1 00:00:29,340 --> 00:00:33,360 Robert: April 13th, 2025. Welcome to the Women and Money podcast, 2 00:00:33,450 --> 00:00:36,080 Robert: as well as everyone smart enough to listen. Hi everybody, 3 00:00:36,168 --> 00:00:39,290 Robert: this is Robert, the producer, and as I said on 4 00:00:39,290 --> 00:00:43,189 Robert: the last episode, Suze and KT are taking some time 5 00:00:43,189 --> 00:00:46,490 Robert: off from new shows to attend to Family Matters. 6 00:00:47,189 --> 00:00:50,220 Robert: And again, Suze knows that you are equipped with the 7 00:00:50,220 --> 00:00:53,979 Robert: actions to take and not take right now, and uh 8 00:00:53,979 --> 00:00:56,540 Robert: she is giving some advice on what's happening in the 9 00:00:56,540 --> 00:00:59,689 Robert: economy on the Women and Money community app when she can, 10 00:01:00,020 --> 00:01:03,060 Robert: you can get that app, by the way, for free 11 00:01:03,060 --> 00:01:05,819 Robert: by going to Apple Apps or Google Play. 12 00:01:06,400 --> 00:01:09,179 Robert: Now for those of you who are brand new to 13 00:01:09,180 --> 00:01:13,660 Robert: the podcast, when Suze and KT take time off, we 14 00:01:13,660 --> 00:01:16,580 Robert: sometimes revisit an older episode that you may not have 15 00:01:16,580 --> 00:01:19,540 Robert: heard or we feel it's worth bringing to the top 16 00:01:19,540 --> 00:01:23,699 Robert: of your feed again, and today is no exception. We're 17 00:01:23,699 --> 00:01:26,589 Robert: going to play part of an episode from last spring, 18 00:01:26,980 --> 00:01:32,529 Robert: all about knowing the signs of financial advisor abuse. Enjoy. 19 00:01:32,900 --> 00:01:35,580 Suze: Now maybe some of you remember. 20 00:01:36,370 --> 00:01:40,550 Suze: The podcast that I did, which was Don't Become Partners 21 00:01:40,550 --> 00:01:44,769 Suze: with Uncle Sam. And in that podcast, 22 00:01:45,569 --> 00:01:49,470 Suze: I talked to a woman who had just lost her 23 00:01:49,470 --> 00:01:52,370 Suze: husband at that point, I think it was 3 months 24 00:01:52,910 --> 00:01:57,230 Suze: prior to that podcast, and I wanted her to know 25 00:01:57,230 --> 00:01:59,150 Suze: that it was really, really me. 26 00:02:00,279 --> 00:02:05,169 Suze: Because she wrote me on Ask Suze podcast at gmail.com, 27 00:02:05,239 --> 00:02:06,550 Suze: which all of you can. 28 00:02:07,209 --> 00:02:10,508 Suze: And she told me her story. I happened to read it, 29 00:02:11,080 --> 00:02:14,320 Suze: and I was so moved by the story I wanted 30 00:02:14,320 --> 00:02:16,279 Suze: to talk to her in person. 31 00:02:17,279 --> 00:02:17,728 Suze: So 32 00:02:18,490 --> 00:02:20,898 Suze: I got her phone number. She gave it to me. 33 00:02:21,110 --> 00:02:25,589 Suze: I called her, and the first thing she essentially said was, well, 34 00:02:25,679 --> 00:02:27,710 Suze: how do I know that this is really you? 35 00:02:28,770 --> 00:02:29,990 Suze: And she was right. 36 00:02:30,690 --> 00:02:34,160 Suze: And I said, listen, I need to prove to you 37 00:02:34,160 --> 00:02:38,320 Suze: that it is me because with artificial intelligence and all 38 00:02:38,320 --> 00:02:41,479 Suze: these things that are going on, you never really know 39 00:02:41,479 --> 00:02:44,479 Suze: if you are really you or if what you're seeing 40 00:02:44,479 --> 00:02:46,839 Suze: is really who you think you're seeing or what they're 41 00:02:46,839 --> 00:02:49,679 Suze: saying is really who you think is saying it, so 42 00:02:49,679 --> 00:02:52,160 Suze: you have to be really, really clear. 43 00:02:52,979 --> 00:02:57,190 Suze: So I said to her, I know on this podcast, 44 00:02:57,270 --> 00:02:59,899 Suze: which I did, which was gonna be that Sunday. 45 00:03:00,740 --> 00:03:04,690 Suze: Don't be partners with Uncle Sam. It's a great podcast. 46 00:03:04,860 --> 00:03:07,729 Suze: You better all listen to it, by the way. I said, 47 00:03:07,740 --> 00:03:10,169 Suze: listen to it, and I'll say your name and everything 48 00:03:10,169 --> 00:03:13,649 Suze: on the podcast, and then you'll really know that it's me. 49 00:03:13,860 --> 00:03:18,160 Suze: All right, I did that. And then after that I 50 00:03:18,160 --> 00:03:22,179 Suze: spent a long time on the phone with her. 51 00:03:23,360 --> 00:03:27,750 Suze: Really telling her exactly what I wanted her to do 52 00:03:28,199 --> 00:03:31,720 Suze: and what I did not want her to do. 57 53 00:03:31,720 --> 00:03:38,559 Suze: year old woman has 4 children ages about 21, 18, 54 00:03:38,679 --> 00:03:40,960 Suze: I think 16 and 12 somewhere in there. 55 00:03:42,050 --> 00:03:45,740 Suze: And her husband 3 months prior to the first time 56 00:03:45,740 --> 00:03:50,169 Suze: of us talking unexpectedly just died. 57 00:03:51,309 --> 00:03:54,979 Suze: And here she is 3 months later and she was 58 00:03:54,979 --> 00:04:03,210 Suze: left a significant amount of money through life insurance policies, 59 00:04:03,860 --> 00:04:09,250 Suze: term insurance, and she was left to the tune of 60 00:04:09,660 --> 00:04:15,940 Suze: $7 million. Now this woman has never dealt with $7 61 00:04:15,940 --> 00:04:17,450 Suze: million in her life. 62 00:04:18,139 --> 00:04:20,898 Suze: And that is a lot of money. 63 00:04:21,868 --> 00:04:24,489 Suze: And what I essentially told her. 64 00:04:25,190 --> 00:04:29,219 Suze: And I want to tell all of you the exact 65 00:04:29,220 --> 00:04:32,940 Suze: same thing, so you are to take out your Susy notebooks, 66 00:04:32,980 --> 00:04:35,660 Suze: and you are to write this down, and you are 67 00:04:35,660 --> 00:04:37,140 Suze: to never forget. 68 00:04:38,029 --> 00:04:40,239 Suze: That I have said this to you. 69 00:04:41,190 --> 00:04:43,950 Suze: Because when it happens to you, if it ever happens 70 00:04:43,950 --> 00:04:45,790 Suze: to you, and I can only pray that it never 71 00:04:45,790 --> 00:04:46,779 Suze: happens to you. 72 00:04:47,709 --> 00:04:52,609 Suze: You want to do what I'm about to say to you. 73 00:04:54,299 --> 00:04:56,820 Suze: So what I essentially said to her. 74 00:04:57,480 --> 00:05:02,950 Suze: Is that listen you are to do nothing other than 75 00:05:02,950 --> 00:05:06,470 Suze: keep this money safe and sound. 76 00:05:08,309 --> 00:05:11,829 Suze: Except obviously pay off debts and things like that, but 77 00:05:11,829 --> 00:05:13,630 Suze: nothing besides that. 78 00:05:14,600 --> 00:05:18,510 Suze: For at least 6 months, 1 year or 2 years 79 00:05:18,880 --> 00:05:21,869 Suze: after suffering the loss of a loved one. 80 00:05:22,760 --> 00:05:24,950 Suze: And then I went on to talk to her about 81 00:05:24,950 --> 00:05:27,589 Suze: this and said, you know, chances are it's going to 82 00:05:27,589 --> 00:05:32,910 Suze: be at least 2 years, maybe 3 years for you 83 00:05:32,910 --> 00:05:36,670 Suze: to feel like yourself again. And you may feel like 84 00:05:36,670 --> 00:05:39,750 Suze: you are making the right decisions and that you know 85 00:05:39,750 --> 00:05:41,829 Suze: what you're doing when it comes to money that you've 86 00:05:41,829 --> 00:05:44,799 Suze: never handled before, but I'm here to tell you. 87 00:05:45,480 --> 00:05:49,308 Suze: You are not in your body. You will get taken 88 00:05:49,309 --> 00:05:53,910 Suze: advantage of possibly, but you will not be doing that 89 00:05:53,910 --> 00:05:57,459 Suze: which you should be doing with this money. 90 00:05:58,178 --> 00:06:01,910 Suze: So she had it in a few places already which 91 00:06:01,910 --> 00:06:06,640 Suze: I was not happy about, but anyway, I had her 92 00:06:06,640 --> 00:06:09,350 Suze: contact those banks where the money was. 93 00:06:10,309 --> 00:06:15,559 Suze: And put it in a major brokerage discount firm in 94 00:06:15,559 --> 00:06:21,739 Suze: their money market account, all $7 million of it in 95 00:06:21,738 --> 00:06:24,760 Suze: a treasury money market account, OK. 96 00:06:25,880 --> 00:06:28,510 Suze: And I said to her, You are to do nothing. 97 00:06:28,910 --> 00:06:31,399 Suze: Do not touch this money. You are just going to 98 00:06:31,399 --> 00:06:33,988 Suze: let it sit there. You are going to make between 99 00:06:33,988 --> 00:06:37,599 Suze: 4 and 5% on it. Don't worry, interest rates aren't 100 00:06:37,600 --> 00:06:41,079 Suze: going to go down so quickly right now. Just I 101 00:06:41,079 --> 00:06:44,719 Suze: care more about you and keeping the money safe rather 102 00:06:44,720 --> 00:06:47,200 Suze: than what you should invest it in. 103 00:06:48,049 --> 00:06:51,018 Suze: So she did that and I was so happy and 104 00:06:51,019 --> 00:06:53,880 Suze: that was that I wasn't thinking about it and then 105 00:06:53,880 --> 00:06:57,859 Suze: just the other day I get an email from her 106 00:06:58,428 --> 00:07:03,220 Suze: and she tells me that at this brokerage firm. 107 00:07:04,089 --> 00:07:06,309 Suze: And it's one that all of you know, by the way, 108 00:07:06,390 --> 00:07:09,390 Suze: that I mentioned many times on the Women and Money 109 00:07:09,390 --> 00:07:15,149 Suze: podcast at this brokerage firm, somebody contacted her. 110 00:07:15,950 --> 00:07:24,570 Suze: And he had her put $2.4 million in two annuities, 111 00:07:25,420 --> 00:07:32,730 Suze: $1.5 million in 1 $900,000 in another. He left $1.5 112 00:07:32,730 --> 00:07:35,299 Suze: million in the money market account. 113 00:07:36,299 --> 00:07:38,730 Suze: So that when she wanted to buy a house, it 114 00:07:38,730 --> 00:07:40,570 Suze: would be there for her, but that's what I had 115 00:07:40,570 --> 00:07:42,299 Suze: already instructed her to do. 116 00:07:43,160 --> 00:07:45,739 Suze: And the rest of the money he was going to 117 00:07:45,739 --> 00:07:49,410 Suze: put it in stocks and bonds, and that's what he did. 118 00:07:50,839 --> 00:07:53,869 Suze: And I said to this woman, I need to talk 119 00:07:53,869 --> 00:07:54,268 Suze: to you. 120 00:07:54,980 --> 00:07:57,880 Suze: Are you up for a talk with me again? 121 00:07:58,640 --> 00:07:59,828 Suze: And she said, Sure. 122 00:08:00,779 --> 00:08:06,750 Suze: So the other day on Friday I spent 2 hours 123 00:08:06,750 --> 00:08:09,670 Suze: on the phone with this woman. 124 00:08:10,609 --> 00:08:16,200 Suze: Cause I felt like she deserves that she lost her husband. 125 00:08:16,369 --> 00:08:19,410 Suze: He was good enough to make sure that she would 126 00:08:19,410 --> 00:08:22,328 Suze: be taken care of by having term life insurance in 127 00:08:22,329 --> 00:08:26,450 Suze: place and all of those things, and she deserved that 128 00:08:26,450 --> 00:08:30,200 Suze: in my opinion. We all deserve that in my opinion. 129 00:08:30,690 --> 00:08:33,559 Suze: We all deserve to know what to do with money, 130 00:08:33,789 --> 00:08:38,530 Suze: to be taken care of, to not have some financial adviser. 131 00:08:39,969 --> 00:08:42,900 Suze: Do things with people's money when they're not ready to 132 00:08:42,900 --> 00:08:46,669 Suze: do it just cause this person may make more money 133 00:08:46,669 --> 00:08:48,699 Suze: or his firm may make more money. 134 00:08:49,710 --> 00:08:53,900 Suze: Nothing upsets me more than that. Back to the story. 135 00:08:54,890 --> 00:08:56,869 Suze: So I get on the phone with her. 136 00:08:57,549 --> 00:09:03,849 Suze: And I said you do realize that insurance companies do 137 00:09:03,849 --> 00:09:10,179 Suze: not operate like credit unions or certificates of deposits or 138 00:09:10,179 --> 00:09:14,539 Suze: even treasury bills, bonds or notes in a CD, if 139 00:09:14,539 --> 00:09:18,739 Suze: you put $1 million in a CD. 140 00:09:19,690 --> 00:09:23,619 Suze: While it is true that that bank most likely will 141 00:09:23,619 --> 00:09:31,719 Suze: have FDIC insurance, you will have $250,000 of that money insured. 142 00:09:32,369 --> 00:09:36,010 Suze: You probably will name a beneficiary so that in case 143 00:09:36,010 --> 00:09:38,210 Suze: you die, the money goes to that person. 144 00:09:39,520 --> 00:09:47,609 Suze: But you therefore would have $750,000 of that million dollars. 145 00:09:48,580 --> 00:09:50,130 Suze: If the bank went down. 146 00:09:50,960 --> 00:09:51,849 Suze: Uninsured 147 00:09:52,530 --> 00:09:55,890 Suze: However, with a CD, whether it's at a bank or 148 00:09:55,890 --> 00:10:01,689 Suze: Alliant Credit Union or wherever, for every beneficiary that you 149 00:10:01,690 --> 00:10:07,968 Suze: have up to a maximum of 5 beneficiaries, now in 150 00:10:07,969 --> 00:10:10,840 Suze: this case this woman has 4 kids. 151 00:10:11,539 --> 00:10:17,210 Suze: So if she put 4 kids as the beneficiaries. 152 00:10:18,190 --> 00:10:23,020 Suze: Of this million dollar CD, she would have a million 153 00:10:23,020 --> 00:10:26,210 Suze: dollars of FDIC insurance. 154 00:10:27,140 --> 00:10:31,469 Suze: So in an annuity in the state that this woman 155 00:10:31,640 --> 00:10:32,580 Suze: lives in. 156 00:10:33,390 --> 00:10:39,950 Suze: The coverage provided by the state's Life and Health Insurance 157 00:10:39,950 --> 00:10:42,030 Suze: Guarantee Association. 158 00:10:43,099 --> 00:10:48,699 Suze: Does not increase based on the number of beneficiaries, so 159 00:10:48,700 --> 00:10:56,340 Suze: the protection limit in most cases for annuities is $250,000 160 00:10:56,340 --> 00:11:02,450 Suze: per contract holder regardless of the number of beneficiaries named. 161 00:11:03,469 --> 00:11:08,710 Suze: Therefore, with multiple beneficiaries, she puts a million dollars into 162 00:11:08,710 --> 00:11:11,900 Suze: this with multiple beneficiaries. 163 00:11:12,859 --> 00:11:17,580 Suze: Still, the total protection of the million dollar annuity would 164 00:11:17,580 --> 00:11:24,859 Suze: still be capped in this particular state at $250,000 but 165 00:11:24,859 --> 00:11:28,659 Suze: she didn't put a million dollars in an annuity. She 166 00:11:28,659 --> 00:11:31,989 Suze: put $1.5 million in one annuity. 167 00:11:32,929 --> 00:11:38,049 Suze: And 900,000 in another annuity contract. 168 00:11:39,030 --> 00:11:43,010 Suze: And when asked if it was insured, is it safe, 169 00:11:43,260 --> 00:11:48,699 Suze: the agent said, Yes, we're insured this major brokerage firm 170 00:11:48,700 --> 00:11:53,770 Suze: is insured SIPIC and everything, but never explained to this woman. 171 00:11:54,729 --> 00:11:57,989 Suze: That if the insurance company was to go belly up, 172 00:11:58,159 --> 00:12:00,599 Suze: it has nothing to do with the brokerage firm. If 173 00:12:00,599 --> 00:12:04,080 Suze: the brokerage firm goes under, that's when their insurance comes 174 00:12:04,080 --> 00:12:08,320 Suze: into place. However, when you buy a stock and the 175 00:12:08,320 --> 00:12:12,520 Suze: company of that stock goes bankrupt, the major brokerage firm's 176 00:12:12,520 --> 00:12:14,489 Suze: insurance isn't going to help you. If you buy an 177 00:12:14,500 --> 00:12:19,199 Suze: annuity at a company and that company goes under. 178 00:12:20,070 --> 00:12:23,010 Suze: The major brokerage firm's insurance isn't going to help you. 179 00:12:23,090 --> 00:12:28,070 Suze: It's the insurance company, the Life and Health Insurance Guarantee 180 00:12:28,070 --> 00:12:30,690 Suze: Association of the state. 181 00:12:31,409 --> 00:12:35,030 Suze: That you live in where you bought the annuity. 182 00:12:36,200 --> 00:12:39,109 Suze: Am I making sense? So I'm like on the phone 183 00:12:39,109 --> 00:12:42,070 Suze: and I said, do you understand to this woman? 184 00:12:43,260 --> 00:12:49,099 Suze: That you put $2.4 million in this annuity. 185 00:12:50,330 --> 00:12:55,849 Suze: And chances are only $500,000 of it if it were 186 00:12:55,849 --> 00:12:58,799 Suze: two different companies, and I'm not even sure it was 187 00:12:59,130 --> 00:13:01,640 Suze: $500,000 of it. 188 00:13:02,520 --> 00:13:06,659 Suze: It is protected if this company goes under but nothing else. 189 00:13:07,919 --> 00:13:10,429 Suze: And she didn't know that. She didn't know that. 190 00:13:11,270 --> 00:13:15,309 Suze: Then I said, Well, why did you do this? And 191 00:13:15,309 --> 00:13:17,940 Suze: she says to me, I didn't want to do it. 192 00:13:18,659 --> 00:13:21,909 Suze: But he was pushing me, Suze. I kept saying, I 193 00:13:21,909 --> 00:13:23,859 Suze: think I need to wait, and he kept saying, no, no, 194 00:13:24,070 --> 00:13:26,580 Suze: let's do this, let's do that, and before I knew it, 195 00:13:26,630 --> 00:13:27,549 Suze: it was done. 196 00:13:28,400 --> 00:13:32,358 Suze: Now I have to tell you I think about that 197 00:13:32,359 --> 00:13:36,799 Suze: as financial abuse, believe it or not, and why do 198 00:13:36,799 --> 00:13:37,929 Suze: I say that. 199 00:13:38,869 --> 00:13:42,429 Suze: When you are a financial adviser. 200 00:13:43,349 --> 00:13:45,358 Suze: You are not a salesperson. 201 00:13:46,059 --> 00:13:50,689 Suze: But you have to be a financial adviser and manage 202 00:13:50,690 --> 00:13:54,969 Suze: the advice that you are giving somebody, and the only 203 00:13:54,969 --> 00:13:59,380 Suze: way that you can do that is to understand who 204 00:13:59,380 --> 00:14:02,859 Suze: the person is, what have they gone through. 205 00:14:03,969 --> 00:14:07,320 Suze: And when she walked in, she told him that she 206 00:14:07,320 --> 00:14:11,599 Suze: just needed everything safe and sound. She told him the 207 00:14:11,599 --> 00:14:13,270 Suze: loss that she had. 208 00:14:14,400 --> 00:14:17,140 Suze: And then she didn't want to do anything really. 209 00:14:17,909 --> 00:14:19,690 Suze: And so first they put all the money in a 210 00:14:19,690 --> 00:14:23,049 Suze: money market account. All right. And the next meeting, it 211 00:14:23,049 --> 00:14:25,130 Suze: was this and that and all of a sudden she 212 00:14:25,130 --> 00:14:28,049 Suze: started to feel OK with this person, and before you 213 00:14:28,049 --> 00:14:29,570 Suze: know it, the money's invested. 214 00:14:30,940 --> 00:14:33,119 Suze: But he never once 215 00:14:34,409 --> 00:14:35,640 Suze: asked her 216 00:14:36,609 --> 00:14:43,989 Suze: about anything to do with her personal financial situation. 217 00:14:44,809 --> 00:14:47,119 Suze: I asked her, did he ask you if you had 218 00:14:47,119 --> 00:14:50,359 Suze: a trust or a will? No. Did he ask you 219 00:14:50,359 --> 00:14:53,960 Suze: if you were sick? No. Did he ask you if 220 00:14:53,960 --> 00:14:58,119 Suze: you have parents and in-laws that you need to take 221 00:14:58,119 --> 00:15:01,880 Suze: care of with this money? No. Did he ask you 222 00:15:01,880 --> 00:15:04,679 Suze: what your mortgage payments were and the interest rate on 223 00:15:04,679 --> 00:15:07,719 Suze: your house was, so that maybe you were better off 224 00:15:07,719 --> 00:15:09,559 Suze: paying off the mortgage on your home that might be 225 00:15:09,559 --> 00:15:13,440 Suze: at 7% than putting it in a money market account? No. 226 00:15:14,539 --> 00:15:19,539 Suze: Did he ask you about anything like that? No, she says. 227 00:15:19,909 --> 00:15:23,830 Suze: I said, So what happened? You walked in, you sat down. 228 00:15:24,000 --> 00:15:27,039 Suze: He knows you have $7 million and what does he 229 00:15:27,039 --> 00:15:29,750 Suze: say to you? He tells me what he wants me 230 00:15:29,750 --> 00:15:32,880 Suze: to invest it in, just that simple, Suzy. 231 00:15:33,890 --> 00:15:38,080 Suze: And I say to her that is not a wealth manager. 232 00:15:38,969 --> 00:15:43,090 Suze: Cause $7 million everybody is wealth for a woman with 233 00:15:43,090 --> 00:15:46,489 Suze: a family of four who just lost her husband and 234 00:15:46,489 --> 00:15:47,530 Suze: doesn't have a clue. 235 00:15:48,489 --> 00:15:50,659 Suze: Where she should go, what she should do, and how 236 00:15:50,659 --> 00:15:51,450 Suze: she should be. 237 00:15:52,859 --> 00:15:58,570 Suze: And so a salesperson, you write this down. A salesperson 238 00:15:58,570 --> 00:16:02,789 Suze: is exactly what this gentleman was. A woman walks in, 239 00:16:02,969 --> 00:16:06,409 Suze: has a lot of money, doesn't ask you anything about 240 00:16:06,409 --> 00:16:11,559 Suze: your situation, and simply tells you what you should invest in, 241 00:16:12,090 --> 00:16:14,250 Suze: and then says to you. 242 00:16:14,960 --> 00:16:16,659 Suze: Let's do it. And you say, no, no, I don't 243 00:16:16,659 --> 00:16:18,280 Suze: think I want to do it right now, and he 244 00:16:18,280 --> 00:16:21,479 Suze: pushes you and pushes you and you're so vulnerable because 245 00:16:21,479 --> 00:16:23,559 Suze: you don't know what to do and you just give 246 00:16:23,559 --> 00:16:25,039 Suze: up your power and say, OK. 247 00:16:26,760 --> 00:16:28,250 Suze: That is. 248 00:16:29,059 --> 00:16:33,000 Suze: Again, in my opinion, financial abuse. 249 00:16:34,099 --> 00:16:37,849 Suze: Because as an adviser you should recognize when a client 250 00:16:37,849 --> 00:16:41,099 Suze: is ready to do something and when they are not 251 00:16:41,099 --> 00:16:45,539 Suze: and even if they want to do something. A good 252 00:16:45,539 --> 00:16:50,330 Suze: financial adviser, knowing that somebody has just lost their husband unexpectedly, 253 00:16:50,419 --> 00:16:53,750 Suze: wasn't even sick a day unexpectedly. 254 00:16:54,599 --> 00:16:56,669 Suze: Should say, you know what, we're not going to do 255 00:16:56,669 --> 00:17:00,500 Suze: anything cause you're not ready to yet. Just let's keep 256 00:17:00,500 --> 00:17:07,020 Suze: it safe and sound, or rather than 2.4 million in annuities. 257 00:17:07,920 --> 00:17:10,760 Suze: They had a 7% surrender charge the first year and 258 00:17:10,760 --> 00:17:12,880 Suze: the second year and so forth. All right. 259 00:17:13,750 --> 00:17:17,150 Suze: Rather than that, so you want to put it in treasuries, 260 00:17:17,310 --> 00:17:21,469 Suze: put $400,000 in 6 different maturity of treasuries, OK, you 261 00:17:21,469 --> 00:17:22,359 Suze: could do that too. 262 00:17:23,380 --> 00:17:25,630 Suze: And probably if interest rates go down a little bit, 263 00:17:25,750 --> 00:17:27,469 Suze: you could probably get out more than you put in 264 00:17:27,469 --> 00:17:28,420 Suze: if you needed it. 265 00:17:29,979 --> 00:17:33,010 Suze: And she didn't even understand what an annuity was. She's 266 00:17:33,010 --> 00:17:36,569 Suze: only 57. I said, you do realize that you can't 267 00:17:36,569 --> 00:17:40,448 Suze: take a whole lot of money out of annuity before 59.5% 268 00:17:40,449 --> 00:17:42,020 Suze: without a 10% penalty. 269 00:17:43,020 --> 00:17:46,750 Suze: She didn't know any of that. She couldn't answer any 270 00:17:46,750 --> 00:17:50,020 Suze: of the questions that I had for her. 271 00:17:52,020 --> 00:17:57,369 Suze: If you ever everybody find yourself in a situation. 272 00:17:58,699 --> 00:18:04,030 Suze: That it doesn't feel right. You don't understand what the person, 273 00:18:04,160 --> 00:18:07,270 Suze: the salesperson is telling you to do. 274 00:18:08,459 --> 00:18:10,900 Suze: If you just start to feel like, oh, I just 275 00:18:10,900 --> 00:18:12,540 Suze: better do it and then get out of here, then 276 00:18:12,540 --> 00:18:14,250 Suze: I don't have to deal with this anymore. 277 00:18:15,609 --> 00:18:19,938 Suze: Please, I am begging you not to do it. 278 00:18:20,619 --> 00:18:23,349 Suze: The good side of this story, because the last thing 279 00:18:23,349 --> 00:18:27,689 Suze: this woman should be invested in is two annuities. Last thing, 280 00:18:27,790 --> 00:18:29,510 Suze: she doesn't need that on any level. 281 00:18:31,260 --> 00:18:36,410 Suze: Is that the contract an annuity contract usually has a 282 00:18:36,410 --> 00:18:41,250 Suze: 10 to 30 day out clause so that she has 283 00:18:41,250 --> 00:18:44,159 Suze: till June 30th to totally 284 00:18:44,920 --> 00:18:48,060 Suze: Get rid of this annuity and get all her money back. Oh, 285 00:18:48,089 --> 00:18:51,040 Suze: and did I tell you? She didn't even know she 286 00:18:51,040 --> 00:18:55,920 Suze: had purchased annuities until she got a package from the 287 00:18:55,920 --> 00:19:00,139 Suze: insurance company that the broker put the money in, and 288 00:19:00,140 --> 00:19:03,050 Suze: that's when she realized, oh my God, he went ahead 289 00:19:03,579 --> 00:19:04,380 Suze: and did it. 290 00:19:06,680 --> 00:19:10,020 Suze: So after I talked to her and everything, she wrote 291 00:19:10,020 --> 00:19:13,329 Suze: the financial adviser who always wrote her right back. 292 00:19:14,319 --> 00:19:17,880 Suze: And she didn't hear from him from his email nothing. 293 00:19:18,489 --> 00:19:21,729 Suze: She calls him and all of a sudden his voice 294 00:19:21,729 --> 00:19:23,280 Suze: box is totally full. 295 00:19:24,170 --> 00:19:27,060 Suze: She wants all the money put back in the money 296 00:19:27,060 --> 00:19:29,770 Suze: market account, and she is just going to leave it 297 00:19:29,770 --> 00:19:33,930 Suze: there until she is ready to do something with it 298 00:19:33,930 --> 00:19:37,729 Suze: and in the meantime it can just sit making 4.5 299 00:19:37,729 --> 00:19:40,319 Suze: or 5% right there. 300 00:19:41,790 --> 00:19:45,790 Suze: So the question I then asked her is, you just 301 00:19:45,790 --> 00:19:50,109 Suze: gave $7 million to this person, so to speak, to 302 00:19:50,109 --> 00:19:54,430 Suze: take charge of for you. What happens when you can't 303 00:19:54,430 --> 00:19:57,869 Suze: get him? Who else can you call? What else can 304 00:19:57,869 --> 00:20:01,619 Suze: you do? Does he have a team? All these questions, 305 00:20:01,750 --> 00:20:04,589 Suze: and she didn't really know. And I said, I tell 306 00:20:04,589 --> 00:20:06,869 Suze: you what you're going to do. It's still Friday. 307 00:20:07,630 --> 00:20:10,899 Suze: It's still early cause you're central time. I want you 308 00:20:10,900 --> 00:20:14,489 Suze: to march yourself down into this brokerage firm into their office, 309 00:20:14,739 --> 00:20:16,900 Suze: and if he's not there, I want you to ask 310 00:20:16,900 --> 00:20:19,300 Suze: to speak to the manager of that office, and I 311 00:20:19,300 --> 00:20:24,099 Suze: want you to absolutely liquidate at no charge to you 312 00:20:24,099 --> 00:20:29,969 Suze: everything that he did against your really wanting to do it. 313 00:20:30,760 --> 00:20:33,369 Suze: So I hope she did that on Friday. Haven't heard 314 00:20:33,369 --> 00:20:36,250 Suze: back yet, but we'll see. But the reason that I 315 00:20:36,250 --> 00:20:43,079 Suze: wanted to talk about this is it still seriously upsets me, ladies. 316 00:20:43,969 --> 00:20:51,329 Suze: How many of you have not gotten involved with your finances. 317 00:20:52,619 --> 00:20:57,129 Suze: You haven't gotten involved with what your spouse is doing 318 00:20:57,130 --> 00:21:00,930 Suze: with the both of your money. You haven't played the 319 00:21:00,930 --> 00:21:03,530 Suze: what if if one of you were to die and 320 00:21:03,530 --> 00:21:06,040 Suze: you've got a lump sum of money, would you know 321 00:21:06,040 --> 00:21:07,170 Suze: what to do with it? 322 00:21:07,810 --> 00:21:12,949 Suze: I still am involved with friends and meeting people. 323 00:21:13,849 --> 00:21:15,680 Suze: Who have a lot of money. 324 00:21:16,439 --> 00:21:21,099 Suze: But the woman doesn't know anything about it. 325 00:21:22,260 --> 00:21:25,359 Suze: And she one day may find herself. 326 00:21:26,239 --> 00:21:30,339 Suze: In the same situation that this woman is in, not 327 00:21:30,339 --> 00:21:34,579 Suze: knowing what to do and getting involved with a salesperson 328 00:21:34,579 --> 00:21:37,099 Suze: who would have probably made a whole lot of money 329 00:21:37,099 --> 00:21:37,729 Suze: on this. 330 00:21:38,479 --> 00:21:43,459 Suze: But the point of all of this really is 331 00:21:44,680 --> 00:21:49,140 Suze: There is a big difference, everybody, between a firm that 332 00:21:49,140 --> 00:21:52,540 Suze: just simply holds money in a money market account. 333 00:21:53,420 --> 00:21:56,219 Suze: And a wealth management firm. 334 00:21:57,310 --> 00:22:00,979 Suze: And when you inherit large sums of money and $7 335 00:22:00,979 --> 00:22:03,890 Suze: million is a large sum of money. 336 00:22:04,900 --> 00:22:07,310 Suze: You want to make sure that you are dealing with 337 00:22:07,310 --> 00:22:13,119 Suze: a wealth management firm, a firm that has lawyers just 338 00:22:13,119 --> 00:22:17,119 Suze: to talk to you and not charge you. Maybe one 339 00:22:17,119 --> 00:22:22,319 Suze: person who only manages dividend paying stocks, another person that 340 00:22:22,319 --> 00:22:27,239 Suze: only manages bonds, and one person that maybe oversees a 341 00:22:27,239 --> 00:22:29,030 Suze: lot of the other things. 342 00:22:29,640 --> 00:22:34,140 Suze: She has enough money to have a bond specialist, to 343 00:22:34,140 --> 00:22:39,000 Suze: have a dividend stock specialist, to have a specialist that 344 00:22:39,000 --> 00:22:42,599 Suze: can tell her if all of a sudden estate taxes 345 00:22:42,599 --> 00:22:45,680 Suze: go down to a maximum of $5 million how to 346 00:22:45,680 --> 00:22:48,469 Suze: plan for her kids so they don't have to pay 347 00:22:48,469 --> 00:22:49,708 Suze: estate tax. 348 00:22:50,900 --> 00:22:54,880 Suze: And that's somebody that oversees the entire team, it's a 349 00:22:54,880 --> 00:22:57,359 Suze: wealth management team. 350 00:22:58,760 --> 00:23:02,300 Suze: You owe it to yourself to do these things, and 351 00:23:02,300 --> 00:23:04,500 Suze: a lot of you think you don't have enough money 352 00:23:04,500 --> 00:23:09,099 Suze: to do it. And what you're not realizing is that 353 00:23:09,099 --> 00:23:11,900 Suze: so many of you have over a million dollars now 354 00:23:11,900 --> 00:23:17,410 Suze: in your 401ks that you've been working so long and 355 00:23:17,410 --> 00:23:20,579 Suze: you have 1 million $2 million.03 million dollars plus the 356 00:23:20,579 --> 00:23:21,978 Suze: equity in your house. 357 00:23:22,920 --> 00:23:28,280 Suze: That's the type of investment advice I want you to 358 00:23:28,280 --> 00:23:30,030 Suze: be not only looking for. 359 00:23:30,969 --> 00:23:34,329 Suze: But I want you to make sure. 360 00:23:34,989 --> 00:23:41,339 Suze: That your family is absolutely protected if something were to 361 00:23:41,339 --> 00:23:43,169 Suze: happen to any of you. 362 00:23:43,979 --> 00:23:46,139 Suze: There's only one thing that I want you to remember 363 00:23:46,140 --> 00:23:49,449 Suze: when it comes to your money, and it is this 364 00:23:50,020 --> 00:23:56,510 Suze: people first, meaning you better know about your own money. 365 00:23:56,900 --> 00:24:03,270 Suze: You better know about everything financially going on in your household. 366 00:24:04,280 --> 00:24:09,270 Suze: Cause you need to be present to know about your money, 367 00:24:09,479 --> 00:24:12,260 Suze: so you know the things that you should buy with 368 00:24:12,260 --> 00:24:14,079 Suze: the money or not buy. 369 00:24:15,180 --> 00:24:21,810 Suze: So that you really no matter what happens can remain unstoppable.