1 00:00:28,510 --> 00:00:35,010 Suze: March 16th, 2023. Welcome everybody to the Women and Money 2 00:00:35,010 --> 00:00:39,100 Suze: podcast as well as everybody smart enough to listen. I 3 00:00:39,100 --> 00:00:43,099 Suze: know you're wondering, but where's KT's voice? Your very special 4 00:00:43,110 --> 00:00:44,870 Suze: favorite person, isn't she? 5 00:00:45,940 --> 00:00:49,140 Suze: We're not here today with her. And why is that? 6 00:00:49,400 --> 00:00:54,260 Suze: That is because so much has happened since last Thursday. 7 00:00:54,270 --> 00:00:58,560 Suze: It's not even funny and I want to talk to 8 00:00:58,560 --> 00:01:04,040 Suze: you about all the changes that are absolutely taking place 9 00:01:04,040 --> 00:01:08,760 Suze: that what? That directly affect all of you. 10 00:01:09,440 --> 00:01:13,220 Suze: So let's begin. The very first thing I want to 11 00:01:13,220 --> 00:01:16,860 Suze: say to all of you is, if you have money 12 00:01:16,860 --> 00:01:21,850 Suze: in any bank or any credit union and you're within 13 00:01:21,950 --> 00:01:24,270 Suze: the F D I C or the N C U 14 00:01:24,270 --> 00:01:30,300 Suze: A for credit union insurance guidelines, you have absolutely nothing 15 00:01:30,310 --> 00:01:35,970 Suze: to worry about. You are fine and a little bit later, 16 00:01:35,970 --> 00:01:37,940 Suze: I will once again explain 17 00:01:38,240 --> 00:01:41,000 Suze: how F D I C and N C U A 18 00:01:41,010 --> 00:01:44,910 Suze: insurance happens to work, just to make sure that you 19 00:01:44,910 --> 00:01:47,690 Suze: all really, really understand it. 20 00:01:48,610 --> 00:01:51,440 Suze: But what happened with the closure 21 00:01:52,080 --> 00:01:56,210 Suze: of three banks here in the United States as well 22 00:01:56,210 --> 00:02:00,810 Suze: as Credit Suisse really having trouble overseas. 23 00:02:02,180 --> 00:02:07,320 Suze: Now, the feds are totally confused as to, will they 24 00:02:07,320 --> 00:02:13,540 Suze: continue to raise interest rates on Wednesday or will they 25 00:02:13,550 --> 00:02:14,330 Suze: not 26 00:02:14,960 --> 00:02:19,730 Suze: Because interest rates were going up, that was one of 27 00:02:19,730 --> 00:02:24,150 Suze: the problems of what happened with S V B Silicon 28 00:02:24,150 --> 00:02:30,220 Suze: Valley Bank, which I explained in last Sunday's podcast. So 29 00:02:30,220 --> 00:02:33,859 Suze: now the feds are in a very precarious situation. 30 00:02:34,590 --> 00:02:38,080 Suze: Do they continue to raise interest rates which would maybe 31 00:02:38,080 --> 00:02:44,040 Suze: possibly make other banks have problems or do they continue 32 00:02:44,040 --> 00:02:47,750 Suze: to fight inflation, because even though the inflation numbers came 33 00:02:47,750 --> 00:02:51,660 Suze: in a little bit less, they came in hardly anything 34 00:02:51,669 --> 00:02:55,920 Suze: less in comparison truthfully to just a month or two ago. 35 00:02:56,330 --> 00:03:00,060 Suze: So are they going to choose to fight inflation and 36 00:03:00,060 --> 00:03:01,550 Suze: continue to do that 37 00:03:01,810 --> 00:03:04,600 Suze: Or are they going to take a pause here 38 00:03:05,460 --> 00:03:11,280 Suze: and really keep everything safe and sound given what has happened? 39 00:03:11,940 --> 00:03:17,459 Suze: Because everything is so confusing that way, you have seen 40 00:03:17,470 --> 00:03:22,460 Suze: if you're looking at it, the interest rates on three month, 41 00:03:22,470 --> 00:03:29,709 Suze: six month, one year and so forth treasuries, absolutely plummet. 42 00:03:29,790 --> 00:03:32,310 Suze: They have gone down a lot. 43 00:03:33,200 --> 00:03:36,930 Suze: And so therefore just a week ago when you could 44 00:03:36,930 --> 00:03:43,220 Suze: have gotten over 5.1 or 5.2% on a six-month treasury. Now, 45 00:03:43,220 --> 00:03:45,870 Suze: all you're getting is like 4.62%. 46 00:03:47,300 --> 00:03:53,410 Suze: On a three month treasury as we speak. You're getting 4.708%. 47 00:03:53,660 --> 00:03:59,870 Suze: And on a one year treasury, currently, you're getting 4.167% 48 00:04:00,320 --> 00:04:04,020 Suze: those rates are down significantly. 49 00:04:05,010 --> 00:04:09,940 Suze: So, therefore, the strategy of what we've had in place 50 00:04:09,950 --> 00:04:13,380 Suze: has also seriously changed. 51 00:04:14,070 --> 00:04:17,940 Suze: If none of this had happened with the banks, then 52 00:04:17,940 --> 00:04:23,290 Suze: staying short term in our maturities. Three and six month 53 00:04:23,300 --> 00:04:29,110 Suze: certificates or three and six month treasuries was absolutely the 54 00:04:29,110 --> 00:04:30,070 Suze: way to go 55 00:04:30,670 --> 00:04:33,940 Suze: because we knew that the feds were going to continue 56 00:04:33,940 --> 00:04:36,969 Suze: to raise rates. We knew that interest rates on short 57 00:04:36,970 --> 00:04:38,760 Suze: term things would be going up 58 00:04:39,320 --> 00:04:42,390 Suze: and eventually we would switch to long term. 59 00:04:43,060 --> 00:04:46,089 Suze: Well, we now have to put a pin in that 60 00:04:46,089 --> 00:04:50,180 Suze: strategy and now I want you to go out a 61 00:04:50,180 --> 00:04:56,279 Suze: little bit longer term. So to that end, I had 62 00:04:56,290 --> 00:05:01,479 Suze: a very long talk with Dennis Devine of Alliant Credit Union. 63 00:05:02,160 --> 00:05:06,170 Suze: And because it is really important that all of your 64 00:05:06,170 --> 00:05:09,870 Suze: money is absolutely safe and sound. 65 00:05:10,830 --> 00:05:15,400 Suze: It has been decided that we will be lowering interest rates, 66 00:05:15,400 --> 00:05:20,170 Suze: Alliant Credit Union starting today, will be lowering the interest 67 00:05:20,170 --> 00:05:25,380 Suze: rate on the three month certificate of deposit to 4.50% 68 00:05:26,020 --> 00:05:34,720 Suze: And 4.75% on the six-month certificate of deposit. However, 69 00:05:35,589 --> 00:05:40,150 Suze: because I want you to go out a little longer 70 00:05:40,150 --> 00:05:41,539 Suze: term right now, 71 00:05:42,390 --> 00:05:47,350 Suze: Alliant Credit Union via Dennis Devine agreed that they would 72 00:05:47,350 --> 00:05:52,740 Suze: do a one year certificate of deposit for 5%. 73 00:05:53,450 --> 00:05:57,480 Suze: I just want you to think about that for a second. 5% 74 00:05:57,480 --> 00:06:00,000 Suze: for a one-year certificate of deposit 75 00:06:00,670 --> 00:06:08,310 Suze: vs 4.167% currently right around there for a one year treasury. 76 00:06:09,210 --> 00:06:12,500 Suze: So that is a big deal. 77 00:06:13,240 --> 00:06:16,560 Suze: That's number one, number two, 78 00:06:17,190 --> 00:06:20,650 Suze: I have wanted them and you know, that you weren't 79 00:06:20,660 --> 00:06:24,000 Suze: able to do this before, I had wanted you to 80 00:06:24,000 --> 00:06:28,620 Suze: be able to buy short term certificates of deposit within 81 00:06:28,630 --> 00:06:32,080 Suze: a retirement account as well as if you wanted to 82 00:06:32,089 --> 00:06:32,969 Suze: long term. 83 00:06:33,670 --> 00:06:37,400 Suze: And I wanted you to be able to have a 84 00:06:37,400 --> 00:06:41,870 Suze: retirement account that was just for safe money. Not, were 85 00:06:41,870 --> 00:06:44,350 Suze: you invested in the stock market? Not where you were 86 00:06:44,350 --> 00:06:49,150 Suze: able to buy anything except safe, safe money, like a 87 00:06:49,150 --> 00:06:52,839 Suze: certificate of deposit, period. 88 00:06:53,500 --> 00:06:59,810 Suze: Well, now starting today, if you want, you can open 89 00:06:59,820 --> 00:07:04,620 Suze: up a Roth IRA, you can open up a traditional IRA. 90 00:07:04,870 --> 00:07:09,730 Suze: You can do an IRA rollover if you want, you 91 00:07:09,730 --> 00:07:13,060 Suze: can do a Roth IRA rollover if you want. 92 00:07:13,500 --> 00:07:17,460 Suze: And if you want to follow my advice, you could 93 00:07:17,470 --> 00:07:23,140 Suze: also do the one year certificate of deposit within that 94 00:07:23,150 --> 00:07:24,810 Suze: retirement account. 95 00:07:25,340 --> 00:07:30,660 Suze: Again, remember for those of you who want your money protected. 96 00:07:30,730 --> 00:07:33,340 Suze: For those of you who want to know that there 97 00:07:33,340 --> 00:07:37,710 Suze: is insurance backing your money so that nothing could happen 98 00:07:37,710 --> 00:07:38,330 Suze: to it. 99 00:07:39,040 --> 00:07:43,120 Suze: Then this is the retirement account that I want you 100 00:07:43,130 --> 00:07:47,530 Suze: to use period for safe money. 101 00:07:48,400 --> 00:07:51,590 Suze: Now, while it is true, I've been telling all of 102 00:07:51,590 --> 00:07:52,090 Suze: you 103 00:07:52,790 --> 00:07:56,410 Suze: that if you have C D s that are outside 104 00:07:56,410 --> 00:07:59,850 Suze: of a retirement account and you live in a high 105 00:07:59,860 --> 00:08:04,380 Suze: income tax state, you personally, a week ago would have 106 00:08:04,380 --> 00:08:10,240 Suze: been better off doing treasuries. Within a retirement account. 107 00:08:11,020 --> 00:08:16,620 Suze: it makes no difference whatsoever what state you live in 108 00:08:16,770 --> 00:08:22,440 Suze: because of the tax structures of retirement accounts, especially Roth 109 00:08:22,440 --> 00:08:27,510 Suze: retirement accounts, which are absolutely tax free if you just 110 00:08:27,520 --> 00:08:29,440 Suze: follow the guidelines on it. 111 00:08:30,180 --> 00:08:35,040 Suze: Therefore, for those of you who are out there and 112 00:08:35,040 --> 00:08:37,730 Suze: you don't want to be partaking in the stock market, 113 00:08:37,740 --> 00:08:41,580 Suze: which is absolutely horrific. But we said it was going 114 00:08:41,580 --> 00:08:42,630 Suze: to be horrific. 115 00:08:43,540 --> 00:08:46,100 Suze: We said there really would be no place for you 116 00:08:46,100 --> 00:08:47,600 Suze: to run or hide 117 00:08:48,350 --> 00:08:51,570 Suze: and it is coming to pass right now. Now, I 118 00:08:51,570 --> 00:08:53,770 Suze: think it is possible that maybe you'll see it go 119 00:08:53,770 --> 00:08:56,360 Suze: up next week or two. But as I've said in 120 00:08:56,360 --> 00:09:00,020 Suze: previous podcasts, I do not think that this is the 121 00:09:00,020 --> 00:09:03,040 Suze: bottom yet. I told you that I wanted to see 122 00:09:03,040 --> 00:09:05,860 Suze: certain things happen and they haven't happened yet. 123 00:09:06,370 --> 00:09:08,699 Suze: So let's say that you are out there 124 00:09:09,250 --> 00:09:14,580 Suze: and you have money that's in a retirement account somewhere else. 125 00:09:14,590 --> 00:09:18,280 Suze: Or you want to open up a retirement account and 126 00:09:18,280 --> 00:09:22,059 Suze: you just want that money safe and sound. 127 00:09:22,740 --> 00:09:25,120 Suze: And I think you will find it very difficult to 128 00:09:25,120 --> 00:09:31,880 Suze: beat a one-year certificate of deposit at 5%. 129 00:09:32,720 --> 00:09:34,839 Suze: So I encourage all of you 130 00:09:35,650 --> 00:09:39,610 Suze: that you should really take Alliant Credit Union up on 131 00:09:39,620 --> 00:09:40,710 Suze: that offer 132 00:09:41,330 --> 00:09:45,010 Suze: Now, just a week or two ago when we came 133 00:09:45,020 --> 00:09:50,900 Suze: out with the original certificates of deposit at great interest rates. Obviously, 134 00:09:50,900 --> 00:09:55,150 Suze: that didn't last long. Why? Because of what was happening 135 00:09:55,160 --> 00:10:00,860 Suze: with banks and interest rates. As of last weekend, many 136 00:10:00,860 --> 00:10:03,890 Suze: of you were lucky enough to get in to those rates. 137 00:10:03,900 --> 00:10:05,510 Suze: So you're doing great. 138 00:10:06,040 --> 00:10:09,780 Suze: I don't know how long these rates that I just 139 00:10:09,790 --> 00:10:14,700 Suze: announced today are going to last because if more banks 140 00:10:14,700 --> 00:10:18,490 Suze: happen to go into failure, if things happen that way... 141 00:10:19,440 --> 00:10:21,980 Suze: Well, they may have to lower these rates. But if 142 00:10:21,980 --> 00:10:26,310 Suze: you take advantage of these offers right now, you know, 143 00:10:26,309 --> 00:10:30,040 Suze: you will be getting 5% for one year. 144 00:10:30,900 --> 00:10:35,130 Suze: Now, one of the reasons that I chose Alliant Credit 145 00:10:35,130 --> 00:10:39,900 Suze: Union to be my partner for these past three years, 146 00:10:39,910 --> 00:10:44,300 Suze: for all of you is because I'm able to work 147 00:10:44,300 --> 00:10:47,690 Suze: with them like this and bring to you what I 148 00:10:47,690 --> 00:10:50,300 Suze: think you really need. 149 00:10:50,920 --> 00:10:54,380 Suze: And I think we need to alter what we were 150 00:10:54,380 --> 00:10:58,660 Suze: doing from short term treasuries or short term C D 151 00:10:58,660 --> 00:11:00,990 Suze: s to now, one year, 152 00:11:01,670 --> 00:11:06,250 Suze: But a one year CD at 5% is very, very 153 00:11:06,250 --> 00:11:11,360 Suze: difficult to pass up for safe money, especially if you 154 00:11:11,360 --> 00:11:13,339 Suze: are in a retirement account. 155 00:11:13,990 --> 00:11:17,110 Suze: So if you happen to have retirement accounts, places that 156 00:11:17,110 --> 00:11:18,120 Suze: are elsewhere 157 00:11:18,750 --> 00:11:21,150 Suze: and you just want it safe and sound 158 00:11:22,250 --> 00:11:25,160 Suze: and you want to know that the institution is safe 159 00:11:25,170 --> 00:11:28,130 Suze: and sound and I can tell you that Alliant Credit 160 00:11:28,130 --> 00:11:31,189 Suze: Union is safe and sound, 161 00:11:32,010 --> 00:11:36,199 Suze: then you should absolutely take them up on this offer. 162 00:11:36,390 --> 00:11:39,309 Suze: Let me be clear. I do not make one penny 163 00:11:39,320 --> 00:11:42,290 Suze: if you take them up on this offer or not. 164 00:11:42,840 --> 00:11:47,220 Suze: Alliant Credit Union simply sponsors my podcast. What you do 165 00:11:47,220 --> 00:11:51,260 Suze: with them after that is between you and Alliant Credit Union, 166 00:11:51,270 --> 00:11:55,349 Suze: but I'm always looking out for you. And so is 167 00:11:55,360 --> 00:12:01,069 Suze: Dennis Devine the CEO of Alliant Credit Union. So here 168 00:12:01,080 --> 00:12:04,500 Suze: are your instructions - very simple. 169 00:12:05,750 --> 00:12:09,860 Suze: If you are already a member of Alliant Credit Union, 170 00:12:10,630 --> 00:12:14,540 Suze: and you would like to open up an IRA or 171 00:12:14,550 --> 00:12:18,040 Suze: a Roth I R A and take advantage of the 172 00:12:18,040 --> 00:12:22,920 Suze: one year certificate of deposit, for instance, then go to 173 00:12:22,920 --> 00:12:26,390 Suze: My Alliant dot com and you will see right there 174 00:12:26,400 --> 00:12:30,110 Suze: all the instructions that you need to know if you 175 00:12:30,110 --> 00:12:34,140 Suze: want help with it. Remember, we have a helpline just 176 00:12:34,140 --> 00:12:38,150 Suze: for Women and Money podcast listeners. All of you write 177 00:12:38,160 --> 00:12:39,069 Suze: this down, 178 00:12:39,350 --> 00:12:44,130 Suze: it's Suze S U Z E help at Alliant Credit 179 00:12:44,140 --> 00:12:48,510 Suze: Union dot com. So if you're already a member of 180 00:12:48,510 --> 00:12:52,319 Suze: Alliant Credit Union and you want to, and you should 181 00:12:52,320 --> 00:12:55,770 Suze: want to take advantage of the one year certificate of 182 00:12:55,770 --> 00:13:01,550 Suze: deposit at 5% within a retirement account, go there and 183 00:13:01,550 --> 00:13:04,490 Suze: it will tell you exactly what you need to do 184 00:13:05,240 --> 00:13:10,319 Suze: if you are not a member of Alliant Credit Union 185 00:13:10,330 --> 00:13:14,480 Suze: and you want to open up a certificate of deposit 186 00:13:14,480 --> 00:13:18,660 Suze: within an I R A. You also go to My 187 00:13:18,670 --> 00:13:23,670 Suze: Alliant dot com and follow the directions there. You will 188 00:13:23,679 --> 00:13:26,120 Suze: open up an account, you will choose what type of 189 00:13:26,120 --> 00:13:29,740 Suze: retirement account you want. And then what we have done 190 00:13:30,100 --> 00:13:32,230 Suze: is we have made it that you will talk to 191 00:13:32,230 --> 00:13:35,490 Suze: somebody just to make sure that you are doing exactly 192 00:13:35,500 --> 00:13:37,339 Suze: what you want to do. 193 00:13:38,020 --> 00:13:42,290 Suze: If you are not a member of Alliant Credit Union 194 00:13:42,300 --> 00:13:47,750 Suze: or even if you are a member of Alliant Credit Union, 195 00:13:47,760 --> 00:13:51,420 Suze: and you want to take advantage of the three month, 196 00:13:51,429 --> 00:13:57,620 Suze: this six month, but hopefully the one year certificate at 5% 197 00:13:57,630 --> 00:14:02,079 Suze: and you don't want to do a retirement account, 198 00:14:02,320 --> 00:14:07,360 Suze: then you would go to My Alliant A L L 199 00:14:07,370 --> 00:14:12,329 Suze: I A N T dot com slash Ultimate and then 200 00:14:12,330 --> 00:14:15,760 Suze: you will do it right there. So there are two 201 00:14:15,760 --> 00:14:19,900 Suze: different sets of instructions if you want to be part 202 00:14:19,910 --> 00:14:22,980 Suze: of the retirement plans or if you just want the 203 00:14:22,980 --> 00:14:25,480 Suze: C D outside of a retirement plan 204 00:14:25,860 --> 00:14:31,060 Suze: Again, you can replay this podcast for those directions and 205 00:14:31,060 --> 00:14:35,000 Suze: when you go there, you will find exactly what you need, 206 00:14:35,080 --> 00:14:37,550 Suze: Once again, just so we're clear 207 00:14:38,450 --> 00:14:42,490 Suze: the new interest rates on the three month C D 208 00:14:42,500 --> 00:14:48,440 Suze: is 4.5% A P Y as of today, March 16th, 209 00:14:48,830 --> 00:14:54,250 Suze: the six month is 4.75% A P Y and the 210 00:14:54,250 --> 00:14:59,300 Suze: one year is 5%. I am telling all of you 211 00:14:59,310 --> 00:15:02,360 Suze: I really think you should go at this point in 212 00:15:02,360 --> 00:15:06,700 Suze: time for the one year at 5%. 213 00:15:07,120 --> 00:15:10,200 Suze: For those of you who got T bills before or 214 00:15:10,200 --> 00:15:12,990 Suze: shorter term certificates. You're fine. 215 00:15:13,770 --> 00:15:18,260 Suze: Now we have diversification because nobody knows where interest rates 216 00:15:18,270 --> 00:15:21,710 Suze: are going to go. But this will cover us at 217 00:15:21,720 --> 00:15:27,020 Suze: this period of time. I briefly want to touch on NCUA 218 00:15:28,540 --> 00:15:32,350 Suze: insurance which is for credit unions as well as F 219 00:15:32,350 --> 00:15:37,100 Suze: D I C insurance, which is for banks. Just so 220 00:15:37,100 --> 00:15:41,360 Suze: you understand exactly how it works 221 00:15:42,310 --> 00:15:44,540 Suze: when you are in an individual 222 00:15:45,690 --> 00:15:49,540 Suze: and you open up an account and you buy a 223 00:15:49,540 --> 00:15:54,790 Suze: certificate of deposit, whether it's at a credit union or 224 00:15:54,800 --> 00:15:59,820 Suze: a bank and you do not list any beneficiaries on it, 225 00:16:00,630 --> 00:16:07,560 Suze: Then you automatically have $250,000 of insurance in both cases. 226 00:16:08,390 --> 00:16:12,640 Suze: If you decide to list a beneficiary who is to 227 00:16:12,640 --> 00:16:14,450 Suze: get that money if you were to die. 228 00:16:15,180 --> 00:16:18,100 Suze: And you only list one beneficiary, 229 00:16:18,970 --> 00:16:26,440 Suze: You then still only have $250,000 of insurance. If however 230 00:16:26,440 --> 00:16:33,550 Suze: you list two beneficiaries. Now you have $500,000 of insurance. 231 00:16:33,880 --> 00:16:40,270 Suze: If you list three beneficiaries, you have $750,000 of insurance 232 00:16:40,450 --> 00:16:44,490 Suze: and it keeps going up depending on how many beneficiaries 233 00:16:44,500 --> 00:16:46,390 Suze: you happen to list. 234 00:16:47,610 --> 00:16:51,330 Suze: Obviously, if you open up a retirement account, 235 00:16:51,980 --> 00:16:55,250 Suze: you cannot open up a retirement account in any other 236 00:16:55,250 --> 00:16:59,100 Suze: name other than your own. An I R A stands 237 00:16:59,100 --> 00:17:04,440 Suze: for individual retirement account. So you can't own it in 238 00:17:04,440 --> 00:17:08,640 Suze: joint with somebody else, you can't own it as a business, 239 00:17:08,690 --> 00:17:12,210 Suze: you can't own it as a trust. So it's your 240 00:17:12,220 --> 00:17:15,040 Suze: individual retirement account 241 00:17:15,790 --> 00:17:19,140 Suze: And you are insured, let's just say you open up 242 00:17:19,150 --> 00:17:23,260 Suze: an IRA whether it's a Roth or traditional, traditional means 243 00:17:23,260 --> 00:17:28,060 Suze: its pretax, with Alliant Credit Union. And you happen to 244 00:17:28,060 --> 00:17:33,870 Suze: not name a beneficiary. You have up to $250,000 of insurance. 245 00:17:33,910 --> 00:17:41,290 Suze: You name one beneficiary, you still only have $250,000 of insurance. 246 00:17:41,990 --> 00:17:45,510 Suze: For every beneficiary you name after that, 247 00:17:45,980 --> 00:17:52,610 Suze: it's 250 for 1, 500 for 2, 750 for 3, 1 248 00:17:52,609 --> 00:17:56,530 Suze: million for four and so forth. If you make the 249 00:17:56,530 --> 00:18:00,860 Suze: trust that you have as the beneficiary of a retirement 250 00:18:00,869 --> 00:18:05,820 Suze: account or a regular CD account doesn't matter. 251 00:18:06,260 --> 00:18:10,200 Suze: You also have insurance in that same way up to 252 00:18:10,200 --> 00:18:16,359 Suze: a maximum of five beneficiaries that you have named in 253 00:18:16,369 --> 00:18:20,840 Suze: your trust. If you have more than five beneficiaries, then 254 00:18:20,840 --> 00:18:24,920 Suze: you need to talk to your financial institution about that. 255 00:18:25,530 --> 00:18:30,320 Suze: That is how insurance works. Now, obviously, outside of a 256 00:18:30,320 --> 00:18:31,590 Suze: retirement account, 257 00:18:32,440 --> 00:18:35,149 Suze: I told you how it works as you're an individual. 258 00:18:35,170 --> 00:18:39,660 Suze: So you could at a bank or credit union have 259 00:18:39,670 --> 00:18:45,120 Suze: an individual account, your spouse could have an individual account 260 00:18:45,130 --> 00:18:45,939 Suze: as well, 261 00:18:46,410 --> 00:18:53,399 Suze: and you each would have 250,000 and then $250,000 on 262 00:18:53,410 --> 00:18:58,899 Suze: every beneficiary. Remember you do not get 250,000 on yourself 263 00:18:58,910 --> 00:19:02,490 Suze: and another 250,000 on just one beneficiary. 264 00:19:03,650 --> 00:19:06,830 Suze: If you have one beneficiary, it's just on the beneficiaries. 265 00:19:07,609 --> 00:19:11,850 Suze: Got that everybody? So you each could do that. One 266 00:19:11,850 --> 00:19:14,040 Suze: could have an individual account, the other could have an 267 00:19:14,050 --> 00:19:17,949 Suze: individual account. You can open up a joint account and 268 00:19:17,950 --> 00:19:22,320 Suze: still do that. You could open up a trust account 269 00:19:22,330 --> 00:19:25,760 Suze: and still do that. There's all different ways to get 270 00:19:25,760 --> 00:19:28,280 Suze: a whole bunch of insurance 271 00:19:28,680 --> 00:19:35,109 Suze: by different categories. But again, for individual retirement accounts, it's 272 00:19:35,109 --> 00:19:38,880 Suze: just in your individual name. So you have to know 273 00:19:39,359 --> 00:19:44,800 Suze: exactly that you've named the right beneficiaries to cover you 274 00:19:44,869 --> 00:19:48,000 Suze: for the insurance that you want. 275 00:19:48,359 --> 00:19:52,510 Suze: That is a very quick synopsis as to how F 276 00:19:52,510 --> 00:19:57,250 Suze: D I C insurance for banks, NCUA insurance for credit unions 277 00:19:57,260 --> 00:19:59,550 Suze: happen to work. 278 00:20:00,410 --> 00:20:05,790 Suze: So if again, you have money within the insurance limits 279 00:20:05,800 --> 00:20:08,020 Suze: of whether it's a bank or a credit union, you 280 00:20:08,020 --> 00:20:10,980 Suze: are not to panic, you are not to change anything. 281 00:20:10,990 --> 00:20:14,119 Suze: You are 100% fine. 282 00:20:14,880 --> 00:20:19,090 Suze: But if you want to take advantage of that 5%, 283 00:20:19,100 --> 00:20:21,450 Suze: 1 year yield 284 00:20:21,900 --> 00:20:25,179 Suze: on a one year certificate of deposit with Alliant Credit 285 00:20:25,180 --> 00:20:29,800 Suze: Union inside a retirement account or outside, this is the 286 00:20:29,800 --> 00:20:32,500 Suze: time to do it because I do not know how 287 00:20:32,500 --> 00:20:37,710 Suze: long this will last and it takes time for money 288 00:20:37,710 --> 00:20:41,040 Suze: to transfer, especially if you have money sitting somewhere and 289 00:20:41,040 --> 00:20:44,040 Suze: now you want to transfer it your IRA to Alliant 290 00:20:44,040 --> 00:20:47,160 Suze: Credit Union. And I actually suggest you do so if 291 00:20:47,160 --> 00:20:50,000 Suze: you want to do that, it takes time. 292 00:20:50,420 --> 00:20:53,590 Suze: And there are people that wanted to take advantage of 293 00:20:53,600 --> 00:20:58,629 Suze: the 5%, for instance, six-month certificate of deposit that were 294 00:20:58,640 --> 00:21:04,710 Suze: transferring funds from somewhere else. If you're money hasn't already transferred, 295 00:21:04,800 --> 00:21:08,870 Suze: then you're not going to get to participate in that 5%. 296 00:21:08,880 --> 00:21:13,280 Suze: For the six month. Your new rate will be 4.75%. 297 00:21:13,280 --> 00:21:17,680 Suze: So therefore, for those of you who now are still 298 00:21:17,690 --> 00:21:19,310 Suze: transferring money 299 00:21:20,450 --> 00:21:24,670 Suze: and you wanted the 5% 6 month rate. I am 300 00:21:24,670 --> 00:21:28,690 Suze: advising all of you when your money transfers do the 301 00:21:28,690 --> 00:21:34,920 Suze: one year 5% rate. Got that everybody? So please just 302 00:21:34,920 --> 00:21:38,800 Suze: don't sit on this because again, who knows what's gonna happen? 303 00:21:38,810 --> 00:21:41,530 Suze: Who knows what the feds are gonna do? Who knows 304 00:21:41,530 --> 00:21:43,570 Suze: how many other banks may fail 305 00:21:44,150 --> 00:21:48,330 Suze: and anything can happen. But this is our game plan 306 00:21:48,330 --> 00:21:50,060 Suze: for now. 307 00:21:51,600 --> 00:21:58,110 Suze: Sunday will be Sheila Bair chairman of the FDIC during 308 00:21:58,109 --> 00:22:03,750 Suze: 2008 when over 400 banks closed, you are going to 309 00:22:03,750 --> 00:22:08,160 Suze: want to hear what she has to say because again, nope, 310 00:22:08,180 --> 00:22:13,650 Suze: nobody knows better than Sheila Bair. I promise you that. 311 00:22:13,660 --> 00:22:17,260 Suze: Not even me, believe it or not. You might want 312 00:22:17,260 --> 00:22:20,500 Suze: to catch me on CNN tomorrow night at six o'clock 313 00:22:20,510 --> 00:22:24,060 Suze: East coast time. I'm on with Wolf Blitzer. I actually 314 00:22:24,070 --> 00:22:27,830 Suze: love him and I've been all over the place. My 315 00:22:27,830 --> 00:22:30,760 Suze: phone has been ringing off the hook with, what do 316 00:22:30,760 --> 00:22:33,310 Suze: I think? What do I think we should do? These 317 00:22:33,320 --> 00:22:37,270 Suze: are crazy times. So therefore, 318 00:22:37,619 --> 00:22:40,820 Suze: let's put a little bit of financial peace in our 319 00:22:40,820 --> 00:22:45,139 Suze: life and put our money somewhere where it's safe, sound 320 00:22:45,190 --> 00:22:48,150 Suze: and insured at one of the highest interest rates that 321 00:22:48,150 --> 00:22:52,240 Suze: you can get anywhere. So as you know, I end 322 00:22:52,240 --> 00:22:53,430 Suze: every podcast 323 00:22:54,170 --> 00:22:59,510 Suze: with KT or without KT by saying the following: today, 324 00:22:59,880 --> 00:23:04,460 Suze: say it with me today, wherever I go, I will 325 00:23:04,460 --> 00:23:09,639 Suze: create a more peaceful, let's pray that's true. A more peaceful, 326 00:23:09,780 --> 00:23:16,189 Suze: joyful and loving world. Now you stay unstoppable.