1 00:00:00,019 --> 00:00:04,079 Intro/Outro: All right, Suze & KT. Are you ready for today's podcast? Yeah, 2 00:00:04,659 --> 00:00:09,829 Intro/Outro: of course, we're ready because we are unstoppable. Yeah. Baby 3 00:00:12,569 --> 00:00:12,609 Intro/Outro: Music (in). 4 00:00:34,220 --> 00:00:36,830 Suze: August 24th. What year is a KT? 5 00:00:38,069 --> 00:00:39,409 KT: That's not a hard question, 2023. 6 00:00:42,869 --> 00:00:44,680 Suze: There's your ding, ding, ding, ding. That was your quizzie. 7 00:00:45,090 --> 00:00:47,270 KT: I'm happy and sad at the same time. 8 00:00:47,830 --> 00:00:51,669 KT: Well, I'm a little sad that summer is coming to 9 00:00:51,680 --> 00:00:55,419 KT: an end, but I'm super happy that first weekend of 10 00:00:55,430 --> 00:00:59,810 KT: September we are going on a trip. I can't wait. 11 00:00:59,819 --> 00:01:02,169 Suze: All right. Well, since you mentioned it, tell everybody where 12 00:01:02,180 --> 00:01:02,529 Suze: we're going. 13 00:01:02,540 --> 00:01:05,800 KT: Suze and I are going to Italy to a beautiful 14 00:01:05,809 --> 00:01:07,580 KT: place on the Amalfi Coast 15 00:01:07,644 --> 00:01:12,634 KT: to celebrate our nephew's wedding Yeah. And we're very, very 16 00:01:12,644 --> 00:01:15,384 KT: excited about that. And then following that, we're going to 17 00:01:15,394 --> 00:01:19,074 KT: head back to Spain, everybody to do the Camino with 18 00:01:19,084 --> 00:01:23,724 KT: a very dear friend of ours. So I'm excited. We 19 00:01:23,735 --> 00:01:27,375 KT: haven't traveled yet since COVID like really far. 20 00:01:28,110 --> 00:01:31,619 Suze: Well, we really haven't. We haven't really, we, we did, 21 00:01:31,629 --> 00:01:33,120 Suze: we went to British Columbia. 22 00:01:33,449 --> 00:01:36,989 KT: Yeah. But that's not like going to Europe. That was fishing. 23 00:01:37,589 --> 00:01:40,919 KT: It's like still connected to America, right. 24 00:01:41,410 --> 00:01:43,919 Suze: What are we gonna do for podcasts while we're gone? 25 00:01:44,410 --> 00:01:47,069 Suze: We're just gonna have to figure that one out. Anyway, 26 00:01:47,080 --> 00:01:48,580 Suze: maybe we should take a vacation. 27 00:01:49,470 --> 00:01:52,970 KT: You know what, Suze? Maybe we should do one from Spain. 28 00:01:55,730 --> 00:01:59,669 Suze: So, here's the thing. Everybody. Welcome to the Women and 29 00:01:59,680 --> 00:02:00,660 Suze: Money podcast... 30 00:02:00,669 --> 00:02:01,690 KT: And everyone's smart enough to listen. 31 00:02:02,360 --> 00:02:07,290 Suze: That's right. Ding, ding, ding your second ding. And this 32 00:02:07,300 --> 00:02:12,740 Suze: is the Ask KT and Suze edition. Now, if you 33 00:02:12,750 --> 00:02:13,389 Suze: want 34 00:02:13,880 --> 00:02:18,089 Suze: us to answer your question, you have to send it 35 00:02:18,100 --> 00:02:23,630 Suze: to ask Suze Suze podcast at gmail dot com. But 36 00:02:23,639 --> 00:02:26,360 Suze: you have to make it short and you have to 37 00:02:26,369 --> 00:02:30,619 Suze: make it. So it catches KTs eyes because it's KT 38 00:02:30,630 --> 00:02:31,910 Suze: that chooses 39 00:02:32,199 --> 00:02:35,710 Suze: the ones that we do. So if something about it 40 00:02:35,720 --> 00:02:39,990 Suze: she likes, we will answer it on this podcast. So. 41 00:02:40,000 --> 00:02:44,850 KT: Ok, Suze, so first question today is from Christine greetings, 42 00:02:44,860 --> 00:02:47,679 KT: Suze and KT. I hope this day brings you the 43 00:02:47,690 --> 00:02:50,029 KT: joy your podcast brings me. 44 00:02:50,309 --> 00:02:53,580 KT: I'm looking for your advice today. I want to help 45 00:02:53,589 --> 00:02:59,418 KT: my 20 year old grandson build good credit. Wait, wait, don't, 46 00:02:59,429 --> 00:03:01,970 KT: don't say that. Hold on. I can feel it. I'm 47 00:03:01,979 --> 00:03:07,440 KT: a single 60 year old woman still working recently. Recently, 48 00:03:07,529 --> 00:03:11,850 KT: I denied cosigning a car loan was for five years 49 00:03:11,860 --> 00:03:16,198 KT: at $12,000 for my grandson. It was difficult to say 50 00:03:16,210 --> 00:03:20,179 KT: no because he doesn't have anyone else in his life 51 00:03:20,190 --> 00:03:23,359 KT: with credit good enough to do it or with enough 52 00:03:23,369 --> 00:03:26,720 KT: money to loan him but I don't need or want 53 00:03:26,729 --> 00:03:30,740 KT: a car payment. Should something go wrong? See, she already 54 00:03:30,750 --> 00:03:33,000 KT: listens to you and knows about the, what ifs 55 00:03:33,369 --> 00:03:36,160 KT: his credit isn't bad. It's just that there is no 56 00:03:36,169 --> 00:03:40,100 KT: credit history. Two years ago, I had given him my 57 00:03:40,110 --> 00:03:43,979 KT: old car for graduation which has blown a gasket and 58 00:03:43,990 --> 00:03:51,100 KT: isn't drivable. The old car needs about $5000 in repair. So, Suze, 59 00:03:51,110 --> 00:03:53,699 KT: I would like to loan him the money for the repair, 60 00:03:53,710 --> 00:03:56,320 KT: but I struggle with his life choices 61 00:03:57,130 --> 00:03:59,460 KT: and then she goes on to say that he's going 62 00:03:59,470 --> 00:04:01,770 KT: in debt. He keeps a job. He doesn't love so 63 00:04:01,779 --> 00:04:05,820 KT: that he can continue to live in dependence. So wait, wait, wait, 64 00:04:05,839 --> 00:04:08,570 KT: would it be helpful? This is, this is the part 65 00:04:08,580 --> 00:04:10,940 KT: that you, you need to give her some good strong 66 00:04:10,949 --> 00:04:14,759 KT: advice or tough love. Would it be helpful for his 67 00:04:14,770 --> 00:04:18,000 KT: credit if I were to put him on as a 68 00:04:18,010 --> 00:04:22,320 KT: cosigner on my credit card? And if so, how could 69 00:04:22,329 --> 00:04:24,600 KT: I minimize his charging limit? 70 00:04:24,869 --> 00:04:28,910 KT: What other advice can you give him to build his credit? 71 00:04:28,988 --> 00:04:33,279 KT: He can't get a loan to build credit without established credit. 72 00:04:34,130 --> 00:04:38,018 Suze: So first of all, if you did put his name 73 00:04:38,029 --> 00:04:42,359 Suze: on your credit card as an authorized user, I would 74 00:04:42,369 --> 00:04:46,159 Suze: not tell him on any level that you did that. 75 00:04:46,730 --> 00:04:51,739 Suze: So just because you add somebody's name onto your card 76 00:04:51,820 --> 00:04:55,419 Suze: to hopefully have your credit score help their credit score 77 00:04:55,428 --> 00:04:58,940 Suze: does not mean that you need to tell them and 78 00:04:58,950 --> 00:05:02,559 Suze: give them a card. It doesn't matter if they have 79 00:05:02,570 --> 00:05:06,299 Suze: a card, so therefore you can do that if you want, 80 00:05:06,309 --> 00:05:09,700 Suze: but you are not to give him a card. 81 00:05:10,279 --> 00:05:14,119 Suze: There are many ways that you can build credit. One 82 00:05:14,130 --> 00:05:18,269 Suze: of them is with a secured credit card where you 83 00:05:18,279 --> 00:05:23,029 Suze: put a specific sum of money, sometimes $500 or $1000 84 00:05:23,040 --> 00:05:27,809 Suze: that secures the credit on that card and that starts 85 00:05:27,820 --> 00:05:32,329 Suze: to build his credit. You said should you loan him 86 00:05:32,369 --> 00:05:37,178 Suze: the $5000 to fix up the old car? Why does 87 00:05:37,190 --> 00:05:39,769 Suze: he need a car? Why 88 00:05:40,100 --> 00:05:44,299 Suze: number one, number two, if you're gonna do that, it's 89 00:05:44,309 --> 00:05:46,789 Suze: not gonna be a loan, it's gonna be a gift 90 00:05:46,940 --> 00:05:50,989 Suze: because if you loan him $5000 and he can't pay 91 00:05:51,000 --> 00:05:54,829 Suze: you back, it's really going to ruin your relationship in 92 00:05:54,839 --> 00:05:58,510 Suze: my opinion because every time you see him doing something 93 00:05:58,519 --> 00:06:01,959 Suze: in this lifestyle of his that you said you did 94 00:06:01,970 --> 00:06:02,950 Suze: not like 95 00:06:03,519 --> 00:06:06,989 Suze: you're gonna say, but wait a minute, you're doing this 96 00:06:07,000 --> 00:06:11,109 Suze: when you still owe me the last payment on my $5000. 97 00:06:11,119 --> 00:06:13,250 Suze: So if you're going to do that, 98 00:06:13,970 --> 00:06:17,179 Suze: then you have to look at it as a gift. 99 00:06:17,190 --> 00:06:20,769 Suze: Now if you want to gift your grandson $5000 to 100 00:06:20,779 --> 00:06:24,980 Suze: fix up a car because he needs a car. Ok. 101 00:06:25,619 --> 00:06:29,579 Suze: Ok, you can do that but no loaning when you 102 00:06:29,589 --> 00:06:34,709 Suze: loan anybody money you are asking for trouble on some level. 103 00:06:34,720 --> 00:06:38,570 Suze: It's almost the same as cosigning for them because either 104 00:06:38,579 --> 00:06:41,070 Suze: way you're not gonna get the money back. I can 105 00:06:41,079 --> 00:06:45,690 Suze: tell you that in most cases. So Christine just be 106 00:06:45,700 --> 00:06:52,159 Suze: careful with him when you said you don't like his lifestyle. Also, 107 00:06:52,170 --> 00:06:55,089 Suze: KT just gave me your email that you sent him 108 00:06:55,420 --> 00:07:00,149 Suze: and sometimes everybody, we don't read the entire email. KT 109 00:07:00,160 --> 00:07:05,230 Suze: doesn't because it's just long, lots of information, right? But 110 00:07:05,238 --> 00:07:08,450 Suze: you also say here he refuses to attend a two 111 00:07:08,459 --> 00:07:12,010 Suze: year community college, even though he got it free on 112 00:07:12,250 --> 00:07:13,709 Suze: A plus program, 113 00:07:14,000 --> 00:07:15,869 Suze: he has two more years to use it. But I 114 00:07:15,880 --> 00:07:18,850 Suze: don't see any indication that he will. I think it's 115 00:07:18,859 --> 00:07:22,690 Suze: a big mistake to walk away from free education. You 116 00:07:22,700 --> 00:07:27,239 Suze: bet it is. So you may have a grandson that 117 00:07:27,250 --> 00:07:30,730 Suze: needs to learn the hard way. So bottom line here, 118 00:07:30,739 --> 00:07:34,850 Suze: I will not be giving him the $5000 and let 119 00:07:34,859 --> 00:07:35,690 Suze: him learn. 120 00:07:36,440 --> 00:07:39,269 Suze: Yeah. But how can he build up? I told you 121 00:07:39,279 --> 00:07:41,660 Suze: with a secured credit card if he can't manage to 122 00:07:41,670 --> 00:07:45,369 Suze: get like $500 to open up a card and secure it, 123 00:07:45,380 --> 00:07:49,510 Suze: secure it with that $500. No way. Can he afford 124 00:07:49,519 --> 00:07:52,690 Suze: anything else? So, I don't know 125 00:07:52,964 --> 00:07:56,135 Suze: just too many things in this email that I heard 126 00:07:56,144 --> 00:08:00,255 Suze: and I'm now reading that I really just don't like 127 00:08:00,265 --> 00:08:04,934 Suze: I just, if it were my grandson, even in our situation, 128 00:08:04,945 --> 00:08:09,375 Suze: KT given what I'm reading here. No way. 129 00:08:10,459 --> 00:08:13,130 Suze: All right. Next, next question. 130 00:08:15,130 --> 00:08:17,869 KT: And this, this one, I know how I would answer this and she asks 131 00:08:17,880 --> 00:08:18,200 KT: for my... 132 00:08:18,209 --> 00:08:21,459 Suze: Wait, wait, I just have to go back for a second. Right. 133 00:08:21,579 --> 00:08:27,420 Suze: Remember my saying, sometimes hurting is helping and helping is hurting. 134 00:08:28,709 --> 00:08:32,619 Suze: That's the situation here. It's so hard, especially when you 135 00:08:32,630 --> 00:08:36,039 Suze: have the money to say no to somebody you love. 136 00:08:37,179 --> 00:08:40,147 Suze: But sometimes when you say no, they start to say 137 00:08:40,158 --> 00:08:43,929 Suze: yes to the possibilities that they can create in their 138 00:08:43,939 --> 00:08:46,348 Suze: own lives. All right. 139 00:08:46,848 --> 00:08:50,208 KT: And believe me, Suze, and I have said no, plenty 140 00:08:50,218 --> 00:08:54,609 KT: of times. And we've said yes, too many times. Well, 141 00:08:54,809 --> 00:08:56,629 KT: all right. Which is why we're not going to do 142 00:08:56,638 --> 00:08:59,049 KT: that again. Ok. So from Andrea 143 00:08:59,609 --> 00:09:03,210 KT: a question when looking for a new financial advisor a 144 00:09:03,219 --> 00:09:05,819 KT: year ago, I took your advice and went with a 145 00:09:05,830 --> 00:09:10,950 KT: gentleman at Schwab that charges 1% rather than a woman 146 00:09:10,960 --> 00:09:14,630 KT: that I liked more. But her fees were 1.5. 147 00:09:14,659 --> 00:09:16,950 Suze: Let's just stop here for one second. I did not 148 00:09:16,960 --> 00:09:20,940 Suze: advise her to go with an advisor at Schwab. I 149 00:09:20,950 --> 00:09:24,510 Suze: advise that you should never pay more than 1% for 150 00:09:24,520 --> 00:09:26,590 Suze: a fee. All right. Go on. Ok. 151 00:09:27,409 --> 00:09:31,760 KT: So while he's a nice guy who presented us with 152 00:09:31,770 --> 00:09:35,020 KT: a plan to reach our retirement goals, he just didn't 153 00:09:35,030 --> 00:09:38,489 KT: give me a lot of confidence to go. Oh, wait 154 00:09:38,500 --> 00:09:41,609 KT: a minute. Not with what he was planning. Just how 155 00:09:41,619 --> 00:09:45,140 KT: he presented it. He just is not as direct and 156 00:09:45,150 --> 00:09:47,140 KT: convincing as I would like. 157 00:09:47,580 --> 00:09:50,010 KT: He seems a little too soft for her. So then 158 00:09:50,020 --> 00:09:51,890 KT: she said, so why did she go to the woman 159 00:09:51,900 --> 00:09:55,039 KT: and negotiate? Oh, wait, that's what I'm gonna recommend at 160 00:09:55,049 --> 00:09:58,919 KT: the end when he don't tell me she went with 161 00:09:58,929 --> 00:10:02,750 KT: him on when he reviewed the investments available with my 162 00:10:02,760 --> 00:10:04,770 KT: Roth 401k. Exactly a year ago, 163 00:10:05,000 --> 00:10:08,640 KT: he encouraged me to participate in a target date fund 164 00:10:09,070 --> 00:10:12,989 KT: rather than choosing from a list of small mid and 165 00:10:13,000 --> 00:10:17,510 KT: large cap funds with some real estate and international exposure. 166 00:10:17,590 --> 00:10:20,439 KT: I knew that was not a good idea based on 167 00:10:20,450 --> 00:10:22,099 KT: your dislike of them, 168 00:10:22,440 --> 00:10:25,669 KT: Suze. But I went along with all of his suggestions 169 00:10:25,679 --> 00:10:27,169 KT: just to give him a chance. 170 00:10:27,179 --> 00:10:29,840 Suze: Wait, wait one second here. Wait, I'll let you continue. 171 00:10:29,849 --> 00:10:32,929 Suze: I'm sorry to keep interrupting you. Why in the world 172 00:10:32,940 --> 00:10:37,530 Suze: Andrea would you give him a chance when you already knew 173 00:10:37,539 --> 00:10:41,468 Suze: that he suggested for you to do something that you 174 00:10:41,479 --> 00:10:43,489 Suze: probably shouldn't have done. 175 00:10:44,179 --> 00:10:49,289 Suze: You have now fallen into a typical of nice woman. Ok. 176 00:10:49,299 --> 00:10:51,119 Suze: I don't want to hurt your feelings. I'll give you 177 00:10:51,130 --> 00:10:54,309 Suze: a chance. You don't give people a chance with your money. 178 00:10:54,320 --> 00:10:57,799 Suze: You either like them or you don't, you trust yourself 179 00:10:57,809 --> 00:10:59,919 Suze: more than you trust others. You have got to listen 180 00:10:59,929 --> 00:11:00,929 Suze: to your gut 181 00:11:01,419 --> 00:11:04,320 Suze: and you did not do that. And don't tell me 182 00:11:04,330 --> 00:11:06,010 Suze: you're still with him. Go on. 183 00:11:06,520 --> 00:11:10,289 KT: Upon my request we met this year and I still 184 00:11:10,299 --> 00:11:13,630 KT: have the same reservations with him. So he ended up, 185 00:11:13,799 --> 00:11:18,409 KT: he ended up agreeing with me actually, you this year 186 00:11:18,419 --> 00:11:20,750 KT: and said that we could have gone with a variety 187 00:11:20,760 --> 00:11:24,250 KT: of ETFs instead of a target date fund. And then she, 188 00:11:24,260 --> 00:11:27,669 KT: she writes the Suze told us that ages ago 189 00:11:27,900 --> 00:11:31,069 KT: and then she said, is the expectation of a follow 190 00:11:31,080 --> 00:11:35,200 KT: up email out of line. Am I expecting too much 191 00:11:35,260 --> 00:11:40,330 KT: from a financial advisor? He always responds when I contact him, 192 00:11:40,340 --> 00:11:44,729 KT: but I would like to see a more proactive direct approach, Susie, 193 00:11:44,739 --> 00:11:49,109 KT: you always say that we are our own best financial advisors, 194 00:11:49,119 --> 00:11:51,750 KT: but the fact is most of us don't have the 195 00:11:51,760 --> 00:11:54,049 KT: time or expertise to investigate 196 00:11:54,135 --> 00:11:57,364 KT: funds and, and she said, I make a lot of 197 00:11:57,375 --> 00:12:01,224 KT: financial decisions and investments independently, but I'm looking for either 198 00:12:01,234 --> 00:12:06,875 KT: assurance that I'm making the wise choices or dissuasion and 199 00:12:06,885 --> 00:12:10,483 KT: other suggestions based on his experience, I don't have enough 200 00:12:10,494 --> 00:12:15,945 KT: confidence to independently make some of these decisions myself. So 201 00:12:15,955 --> 00:12:20,145 KT: then then here's the best part about this. KT I 202 00:12:20,155 --> 00:12:23,364 KT: love not only Suze's input but yours as well. 203 00:12:23,770 --> 00:12:26,039 KT: So we both are on the same page here. I 204 00:12:26,049 --> 00:12:31,530 KT: have no idea why Andrea hasn't contacted the woman that 205 00:12:31,539 --> 00:12:35,140 KT: she liked from the very get go and just negotiated 206 00:12:35,150 --> 00:12:38,840 KT: a 1% fee. Sounds like she's got a considerable amount 207 00:12:38,849 --> 00:12:39,479 KT: of money. 208 00:12:39,830 --> 00:12:45,000 Suze: Andrea The problem isn't with your financial advisor. The problem 209 00:12:45,010 --> 00:12:50,239 Suze: is with you and you not willing to own the 210 00:12:50,250 --> 00:12:54,669 Suze: power to control your destiny. What do you mean that 211 00:12:54,679 --> 00:12:57,189 Suze: you don't have the time? What do you mean that 212 00:12:57,200 --> 00:13:00,199 Suze: you don't have what it takes to make these decisions? 213 00:13:00,210 --> 00:13:01,960 Suze: And you want confidence, 214 00:13:02,409 --> 00:13:04,650 Suze: never ever had to do was take the money and 215 00:13:04,659 --> 00:13:11,630 Suze: dollar cost average into diversified ETFs. If that was the problem. Vtivo, 216 00:13:11,640 --> 00:13:16,250 Suze: Os py, whatever the ETF would have been QQQ to 217 00:13:16,260 --> 00:13:19,780 Suze: get technology in there, there were all ways that you 218 00:13:19,789 --> 00:13:23,400 Suze: could have done that, but rather you chose to pay 219 00:13:23,409 --> 00:13:24,919 Suze: somebody 1% 220 00:13:25,190 --> 00:13:29,090 Suze: that you didn't have confidence in from the beginning. What 221 00:13:29,099 --> 00:13:32,059 Suze: is one of the laws of money? You are never 222 00:13:32,070 --> 00:13:37,059 Suze: to talk yourself into trusting anyone and you did simply 223 00:13:37,070 --> 00:13:40,619 Suze: to be nice simply to save half a percent. 224 00:13:40,859 --> 00:13:42,609 Suze: And the truth of the matter is you could have 225 00:13:42,619 --> 00:13:46,199 Suze: just simply put them in your own ETFs that almost 226 00:13:46,210 --> 00:13:50,830 Suze: everybody chooses and you wouldn't have had to pay that 1% 227 00:13:50,900 --> 00:13:56,289 Suze: at all. Remember my law of money, people first, then money, 228 00:13:56,299 --> 00:14:02,049 Suze: then things. You put money in front of people. You 229 00:14:02,059 --> 00:14:04,090 Suze: liked that other woman, 230 00:14:04,700 --> 00:14:08,510 Suze: but you put money in front of your choice here 231 00:14:08,520 --> 00:14:12,950 Suze: by going with somebody who only charged you 1%. 232 00:14:13,830 --> 00:14:17,369 Suze: There are other people out there as well. The fact 233 00:14:17,380 --> 00:14:19,539 Suze: that you're still with him and the fact that you 234 00:14:19,549 --> 00:14:21,159 Suze: are asking me 235 00:14:21,929 --> 00:14:25,729 Suze: the question and KT is it too much for you 236 00:14:25,739 --> 00:14:29,940 Suze: to expect an email or whatever. It isn't enough that 237 00:14:29,950 --> 00:14:35,330 Suze: you aren't expecting enough from yourself. Forget expecting anything from 238 00:14:35,340 --> 00:14:38,659 Suze: this person anymore. He is never going to give you 239 00:14:38,669 --> 00:14:41,460 Suze: what you need. You've done it now for a year 240 00:14:41,469 --> 00:14:44,510 Suze: or two. Now you have to do it yourself or 241 00:14:44,520 --> 00:14:46,700 Suze: find somebody else 242 00:14:47,349 --> 00:14:51,809 Suze: excuses. You know, that's another reason KT that I did 243 00:14:51,820 --> 00:14:55,530 Suze: the podcast, you know, last Thursday I don't, did you 244 00:14:55,539 --> 00:14:58,159 Suze: even hear it? Right. Did you hear me say it? 245 00:14:58,169 --> 00:15:00,960 Suze: That there isn't an excuse big enough to keep you 246 00:15:00,969 --> 00:15:03,390 Suze: from being who you are meant to be that if 247 00:15:03,400 --> 00:15:06,109 Suze: you consider yourself an underdog, if you think you can't 248 00:15:06,119 --> 00:15:10,390 Suze: do it, you never ever will Andrea change your thoughts. 249 00:15:10,400 --> 00:15:12,119 Suze: Of course, you can do this 250 00:15:12,559 --> 00:15:15,580 Suze: and it probably don't even need to go to. And 251 00:15:15,590 --> 00:15:18,809 Suze: if you feel like you can't, then put the majority 252 00:15:18,820 --> 00:15:21,690 Suze: of your money for now into a high yielding money 253 00:15:21,700 --> 00:15:24,489 Suze: market fund or whatever, you all should be making a 254 00:15:24,500 --> 00:15:27,250 Suze: good 4 4.5% on that 255 00:15:27,659 --> 00:15:33,190 Suze: or T bills short term making a lot more than 256 00:15:33,200 --> 00:15:37,590 Suze: that five something percent. And just our dollar cost averaging 257 00:15:37,599 --> 00:15:42,440 Suze: little by little into these markets. Now, these markets again, 258 00:15:42,450 --> 00:15:43,729 Suze: I'm going to repeat, 259 00:15:43,969 --> 00:15:47,750 Suze: have started to go down and they could very well 260 00:15:47,760 --> 00:15:50,979 Suze: go down for a little bit here. Maybe they'll turn 261 00:15:50,989 --> 00:15:54,460 Suze: around in September, maybe not, but just know as the 262 00:15:54,469 --> 00:15:59,599 Suze: markets go down, that's good for you because then your 263 00:15:59,609 --> 00:16:03,859 Suze: dollars buy more shares, the more shares you have in 264 00:16:03,869 --> 00:16:06,960 Suze: the end, the better off you will be all right. 265 00:16:07,690 --> 00:16:09,739 KT: Wait, you have to tell her you should fire him 266 00:16:09,750 --> 00:16:10,640 KT: right now. 267 00:16:11,059 --> 00:16:12,780 Suze: Uh, you don't think she got that idea? 268 00:16:13,049 --> 00:16:17,299 KT: Suze. Next question is a topic that I know 269 00:16:18,049 --> 00:16:22,190 KT: really will make, um, make your, your blood boil for sure. 270 00:16:22,200 --> 00:16:23,950 Suze: Do you want to tell me the name or no? 271 00:16:24,190 --> 00:16:27,190 KT: No, no, no. We're gonna just keep, this is from 272 00:16:27,200 --> 00:16:32,049 KT: a woman that is just really going through some difficult 273 00:16:32,059 --> 00:16:33,010 KT: times right now. 274 00:16:34,099 --> 00:16:41,190 KT: Dear Suze, I've recently discovered financial infidelity. Ready for this one. 275 00:16:42,479 --> 00:16:44,849 Suze: What kind of mood were you in when you pick these? 276 00:16:44,940 --> 00:16:47,599 KT: Well, I think that a lot of people listening, a 277 00:16:47,609 --> 00:16:51,590 KT: lot of our listeners, especially our women out there have 278 00:16:51,599 --> 00:16:56,099 KT: or hopefully will not experience this. So she, she goes 279 00:16:56,109 --> 00:16:57,849 KT: on to tell us my husband 280 00:16:57,950 --> 00:17:02,260 KT: has been taking out money from his credit cards, loans 281 00:17:02,270 --> 00:17:06,000 KT: and even my credit card. I take responsibility for a 282 00:17:06,010 --> 00:17:10,140 KT: portion of it having an authorized user on my credit 283 00:17:10,150 --> 00:17:13,379 KT: card and not checking my credit report. 284 00:17:13,640 --> 00:17:16,000 KT: I have put a block on the credit card that 285 00:17:16,010 --> 00:17:20,199 KT: is in my name and removed him as an authorized user. 286 00:17:20,310 --> 00:17:27,948 KT: He charged ready, Suze $26,000 in my name and even 287 00:17:27,959 --> 00:17:31,719 KT: changed where the bills went. He got to the point 288 00:17:31,729 --> 00:17:35,189 KT: where he couldn't borrow from his credit cards anymore and 289 00:17:35,199 --> 00:17:37,050 KT: he started taking out loans. 290 00:17:37,444 --> 00:17:40,405 KT: The only reason he has told me I think is 291 00:17:40,415 --> 00:17:44,114 KT: because he went to his siblings and neither one of 292 00:17:44,125 --> 00:17:47,994 KT: them would loan him money. He used the money. No, 293 00:17:48,005 --> 00:17:51,175 KT: she's not telling us, I think to protect, is he? 294 00:17:51,204 --> 00:17:53,805 KT: What is he? She's not telling us probably to protect 295 00:17:53,814 --> 00:17:57,944 KT: the Children. So listen to this, he's racked up approximately 296 00:17:57,974 --> 00:18:04,014 KT: $100,000 of debt. I will file for either a separation 297 00:18:04,025 --> 00:18:06,114 KT: or divorce. I'm sure of that. 298 00:18:06,650 --> 00:18:10,969 KT: I am taking some time to process everything, Suze. But unfortunately, 299 00:18:10,979 --> 00:18:15,099 KT: his bill collectors are going to need this money from him. 300 00:18:15,219 --> 00:18:18,790 KT: Our finances are co mingled and I am in the 301 00:18:18,800 --> 00:18:22,380 KT: process of untangling all of that and creating my own 302 00:18:22,390 --> 00:18:26,089 KT: checking account, et cetera. We are in a home together 303 00:18:26,229 --> 00:18:28,979 KT: and all of our bills have up until now been 304 00:18:28,989 --> 00:18:32,479 KT: paid from a joint account that is in trust. 305 00:18:33,199 --> 00:18:36,839 KT: Wow. So it said there's long term care insurance on 306 00:18:36,849 --> 00:18:38,959 KT: me other bills that are going to be big and 307 00:18:38,969 --> 00:18:41,719 KT: I will struggle to pay them on my own. Should 308 00:18:41,729 --> 00:18:46,569 KT: he claim bankruptcy? Should he get a consolidation loan? I 309 00:18:46,579 --> 00:18:49,119 KT: feel like he should decide by the end of this 310 00:18:49,130 --> 00:18:50,229 KT: month and not 311 00:18:50,319 --> 00:18:54,750 KT: leave us in limbo. I ask because his financial problems 312 00:18:54,760 --> 00:18:57,780 KT: mean the kids and I will have to cut back 313 00:18:57,790 --> 00:19:01,689 KT: and probably will not be able to count on money 314 00:19:01,880 --> 00:19:05,209 KT: coming in from him since he will owe all of 315 00:19:05,219 --> 00:19:08,630 KT: his creditors. Then she said I've worked part time for 316 00:19:08,640 --> 00:19:12,109 KT: 20 years. While raising the kids, they're 15 and 10 317 00:19:12,380 --> 00:19:14,790 KT: and at least for the next school year I can 318 00:19:14,800 --> 00:19:17,739 KT: work a lot while they're in school. In the meantime, 319 00:19:17,760 --> 00:19:20,849 KT: I'm working as much as I can, putting that money 320 00:19:20,859 --> 00:19:24,189 KT: in my own checking account. And I've made initial calls 321 00:19:24,199 --> 00:19:27,530 KT: to bankruptcy lawyers and divorce attorney, but I'm not sure 322 00:19:27,540 --> 00:19:31,969 KT: exactly what I should do. Then this is the dilemma 323 00:19:31,979 --> 00:19:32,609 KT: Suze 324 00:19:32,819 --> 00:19:35,069 KT: and, and I think a lot of listeners may have 325 00:19:35,079 --> 00:19:38,160 KT: this problem as well. He could move out. But then 326 00:19:38,170 --> 00:19:40,939 KT: I'm worried that he would be paying $1000 to a 327 00:19:40,949 --> 00:19:44,729 KT: landlord when that money could be slowly paying off the 328 00:19:44,739 --> 00:19:48,159 KT: credit card debt and any advice that you can give 329 00:19:48,170 --> 00:19:50,219 KT: would be so appreciated. 330 00:19:50,229 --> 00:19:52,239 Suze: Yeah, I was gonna say KT, I already know what 331 00:19:52,250 --> 00:19:55,069 Suze: I want to say. So you need to listen to 332 00:19:55,079 --> 00:19:57,729 Suze: me and you need to listen to me closely. 333 00:19:58,239 --> 00:20:02,250 Suze: I'm so sorry this has happened, but I'm happy that 334 00:20:02,260 --> 00:20:07,189 Suze: you're taking responsibility for not having watched over it. I 335 00:20:07,199 --> 00:20:09,629 Suze: always say to people that you've had to have some 336 00:20:09,640 --> 00:20:14,250 Suze: feeling that something was going wrong. And sometimes we just 337 00:20:14,260 --> 00:20:17,150 Suze: don't like to see things that are right before our 338 00:20:17,160 --> 00:20:23,030 Suze: very eyes. If I were you, my very first move 339 00:20:23,040 --> 00:20:25,910 Suze: would be you have got to divorce him 340 00:20:26,449 --> 00:20:31,089 Suze: and he needs to move out right now because you 341 00:20:31,099 --> 00:20:34,989 Suze: need to set a legal separation date and a divorce 342 00:20:35,000 --> 00:20:41,020 Suze: date because until then you will be financially responsible most 343 00:20:41,030 --> 00:20:46,770 Suze: likely for half of his debt, if not more. Because 344 00:20:46,780 --> 00:20:50,949 Suze: even if he opened up credit cards in his individual 345 00:20:50,959 --> 00:20:51,449 Suze: name 346 00:20:52,130 --> 00:20:56,750 Suze: on the credit card application, it usually asks, are you 347 00:20:56,760 --> 00:21:01,530 Suze: married if he chooses? Yes, for that. It then goes 348 00:21:01,540 --> 00:21:06,959 Suze: on to say essentially that your spouse will be responsible 349 00:21:06,969 --> 00:21:12,409 Suze: for these debts that you incur. That's essentially what it says. 350 00:21:12,800 --> 00:21:16,239 Suze: So I get that you're worried that 351 00:21:17,010 --> 00:21:21,890 Suze: he would be paying $1000 to somebody else. I'm worried 352 00:21:21,900 --> 00:21:26,180 Suze: that you even want him anywhere near you. I'm worried 353 00:21:26,189 --> 00:21:31,050 Suze: that you even want him near his Children. And I 354 00:21:31,060 --> 00:21:33,479 Suze: get that you want to protect them and you want 355 00:21:33,489 --> 00:21:36,218 Suze: them to think that their dad is whatever 356 00:21:36,650 --> 00:21:40,660 Suze: I would want them to know exactly what their dad 357 00:21:40,670 --> 00:21:44,229 Suze: is so that they never get themselves in a situation 358 00:21:44,239 --> 00:21:47,468 Suze: like you're in where they happen to get married to 359 00:21:47,479 --> 00:21:50,780 Suze: somebody who does the exact same thing, but they go, well, 360 00:21:50,790 --> 00:21:55,339 Suze: moms stuck with it. Mom made it ok. No, 361 00:21:55,959 --> 00:22:02,069 Suze: the reality is he literally ripped you off. He only 362 00:22:02,079 --> 00:22:04,569 Suze: told you because he had to, he did not tell 363 00:22:04,579 --> 00:22:07,179 Suze: you because he loved you. If he had loved you, 364 00:22:07,189 --> 00:22:09,530 Suze: he never would have done this in the beginning. 365 00:22:10,119 --> 00:22:14,629 Suze: You even mentioned calling the police. So obviously you feel 366 00:22:14,640 --> 00:22:17,790 Suze: there was a crime done and yet you want to 367 00:22:17,800 --> 00:22:22,169 Suze: continue living with him so that he can pay the $1000. No, 368 00:22:22,439 --> 00:22:25,040 Suze: you will figure out a way to do this. I 369 00:22:25,050 --> 00:22:28,189 Suze: don't care how you figure that out. I know you 370 00:22:28,199 --> 00:22:31,069 Suze: have what it takes to do. So, but you need 371 00:22:31,079 --> 00:22:35,139 Suze: to divorce him and have him move out to tomorrow. 372 00:22:35,150 --> 00:22:36,660 Suze: Do you hear me 373 00:22:37,239 --> 00:22:42,609 Suze: now? Unless you are afraid of physical abuse from him, 374 00:22:43,280 --> 00:22:45,979 Suze: then maybe it's a little bit different story and we 375 00:22:45,989 --> 00:22:50,069 Suze: would go about it a different way, but I don't 376 00:22:50,079 --> 00:22:54,469 Suze: sense that's happening here because you don't mention it. So 377 00:22:54,479 --> 00:22:59,150 Suze: therefore you have got to be strong here and make 378 00:22:59,160 --> 00:23:02,329 Suze: the decisions that you should have made when you felt 379 00:23:02,339 --> 00:23:08,300 Suze: them most likely a long time ago. Yeah, sad. I 380 00:23:08,310 --> 00:23:09,770 Suze: think a lot of people 381 00:23:10,079 --> 00:23:14,010 Suze: learn about their, but KT here's a situation where you've 382 00:23:14,020 --> 00:23:18,699 Suze: just had me do two emails, right? Both where the 383 00:23:18,709 --> 00:23:19,939 Suze: women knew 384 00:23:20,750 --> 00:23:22,520 Suze: that it wasn't quite right 385 00:23:23,390 --> 00:23:25,959 Suze: that they had that feeling, but they're gonna stick with 386 00:23:25,969 --> 00:23:30,699 Suze: it anyway. They have excuses. Don't make excuses for others. 387 00:23:30,709 --> 00:23:35,010 Suze: Do you hear me? Ladies? Don't make excuses for yourself, 388 00:23:35,020 --> 00:23:39,500 Suze: don't make excuses for others. Nobody needs to be excused 389 00:23:39,510 --> 00:23:42,380 Suze: from their actions. And if they need to be excused 390 00:23:42,390 --> 00:23:45,510 Suze: from their actions, you need to be excused from that 391 00:23:45,520 --> 00:23:48,718 Suze: relationship and you need to take the power and the 392 00:23:48,729 --> 00:23:52,199 Suze: actions to do so, you have to walk away. 393 00:23:52,859 --> 00:23:56,390 KT: Ok. So the next question is from Stacey. 394 00:23:56,400 --> 00:23:57,579 Suze: And this is your last one. 395 00:23:57,589 --> 00:24:00,369 KT: All right. My father had a bank account with just 396 00:24:00,380 --> 00:24:04,219 KT: his name on it and a will from 1995 that 397 00:24:04,229 --> 00:24:08,179 KT: stated all monies and real property to be split evenly 398 00:24:08,189 --> 00:24:13,290 KT: between my brother and myself. My dad remarried in 2003, 399 00:24:13,540 --> 00:24:16,849 Suze: they bought a house together and they're both on the title. 400 00:24:16,859 --> 00:24:19,448 Suze: My father told my brother and I, that the house 401 00:24:19,459 --> 00:24:22,849 Suze: was to go to his wife and any money accounts 402 00:24:22,859 --> 00:24:25,630 Suze: were to go to us. I know the deed trumps 403 00:24:25,640 --> 00:24:28,689 Suze: the will, which it should. But does the wife have 404 00:24:28,699 --> 00:24:32,270 Suze: any claims to the savings accounts at the bank? With 405 00:24:32,280 --> 00:24:33,890 Suze: just his name on it? 406 00:24:34,560 --> 00:24:37,780 Suze: It depends. Well, hold on, let me finish. Now. There's 407 00:24:37,790 --> 00:24:41,829 Suze: approximately 36,000 that we're planning to use to pay all 408 00:24:41,839 --> 00:24:46,290 Suze: of the funeral expenses, which will be about 14,000. That 409 00:24:46,300 --> 00:24:50,670 Suze: would leave us 22,000 is the will in effect for 410 00:24:50,680 --> 00:24:54,589 Suze: this balance to be split between my brother and me. 411 00:24:54,829 --> 00:24:57,790 Suze: It depends really stays in that 412 00:24:58,199 --> 00:25:03,689 Suze: that did your father put on the bank accounts? Because 413 00:25:03,699 --> 00:25:08,160 Suze: you say in here that it's a will from 1995. 414 00:25:08,170 --> 00:25:12,149 Suze: I don't know when your father said that the money 415 00:25:12,160 --> 00:25:15,069 Suze: is gonna be split between you and your brother. 416 00:25:15,540 --> 00:25:18,939 Suze: Was that at that point? Was that after they were married? 417 00:25:18,949 --> 00:25:22,688 Suze: Who knows when that was? But if your father did 418 00:25:22,699 --> 00:25:28,389 Suze: not put his wife's name on the account as pay 419 00:25:28,400 --> 00:25:32,930 Suze: on death to her, then the will will take precedent 420 00:25:32,939 --> 00:25:36,909 Suze: over it. However, because it's a will, 421 00:25:37,219 --> 00:25:40,550 Suze: it will have to be probated. Now for this small 422 00:25:40,560 --> 00:25:44,760 Suze: amount of money it may in the eyes of probate, right? 423 00:25:44,770 --> 00:25:47,310 Suze: They may let you do a short procedure and then 424 00:25:47,319 --> 00:25:51,949 Suze: just give it to you when you present the will. However, 425 00:25:52,020 --> 00:25:55,829 Suze: the only way to find out is, was there a 426 00:25:55,839 --> 00:26:01,379 Suze: designated beneficiary on his savings account known as a pay 427 00:26:01,390 --> 00:26:05,069 Suze: on death account? And where he named his wife? 428 00:26:05,959 --> 00:26:07,890 Suze: It would have been nice if he had named the 429 00:26:07,900 --> 00:26:12,030 Suze: two of you. So you didn't have to go through this. 430 00:26:12,260 --> 00:26:14,689 Suze: But I think you will be ok. 431 00:26:15,329 --> 00:26:17,180 Suze: All right. So KT are you ready for a quizzie? 432 00:26:17,390 --> 00:26:21,930 KT: I'm always ready for a quiz. I love quizzies. Everyone 433 00:26:21,939 --> 00:26:26,640 KT: loves quizzes. We get them right every time, every single time. 434 00:26:26,680 --> 00:26:31,849 Suze: All right. So this one is from Maria and it's 435 00:26:31,859 --> 00:26:36,219 Suze: got three or four questions to it. All right. First question. 436 00:26:36,619 --> 00:26:39,399 Suze: Can one of the persons named 437 00:26:39,939 --> 00:26:44,119 Suze: in the living trust be named as the executor in 438 00:26:44,130 --> 00:26:47,079 Suze: the will as well? Yes or no? 439 00:26:47,670 --> 00:26:51,260 Suze: There you go. Ding, ding, ding. There's no reason everybody, 440 00:26:51,270 --> 00:26:53,640 Suze: if you have an executor of your will, that that 441 00:26:53,650 --> 00:26:58,160 Suze: person can't be your trustee or successor, trustee of your 442 00:26:58,170 --> 00:27:02,669 Suze: living trust. Normally, by the way, you create your living 443 00:27:02,680 --> 00:27:05,458 Suze: trust and you are the trustee of your 444 00:27:05,540 --> 00:27:09,899 Suze: trust and you name a successor trustee in case something 445 00:27:09,910 --> 00:27:16,069 Suze: happens to you next, can I stipulate within the revocable 446 00:27:16,079 --> 00:27:20,349 Suze: living trust that the real property is to be sold 447 00:27:20,359 --> 00:27:25,489 Suze: or rented as determined by the executor with the net 448 00:27:25,500 --> 00:27:30,629 Suze: proceeds being split between two individuals. 449 00:27:32,199 --> 00:27:32,630 KT: Yes. 450 00:27:33,839 --> 00:27:37,929 Suze: So the executor can do that within the trust. 451 00:27:37,939 --> 00:27:43,160 KT: It said if you stipulate, if you stipulate that the 452 00:27:43,170 --> 00:27:45,708 KT: executor can make that decision. 453 00:27:45,739 --> 00:27:47,869 Suze: All right, that's your final answer? 454 00:27:52,160 --> 00:28:00,609 Suze: A trust has a successor trustee. A will has an executor. OK. OK. OK. 455 00:28:00,619 --> 00:28:04,250 Suze: But you have to pay attention to the little things, 456 00:28:04,260 --> 00:28:08,500 Suze: the title of who gets the who, who's, who's empowered 457 00:28:08,510 --> 00:28:12,819 Suze: and who isn't right next. Can non titled 458 00:28:12,974 --> 00:28:19,984 Suze: items such as tools, furniture, jewelry, et cetera be included 459 00:28:19,994 --> 00:28:25,834 Suze: in the revocable living trust in order to avoid probate court. 460 00:28:26,185 --> 00:28:29,944 KT: That's a tough one because those lists are in the will. 461 00:28:30,770 --> 00:28:32,819 KT: I I don't know how to answer that. I'm gonna 462 00:28:32,829 --> 00:28:37,560 KT: say no because that is a list of itemized items 463 00:28:37,569 --> 00:28:42,300 KT: that are designated maybe by that executor in the will. 464 00:28:42,530 --> 00:28:46,050 Suze: Ding ding ding, right? You got that. Here's the thing. 465 00:28:46,060 --> 00:28:51,420 Suze: Everything that goes in a trust normally has a title. 466 00:28:51,849 --> 00:28:56,119 Suze: Your house has a title, your bank account has a title, 467 00:28:56,150 --> 00:29:00,689 Suze: your credit union accounts have a title, your brokerage accounts 468 00:29:00,699 --> 00:29:05,300 Suze: have a title, your ira your retirement accounts cannot go 469 00:29:05,310 --> 00:29:10,680 Suze: in the trust, but they have designated beneficiaries where you 470 00:29:10,689 --> 00:29:13,439 Suze: designate who is to get that money. 471 00:29:13,709 --> 00:29:18,060 Suze: Normally, what happens truthfully, the tools, the furniture, the things 472 00:29:18,069 --> 00:29:21,859 Suze: like that people just come and they take it. The 473 00:29:21,869 --> 00:29:25,430 Suze: executor usually just says so and so wanted you to 474 00:29:25,439 --> 00:29:28,739 Suze: have this hammer. So, and so wanted you to have 475 00:29:28,750 --> 00:29:34,530 Suze: this chair, whatever they do. We left our fishing lures 476 00:29:34,540 --> 00:29:40,540 Suze: to colo, we, we left the fishing poles, 477 00:29:40,719 --> 00:29:47,520 Suze: all the equipment or, or to fix or to work with, 478 00:29:47,530 --> 00:29:52,810 Suze: with Colo. Right. But that's in our will. But still 479 00:29:53,020 --> 00:29:58,300 Suze: mainly the will dictates the other things and... 480 00:29:58,310 --> 00:30:00,680 KT: Wait, except the fly rods. I just want to make 481 00:30:00,689 --> 00:30:04,449 KT: sure in case Travis is listening, Travis, the fly rods 482 00:30:04,459 --> 00:30:07,439 KT: go to you, especially the really good ones. 483 00:30:07,810 --> 00:30:13,250 Suze: Oh, my God. Anyway, so normally you don't put certain 484 00:30:13,260 --> 00:30:16,780 Suze: things in a trust and those things are governed by 485 00:30:16,790 --> 00:30:21,250 Suze: the will, but mostly they're governed where you just really, 486 00:30:21,260 --> 00:30:23,359 Suze: because they're really not worth a lot 487 00:30:23,989 --> 00:30:29,079 Suze: depending. Right. But usually they just get dispersed. Right. The 488 00:30:29,089 --> 00:30:31,619 Suze: last thing you want to have happen is where your 489 00:30:31,630 --> 00:30:36,660 Suze: house ends up in the will because then that has 490 00:30:36,670 --> 00:30:41,010 Suze: to go through probate. So, no, you wouldn't want to 491 00:30:41,020 --> 00:30:46,229 Suze: include those in your trust, in my opinion, but you 492 00:30:46,239 --> 00:30:50,339 Suze: should put them in your will. All right. KT you 493 00:30:50,349 --> 00:30:52,619 Suze: know what we're doing in just a few hours. 494 00:30:54,000 --> 00:30:57,489 Suze: Come on. It's August 24th. What are we doing today? 495 00:30:57,579 --> 00:30:59,050 Suze: Where are we going? 496 00:30:59,630 --> 00:31:01,050 KT: We're flying baby. 497 00:31:01,060 --> 00:31:02,119 Suze: Where are we flying? 498 00:31:02,130 --> 00:31:05,329 KT: Going back to Florida? We're getting ready for our big 499 00:31:05,339 --> 00:31:10,050 KT: trip in a week. We're getting ready. We're packing and 500 00:31:10,140 --> 00:31:14,339 KT: finding real clothes to wear and things like that. 501 00:31:14,500 --> 00:31:18,689 Suze: All right. So until Sunday 502 00:31:19,300 --> 00:31:21,670 Suze: there's really only one thing that we want you to 503 00:31:21,680 --> 00:31:25,900 Suze: say every single day. And what is that Miss Travis? 504 00:31:25,949 --> 00:31:31,229 KT: Today wherever I go, I will create a more peaceful, 505 00:31:31,239 --> 00:31:33,930 KT: joyful and loving world. 506 00:31:33,939 --> 00:31:36,550 Suze: And if you do that and if you take the 507 00:31:36,560 --> 00:31:40,959 Suze: actions to own the power to control your destiny, I 508 00:31:40,969 --> 00:31:46,469 Suze: promise you you will be what? Unstoppable. 509 00:31:52,869 --> 00:31:53,988 Intro/Outro: Music (out).