1 00:00:07,840 --> 00:00:12,930 KT: Hey, surprise everybody, it's KT in the house on Sunday. 2 00:00:13,239 --> 00:00:17,309 KT: You thought Sunday School was gonna be Suze, but no, 3 00:00:17,559 --> 00:00:21,440 KT: she took my space on Thursday, so I'm here on 4 00:00:21,440 --> 00:00:24,479 KT: Sunday and I'm gonna do the whole show. We don't 5 00:00:24,479 --> 00:00:26,689 KT: even know if we want to ask her any questions. 6 00:00:26,760 --> 00:00:28,959 Suze: Well, how about if I ask you a question like 7 00:00:28,959 --> 00:00:29,879 Suze: what's the date? 8 00:00:30,809 --> 00:00:31,760 KT: October 5th. 9 00:00:31,790 --> 00:00:34,569 Suze: And where are we? What what is this? the women 10 00:00:34,569 --> 00:00:35,790 Suze: and what KT? 11 00:00:37,209 --> 00:00:40,290 KT: They all know. They know this is the Women and 12 00:00:40,290 --> 00:00:42,680 KT: Money podcast and everyone's smart enough to listen. 13 00:00:42,490 --> 00:00:45,888 Suze: And this is now not Suze School because I took her... 14 00:00:45,889 --> 00:00:48,799 KT: It's Ask KT and Suze Anything... 15 00:00:48,799 --> 00:00:51,209 Suze: And if you have a question, all you have to 16 00:00:51,209 --> 00:00:57,169 Suze: do is send in an email to ask Suze S-U-Z-E asksuzepodcast at gmail.com 17 00:00:57,479 --> 00:01:01,340 Suze: And if KT picks it, oh, we will answer it 18 00:01:01,340 --> 00:01:03,830 Suze: on this podcast. Are you ready, Miss Travis? 19 00:01:04,379 --> 00:01:06,610 KT: I'm ready. Go get a cup of coffee, everyone, here 20 00:01:06,610 --> 00:01:08,019 KT: we go on Sunday. 21 00:01:08,660 --> 00:01:09,339 Suze: All right, ask me your first question. 22 00:01:09,339 --> 00:01:11,029 KT: Sundaaay!! 23 00:01:12,680 --> 00:01:17,029 KT: OK, first question is from Susan. It's a long one, everybody, 24 00:01:17,160 --> 00:01:19,679 KT: so get cozy. Hi, Suze and KT. 25 00:01:20,319 --> 00:01:21,279 Suze: Is it a question or a statement... 26 00:01:21,279 --> 00:01:24,239 KT: It's, it's both, but it's good. I want to read 27 00:01:24,239 --> 00:01:26,309 KT: what you how you changed her life. 28 00:01:26,870 --> 00:01:29,660 KT: You guys have become part of my weekly life for 29 00:01:29,660 --> 00:01:31,489 KT: the past 4 years. 30 00:01:31,660 --> 00:01:33,529 Suze: Poor baby. I get how you feel. 31 00:01:33,819 --> 00:01:36,580 KT: As I think of it, I became a regular Women 32 00:01:36,580 --> 00:01:41,619 KT: and Money podcast junkie ready shortly after 30 years of 33 00:01:41,620 --> 00:01:43,050 KT: marriage ended. 34 00:01:43,139 --> 00:01:45,699 Suze: Oh, don't tell me another one. I caused another divorce. 35 00:01:46,290 --> 00:01:48,260 KT: She does all the time, but you know what, these 36 00:01:48,260 --> 00:01:50,540 KT: are happy endings after all. 37 00:01:50,940 --> 00:01:54,629 KT: We lived a middle class life, but at age 57 38 00:01:54,629 --> 00:01:58,150 KT: we were still having to borrow money from my future inheritance, 39 00:01:58,400 --> 00:02:03,910 KT: and each month not making ends meet. Through you, divorcing 40 00:02:03,910 --> 00:02:06,970 KT: a financial sabotaging husband, 41 00:02:08,369 --> 00:02:15,000 KT: finding a great business coach and getting a $900,000 inheritance, 42 00:02:15,288 --> 00:02:18,929 KT: I am now on my feet again, day by day 43 00:02:18,929 --> 00:02:20,490 KT: and step by step. 44 00:02:20,570 --> 00:02:21,850 Suze: I love that. 45 00:02:22,089 --> 00:02:24,008 KT: Wait, I got to finish. This is long. 46 00:02:24,440 --> 00:02:28,899 KT: I doubled my net income from my geriatric care management business, 47 00:02:29,149 --> 00:02:31,589 KT: and I have been able to keep my home. It 48 00:02:31,589 --> 00:02:33,948 KT: is a home that brings me joy and allows me 49 00:02:33,949 --> 00:02:37,788 KT: my out of state adult children to have beds and 50 00:02:37,788 --> 00:02:41,269 KT: a reason to come home. No one in my family 51 00:02:41,270 --> 00:02:43,550 KT: thought I would be able to do it. I felt 52 00:02:43,550 --> 00:02:47,869 KT: I had no support except for my weekly episodes of 53 00:02:47,869 --> 00:02:49,109 KT: Suze and KT. 54 00:02:49,820 --> 00:02:50,100 KT: She said... 55 00:02:51,860 --> 00:02:51,898 Suze: What is this person's name? 56 00:02:51,898 --> 00:02:52,419 KT: It's Susan. 57 00:02:52,580 --> 00:02:54,050 Suze: Oh, of course, Susan. 58 00:02:54,179 --> 00:02:56,820 KT: She said, I'm not exaggerating to say that because of 59 00:02:56,820 --> 00:03:02,259 KT: you I grew financial self-esteem. Don't you love that? Then 60 00:03:02,258 --> 00:03:04,369 KT: she goes on and keeps giving us all this praise, 61 00:03:04,419 --> 00:03:07,619 KT: but I'm going to cut to her question. But here 62 00:03:07,619 --> 00:03:08,470 KT: is where I... 63 00:03:08,710 --> 00:03:09,210 Suze: Oh no, I like the praise. 64 00:03:09,940 --> 00:03:10,369 Suze: Keep going. 65 00:03:11,889 --> 00:03:15,089 KT: She said, Here is where I'm stuck. I get scared 66 00:03:15,089 --> 00:03:17,970 KT: when I spend my money. Don't get me wrong, I 67 00:03:17,970 --> 00:03:22,360 KT: do it, but wonder if or when I am being irresponsible. 68 00:03:22,649 --> 00:03:26,288 KT: How does one balance out living for the future, enjoying 69 00:03:26,288 --> 00:03:29,320 KT: your money for things that bring you joy? I am 70 00:03:29,320 --> 00:03:30,089 KT: 61 71 00:03:30,210 --> 00:03:33,679 KT: years old, I don't have plans to retire because I 72 00:03:33,679 --> 00:03:37,080 KT: love what I do. But since I'm not married and 73 00:03:37,080 --> 00:03:40,550 KT: a business owner, if I am unable to work, my 74 00:03:40,550 --> 00:03:44,960 KT: salary stops. Another confusing life lesson is that I had 75 00:03:44,960 --> 00:03:48,880 KT: one parent who died at age 50, the other who 76 00:03:48,880 --> 00:03:50,320 KT: died at 92. 77 00:03:50,669 --> 00:03:54,720 KT: So I have seen two different endings, one for someone 78 00:03:54,720 --> 00:03:57,919 KT: who didn't get all she wanted in life, and the 79 00:03:57,919 --> 00:04:01,479 KT: other who was able to get gold standard care at 80 00:04:01,479 --> 00:04:05,440 KT: the end because he worked and saved. Life can be 81 00:04:05,440 --> 00:04:07,110 KT: long and life can be short. 82 00:04:07,279 --> 00:04:10,639 Suze: Tell me about it, all right, so you know, here's 83 00:04:10,639 --> 00:04:11,919 Suze: what's funny, Susan. 84 00:04:12,729 --> 00:04:15,610 Suze: Is that my father died at 71. 85 00:04:16,559 --> 00:04:20,640 Suze: My mother lived until 97 and really would have lived 86 00:04:20,640 --> 00:04:23,799 Suze: a whole lot longer if she had wanted to, but 87 00:04:23,799 --> 00:04:27,989 Suze: she didn't, so she stopped eating for an entire month 88 00:04:27,988 --> 00:04:31,558 Suze: and stopped drinking and that was it. And so she 89 00:04:31,559 --> 00:04:35,320 Suze: took her own power as my mother would be known 90 00:04:35,320 --> 00:04:36,519 Suze: to do, anyway. 91 00:04:37,250 --> 00:04:42,119 Suze: But I lived my life in total fear that I 92 00:04:42,119 --> 00:04:47,029 Suze: was going to be exactly like my father, that I 93 00:04:47,029 --> 00:04:51,269 Suze: was going to have one failure after another failure. I 94 00:04:51,269 --> 00:04:54,368 Suze: was never going to make money. I was going to 95 00:04:54,369 --> 00:04:57,660 Suze: always be sick or whatever because he was with emphysema, 96 00:04:57,869 --> 00:05:01,510 Suze: and I thought that's how I was going to end up. 97 00:05:01,869 --> 00:05:05,799 Suze: And for some reason I modeled myself after that versus 98 00:05:05,799 --> 00:05:08,880 Suze: my mom. Don't know why, but that was my greatest 99 00:05:08,880 --> 00:05:10,320 Suze: fear in life. 100 00:05:11,070 --> 00:05:14,160 Suze: And then as time went on, 'cause I was only 101 00:05:14,160 --> 00:05:16,690 Suze: 30 something like 31 when he died. 102 00:05:17,859 --> 00:05:19,709 Suze: What was fascinating. 103 00:05:20,420 --> 00:05:23,359 Suze: Is that my life wasn't like his at all. 104 00:05:24,529 --> 00:05:29,070 Suze: And that's when I really started to learn just because 105 00:05:29,070 --> 00:05:34,350 Suze: something happened to a parent, a grandparent, anybody else that 106 00:05:34,350 --> 00:05:40,350 Suze: you're related to, you are not destined to live that outcome. 107 00:05:41,119 --> 00:05:45,260 Suze: You have the power to create your own outcome. Now 108 00:05:45,260 --> 00:05:48,219 Suze: I'm not talking necessarily about health, because there are some 109 00:05:48,220 --> 00:05:52,820 Suze: health things that are genetically passed down. But normally, 110 00:05:53,738 --> 00:05:56,700 Suze: that's not what scares us. What scares us is, oh... 111 00:05:57,350 --> 00:06:00,100 Suze: They died poor. They died rich. They died this. They 112 00:06:00,100 --> 00:06:03,059 Suze: had money. They didn't have money. They fought. They didn't 113 00:06:03,059 --> 00:06:07,500 Suze: fight for you. What's really important is for all of 114 00:06:07,500 --> 00:06:11,859 Suze: us that are listening right now. Good relationship, bad relationship 115 00:06:11,859 --> 00:06:12,940 Suze: doesn't matter. 116 00:06:13,880 --> 00:06:19,159 Suze: That you need to make decisions where you stand in 117 00:06:19,160 --> 00:06:23,880 Suze: your truth. You don't live another person's truth. You have 118 00:06:23,880 --> 00:06:28,118 Suze: to live your own truth, and you have to make 119 00:06:28,119 --> 00:06:33,679 Suze: decisions based on what you think, not what anybody else thinks. 120 00:06:33,799 --> 00:06:37,559 Suze: Just a little side story here. My little niece Sophia, 121 00:06:37,600 --> 00:06:41,279 Suze: who I love more than life itself, just turned 26. 122 00:06:41,700 --> 00:06:45,279 Suze: And every single year I write her an email and 123 00:06:45,279 --> 00:06:48,480 Suze: she waits for the email from Aunt Suze with a 124 00:06:48,480 --> 00:06:52,200 Suze: life lesson, and for this email that I sent her, 125 00:06:52,238 --> 00:06:54,599 Suze: I said, I don't know what other advice I can 126 00:06:54,600 --> 00:07:00,519 Suze: give you except to know your own thoughts, to stop 127 00:07:00,519 --> 00:07:02,839 Suze: asking what do you think, what do you think, and 128 00:07:02,839 --> 00:07:05,510 Suze: know what Sophia thinks. 129 00:07:05,839 --> 00:07:11,019 Suze: And that's true for all of us regardless of any age. 130 00:07:11,269 --> 00:07:14,109 Suze: So therefore, my first thing that I would say to 131 00:07:14,109 --> 00:07:20,029 Suze: you is that you have to not be afraid. You 132 00:07:20,029 --> 00:07:22,779 Suze: made it this far. You made decisions on your own, 133 00:07:22,950 --> 00:07:25,670 Suze: whatever it is. You don't need to be scared. You 134 00:07:25,670 --> 00:07:26,910 Suze: don't need to be stuck. 135 00:07:27,579 --> 00:07:31,399 Suze: You can just do what you think is right. If 136 00:07:31,399 --> 00:07:34,519 Suze: you know it's right, then spend the money. If you 137 00:07:34,519 --> 00:07:38,000 Suze: know it's wrong, then don't spend the money. We all 138 00:07:38,000 --> 00:07:41,079 Suze: know when we should be buying something and when we 139 00:07:41,079 --> 00:07:45,640 Suze: should not at any level. And the thing again about 140 00:07:45,640 --> 00:07:48,589 Suze: you being afraid cause you had one parent do this 141 00:07:48,589 --> 00:07:52,589 Suze: and one parent do that, Susan, that is not your future. 142 00:07:53,369 --> 00:07:57,190 Suze: You have created your future that you've done one of 143 00:07:57,190 --> 00:08:02,179 Suze: the hardest thing anybody can do that after 30 years, girlfriend. 144 00:08:02,790 --> 00:08:04,630 Suze: You left somebody, 145 00:08:05,420 --> 00:08:09,579 Suze: because it wasn't right for you, so stop it. Just 146 00:08:09,579 --> 00:08:13,579 Suze: stop it already. Stop coming up with all these things 147 00:08:13,579 --> 00:08:16,239 Suze: about help me spend, help me do this, da da 148 00:08:16,239 --> 00:08:19,890 Suze: da da. You know what's right. You know what's wrong, 149 00:08:20,100 --> 00:08:23,250 Suze: and you have to have faith in who you are. 150 00:08:24,010 --> 00:08:29,359 Suze: And value your own self-worth over anything else and to 151 00:08:29,359 --> 00:08:33,539 Suze: always stand in your truth and nobody else's. All right, KT, next. 152 00:08:33,799 --> 00:08:38,039 KT: Next one is from Sam. Hi, Suze and KT. I 153 00:08:38,039 --> 00:08:41,960 KT: took your advice from Thursday's Ask Suze and KT podcast 154 00:08:41,960 --> 00:08:48,760 KT: and reviewed my 401k rollover returns, adviser managed and compared 155 00:08:48,760 --> 00:08:53,679 KT: it to the S&P returns over the same period of time. 156 00:08:54,109 --> 00:08:55,039 KT: That's great. 157 00:08:55,229 --> 00:08:56,010 Suze: That was my advice. 158 00:08:56,049 --> 00:08:58,329 KT: I know it was, it was your idea. You told 159 00:08:58,330 --> 00:09:01,780 KT: everyone to do that. My returns were about half of 160 00:09:01,780 --> 00:09:09,289 KT: that of the S&P, and I'm paying my Fidelity advisor 1.22%. 161 00:09:09,289 --> 00:09:11,689 KT: Is this my wake up call to get rid of 162 00:09:11,690 --> 00:09:15,689 KT: my advisor and put it all in the S&P? It's 163 00:09:15,690 --> 00:09:19,650 KT: about half a million dollars and I'm 57 years old. 164 00:09:20,320 --> 00:09:24,200 Suze: Listen to me, everybody. When I said that the other 165 00:09:24,200 --> 00:09:28,309 Suze: week on the podcast, did you not hear me say 166 00:09:28,840 --> 00:09:34,559 Suze: that if 100% of your portfolio is in equities, then 167 00:09:34,559 --> 00:09:38,289 Suze: you can compare that return to the Standard and Poor's 168 00:09:38,289 --> 00:09:42,309 Suze: 500 index, and you'll know how your advisor is doing 169 00:09:42,309 --> 00:09:42,909 Suze: for you. 170 00:09:43,770 --> 00:09:49,599 Suze: Sam, I don't know how your adviser has invested your money. 171 00:09:49,849 --> 00:09:54,409 Suze: Was half in stocks, half in bonds, was three quarters 172 00:09:54,409 --> 00:09:58,409 Suze: in treasuries, and quarter in stocks. So all of you, 173 00:09:58,460 --> 00:10:02,039 Suze: when you're going to compare how your adviser is doing. 174 00:10:03,020 --> 00:10:06,260 Suze: Take the portion of your money that happens to be 175 00:10:06,260 --> 00:10:11,059 Suze: invested in just stocks and compare that to the Standard 176 00:10:11,059 --> 00:10:14,450 Suze: and Poor's 500 index. Because the truth of the matter 177 00:10:14,450 --> 00:10:17,459 Suze: is you can keep your money safe and sound by 178 00:10:17,460 --> 00:10:22,218 Suze: yourself in money market accounts or treasuries or bonds, but 179 00:10:22,219 --> 00:10:25,820 Suze: what you really are paying a financial adviser for, in 180 00:10:25,820 --> 00:10:27,239 Suze: my opinion, 181 00:10:27,750 --> 00:10:32,179 Suze: is how much are they making your money grow and 182 00:10:32,179 --> 00:10:34,700 Suze: what are they charging you for it? All right, KT. 183 00:10:35,260 --> 00:10:40,059 KT: Next question is for Marisol. Hi, Suze and KT. Suze, 184 00:10:40,099 --> 00:10:43,450 KT: I hope you can clarify something for me. My house 185 00:10:43,450 --> 00:10:46,250 KT: is paid off and me and my brother own it. 186 00:10:46,559 --> 00:10:49,819 KT: I'm 61 years old. My brother is 51. 187 00:10:50,179 --> 00:10:54,130 KT: I would like to purchase the must have documents, and 188 00:10:54,130 --> 00:10:57,409 KT: if I do the trust, how do I change the 189 00:10:57,409 --> 00:11:00,890 KT: deed if it's in both of our names? I want 190 00:11:00,890 --> 00:11:03,760 KT: to leave my half to my son when I pass. 191 00:11:03,989 --> 00:11:05,840 KT: Your help is much appreciated. 192 00:11:06,090 --> 00:11:09,799 Suze: So Marisol, this is what you really need to understand. 193 00:11:10,250 --> 00:11:13,599 Suze: Most likely what's going on in your life right now 194 00:11:13,929 --> 00:11:17,570 Suze: is you and your brother probably own that home, 195 00:11:17,849 --> 00:11:21,130 Suze: in what's called joint tenancy with right of survivorship because 196 00:11:21,130 --> 00:11:24,479 Suze: that's just how people do it, all right. Which means 197 00:11:24,479 --> 00:11:27,270 Suze: if one of you dies, it goes to the other 198 00:11:27,270 --> 00:11:32,718 Suze: one immediately without probate. The only problem with that is 199 00:11:32,719 --> 00:11:36,400 Suze: if that happens, and let's say you die first, it 200 00:11:36,400 --> 00:11:41,710 Suze: goes to your brother. He then dies. That whole house 201 00:11:41,710 --> 00:11:44,840 Suze: is governed by his trust or his will. 202 00:11:45,919 --> 00:11:49,500 Suze: And it goes to maybe his children and now you 203 00:11:49,710 --> 00:11:54,150 Suze: have disinherited your own son. So if that were to happen, 204 00:11:54,210 --> 00:12:00,260 Suze: then your son might not get anything. Therefore, first of all, 205 00:12:00,590 --> 00:12:04,590 Suze: you should own it in tenants in common. 206 00:12:05,409 --> 00:12:08,609 Suze: Which means you both own it, but when one of 207 00:12:08,609 --> 00:12:13,520 Suze: you dies, it's governed by your will or your trust. 208 00:12:14,010 --> 00:12:18,960 Suze: It doesn't pass to your brother. It's just that simple. 209 00:12:19,210 --> 00:12:23,159 Suze: And then your son would own it with your brother. 210 00:12:23,770 --> 00:12:27,369 Suze: If you have the must-have docs, and for everybody who 211 00:12:27,369 --> 00:12:31,728 Suze: doesn't know, the must-have docs are a will, a trust, 212 00:12:31,854 --> 00:12:35,395 Suze: an advanced directive, a durable power of attorney for health care. 213 00:12:35,724 --> 00:12:40,395 Suze: Go to musthavedocs.com. They are legal documents good in all 214 00:12:40,395 --> 00:12:45,534 Suze: 50 states. You can get them right there, and they're $99. 215 00:12:45,554 --> 00:12:49,804 Suze: $2,500 worth of state of the art documents, $99. However... 216 00:12:50,669 --> 00:12:54,869 Suze: You can own it in trust when it's tenants in 217 00:12:54,869 --> 00:12:59,390 Suze: common because it's just your half. So therefore your half 218 00:12:59,390 --> 00:13:04,030 Suze: would be owned as Marisol trustee for the Marisol Living 219 00:13:04,030 --> 00:13:07,150 Suze: revocable trust data da da da da, but it would 220 00:13:07,150 --> 00:13:11,349 Suze: be held tenants in common within the trust, just that simple. 221 00:13:11,349 --> 00:13:15,010 KT: Next question is from Sheila. This is another one about 222 00:13:15,010 --> 00:13:16,309 KT: a house in probate. 223 00:13:16,840 --> 00:13:19,539 KT: Can I just add my house to the trust and 224 00:13:19,539 --> 00:13:25,988 KT: leave my Roth IRA and 401k and bank accounts under beneficiaries? 225 00:13:26,239 --> 00:13:30,280 KT: Is it true that the house will only go to 226 00:13:30,280 --> 00:13:32,760 KT: probate and the other accounts do not? 227 00:13:33,280 --> 00:13:36,049 KT: I feel very overwhelmed. This is from Shelia. 228 00:13:36,049 --> 00:13:37,729 Suze: Oh my goodness, Shelia... 229 00:13:38,440 --> 00:13:41,150 KT: She said thank you for making me financially literate, 230 00:13:41,359 --> 00:13:42,280 Suze: Sheila. You don't 231 00:13:42,280 --> 00:13:45,840 Suze: have to feel overwhelmed. This is really so easy for 232 00:13:45,840 --> 00:13:51,580 Suze: you to understand, my love. Whenever an asset has a 233 00:13:51,580 --> 00:13:53,080 Suze: designated beneficiary. 234 00:13:53,520 --> 00:13:58,710 Suze: An IRA you can leave a beneficiary, and if you 235 00:13:58,710 --> 00:14:03,150 Suze: name the person as a beneficiary, of course it avoids 236 00:14:03,150 --> 00:14:05,760 Suze: probate because you've named somebody. 237 00:14:06,809 --> 00:14:12,330 Suze: Obviously if you have an insurance policy, has a beneficiary, 238 00:14:12,630 --> 00:14:16,589 Suze: goes right to them, avoids probate, a bank account you 239 00:14:16,590 --> 00:14:20,059 Suze: could do a pay on death account, you name a beneficiary, 240 00:14:20,219 --> 00:14:23,229 Suze: goes right to them. Now that beneficiary could also be 241 00:14:23,229 --> 00:14:26,559 Suze: the trust, just so you know, but what you say 242 00:14:26,789 --> 00:14:30,070 Suze: is true. A house on the other hand, 243 00:14:31,450 --> 00:14:35,929 Suze: usually will go through probate because it's held in your 244 00:14:35,929 --> 00:14:41,150 Suze: individual name. So you want a house that's held in 245 00:14:41,150 --> 00:14:47,010 Suze: the living revocable trust. Sheila, trustee for the Sheila Revocable 246 00:14:47,010 --> 00:14:50,330 Suze: Trust dated whenever you happen to do it, and then 247 00:14:50,330 --> 00:14:53,969 Suze: you leave it to whoever you want and therefore it 248 00:14:53,969 --> 00:14:57,359 Suze: bypasses probate just that simple. All right. 249 00:14:57,570 --> 00:14:59,210 KT: Next question's from Tina. 250 00:14:59,679 --> 00:15:02,359 KT: She said yesterday I was on a chat with a 251 00:15:02,359 --> 00:15:09,239 KT: Fidelity representative, discussing opening a contributory Roth IRA. At one 252 00:15:09,239 --> 00:15:13,260 KT: point I asked them to confirm that the 5-year waiting 253 00:15:13,260 --> 00:15:18,409 KT: period would start as of the beginning of this financial year. 254 00:15:18,679 --> 00:15:22,280 KT: I was told that the clock would start ticking the 255 00:15:22,280 --> 00:15:24,039 KT: date the account was open. 256 00:15:24,400 --> 00:15:29,830 KT: Has the rule changed or was I misinformed by the representative? 257 00:15:30,039 --> 00:15:31,000 Suze: What, what, what... 258 00:15:31,000 --> 00:15:33,109 KT: It says quizzy on that. 259 00:15:33,710 --> 00:15:36,200 Suze: You took my quizzy that I was going to give 260 00:15:36,200 --> 00:15:38,440 Suze: you that was in a pile of paper and you 261 00:15:38,440 --> 00:15:39,150 Suze: happen to take it. 262 00:15:39,150 --> 00:15:41,200 KT: I can answer. Was it want to wait till the 263 00:15:41,200 --> 00:15:42,690 KT: end for me to answer that? 264 00:15:42,969 --> 00:15:43,349 Suze: No, 265 00:15:43,520 --> 00:15:46,630 Suze: but this was going to be my quizzy for all 266 00:15:46,630 --> 00:15:53,349 Suze: of you, which is when does the 5 year clock start, 267 00:15:54,030 --> 00:15:59,309 Suze: when you first open a Roth IRA? quizzy, do you 268 00:15:59,309 --> 00:16:03,299 Suze: all know the answer to it, Tina was told, 269 00:16:04,159 --> 00:16:07,900 Suze: that the clock would start ticking the date the account 270 00:16:07,900 --> 00:16:09,020 Suze: was opened. 271 00:16:10,090 --> 00:16:13,219 Suze: But she thought it was at the beginning of the 272 00:16:13,219 --> 00:16:16,900 Suze: financial year, so she wants to know, has the rule 273 00:16:16,900 --> 00:16:20,820 Suze: changed or was I misinformed by the representative? KT? 274 00:16:20,820 --> 00:16:23,890 KT: When the account is opened. 275 00:16:24,140 --> 00:16:25,119 Suze: Without a shadow of a doubt? 276 00:16:25,260 --> 00:16:25,969 KT: Pretty much. 277 00:16:26,140 --> 00:16:29,729 Suze: Yep. So she opens it in June 5th, my birthday. 278 00:16:29,979 --> 00:16:32,090 Suze: The clock starts June 5th? 279 00:16:32,150 --> 00:16:32,898 KT: I believe so. 280 00:16:32,898 --> 00:16:33,330 Suze: (Suze makes the wrong answer noise) 281 00:16:35,469 --> 00:16:36,750 KT: It does start in the beginning? 282 00:16:36,750 --> 00:16:42,390 Suze: Listen, everybody, you can open up a Roth IRA for 283 00:16:42,390 --> 00:16:48,140 Suze: the first time, December 31, 2025. 284 00:16:49,320 --> 00:16:57,090 Suze: The clock will have been deemed to have started January 1st, 2025. 285 00:16:57,340 --> 00:17:00,780 Suze: So the truth of the matter is you only have 286 00:17:00,780 --> 00:17:05,810 Suze: four more years really, in actual time, to qualify. 287 00:17:07,380 --> 00:17:09,260 KT: So everyone should open it up at the end of the year. 288 00:17:09,260 --> 00:17:12,139 Suze: Not necessarily, but it's just because you also want to 289 00:17:12,140 --> 00:17:16,339 Suze: take advantage of tax-free growth. However, something very important about 290 00:17:16,339 --> 00:17:17,819 Suze: this email. 291 00:17:18,319 --> 00:17:26,579 Suze: A representative at a major brokerage firm gave this woman 100% 292 00:17:26,949 --> 00:17:33,739 Suze: incorrect information and if she hadn't been listening to the 293 00:17:33,739 --> 00:17:38,948 Suze: Women and Money podcast, if she hadn't already had direct 294 00:17:38,949 --> 00:17:41,819 Suze: knowledge and had been told other than that. 295 00:17:42,739 --> 00:17:47,319 Suze: She would be operating on the wrong assumption. 296 00:17:48,140 --> 00:17:52,579 Suze: So be very careful just because somebody has the designation 297 00:17:52,579 --> 00:17:56,979 Suze: of financial adviser. Just because somebody works for a major 298 00:17:56,979 --> 00:18:00,979 Suze: brokerage firm, does not mean they know what they are 299 00:18:00,979 --> 00:18:04,689 Suze: talking about, because chances are, and they may not. 300 00:18:05,020 --> 00:18:06,458 KT: I didn't know. 301 00:18:07,739 --> 00:18:09,399 Suze: You don't work for me. 302 00:18:11,459 --> 00:18:13,290 KT: Next question is from Sue. 303 00:18:13,339 --> 00:18:18,099 Suze: But that's an example, KT. People might think you know because 304 00:18:18,099 --> 00:18:18,969 Suze: we're together. 305 00:18:19,739 --> 00:18:20,270 KT: Oh no, I don't... I tell them I don't know... ask Suze. 306 00:18:21,300 --> 00:18:23,550 Suze: But if they had asked you and you had said no, 307 00:18:23,619 --> 00:18:26,609 Suze: da da da da, just like you did with such certainty, 308 00:18:26,859 --> 00:18:28,449 Suze: they might believe you. 309 00:18:29,739 --> 00:18:32,988 KT: So that means you gotta double check for yourself, everybody. 310 00:18:33,819 --> 00:18:36,280 KT: All right, this is from Sue. Hello, Suze and KT. 311 00:18:36,780 --> 00:18:39,300 KT: I hope you're having a great day. Are we having 312 00:18:39,300 --> 00:18:40,060 KT: a great day? 313 00:18:40,300 --> 00:18:41,300 Suze: Actually, I have to tell you we are. 314 00:18:41,300 --> 00:18:42,199 KT: It is pretty great. 315 00:18:43,329 --> 00:18:46,369 KT: I am new to buying individual stocks, and I am 316 00:18:46,369 --> 00:18:50,890 KT: not quite sure about the order type when buying, I 317 00:18:50,890 --> 00:18:53,969 KT: have to choose. And she gave me two examples. She 318 00:18:53,969 --> 00:18:57,729 KT: said market and limit. Suze, could you explain what these 319 00:18:57,729 --> 00:19:01,199 KT: mean and which one would you recommend? Thank you so 320 00:19:01,199 --> 00:19:04,170 KT: much for sharing all of your knowledge. I don't know 321 00:19:04,170 --> 00:19:06,199 KT: what that means market and limit. 322 00:19:06,930 --> 00:19:10,239 Suze: When you go to buy a stock on your own. 323 00:19:10,660 --> 00:19:15,159 Suze: You're online. You've gone to the brokerage firm, and now 324 00:19:15,160 --> 00:19:18,448 Suze: you want to enter an order. When you go to 325 00:19:18,449 --> 00:19:21,849 Suze: the place that you do so, the very first thing 326 00:19:21,849 --> 00:19:25,000 Suze: they're going to ask you to enter is the symbol 327 00:19:25,000 --> 00:19:29,859 Suze: of the stock that is in question here. The next 328 00:19:29,859 --> 00:19:33,050 Suze: question is, are you going to buy it or are 329 00:19:33,050 --> 00:19:34,448 Suze: you going to sell it? 330 00:19:35,040 --> 00:19:37,520 Suze: You will put buy if you want to buy it. 331 00:19:37,609 --> 00:19:39,650 Suze: You will put sell if you already own it and 332 00:19:39,650 --> 00:19:42,609 Suze: you want to sell it. Then they will ask you, well, 333 00:19:42,689 --> 00:19:46,250 Suze: the number of shares that you want to buy or 334 00:19:46,250 --> 00:19:48,879 Suze: you want to sell, and you will enter that number 335 00:19:48,880 --> 00:19:49,849 Suze: of shares. 336 00:19:50,550 --> 00:19:53,359 Suze: And then they will tell you if you have enough 337 00:19:53,359 --> 00:19:56,079 Suze: money in your account if you want to buy it 338 00:19:56,079 --> 00:20:01,599 Suze: to buy that number of shares. Now stocks trade all 339 00:20:01,599 --> 00:20:05,530 Suze: the time when the markets are open and even sometimes 340 00:20:05,530 --> 00:20:10,169 Suze: when the markets are closed in aftermarket hours. Since the 341 00:20:10,170 --> 00:20:13,560 Suze: price goes up and down and up and down, if 342 00:20:13,560 --> 00:20:15,649 Suze: you enter a market order... 343 00:20:16,729 --> 00:20:21,449 Suze: Either to buy or sell, what that means is that 344 00:20:21,449 --> 00:20:25,649 Suze: no matter what it is trading at, you are definitely 345 00:20:25,650 --> 00:20:28,770 Suze: going to buy it at that price. You have no 346 00:20:28,770 --> 00:20:31,530 Suze: control about the price, whatever the market 347 00:20:31,694 --> 00:20:35,334 Suze: bears the second they get that order, that is the 348 00:20:35,334 --> 00:20:39,254 Suze: price you are going to get. So you know 100% 349 00:20:39,255 --> 00:20:42,444 Suze: for sure you're going to buy or sell that stock. 350 00:20:42,694 --> 00:20:44,854 Suze: You just have to wait a few seconds to see 351 00:20:44,854 --> 00:20:46,694 Suze: what was the price that you got. 352 00:20:47,750 --> 00:20:51,630 Suze: However, maybe you only want to buy or sell it 353 00:20:51,630 --> 00:20:55,989 Suze: at a specific price. You do not want to just 354 00:20:55,989 --> 00:20:59,510 Suze: enter and say buy it at any price. You only 355 00:20:59,510 --> 00:21:03,569 Suze: want to buy it at a specific price, and that's 356 00:21:03,569 --> 00:21:08,629 Suze: known as a limit order. You have limited the price 357 00:21:08,630 --> 00:21:12,030 Suze: that you are willing to buy or sell at. You 358 00:21:12,030 --> 00:21:13,900 Suze: enter that price. 359 00:21:14,449 --> 00:21:18,188 Suze: It goes to the trading desk and then maybe it's 360 00:21:18,189 --> 00:21:22,270 Suze: filled and maybe it's not. Because if it doesn't trade 361 00:21:22,270 --> 00:21:26,540 Suze: at that price then your limit is not filled, just 362 00:21:26,540 --> 00:21:27,698 Suze: that simple. 363 00:21:28,160 --> 00:21:30,969 Suze: They also might ask you, by the way, is this 364 00:21:30,969 --> 00:21:34,159 Suze: a day order? Is this only good for the day 365 00:21:34,160 --> 00:21:37,569 Suze: and then it cancels, or is it a good till 366 00:21:37,569 --> 00:21:43,609 Suze: cancel order, which means that order stays in effect until 367 00:21:43,609 --> 00:21:49,689 Suze: you physically cancel it. That's what some of the terms mean, OK. 368 00:21:50,670 --> 00:21:52,030 KT: Little confusing, but... 369 00:21:52,030 --> 00:21:52,430 Suze: There was... 370 00:21:52,430 --> 00:21:57,020 Suze: That was the clearest explanation you would find anywhere. What 371 00:21:57,020 --> 00:21:58,589 Suze: are you talking about? 372 00:21:58,750 --> 00:22:04,349 KT: Buy sell buy sell. OK, next question is from Diana. Hey, Suze, 373 00:22:04,630 --> 00:22:09,109 KT: what's a K-1 conversion? Is this the best way to 374 00:22:09,109 --> 00:22:13,389 KT: not pay taxes on my pre-tax 401? 375 00:22:13,829 --> 00:22:16,599 KT: How do they work? Do you? I never heard of it. 376 00:22:17,150 --> 00:22:18,880 KT: First of all, I don't think there's a best way 377 00:22:18,880 --> 00:22:20,780 KT: not to pay taxes on anything. 378 00:22:20,910 --> 00:22:25,619 Suze: That's my girl. So Deanna, you're confused. There's a Roth conversion. 379 00:22:25,890 --> 00:22:29,949 Suze: There's no such thing as a K-1 conversion. And the 380 00:22:29,949 --> 00:22:34,270 Suze: best way to not pay taxes on your pre-tax 401k. 381 00:22:34,969 --> 00:22:37,430 Suze: Never have had opened one to begin with because you 382 00:22:37,430 --> 00:22:41,270 Suze: would have opened a Roth 401k and then you never 383 00:22:41,270 --> 00:22:44,180 Suze: would have paid taxes on it just so you know 384 00:22:44,180 --> 00:22:47,948 Suze: a K-1 form when you make an investment that happens 385 00:22:47,949 --> 00:22:51,630 Suze: to be a limited partnership or a subchapter, whatever it 386 00:22:51,630 --> 00:22:53,859 Suze: may be, some partnership with you. 387 00:22:54,150 --> 00:22:57,569 Suze: A K-1 is simply a tax form that reports your income, 388 00:22:57,650 --> 00:23:03,449 Suze: your deductions and credits from a partnership. That's it. That's 389 00:23:03,449 --> 00:23:06,228 Suze: all a K-1 happens to be. All right. 390 00:23:06,609 --> 00:23:11,010 KT: This is from Michelle. Hi KT and Suze. It's almost 391 00:23:11,010 --> 00:23:15,300 KT: open enrollment time for benefits with my employer. 392 00:23:15,739 --> 00:23:19,500 KT: They are offering a new benefit this year called... ready 393 00:23:19,500 --> 00:23:25,729 KT: for this... voluntary critical illness insurance. Never heard of that. 394 00:23:25,979 --> 00:23:31,979 KT: It provides a lump sum payment of 10,20 or 30,000 395 00:23:32,020 --> 00:23:35,979 KT: with increase in premium for each tier if me or 396 00:23:35,979 --> 00:23:39,859 KT: my spouse are diagnosed with one of the covered illnesses. 397 00:23:40,339 --> 00:23:42,339 KT: Have you heard of this? And if so, what do 398 00:23:42,339 --> 00:23:47,229 KT: you think of it? Now Michelle's 55, the husband's 61. 399 00:23:47,420 --> 00:23:48,849 KT: All right, you like this? 400 00:23:49,849 --> 00:23:50,579 Suze: Do you? 401 00:23:50,619 --> 00:23:52,939 KT: I don't even know. I mean, what kind of illness 402 00:23:52,939 --> 00:23:55,188 KT: would I get? Like what happens if I get COVID? 403 00:23:55,260 --> 00:23:56,099 Suze: No, so here's... 404 00:23:56,099 --> 00:23:58,209 KT: It said voluntary critical illness insurance. 405 00:23:58,979 --> 00:24:05,859 Suze: Normally a critical illness insurance isn't necessarily COVID, KT. It's 406 00:24:05,859 --> 00:24:07,390 Suze: really more like, 407 00:24:08,050 --> 00:24:13,650 Suze: a heart attack, a stroke, cancer, something that really is 408 00:24:13,650 --> 00:24:18,689 Suze: gonna do you in, it's critical. It's that, OK? And 409 00:24:18,689 --> 00:24:21,089 Suze: what you do is you get this lump sum of money. 410 00:24:21,640 --> 00:24:24,130 Suze: And in fact you can use it for anything that 411 00:24:24,130 --> 00:24:27,228 Suze: you want. It's not like health insurance or whatever that 412 00:24:27,229 --> 00:24:29,589 Suze: you have to use it for this and that. You 413 00:24:29,589 --> 00:24:31,790 Suze: can use it to pay your bills. In many cases 414 00:24:31,790 --> 00:24:33,949 Suze: you could take a trip with it. You could do 415 00:24:33,949 --> 00:24:38,750 Suze: whatever you want, and the premium for it is more 416 00:24:38,750 --> 00:24:43,099 Suze: expensive if you get 20,000 versus 10, 30,000 versus 20, 417 00:24:43,150 --> 00:24:44,989 Suze: and if they give it to you in one lump 418 00:24:44,989 --> 00:24:46,188 Suze: sum and 419 00:24:46,829 --> 00:24:49,040 Suze: it's tax free. 420 00:24:49,760 --> 00:24:50,540 KT: I like that part. 421 00:24:50,729 --> 00:24:55,000 Suze: So at their age it's not a bad idea because 422 00:24:55,489 --> 00:24:58,689 Suze: not only can she insure herself, usually the spouse is 423 00:24:58,689 --> 00:25:00,239 Suze: insured as well. 424 00:25:00,410 --> 00:25:02,770 KT: So what's the catch on something like this? It almost 425 00:25:02,770 --> 00:25:03,650 KT: sounds too good to be true. 426 00:25:03,650 --> 00:25:07,169 Suze: Everything is. Now here's the thing, everybody. 427 00:25:08,079 --> 00:25:11,839 Suze: After the age of 61 KT, your premiums tend to 428 00:25:11,839 --> 00:25:15,438 Suze: go higher and higher because the more of a chance 429 00:25:15,439 --> 00:25:19,119 Suze: that you have to come down with something, the more 430 00:25:19,119 --> 00:25:21,079 Suze: they charge you. Also, 431 00:25:21,939 --> 00:25:28,179 Suze: not all cancers, not all heart conditions qualify, so you 432 00:25:28,180 --> 00:25:30,738 Suze: have to ask before you buy this, well, what kind 433 00:25:30,739 --> 00:25:37,890 Suze: of cancer? What are they? Also, is there a waiting period? 434 00:25:38,339 --> 00:25:41,500 Suze: Because sometimes they have a 30 to 90 day waiting 435 00:25:41,500 --> 00:25:46,030 Suze: period before coverage will kick in and 436 00:25:46,709 --> 00:25:53,550 Suze: if you have a preexisting condition, some policies will exclude them. 437 00:25:53,839 --> 00:25:58,040 Suze: So you got to ask questions about this before you 438 00:25:58,040 --> 00:26:01,959 Suze: just go ahead and sign up, get the details. The 439 00:26:01,959 --> 00:26:04,140 Suze: devil is in the details. 440 00:26:04,520 --> 00:26:06,760 KT: Yeah, I think for me when I read it, a 441 00:26:06,760 --> 00:26:10,869 KT: critical illness sounds like you're not going to recover. 442 00:26:11,199 --> 00:26:12,629 Suze: I don't know. You have to you have just ask. 443 00:26:12,630 --> 00:26:15,359 KT: That's the first question I want to know. OK. 444 00:26:16,040 --> 00:26:20,839 KT: Next question I have here is from Adrian, and Adrian asks, 445 00:26:20,959 --> 00:26:24,280 KT: Hi Suze, I've made the mistake of not saving throughout 446 00:26:24,280 --> 00:26:28,399 KT: my lifetime. And even though I'm married, my husband was 447 00:26:28,400 --> 00:26:33,869 KT: never my financial provider. I'm 51 years old. I plan... 448 00:26:34,239 --> 00:26:35,510 Suze: Don't tell me I caused another divorce. 449 00:26:35,780 --> 00:26:37,469 KT: No, no, no, I don't think so. 450 00:26:38,359 --> 00:26:41,669 KT: With that being said, how do I start to save 451 00:26:41,920 --> 00:26:44,599 KT: in a way that is beneficial to me at my 452 00:26:44,599 --> 00:26:48,719 KT: age when in all honesty I am just realizing I 453 00:26:48,719 --> 00:26:51,209 KT: have to start to take care of me. 454 00:26:52,540 --> 00:26:53,219 Suze: Maybe a divorce is on the horizon. 455 00:26:55,180 --> 00:26:57,369 KT: Maybe soon. Yes, I have a student loan. The mortgage 456 00:26:57,369 --> 00:27:00,290 KT: is another topic, and I know my issues in debt, 457 00:27:00,540 --> 00:27:03,189 KT: but I want to buckle down before I look up, 458 00:27:03,219 --> 00:27:06,819 KT: and I cannot. I am reading your book Women and Money, 459 00:27:06,910 --> 00:27:09,290 KT: so is that enough to get me started? 460 00:27:09,979 --> 00:27:12,849 Suze: Listen, it's a start. I'll tell you the book Women 461 00:27:12,849 --> 00:27:16,339 Suze: and Money is an absolute start. Listening to the Women 462 00:27:16,339 --> 00:27:20,300 Suze: and Money podcast, however, twice a week is even a 463 00:27:20,300 --> 00:27:21,500 Suze: better start. 464 00:27:22,020 --> 00:27:27,500 Suze: But you have to start making smart decisions with your money. 465 00:27:27,920 --> 00:27:31,930 Suze: I just heard KT say you have student loan debt 466 00:27:31,930 --> 00:27:35,479 Suze: at the age of 51. You have credit card debt 467 00:27:35,479 --> 00:27:36,800 Suze: at the age of 51. 468 00:27:37,219 --> 00:27:42,290 Suze: Whatever those reasons are, you first have to tackle your debt. 469 00:27:42,500 --> 00:27:46,859 Suze: Don't think about saving for your future until you have 470 00:27:46,859 --> 00:27:51,139 Suze: taken care of your mistakes of the past. Now I'm 471 00:27:51,140 --> 00:27:52,819 Suze: not saying to you that a 472 00:27:52,925 --> 00:27:56,784 Suze: student loan is a mistake, but an unpaid student loan 473 00:27:56,785 --> 00:28:01,984 Suze: is a serious mistake because they aren't dischargeable currently in bankruptcy. 474 00:28:02,275 --> 00:28:06,504 Suze: So you take care of yourself one step at a time. 475 00:28:06,834 --> 00:28:10,604 Suze: Don't plan for the future until you have cleaned up 476 00:28:10,604 --> 00:28:16,545 Suze: your past. Contribute obviously to only Roth retirement accounts, especially 477 00:28:16,545 --> 00:28:18,555 Suze: if they match your contribution. 478 00:28:19,119 --> 00:28:22,839 Suze: And little by little you can do this. It's not 479 00:28:23,189 --> 00:28:25,150 Suze: that hard. All right, KT. 480 00:28:25,939 --> 00:28:29,310 KT: So Suze, my last question is short but sweet. What's 481 00:28:29,310 --> 00:28:34,010 KT: the difference between titling your financial asset in your trust 482 00:28:34,349 --> 00:28:37,290 KT: and naming your trust as a beneficiary? 483 00:28:37,420 --> 00:28:38,069 Suze: Well, that's actually 484 00:28:38,069 --> 00:28:39,020 Suze: a good question. 485 00:28:39,390 --> 00:28:39,939 KT: Here we go. 486 00:28:40,589 --> 00:28:42,229 Suze: Listen to me, everybody. 487 00:28:43,550 --> 00:28:49,420 Suze: Your only concern should not be, do my beneficiaries get 488 00:28:49,420 --> 00:28:53,949 Suze: this asset without probate, because so many of you think 489 00:28:53,949 --> 00:28:58,430 Suze: that the only reason for a trust is so that 490 00:28:58,430 --> 00:29:06,109 Suze: the asset will bypass probate, wrong, wrong, wrong if your 491 00:29:06,109 --> 00:29:08,310 Suze: asset is in a trust. 492 00:29:08,939 --> 00:29:12,729 Suze: And a trust that has an incapacity clause like the 493 00:29:12,729 --> 00:29:16,000 Suze: trust of the must have documents happens to have. 494 00:29:16,630 --> 00:29:20,500 Suze: You have a stroke. Something happens. You get hit by 495 00:29:20,500 --> 00:29:25,449 Suze: a car, whatever it is. Then the house or your 496 00:29:25,449 --> 00:29:30,910 Suze: asset is already in trust. You have named a successor trustee, 497 00:29:31,140 --> 00:29:35,420 Suze: the person that you designated to make decisions if you 498 00:29:35,420 --> 00:29:38,739 Suze: yourself couldn't make them, and then that person can take 499 00:29:38,739 --> 00:29:40,859 Suze: care of everything. 500 00:29:41,640 --> 00:29:45,550 Suze: If the house is not in trust or your assets 501 00:29:45,550 --> 00:29:49,630 Suze: are not in trust, but the trust is the beneficiary, 502 00:29:50,229 --> 00:29:53,469 Suze: something happens to you, they can't write checks for you. 503 00:29:53,589 --> 00:29:57,510 Suze: They can't help you. They can't do anything. They only 504 00:29:57,510 --> 00:30:00,189 Suze: benefit when you have died. 505 00:30:00,949 --> 00:30:05,339 Suze: A trust can serve more than just the purpose of 506 00:30:05,339 --> 00:30:09,689 Suze: bypassing probate. It can serve for you to take care 507 00:30:09,689 --> 00:30:16,250 Suze: of yourself when you can't do it for yourself. All right, everybody, 508 00:30:16,780 --> 00:30:19,780 Suze: and again, every single one of you, you know, I 509 00:30:19,780 --> 00:30:21,650 Suze: was talking to KT this morning. 510 00:30:21,969 --> 00:30:24,630 Suze: About we... and if you have any good ideas let 511 00:30:24,630 --> 00:30:29,920 Suze: me know because we're redoing our website and so KT 512 00:30:29,920 --> 00:30:33,270 Suze: is featuring the Women and Money podcast and she's looking 513 00:30:33,270 --> 00:30:33,880 Suze: for a... 514 00:30:35,079 --> 00:30:37,750 KT: A description, no, no, no, a description. 515 00:30:38,020 --> 00:30:39,030 Suze: Like how do you... 516 00:30:39,280 --> 00:30:42,680 KT: How would you describe in two sentences the Women and 517 00:30:42,785 --> 00:30:47,775 KT: Money podcast without it being boring and typical we want 518 00:30:47,775 --> 00:30:51,974 KT: something that that really sets this apart so if you 519 00:30:51,974 --> 00:30:53,444 KT: have a good descriptor... 520 00:30:53,734 --> 00:30:55,935 Suze: Let us know go to the Women and Money community 521 00:30:55,935 --> 00:31:00,905 Suze: app or even send it in on ask Suze podcast@gmail.com. 522 00:31:01,055 --> 00:31:05,114 Suze: Say idea idea we'll see it. But anyway, I was 523 00:31:05,114 --> 00:31:07,974 Suze: telling her when she was asking me this, I said, 524 00:31:08,255 --> 00:31:10,574 Suze: you know, KT can't we do something like... 525 00:31:10,989 --> 00:31:14,939 Suze: The biggest mistake you will ever make is the mistake 526 00:31:14,939 --> 00:31:18,209 Suze: you don't even know that you are making. Because I 527 00:31:18,209 --> 00:31:21,650 Suze: really believe from my heart, everybody, that one of the 528 00:31:21,650 --> 00:31:25,550 Suze: things the Women and Money podcast does, it keeps you 529 00:31:25,550 --> 00:31:30,410 Suze: from making mistakes, mistakes that your financial advisor and a 530 00:31:30,410 --> 00:31:33,760 Suze: major brokerage firm told you, which would have been a mistake, 531 00:31:34,170 --> 00:31:36,760 Suze: a mistake of many things. 532 00:31:38,530 --> 00:31:43,119 Suze: I don't want you to make mistakes, so, write in 533 00:31:43,119 --> 00:31:44,069 Suze: what you think. 534 00:31:44,670 --> 00:31:46,520 KT: It just, it's called a description. 535 00:31:46,640 --> 00:31:46,770 Suze: So what should 536 00:31:46,770 --> 00:31:49,560 KT: the descriptor, the descriptor for 537 00:31:49,560 --> 00:31:53,479 Suze: the Women and Money podcast be. And if we happen to choose... 538 00:31:53,479 --> 00:31:55,310 KT: I'll send you a prize. 539 00:31:55,560 --> 00:31:57,479 Suze: We'll send you something seriously, 540 00:31:57,540 --> 00:31:58,160 KT: something great, 541 00:31:58,380 --> 00:32:00,479 Suze: Something really great because I just want to say one 542 00:32:00,479 --> 00:32:04,298 Suze: other thing. The book I wrote, the Young, Fabulous and 543 00:32:04,298 --> 00:32:07,239 Suze: Broke book that title came from. 544 00:32:07,839 --> 00:32:10,439 Suze: Somebody who is listening to the TV show or my 545 00:32:10,439 --> 00:32:11,780 Suze: radio show something... 546 00:32:12,199 --> 00:32:13,599 KT: We made a contest, I think. 547 00:32:13,599 --> 00:32:17,479 Suze: We chose it and we sent them a gift as well. 548 00:32:17,520 --> 00:32:21,040 Suze: So let us know and maybe we'll send you a 549 00:32:21,040 --> 00:32:23,719 Suze: little gift. There's really only one thing we want you 550 00:32:23,719 --> 00:32:25,599 Suze: to remember when it comes to your money, and it 551 00:32:25,599 --> 00:32:26,390 Suze: is this: 552 00:32:26,959 --> 00:32:29,719 KT: P eople first, then money, then things. 553 00:32:29,810 --> 00:32:32,709 Suze: Are you stay safe, stay healthy. 554 00:32:33,160 --> 00:32:36,819 Suze: And make sure you make your money, make more money. 555 00:32:37,030 --> 00:32:39,910 Suze: All right, everybody, till then, now we love you. 556 00:32:40,069 --> 00:32:40,880 KT: Bye bye.