1 00:00:33,440 --> 00:00:36,729 Suze: March second, 2023 2 00:00:38,220 --> 00:00:39,419 Suze: What do you want to say, KT? 3 00:00:39,979 --> 00:00:44,040 Suze: She can't say anything because she's chewing on a gummy. Everybody. Alright, 4 00:00:44,050 --> 00:00:50,729 Suze: so Suze O here and just keep chewing away KT, you 5 00:00:50,729 --> 00:00:51,880 Suze: just keep doing that. 6 00:00:51,890 --> 00:00:56,520 KT: And I'm hydrating my throat. Doesn't it sound a little dry? 7 00:00:57,280 --> 00:00:58,240 KT: I am. 8 00:00:58,320 --> 00:01:00,980 Suze: Are we going to have everybody listen to you gulp 9 00:01:00,980 --> 00:01:01,910 Suze: water again? 10 00:01:02,130 --> 00:01:05,979 Suze: Oh, she's blocking the microphone. Anyway, welcome everybody to the 11 00:01:05,980 --> 00:01:08,980 Suze: Women and Money podcast as well as everybody smart enough 12 00:01:08,980 --> 00:01:14,819 Suze: to listen. This is the Ask Suze and KT edition, where 13 00:01:14,830 --> 00:01:18,910 Suze: you can write in a question to ask Suze S-U-Z-E Podcast 14 00:01:18,910 --> 00:01:22,740 Suze: at gmail dot com. And if KT selects it, we 15 00:01:22,740 --> 00:01:26,679 Suze: will answer it, or at least try to on this podcast. 16 00:01:26,690 --> 00:01:31,980 Suze: May I warn you that Miss Travis is extremely feisty. 17 00:01:32,130 --> 00:01:35,620 KT: I'm very feisty. But I have, my first question is 18 00:01:35,630 --> 00:01:37,729 KT: made me smile. You ready? 19 00:01:38,140 --> 00:01:39,260 Suze: We're just going right into it? 20 00:01:39,340 --> 00:01:41,600 KT: Does my throat sound a little bit horse? 21 00:01:42,160 --> 00:01:44,090 Suze: No, It sounds like a little cat. 22 00:01:44,100 --> 00:01:50,850 KT: That's not funny. Okay, ready everybody. First question is from Courtney. 23 00:01:50,860 --> 00:01:54,770 KT: Hi KT And Suze, I'm 36 24 00:01:56,110 --> 00:01:58,430 KT: just to get to that first line, made me... 25 00:01:58,440 --> 00:02:00,430 Suze: What were you doing at 36 KT? 26 00:02:00,990 --> 00:02:04,000 KT: 36 was a great year for me, Suze. 27 00:02:04,010 --> 00:02:04,980 Suze: What were you doing? 28 00:02:04,990 --> 00:02:07,600 KT: Oh my God, I was in Hong kong on top 29 00:02:07,600 --> 00:02:11,370 KT: of the world. Probably at the pinnacle of my success 30 00:02:11,380 --> 00:02:15,859 KT: as a, you know, managing director of an advertising agency. 31 00:02:15,870 --> 00:02:20,450 KT: Very very very exciting times. Very exciting. 32 00:02:21,610 --> 00:02:25,429 Suze: I love that. I just left being a vice president at Prudential Bache Securities. 33 00:02:25,440 --> 00:02:29,370 Suze: And I started out on my own the Suze Orman 34 00:02:29,370 --> 00:02:32,880 Suze: Financial Group. But what was so funny it was just me. 35 00:02:32,889 --> 00:02:37,150 KT: No and Mary and I loved her business card. 36 00:02:38,470 --> 00:02:42,060 KT: Suze she had one employee, Mary who used to be 37 00:02:42,060 --> 00:02:45,240 KT: the receptionist at her dentist and she liked her so much. 38 00:02:45,240 --> 00:02:47,150 KT: She said you want to come work with me, I 39 00:02:47,150 --> 00:02:50,989 KT: just opened a company? And Mary said yeah and she 40 00:02:50,990 --> 00:02:55,440 KT: joined Suze. But Mary was the best and her business 41 00:02:55,440 --> 00:03:00,090 KT: card had a title that said Mother Superior. Mary, Mother Superior. 42 00:03:01,490 --> 00:03:04,930 Suze: We had the best time. Mary was my Savior all 43 00:03:04,930 --> 00:03:08,380 Suze: those years. She went everywhere with me. 44 00:03:08,850 --> 00:03:11,530 KT: And then with us. When Suze met me, Mary was 45 00:03:11,530 --> 00:03:14,780 KT: like the threesome. She went everywhere with us now she's 46 00:03:14,790 --> 00:03:18,760 KT: happily retired in the mountains with... no in Arizona. In Arizona with her husband. 47 00:03:20,510 --> 00:03:24,090 KT: And um we miss her. We always miss Mary. But 48 00:03:24,100 --> 00:03:28,160 KT: this is from Courtney who's 36. She said Suze, 49 00:03:28,175 --> 00:03:33,906 KT: should I buy treasuries, CDs right now or should I continue 50 00:03:33,906 --> 00:03:37,666 KT: to dollar cost average into the stock market. This money 51 00:03:37,666 --> 00:03:41,466 KT: is for long term growth. And that made me smile 52 00:03:41,466 --> 00:03:43,516 KT: too Suze. 36 years old. 53 00:03:43,516 --> 00:03:46,566 Suze: Long term, you have long term, you have at least 54 00:03:46,566 --> 00:03:47,336 Suze: 40 years. 55 00:03:47,346 --> 00:03:49,776 KT: Let's tell her about our certificate of deposit. 56 00:03:49,776 --> 00:03:51,356 Suze: No, I don't want her to do that. 57 00:03:51,356 --> 00:03:51,796 KT: Why? 58 00:03:51,806 --> 00:03:55,940 Suze: Because I want her at this age of 36. 59 00:03:55,952 --> 00:04:00,822 Suze: I want her to take advantage of the downward movement 60 00:04:00,832 --> 00:04:03,982 Suze: in the stock market. So I want you to dollar 61 00:04:03,982 --> 00:04:09,752 Suze: cost average every single month into dividend paying stocks or 62 00:04:09,762 --> 00:04:14,482 Suze: dividend ETFs. Because really you can get as much growth 63 00:04:14,492 --> 00:04:18,311 Suze: out of a good dividend paying company as you can these 64 00:04:18,312 --> 00:04:23,242 Suze: growth companies so start doing that now and I tell 65 00:04:23,242 --> 00:04:23,730 Suze: you 66 00:04:24,110 --> 00:04:27,810 Suze: 40 years from now you'll thank me. Although I'm sure 67 00:04:27,820 --> 00:04:31,280 Suze: you'll have a hard time finding me anyway. Alright. 68 00:04:31,290 --> 00:04:34,770 KT: And this next one is from Travis and his husband David. 69 00:04:34,770 --> 00:04:36,560 Suze: I know why she chose this one, Travis. 70 00:04:36,560 --> 00:04:38,909 KT: Yea, my name is Travis. Travis. 71 00:04:38,960 --> 00:04:40,799 Suze: That's not why you chose it. 72 00:04:40,810 --> 00:04:42,440 KT: Because of my nephew Travis? 73 00:04:42,450 --> 00:04:44,390 Suze: Of course your little golden boy. 74 00:04:47,380 --> 00:04:50,969 KT: My little Golden boy. Okay ready. Travis said, Suze. I love your podcast. 75 00:04:50,980 --> 00:04:51,930 Suze: Yeah thank you Travis. 76 00:04:51,940 --> 00:04:56,410 KT: He's going back listening to every episode since 2019. So 77 00:04:56,410 --> 00:04:57,900 KT: he's going to be super smart. 78 00:04:57,910 --> 00:05:01,859 Suze: Are you watching by the way all the Suze Orman 79 00:05:01,860 --> 00:05:05,489 Suze: shows on freeVee TV? Yeah you would love you would 80 00:05:05,490 --> 00:05:08,210 Suze: love that more than anything because it's there that you'll 81 00:05:08,210 --> 00:05:11,050 Suze: find the very infamous "Can I 82 00:05:11,060 --> 00:05:15,599 Suze: Afford It?" segments where I say you are so either approved 83 00:05:15,610 --> 00:05:17,940 Suze: or denied but I don't quite say it that way. Ok 84 00:05:18,160 --> 00:05:18,719 Suze: go on. 85 00:05:19,240 --> 00:05:22,200 KT: Ok. So says my husband and I don't know if we 86 00:05:22,200 --> 00:05:27,830 KT: should prioritize paying off our student loans there at 5.7% 87 00:05:27,830 --> 00:05:33,330 KT: fixed and they have about $67,000. Or should we establish 88 00:05:33,330 --> 00:05:34,730 KT: an emergency fund? 89 00:05:35,070 --> 00:05:38,600 KT: Now. Suzy listen to this. This is very sweet. We 90 00:05:38,600 --> 00:05:42,440 KT: had an emergency fund but due to an emergency it's 91 00:05:42,440 --> 00:05:47,240 KT: now empty. And then he said we're both 28. 92 00:05:47,520 --> 00:05:51,110 KT: We have no consumer debt. Just a mortgage, a car payment. 93 00:05:51,110 --> 00:05:54,430 KT: And he said thanks for all your help. Travis and David. 94 00:05:54,440 --> 00:05:58,640 Suze: Boys. I want you to listen to me imagine that 95 00:05:58,640 --> 00:06:02,780 Suze: you had whatever emergency that you happened to have just 96 00:06:02,779 --> 00:06:06,150 Suze: a little bit ago. And what would you have done 97 00:06:06,320 --> 00:06:10,770 Suze: if you didn't have an emergency fund? Oh you say 98 00:06:10,779 --> 00:06:11,990 Suze: that you have no consumer 99 00:06:12,002 --> 00:06:14,972 Suze: debt. You know just a mortgage and a car payment. 100 00:06:15,002 --> 00:06:19,102 Suze: But if you hadn't had that emergency fund, oh you 101 00:06:19,101 --> 00:06:21,732 Suze: would have had a serious amount of credit card debt 102 00:06:21,742 --> 00:06:25,362 Suze: right now and the interest rate probably would be very 103 00:06:25,362 --> 00:06:29,552 Suze: high because if the Fed funds rate continues up. So does 104 00:06:29,562 --> 00:06:34,121 Suze: interest rates on credit cards. So therefore let's see what 105 00:06:34,122 --> 00:06:36,469 Suze: happens with Biden and the administraton 106 00:06:36,613 --> 00:06:38,984 Suze: and what they do with student loans and all of 107 00:06:38,984 --> 00:06:43,404 Suze: those things make the emergency fund your number one priority. 108 00:06:43,414 --> 00:06:48,024 Suze: Especially because interest rates are as high as they are. 109 00:06:48,034 --> 00:06:51,444 Suze: You might. I'm very serious about this. Start your emergency 110 00:06:51,444 --> 00:06:55,254 Suze: fund at the Alliant Credit Union. Both of you can 111 00:06:55,254 --> 00:06:58,884 Suze: do this in the Ultimate Opportunity Savings account go to 112 00:06:58,884 --> 00:07:00,950 Suze: My Alliant dot com. 113 00:07:00,966 --> 00:07:04,266 Suze: You each put in $100 a month you do so 114 00:07:04,266 --> 00:07:06,945 Suze: for 12 consecutive months at the end of those 12 115 00:07:06,946 --> 00:07:13,396 Suze: months they'll give you $100 and you're earning currently 2.95% interest. 116 00:07:13,406 --> 00:07:17,036 Suze: Do it that way boyfriend. All right, KT. 117 00:07:17,046 --> 00:07:18,826 KT: Okay. Next is from Jill. 118 00:07:18,836 --> 00:07:20,326 Suze: Oh your voice is sounding better. 119 00:07:20,336 --> 00:07:22,346 KT: Is it? Does it sound a little hoarse? 120 00:07:22,886 --> 00:07:25,446 Suze: No, it sounds like a little kitty cat. 121 00:07:26,320 --> 00:07:33,100 KT: She's so corny. Alright ready. Dear Suze and KT. My 122 00:07:33,100 --> 00:07:36,570 KT: mom and stepdad have currently listed me on their bank 123 00:07:36,570 --> 00:07:40,590 KT: accounts as payable on death to pay for things after 124 00:07:40,590 --> 00:07:44,920 KT: they pass. Then, I'm to divide the leftover money amongst 125 00:07:44,920 --> 00:07:48,780 KT: my siblings and step siblings. My mom asked if there's 126 00:07:48,780 --> 00:07:52,920 KT: any tax consequences to me if they do this. 127 00:07:53,210 --> 00:07:55,790 KT: I want her to just put the accounts in the 128 00:07:55,790 --> 00:07:59,990 KT: name of their revocable trust instead. What do you suggest? 129 00:08:00,000 --> 00:08:04,310 KT: And then she's asked, Jill's asking you Suze are their tax 130 00:08:04,310 --> 00:08:09,090 KT: consequences to her if her mom puts her as a P. O. D. 131 00:08:09,090 --> 00:08:10,060 KT: on their account. 132 00:08:10,060 --> 00:08:14,739 Suze: No because you're inheriting money. I doubt highly. You have 133 00:08:14,740 --> 00:08:19,070 Suze: to remember there's two kinds of taxes. There's income tax 134 00:08:19,070 --> 00:08:19,660 Suze: and then there's 135 00:08:19,675 --> 00:08:24,475 Suze: Estate tax. And estate tax, they can leave you... You 136 00:08:24,475 --> 00:08:26,495 Suze: know mom can leave you up to like $12 million right now.  That drops to 137 00:08:26,495 --> 00:08:35,135 Suze: $5 million in 2025. But that's you know... that's estate tax. 138 00:08:35,145 --> 00:08:37,155 Suze: So we'll see what happens there. But you're gonna have 139 00:08:37,155 --> 00:08:38,814 Suze: to pay that one way or the other if they 140 00:08:38,815 --> 00:08:41,715 Suze: leave you more than that amount of money, income tax. 141 00:08:41,715 --> 00:08:46,135 Suze: Now there's no tax ramifications for you to do that. However, 142 00:08:46,380 --> 00:08:50,910 Suze: the main reason forget the pay on death account that 143 00:08:50,920 --> 00:08:55,310 Suze: this should be in the living revocable trust, is what 144 00:08:55,309 --> 00:09:00,140 Suze: happens if mom doesn't die. Let's say mom becomes incapacitated 145 00:09:00,140 --> 00:09:03,800 Suze: at the same time, Dad becomes incapacitated. Don't think it 146 00:09:03,800 --> 00:09:07,370 Suze: can't happen. I've seen it happen more than you could imagine. 147 00:09:07,620 --> 00:09:10,860 Suze: And now you need that money to pay their expenses 148 00:09:10,860 --> 00:09:14,309 Suze: because they can't write checks. They can't pay their bills. 149 00:09:14,330 --> 00:09:16,900 Suze: You can't touch that money because you don't get to 150 00:09:16,900 --> 00:09:20,740 Suze: use it or help anybody with it till they die. 151 00:09:20,740 --> 00:09:23,380 Suze: If it's a pay on death account with a living 152 00:09:23,380 --> 00:09:27,300 Suze: revocable trust that has an incapacity clause. If anything happens 153 00:09:27,300 --> 00:09:29,579 Suze: to either one of them or both of them, you 154 00:09:29,580 --> 00:09:32,140 Suze: would be the successor trustee and could sign for 155 00:09:32,155 --> 00:09:35,175 Suze: for everything and take care of them. So just make 156 00:09:35,176 --> 00:09:38,476 Suze: sure they do it that way. All right, KT. 157 00:09:38,486 --> 00:09:43,526 KT: Okay. This is my favorite favorite email so far of 158 00:09:43,526 --> 00:09:45,986 KT: the day. They love the way Stacy wrote it. It's 159 00:09:45,986 --> 00:09:51,026 KT: from Stacy. She writes Suzeee and KTeeee! 160 00:09:51,035 --> 00:09:56,016 Suze: Are you sure it was like Suzeeee, and KTeee! 161 00:09:56,692 --> 00:10:00,972 KT: Post divorce recovery and mom of three teens. I decided one 162 00:10:00,972 --> 00:10:05,641 KT: day I needed to face my financial fears. I started 163 00:10:05,642 --> 00:10:09,872 KT: listening and simply absorbing your podcast. I've learned so much 164 00:10:09,881 --> 00:10:14,182 KT: and I cannot thank you enough. My first husband was 165 00:10:14,182 --> 00:10:18,902 KT: a very nice guy, a great dad, a financial disaster 166 00:10:18,902 --> 00:10:21,230 KT: and phenomenal liar. 167 00:10:21,510 --> 00:10:26,050 Suze: Wait wait that's how things go together? 168 00:10:26,050 --> 00:10:31,860 KT: It doesn't wait, so ready? Stacy said now I'm remarried 169 00:10:31,860 --> 00:10:36,370 KT: to a wonderful man. But Suze I feel my heart race. 170 00:10:36,380 --> 00:10:41,750 KT: I get nervous every time we talk about co- investing. 171 00:10:42,100 --> 00:10:46,620 KT: My question is how do I maximize our joint savings 172 00:10:46,620 --> 00:10:53,460 KT: potential together while maintaining some feeling of financial independence? 173 00:10:53,620 --> 00:10:58,110 Suze: Stacy, did you ever watch me on the Suze Orman Show? 174 00:10:58,160 --> 00:10:59,819 Suze: And if you had 175 00:11:00,210 --> 00:11:04,089 Suze: I ended every single one of those 600 and some 176 00:11:04,090 --> 00:11:09,240 Suze: odd shows with a statement that was people first then 177 00:11:09,240 --> 00:11:13,959 Suze: money then things now when I said people first so 178 00:11:13,960 --> 00:11:15,770 Suze: many people took it the wrong way. 179 00:11:16,059 --> 00:11:19,060 Suze: They thought that that meant generosity and you should always 180 00:11:19,059 --> 00:11:22,809 Suze: just help people and blah blah. I meant it that 181 00:11:22,820 --> 00:11:30,040 Suze: you you need to put yourself first before anybody and anything. 182 00:11:30,050 --> 00:11:32,140 Suze: Just that simple. 183 00:11:32,790 --> 00:11:36,540 Suze: What is the goal of money? The goal of money 184 00:11:36,550 --> 00:11:38,490 Suze: is for you to be secure. 185 00:11:38,970 --> 00:11:43,660 Suze: It is not necessary to combine finances or have joint 186 00:11:43,670 --> 00:11:49,880 Suze: accounts for true love to emerge true closeness and true growth. 187 00:11:49,890 --> 00:11:55,200 Suze: Because ask Miss Travis, how many joint accounts do we have KT? 188 00:11:56,350 --> 00:11:57,390 KT: Zero. 189 00:11:57,520 --> 00:12:00,300 Suze: How many are we ever going to have? 190 00:12:00,309 --> 00:12:01,929 KT: Zero 191 00:12:01,940 --> 00:12:04,620 Suze: Right, Now why is that? 192 00:12:05,260 --> 00:12:09,210 Suze: It's because it makes me feel more secure. It makes 193 00:12:09,220 --> 00:12:13,730 Suze: her feel more secure and that is all your new 194 00:12:13,730 --> 00:12:18,250 Suze: sweetheart should care about. Is that you are secure. He 195 00:12:18,250 --> 00:12:21,580 Suze: should be putting your feelings first because you're putting them 196 00:12:21,580 --> 00:12:24,449 Suze: first and not about let's combine money 197 00:12:24,460 --> 00:12:27,510 Suze: and we can make more that way. No, you can't 198 00:12:27,520 --> 00:12:31,650 Suze: keep it separate. Your little voices telling you not to 199 00:12:31,650 --> 00:12:36,100 Suze: do it. So I just don't do it. That's what 200 00:12:36,110 --> 00:12:38,500 Suze: I'm saying. And I just want to remind you... 201 00:12:41,150 --> 00:12:41,679 KT: And we're madly in love! 202 00:12:44,410 --> 00:12:45,760 Suze: What does that even mean madly? 203 00:12:45,760 --> 00:12:49,089 KT: Madly in love. I don't know. It's a great expression though. 204 00:12:49,100 --> 00:12:50,480 KT: You know, mad. 205 00:12:50,490 --> 00:12:54,240 Suze: Do you know the expression that Colo has been saying 206 00:12:54,240 --> 00:12:55,330 Suze: that just is like... 207 00:12:55,340 --> 00:12:58,220 KT: I know you love this when I hate him with 208 00:12:58,220 --> 00:13:01,740 KT: all my heart. Something like he says this when he watches sports. 209 00:13:01,920 --> 00:13:08,170 Suze: Yeah, hates the Dallas football team with all of his heart. Alright. 210 00:13:08,170 --> 00:13:10,760 Suze: Don't ask me why he would even hate a football team, 211 00:13:10,760 --> 00:13:13,500 Suze: but he does. Right. So I go how do you 212 00:13:13,500 --> 00:13:15,589 Suze: hate something with all of your heart? But anyway, that's 213 00:13:15,590 --> 00:13:20,340 Suze: besides the point we got it. But anyway, right. I 214 00:13:20,340 --> 00:13:22,719 Suze: just want to remind you Stacy of a line you 215 00:13:22,720 --> 00:13:27,939 Suze: wrote here. My first husband was a very nice guy, 216 00:13:27,950 --> 00:13:30,420 Suze: a great dad 217 00:13:30,720 --> 00:13:37,559 Suze: and a financial disaster and a phenomenal liar. Okay, so 218 00:13:37,800 --> 00:13:42,069 Suze: who knows how things turn out. So therefore all I'm 219 00:13:42,070 --> 00:13:46,740 Suze: saying to you is you don't have to figure this out. 220 00:13:46,750 --> 00:13:50,520 Suze: You stay independent. He should want you to stay independent 221 00:13:50,530 --> 00:13:55,610 Suze: and don't you ever not trust yourself. You got that? 222 00:13:55,620 --> 00:13:58,900 Suze: If that's how you feel, that's what you want, that's 223 00:13:58,900 --> 00:14:00,930 Suze: what you do, KT! 224 00:14:00,940 --> 00:14:04,910 KT: All right. This next email again addresses the what ifs 225 00:14:04,910 --> 00:14:05,790 KT: in life 226 00:14:06,120 --> 00:14:09,520 KT: My wife had to retire early due to a total 227 00:14:09,520 --> 00:14:15,140 KT: and permanent disability. Probably everyone's nightmare right, Suze. 228 00:14:18,580 --> 00:14:19,910 Suze: We were close to that. 229 00:14:19,920 --> 00:14:25,410 KT: She is taking her employer provided pension early at age 230 00:14:25,410 --> 00:14:28,110 KT: 55 due to this disability. 231 00:14:28,340 --> 00:14:32,850 KT: So here's here's her husband's question, Suze, since her disability 232 00:14:32,850 --> 00:14:36,770 KT: pension is reported as earned income in Box 1 on 233 00:14:36,770 --> 00:14:41,470 KT: a W2, is it considered earned income also according to 234 00:14:41,470 --> 00:14:45,690 KT: the rules which allow my wife to purchase an IRA? May 235 00:14:45,690 --> 00:14:49,610 KT: I also contribute to a spousal IRA, as a non 236 00:14:49,715 --> 00:14:55,025 KT: wage earning spouse. We file a joint federal income tax 237 00:14:55,025 --> 00:14:58,155 KT: return and fit the income limits. 238 00:14:58,165 --> 00:15:03,695 Suze: Yes. So it depends here truthfully because I know that 239 00:15:03,695 --> 00:15:07,795 Suze: he said, right, that her disability pension was reported on 240 00:15:07,795 --> 00:15:10,355 Suze: their earned income in Box 1 on their W2. 241 00:15:11,190 --> 00:15:16,970 Suze: But whether it's considered earned income for IRA contribution purposes, 242 00:15:16,970 --> 00:15:21,910 Suze: Katie depends on the nature of the disability pension. So 243 00:15:21,970 --> 00:15:26,820 Suze: if the disability pension is considered taxable compensation. 244 00:15:27,370 --> 00:15:30,310 Suze: So if they are going to pay taxes on it, 245 00:15:30,320 --> 00:15:34,000 Suze: then it will count as earned income and then she 246 00:15:34,000 --> 00:15:37,540 Suze: can have an IRA or a Roth IRA. Which is 247 00:15:37,540 --> 00:15:40,610 Suze: what she probably should have more than a traditional IRA 248 00:15:40,620 --> 00:15:45,900 Suze: and he can have a nonworking spousal IRA. However, if 249 00:15:45,900 --> 00:15:51,700 Suze: the disability pension is considered unearned income or non taxable, 250 00:15:51,710 --> 00:15:52,480 Suze: then it won't 251 00:15:52,505 --> 00:15:59,175 Suze: count as earned income for an IRA. So therefore it's important 252 00:15:59,175 --> 00:16:04,455 Suze: to consult with a tax professional to determine whether her 253 00:16:04,455 --> 00:16:12,475 Suze: specific disability pension is considered taxable compensation for IRA purposes period. 254 00:16:12,475 --> 00:16:17,640 Suze: Now we know. Next KT don't throw me anymore like that. 255 00:16:18,010 --> 00:16:20,260 KT: What if I would have said, I don't know? 256 00:16:20,270 --> 00:16:24,300 KT: You know the answer to everything, pretty much. This is 257 00:16:24,300 --> 00:16:28,180 KT: from Fariba. Good morning and thank you both for providing 258 00:16:28,180 --> 00:16:32,880 KT: such great education and empowering all of us. I have 259 00:16:32,880 --> 00:16:37,880 KT: a dear friend who is 63 years old and retiring friend, 260 00:16:38,310 --> 00:16:39,740 KT: this is my dear friend, 261 00:16:41,220 --> 00:16:46,860 KT: She has $700,000 in a portfolio that will be managed 262 00:16:46,870 --> 00:16:51,530 KT: by her financial planner of several years. His fee is 263 00:16:51,530 --> 00:16:55,130 KT: around 1% of the portfolio total. 264 00:16:55,510 --> 00:16:59,750 KT: Is that a fair fee? She asked me to find 265 00:16:59,750 --> 00:17:03,190 KT: out from you since I am a loyal listener, reader 266 00:17:03,190 --> 00:17:07,170 KT: and follower. This is from Fariba. So what should Fariba 267 00:17:07,170 --> 00:17:08,450 KT: advise her friend? 268 00:17:08,460 --> 00:17:11,550 Suze: To start listening to the Women and Money podcast. Are 269 00:17:11,550 --> 00:17:14,810 Suze: you kidding me? Because, do you know how many times I 270 00:17:14,810 --> 00:17:20,470 Suze: have addressed this exact question. So depending on my mood, 271 00:17:20,470 --> 00:17:23,260 Suze: I might say to you have her just search it 272 00:17:23,480 --> 00:17:26,440 Suze: and see if she can find the answer. But then again, 273 00:17:26,450 --> 00:17:29,230 Suze: since I'm in such a loving mood today because Miss 274 00:17:29,230 --> 00:17:35,410 Suze: Travis told me she was madly madly, madly in love 275 00:17:35,410 --> 00:17:39,320 Suze: with me. Right, here's what you have to know. I 276 00:17:39,320 --> 00:17:44,490 Suze: find this curious only because she's been with this financial 277 00:17:44,490 --> 00:17:51,119 Suze: advisor already for several years. Think about that. And now 278 00:17:51,130 --> 00:17:52,810 Suze: she's asking 279 00:17:53,130 --> 00:18:00,369 Suze: after she's accumulated a $700,000 portfolio, is his fee of 1% 280 00:18:00,390 --> 00:18:05,919 Suze: too much. What is making her now ask that question 281 00:18:05,930 --> 00:18:10,220 Suze: when for several years she hasn't. So that's number one. 282 00:18:10,680 --> 00:18:11,950 Suze: Number two, 283 00:18:12,740 --> 00:18:18,710 Suze: 1% is a fair fee. If and only if and 284 00:18:18,720 --> 00:18:22,320 Suze: everybody listen closely to me, if you go to a 285 00:18:22,320 --> 00:18:23,670 Suze: financial advisor 286 00:18:24,200 --> 00:18:29,050 Suze: and they make their money by investing your money for you. 287 00:18:29,050 --> 00:18:33,510 Suze: They don't get any commissions whatsoever. They get 1% of 288 00:18:33,510 --> 00:18:37,130 Suze: whatever the portfolio value is worth. So if it goes 289 00:18:37,130 --> 00:18:41,250 Suze: from 700,000 to a million now they get 1% of 290 00:18:41,250 --> 00:18:45,530 Suze: a million dollars. If it goes from 700,000 to 300,000 291 00:18:45,530 --> 00:18:50,310 Suze: now they're only getting 1% of 300,000. So if they 292 00:18:50,310 --> 00:18:53,600 Suze: make you money, they make themselves money, however, 293 00:18:54,140 --> 00:18:58,449 Suze: if you're gonna pay somebody 1% they really need to 294 00:18:58,450 --> 00:19:02,609 Suze: be managing your money. So what does that mean? That 295 00:19:02,609 --> 00:19:05,970 Suze: means they don't simply put it into mutual funds or 296 00:19:05,970 --> 00:19:10,590 Suze: exchange traded funds where you're also paying an expense ratio 297 00:19:10,600 --> 00:19:14,659 Suze: within those mutual funds or exchange traded funds for some 298 00:19:14,660 --> 00:19:19,950 Suze: portfolio manager to be managing those investments, they don't charge 299 00:19:19,950 --> 00:19:22,080 Suze: you 1% on 300 00:19:22,090 --> 00:19:26,240 Suze: cash that you may have sitting in your portfolio and 301 00:19:26,240 --> 00:19:31,169 Suze: they do not charge you 1% on any individual bonds 302 00:19:31,310 --> 00:19:35,989 Suze: that you may buy. So for KT and myself we 303 00:19:35,990 --> 00:19:40,649 Suze: have a portfolio of just stocks. Then we have a 304 00:19:40,650 --> 00:19:46,340 Suze: portfolio of just bonds. We have different portfolios. And the 305 00:19:46,340 --> 00:19:50,140 Suze: registered investment advisory fee that we pay 306 00:19:50,590 --> 00:19:55,920 Suze: is only paid on the individual stock portfolio. The money 307 00:19:55,920 --> 00:20:00,970 Suze: that we have in bonds when individual bonds are purchased, 308 00:20:01,350 --> 00:20:07,150 Suze: there's a commission built into the bonds. Therefore the advisor 309 00:20:07,150 --> 00:20:11,619 Suze: should not also be getting 1% on a bond portfolio 310 00:20:11,760 --> 00:20:14,490 Suze: that you already paid commission on. 311 00:20:15,000 --> 00:20:18,310 Suze: And that there really is no trading or management to 312 00:20:18,310 --> 00:20:21,159 Suze: be done because most of you are just going to 313 00:20:21,160 --> 00:20:24,180 Suze: be holding those bonds till maturity. 314 00:20:24,880 --> 00:20:29,950 Suze: So that is the answer to her question. How is 315 00:20:29,950 --> 00:20:34,929 Suze: the money invested? Is she paying 1% on a bond portfolio? 316 00:20:34,940 --> 00:20:38,510 Suze: And is she paying 1% for the advisor simply to 317 00:20:38,510 --> 00:20:41,690 Suze: buy mutual funds or exchange traded funds? 318 00:20:42,130 --> 00:20:45,650 Suze: If he or she is she's paying too much. But 319 00:20:45,650 --> 00:20:48,630 Suze: something else is going on for her to ask this 320 00:20:48,630 --> 00:20:53,399 Suze: question after several years of her being with him. All right, KT. 321 00:20:53,410 --> 00:20:57,610 KT: Okay. Next is from Brenda. Hi Suze. My question is 322 00:20:57,609 --> 00:21:00,960 KT: whether we should draw out of a 401(k) for a few 323 00:21:00,960 --> 00:21:02,040 KT: years to 324 00:21:02,050 --> 00:21:08,040 KT: delay taking Social Security, retiring at 62. Would wait for 325 00:21:08,040 --> 00:21:12,939 KT: three years to 65 to start Social good or bad idea? 326 00:21:13,600 --> 00:21:14,859 Suze: Pop Quizzie.  That's your pop quizzie! 327 00:21:22,180 --> 00:21:25,629 KT: Bad bad, bad, bad, bad. No, this is not a pop quizzie. This is just a bad idea. First of all I took mine at 70 years old Brenda. 328 00:21:25,630 --> 00:21:29,750 Suze: Yeah but your situation is a differnt. Don't talk to her like... 329 00:21:29,820 --> 00:21:34,530 KT: It's a bad idea. Ok, Suze is going to give you advice. Bad idea. 330 00:21:36,109 --> 00:21:38,900 Suze: It is a bad idea because number one, even if 331 00:21:38,900 --> 00:21:44,679 Suze: you wait till you are 65, is full retirement age. 332 00:21:44,690 --> 00:21:49,910 Suze: So for most people who were born 1960 or older. 333 00:21:51,150 --> 00:21:55,250 Suze: 67 is full retirement age. You would never ever, ever ever 334 00:21:55,260 --> 00:21:58,800 Suze: unless you had an illness, you didn't think you were 335 00:21:58,800 --> 00:22:03,080 Suze: going to recover from it. Start Social Security earlier ever. 336 00:22:03,450 --> 00:22:07,480 Suze: But if you're healthy if everything's okay, you're not gonna 337 00:22:07,480 --> 00:22:10,790 Suze: start Social Security at 65. And this is not the 338 00:22:10,790 --> 00:22:13,800 Suze: time when you would want to be taking any money 339 00:22:13,800 --> 00:22:17,580 Suze: out of a 401(k) for a few years because you want 340 00:22:17,580 --> 00:22:21,610 Suze: that money in the 401(k) to continue to grow and grow 341 00:22:21,609 --> 00:22:25,740 Suze: and grow. So no you wouldn't want to do that 342 00:22:25,740 --> 00:22:28,370 Suze: my love. But here's what you would want to do. 343 00:22:28,490 --> 00:22:30,590 Suze: You're not gonna retire at 62 344 00:22:31,040 --> 00:22:33,900 Suze: maybe you'll leave the job that you currently have. But 345 00:22:33,900 --> 00:22:36,290 Suze: then you're gonna have to find another job 346 00:22:36,910 --> 00:22:39,100 Suze: in order to make money so that you do not 347 00:22:39,100 --> 00:22:43,220 Suze: touch your 401(k). And you do not touch your Social Security. 348 00:22:43,230 --> 00:22:47,609 Suze: If you do you will be making the biggest mistake 349 00:22:47,619 --> 00:22:49,229 Suze: you have ever made. 350 00:22:50,450 --> 00:22:51,560 Suze: Why are you looking at me like that? 351 00:22:51,570 --> 00:22:55,040 KT: Because I think Brenda should meet my next question. My 352 00:22:55,040 --> 00:22:57,310 KT: next email from Rachel. 353 00:22:57,920 --> 00:23:03,080 KT: Ready Suze? I'm obsessed with saving money. 354 00:23:03,090 --> 00:23:08,959 Suze: Wait, KT, wait, Do you remember that one talk I 355 00:23:08,960 --> 00:23:10,080 Suze: gave in Atlanta? 356 00:23:10,090 --> 00:23:12,230 KT: Oh my God, I do. What was that university? It was great. 357 00:23:16,900 --> 00:23:19,880 Suze: I fixed two people up that were in the audience. 358 00:23:20,180 --> 00:23:23,660 KT: There were, it was a great talk. I don't remember 359 00:23:23,660 --> 00:23:26,470 KT: why you got them both together, but they were both divorces or single... 360 00:23:27,859 --> 00:23:31,060 Suze: Well, just like now, one person way up in the balcony 361 00:23:31,060 --> 00:23:36,149 Suze: asked me a question, I answered the question. Another person 362 00:23:36,160 --> 00:23:39,680 Suze: way down in the front of the place downstairs asked 363 00:23:39,680 --> 00:23:41,460 Suze: me another question and I go 364 00:23:41,470 --> 00:23:44,040 Suze: oh my God, they would be the perfect, perfect couple 365 00:23:44,040 --> 00:23:46,430 Suze: and we got them together and I think they're still 366 00:23:46,430 --> 00:23:47,040 Suze: together but... 367 00:23:52,030 --> 00:23:56,860 KT: You and Rachel and Brenda. Suze, I'm obsessed with saving money. 368 00:24:00,600 --> 00:24:03,409 KT: I think I saved to the point of not enjoying 369 00:24:03,410 --> 00:24:07,430 KT: my life, I have no debt, no mortgage. My children 370 00:24:07,430 --> 00:24:10,520 KT: and my parents are financially self sufficient. 371 00:24:10,660 --> 00:24:19,919 KT: I have about $1 million, which includes a pension plan. So Suze, why do I agonize 372 00:24:19,980 --> 00:24:23,869 KT: about going for a manicure once a month? 373 00:24:26,550 --> 00:24:32,320 KT: Well I love this email, Rachel, live it up a 374 00:24:32,320 --> 00:24:33,180 KT: little bit. 375 00:24:33,190 --> 00:24:36,649 Suze: So Rachel, wanna hear something funny, which is on the 376 00:24:36,650 --> 00:24:39,610 Suze: Suze Orman Show, I was trying to figure out ways 377 00:24:39,619 --> 00:24:45,690 Suze: between 2007, 2008, 2009, during the depression, how could people save money? 378 00:24:46,180 --> 00:24:49,540 Suze: So I came up with this idea that if you want, 379 00:24:49,550 --> 00:24:52,290 Suze: you can get a manicure but don't put polish on 380 00:24:52,320 --> 00:24:54,990 Suze: because if you don't put polish on, you don't have 381 00:24:54,990 --> 00:24:57,000 Suze: to go back every week or even once a month, 382 00:24:57,000 --> 00:24:59,580 Suze: you're okay for like six weeks or maybe even two months. 383 00:24:59,590 --> 00:25:03,230 Suze: Well that didn't go over very well with the manicurist 384 00:25:03,230 --> 00:25:06,940 Suze: but that's besides the point. But here's the thing: 385 00:25:07,800 --> 00:25:13,800 Suze: Somehow you have a fear about not having enough money, 386 00:25:13,800 --> 00:25:17,899 Suze: you say you have $1 million dollars invested for retirement, 387 00:25:17,910 --> 00:25:23,260 Suze: which includes a pension plan, but you don't know for sure... 388 00:25:23,480 --> 00:25:27,010 Suze: I would bet you any amount of money how it's invested, 389 00:25:27,020 --> 00:25:30,910 Suze: how it works, what your pension is going to be. 390 00:25:31,200 --> 00:25:34,170 Suze: I'll bet you any amount of money that you've turned 391 00:25:34,180 --> 00:25:37,000 Suze: that money over to some financial advisor or it's in 392 00:25:37,000 --> 00:25:42,100 Suze: your 401(k). And you really don't have control over it. 393 00:25:42,180 --> 00:25:44,119 Suze: You know, you have the money 394 00:25:44,650 --> 00:25:47,310 Suze: but you don't know what the money is invested in 395 00:25:47,320 --> 00:25:51,870 Suze: and how it actually works. Because I have found that 396 00:25:51,869 --> 00:25:55,280 Suze: when you're not in control of your money and understand it, 397 00:25:55,290 --> 00:25:59,110 Suze: that's why you're afraid. Because somebody else has the power 398 00:25:59,109 --> 00:26:02,669 Suze: over your money versus you. Even though it's your money, 399 00:26:02,680 --> 00:26:06,379 Suze: you don't have power over it. And Katie, do you 400 00:26:06,380 --> 00:26:09,080 Suze: remember what my favorite saying in life is, when it 401 00:26:09,080 --> 00:26:11,680 Suze: comes to money and power? What is it? 402 00:26:12,140 --> 00:26:15,280 KT: If you'll... you'll feel... if you're if you don't have 403 00:26:15,280 --> 00:26:17,260 KT: the power over your money... 404 00:26:17,270 --> 00:26:20,850 Suze: I guess you can you call Barbara and have her 405 00:26:20,850 --> 00:26:26,290 Suze: help you with that. You are never powerful in life 406 00:26:26,300 --> 00:26:29,620 Suze: until you are powerful over your own money. How you 407 00:26:29,619 --> 00:26:33,320 Suze: think about it, feel about it and invest it. 408 00:26:33,330 --> 00:26:36,000 KT: And spend it. Rachel needs to spend a little. 409 00:26:36,500 --> 00:26:39,680 Suze: No she does not need to spend KT you're wrong here. 410 00:26:39,690 --> 00:26:40,880 Suze: What 411 00:26:40,890 --> 00:26:45,470 Suze: Rachel needs to do seriously, KT is get control of 412 00:26:45,470 --> 00:26:51,670 Suze: her money by understanding it. Knowing about it, investing it herself. 413 00:26:51,680 --> 00:26:55,750 Suze: And I promise you, if you do that girlfriend, you 414 00:26:55,750 --> 00:27:01,949 Suze: might be going for a manicure once a week. Next question, KT, KT, 415 00:27:01,950 --> 00:27:06,590 Suze: I got news for you, spending money never solves the 416 00:27:06,590 --> 00:27:09,629 Suze: problem of being afraid to spend money. 417 00:27:09,840 --> 00:27:14,199 Suze: It only creates more fear because you haven't done anything 418 00:27:14,200 --> 00:27:17,760 Suze: to get rid of the fear or understand why you 419 00:27:17,760 --> 00:27:21,310 Suze: are afraid. You know, everybody, I do have a course 420 00:27:21,310 --> 00:27:25,060 Suze: called concrete your financial fears that all of you might 421 00:27:25,060 --> 00:27:26,740 Suze: want to take. I think if you go to Suze 422 00:27:26,740 --> 00:27:29,200 Suze: Orman dot com, I think it's there. I don't even 423 00:27:29,200 --> 00:27:30,950 Suze: know where we sell it to tell you the truth, 424 00:27:30,960 --> 00:27:34,490 Suze: but many people have taken it recently and they're writing 425 00:27:34,490 --> 00:27:36,660 Suze: me their new truths and what their fears are. It's 426 00:27:36,660 --> 00:27:38,379 Suze: kind of interesting anyway. 427 00:27:38,840 --> 00:27:42,610 Suze: It is that time is it not KT? 428 00:27:42,619 --> 00:27:45,619 Suze: But KT, before we do the quizzie, how did you 429 00:27:45,619 --> 00:27:50,360 Suze: do investing in your certificates of deposit with Alliant Credit Union? 430 00:27:51,770 --> 00:27:51,920 KT: I bought three. 431 00:27:53,630 --> 00:27:57,350 KT: I got two six months certificates and one three month. 432 00:27:57,359 --> 00:28:00,020 Suze: Why did you get to six months? 433 00:28:00,030 --> 00:28:02,949 KT: I just wanted to, because they came... I took money 434 00:28:02,950 --> 00:28:07,070 KT: from different accounts that I had and then I decided 435 00:28:07,070 --> 00:28:08,670 KT: I was going to transfer. 436 00:28:08,680 --> 00:28:13,199 Suze: You just did right now when you said "I did," 437 00:28:13,200 --> 00:28:14,710 Suze: did you do it? 438 00:28:14,850 --> 00:28:20,810 KT: No, Barbara did it. My financial business manager. 439 00:28:21,710 --> 00:28:25,060 Suze: See that everybody. I'm not even her financial business manager. 440 00:28:25,070 --> 00:28:29,830 KT: You're my financial advisor. Barbara just follows the instructions based 441 00:28:29,830 --> 00:28:32,820 KT: on the request. She does a great job. 442 00:28:32,940 --> 00:28:38,260 Suze: Ok, let's do your quizzie. If you don't know what the CDs that KT 443 00:28:38,270 --> 00:28:39,460 Suze: is talking about. 444 00:28:39,460 --> 00:28:42,590 KT: You cannot resist this and everybody that's why I bought 445 00:28:42,590 --> 00:28:44,930 KT: all and I took all the spare money that I 446 00:28:44,930 --> 00:28:48,130 KT: had that wasn't earning a great interest rate. 447 00:28:48,290 --> 00:28:54,320 KT: And I transferred it into the Alliant Ultimate Opportunity Savings CD... 448 00:28:55,150 --> 00:28:59,290 KT: Certificates of deposit three and six months. The six month 449 00:28:59,290 --> 00:29:03,750 KT: is giving me 5%. Suze. I was getting like nothing 450 00:29:03,760 --> 00:29:05,450 KT: in one of my accounts. I said to Barbara, why was it in there? 451 00:29:08,710 --> 00:29:11,780 Suze: All right KT sorry I asked what was wrong with 452 00:29:11,780 --> 00:29:16,730 Suze: me anyway. So everybody it is quizzie time and this 453 00:29:16,730 --> 00:29:20,120 Suze: is where I ask KT a question, but I'm also 454 00:29:20,120 --> 00:29:24,640 Suze: asking it to all of you because you need to 455 00:29:24,640 --> 00:29:29,040 Suze: learn how to answer every question that's ever asked 456 00:29:29,370 --> 00:29:33,250 Suze: on the Women and Money podcast. That's how you start 457 00:29:33,250 --> 00:29:38,460 Suze: to get control over your money. This one is from Tammy, 458 00:29:39,340 --> 00:29:43,580 Suze: Are you ready? I'm ready. Hi, Suze and KT. In 459 00:29:43,580 --> 00:29:47,219 Suze: your past few podcasts, you have been focusing on the 460 00:29:47,220 --> 00:29:50,490 Suze: dividends of stocks rather than the price. 461 00:29:51,220 --> 00:29:55,320 Suze: If we are investing for the dividend, would you suggest 462 00:29:55,320 --> 00:30:00,080 Suze: reinvesting the dividend or taking it in cash during the 463 00:30:00,080 --> 00:30:04,190 Suze: volatile time? Cannot thank you enough for all that you do. 464 00:30:04,200 --> 00:30:08,350 Suze: I feel unstoppable. KT don't answer right away. I just 465 00:30:08,350 --> 00:30:11,840 Suze: want to make a comment to Tammy. You would only 466 00:30:11,840 --> 00:30:16,560 Suze: buy a stock for the dividend when you knew the 467 00:30:16,560 --> 00:30:18,170 Suze: dividend was solid. 468 00:30:18,650 --> 00:30:23,540 Suze: The earnings of the company itself was solid. The free 469 00:30:23,540 --> 00:30:27,370 Suze: cash flow of the company was solid 470 00:30:27,640 --> 00:30:31,640 Suze: and that the company was growing. You would never, ever, 471 00:30:31,650 --> 00:30:36,140 Suze: ever just buy a stock that was a horrific stock. 472 00:30:36,150 --> 00:30:39,280 Suze: Even though it was paying you a good dividend, you 473 00:30:39,290 --> 00:30:45,190 Suze: only want to buy good quality growing stocks. KT, have 474 00:30:45,190 --> 00:30:48,210 Suze: you been thinking about this? What would you do? Would 475 00:30:48,210 --> 00:30:53,130 Suze: you reinvest now think about it carefully, the market's going down. 476 00:30:53,370 --> 00:30:56,080 Suze: She could get that dividend 477 00:30:56,590 --> 00:30:59,350 Suze: and she could reinvest it in 478 00:31:00,410 --> 00:31:04,880 Suze: a money market account or the Alliant Credit Union at 2.95% 479 00:31:04,880 --> 00:31:07,520 Suze: or whatever it may be. So she could be earning 480 00:31:07,530 --> 00:31:10,700 Suze: interest on it and it could be safe. Or should 481 00:31:10,700 --> 00:31:15,580 Suze: she be reinvesting that dividend, where it's possible that the 482 00:31:15,580 --> 00:31:19,700 Suze: market could continue down? Because we've seen that happen now 483 00:31:19,700 --> 00:31:21,650 Suze: with some of the energy stocks, 484 00:31:22,060 --> 00:31:25,860 Suze: right? And the market could go down. So the dividend 485 00:31:25,860 --> 00:31:28,950 Suze: has gone down in value to what should she do? 486 00:31:28,950 --> 00:31:33,450 Suze: Reinvest it or in markets like this, take it and 487 00:31:33,450 --> 00:31:35,730 Suze: invest it somewhere else. 488 00:31:38,520 --> 00:31:43,930 KT: I think that she is unstoppable. Look at her last line, 489 00:31:44,530 --> 00:31:49,460 KT: I think she should take that dividend and invested in 490 00:31:49,460 --> 00:31:50,550 KT: more stocks. 491 00:31:50,560 --> 00:31:55,260 Suze: So she should do a dividend Reinvestment program. What's that called? 492 00:31:55,270 --> 00:31:57,230 KT: Dividend Reinvestment program. 493 00:31:57,230 --> 00:31:59,270 Suze: You don't remember this? It's a DRIP. 494 00:32:02,320 --> 00:32:04,470 KT: Yea, a DRIP.  (sings) I'm unstoppable. 495 00:32:04,480 --> 00:32:07,850 Suze: Yes, I know. Don't sing for people now. So, the 496 00:32:07,850 --> 00:32:10,030 Suze: true thing, I would do it. Yeah. Ding ding ding 497 00:32:10,030 --> 00:32:12,820 Suze: Ding Ding ding. So listen everybody, 498 00:32:13,380 --> 00:32:18,410 Suze: as you're reinvesting the dividend, the dividend itself is making 499 00:32:18,420 --> 00:32:23,219 Suze: whatever percentage right now that company is paying you. Plus 500 00:32:23,230 --> 00:32:28,750 Suze: it is buying you more shares as the company goes down, 501 00:32:28,770 --> 00:32:32,620 Suze: the more shares you're able to buy of that company. 502 00:32:32,630 --> 00:32:35,890 Suze: And then in the long run, when it turns around, 503 00:32:35,900 --> 00:32:39,410 Suze: you are going to be really, really happy. 504 00:32:39,710 --> 00:32:44,410 Suze: So that's what you should be doing. All right, KT, 505 00:32:44,410 --> 00:32:44,990 Suze: that's it. 506 00:32:45,000 --> 00:32:46,700 KT: It's really called a DRIP huh? 507 00:32:47,220 --> 00:32:54,210 Suze: Yeah. The Dividend Reinvestment Program. Dividend = D. Re = R 508 00:32:54,870 --> 00:33:00,570 Suze: Investment= I. P = program. All right. What do we want to 509 00:33:00,570 --> 00:33:03,150 Suze: tell everybody, KT? 510 00:33:04,710 --> 00:33:07,270 KT: I get a kick out of that drip thing. We 511 00:33:07,270 --> 00:33:11,240 KT: want to tell everyone that wherever you go, whatever you do, 512 00:33:11,250 --> 00:33:16,660 KT: whatever you say, you will create a more peaceful, joyful 513 00:33:16,660 --> 00:33:19,590 KT: and loving world. Every drip. 514 00:33:20,270 --> 00:33:22,310 KT: Drip by drip. 515 00:33:24,450 --> 00:33:28,470 Suze: All right. And and if you do it drip by drip, 516 00:33:28,710 --> 00:33:33,750 Suze: you will be unstoppable.