze: when it will be too late, it just will be, 599 00:35:08,580 --> 00:35:12,330 Suze: you can't start when you're 80 years of age. So 600 00:35:12,469 --> 00:35:16,189 Suze: $100 is better than nothing. You know, one thing if 601 00:35:16,199 --> 00:35:19,949 Suze: you have absolutely no money whatsoever and I do not 602 00:35:19,959 --> 00:35:24,370 Suze: get paid to say this. I also created with Alliant 603 00:35:24,379 --> 00:35:27,939 Suze: Credit Union that was just voted the best credit union 604 00:35:27,949 --> 00:35:30,080 Suze: for 2024. 605 00:35:30,399 --> 00:35:34,719 Suze: That if you simply open the ultimate opportunity savings account, 606 00:35:34,989 --> 00:35:40,709 Suze: you put in just $100 a month for 12 consecutive months, 607 00:35:40,719 --> 00:35:43,739 Suze: you'll earn 3% on it. That's not the big deal. 608 00:35:43,750 --> 00:35:50,080 Suze: But after 12 months they will give you $100. But 609 00:35:50,090 --> 00:35:51,149 Suze: what it does that's like 610 00:35:51,239 --> 00:35:54,638 Suze: a 16% return on your money. Everybody, you can't put 611 00:35:54,649 --> 00:35:57,520 Suze: $1200 in all at once and get it. Uh, uh, 612 00:35:57,709 --> 00:36:02,000 Suze: has to be $100 a month. If you can't continue it, 613 00:36:02,010 --> 00:36:05,080 Suze: you can still take your money out anytime. No penalties. 614 00:36:05,090 --> 00:36:09,000 Suze: It doesn't cost you anything. But when you start doing that, 615 00:36:09,340 --> 00:36:11,800 Suze: you get in the habit of saving 616 00:36:12,300 --> 00:36:17,319 Suze: and now you have changed like your psychological behavior that 617 00:36:17,330 --> 00:36:19,590 Suze: you say you can't, you don't have the money and 618 00:36:19,600 --> 00:36:22,359 Suze: then all of a sudden you do, you see it grow, 619 00:36:22,370 --> 00:36:25,000 Suze: you like to see how much you have in there 620 00:36:25,270 --> 00:36:27,529 Suze: and then you just keep going. Why don't you give 621 00:36:27,540 --> 00:36:33,609 Suze: that a try? Go to my alliant. Alliant .com. Look 622 00:36:33,620 --> 00:36:34,280 Suze: for me 623 00:36:34,770 --> 00:36:37,509 Suze: and open it up. It doesn't cost you anything to 624 00:36:37,520 --> 00:36:39,659 Suze: open it up. They'll show you how to do it, 625 00:36:39,909 --> 00:36:42,389 Suze: just go there and give it a try. 626 00:36:42,919 --> 00:36:46,719 Laurie Jabber: Yeah, that it is awesome. And 627 00:36:47,500 --> 00:36:53,120 Laurie Jabber: paradigm is really, really different for younger generations and I 628 00:36:53,129 --> 00:36:56,290 Laurie Jabber: kind of wanna dive into that. We didn't have credit 629 00:36:56,300 --> 00:36:59,949 Laurie Jabber: cards back in the day. It was checkbook, you balance 630 00:36:59,959 --> 00:37:02,370 Laurie Jabber: your checkbook. So if you didn't have the money, you 631 00:37:02,379 --> 00:37:05,279 Laurie Jabber: typically didn't spend it and you did try to save 632 00:37:05,290 --> 00:37:09,370 Laurie Jabber: what you could. We're now in a culture of, and 633 00:37:09,379 --> 00:37:10,919 Laurie Jabber: I'm seeing it with my adult kids. 634 00:37:11,409 --> 00:37:14,360 Laurie Jabber: It's, they've got their apps, they've got their credit card. 635 00:37:14,370 --> 00:37:19,500 Laurie Jabber: They do Uber. They have no concept except instant gratification. 636 00:37:19,510 --> 00:37:22,399 Laurie Jabber: And I had a conversation with my older boy. He's graduated. He, 637 00:37:22,409 --> 00:37:25,370 Laurie Jabber: he was at TCU and we did a 529 for 638 00:37:25,379 --> 00:37:29,179 Laurie Jabber: both of our boys, which is pre tax saving for 639 00:37:29,189 --> 00:37:32,360 Laurie Jabber: college if people don't know what that is. And he 640 00:37:32,370 --> 00:37:34,800 Laurie Jabber: had a scholarship so he had extra. And so I, 641 00:37:34,810 --> 00:37:37,279 Laurie Jabber: I said to Michael, you, you should roll this into 642 00:37:37,290 --> 00:37:38,600 Laurie Jabber: a Roth. 643 00:37:39,350 --> 00:37:40,850 Suze: How much did he have in there? 644 00:37:41,449 --> 00:37:44,649 Laurie Jabber: He had more than the 35 K. So I, you're, you're 645 00:37:44,659 --> 00:37:48,159 Laurie Jabber: only allowed to do $35,000 but he had more from 646 00:37:48,169 --> 00:37:51,290 Laurie Jabber: a scholarship. So we, we're putting that into a Roth 647 00:37:51,300 --> 00:37:53,100 Laurie Jabber: IRA but boy explain... 648 00:37:53,290 --> 00:37:55,529 Suze: You could only... just so you know how it actually works. 649 00:37:55,540 --> 00:37:58,779 Suze: He can only put in the maximum, which is this 650 00:37:58,790 --> 00:38:01,080 Suze: year is $7000. He cannot take 651 00:38:01,340 --> 00:38:04,750 Suze: all 35,000 and put it in at once just so, 652 00:38:04,760 --> 00:38:05,330 Suze: you know. 653 00:38:05,959 --> 00:38:10,040 Laurie Jabber: Correct. Thank you for clarifying that. But for him, it's like, 654 00:38:10,050 --> 00:38:14,049 Laurie Jabber: you know, explaining how, wow, over time this money, if 655 00:38:14,060 --> 00:38:16,820 Laurie Jabber: you do it right will work for you and when 656 00:38:16,830 --> 00:38:19,689 Laurie Jabber: it's time to use it, you would be very surprised 657 00:38:19,699 --> 00:38:22,428 Laurie Jabber: as to how it has added up and how meaningful 658 00:38:22,439 --> 00:38:23,770 Laurie Jabber: it can be. So 659 00:38:24,409 --> 00:38:28,679 Laurie Jabber: for moms like me and Michelle's got a teenage daughter, 660 00:38:29,250 --> 00:38:33,399 Laurie Jabber: what's your recommendation for how to change the mindset and 661 00:38:33,909 --> 00:38:37,679 Laurie Jabber: the lifestyle of kids because, and, and get them financially 662 00:38:37,689 --> 00:38:41,959 Laurie Jabber: independent and thinking about their own finances versus relying on us. Yeah. 663 00:38:41,969 --> 00:38:46,110 Suze: So teach them about compounding. I have an example of 664 00:38:46,120 --> 00:38:50,049 Suze: compounding and I'm going to use an investment rate. That 665 00:38:50,280 --> 00:38:54,050 Suze: is just for an example, for an illustration to make 666 00:38:54,060 --> 00:38:54,929 Suze: a point. 667 00:38:55,209 --> 00:38:58,439 Suze: It's not something that I think is gonna happen, but 668 00:38:58,570 --> 00:39:03,010 Suze: it's come close, you start putting $100 a month every 669 00:39:03,020 --> 00:39:08,409 Suze: single month into a Roth Ira at the age of, 670 00:39:08,419 --> 00:39:11,429 Suze: let's just say 25 and you can adjust this all 671 00:39:11,439 --> 00:39:15,639 Suze: the way down to wherever, but let's just say 25 672 00:39:15,649 --> 00:39:19,189 Suze: and you do that every single month till you are 673 00:39:19,199 --> 00:39:20,790 Suze: 65 674 00:39:21,189 --> 00:39:25,639 Suze: with a 12% annual average rate of return. Now, over 675 00:39:25,649 --> 00:39:30,649 Suze: 40 years, the Standard and Poor's 500 index has averaged 10%. 676 00:39:31,040 --> 00:39:35,870 Suze: But I like using 12% for to make an example 677 00:39:35,879 --> 00:39:40,669 Suze: out of this. So after 12, after getting a 12% 678 00:39:40,679 --> 00:39:43,709 Suze: annual average rate of return, which means one year, it's 679 00:39:43,719 --> 00:39:47,070 Suze: up 30% the next year, it's down 40. But over 680 00:39:47,080 --> 00:39:50,649 Suze: those 40 years, that's what it has averaged. You would 681 00:39:50,659 --> 00:39:56,229 Suze: have $1 million in your Roth IRA tax free. You 682 00:39:56,239 --> 00:39:57,629 Suze: think to yourself, 683 00:39:58,489 --> 00:40:03,459 Suze: I'm still young. I'm 25. What difference can $100 a 684 00:40:03,469 --> 00:40:08,979 Suze: month make? Which is $1200 a year? 10 years, that's $12,000. 685 00:40:08,989 --> 00:40:13,229 Suze: What difference can $12,000. Make mom, I'll start when I'm 686 00:40:13,239 --> 00:40:16,049 Suze: 35 and I'm just gonna have fun while I'm young. 687 00:40:16,129 --> 00:40:18,949 Suze: If you start at 35 rather than 688 00:40:19,054 --> 00:40:26,554 Suze: 25 you would have only $300,000. Those 10 years cost 689 00:40:26,564 --> 00:40:34,125 Suze: you $700,000. If you bring that down by 10 years 690 00:40:34,135 --> 00:40:37,824 Suze: and you start at 15, rather than 25 the numbers 691 00:40:37,834 --> 00:40:43,225 Suze: are astronomical when they start seeing the power of compounding 692 00:40:43,235 --> 00:40:46,155 Suze: that $100 a month can make 693 00:40:46,979 --> 00:40:49,899 Suze: all of a sudden a light bulb goes off and 694 00:40:49,909 --> 00:40:50,570 Suze: they go, 695 00:40:51,419 --> 00:40:56,260 Suze: wait, wait, those 10 years just cost me $700,000 and 696 00:40:56,290 --> 00:40:57,719 Suze: $100 a month 697 00:40:58,989 --> 00:41:01,209 Suze: and they start to get it. 698 00:41:01,860 --> 00:41:06,198 Suze: So when you start treating them like adults and show 699 00:41:06,209 --> 00:41:09,509 Suze: them what the future value is, go in their room 700 00:41:10,010 --> 00:41:13,520 Suze: and take out something that they had to buy. They 701 00:41:13,530 --> 00:41:17,770 Suze: just had to get and say, all right, because I 702 00:41:17,780 --> 00:41:21,330 Suze: did this with KT's nieces and nephews. When we, they 703 00:41:21,340 --> 00:41:24,080 Suze: were younger, they were into these Power Rangers that were 704 00:41:24,090 --> 00:41:25,560 Suze: $25 each. 705 00:41:26,209 --> 00:41:29,879 Suze: So, of course, Aunt Suze goes over and I noticed 706 00:41:29,889 --> 00:41:32,510 Suze: they're not playing with them anymore. So I bring out 707 00:41:32,520 --> 00:41:37,290 Suze: the four power rangers and I put $100 on the 708 00:41:37,300 --> 00:41:42,449 Suze: table and I say, ok, let's choose. Would you rather 709 00:41:42,459 --> 00:41:46,629 Suze: have the Power Rangers or the $100? And they go, 710 00:41:46,639 --> 00:41:49,860 Suze: of course, the $100 and I go, that's what I thought. 711 00:41:49,870 --> 00:41:52,820 Suze: However you got the power rangers. So I put it 712 00:41:52,830 --> 00:41:54,739 Suze: back in my pocket at that point. 713 00:41:55,100 --> 00:41:57,659 Suze: Next time we go to the store or something, I go, 714 00:41:57,669 --> 00:41:59,799 Suze: I just want you to remember the example of the 715 00:41:59,810 --> 00:42:04,120 Suze: Power Rangers. What do you want? You want that, that 716 00:42:04,129 --> 00:42:06,319 Suze: you want me to get you or you want the 717 00:42:06,330 --> 00:42:08,840 Suze: cash and they always started to say the cash 718 00:42:09,770 --> 00:42:13,719 Suze: so they get it but you have to learn how 719 00:42:13,729 --> 00:42:17,469 Suze: to teach it to them with real life examples. 720 00:42:18,879 --> 00:42:20,678 Laurie Jabber: Amen. Wow, that's great. 721 00:42:21,689 --> 00:42:23,939 Suze: How come Michelle doesn't ask me anything? 722 00:42:24,040 --> 00:42:25,860 Michelle Emmick: Well, I'm just taking it all in. 723 00:42:25,870 --> 00:42:28,419 Laurie Jabber: I, I kind of hijacked this. I'm sorry, Michelle. 724 00:42:29,229 --> 00:42:32,979 Suze: You most certainly did. Girlfriend. I'm like, wait a minute, we 725 00:42:32,989 --> 00:42:36,429 Suze: have another incredible woman there, girlfriend. What do you need 726 00:42:36,439 --> 00:42:37,239 Suze: to know? 727 00:42:37,340 --> 00:42:39,540 Michelle Emmick: No, I was just thinking about the fact we started, 728 00:42:39,550 --> 00:42:43,350 Michelle Emmick: you know, we started investing for my daughter. She's just, 729 00:42:43,415 --> 00:42:46,854 Michelle Emmick: she just turned 12 and I've been having those conversations 730 00:42:46,864 --> 00:42:48,754 Michelle Emmick: with her, like I told her, I'm like, you know what? 731 00:42:48,764 --> 00:42:51,504 Michelle Emmick: We already have like $15,000 in there and she was, 732 00:42:51,514 --> 00:42:54,135 Michelle Emmick: she was excited to know that. And so I'm trying 733 00:42:54,145 --> 00:42:57,884 Michelle Emmick: to start those conversations early. Um So it's good to 734 00:42:57,895 --> 00:43:01,004 Michelle Emmick: hear about compounding because I'm gonna, I love the example. 735 00:43:01,014 --> 00:43:03,754 Suze: Here's the thing Michelle has she ever asked you for 736 00:43:03,764 --> 00:43:06,475 Suze: money to buy something? And you've said no? 737 00:43:06,745 --> 00:43:07,834 Michelle Emmick: Yes. 738 00:43:08,879 --> 00:43:13,419 Suze: No. She has to feel ownership over that money and 739 00:43:13,429 --> 00:43:16,419 Suze: this is the time she needs to make a mistake 740 00:43:16,429 --> 00:43:17,020 Suze: with it. 741 00:43:17,899 --> 00:43:21,530 Suze: So she wants to take out $300 for something stupid. 742 00:43:22,169 --> 00:43:26,280 Suze: Let her take out $300 for something stupid. And then 743 00:43:26,290 --> 00:43:29,120 Suze: six months from now when she's no longer doing it, 744 00:43:29,729 --> 00:43:31,439 Suze: then go back to her and say, well, you happy, 745 00:43:31,449 --> 00:43:32,069 Suze: you did that, 746 00:43:32,889 --> 00:43:35,860 Suze: that just cost you $300. Let me show you what 747 00:43:35,870 --> 00:43:40,468 Suze: that $300 left in there. Get yourself a compounding app 748 00:43:40,489 --> 00:43:44,310 Suze: with that $300 would have been worth two years or 749 00:43:44,320 --> 00:43:47,189 Suze: four years or five years from now. Because what they 750 00:43:47,199 --> 00:43:52,570 Suze: have to understand is that this doesn't cost them just 751 00:43:52,580 --> 00:43:57,469 Suze: $300 this costs them. What that $300 could have been 752 00:43:57,479 --> 00:43:58,830 Suze: later on in life 753 00:44:00,060 --> 00:44:02,000 Suze: and all of a sudden they start, they start, the 754 00:44:02,010 --> 00:44:05,560 Suze: little thing will go on, it will go on. How 755 00:44:05,570 --> 00:44:08,000 Suze: did they get that $15,000 in that account? 756 00:44:09,300 --> 00:44:12,350 Michelle Emmick: Do you have any, um, recommendation? Well, of course you do. 757 00:44:12,360 --> 00:44:14,989 Michelle Emmick: Do you have any recommendations on certain apps that would 758 00:44:15,000 --> 00:44:16,120 Michelle Emmick: be beneficial to use? 759 00:44:16,469 --> 00:44:21,209 Suze: No. Right. Be, I actually, I don't because part of 760 00:44:21,219 --> 00:44:25,370 Suze: me wants them off of these computers and seeing things, 761 00:44:25,379 --> 00:44:28,790 Suze: part of me wants them to be touching money. 762 00:44:29,379 --> 00:44:33,850 Suze: You know, sometimes I'll see a kid with, uh, you know, 763 00:44:33,860 --> 00:44:36,399 Suze: being carried by their dad or mom in an ATM 764 00:44:36,409 --> 00:44:39,979 Suze: machine getting money out. And I'd say to the kid, 765 00:44:39,989 --> 00:44:42,729 Suze: where do you think money comes? From, and they point 766 00:44:42,739 --> 00:44:43,760 Suze: to the machine 767 00:44:45,159 --> 00:44:48,889 Suze: it comes from here. Right. And that's what they think. 768 00:44:48,899 --> 00:44:51,979 Suze: They don't under, they're out of touch with money. They 769 00:44:51,989 --> 00:44:54,500 Suze: don't see mommy and daddy touching or mommy and mommy 770 00:44:54,510 --> 00:44:59,529 Suze: or daddy and daddy touching money anymore. All they see 771 00:44:59,540 --> 00:45:04,649 Suze: is plastic. So, what I've had my relatives do while 772 00:45:04,659 --> 00:45:08,449 Suze: they were raising Travis and Sophia in particular 773 00:45:08,850 --> 00:45:12,159 Suze: and I'll just tell you this very quick story. So, 774 00:45:12,169 --> 00:45:16,629 Suze: Sophia swallowed a penny when she was maybe five years old. So, 775 00:45:16,639 --> 00:45:19,379 Suze: of course, she said you better call Aunt Suze. 776 00:45:20,239 --> 00:45:22,649 Suze: She'll know what to do. And I'm like, all right, 777 00:45:22,659 --> 00:45:25,969 Suze: do you take her to the doctor? Not. So I go, no, 778 00:45:25,979 --> 00:45:28,969 Suze: it will come out. It's all right. She's not choking. Obviously, 779 00:45:28,979 --> 00:45:32,330 Suze: she's ok. If it doesn't come out a little bit 780 00:45:32,340 --> 00:45:36,439 Suze: from now, we'll, you'll take her to the doctors. But, 781 00:45:36,500 --> 00:45:40,479 Suze: you know, I said, but Sophia, how do you feel 782 00:45:40,489 --> 00:45:43,928 Suze: about that? She said, oh, Aunt Suze, it's just a penny. 783 00:45:44,590 --> 00:45:47,629 Suze: I made her mother Barbara 784 00:45:48,030 --> 00:45:52,800 Suze: go to the bank and get thousands of pennies. And 785 00:45:52,810 --> 00:45:55,959 Suze: every time they went to the store they had to 786 00:45:55,969 --> 00:45:58,419 Suze: pay the grocery store, they had to pay the bill 787 00:45:58,429 --> 00:46:05,040 Suze: in pennies. Now. True. Everybody behind Barbara was totally aggravated, 788 00:46:05,050 --> 00:46:09,439 Suze: but I didn't care. And finally, Sophia has her mother 789 00:46:09,449 --> 00:46:12,080 Suze: call me and she gets on the phone. She goes, ok. 790 00:46:12,090 --> 00:46:16,469 Suze: I get it. Aunt Suze. Every penny counts. Mhm. 791 00:46:16,810 --> 00:46:17,259 Laurie Jabber: Yeah. 792 00:46:17,540 --> 00:46:18,590 Michelle Emmick: Yeah. There you go. 793 00:46:18,610 --> 00:46:20,989 Suze: I, I got a funny story. You'll appreciate this because it's, 794 00:46:21,000 --> 00:46:24,779 Suze: it's military when I was a commander over in Germany, 795 00:46:24,790 --> 00:46:27,719 Suze: we had a young buck that was, uh, assigned to 796 00:46:27,729 --> 00:46:32,060 Suze: our unit. He was 17 out of Oklahoma and the 797 00:46:32,070 --> 00:46:33,989 Suze: first sergeant came in. He goes, you know, ma'am, we've 798 00:46:34,000 --> 00:46:38,218 Suze: got a situation and I forget the private's name, but 799 00:46:38,229 --> 00:46:42,629 Suze: he said he has $50,000 in bad checks. 800 00:46:43,689 --> 00:46:45,939 Laurie Jabber: Ok. So I bring him into my office and I 801 00:46:45,949 --> 00:46:48,629 Laurie Jabber: was like, well, what are you thinking? And he said ma'am, 802 00:46:48,639 --> 00:46:49,669 Laurie Jabber: I had the checks. 803 00:46:50,479 --> 00:46:54,379 Laurie Jabber: That's right. They had no concept that there's something behind 804 00:46:55,169 --> 00:46:56,350 Laurie Jabber: that piece of paper. 805 00:46:56,540 --> 00:46:59,449 Suze: Yeah, at all. Yeah. People would call up the Suze 806 00:46:59,459 --> 00:47:03,669 Suze: Orman show when it was on CNBC and they'd have debt 807 00:47:03,979 --> 00:47:07,830 Suze: and they would say I'm so mad at them. Why 808 00:47:07,879 --> 00:47:12,429 Suze: I signed up for a credit card on the college campus. 809 00:47:12,489 --> 00:47:15,979 Suze: I had $400 of credit and now they want their 810 00:47:15,989 --> 00:47:16,860 Suze: money back. 811 00:47:17,719 --> 00:47:19,419 Suze: Why is that, Suze? 812 00:47:21,389 --> 00:47:23,839 Michelle Emmick: Yeah, that was the first, I'll never forget going, going 813 00:47:23,850 --> 00:47:25,899 Michelle Emmick: to college and they're in the, you're in the union, 814 00:47:25,909 --> 00:47:27,839 Michelle Emmick: you walk in and you see that you're like, whoa, 815 00:47:27,850 --> 00:47:28,979 Michelle Emmick: what's this? 816 00:47:29,000 --> 00:47:33,689 Suze: Not anymore. They aren't right because on the Oprah Winfrey show, 817 00:47:33,729 --> 00:47:36,279 Suze: when I was doing it all the time, I went 818 00:47:36,290 --> 00:47:38,250 Suze: on there and I would say credit card 819 00:47:38,354 --> 00:47:41,735 Suze: dealers are worse than drug dealers. They have the ability 820 00:47:41,745 --> 00:47:44,093 Suze: and this, I, this is the exact quote I would use, 821 00:47:44,104 --> 00:47:47,695 Suze: they have the ability to assault your Children on college 822 00:47:47,705 --> 00:47:51,875 Suze: campuses to get them in financial debt, to ruin their 823 00:47:51,885 --> 00:47:55,254 Suze: lives and the colleges are allowing them to do that 824 00:47:55,979 --> 00:47:59,360 Suze: and eventually rules came about that they can't do that anymore. 825 00:48:00,020 --> 00:48:01,070 Michelle Emmick: That's amazing. 826 00:48:01,449 --> 00:48:01,860 Laurie Jabber: Yeah. 827 00:48:03,070 --> 00:48:06,550 Laurie Jabber: Ok. Are there any last... I am by the way? 828 00:48:06,560 --> 00:48:08,449 Laurie Jabber: So appreciate all of it. I feel like I've got 829 00:48:08,459 --> 00:48:11,909 Laurie Jabber: my own personal fix here. So thank you for that. 830 00:48:12,610 --> 00:48:14,850 Laurie Jabber: Um Is there anything else that you would like to 831 00:48:14,860 --> 00:48:17,569 Laurie Jabber: leave the audience that we did not cover? 832 00:48:17,989 --> 00:48:25,009 Suze: Yeah, I wanna go into briefly Roth IRAs 401k TSPS 833 00:48:25,020 --> 00:48:29,570 Suze: and so forth. Remember when you save for retirement, 834 00:48:30,120 --> 00:48:35,299 Suze: so many of you get suckered in to the jubilation of, oh, 835 00:48:35,310 --> 00:48:37,739 Suze: I'm not gonna have to pay taxes on this money. 836 00:48:37,750 --> 00:48:41,300 Suze: I get a tax write off for it. So therefore 837 00:48:41,360 --> 00:48:45,979 Suze: you normally do a traditional, which is pre-tax traditional 401k 838 00:48:45,989 --> 00:48:50,409 Suze: 403b TSP if your employer sponsored plan and if you 839 00:48:50,419 --> 00:48:54,138 Suze: do it as an individual, it's a traditional IRA. IRA 840 00:48:54,149 --> 00:48:56,419 Suze: stands for individual retirement account 841 00:48:57,739 --> 00:49:00,689 Suze: while it is true, you get a tax write off. 842 00:49:00,699 --> 00:49:04,939 Suze: There are all these rules and regulations that go along 843 00:49:04,949 --> 00:49:08,439 Suze: with it. You can't touch it before 59 and a half. If you do, 844 00:49:08,449 --> 00:49:13,439 Suze: there's a 10% penalty and so on and so forth afterwards. 845 00:49:13,449 --> 00:49:15,549 Suze: When you do go to take it out, 846 00:49:15,870 --> 00:49:19,590 Suze: it's taxed to you as ordinary income at whatever tax 847 00:49:19,600 --> 00:49:23,010 Suze: bracket is in effect at that time you die and 848 00:49:23,020 --> 00:49:25,850 Suze: it goes down to your beneficiaries. Now, there's all these 849 00:49:25,860 --> 00:49:28,379 Suze: new rules as to how they have to take it out, 850 00:49:28,409 --> 00:49:31,109 Suze: but they're gonna have to pay ordinary income tax on 851 00:49:31,120 --> 00:49:32,719 Suze: it as well 852 00:49:32,969 --> 00:49:36,070 Suze: when you turn 73 and again, in a few years, 853 00:49:36,080 --> 00:49:39,279 Suze: it will be 75 because I'm 73 this year. So, 854 00:49:39,290 --> 00:49:41,850 Suze: for the first time ever, I'm gonna have to take 855 00:49:41,860 --> 00:49:45,669 Suze: out required minimum distributions from the little money that I 856 00:49:45,679 --> 00:49:48,709 Suze: had in a pension plan until I realized what that 857 00:49:48,820 --> 00:49:52,629 Suze: hell am I doing? That makes no sense. And I'm 858 00:49:52,639 --> 00:49:55,669 Suze: gonna have to pay ordinary income taxes on it. You 859 00:49:55,679 --> 00:49:58,279 Suze: all assume that you're gonna be in a lower income 860 00:49:58,290 --> 00:50:01,739 Suze: tax bracket and the ticket that everybody's trying to sell 861 00:50:01,750 --> 00:50:04,439 Suze: you is get the tax write off today. 862 00:50:04,870 --> 00:50:07,429 Suze: So that when you do take the money out later 863 00:50:07,439 --> 00:50:10,388 Suze: on and you're in retirement, you'll be in a lower 864 00:50:10,399 --> 00:50:13,449 Suze: income tax bracket. How do you know what income tax 865 00:50:13,459 --> 00:50:16,580 Suze: bracket you're going to be in? You don't. And again, 866 00:50:16,590 --> 00:50:19,510 Suze: if you die and you leave it to your beneficiaries 867 00:50:19,520 --> 00:50:22,689 Suze: and your kids are still working, they're gonna be in 868 00:50:22,699 --> 00:50:24,669 Suze: a high income tax bracket. 869 00:50:25,070 --> 00:50:29,770 Suze: So don't think that this postponement of when you can 870 00:50:29,780 --> 00:50:33,889 Suze: take out money from a retirement account. A traditional one 871 00:50:33,939 --> 00:50:36,750 Suze: is just so you can keep it in there longer. No, 872 00:50:37,110 --> 00:50:39,658 Suze: it's so the longer that you have to leave, you 873 00:50:39,669 --> 00:50:42,280 Suze: can leave it in there the more of a chance 874 00:50:42,290 --> 00:50:45,610 Suze: you're gonna die with it in there. And then it 875 00:50:45,620 --> 00:50:48,100 Suze: goes to your kids who are in a higher income 876 00:50:48,110 --> 00:50:50,929 Suze: tax bracket. Do you get, what's going on here 877 00:50:51,330 --> 00:50:54,750 Suze: if you gave up the right off today? And you 878 00:50:54,760 --> 00:50:59,589 Suze: did a Roth 401k TSP or 403b as well as, 879 00:50:59,600 --> 00:51:04,219 Suze: and you can, besides those also do a Roth IRA. 880 00:51:04,340 --> 00:51:08,770 Suze: Now you're funding it with after tax money, which means 881 00:51:08,780 --> 00:51:11,149 Suze: especially for a Roth IRA. 882 00:51:11,590 --> 00:51:15,320 Suze: Any money you originally put in, you can take out 883 00:51:15,330 --> 00:51:18,219 Suze: any time you want, regardless of age or how long 884 00:51:18,229 --> 00:51:21,719 Suze: it's been in there without taxes or penalties. So you 885 00:51:21,729 --> 00:51:24,279 Suze: could even use that as an emergency account. 886 00:51:24,810 --> 00:51:29,270 Suze: There are no required minimum distributions on a Roth retirement 887 00:51:29,280 --> 00:51:34,469 Suze: account when you die and it goes to your beneficiaries. Also, 888 00:51:34,479 --> 00:51:38,679 Suze: they get to take it out without any taxes whatsoever. 889 00:51:38,770 --> 00:51:42,679 Suze: And please remember that when you take money out of 890 00:51:42,689 --> 00:51:47,060 Suze: a Roth IRA or 401k, it does not count against 891 00:51:47,070 --> 00:51:50,649 Suze: social security income or your Medicare B premium 892 00:51:51,540 --> 00:51:55,320 Suze: and I could go on and on with that. So 893 00:51:55,330 --> 00:51:59,839 Suze: if you're out there and you currently have a 401k 894 00:51:59,850 --> 00:52:04,040 Suze: or 403b for nonprofit or TSP for federal government or 895 00:52:04,050 --> 00:52:08,080 Suze: military fine, you could leave the, the contributions that you've 896 00:52:08,090 --> 00:52:12,270 Suze: put in already. All new contributions should go. Who are Roth, 897 00:52:12,489 --> 00:52:16,549 Suze: same thing with a Roth IRA over here. 898 00:52:17,439 --> 00:52:19,699 Suze: Now, there's so much more. I could tell you about 899 00:52:19,709 --> 00:52:22,409 Suze: how to do it and why. But that's why we 900 00:52:22,419 --> 00:52:25,439 Suze: have the Women and Money podcast. Truthfully, if you're not 901 00:52:25,449 --> 00:52:29,479 Suze: listening to it, there are over 500 episodes. You have 902 00:52:29,489 --> 00:52:34,270 Suze: to be kidding me. That especially. And it's geared towards 903 00:52:34,280 --> 00:52:37,620 Suze: those of you who are 50 60 70 80 90. 904 00:52:38,409 --> 00:52:43,080 Suze: So I ask you since that's exactly what that podcast 905 00:52:43,090 --> 00:52:46,649 Suze: is about. It doesn't cost you anything. There are no 906 00:52:46,659 --> 00:52:51,810 Suze: commercials in between selling you something. It's for you and 907 00:52:51,820 --> 00:52:55,479 Suze: you alone because Suze Orman isn't here to sell you something. 908 00:52:55,530 --> 00:52:58,799 Suze: Suze Orman is to teach you how to make more, out 909 00:52:58,810 --> 00:53:01,250 Suze: of less money. And if you can't feel that in 910 00:53:01,260 --> 00:53:04,069 Suze: the passion of my voice, if you can't feel that 911 00:53:04,080 --> 00:53:06,689 Suze: every word I'm speaking is spoken as a truth. 912 00:53:07,620 --> 00:53:10,319 Suze: I don't know. And you don't know that you are 913 00:53:10,330 --> 00:53:12,600 Suze: sitting in the presence of greatness. 914 00:53:13,929 --> 00:53:14,510 Laurie Jabber: Wow, 915 00:53:15,429 --> 00:53:17,370 Michelle Emmick: we love you. We, uh, yeah, 916 00:53:18,379 --> 00:53:20,790 Laurie Jabber: I'm, I, I'm, I'm catching the next flight out to 917 00:53:20,800 --> 00:53:23,649 Laurie Jabber: Florida so then I can see Michelle and Suze. 918 00:53:23,659 --> 00:53:26,919 Suze: Yeah. Why don't you wait, catch one of the next 919 00:53:26,929 --> 00:53:31,040 Suze: flights out to Florida when you happen to be there? 920 00:53:31,050 --> 00:53:33,760 Suze: But when we're on the island because remember I live 921 00:53:33,834 --> 00:53:37,215 Suze: on a private island in the Bahamas and KT and 922 00:53:37,225 --> 00:53:41,614 Suze: I will then fly you from Florida to our island 923 00:53:41,625 --> 00:53:46,215 Suze: for lunch and fly you back all on us girl 924 00:53:46,225 --> 00:53:47,554 Suze: friends 925 00:53:49,590 --> 00:53:51,489 Laurie Jabber: You do not have to twist my arm. 926 00:53:51,500 --> 00:53:53,479 Michelle Emmick: You definitely do not have to twist Laurie's arm. 927 00:53:53,649 --> 00:53:56,679 Suze: You know, KT's number. Take advantage of it. 928 00:53:57,639 --> 00:53:59,129 Laurie Jabber: I know. I know. All right, 929 00:53:59,510 --> 00:54:02,449 Michelle Emmick: Suze, this is awesome. We have just a few fun 930 00:54:02,459 --> 00:54:05,709 Michelle Emmick: questions for you. All right. Laurie, tee it up what 931 00:54:05,719 --> 00:54:06,360 Michelle Emmick: we're doing. 932 00:54:06,610 --> 00:54:10,350 Laurie Jabber: Yeah. So we basically, this season are asking the five 933 00:54:10,360 --> 00:54:12,750 Laurie Jabber: same questions to each of our guests to give a 934 00:54:12,760 --> 00:54:15,870 Laurie Jabber: little bit of an insight into the individual that they 935 00:54:15,879 --> 00:54:19,779 Laurie Jabber: normally would not get. So they're fun things. Ok. Where 936 00:54:19,790 --> 00:54:21,620 Laurie Jabber: is your happy place? I think I know what you're 937 00:54:21,629 --> 00:54:23,209 Laurie Jabber: gonna say, but lay it on us. 938 00:54:23,639 --> 00:54:27,229 Suze: My happy place is actually on the boat that we have 939 00:54:27,239 --> 00:54:30,560 Suze: fishing for Wahoo. So as happy as I am in 940 00:54:30,570 --> 00:54:34,029 Suze: the Bahamas, nothing makes me happier. And I'm the captain 941 00:54:34,040 --> 00:54:35,110 Suze: of my own boat. 942 00:54:35,550 --> 00:54:38,629 Suze: Right? And KT is the first mate, is being on 943 00:54:38,639 --> 00:54:44,100 Suze: that boat, fishing, winning fishing tournaments, the whole thing and 944 00:54:44,110 --> 00:54:48,840 Suze: showing everybody that in the age of your late sixties, 945 00:54:48,850 --> 00:54:51,520 Suze: you can learn a new craft and not only learn it, 946 00:54:51,530 --> 00:54:55,600 Suze: conquer it and win tournaments, doing it yourselves. 947 00:54:55,889 --> 00:54:56,439 Michelle Emmick: Wow. 948 00:54:58,729 --> 00:54:59,570 Laurie Jabber: Just what 949 00:55:00,060 --> 00:55:01,600 Laurie Jabber: we're like. What? Let's go. 950 00:55:02,750 --> 00:55:05,530 Michelle Emmick: All right. You, you take a flight, you can sit 951 00:55:05,540 --> 00:55:09,909 Michelle Emmick: next to anybody living or deceased. Who would you want 952 00:55:09,919 --> 00:55:10,569 Michelle Emmick: to sit next to? 953 00:55:10,580 --> 00:55:16,570 Suze: KT, period. KT. Right. Um, because 954 00:55:17,169 --> 00:55:21,870 Suze: I'm not really interested in meeting those who you would 955 00:55:21,879 --> 00:55:25,699 Suze: know and those who have made it and everything like that. 956 00:55:26,020 --> 00:55:29,750 Suze: The people in life that have most impressed me is 957 00:55:29,760 --> 00:55:33,719 Suze: who have gone from nothing, living in their car, being 958 00:55:33,729 --> 00:55:37,919 Suze: in a financial abusive relationship, being really ill, whatever it 959 00:55:37,929 --> 00:55:38,830 Suze: may be. 960 00:55:39,239 --> 00:55:42,000 Suze: And really by listening and reading my books and the 961 00:55:42,010 --> 00:55:44,899 Suze: Money and podcast and the Suze Orman show where I 962 00:55:44,909 --> 00:55:48,959 Suze: get their email saying Suze, I know you're not going 963 00:55:48,969 --> 00:55:52,209 Suze: to believe this. But remember I wrote you 30 years 964 00:55:52,219 --> 00:55:55,020 Suze: ago or 20 years ago or whatever it may be. 965 00:55:55,110 --> 00:55:56,300 Suze: And I was on the street 966 00:55:56,379 --> 00:55:58,139 Suze: and now I own my own home and I'm actually 967 00:55:58,149 --> 00:56:01,459 Suze: a millionaire now. That's somebody I would like to meet. 968 00:56:01,600 --> 00:56:03,959 Suze: That's somebody I would like to sit on the plane with. 969 00:56:03,969 --> 00:56:07,259 Suze: That's somebody who I stand in awe of. So I 970 00:56:07,270 --> 00:56:11,489 Suze: stand in awe of those who everybody else thought they 971 00:56:11,500 --> 00:56:15,199 Suze: never ever could or would. But they actually did. 972 00:56:15,860 --> 00:56:19,840 Laurie Jabber: Wow. It spoke from somebody who is pretty much met 973 00:56:19,850 --> 00:56:24,419 Laurie Jabber: just about everybody. Right. Yeah. Ok. So this is kind 974 00:56:24,429 --> 00:56:27,949 Laurie Jabber: of a weird question. But, you know, curious minds. Do 975 00:56:27,959 --> 00:56:28,989 Laurie Jabber: you believe in aliens? 976 00:56:30,110 --> 00:56:33,649 Suze: Um, I do. And, but let me tell you why 977 00:56:33,659 --> 00:56:38,719 Suze: I believe in aliens way back when not so far ago. And, 978 00:56:38,879 --> 00:56:41,489 Suze: you know, we were at all kinds of places where 979 00:56:41,500 --> 00:56:44,100 Suze: they shoot up all those places. But a long time 980 00:56:44,110 --> 00:56:46,109 Suze: ago I was at the home of one of the 981 00:56:46,120 --> 00:56:50,500 Suze: head NASA scientists and he had all these pictures there 982 00:56:50,510 --> 00:56:54,439 Suze: of Jupiter and everything and I said to him, are 983 00:56:54,449 --> 00:56:57,080 Suze: there aliens out there? And he said, absolutely. We hear 984 00:56:57,090 --> 00:56:58,129 Suze: them all the time. 985 00:56:58,419 --> 00:57:01,479 Suze: We have all these machines that listen to them. We 986 00:57:01,489 --> 00:57:05,179 Suze: know that they're there and they're there and there was 987 00:57:05,189 --> 00:57:07,750 Suze: no reason that I had to doubt him 988 00:57:08,100 --> 00:57:10,790 Suze: at all. So I believe it. Why not listen, if 989 00:57:10,800 --> 00:57:14,100 Suze: we're here, you gotta think about it, ladies. We're in 990 00:57:14,110 --> 00:57:16,770 Suze: our own way. Really aliens. Like there's some of us 991 00:57:16,780 --> 00:57:20,360 Suze: that are really aliens, but that's besides the point, right? 992 00:57:20,370 --> 00:57:24,590 Suze: Um Why wouldn't there be aliens other places? Absolutely. And 993 00:57:24,600 --> 00:57:27,169 Suze: I have to say this, I actually was in San 994 00:57:27,179 --> 00:57:30,610 Suze: Blas Mexico living in my car. This is when I 995 00:57:30,620 --> 00:57:32,669 Suze: was a waitress. Remember I was a waitress till I 996 00:57:32,679 --> 00:57:33,979 Suze: was 30 everybody 997 00:57:34,189 --> 00:57:36,989 Suze: and my girlfriend and I at the time got into 998 00:57:37,000 --> 00:57:40,419 Suze: my for actually we got into our Volvo. I had 999 00:57:40,429 --> 00:57:44,969 Suze: a 1967 Volvo station wagon and this was like in 1000 00:57:44,979 --> 00:57:48,530 Suze: the late 9 79 8, right in there in the 1001 00:57:48,540 --> 00:57:52,520 Suze: late seventies. And we drove to San Blas Mexico and 1002 00:57:52,530 --> 00:57:56,449 Suze: we lived in this car and a little camping site 1003 00:57:56,550 --> 00:57:59,010 Suze: and at night we would just walk around, we stayed 1004 00:57:59,020 --> 00:58:00,169 Suze: there for almost a month 1005 00:58:00,570 --> 00:58:03,360 Suze: and there were this group of people all standing there 1006 00:58:03,370 --> 00:58:05,449 Suze: and like, what are they doing? And they were all 1007 00:58:05,459 --> 00:58:10,090 Suze: looking up and there was like this orange sun, like 1008 00:58:10,100 --> 00:58:12,989 Suze: almost like you could touch it right in front of us. 1009 00:58:13,000 --> 00:58:16,439 Suze: And we watched it just glimmering there for about 20 1010 00:58:16,449 --> 00:58:19,000 Suze: minutes and then it just zoomed away 1011 00:58:19,419 --> 00:58:23,000 Suze: and then we said this has happened often and the people, right? 1012 00:58:23,010 --> 00:58:24,909 Suze: We had, we needed a translator because they were all 1013 00:58:24,919 --> 00:58:28,659 Suze: speaking in Spanish, right? They said, oh, it comes all 1014 00:58:28,669 --> 00:58:31,520 Suze: the time. So I saw it with my own eyes. 1015 00:58:32,580 --> 00:58:37,360 Michelle Emmick: Very cool. Ok. Uh We have two more questions. Favorite 1016 00:58:37,370 --> 00:58:38,840 Michelle Emmick: concert you've ever attended? 1017 00:58:39,909 --> 00:58:45,010 Suze: Um, there's so many from Taylor Swift to Adele, but 1018 00:58:45,020 --> 00:58:49,239 Suze: really was on February 15th of last year was the 1019 00:58:49,250 --> 00:58:54,389 Suze: Jimmy Buffett concert that was held at the hard rock um, 1020 00:58:54,399 --> 00:58:58,929 Suze: here in Fort Lauderdale here and we were really, really 1021 00:58:59,010 --> 00:59:01,649 Suze: close friends with Jimmy. He lived very close to us 1022 00:59:01,659 --> 00:59:06,189 Suze: on this island, spent so many days with us having dinner, 1023 00:59:06,199 --> 00:59:11,719 Suze: talking about his illness, everything. And when I met Jimmy, 1024 00:59:11,729 --> 00:59:14,030 Suze: he came for dinner and he brought one of his 1025 00:59:14,040 --> 00:59:15,989 Suze: C DS that he signed and he thought I'd be 1026 00:59:16,000 --> 00:59:16,870 Suze: so impressed. 1027 00:59:17,520 --> 00:59:20,810 Suze: And I said, Jimmy, I love you because he was 1028 00:59:20,820 --> 00:59:23,479 Suze: a master fisherman and that's why we loved him. And 1029 00:59:23,489 --> 00:59:25,040 Suze: I said, but I have to tell you, I really 1030 00:59:25,050 --> 00:59:28,280 Suze: don't like your music. I've actually never listened to it. 1031 00:59:28,379 --> 00:59:31,449 Suze: He said no problem. And I think it actually relieved 1032 00:59:31,459 --> 00:59:33,300 Suze: him because then he kind of knew that I wasn't 1033 00:59:33,310 --> 00:59:36,860 Suze: just another fan who wanted to get to know him. 1034 00:59:37,239 --> 00:59:41,110 Suze: And, but as we knew that he was getting more 1035 00:59:41,120 --> 00:59:45,610 Suze: and more ill, um, he we, he said, you know, 1036 00:59:45,909 --> 00:59:50,840 Suze: I'm doing maybe one of my last concerts in Fort Lauderdale. 1037 00:59:50,850 --> 00:59:55,550 Suze: Will you come? So we came and it was the 1038 00:59:55,560 --> 00:59:57,879 Suze: most incredible concert I've ever seen in my life. 1039 00:59:58,570 --> 01:00:01,879 Suze: Not just because of how great he was, but because 1040 01:00:01,889 --> 01:00:06,510 Suze: of his fans, the parrot heads. I mean, I've never 1041 01:00:06,520 --> 01:00:11,379 Suze: seen such devotion like that. And so for me, that 1042 01:00:11,389 --> 01:00:14,120 Suze: was the greatest concert I've ever been to. 1043 01:00:14,270 --> 01:00:14,639 Michelle Emmick: Oh, that's beautiful. 1044 01:00:15,489 --> 01:00:17,260 Laurie Jabber: Yeah, I saw him in, um, the 1045 01:00:17,314 --> 01:00:20,254 Laurie Jabber: area and he was phenomenal. 1046 01:00:20,304 --> 01:00:23,985 Suze: Phenomenal. Right. But wait, I have to say this phenomenal 1047 01:00:23,995 --> 01:00:28,155 Suze: without all of the things behind him, the screens and 1048 01:00:28,165 --> 01:00:30,534 Suze: the flying in the air and the, this and the, 1049 01:00:30,544 --> 01:00:35,935 Suze: that just by being on stage. Oh my God. Fabulous. Anyway, 1050 01:00:36,270 --> 01:00:37,090 Suze: last? 1051 01:00:38,860 --> 01:00:41,010 Laurie Jabber: Yeah. This one has a little bit more gravitas to it. 1052 01:00:41,260 --> 01:00:45,489 Laurie Jabber: If you could tell your former self that little girl, 1053 01:00:45,500 --> 01:00:47,370 Laurie Jabber: something that, you know, today, what would it be? 1054 01:00:49,320 --> 01:00:49,939 Suze: Nothing. 1055 01:00:51,050 --> 01:00:53,600 Suze: I won't tell myself anything. And let me tell you 1056 01:00:53,610 --> 01:00:54,189 Suze: why 1057 01:00:55,060 --> 01:00:55,959 Suze: it's, 1058 01:00:56,939 --> 01:01:00,040 Suze: you know, I didn't grow up in the greatest circumstances. 1059 01:01:00,050 --> 01:01:03,280 Suze: I didn't great grow, grow up with the greatest relationship 1060 01:01:03,290 --> 01:01:06,489 Suze: with my father. I didn't grow up thinking that I 1061 01:01:06,500 --> 01:01:09,239 Suze: would ever be anything more than a waitress. And that's 1062 01:01:09,250 --> 01:01:12,409 Suze: not putting down waitressing because I think waitressing was one 1063 01:01:12,419 --> 01:01:14,669 Suze: of the greatest jobs I've ever had in my life. 1064 01:01:15,560 --> 01:01:20,590 Suze: But everything that happened to me without knowing what was 1065 01:01:20,600 --> 01:01:24,850 Suze: going to happen to me made me who I am 1066 01:01:24,860 --> 01:01:26,050 Suze: to this day. 1067 01:01:26,870 --> 01:01:30,729 Suze: So I wouldn't go back. I wouldn't change anything that's 1068 01:01:30,739 --> 01:01:34,840 Suze: ever happened to me on any level, whether it was 1069 01:01:34,850 --> 01:01:38,459 Suze: a serious illness I had or operation or things that 1070 01:01:38,469 --> 01:01:41,840 Suze: happened to me with my father or whatever it may be. 1071 01:01:43,239 --> 01:01:47,149 Suze: I wouldn't change a thing and I wouldn't wanna know 1072 01:01:47,229 --> 01:01:48,610 Suze: what was gonna happen 1073 01:01:49,489 --> 01:01:52,320 Suze: because I would just wanna know 1074 01:01:53,449 --> 01:01:55,750 Suze: whatever I knew growing up 1075 01:01:56,550 --> 01:01:58,929 Suze: and I don't even know what that was but whatever 1076 01:01:58,939 --> 01:02:02,139 Suze: it was, it got me to where I am to 1077 01:02:02,149 --> 01:02:03,189 Suze: this day. 1078 01:02:03,919 --> 01:02:10,659 Laurie Jabber: Wow! Ok, Suze, this was amazing. Amazing. Thank you. Probably my, 1079 01:02:10,669 --> 01:02:13,610 Laurie Jabber: if not my favorite, you know, I can't really say that, 1080 01:02:13,620 --> 01:02:16,500 Laurie Jabber: but this interview was just phenomenal. 1081 01:02:16,979 --> 01:02:19,350 Suze: Right? And Michelle, if you ever just want to talk 1082 01:02:19,360 --> 01:02:22,310 Suze: to me, girlfriend and ask me what it is that 1083 01:02:22,320 --> 01:02:24,840 Suze: has kept you in silence. I'm right here for you. 1084 01:02:24,850 --> 01:02:28,929 Suze: Like I said, you know, KTs, you know, telephone number, 1085 01:02:28,939 --> 01:02:31,530 Suze: use it and I'll talk to you and answer anything 1086 01:02:31,540 --> 01:02:32,659 Suze: you ever wanna know? 1087 01:02:32,679 --> 01:02:34,590 Michelle Emmick: Thank you. And I do live. I mean, I'm in 1088 01:02:34,600 --> 01:02:37,620 Michelle Emmick: Tampa so we're not that far away. Well, you have 1089 01:02:37,629 --> 01:02:40,439 Michelle Emmick: no excuse for not coming to our island. But if 1090 01:02:40,449 --> 01:02:42,070 Michelle Emmick: Laurie and I come, I mean, she's just gonna 1091 01:02:42,169 --> 01:02:44,510 Michelle Emmick: dominate the conversation, I'm gonna have no time. 1092 01:02:45,070 --> 01:02:47,070 Suze: I won't let her, I won't let her. 1093 01:02:47,610 --> 01:02:49,969 Laurie Jabber: I don't normally do that though. Michelle do I? 1094 01:02:50,300 --> 01:02:51,290 Michelle Emmick: She doesn't normally do that. 1095 01:02:51,300 --> 01:02:53,550 Michelle Emmick: But I think this she had, she was coming in 1096 01:02:53,560 --> 01:02:55,969 Michelle Emmick: with a lot of, a lot of questions. So that's ok. 1097 01:02:55,979 --> 01:02:56,939 Michelle Emmick: It's all right. Laurie. I love you. 1098 01:02:56,949 --> 01:02:57,110 Laurie Jabber: I think 1099 01:02:57,129 --> 01:02:59,959 Laurie Jabber: it's because I'm in that space of life where these 1100 01:02:59,969 --> 01:03:03,270 Laurie Jabber: are meaningful topics for me and we're all trying to 1101 01:03:03,280 --> 01:03:05,699 Laurie Jabber: figure it out. I also have a husband that's, you know, 1102 01:03:05,709 --> 01:03:07,260 Laurie Jabber: almost 20 years older than me. 1103 01:03:08,340 --> 01:03:10,310 Suze: So, you really have to know these things. 1104 01:03:10,629 --> 01:03:13,379 Laurie Jabber: I think, I think that the reality is hitting and 1105 01:03:13,389 --> 01:03:15,840 Laurie Jabber: my kids are off and it's ok, let's get this 1106 01:03:15,850 --> 01:03:16,570 Laurie Jabber: thing dialed in. 1107 01:03:16,939 --> 01:03:17,520 Suze: So, so I'm 1108 01:03:17,530 --> 01:03:20,399 Suze: always here for you and everybody, you know, shortly I'm 1109 01:03:20,409 --> 01:03:24,679 Suze: gonna be setting up something on Fireside where I'm gonna 1110 01:03:24,689 --> 01:03:26,719 Suze: be able to communicate with people 1111 01:03:27,129 --> 01:03:30,909 Suze: like this rather than just my podcast where I can't 1112 01:03:30,919 --> 01:03:33,169 Suze: really do that unless they write in and da da, 1113 01:03:33,199 --> 01:03:36,620 Suze: da da. And so I'm excited to set that up. 1114 01:03:36,629 --> 01:03:38,790 Suze: So I'll be able to do things just like this 1115 01:03:39,139 --> 01:03:42,870 Suze: with hopefully, you know, hundreds of thousands, if not millions 1116 01:03:42,879 --> 01:03:46,139 Suze: of people you do know by the way from Tampa 1117 01:03:46,149 --> 01:03:47,929 Suze: that your mayor is quite the Fisher 1118 01:03:48,042 --> 01:03:49,393 Suze: woman. Do you know that? 1119 01:03:49,433 --> 01:03:50,693 Michelle Emmick: I did not know that? 1120 01:03:50,812 --> 01:03:52,822 Suze: Uh huh. She's fabulous by that. 1121 01:03:52,833 --> 01:03:54,702 Michelle Emmick: You fish with you fish with her? 1122 01:03:54,712 --> 01:03:57,502 Suze: I haven't, but she arranged for me once I was 1123 01:03:57,512 --> 01:04:01,903 Suze: getting some award in Tampa from some organization there. And 1124 01:04:01,913 --> 01:04:04,423 Suze: she arranged for a little boat for me and KT 1125 01:04:04,433 --> 01:04:07,143 Suze: to go out on to do snook fishing. But she's 1126 01:04:07,153 --> 01:04:08,863 Suze: fabulous and sends emails everyonce in a while. 1127 01:04:09,585 --> 01:04:12,525 Michelle Emmick: Oh, very cool. Yeah, I love that. You're, I love 1128 01:04:12,535 --> 01:04:14,895 Michelle Emmick: that you got into fishing and you're competitive about it. 1129 01:04:15,055 --> 01:04:19,466 Suze: Oh, so much so it drives the men crazy. Seriously. Men 1130 01:04:19,476 --> 01:04:22,815 Suze: who have spent 30 years of their life to learn 1131 01:04:22,825 --> 01:04:25,835 Suze: how to catch wahoos and win these contests and everything. 1132 01:04:25,865 --> 01:04:29,055 Suze: And here's to older women in a little boat going 1133 01:04:29,065 --> 01:04:29,696 Suze: out 1134 01:04:30,580 --> 01:04:34,449 Suze: and cleaning their clock, clean, wiping it, clean. Right. I 1135 01:04:34,459 --> 01:04:38,879 Suze: love it. Yeah, that's great. But we wish them well, 1136 01:04:38,989 --> 01:04:41,080 Suze: we wish them well and we wish everybody well. 1137 01:04:41,629 --> 01:04:41,989 Michelle Emmick: Yeah. 1138 01:04:42,620 --> 01:04:44,860 Laurie Jabber: Thank you so much for being with us today. I 1139 01:04:44,870 --> 01:04:47,209 Laurie Jabber: so appreciate it. And Michelle, I know you do too. 1140 01:04:47,219 --> 01:04:48,419 Laurie Jabber: Even though you've been quiet. 1141 01:04:50,189 --> 01:04:54,149 Suze: And I'm here for you both anytime you want. All right. 1142 01:04:54,439 --> 01:04:54,540 Suze: All right. 1143 01:04:55,649 --> 01:04:57,229 Laurie Jabber: Ok. Well, we will, don't you? 1144 01:04:57,979 --> 01:04:59,439 Michelle Emmick: She'll be calling you later. 1145 01:04:59,889 --> 01:05:02,320 Suze: Yeah, I'll be waiting. All right. 1146 01:05:02,580 --> 01:05:04,139 Laurie Jabber: All right. Thank you so much. And thank you to 1147 01:05:04,149 --> 01:05:05,290 Laurie Jabber: our audience until tonight. 1148 01:05:05,649 --> 01:05:09,250 Suze: Bye bye, everybody. Did you like that? Did you like 1149 01:05:09,260 --> 01:05:10,340 Suze: that podcast? 1150 01:05:10,790 --> 01:05:14,550 Suze: If you liked it, by the way, their podcast is 1151 01:05:14,560 --> 01:05:21,290 Suze: available on youtube or wherever you listen to podcasts. And again, 1152 01:05:21,300 --> 01:05:24,060 Suze: they were just such delightful women. 1153 01:05:24,770 --> 01:05:29,810 Suze: So we will be back on Thursday with Ask KT 1154 01:05:29,820 --> 01:05:34,760 Suze: and Suze, anything. And I just can't wait to tell 1155 01:05:34,770 --> 01:05:39,310 Suze: you all about our experience in Abu Dhabi. So until 1156 01:05:39,320 --> 01:05:41,870 Suze: then there's only one thing that I want you to 1157 01:05:41,879 --> 01:05:43,830 Suze: remember when it comes to your money and it is 1158 01:05:43,840 --> 01:05:49,709 Suze: this people first, then money, then things now you stay 1159 01:05:49,719 --> 01:05:53,709 Suze: safe and stay unstoppable.