1 00:00:07,889 --> 00:00:12,390 Suze: February 19, 2026. Welcome everybody to the Women in Money 2 00:00:12,390 --> 00:00:16,040 Suze: podcast and Everybody Smart Enough to Listen. This is the 3 00:00:16,040 --> 00:00:19,639 Suze: KT and Suze where you ask us anything. You write 4 00:00:19,639 --> 00:00:22,659 Suze: into ask Suze podcast at gmail.com. 5 00:00:23,780 --> 00:00:27,299 Suze: Send in your question, and if KT chooses it, oh, 6 00:00:27,379 --> 00:00:33,168 Suze: we'll answer it on this podcast. So, Miss Travis, she's 7 00:00:33,168 --> 00:00:34,759 Suze: being silent. Wanna know why? 8 00:00:35,619 --> 00:00:39,099 Suze: I'll tell you why, because I hurt her feelings last 9 00:00:39,098 --> 00:00:43,180 Suze: Sunday because I asked Robert to ask the questions and 10 00:00:43,180 --> 00:00:44,220 Suze: not her. 11 00:00:44,450 --> 00:00:46,900 KT: Robert, I love you, but she should have asked me 12 00:00:46,900 --> 00:00:48,009 KT: to do that job. 13 00:00:48,220 --> 00:00:50,119 Suze: That's her job. She takes it very serious. 14 00:00:51,000 --> 00:00:53,610 Suze: But there was no way for us to video us. 15 00:00:53,689 --> 00:00:57,639 KT: We couldn't do it in the same little studio. Um, 16 00:00:58,000 --> 00:00:59,849 KT: it didn't, it didn't work. We don't have all those cameras. 17 00:00:59,849 --> 00:01:02,110 Suze: But trust me, everybody... 18 00:01:02,529 --> 00:01:05,690 KT: If we do it again, I'm going somewhere renting a 19 00:01:05,690 --> 00:01:09,029 KT: big studio for me. Leave Suze in this little itty 20 00:01:09,029 --> 00:01:12,128 KT: bitty studio, and we're gonna do it where I will 21 00:01:12,129 --> 00:01:12,769 KT: ask the questions. 22 00:01:14,069 --> 00:01:17,040 KT: But wasn't it great? Everyone? Keith and Suze have a 23 00:01:17,040 --> 00:01:23,440 KT: great energy, fabulous, um, dynamic. I loved listening to them first, 24 00:01:23,559 --> 00:01:27,029 KT: then I watched it on YouTube, and it was just 25 00:01:27,029 --> 00:01:30,519 KT: equally great. I loved the whole thing. I think she 26 00:01:30,519 --> 00:01:33,069 KT: should do it at least once a month, at least. 27 00:01:33,589 --> 00:01:34,679 Suze: There we go. And by the way... 28 00:01:34,989 --> 00:01:37,149 Suze: I just have to say for all of you, if 29 00:01:37,150 --> 00:01:42,229 Suze: you want to see us, we did finally tape a YouTube. 30 00:01:42,589 --> 00:01:47,690 Suze: Go to youtube.com/ Suze Orman and you can see both Mr. 31 00:01:47,750 --> 00:01:51,069 Suze: Fitz-Gerald and myself talking to one another, and you can 32 00:01:51,069 --> 00:01:53,389 Suze: also get a glimpse of Robert. All right, KT. 33 00:01:53,540 --> 00:01:56,610 KT: First, I have an, I have an announcement. 34 00:01:57,419 --> 00:02:01,230 KT: Suze, I want to wish all of my friends in Asia, 35 00:02:01,459 --> 00:02:08,369 KT: especially in Hong Kong, a very, very lucky Gong Xi Fa Cai. It 36 00:02:08,369 --> 00:02:12,179 KT: is the Lunar New Year. It started on the 17th 37 00:02:12,179 --> 00:02:13,198 KT: of February. 38 00:02:13,660 --> 00:02:18,449 KT: And it's the 19th today and we wanna wish everyone 39 00:02:18,470 --> 00:02:22,990 KT: a very, very happy year of the horse, a lucky year. 40 00:02:23,070 --> 00:02:24,149 Suze: What does that year mean? 41 00:02:24,429 --> 00:02:27,309 KT: There's many, many different attributes they're gonna have to look 42 00:02:27,309 --> 00:02:29,990 KT: it up, but it's a good sign. It's a good year. 43 00:02:30,070 --> 00:02:30,728 Suze: What are you? 44 00:02:31,229 --> 00:02:31,829 KT: I'm the best. 45 00:02:32,714 --> 00:02:37,394 KT: I'm, I'm a dragon, everybody. I'm a water dragon, which 46 00:02:37,395 --> 00:02:42,475 KT: is the single most powerful and probably the very best 47 00:02:42,475 --> 00:02:44,573 KT: sign you would ever want to be born to. 48 00:02:44,744 --> 00:02:45,603 Suze: And why is that? 49 00:02:45,913 --> 00:02:49,074 KT: Because a dragon's number one in the, in the scheme 50 00:02:49,074 --> 00:02:54,675 KT: of the horoscope, and water is a, uh, there's elements. 51 00:02:54,755 --> 00:02:57,554 KT: There's the fire dragon, the earth dragon, the water dragon, 52 00:02:57,625 --> 00:03:01,274 KT: and the metal dragon, I think, and the water dragon. 53 00:03:01,869 --> 00:03:05,990 KT: Puts out the fire dragon and gives sustenance to all 54 00:03:05,990 --> 00:03:07,070 KT: the other dragons. 55 00:03:07,149 --> 00:03:10,389 Suze: You're my little dragon. I can tell you that. All right, sweetheart, 56 00:03:10,589 --> 00:03:13,389 KT: My first email is a thank you. I like to 57 00:03:13,389 --> 00:03:14,429 KT: open with thank you notes. 58 00:03:14,508 --> 00:03:16,589 Suze: Notice everybody, I didn't ask what am I because I 59 00:03:16,589 --> 00:03:18,228 Suze: have no idea. Do you know what I am? 60 00:03:19,119 --> 00:03:20,110 KT: I think you're... 61 00:03:20,110 --> 00:03:20,800 Suze: A rabbit? 62 00:03:21,000 --> 00:03:23,440 KT: I think you're the, you're the rabbit for sure. You're 63 00:03:23,440 --> 00:03:24,130 KT: a rabbit. 64 00:03:24,199 --> 00:03:25,160 Suze: Hippity hop rabbit, 65 00:03:25,199 --> 00:03:26,100 Suze: Rabbit, Rabbit. 66 00:03:26,479 --> 00:03:29,600 KT: So Karen wrote, thank you, Suze and KT for helping 67 00:03:29,600 --> 00:03:31,639 KT: the masses of us out here. 68 00:03:33,389 --> 00:03:35,990 KT: That makes me sad, Karen, as I continue... 69 00:03:35,990 --> 00:03:37,850 Suze: Why does that make you sad? 70 00:03:37,850 --> 00:03:41,610 KT: For helping the masses. It's like everybody needs help. 71 00:03:42,169 --> 00:03:45,490 KT: I wish there weren't masses of people that need financial help, 72 00:03:45,570 --> 00:03:49,369 KT: but they do. As I continue on as a 67 73 00:03:49,369 --> 00:03:53,089 KT: year old widow, you've helped me to discover that I 74 00:03:53,089 --> 00:03:57,289 KT: can do this and live on. Your life's work is 75 00:03:57,289 --> 00:04:03,110 KT: so appreciated, and Karen sent a big heart to Suze, especially. 76 00:04:03,770 --> 00:04:05,880 KT: So thanks, Karen, for that note. Makes us feel good. 77 00:04:05,880 --> 00:04:09,690 Suze: You know, it's really important, everybody, to have belief in 78 00:04:09,690 --> 00:04:10,509 Suze: who you are. 79 00:04:11,199 --> 00:04:14,009 Suze: And to have belief in what's possible and what you 80 00:04:14,009 --> 00:04:17,928 Suze: can really do and to not buy the ticket that 81 00:04:17,928 --> 00:04:20,570 Suze: many people are trying to sell you, which is you 82 00:04:20,570 --> 00:04:24,130 Suze: need help, it's too complicated, you don't have what it 83 00:04:24,130 --> 00:04:27,290 Suze: takes you weren't good in math. Bottom line, there isn't 84 00:04:27,290 --> 00:04:30,209 Suze: an excuse strong enough to keep you from being who 85 00:04:30,209 --> 00:04:32,269 Suze: you are meant to be, KT. 86 00:04:32,410 --> 00:04:38,089 KT: That's true. Next one is from Jermaine, and Jermaine said, Suze, 87 00:04:38,570 --> 00:04:42,510 KT: I purchased your must-have documents in 2021. 88 00:04:42,980 --> 00:04:45,539 KT: And I have not completed them because I don't have 89 00:04:45,540 --> 00:04:49,640 KT: an executor. How do I set up your must-have documents 90 00:04:49,779 --> 00:04:53,839 KT: when I don't have an executor? I'm 54 years old. 91 00:04:54,019 --> 00:04:57,480 KT: I don't have any children. I don't have any family. 92 00:04:57,660 --> 00:05:02,760 KT: I'm in year five, woo, year five of a divorce case, 93 00:05:03,220 --> 00:05:05,659 KT: and I don't want my money to end up in 94 00:05:05,660 --> 00:05:08,500 KT: his hands. OK, Suze. 95 00:05:09,149 --> 00:05:12,070 KT: But listen, the reason I picked this, everyone in the 96 00:05:12,070 --> 00:05:17,070 KT: subject line, she wrote, Lone Wolf with a quick question. Oh, 97 00:05:17,790 --> 00:05:20,159 KT: thank you, Jermaine. So Suze, what should she do? 98 00:05:20,510 --> 00:05:23,290 Suze: So, first of all, most likely if I were you, 99 00:05:23,790 --> 00:05:27,029 Suze: and you probably already have one, if you are in 100 00:05:27,029 --> 00:05:30,790 Suze: five years of a divorce, I think that means that 101 00:05:30,790 --> 00:05:32,950 Suze: you each have a lawyer at this point in time. 102 00:05:33,029 --> 00:05:34,010 Suze: Don't you think, KT? 103 00:05:34,149 --> 00:05:36,308 KT: I would assume that. We don't know, right? 104 00:05:36,540 --> 00:05:38,350 Suze: So let's say you don't. 105 00:05:38,720 --> 00:05:41,350 Suze: The very first thing I would do if I were you, Jermaine, 106 00:05:41,390 --> 00:05:44,950 Suze: is I would get a really great lawyer, believe it 107 00:05:44,950 --> 00:05:50,390 Suze: or not, just to make sure that everything is the 108 00:05:50,390 --> 00:05:53,149 Suze: way it should be, not necessarily with your trust in 109 00:05:53,149 --> 00:05:57,828 Suze: your will, but really with this divorce, cause that has 110 00:05:57,829 --> 00:06:01,630 Suze: to settle, and you need to know who has what 111 00:06:01,630 --> 00:06:05,349 Suze: and this before you can actually set up anything in 112 00:06:05,350 --> 00:06:06,829 Suze: terms of an executor. 113 00:06:07,410 --> 00:06:09,809 Suze: If you don't have any children, does that mean you 114 00:06:09,809 --> 00:06:13,049 Suze: don't have any best friends? You don't have any people 115 00:06:13,049 --> 00:06:18,250 Suze: that you trust? An aunt, a sister, a brother, anybody 116 00:06:18,250 --> 00:06:21,909 Suze: can be your successor trustee if you have a trust 117 00:06:22,329 --> 00:06:23,409 Suze: and or your 118 00:06:23,484 --> 00:06:28,484 Suze: executor, if you really, really don't have anyone, then you 119 00:06:28,484 --> 00:06:32,524 Suze: need a professional trustee. It can be a lawyer. It 120 00:06:32,524 --> 00:06:35,945 Suze: can be somebody at a bank, whatever it may be, 121 00:06:36,165 --> 00:06:41,084 Suze: but there's gotta be somebody in your life that you love, 122 00:06:41,303 --> 00:06:45,125 Suze: you trust, and that you can name them to be 123 00:06:45,125 --> 00:06:48,484 Suze: the executor and or successor trustee because you need a 124 00:06:48,484 --> 00:06:51,445 Suze: trust as well. You just need to ask them if 125 00:06:51,445 --> 00:06:53,154 Suze: they want it, all right. 126 00:06:54,019 --> 00:06:55,799 KT: OK, the next question is... 127 00:06:55,820 --> 00:06:56,470 Suze: We had that problem. 128 00:06:57,149 --> 00:07:01,570 KT: What, what problem with not having exact, oh no, no, no, 129 00:07:01,670 --> 00:07:05,488 KT: we had a different problem. We have so many family 130 00:07:05,488 --> 00:07:11,269 KT: members and friends and lawyers and professionals that first Suze 131 00:07:11,269 --> 00:07:13,709 KT: and I, when we met each other, we made, I 132 00:07:13,709 --> 00:07:17,329 KT: think it was our, our office manager, our successor trustee, 133 00:07:17,429 --> 00:07:20,079 KT: then it turned into a family member. 134 00:07:20,549 --> 00:07:23,799 KT: Then it turned into, should we go because we became 135 00:07:23,799 --> 00:07:27,200 KT: more and more complicated with our trust and our assets 136 00:07:27,200 --> 00:07:30,579 KT: and our, our life and we didn't want them to, 137 00:07:30,760 --> 00:07:31,920 KT: we didn't wanna worry them. 138 00:07:32,720 --> 00:07:36,679 Suze: So it's always great if you have a complicated situation 139 00:07:36,679 --> 00:07:38,540 Suze: to have a professional trustee. 140 00:07:38,920 --> 00:07:39,047 KT: Yeah. 141 00:07:39,047 --> 00:07:39,359 Suze: All right, go on. 142 00:07:39,809 --> 00:07:42,679 KT: OK, this next one is from Jordan. Jordan has a 143 00:07:42,679 --> 00:07:44,359 KT: home loan question. 144 00:07:44,880 --> 00:07:47,559 KT: But this is how he's opening. He said, Hi, KT 145 00:07:47,559 --> 00:07:52,000 KT: and Suze. First, a huge thank you. I picked up 146 00:07:52,000 --> 00:07:55,320 KT: a copy of the money book for the Young, Fabulous, 147 00:07:55,329 --> 00:08:01,619 KT: and Broke, 15 years ago. It completely changed the trajectory 148 00:08:01,619 --> 00:08:06,910 KT: of my financial life. I am endlessly grateful. So, Jordan, 149 00:08:06,959 --> 00:08:10,829 KT: you must 15 years ago and if you followed that book, wow, 150 00:08:10,920 --> 00:08:12,200 KT: you must be doing great. 151 00:08:12,709 --> 00:08:14,989 KT: He said, my husband and I bought a condo three 152 00:08:14,989 --> 00:08:18,989 KT: years ago and have been anxiously waiting for interest rates 153 00:08:18,989 --> 00:08:23,230 KT: to fall so that we could refinance a current rate 154 00:08:23,230 --> 00:08:25,510 KT: of 6.75%. 155 00:08:25,910 --> 00:08:30,720 KT: Our mortgage broker suggested something called an all in one loan. 156 00:08:31,350 --> 00:08:34,590 KT: Wait a minute, Suze. I think sometimes referred to as 157 00:08:34,590 --> 00:08:38,869 KT: a first lean mortgage. He said that he has some 158 00:08:38,869 --> 00:08:42,309 KT: clients who have paid off their homes in four to 159 00:08:42,309 --> 00:08:45,239 KT: 10 years by using this product. 160 00:08:45,710 --> 00:08:49,150 KT: Now Jordan said, I'm hesitant. Seems there could be some 161 00:08:49,150 --> 00:08:55,109 KT: downsides but significant upside if it works as advertised. The 162 00:08:55,109 --> 00:08:57,830 KT: thought of paying off our mortgage in less than 10 163 00:08:57,830 --> 00:09:02,070 KT: years is very exciting. But here's the best part: Thank 164 00:09:02,070 --> 00:09:03,309 KT: you ladies, Jordan and Nick, men smart enough to listen. 165 00:09:06,364 --> 00:09:08,114 Suze: Now, why do you think I went, ugh, 166 00:09:08,645 --> 00:09:10,224 KT: I don't know, but I never heard of that. 167 00:09:10,294 --> 00:09:12,924 Suze: Of course you never did. But anyway, why do you 168 00:09:12,924 --> 00:09:14,934 Suze: think I did that? Because I don't want, why, why 169 00:09:14,934 --> 00:09:15,905 Suze: would I do that? 170 00:09:16,304 --> 00:09:18,945 KT: Because you don't like it when you, when you do this, 171 00:09:19,025 --> 00:09:21,104 KT: when she does sound effects, everyone. 172 00:09:21,849 --> 00:09:25,070 KT: You have to get ready. Like, prepare yourself, brace yourself 173 00:09:25,289 --> 00:09:29,520 KT: when Suze does a sound effect like that, like, oh no, 174 00:09:29,609 --> 00:09:33,400 KT: or like, really? That's when you know she's not... 175 00:09:33,770 --> 00:09:34,729 Suze: That's not why I did it. 176 00:09:34,969 --> 00:09:35,729 KT: Oh, why'd you do it? 177 00:09:36,039 --> 00:09:37,449 Suze: See, I'm gonna surprise you. 178 00:09:37,609 --> 00:09:38,489 KT: Why'd you do it? 179 00:09:38,929 --> 00:09:43,349 Suze: Because, as you know, I go through some of these emails. 180 00:09:43,820 --> 00:09:47,960 Suze: And when I read this, I was so upset. I 181 00:09:48,119 --> 00:09:52,659 Suze: answered Jordan and Nick in great detail, but I left 182 00:09:52,659 --> 00:09:55,700 Suze: it there, and I was hoping that you weren't going 183 00:09:55,700 --> 00:09:58,119 Suze: to read it or pick it. 184 00:09:58,960 --> 00:10:01,679 Suze: Because I don't want people to know about these mortgages 185 00:10:01,679 --> 00:10:04,320 Suze: because I hate these mortgages and I don't even want 186 00:10:04,320 --> 00:10:07,280 Suze: these types of things in people's heads. So now I'm 187 00:10:07,280 --> 00:10:11,280 Suze: gonna have to tell everybody, KT about something that I 188 00:10:11,280 --> 00:10:13,880 Suze: think is the biggest waste of time and money ever. 189 00:10:14,130 --> 00:10:17,919 Suze: So are you ready, everybody? Thanks to KT, I'm gonna 190 00:10:17,919 --> 00:10:20,479 Suze: talk about this. All right. So first of all, what 191 00:10:20,479 --> 00:10:23,619 Suze: exactly is an all in one loan? 192 00:10:24,299 --> 00:10:28,968 Suze: Very simple. It's basically where you have this mortgage. It's 193 00:10:28,969 --> 00:10:31,979 Suze: like a home equity line of credit as well, and 194 00:10:31,979 --> 00:10:37,659 Suze: you deposit your paycheck directly into the mortgage account. Every 195 00:10:37,659 --> 00:10:42,940 Suze: dollar that's sitting in there reduces your principal immediately. You 196 00:10:42,940 --> 00:10:48,010 Suze: deposit $10,000 or $15,000, KT, it reduces $250,000 to let's 197 00:10:48,010 --> 00:10:51,719 Suze: say $245,000 to $50,000 whatever it may be, all right. 198 00:10:52,159 --> 00:10:57,270 Suze: And interest is then calculated on the lower balance, and 199 00:10:57,270 --> 00:11:00,739 Suze: then when you spend money, the balance goes back up 200 00:11:01,200 --> 00:11:05,789 Suze: so it usually functions like a revolving credit line like 201 00:11:05,789 --> 00:11:10,319 Suze: I said, similar to a HELOC. It sounds brilliant because 202 00:11:10,320 --> 00:11:15,599 Suze: it's true mathematically it can reduce interest if used perfectly. 203 00:11:16,330 --> 00:11:19,650 Suze: So, who are the idiots that use this? 204 00:11:20,789 --> 00:11:21,750 KT: Alright, there you go. 205 00:11:22,590 --> 00:11:26,109 Suze: If a household has very high income, they keep large 206 00:11:26,109 --> 00:11:30,090 Suze: cash balances. They have low spending relative to income. So 207 00:11:30,239 --> 00:11:33,669 Suze: you put in a, a check for $30,000 and your 208 00:11:33,669 --> 00:11:37,789 Suze: monthly expenses are $10,000. Then the $20,000 goes in to 209 00:11:37,789 --> 00:11:42,130 Suze: start to reduce it, OK. They don't carry any consumer debt. 210 00:11:42,500 --> 00:11:45,630 Suze: They have really strong KT, they're really good with money. 211 00:11:46,109 --> 00:11:47,150 Suze: So then, like I said. 212 00:11:47,400 --> 00:11:50,969 Suze: The math will work, but here is the truth, everybody. 213 00:11:51,039 --> 00:11:54,140 Suze: It is not the loan that's paying off the house. 214 00:11:54,440 --> 00:11:58,799 Suze: It's your money. It's the excess cash flow. What is 215 00:11:58,799 --> 00:12:02,820 Suze: wrong with all of you? So, listen, these loans are 216 00:12:02,909 --> 00:12:07,119 Suze: usually at an adjustable rate. They're probably higher than what 217 00:12:07,119 --> 00:12:10,309 Suze: they're paying on their mortgage right now, 6.75%, whatever it 218 00:12:10,309 --> 00:12:11,559 Suze: may be, all right. 219 00:12:12,020 --> 00:12:15,609 Suze: But every time you swipe a debit card or whatever 220 00:12:15,609 --> 00:12:19,848 Suze: you're borrowing against the value of your home, and I'm 221 00:12:19,849 --> 00:12:24,250 Suze: just telling you it makes no sense. Listen boys and everybody, 222 00:12:24,409 --> 00:12:27,270 Suze: if you want to own your house outright in 10 years, 223 00:12:27,650 --> 00:12:31,929 Suze: don't do it this way. Just put that extra money 224 00:12:31,929 --> 00:12:37,530 Suze: directly towards your mortgage, period. Otherwise you can get yourself 225 00:12:37,530 --> 00:12:40,690 Suze: in trouble. Remember, your mortgage forces you to pay down 226 00:12:40,690 --> 00:12:41,669 Suze: your principal. 227 00:12:42,190 --> 00:12:46,429 Suze: This does not, and listen, if the lender freezes the 228 00:12:46,429 --> 00:12:50,750 Suze: line like they did in 2008, don't ever forget that 229 00:12:50,750 --> 00:12:53,289 Suze: or your property values drop. 230 00:12:54,750 --> 00:12:59,950 Suze: Uh huh, you could be in serious trouble, so pay 231 00:12:59,950 --> 00:13:00,549 Suze: it off. 232 00:13:01,320 --> 00:13:04,359 Suze: Like you normally would, if you have extra cash, just 233 00:13:04,359 --> 00:13:07,109 Suze: put it right in towards the principal of your mortgage. 234 00:13:07,330 --> 00:13:11,419 Suze: You don't need this gimmick to pay off a mortgage 235 00:13:11,690 --> 00:13:13,569 Suze: and would probably make me not want to use that 236 00:13:13,570 --> 00:13:16,409 Suze: mortgage broker at all. OK, go on, KT. 237 00:13:17,289 --> 00:13:19,250 KT: Who knew? I did not know all of that. 238 00:13:19,690 --> 00:13:22,650 Suze: Yeah, they've, uh, they've been around for so long. When 239 00:13:22,650 --> 00:13:24,770 Suze: I was doing the Suze Orman show, I can't tell 240 00:13:24,770 --> 00:13:28,770 Suze: you how popular they were. Everybody wanted to do it 241 00:13:28,770 --> 00:13:29,700 Suze: and then came. 242 00:13:30,570 --> 00:13:36,369 Suze: The depression, house values dropped. 2007 froze all credit lines. 243 00:13:36,609 --> 00:13:40,329 Suze: Home equity lines of credit disappeared, and people were screwed. 244 00:13:40,489 --> 00:13:42,429 Suze: Can I just say it that way? All right. 245 00:13:43,090 --> 00:13:43,570 KT: Next question... 246 00:13:43,760 --> 00:13:45,150 Suze: Wait, I have to say something else. 247 00:13:45,219 --> 00:13:45,650 KT: OK. 248 00:13:46,570 --> 00:13:49,450 Suze: Listen, there's no easy ticket to ride here. 249 00:13:50,210 --> 00:13:54,569 Suze: There really isn't. Don't try to get around things. If 250 00:13:54,570 --> 00:13:58,728 Suze: you owe your taxes, pay your taxes. Don't do some 251 00:13:58,729 --> 00:14:01,609 Suze: gimmick that will help you save money on taxes, that 252 00:14:01,609 --> 00:14:04,570 Suze: will get you to pay off your mortgage cheaper, whatever 253 00:14:04,570 --> 00:14:08,489 Suze: it may be. Just stick to the rules, play by 254 00:14:08,489 --> 00:14:13,890 Suze: the game, and you will win. Gold medal, gold medal. 255 00:14:14,140 --> 00:14:16,099 KT: Oh, yeah, touchdown and gold. 256 00:14:16,159 --> 00:14:18,090 Suze: Oh my God, did your heart break when 257 00:14:18,489 --> 00:14:21,500 Suze: the skater, the male skater lost the gold medal. He 258 00:14:21,500 --> 00:14:22,479 Suze: didn't even place. 259 00:14:22,719 --> 00:14:23,460 KT: Elio. 260 00:14:23,580 --> 00:14:25,059 Suze: Oh, did that break your heart? 261 00:14:25,299 --> 00:14:28,559 KT: The quad god Elio, it broke my heart to see 262 00:14:28,919 --> 00:14:32,859 KT: his mom, who doesn't even watch the game. She, she 263 00:14:32,859 --> 00:14:35,179 KT: can't do it. She's, she was a professional skater, everyone. 264 00:14:35,599 --> 00:14:38,260 Suze: But, also, so, so it broke our hearts. All right, go on. 265 00:14:39,330 --> 00:14:41,559 KT: But his father hugged him like it was... 266 00:14:41,559 --> 00:14:43,799 Suze: Of course his father hugged him. All right. 267 00:14:44,260 --> 00:14:47,179 KT: OK, so from Amanda, Hi Suze and KT. 268 00:14:47,789 --> 00:14:51,349 KT: You were talking about the must-have docs on a recent podcast, 269 00:14:51,359 --> 00:14:54,890 KT: and it made me think harder about setting up a will. 270 00:14:55,070 --> 00:14:58,469 KT: I need to do it. I'm 42 years old. I 271 00:14:58,469 --> 00:15:04,219 KT: have little liquid funds, but already I have about $400,000 272 00:15:04,219 --> 00:15:07,690 KT: in retirement accounts, primarily traditional. 273 00:15:08,200 --> 00:15:09,119 KT: So in making my will... 274 00:15:10,039 --> 00:15:10,700 Suze: Mistake, mistake, mistake. 275 00:15:11,559 --> 00:15:13,719 KT: ...I know she'll tell you to do your Roth. All right, ready? 276 00:15:13,799 --> 00:15:17,479 KT: In making my will, can I leave people funds from 277 00:15:17,479 --> 00:15:22,919 KT: the retirement accounts? Also, how often should I be updating 278 00:15:22,919 --> 00:15:27,429 KT: my will? So Amanda, Suze's gonna tell you though, there's 279 00:15:27,429 --> 00:15:30,200 KT: another word that goes with will, and it's called trust. 280 00:15:30,359 --> 00:15:34,919 Suze: No, actually, what I'm gonna tell her, KT, is that listen, Amanda, 281 00:15:35,280 --> 00:15:37,349 Suze: given that your money is in... 282 00:15:37,799 --> 00:15:40,979 Suze: most of it anyway, in a retirement account. Number one, 283 00:15:41,030 --> 00:15:45,229 Suze: it's in a, a retirement account that's pre-tax. Please listen 284 00:15:45,229 --> 00:15:49,909 Suze: to the April 21st, 2024 podcast called Don't Be Partners 285 00:15:49,909 --> 00:15:53,429 Suze: with Uncle Sam. I wouldn't be doing that if I 286 00:15:53,429 --> 00:15:57,229 Suze: were you the way you're doing it, however, because it's 287 00:15:57,229 --> 00:15:58,809 Suze: an IRA. 288 00:15:59,469 --> 00:16:05,950 Suze: Just designate the beneficiaries that you want on your beneficiary form, 289 00:16:06,190 --> 00:16:10,030 Suze: and it goes directly to them and bypasses probate. You 290 00:16:10,030 --> 00:16:13,229 Suze: don't need a will simply to leave money that's in 291 00:16:13,229 --> 00:16:15,330 Suze: an IRA to somebody. 292 00:16:15,719 --> 00:16:18,760 Suze: However, is that all you really have? Do you not 293 00:16:18,760 --> 00:16:22,320 Suze: have anything around your house that anybody would want? Do 294 00:16:22,320 --> 00:16:25,270 Suze: you have all your paperwork in place that if all 295 00:16:25,270 --> 00:16:27,469 Suze: of a sudden you become sick, who's going to pay 296 00:16:27,469 --> 00:16:29,799 Suze: your bills for you? Who's gonna, you know, do all 297 00:16:29,799 --> 00:16:33,840 Suze: these things for you? So you really need to think 298 00:16:33,840 --> 00:16:34,659 Suze: more about. 299 00:16:35,349 --> 00:16:38,030 Suze: Can I leave the money that's in my IRA, the 300 00:16:38,030 --> 00:16:41,070 Suze: wrong kind of IRA, to somebody if I don't have 301 00:16:41,070 --> 00:16:43,989 Suze: a will? And how often should I update my will? 302 00:16:44,229 --> 00:16:46,950 Suze: What you should be doing is the must-have docs. You 303 00:16:46,950 --> 00:16:48,770 Suze: should go to must-havedocs.com. 304 00:16:49,469 --> 00:16:53,780 Suze: You should absolutely get them. They are a living revocable trust, 305 00:16:53,950 --> 00:16:56,669 Suze: an advanced directive, a durable power of attorney for health care, 306 00:16:56,710 --> 00:16:59,460 Suze: as well as finances, as well as a will. You 307 00:16:59,460 --> 00:17:02,669 Suze: can update them as much as you want, but truthfully, 308 00:17:02,940 --> 00:17:08,189 Suze: just designate for your individual retirement account the name of 309 00:17:08,189 --> 00:17:11,429 Suze: the people that you want to leave the money to. 310 00:17:12,260 --> 00:17:16,180 Suze: There you go, KT. $99 for over $2500 worth of state of the art doccuments. 311 00:17:16,180 --> 00:17:18,099 KT: I thought the price was gonna go up? 312 00:17:18,420 --> 00:17:20,699 Suze: I don't know why. Hay House didn't do that. Not 313 00:17:20,699 --> 00:17:21,468 Suze: my problem. 314 00:17:21,579 --> 00:17:24,260 KT: All right, everybody take advatnage... I know they're gonna raise it. 315 00:17:24,579 --> 00:17:26,260 Suze: I don't want them to. I hope they just leave 316 00:17:26,260 --> 00:17:27,979 Suze: it low for all of you forever, but... 317 00:17:28,609 --> 00:17:29,079 KT: There you go. 318 00:17:29,130 --> 00:17:29,829 Suze: What can I do? 319 00:17:29,930 --> 00:17:32,770 KT: OK, here's the next question. Hello, Suze and KT. I 320 00:17:32,770 --> 00:17:36,170 KT: bought a house with my sister in 2020, but I 321 00:17:36,170 --> 00:17:39,800 KT: would really like to have my own place. My question is, 322 00:17:39,810 --> 00:17:44,489 KT: how would it affect me or my sister tax-wise for 323 00:17:44,489 --> 00:17:48,129 KT: me to be on two mortgages? It certainly wouldn't make 324 00:17:48,130 --> 00:17:51,929 KT: any sense for my sister to refinance just to remove 325 00:17:51,930 --> 00:17:52,609 KT: my name. 326 00:17:52,959 --> 00:17:56,119 KT: So I'll stay on the mortgage even though I wouldn't 327 00:17:56,119 --> 00:17:59,520 KT: be living in this house. I'm just not sure if 328 00:17:59,520 --> 00:18:02,319 KT: this will affect things in ways I don't know about. 329 00:18:02,560 --> 00:18:04,800 KT: Is there anything I should be aware of? 330 00:18:04,959 --> 00:18:08,819 Suze: So here's what's funny, KT. I wrote these people back already. 331 00:18:09,439 --> 00:18:12,879 Suze: So again, you need to know I go through the 332 00:18:12,880 --> 00:18:15,959 Suze: emails and when one of them touches my heart. 333 00:18:16,390 --> 00:18:19,520 Suze: And this one touched my heart because here's a person 334 00:18:19,520 --> 00:18:23,400 Suze: that wasn't so much thinking about himself or herself, they 335 00:18:23,400 --> 00:18:27,390 Suze: were thinking about their sister, and to make sure it 336 00:18:27,390 --> 00:18:30,459 Suze: was OK for them. And when I read something like that, 337 00:18:30,959 --> 00:18:35,040 Suze: I just like that so much. But here's essentially what 338 00:18:35,040 --> 00:18:38,000 Suze: I told them that I'm not sure anybody realizes, but 339 00:18:38,000 --> 00:18:42,359 Suze: when any of you are on the mortgage of a home. 340 00:18:43,020 --> 00:18:47,380 Suze: You have to realize that you are 100% legally responsible 341 00:18:47,380 --> 00:18:50,380 Suze: for that debt. So in this case, if the sister 342 00:18:50,380 --> 00:18:51,679 Suze: KT misses a payment. 343 00:18:52,449 --> 00:18:56,119 Suze: It's going to hit his credit. So then when he 344 00:18:56,119 --> 00:18:59,530 Suze: applies for his own mortgage, lenders are going to count 345 00:18:59,530 --> 00:19:03,939 Suze: that full mortgage payment also in his debt to income ratio. 346 00:19:04,219 --> 00:19:07,238 Suze: So it may hurt him and not allow him to 347 00:19:07,239 --> 00:19:10,079 Suze: even qualify for a mortgage. Or if he does, it 348 00:19:10,079 --> 00:19:15,119 Suze: will be at a higher interest rate. So that's just something. 349 00:19:15,369 --> 00:19:18,369 Suze: So really it can reduce, you know, how much he 350 00:19:18,369 --> 00:19:20,890 Suze: can qualify for his interest rate, all of that. 351 00:19:21,489 --> 00:19:25,619 Suze: But here's the reality. As long as she's fine and 352 00:19:25,619 --> 00:19:28,660 Suze: can afford the mortgage, great. So let's say he gets 353 00:19:28,660 --> 00:19:29,229 Suze: a home. 354 00:19:30,060 --> 00:19:33,989 Suze: He can afford his mortgage. She's paying for hers, and 355 00:19:33,989 --> 00:19:37,790 Suze: now she's in a car accident. Something happens, and she 356 00:19:37,790 --> 00:19:42,449 Suze: can no longer work. Then the question becomes, can he 357 00:19:43,079 --> 00:19:48,829 Suze: afford both of those mortgages, his sister's as well as 358 00:19:48,829 --> 00:19:52,510 Suze: his own. So he has to understand the risk that 359 00:19:52,510 --> 00:19:56,550 Suze: he's in by being on that mortgage. If you understand 360 00:19:56,550 --> 00:19:57,949 Suze: the risks, OK. 361 00:19:58,750 --> 00:20:02,969 Suze: But if at all possible if she could refinance and 362 00:20:02,969 --> 00:20:05,510 Suze: just have it in her name, it would be so 363 00:20:05,510 --> 00:20:09,800 Suze: much better actually for him and for her too, not really, 364 00:20:09,920 --> 00:20:12,560 Suze: because I'm sure he's just on the mortgage and not 365 00:20:12,560 --> 00:20:15,479 Suze: on the title, so it doesn't really matter. I'm not 366 00:20:15,479 --> 00:20:19,040 Suze: sure about that, right? But, but anyway, they just need 367 00:20:19,040 --> 00:20:23,160 Suze: to talk about it. So you know, as he just 368 00:20:23,160 --> 00:20:26,329 Suze: needs to know the risks of it. However, for all 369 00:20:26,329 --> 00:20:26,979 Suze: of you. 370 00:20:28,000 --> 00:20:31,329 Suze: If somebody asks you to co-sign or be on a 371 00:20:31,329 --> 00:20:36,189 Suze: mortgage with them and they can't get the mortgage without 372 00:20:36,189 --> 00:20:39,599 Suze: you doing that, do yourself a favor and do them 373 00:20:39,599 --> 00:20:43,280 Suze: a favor and just don't do it, don't do it, 374 00:20:43,459 --> 00:20:47,920 Suze: don't do it, because if something happens, they're laid off, 375 00:20:48,089 --> 00:20:50,680 Suze: they can't afford it, they don't tell you they're not 376 00:20:50,680 --> 00:20:53,810 Suze: paying the mortgage, they then ruin your FICO score. I'm 377 00:20:53,810 --> 00:20:56,219 Suze: telling you, if they can't afford it on their own. 378 00:20:56,930 --> 00:21:02,209 Suze: They can't afford to buy a home. Sometimes helping is hurting, 379 00:21:02,489 --> 00:21:05,479 Suze: and sometimes hurting is helping KT. Next. 380 00:21:05,810 --> 00:21:09,310 KT: So, next question is from Kristen. She said, Hi Suze. 381 00:21:09,410 --> 00:21:10,569 KT: I'm a longtime listener. 382 00:21:10,810 --> 00:21:12,030 Suze: How come you don't laugh anymore? 383 00:21:13,790 --> 00:21:16,270 Suze: I'm serious. You used to laugh all the time on 384 00:21:16,270 --> 00:21:18,410 Suze: the podcast. I haven't heard you laugh lately. 385 00:21:18,589 --> 00:21:20,400 KT: I I laughed when you went, ugh. 386 00:21:21,790 --> 00:21:23,849 Suze: Not like you used to. You used to crack up. 387 00:21:24,430 --> 00:21:25,629 Suze: Now you don't crack up anymore. 388 00:21:25,810 --> 00:21:28,909 KT: Well, these are, these aren't laughable situations. That's one of 389 00:21:28,910 --> 00:21:29,149 KT: the reasons. 390 00:21:29,670 --> 00:21:32,109 Suze: Well, stop picking ones that are so serious. All right, go on. 391 00:21:32,550 --> 00:21:33,910 KT: All right, this is from Kristen. 392 00:21:34,390 --> 00:21:37,468 KT: Hi Suze, I'm a longtime listener and I've been slowly 393 00:21:37,469 --> 00:21:42,699 KT: converting my IRA to my Roth IRA by myself through Vanguard. 394 00:21:43,339 --> 00:21:46,750 KT: Good job, Kristen. This year is the first year I've 395 00:21:46,750 --> 00:21:51,629 KT: gotten a penalty as I did not withhold enough or 396 00:21:51,630 --> 00:21:56,790 KT: pay enough throughout the year. It was $164 but everything 397 00:21:56,790 --> 00:21:57,969 KT: counts these days. 398 00:21:58,489 --> 00:22:01,550 KT: So Kristen was penalized $164 399 00:22:01,550 --> 00:22:04,208 Suze: Yeah, because she, yeah, yeah, she underpaid her taxes. 400 00:22:04,290 --> 00:22:08,410 KT: Yeah, I have already converted this year 40,000 when the 401 00:22:08,410 --> 00:22:11,810 KT: market dropped, but I'm not sure how to avoid the 402 00:22:11,810 --> 00:22:14,189 KT: not withholding enough penalty. 403 00:22:15,099 --> 00:22:17,510 KT: It's kind of tricky, right? How do you do that, Suze? 404 00:22:17,829 --> 00:22:19,750 Suze: So what are you doing? I wrote her. I wrote her 405 00:22:19,750 --> 00:22:21,389 Suze: back as well. What are you doing? Picking the ones 406 00:22:21,390 --> 00:22:22,938 Suze: that I, are you reading my mind? 407 00:22:24,189 --> 00:22:27,750 KT: Maybe I can read your mind though, right? I can. Shen knows it. 408 00:22:28,109 --> 00:22:30,510 Suze: What am I thinking right now? Right now. 409 00:22:30,510 --> 00:22:33,060 KT: What do you want for lunch? 410 00:22:33,390 --> 00:22:37,829 Suze: No, I'm not thinking that at all. I'm thinking, why 411 00:22:37,829 --> 00:22:41,989 Suze: doesn't she laugh like she used to anyway? Here's the scoop, everybody. 412 00:22:42,760 --> 00:22:46,659 Suze: It is true that if you do a Roth conversion, 413 00:22:47,479 --> 00:22:50,438 Suze: you have to make sure, because you're gonna owe ordinary 414 00:22:50,439 --> 00:22:55,079 Suze: income tax on whatever amount you converted, and you usually 415 00:22:55,079 --> 00:22:58,949 Suze: kind of have to calculate that when you convert it. So, 416 00:22:58,959 --> 00:23:04,300 Suze: many people do withholding, many people do estimated tax payments, however, 417 00:23:05,079 --> 00:23:07,489 Suze: if you wanna avoid penalties. 418 00:23:08,040 --> 00:23:10,680 Suze: The way that you can make sure that you avoid 419 00:23:10,680 --> 00:23:14,339 Suze: penalties if you pay at least listen closely. 420 00:23:15,540 --> 00:23:21,819 Suze: 100% of last year's tax liability, so whatever you owed 421 00:23:21,819 --> 00:23:29,260 Suze: in taxes last year, or you're gonna owe 110% if 422 00:23:29,260 --> 00:23:36,300 Suze: your AGI was $150,000 or more. If you just pay 423 00:23:36,300 --> 00:23:41,359 Suze: that in withholding estimated payments, whatever it may be. 424 00:23:41,859 --> 00:23:44,300 Suze: So that's all you have to do, all right. And 425 00:23:44,300 --> 00:23:45,400 Suze: now you know, all right. 426 00:23:45,859 --> 00:23:48,140 KT: Last question, Susie, is from Jason. 427 00:23:48,689 --> 00:23:51,459 Suze: You didn't pick many this today. You thought I was 428 00:23:51,459 --> 00:23:52,780 Suze: gonna go on longer than I did, didn't you? 429 00:23:53,410 --> 00:23:56,780 KT: Usually she really, she goes overtime, and I'm saying if, 430 00:23:57,060 --> 00:23:59,300 KT: if anything, give them a, a little bit of a break. 431 00:23:59,989 --> 00:24:02,420 Suze: So wait, everybody have to know what it's like here. I 432 00:24:02,420 --> 00:24:05,099 Suze: start to answer a question. If I go too long, 433 00:24:05,109 --> 00:24:05,420 Suze: I do. 434 00:24:05,569 --> 00:24:07,300 Suze: She does this. She's doing it now. 435 00:24:07,410 --> 00:24:09,489 KT: We've got, we've got tape us together. 436 00:24:09,839 --> 00:24:13,569 Suze: Her hand is going counterclockwise in a circle with... 437 00:24:13,670 --> 00:24:14,449 KT: With my finger... 438 00:24:14,530 --> 00:24:16,500 Suze: pointing wrap it up, Suze, wrap it up. 439 00:24:16,520 --> 00:24:19,770 KT: It's called a wrap signal in TV world. Wrap it up, 440 00:24:19,829 --> 00:24:23,229 KT: and the, the producer, the director is always behind the camera. 441 00:24:23,449 --> 00:24:24,649 KT: And when you see that arm, 442 00:24:24,890 --> 00:24:25,489 Suze: You know, you have to wrap it. 443 00:24:25,489 --> 00:24:29,250 KT: They used to... remember when, um, they would wrap Oprah. 444 00:24:29,959 --> 00:24:31,599 Suze: Yeah, big one. A real big one. 445 00:24:31,890 --> 00:24:31,910 KT: Who was... 446 00:24:32,609 --> 00:24:36,010 Suze: Mark? He was so great. But anyway, but even more 447 00:24:36,010 --> 00:24:38,250 Suze: than that, I just have to tell everybody something else. 448 00:24:39,130 --> 00:24:42,550 Suze: So here we are taping, you know, the video to 449 00:24:42,569 --> 00:24:46,810 Suze: go on YouTube, right? And KT's in the room very 450 00:24:46,810 --> 00:24:48,290 Suze: close to me just watching. 451 00:24:48,930 --> 00:24:50,939 Suze: And all of a sudden from the corner of my 452 00:24:50,939 --> 00:24:54,500 Suze: eye I keep seeing her go to her hair and 453 00:24:54,500 --> 00:24:57,020 Suze: like get the hair out of her eyes as my 454 00:24:57,020 --> 00:25:00,030 Suze: signal to your hair is in your eyes, your hair 455 00:25:00,030 --> 00:25:03,459 Suze: get it out. You try to talk and concentrate and 456 00:25:03,459 --> 00:25:06,040 Suze: listen to Fitz and everything with KT 457 00:25:06,170 --> 00:25:08,968 Suze: going with her hand back through her head, get it 458 00:25:08,969 --> 00:25:11,479 Suze: out of your eyes, Suze get it out of the eyes. 459 00:25:11,650 --> 00:25:14,409 KT: I did a lot of signals when she had the 460 00:25:14,410 --> 00:25:17,569 KT: TV show. I would be out there in the studio 461 00:25:17,569 --> 00:25:21,050 KT: with her and finally Amy, our executive producer, was so 462 00:25:21,050 --> 00:25:23,189 KT: mad that I would distract her all the time. 463 00:25:23,939 --> 00:25:26,829 KT: Or I would say no stop because I didn't like 464 00:25:26,829 --> 00:25:29,949 KT: the way that she was sitting or slouching or how 465 00:25:29,949 --> 00:25:32,389 KT: her shirt was buttoned, some things like that. 466 00:25:32,750 --> 00:25:34,829 Suze: It's been such a pain in the, you know, go 467 00:25:34,829 --> 00:25:35,510 Suze: on KT. 468 00:25:35,670 --> 00:25:39,188 KT: All right, my last and final question is from Jason. 469 00:25:39,250 --> 00:25:43,109 KT: I like this question. Good morning, Suze and KT. Can 470 00:25:43,109 --> 00:25:48,709 KT: you explain the difference between an individual and a custodial 529 plan? 471 00:25:49,229 --> 00:25:50,430 Suze: I can't believe it. 472 00:25:51,670 --> 00:25:52,069 KT: What? 473 00:25:52,069 --> 00:25:53,630 Suze: I wrote them back too. 474 00:25:54,459 --> 00:25:57,390 KT: My partner and I wanna open a 529 for her 475 00:25:57,390 --> 00:26:02,520 KT: seven year old daughter. I am 46. My partner's 35. 476 00:26:02,829 --> 00:26:06,229 KT: Thanks for the show. This is from Jason, and then 477 00:26:06,229 --> 00:26:08,199 KT: at the end of this, this is the best part. 478 00:26:08,270 --> 00:26:12,290 KT: This is why I picked you, Jason. PS Her daughter 479 00:26:12,290 --> 00:26:12,430 KT: already 480 00:26:12,560 --> 00:26:16,290 KT: has a Roth for minors. Woohoo. 481 00:26:17,079 --> 00:26:20,849 Suze: Now that line was the reason I wrote them back. 482 00:26:20,949 --> 00:26:23,250 KT: Yeah, and the reason I picked this, see, great minds 483 00:26:23,250 --> 00:26:24,290 KT: think alike, Suze. 484 00:26:24,609 --> 00:26:25,290 Suze: There you go. 485 00:26:25,800 --> 00:26:26,560 KT: I love this. 486 00:26:26,770 --> 00:26:30,199 Suze: So Jason, since you already know the answer to this, 487 00:26:30,430 --> 00:26:32,619 Suze: we can just wrap the show. But for everybody who 488 00:26:32,619 --> 00:26:33,448 Suze: wants to know. 489 00:26:34,150 --> 00:26:40,829 Suze: Very simple. Don't ever do a custodial 529 account. It's 490 00:26:40,829 --> 00:26:44,579 Suze: like a Uniform Gift to Minors Act account. It is 491 00:26:44,589 --> 00:26:48,188 Suze: the property of the child, so the child owns it. 492 00:26:48,430 --> 00:26:51,709 Suze: It's gonna hurt them for financial aid once they 493 00:26:51,790 --> 00:26:55,790 Suze: turn 18, the money is theirs, blah blah blah blah. 494 00:26:56,069 --> 00:26:59,910 Suze: If you do a straight 529 plan where the mom 495 00:26:59,910 --> 00:27:04,349 Suze: owns it, it's still the mom's asset. It doesn't hurt 496 00:27:04,349 --> 00:27:07,669 Suze: her daughter for financial aid if the daughter doesn't want 497 00:27:07,670 --> 00:27:09,589 Suze: to go to school for whatever reason. 498 00:27:10,000 --> 00:27:13,000 Suze: She can transfer it to whoever she wants, another child 499 00:27:13,000 --> 00:27:15,989 Suze: if they have it, or another beneficiary, and on and 500 00:27:15,989 --> 00:27:21,959 Suze: on to make it very simple. Stay away from UGMA, UTMA, 501 00:27:22,239 --> 00:27:25,399 Suze: and custodial 529 plans. 502 00:27:26,290 --> 00:27:28,688 Suze: Is that really it? I feel like it's so short today. 503 00:27:29,020 --> 00:27:33,430 KT: That is a wrap. That was a nice podcast, very diversified, 504 00:27:33,660 --> 00:27:38,079 KT: very informative. Some simple questions, some a little more complicated. 505 00:27:38,430 --> 00:27:39,859 Suze: There was not one complicated. 506 00:27:40,030 --> 00:27:41,459 KT: There was one that... that you hated... 507 00:27:41,469 --> 00:27:45,139 Suze: But that wasn't complicated. It was easy to know just 508 00:27:45,140 --> 00:27:48,619 Suze: said don't do it, everybody, right, and everything. All right, so. 509 00:27:49,010 --> 00:27:53,169 Suze: Until Sunday when we will have another Suze school. I 510 00:27:53,170 --> 00:27:55,399 Suze: have no idea what the topic is going to be, 511 00:27:55,689 --> 00:28:01,170 Suze: but everybody remember, go to youtube.com/ Suze Orman. Don't forget 512 00:28:01,170 --> 00:28:06,050 Suze: to subscribe because as you can tell, Ms. Travis is 513 00:28:06,050 --> 00:28:10,930 Suze: wanting us to put this podcast on YouTube. She wants 514 00:28:10,930 --> 00:28:12,770 Suze: to be visible. Is that true? 515 00:28:13,530 --> 00:28:16,198 KT: No, I just think it, you look great on YouTube. 516 00:28:16,270 --> 00:28:18,030 KT: I think that you're very engaging. 517 00:28:18,390 --> 00:28:21,760 KT: And people will learn more by watching you than just 518 00:28:21,760 --> 00:28:26,119 KT: listening to you. I really believe that it's OK. We 519 00:28:26,119 --> 00:28:28,579 KT: can do it. I'll spend more time. We'll, we'll put 520 00:28:28,839 --> 00:28:33,000 KT: more effort into Suze because you will love watching her, 521 00:28:33,280 --> 00:28:36,819 KT: especially when she gets real animated. Wait, she made Keith 522 00:28:37,229 --> 00:28:41,109 KT: turn red twice in the YouTube. So it's worth it 523 00:28:41,109 --> 00:28:43,040 KT: just to watch it to see what she says that 524 00:28:43,040 --> 00:28:44,489 KT: makes Keith turn all red. 525 00:28:44,550 --> 00:28:47,030 Suze: Yeah, but most of them will be just me, KT, 526 00:28:47,040 --> 00:28:50,069 Suze: and me and you, so you better be ready to 527 00:28:50,069 --> 00:28:52,270 Suze: do it. But wait, everybody, I just have to tell 528 00:28:52,270 --> 00:28:54,050 Suze: you one thing since we didn't have a whole lot 529 00:28:54,050 --> 00:28:57,709 Suze: of questions today for some reason. Miss Travis didn't pick 530 00:28:57,709 --> 00:29:01,449 Suze: a lot, which is when I was little. 531 00:29:02,099 --> 00:29:04,380 Suze: I would sit there because we only had one bathroom 532 00:29:04,380 --> 00:29:06,660 Suze: and I would just sit in the little bathroom on 533 00:29:06,660 --> 00:29:09,459 Suze: the toilet with the toilet closed, no big deal. I'd 534 00:29:09,459 --> 00:29:13,180 Suze: sit on the toilet watching my father shave and get 535 00:29:13,180 --> 00:29:16,500 Suze: ready to go out. Maybe it took him 15 minutes 536 00:29:16,500 --> 00:29:19,739 Suze: at most for everything. Then I would wait and my 537 00:29:19,739 --> 00:29:22,900 Suze: mom would come in and then she would put all 538 00:29:22,900 --> 00:29:26,339 Suze: this makeup on and it would take at least a half hour, 539 00:29:26,420 --> 00:29:30,880 Suze: 45 minutes just for the cream, da da da da da, everything. 540 00:29:31,270 --> 00:29:35,790 Suze: And I started to think, I go, Mom, this is nuts. 541 00:29:36,000 --> 00:29:38,239 Suze: Look how long it takes you to get ready and 542 00:29:38,239 --> 00:29:41,160 Suze: look how little it takes Dad to get ready. Then 543 00:29:41,160 --> 00:29:43,000 Suze: we would go out shopping. I'd go and be with 544 00:29:43,000 --> 00:29:45,790 Suze: my mom, and we would go into these department stores, 545 00:29:45,800 --> 00:29:48,560 Suze: and she would buy all this makeup. And when my 546 00:29:48,560 --> 00:29:51,599 Suze: dad would take me cause for some reason one was 547 00:29:51,599 --> 00:29:53,400 Suze: always working, so I'd be with the other. 548 00:29:53,849 --> 00:29:57,670 Suze: My dad never bought anything like that. So finally, I 549 00:29:57,670 --> 00:30:00,849 Suze: was maybe eight years old now, and I'm sitting down 550 00:30:00,849 --> 00:30:03,689 Suze: with my mind, go, mom, I want you to know 551 00:30:03,689 --> 00:30:08,670 Suze: I figured something out. Makeup is an economic plot against women. 552 00:30:09,760 --> 00:30:13,140 Suze: Men don't do it, Mom. It takes us more time, 553 00:30:13,599 --> 00:30:17,640 Suze: and it's an economic plot, and because of that, how 554 00:30:17,640 --> 00:30:20,839 Suze: old do you think I was the first time 555 00:30:21,459 --> 00:30:23,989 Suze: that I put makeup on and I had to put 556 00:30:23,989 --> 00:30:27,349 Suze: it on because somebody was photographing me and so they 557 00:30:27,349 --> 00:30:29,229 Suze: made me put it on. How old do you think 558 00:30:29,229 --> 00:30:29,589 Suze: I was? 559 00:30:29,750 --> 00:30:31,109 KT: Probably your early 30s, right? 560 00:30:31,709 --> 00:30:34,109 Suze: Yeah, I was 35. What made you say that? 561 00:30:34,310 --> 00:30:37,050 KT: Because as a waitress you never wore makeup, right? 562 00:30:37,469 --> 00:30:39,869 Suze: I never, I, and when I was first a stockbroker, 563 00:30:39,949 --> 00:30:44,229 Suze: I never wore makeup. So I just, because why it 564 00:30:44,229 --> 00:30:48,349 Suze: was an economic plot against women and to this day. 565 00:30:48,744 --> 00:30:52,314 Suze: What do I hate putting on more than anything else, KT? 566 00:30:52,494 --> 00:30:55,895 KT: So the makeup that she hates putting, she hates putting 567 00:30:55,895 --> 00:30:58,454 KT: on makeup, but most of all, lipstick. 568 00:30:58,614 --> 00:30:59,035 Suze: Hate it. 569 00:30:59,214 --> 00:31:01,535 KT: I mean, that's the when we do Suze's makeup, the 570 00:31:01,535 --> 00:31:05,535 KT: last thing we apply is lipstick, absolutely. And then she, 571 00:31:05,655 --> 00:31:07,375 KT: she has a tissue as soon as she's done with 572 00:31:07,375 --> 00:31:10,125 KT: her show or photograph or whatever it is, she just 573 00:31:10,125 --> 00:31:12,535 KT: rubs it all off, hates lipstick on her lips. 574 00:31:12,655 --> 00:31:15,194 Suze: I hate makeup, hate it, hate it, hate it. Anyway. 575 00:31:16,079 --> 00:31:19,060 Suze: Until Sunday, there's really only one thing that we want 576 00:31:19,060 --> 00:31:21,180 Suze: you to remember, and what is that, KT? 577 00:31:21,479 --> 00:31:23,989 KT: People first, then money, then. things. 578 00:31:24,449 --> 00:31:27,699 Suze: Now you stay safe, everybody. Bye bye bye.