1 00:00:46,000 --> 00:00:51,199 Suze: September 12, 2024. Welcome everybody to the Women and Money podcast. 2 00:00:51,360 --> 00:00:54,750 Suze: As well as everybody smart enough to listen. 3 00:00:54,759 --> 00:00:58,700 KT: We had the best anniversary last Sunday, didn't we, Suze? 4 00:00:58,830 --> 00:01:00,549 Suze: Are you kidding me? 5 00:01:00,560 --> 00:01:03,509 KT: No, it was fabulous. Listen, let me tell you all. 6 00:01:03,520 --> 00:01:06,410 KT: We did nothing. We had a nada day, nada, nada, 7 00:01:06,440 --> 00:01:10,349 KT: nada nada. We're practicing our Spanish because we're on our 8 00:01:10,360 --> 00:01:12,389 KT: way to Spain over the weekend. 9 00:01:12,720 --> 00:01:15,669 KT: But I have to tell you all. We had the 10 00:01:15,680 --> 00:01:20,660 KT: best anniversary ever. Thank you for your notes. Your cards, 11 00:01:20,669 --> 00:01:21,760 KT: your messages, 12 00:01:21,790 --> 00:01:22,889 Suze: Tell them what I gave 13 00:01:22,900 --> 00:01:23,300 Suze: you. 14 00:01:23,309 --> 00:01:25,819 KT: Oh, my goodness. She gave me three tickets. 15 00:01:26,029 --> 00:01:28,720 Suze: Well, we, I told everybody that I was gonna be 16 00:01:28,730 --> 00:01:30,010 Suze: giving you tickets but tell, 17 00:01:30,879 --> 00:01:34,660 KT: Ok, so she presented me in the morning, uh, on 18 00:01:34,669 --> 00:01:38,220 KT: our anniversary with a card of a beautiful rainbow over 19 00:01:38,230 --> 00:01:41,559 KT: our beach that she actually drew and created. 20 00:01:41,779 --> 00:01:45,709 KT: And in the card were three tickets and I could 21 00:01:45,720 --> 00:01:47,809 KT: cash these tickets in any order I wanted 22 00:01:47,819 --> 00:01:52,129 Suze: One that said ocean, one said golf and one said walk. 23 00:01:52,589 --> 00:01:53,279 Suze: So go on. 24 00:01:53,290 --> 00:01:53,720 KT: We did 25 00:01:53,730 --> 00:01:54,410 KT: two out of the 26 00:01:54,419 --> 00:01:54,959 KT: three. 27 00:01:55,269 --> 00:01:56,879 Suze: Yes. But what did I tell you as we were 28 00:01:56,889 --> 00:01:57,489 Suze: doing them? 29 00:01:57,739 --> 00:02:01,319 KT: That I get to, I get to not cash and use 30 00:02:01,330 --> 00:02:01,489 KT: them 31 00:02:01,500 --> 00:02:02,150 KT: again. 32 00:02:02,160 --> 00:02:05,089 Suze: She has a free pass for our anniversary so she 33 00:02:05,099 --> 00:02:08,970 Suze: can use that. But wait, let me tell everybody what 34 00:02:08,979 --> 00:02:10,479 Suze: you did for me. 35 00:02:10,949 --> 00:02:12,839 KT: You have to show them right? 36 00:02:12,850 --> 00:02:16,869 Suze: I will, right? But we have on our property, a 37 00:02:16,899 --> 00:02:19,779 Suze: tree stump from a big tree that was 38 00:02:19,788 --> 00:02:20,198 Suze: cut 39 00:02:20,440 --> 00:02:24,899 KT: That I never wanted her to cut. It was a beautiful, 40 00:02:24,910 --> 00:02:32,089 KT: huge palm tree, incredible coconut wood, beautiful. And I begged 41 00:02:32,100 --> 00:02:33,309 KT: her for 10 years not 42 00:02:33,425 --> 00:02:38,085 KT: to cut it down. Sure enough, I was outnumbered by everybody. 43 00:02:38,095 --> 00:02:38,264 KT: It was... 44 00:02:38,585 --> 00:02:38,664 Suze: Because in a 45 00:02:41,725 --> 00:02:42,365 Suze: hurricane. It smash 46 00:02:42,585 --> 00:02:43,365 Suze: everything, 47 00:02:44,475 --> 00:02:47,134 KT: So, it was cut down, it was cut down with great 48 00:02:47,145 --> 00:02:50,365 KT: reluctance and there was a, a stump on the bottom and, 49 00:02:50,375 --> 00:02:53,455 KT: and coconut wood is rather hard and the stump was 50 00:02:53,464 --> 00:02:55,865 KT: maybe about five inches out of the ground 51 00:02:56,139 --> 00:02:58,750 KT: with the intent that we pull it out or cut 52 00:02:58,758 --> 00:03:01,460 KT: it with a chainsaw, but it was nice and smooth 53 00:03:01,470 --> 00:03:04,350 KT: and I kept looking at it, looking at it. So I, 54 00:03:04,360 --> 00:03:06,240 KT: I drew a heart on it 55 00:03:06,839 --> 00:03:10,800 KT: and within the carved, wait, I drew the heart and 56 00:03:10,809 --> 00:03:14,519 KT: then I got a chisel and hammer and in between Suze, 57 00:03:14,529 --> 00:03:18,190 KT: not looking for me. I worked on this stump and 58 00:03:18,199 --> 00:03:22,138 KT: I carved it into a heart with a message inside 59 00:03:22,149 --> 00:03:25,419 KT: just for Suze and she knows what it means and 60 00:03:25,429 --> 00:03:29,419 KT: she's going to post that photo on the wall. So 61 00:03:29,429 --> 00:03:32,880 KT: you have to look for it today. She's gonna post 62 00:03:32,889 --> 00:03:33,690 KT: it today 63 00:03:34,080 --> 00:03:36,179 KT: and I think you'll all enjoy it. 64 00:03:36,500 --> 00:03:38,619 Suze: But let me tell you the funny part of everything 65 00:03:38,630 --> 00:03:43,460 Suze: this morning. So before we start recording, right, I say 66 00:03:43,470 --> 00:03:48,419 Suze: to KT, let's tell everybody about our anniversary and what 67 00:03:48,429 --> 00:03:50,220 Suze: we did and blah, blah, blah, blah. 68 00:03:50,600 --> 00:03:54,009 Suze: And what does she do? She says, no, I don't 69 00:03:54,080 --> 00:03:54,320 Suze: want to do 70 00:03:56,039 --> 00:03:56,070 Suze: that. 71 00:03:56,490 --> 00:04:00,619 Suze: Let's just get on to whatever I'm like, really like, OK, 72 00:04:00,830 --> 00:04:01,330 Suze: and then look what she does 73 00:04:05,460 --> 00:04:08,160 KT: Look for that photo and tell me all how you like 74 00:04:08,169 --> 00:04:09,179 KT: the card I made for Suze. 75 00:04:09,440 --> 00:04:12,020 Suze: However, I do want to talk about one thing 76 00:04:12,320 --> 00:04:19,299 Suze: that was discussed briefly on last Sunday's podcast. The insurance because, 77 00:04:19,630 --> 00:04:21,859 KT: oh, wait, wait, wait, let's remind everybody 78 00:04:22,649 --> 00:04:23,019 Suze: go on Miss Talkative. 79 00:04:23,709 --> 00:04:28,250 KT: So Suze, um was talking about different things in relationships 80 00:04:28,260 --> 00:04:32,089 KT: and when she first met me, she canceled my whole 81 00:04:32,100 --> 00:04:36,420 KT: life insurance policy which I had been paying in for 82 00:04:36,428 --> 00:04:40,659 KT: 10 years, $15,000 every year on my 83 00:04:40,750 --> 00:04:41,209 KT: birthday. 84 00:04:41,260 --> 00:04:41,609 Suze: She had 85 00:04:41,619 --> 00:04:43,619 Suze: put in 150,000. 86 00:04:43,630 --> 00:04:43,829 KT: But 87 00:04:43,980 --> 00:04:45,730 KT: when I was very proud of that, 88 00:04:45,750 --> 00:04:50,149 Suze: but when we canceled because Colo was listening to this 89 00:04:50,160 --> 00:04:52,570 Suze: and he came in and he goes, well, how much 90 00:04:52,579 --> 00:04:55,109 Suze: did she get when you canceled? I said we didn't 91 00:04:55,119 --> 00:04:59,209 Suze: say she said no I want to know when she canceled, 92 00:04:59,220 --> 00:05:03,238 Suze: she only got 50,000 93 00:05:03,570 --> 00:05:04,409 Suze: dollars. 94 00:05:04,600 --> 00:05:07,890 KT: So, that phone call cost 100,000. But here's what Susie said 95 00:05:07,899 --> 00:05:09,049 KT: to me at the time, 96 00:05:09,428 --> 00:05:13,010 KT: you give me that 50,000. KT I'm going to invest 97 00:05:13,019 --> 00:05:15,290 KT: it and I'm gonna show you what you can do 98 00:05:15,299 --> 00:05:17,089 KT: with it and guess what, everybody... 99 00:05:17,339 --> 00:05:20,640 Suze: She made up that money plus some. All right. So here 100 00:05:20,649 --> 00:05:25,329 Suze: we are at Ask KT and Suze anything addition. If 101 00:05:25,339 --> 00:05:28,130 Suze: you want to send in a question, you send it 102 00:05:28,140 --> 00:05:28,980 Suze: in to ask Suze 103 00:05:29,410 --> 00:05:36,058 Suze: podcast. That's Suze at gmail.com. Keep it short because if 104 00:05:36,070 --> 00:05:40,529 Suze: it is short, KT will most likely pick it. If 105 00:05:40,540 --> 00:05:45,299 Suze: she picks it, we will answer it on the podcast. 106 00:05:45,988 --> 00:05:46,279 KT: I 107 00:05:46,290 --> 00:05:50,539 KT: have such a great, great selection of short emails that 108 00:05:50,549 --> 00:05:52,880 KT: I think this might be a rapid fire because I'd 109 00:05:52,890 --> 00:05:55,190 KT: love to get through them. But the first one 110 00:05:55,450 --> 00:05:59,349 KT: I'm starting with Suze's from Mike and this isn't a question. 111 00:05:59,359 --> 00:06:01,140 KT: It's a thank you. But let me share it with 112 00:06:01,149 --> 00:06:05,350 KT: a lot. I like, I like the thank yous. So Mike said, Suze, 113 00:06:05,359 --> 00:06:09,469 KT: I'm studying for my Series 65 exam. Tell everyone what that is. 114 00:06:09,600 --> 00:06:13,820 Suze: When you study to be a stockbroker or a financial advisor, 115 00:06:13,928 --> 00:06:16,049 Suze: there are certain exams you have to pass so you 116 00:06:16,059 --> 00:06:17,268 Suze: can do stocks and all of that 117 00:06:17,488 --> 00:06:21,350 Suze: at Series 65 I believe is for mutual funds. So 118 00:06:21,359 --> 00:06:22,790 Suze: you have to do all those. 119 00:06:23,269 --> 00:06:27,909 KT: They're not easy. They're very complicated. So he said, I'm 120 00:06:27,920 --> 00:06:31,909 KT: reading the book and listening to the on demand classes 121 00:06:31,920 --> 00:06:36,428 KT: and getting so confused. Then Suze, I remembered you covered 122 00:06:36,440 --> 00:06:39,178 KT: many of these topics in Suze school. 123 00:06:39,488 --> 00:06:42,079 KT: So he went back and listened. He said things are 124 00:06:42,089 --> 00:06:45,149 KT: now clear. Thank you. Thank you. Thank you. Thank you. 125 00:06:45,160 --> 00:06:48,410 KT: And then Mike said, you know, Suze, you could charge 126 00:06:48,420 --> 00:06:52,390 KT: for your school. It's far better than the online training 127 00:06:52,399 --> 00:06:56,750 KT: I actually paid for. So Mike, we hope you pass 128 00:06:56,760 --> 00:06:58,920 KT: and congrats on your studies. 129 00:06:59,380 --> 00:06:59,558 Suze: You 130 00:06:59,570 --> 00:07:02,640 Suze: know, I just want to tell everybody, KT about Series 131 00:07:02,649 --> 00:07:05,950 Suze: Seven exam. When you first study for it, you study 132 00:07:05,959 --> 00:07:08,988 Suze: for months. It is so hard. I cannot even tell you. 133 00:07:09,279 --> 00:07:12,649 Suze: And the very first time I took it, I failed, 134 00:07:13,429 --> 00:07:16,850 Suze: I failed. And there were only about seven people out 135 00:07:16,859 --> 00:07:18,980 Suze: of the entire class, there were a lot of people 136 00:07:18,989 --> 00:07:21,089 Suze: that failed and I was one of them 137 00:07:21,579 --> 00:07:26,010 Suze: and that's when I decided, I'll never forget saying to myself. 138 00:07:26,079 --> 00:07:28,600 Suze: All right. All right. You want to see how much 139 00:07:28,609 --> 00:07:31,070 Suze: I really want to do this if this is a 140 00:07:31,079 --> 00:07:34,670 Suze: test because I always think everything's a test from above, right? 141 00:07:34,679 --> 00:07:36,910 Suze: That if you really want to see how much I 142 00:07:36,920 --> 00:07:39,679 Suze: want to do this and you're testing me. Let's see 143 00:07:39,690 --> 00:07:42,140 Suze: what I can do. And I studied because you only 144 00:07:42,149 --> 00:07:46,200 Suze: had one week to study and try to take it again. 145 00:07:46,480 --> 00:07:50,570 Suze: And the second time I obviously passed. But sometimes in 146 00:07:50,579 --> 00:07:53,980 Suze: life when you fail. Maybe it's a test to see. 147 00:07:53,989 --> 00:07:56,200 Suze: Do you really want to do this or not? And 148 00:07:56,209 --> 00:08:00,070 Suze: if you do go for it with everything you have, all right. 149 00:08:00,309 --> 00:08:04,750 KT: But an Orman never gives up. I remember that. Ok. 150 00:08:04,760 --> 00:08:08,559 KT: My first question is from Karen. I have three Children 151 00:08:08,570 --> 00:08:13,859 KT: that will inherit my 401k. How is the RMD completed? 152 00:08:14,369 --> 00:08:19,359 KT: Do each contribute a certain amount each year thereafter? How 153 00:08:19,369 --> 00:08:20,809 KT: is this calculated? 154 00:08:20,820 --> 00:08:24,910 Suze: You know Karen, while that seems like a very simple question. 155 00:08:25,160 --> 00:08:30,350 Suze: It really depends on, will the kids be eligible, designated 156 00:08:30,359 --> 00:08:33,500 Suze: beneficiaries or will they be non 157 00:08:33,919 --> 00:08:39,409 Suze: eligible, designated beneficiaries? And it will also have to do with, 158 00:08:39,419 --> 00:08:43,570 Suze: have you died on or after the RBD date? So 159 00:08:43,580 --> 00:08:48,090 Suze: all of that has to be taken into consideration. What 160 00:08:48,099 --> 00:08:52,929 Suze: I can tell you is this since it's in and 401k, 161 00:08:53,309 --> 00:08:57,289 Suze: you should instruct them that the second this happens if 162 00:08:57,299 --> 00:09:03,089 Suze: it's still in the 401k to do individual inherited IRAs 163 00:09:03,710 --> 00:09:07,840 Suze: in a brokerage account, that's where you start and then 164 00:09:07,849 --> 00:09:13,150 Suze: depending on what your situation is, it's really not that hard. 165 00:09:13,159 --> 00:09:15,479 Suze: Just make sure that if the money is still in 166 00:09:15,489 --> 00:09:19,969 Suze: a 401k when you die, that they do inherited IRAs 167 00:09:19,979 --> 00:09:21,559 Suze: S t a brokerage firm, 168 00:09:21,859 --> 00:09:25,840 Suze: have them go back and listen to last Thursdays and 169 00:09:25,849 --> 00:09:31,080 Suze: the Sunday before that Suze school on inherited IRAs. And 170 00:09:31,090 --> 00:09:32,460 Suze: by the way, I just want to say one other 171 00:09:32,469 --> 00:09:36,229 Suze: thing to everybody. You really want to save your beneficiaries 172 00:09:36,239 --> 00:09:41,960 Suze: a whole lot of trouble. Just do a Roth retirement account. 173 00:09:41,969 --> 00:09:45,010 Suze: Roth Roth Roth. And if everything is in a Roth 174 00:09:45,020 --> 00:09:48,829 Suze: when you die, they're fine. All right. Go on. 175 00:09:48,840 --> 00:09:50,400 KT: All right. Next question 176 00:09:50,690 --> 00:09:55,309 KT: this is from Shannon. Hi, Suze. Love, love, love your podcast. 177 00:09:55,359 --> 00:10:00,569 KT: I started purchasing NVIDIA in small increments over the last 178 00:10:00,580 --> 00:10:05,150 KT: four months. It continues to go down any thoughts as 179 00:10:05,159 --> 00:10:10,099 KT: to whether I should continue dollar cost averaging. So, wait, 180 00:10:10,109 --> 00:10:13,369 KT: I should make this my quizz, make it my quizz. 181 00:10:13,469 --> 00:10:15,010 KT: What's your quiz? I'll answer her. 182 00:10:16,000 --> 00:10:19,349 KT: Definitely continue dollar cost averaging. 183 00:10:19,729 --> 00:10:22,429 Suze: Oh, look at the smile on her face. How low do 184 00:10:22,440 --> 00:10:23,590 Suze: you think it could go? 185 00:10:25,440 --> 00:10:28,489 KT: I don't know how low. But wait, all I know 186 00:10:28,500 --> 00:10:33,210 KT: is that NVIDIA surely will have a rise. 187 00:10:33,580 --> 00:10:37,280 Suze: You do? Yeah, you are right. So we'll see. So 188 00:10:37,380 --> 00:10:41,429 Suze: I would absolutely and continue to dollar cost average into 189 00:10:41,440 --> 00:10:44,489 Suze: it without a shadow of a doubt could easily possibly 190 00:10:44,500 --> 00:10:47,848 Suze: go down into the nineties. Let's hope it does. But 191 00:10:47,859 --> 00:10:52,489 Suze: eventually a stock like NVIDIA, are you kidding me? Just 192 00:10:52,500 --> 00:10:54,010 Suze: keep enough of your power 193 00:10:54,119 --> 00:10:57,770 Suze: dry. Do you know what that means? Katie your powder dry? 194 00:10:57,780 --> 00:10:59,940 Suze: Just make sure you keep enough cash so you can 195 00:10:59,950 --> 00:11:03,260 Suze: continue to dollar cost average if it continues to go 196 00:11:03,270 --> 00:11:04,728 Suze: down because if it goes down... 197 00:11:04,979 --> 00:11:06,848 KT: Where did you get that same from powder 198 00:11:06,859 --> 00:11:07,380 KT: dry, 199 00:11:07,799 --> 00:11:11,919 Suze: It's just what's in the industry is keep your powder dry. 200 00:11:12,419 --> 00:11:16,340 KT: What powder like gunpowder face powder? 201 00:11:17,030 --> 00:11:17,179 Suze: Will 202 00:11:17,190 --> 00:11:19,619 Suze: you just ask me the next question... 203 00:11:22,380 --> 00:11:25,859 KT: Zoe. This is long, but I want to read this 204 00:11:25,869 --> 00:11:26,369 KT: because I, 205 00:11:26,760 --> 00:11:29,989 KT: I, we know people in the same situation. So I'm 206 00:11:30,000 --> 00:11:34,549 KT: reading the whole email from Zoe. Hi, Suze, my life 207 00:11:34,559 --> 00:11:39,069 KT: partner and I have been together for 20 years. Remember that? Everyone? 208 00:11:39,080 --> 00:11:42,070 KT: 20 years. We're not married, nor do we plan on 209 00:11:42,080 --> 00:11:45,869 KT: getting married. We're buying our first home, a co op 210 00:11:45,880 --> 00:11:50,189 KT: apartment in New York City. We're putting 20% down and 211 00:11:50,200 --> 00:11:53,070 KT: taking out a 30 year fixed mortgage 212 00:11:53,369 --> 00:11:57,109 KT: while I will be contributing to the down payment. My 213 00:11:57,119 --> 00:12:00,390 KT: partner is putting down most of it and will be 214 00:12:00,400 --> 00:12:03,909 KT: paying the mortgage. He has a great job and he 215 00:12:03,919 --> 00:12:08,400 KT: can easily handle the payments we are buying below our 216 00:12:08,409 --> 00:12:12,770 KT: and his means. I recently switched careers and decided to 217 00:12:12,780 --> 00:12:16,450 KT: pursue my dream career as an artist. Ok, we all 218 00:12:16,460 --> 00:12:17,950 KT: know what that means. Everybody. 219 00:12:19,099 --> 00:12:21,909 KT: It means if you're an artist, you're never gonna have 220 00:12:21,919 --> 00:12:26,289 KT: like a guaranteed income. So it's gonna be very unstable 221 00:12:26,299 --> 00:12:30,380 KT: maybe in the beginning. And obviously her partner supports this 222 00:12:30,390 --> 00:12:33,460 KT: now until my, but listen to this, I like how 223 00:12:33,469 --> 00:12:38,150 KT: Zoe is very positive until my career takes off. I 224 00:12:38,159 --> 00:12:41,579 KT: will not be able to contribute to the mortgage. Our 225 00:12:41,590 --> 00:12:46,640 KT: title will be a joint tenancy with the right of survivorship. 226 00:12:46,859 --> 00:12:51,030 KT: We have separate bank accounts. My concern is if something 227 00:12:51,039 --> 00:12:54,080 KT: happens to him, I will not be able to pay 228 00:12:54,090 --> 00:12:56,919 KT: the mortgage on my own. I also want to make 229 00:12:56,929 --> 00:13:00,039 KT: sure we have the right to the property if something 230 00:13:00,049 --> 00:13:03,080 KT: happens since we're not married. So 231 00:13:03,530 --> 00:13:06,909 KT: if we do JTWR OS 232 00:13:07,219 --> 00:13:07,809 Suze: Joint tenancy with right of suvivorship... 233 00:13:08,799 --> 00:13:12,549 KT: do we still need to get a living revocable trust? 234 00:13:12,590 --> 00:13:14,429 Suze: So here's the thing, Zoe, I 235 00:13:14,440 --> 00:13:16,340 KT: just want to say one more thing for those of 236 00:13:16,349 --> 00:13:19,099 KT: you listening. He's in his mid fifties, she's in her 237 00:13:19,109 --> 00:13:20,190 KT: late forties. 238 00:13:20,289 --> 00:13:21,299 KT: They're not kids. 239 00:13:21,400 --> 00:13:23,869 Suze: Here's what I don't understand. Zoe, you have been with 240 00:13:23,880 --> 00:13:28,200 Suze: this person now for 20 years. Why do you not 241 00:13:28,210 --> 00:13:33,830 Suze: want to get married? Especially given that you're about to 242 00:13:33,840 --> 00:13:36,909 Suze: become an artist in terms of your living. 243 00:13:37,400 --> 00:13:40,859 Suze: You probably already have already been an artist, but now 244 00:13:40,869 --> 00:13:44,390 Suze: your income is going to possibly drop at least for 245 00:13:44,400 --> 00:13:48,468 Suze: a while. He makes a lot more money than you. 246 00:13:48,599 --> 00:13:52,869 Suze: So later on in life, maybe if you were married, 247 00:13:52,880 --> 00:13:56,218 Suze: you would be able to claim either half of his 248 00:13:56,229 --> 00:13:58,150 Suze: social security or if he died 249 00:13:58,229 --> 00:14:01,409 Suze: for you because he is older than you, you would 250 00:14:01,419 --> 00:14:05,020 Suze: be able to take over his social security. There's also 251 00:14:05,030 --> 00:14:10,010 Suze: so many more benefits I can't even tell you. However, 252 00:14:10,260 --> 00:14:14,159 Suze: whatever that reason may be. So be it. Here's the 253 00:14:14,169 --> 00:14:18,569 Suze: thing with joint tenancy with right of survivorship. Yes. If 254 00:14:18,580 --> 00:14:19,090 Suze: he does, 255 00:14:19,729 --> 00:14:23,570 Suze: you automatically get the house and put in your name. 256 00:14:23,760 --> 00:14:29,030 Suze: Problem is you can't afford it. So therefore if you're 257 00:14:29,039 --> 00:14:32,719 Suze: doing a 30 year mortgage, as you say, you are, 258 00:14:32,880 --> 00:14:36,859 Suze: maybe what you should do is get a 20 year 259 00:14:36,869 --> 00:14:42,349 Suze: term insurance policy on him. So if he were to die, 260 00:14:42,750 --> 00:14:45,849 Suze: then you get enough money to pay off the mortgage 261 00:14:45,859 --> 00:14:49,049 Suze: and be able to keep it just that simple. Why? 262 00:14:49,059 --> 00:14:53,650 Suze: 20 years instead of 30? Because most likely 20 years 263 00:14:53,659 --> 00:14:56,419 Suze: from now, it still may be affordable for you. You 264 00:14:56,429 --> 00:14:59,590 Suze: have to make sure it's a fixed a level term policy. 265 00:14:59,770 --> 00:15:03,770 Suze: But by then maybe you could put extra money towards 266 00:15:03,780 --> 00:15:06,849 Suze: the mortgage so that maybe in 20 years it would 267 00:15:06,859 --> 00:15:08,530 Suze: be paid off anyway. 268 00:15:08,770 --> 00:15:13,650 Suze: That's number one. Do you need a trust? No, not 269 00:15:13,659 --> 00:15:17,239 Suze: if he dies, you're fine. The question is Zoe, what 270 00:15:17,250 --> 00:15:19,909 Suze: if he doesn't die? What if all of a sudden 271 00:15:19,919 --> 00:15:23,969 Suze: now he's in an accident. He is incapacitated. He doesn't 272 00:15:23,979 --> 00:15:27,469 Suze: recognize you. He can't work anymore. There is no more 273 00:15:27,479 --> 00:15:30,700 Suze: income coming in from him and now you have to 274 00:15:30,710 --> 00:15:34,349 Suze: sell the property. And the question is, can 275 00:15:34,424 --> 00:15:38,164 Suze: you join tenancy with right of survivorship means you both 276 00:15:38,174 --> 00:15:42,684 Suze: have to sign for it. Therefore, if he's incapacitated and 277 00:15:42,695 --> 00:15:46,934 Suze: he can't sign, you can't sell it. If you had 278 00:15:46,945 --> 00:15:50,085 Suze: a revocable trust with an incapacity clause in it, 279 00:15:50,729 --> 00:15:53,469 Suze: you could sign for him. He could sign for you. 280 00:15:53,479 --> 00:15:57,549 Suze: No problem. So that's one of the reasons you want 281 00:15:57,559 --> 00:16:01,469 Suze: to go to. Must have docs.com and check it out. 282 00:16:01,479 --> 00:16:02,090 Suze: All right, KT. 283 00:16:02,640 --> 00:16:04,640 KT: Suze. Next question from Bridget, 284 00:16:05,750 --> 00:16:09,890 KT: is it better to leave a 401k to Children or cash? 285 00:16:11,440 --> 00:16:14,570 KT: The kids would say cash, then she said, I know 286 00:16:14,580 --> 00:16:18,630 KT: the new inheritance rules on 401k s are complicated. Should 287 00:16:18,640 --> 00:16:22,059 KT: my husband and I live off our cash in retirement 288 00:16:22,190 --> 00:16:27,280 KT: or spend down our 401k? And then she said, with 289 00:16:27,289 --> 00:16:32,090 KT: great joy, all of their daughters opened Roth's at 21 290 00:16:32,099 --> 00:16:35,090 KT: our youngest now, 20 opened hers at 18. 291 00:16:35,859 --> 00:16:39,010 Suze: So what happened to Bridget? Well, Bridget, why don't you 292 00:16:39,020 --> 00:16:41,809 Suze: have a Roth 401k? Why don't you convert? Why don't 293 00:16:41,820 --> 00:16:45,390 Suze: you do things like that? So that when they do inherit, 294 00:16:45,400 --> 00:16:49,130 Suze: it's not that big of a deal. Absolutely not. You 295 00:16:49,140 --> 00:16:51,510 Suze: are to listen to me and listen to me closely. 296 00:16:51,989 --> 00:16:55,080 Suze: You say in here because KT just gave this to 297 00:16:55,090 --> 00:16:58,640 Suze: me your email that they opened Roths at 21 and 298 00:16:58,650 --> 00:17:03,570 Suze: your youngest is now 20. So now they're getting older 299 00:17:03,609 --> 00:17:07,589 Suze: and they'll be fine financially speaking. Why don't you care 300 00:17:07,599 --> 00:17:10,550 Suze: about you and your husband and what you're gonna do 301 00:17:10,560 --> 00:17:13,399 Suze: when you get older and what is best for you? 302 00:17:13,493 --> 00:17:18,032 Suze: You and your husband Bridget in terms of what should 303 00:17:18,042 --> 00:17:20,983 Suze: you do to make the most out of your money? 304 00:17:21,042 --> 00:17:24,133 Suze: So I'm not even going to answer this question other 305 00:17:24,142 --> 00:17:28,412 Suze: than Roth 401k. Start doing that, let it grow, let 306 00:17:28,422 --> 00:17:30,822 Suze: it grow, let it grow. And it depends on your 307 00:17:30,833 --> 00:17:34,713 Suze: tax bracket, what you live off of at the time. 308 00:17:35,005 --> 00:17:39,676 Suze: Stop worrying about the kids, mama bear and start worrying 309 00:17:39,686 --> 00:17:41,826 Suze: about yourself. Typical mother, right? 310 00:17:43,625 --> 00:17:48,365 KT: Three girls. All right. This is from Sheila. Hi KT and Suze. 311 00:17:48,375 --> 00:17:52,676 KT: Love your advice. And I'm wondering about capital gains from 312 00:17:52,686 --> 00:17:56,345 KT: ETF dividends in a rollover, IRA. 313 00:17:56,859 --> 00:18:01,030 KT: Should I set them to automatically reinvest the dividends into 314 00:18:01,040 --> 00:18:05,919 KT: the corresponding security or have them deposited to the core 315 00:18:05,930 --> 00:18:09,938 KT: account to pay the taxes later? It's hard to answer 316 00:18:09,949 --> 00:18:10,420 KT: this one.? 317 00:18:11,170 --> 00:18:14,530 Suze: This one couldn't be easier to answer if I tried. 318 00:18:14,540 --> 00:18:16,829 Suze: What are you talking about? 319 00:18:16,849 --> 00:18:17,300 KT: Well, 320 00:18:17,380 --> 00:18:20,430 KT: I'm just giving you the best questions I like. 321 00:18:20,770 --> 00:18:25,589 Suze: So Sheila make it so you reinvest the dividends and 322 00:18:25,599 --> 00:18:28,949 Suze: you get the most growth out of your money. Obviously, 323 00:18:28,959 --> 00:18:31,380 Suze: you're gonna have to pay taxes on it later. The 324 00:18:31,390 --> 00:18:33,948 Suze: other thing you can start to do is start converting 325 00:18:33,959 --> 00:18:37,030 Suze: to a Roth. There you go. All right, 326 00:18:38,040 --> 00:18:40,270 KT: We better do another Roth podcast. 327 00:18:40,719 --> 00:18:41,938 Suze: Are you crazy? 328 00:18:42,109 --> 00:18:44,719 KT: Just to remind people how great it is. 329 00:18:45,000 --> 00:18:46,180 Suze: You hate those. 330 00:18:47,089 --> 00:18:50,030 KT: But I think it's just a good reminder. A refresher, 331 00:18:50,040 --> 00:18:52,719 KT: a Roth refresher. That's a good thing. 332 00:18:52,729 --> 00:18:54,040 Suze: I wish you could see my face. 333 00:18:54,050 --> 00:18:58,810 KT: A refresher. We should do that. All right. Everybody from Susan, 334 00:18:59,430 --> 00:19:04,380 KT: I enjoyed the Sunday podcast about managing money successfully in marriage. 335 00:19:04,390 --> 00:19:05,880 KT: Like you and KT. 336 00:19:07,280 --> 00:19:10,050 KT: I just added that part. My husband and I have 337 00:19:10,060 --> 00:19:14,479 KT: been married for 14 years. I manage all of our finances. 338 00:19:14,560 --> 00:19:17,780 KT: I'd like to get my husband more involved. So he 339 00:19:17,790 --> 00:19:21,619 KT: understands what's going on, but he's not interested. He's never 340 00:19:21,630 --> 00:19:25,520 KT: been good about saving money, but I ensure that we do. 341 00:19:25,750 --> 00:19:28,979 KT: We are debt free. We have an eight month emergency 342 00:19:28,989 --> 00:19:32,649 KT: fund and we're on track for retirement. We have about 343 00:19:32,660 --> 00:19:34,420 KT: a million dollars to date. 344 00:19:34,729 --> 00:19:39,079 KT: We are both 46 good for them with kids. Eight 345 00:19:39,089 --> 00:19:42,660 KT: and 11 years old, short of chasing him around with 346 00:19:42,670 --> 00:19:45,420 KT: a laptop. How do I get him more involved so 347 00:19:45,430 --> 00:19:48,260 KT: he can be part of our financial decisions. 348 00:19:49,069 --> 00:19:50,949 KT: You want me to tell you, Suze, 349 00:19:51,959 --> 00:19:56,650 Suze: We're gonna make this. Does he ask KT anything today... 350 00:19:56,959 --> 00:20:00,339 KT: Here's what I would do, Susan, call your husband in, 351 00:20:00,579 --> 00:20:03,409 KT: pour a glass of wine. Say, honey, I need to 352 00:20:03,420 --> 00:20:07,020 KT: tell you something really serious. He'll say what? And then 353 00:20:07,030 --> 00:20:08,459 KT: give him that glass of wine. 354 00:20:09,319 --> 00:20:10,379 KT: We're broke, 355 00:20:11,359 --> 00:20:15,859 KT: we're just broke, then you'll get him more involved in your money. 356 00:20:16,849 --> 00:20:19,208 Suze: Right? So here's what I would tell you to do. 357 00:20:19,920 --> 00:20:23,699 Suze: I would get very serious with him and I would 358 00:20:23,709 --> 00:20:29,199 Suze: play ready... I would play incapacitated or 359 00:20:30,050 --> 00:20:31,910 Suze: death. I'm serious. 360 00:20:31,920 --> 00:20:33,170 KT: They're 46. 361 00:20:33,260 --> 00:20:35,520 Suze: And I would sit down and say, all right, we're 362 00:20:35,530 --> 00:20:37,069 Suze: going to play a game right now. 363 00:20:37,729 --> 00:20:41,189 Suze: I've either been struck by a car and I'm totally incapacitated. 364 00:20:41,199 --> 00:20:43,199 Suze: I can't do anything or I've been killed in a 365 00:20:43,209 --> 00:20:44,589 Suze: car crash. Just play it. 366 00:20:45,250 --> 00:20:49,389 Suze: What would you do first sweetheart? And then give him 367 00:20:49,400 --> 00:20:55,469 Suze: a quiz and write down questions. Where are our accounts? 368 00:20:55,560 --> 00:20:59,520 Suze: What are we invested in? Where would you get the 369 00:20:59,530 --> 00:21:03,380 Suze: money to pay the bills? Every question that you could 370 00:21:03,390 --> 00:21:07,069 Suze: possibly have? Is there enough money? For you to continue 371 00:21:07,079 --> 00:21:10,719 Suze: to live without me bringing in any money, whatever it 372 00:21:10,729 --> 00:21:12,989 Suze: may be and ask him 373 00:21:13,489 --> 00:21:15,270 Suze: he's by himself. Now, 374 00:21:15,979 --> 00:21:19,459 Suze: where would he go? What accounts are the bills paid from? 375 00:21:19,469 --> 00:21:23,739 Suze: How much is everything? Where is the emergency fund? What 376 00:21:23,750 --> 00:21:26,109 Suze: do you do for the kids? How do we hold 377 00:21:26,119 --> 00:21:30,199 Suze: title to the house? Everything? Is there an insurance policy? 378 00:21:30,209 --> 00:21:34,099 Suze: Every possible question that you could think of and when 379 00:21:34,109 --> 00:21:37,079 Suze: he's not able to answer one of them and now 380 00:21:37,089 --> 00:21:40,400 Suze: you give him an F you can then say to him, 381 00:21:40,410 --> 00:21:42,319 Suze: I am no longer joking with you. 382 00:21:43,000 --> 00:21:47,150 Suze: This isn't funny. If something happens to me, you have 383 00:21:47,160 --> 00:21:51,180 Suze: a responsibility to take care of our kids to make 384 00:21:51,189 --> 00:21:54,420 Suze: sure that everything is ok and you cannot be now 385 00:21:54,430 --> 00:21:58,640 Suze: more irresponsible if you tried. If you something happens to you, 386 00:21:58,650 --> 00:22:02,739 Suze: we're fine. If something happens to me, oh, you are screwed. 387 00:22:02,750 --> 00:22:05,060 Suze: So what I want you to do right now is 388 00:22:05,069 --> 00:22:08,300 Suze: make a commitment to me that we're going to figure 389 00:22:08,310 --> 00:22:11,819 Suze: this out together as one and don't joke with him. 390 00:22:11,829 --> 00:22:12,739 Suze: It's not funny. 391 00:22:13,020 --> 00:22:18,319 Suze: It's not funny. Everybody, if you're in this situation with somebody, 392 00:22:18,640 --> 00:22:23,540 Suze: it's just plain stupid if they refuse to partake in 393 00:22:23,550 --> 00:22:28,069 Suze: something that is their lifeline. If something happened to you. 394 00:22:28,079 --> 00:22:28,938 Suze: All right. Go on KT. 395 00:22:29,420 --> 00:22:31,399 KT: Next question from Joseph. 396 00:22:31,750 --> 00:22:35,520 KT: Should I sell my tea bills in my Roth IRA 397 00:22:35,530 --> 00:22:40,939 KT: that mature in November and buy another six month? Or 398 00:22:40,949 --> 00:22:45,448 KT: should I wait until it matures and buy another six month. 399 00:22:45,469 --> 00:22:49,109 KT: So this is important. The end question, the end to 400 00:22:49,119 --> 00:22:52,250 KT: the question is Suze, this is money I will need 401 00:22:52,260 --> 00:22:53,719 KT: in seven months. 402 00:22:54,839 --> 00:22:55,310 KT: So... 403 00:22:55,459 --> 00:22:55,660 Suze: If 404 00:22:55,750 --> 00:22:59,750 Suze: this is money that you're gonna need in seven months, um, 405 00:22:59,760 --> 00:23:03,150 Suze: just wait till November, forget about it. Can you not 406 00:23:03,160 --> 00:23:07,280 Suze: get so tricky with what you're doing? It makes no sense. 407 00:23:07,290 --> 00:23:10,619 Suze: Just wait till it matures. Let's see where interest rates 408 00:23:10,630 --> 00:23:11,909 Suze: are at the time. 409 00:23:12,219 --> 00:23:14,829 Suze: Are you better off doing a six month CD at 410 00:23:14,839 --> 00:23:19,400 Suze: that time or something else? Or even our money market higher? No, just, 411 00:23:19,410 --> 00:23:21,160 Suze: just no, don't 412 00:23:21,349 --> 00:23:24,739 KT: Well, wait till you hear this is... from Lewis other than being 413 00:23:24,750 --> 00:23:27,199 KT: state income tax immune 414 00:23:27,939 --> 00:23:31,569 KT: and being backed by the US government. What advantage does 415 00:23:31,579 --> 00:23:34,800 KT: a treasury note have over a CD? Here's a great 416 00:23:34,810 --> 00:23:36,829 KT: question to follow that previous one. 417 00:23:36,839 --> 00:23:40,599 Suze: So it depends on the length of the treasury note. 418 00:23:40,609 --> 00:23:44,688 Suze: Remember a treasury note, unlike a bill that's usually only 419 00:23:44,699 --> 00:23:48,140 Suze: up to like a year. Anything from that point on 420 00:23:48,150 --> 00:23:51,119 Suze: till 10 years is known as a note. 421 00:23:51,660 --> 00:23:56,560 Suze: And remember, treasuries can be sold on the secondary market. 422 00:23:56,780 --> 00:24:01,119 Suze: So as interest rates go down, the value of your 423 00:24:01,130 --> 00:24:05,750 Suze: treasury note will go up the longer the maturity, 424 00:24:06,160 --> 00:24:09,419 Suze: then the more it will go up. Which is why 425 00:24:09,430 --> 00:24:12,520 Suze: I told you a long time ago, everybody to look 426 00:24:12,530 --> 00:24:19,030 Suze: into buying 2030 year treasury bonds. They are up considerably 427 00:24:19,040 --> 00:24:22,760 Suze: right now in value plus we locked in a higher 428 00:24:22,770 --> 00:24:24,979 Suze: interest rate than what is current 429 00:24:25,520 --> 00:24:29,729 Suze: in a certificate of deposit. You can't really do that. 430 00:24:29,739 --> 00:24:32,709 Suze: A certificate of deposit. In many cases. If you come 431 00:24:32,719 --> 00:24:35,969 Suze: out before the maturity date, there's going to be a 432 00:24:35,979 --> 00:24:39,160 Suze: penalty whether it's three months or six months or whatever, 433 00:24:39,170 --> 00:24:42,979 Suze: it may be that way if it's just a regular CD, 434 00:24:42,989 --> 00:24:46,000 Suze: there are some brokered CDs and things like that, but 435 00:24:46,010 --> 00:24:50,770 Suze: most of you just have regular CDs. So there is 436 00:24:50,780 --> 00:24:55,000 Suze: an advantage over a long term Treasury Note. 437 00:24:55,589 --> 00:24:59,829 Suze: If interest rates do start to go down where you 438 00:24:59,839 --> 00:25:02,670 Suze: then possibly could sell it for a gain. But then 439 00:25:02,680 --> 00:25:05,500 Suze: what are you gonna do with the money? Then possibly 440 00:25:05,510 --> 00:25:08,129 Suze: if there's more money than what you put in and 441 00:25:08,140 --> 00:25:11,390 Suze: even if interest rates are down, then you can invest 442 00:25:11,400 --> 00:25:14,680 Suze: the gain and maybe get the same yield on your money. 443 00:25:14,689 --> 00:25:18,119 Suze: So yeah, Treasury Notes can have an advantage over CDs. 444 00:25:18,500 --> 00:25:19,390 Suze: Next KT. 445 00:25:19,400 --> 00:25:21,890 KT: So I picked this because I want all of you 446 00:25:21,900 --> 00:25:23,689 KT: listening to know one thing. 447 00:25:23,989 --> 00:25:29,229 KT: There's never a wrong question when it comes to money ever. 448 00:25:29,709 --> 00:25:33,959 KT: So this is from Carolyn, Suze, you ready? Carolyn said, 449 00:25:33,969 --> 00:25:37,280 KT: is it ok to purchase a home at the age 450 00:25:37,290 --> 00:25:39,839 KT: of 65 or 66? 451 00:25:40,449 --> 00:25:44,589 Suze: Of course, if you can afford it, girlfriend. So I 452 00:25:44,599 --> 00:25:48,199 Suze: want you to do something which is called Play House. 453 00:25:48,560 --> 00:25:52,060 Suze: So today's podcast is about playing all kinds of things 454 00:25:52,069 --> 00:25:54,859 Suze: to know what it's like when you really do the 455 00:25:54,869 --> 00:25:58,780 Suze: real thing. All right, or the real thing happens, you know, 456 00:25:58,790 --> 00:26:01,540 Suze: you want to purchase a home. So you're going to 457 00:26:01,550 --> 00:26:05,729 Suze: hopefully put at least 20% down. Besides the amount of 458 00:26:05,739 --> 00:26:08,459 Suze: money you're gonna put down. You need to have an 459 00:26:08,469 --> 00:26:11,890 Suze: 8 to 12 month emergency fund. So 460 00:26:12,260 --> 00:26:16,520 Suze: you put 20% down. Let's check that box off. Now, 461 00:26:16,530 --> 00:26:21,109 Suze: let's decide at your age. Truthfully, you should be doing 462 00:26:21,119 --> 00:26:25,020 Suze: a 15 year fixed rate mortgage because you don't still 463 00:26:25,030 --> 00:26:28,280 Suze: want to have a mortgage at the age of 95. 464 00:26:28,290 --> 00:26:30,530 Suze: You want to have it paid off, you know, by 465 00:26:30,540 --> 00:26:36,169 Suze: the time essentially that you're 80. So therefore, look at 466 00:26:36,180 --> 00:26:38,310 Suze: what the mortgage payments would be 467 00:26:38,599 --> 00:26:43,780 Suze: with a 15 year fixed rate mortgage. Just that simple, 468 00:26:44,219 --> 00:26:45,839 Suze: write that amount down. 469 00:26:46,479 --> 00:26:50,339 Suze: Then you also have to do what find out what 470 00:26:50,349 --> 00:26:54,859 Suze: would it cost you in insurance per month on that house. 471 00:26:54,869 --> 00:26:58,130 Suze: Write that amount down, what would it cost you in 472 00:26:58,140 --> 00:27:03,260 Suze: property taxes per month? Write that amount down, what would 473 00:27:03,270 --> 00:27:07,339 Suze: it need in maintenance? Probably another two or $300 a 474 00:27:07,349 --> 00:27:10,270 Suze: month in case something were to go wrong, write that 475 00:27:10,280 --> 00:27:15,020 Suze: amount down, add up all of those amounts 476 00:27:15,390 --> 00:27:18,989 Suze: and let's say they come to $4000 a month. Let's 477 00:27:19,000 --> 00:27:22,729 Suze: just say that's true. And let's say you're currently renting 478 00:27:22,739 --> 00:27:27,649 Suze: right now and your rent is $2000 a month. Subtract 479 00:27:27,660 --> 00:27:32,699 Suze: your rent from the 4000, that would leave you $2000 480 00:27:32,709 --> 00:27:35,020 Suze: that you're gonna have to come up with. So, at 481 00:27:35,030 --> 00:27:38,680 Suze: the beginning of every month for the next six months, 482 00:27:39,229 --> 00:27:43,129 Suze: take that $2000 and put it in a money market 483 00:27:43,140 --> 00:27:47,060 Suze: account or some account paying you interest and see what 484 00:27:47,069 --> 00:27:50,270 Suze: that feels like. Are you late? Can you do it 485 00:27:50,280 --> 00:27:53,140 Suze: at the first of every month? And if you can, 486 00:27:53,150 --> 00:27:56,060 Suze: and it's easy then I got news for you and 487 00:27:56,069 --> 00:27:59,500 Suze: you know that your job is stable, you know, that 488 00:27:59,510 --> 00:28:03,379 Suze: your income will remain for a long time, then yeah, 489 00:28:03,510 --> 00:28:05,979 Suze: you can afford to buy a home. 490 00:28:06,260 --> 00:28:08,569 Suze: And guess what, at the end of those six months, 491 00:28:08,579 --> 00:28:11,000 Suze: you'll have a whole lot of money in this case, 492 00:28:11,010 --> 00:28:15,469 Suze: an additional 12,000 plus interest to put towards the down payment. 493 00:28:15,489 --> 00:28:18,479 Suze: If you find that you can't, it's too difficult. You 494 00:28:18,489 --> 00:28:21,400 Suze: still have money that you saved. All right, KT. Next. 495 00:28:21,410 --> 00:28:25,219 KT: Ok. Next is from Penny. Penny said my spouse and 496 00:28:25,229 --> 00:28:29,160 KT: I are 75 years old. We need to know more 497 00:28:29,170 --> 00:28:32,880 KT: information on different types of insurance policies, 498 00:28:33,229 --> 00:28:37,079 KT: which is the best type of life insurance coverage. Is 499 00:28:37,089 --> 00:28:41,209 KT: it whole life or term? What are the pros and cons? 500 00:28:41,219 --> 00:28:45,770 Suze: So, you know, Penny that your email is "PennyWise." Right. 501 00:28:45,780 --> 00:28:50,449 Suze: That's how, that's what you're calling yourself for this email. Now, 502 00:28:50,459 --> 00:28:52,089 Suze: I don't know if that's your real name 503 00:28:52,390 --> 00:28:55,920 Suze: or, you know, if that's just a name you made up, 504 00:28:55,930 --> 00:29:01,800 Suze: however at the age of 75. Actually speaking, you are 505 00:29:01,810 --> 00:29:07,140 Suze: closer to death when the insurance companies look at your 506 00:29:07,150 --> 00:29:10,180 Suze: age and probably health so whole life 507 00:29:10,479 --> 00:29:14,760 Suze: insurance is going to be so expensive. I can't tell you. 508 00:29:14,910 --> 00:29:19,229 Suze: I don't know why you actually need insurance. Hopefully, at 509 00:29:19,239 --> 00:29:23,790 Suze: this point in your life, nobody is financially dependent on 510 00:29:23,800 --> 00:29:27,260 Suze: either of you if you're dependent on your spouse or 511 00:29:27,270 --> 00:29:28,459 Suze: vice versa. 512 00:29:28,949 --> 00:29:31,469 Suze: Now, maybe we're gonna have a little bit of problems, 513 00:29:31,479 --> 00:29:34,839 Suze: but term insurance at this point would be the only 514 00:29:34,849 --> 00:29:35,959 Suze: way to go. All 515 00:29:35,969 --> 00:29:36,339 Suze: right, 516 00:29:36,560 --> 00:29:40,040 KT: Suze. Next question is from Jennifer. Hi, Suze. What do 517 00:29:40,050 --> 00:29:44,589 KT: you think of paper trading so I can practice. What's 518 00:29:44,599 --> 00:29:46,329 KT: your opinion on this, Suze? 519 00:29:46,670 --> 00:29:50,089 Suze: I don't think it's a bad idea at all. Where, 520 00:29:50,099 --> 00:29:54,089 Suze: what is she talking about? Everybody? You pretend on paper 521 00:29:54,099 --> 00:29:58,609 Suze: that you bought stock or ETFs you also should all 522 00:29:58,619 --> 00:30:01,160 Suze: pretend that you start with a certain amount of money, 523 00:30:01,170 --> 00:30:04,280 Suze: let's just say $25,000. And 524 00:30:04,364 --> 00:30:07,005 Suze: what are the five or 10 or 12 stocks or 525 00:30:07,015 --> 00:30:10,104 Suze: ETF that you're going to invest in? How much of that? 526 00:30:10,114 --> 00:30:14,064 Suze: 25,000 did you invest the first month at what price? 527 00:30:14,285 --> 00:30:16,864 Suze: And then when do you dollar cost average again? And 528 00:30:16,875 --> 00:30:19,464 Suze: just on paper track it? All right. 529 00:30:19,675 --> 00:30:21,935 KT: This is my last one from Hari. 530 00:30:22,209 --> 00:30:26,229 KT: Hello, KT and Suze. Thank you for the very informative 531 00:30:26,239 --> 00:30:31,869 KT: podcast every week. You suggested adding kids as authorized users 532 00:30:31,880 --> 00:30:35,680 KT: to help their credit score. We both have excellent credit 533 00:30:35,689 --> 00:30:39,969 KT: scores above 800. Do both parents need to add the 534 00:30:39,979 --> 00:30:43,459 KT: kids in each of their credit card or one of 535 00:30:43,469 --> 00:30:46,310 KT: the parents accounts is good enough. 536 00:30:46,319 --> 00:30:48,890 Suze: Probably one is good enough. But 537 00:30:49,729 --> 00:30:52,479 Suze: KT and I would always tell you two is better 538 00:30:52,489 --> 00:30:54,989 Suze: than one. And why do we say that? 539 00:30:55,219 --> 00:30:55,890 KT: I'm a twin 540 00:30:56,209 --> 00:30:59,939 Suze: So we had little caps made two better than one. 541 00:31:00,150 --> 00:31:03,540 Suze: So truthfully, Hari, you could both do it if you want. 542 00:31:03,650 --> 00:31:06,239 Suze: But the truth of the matter is do it on 543 00:31:06,250 --> 00:31:10,380 Suze: all your credit cards, not just one. All right. So 544 00:31:10,390 --> 00:31:13,209 Suze: here we are. Are we all packed, our plane is 545 00:31:13,219 --> 00:31:15,670 Suze: at three to go back to the mainland, 546 00:31:16,150 --> 00:31:17,199 KT: Almost packed. 547 00:31:17,229 --> 00:31:18,160 Suze: Almost packed? 548 00:31:20,209 --> 00:31:20,930 KT: I have all day, 549 00:31:20,979 --> 00:31:24,160 Suze: All day to pack because, well, truthfully, you shouldn't be 550 00:31:24,170 --> 00:31:27,250 Suze: taking anything back because we're doing... 551 00:31:27,260 --> 00:31:30,349 KT: I am taking a few things, bathing suit, goggles, things I 552 00:31:30,359 --> 00:31:34,050 KT: need in Spain. I'm jumping in the Med everyone. 553 00:31:34,060 --> 00:31:35,439 Suze: All right. She's jumping in the Med. 554 00:31:35,479 --> 00:31:37,010 KT: No sharks, you know. 555 00:31:37,479 --> 00:31:41,239 Suze: All right. So then until Sunday we'll see what happens 556 00:31:41,250 --> 00:31:43,530 Suze: since we'll be on our way to Spain, what we're 557 00:31:43,540 --> 00:31:44,839 Suze: gonna do for Sunday. 558 00:31:45,109 --> 00:31:47,550 Suze: But until then there's only really one thing that we 559 00:31:47,560 --> 00:31:50,150 Suze: want you to remember when it comes to your money. 560 00:31:50,160 --> 00:31:51,410 Suze: And that is what KT? 561 00:31:51,420 --> 00:31:54,130 KT: People first, money and things. 562 00:31:54,160 --> 00:31:58,560 Suze: You stay safe and healthy and you will be what? Unstoppable.