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Suze: February 20th, 2025. Welcome everybody to the Women and Money

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Suze: podcast and everybody smart enough to listen. Today is blinking KT.

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KT: Stop wait when you say blinking KT that sounds like,

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KT: you know, um, you're, you're beeping or blinking me out

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KT: as a swear word or something.

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KT: Doesn't it?

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Suze: No...

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KT: It means that you're bleeping, bleeping, bleeping me.

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Suze: I'm not bleeping you. I'm blinking you. today, wait, but

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Suze: blinking KT and Suze anything show, which means if you

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Suze: have a question and you want to write in and

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Suze: if KT chooses it, it will be on the podcast

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Suze: write ask Suze SUZE podcast at gmail.com.

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Suze: And there you go. All right, what is it that

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Suze: you want to say?

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KT: Congratulations, Suze. I want to congratulate you.

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Suze: On what KT?

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KT: On your last New York Times bestseller is now out

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KT: in paperback, the retirement guide for 50 plus.

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KT: Plus for everybody, not just women and money for everybody.

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Suze: It came out on February 18th, right? That was two

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Suze: days ago.

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KT: Yeah, good, good, good job, Suze. Wait, it's completely updated.

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KT: I mean, it's a really great, it's a nice size

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KT: book too. It's easy to carry around.

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KT: I like it. It's pretty.

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Suze: Well, if KT likes it, that's a good enough reason

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Suze: why you should all go out and get it. But truthfully, everybody,

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Suze: we did redo the book and we did do all

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Suze: the updates because there were so many.

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KT: So many, it's like a new book.

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Suze: Venture into it once again the ultimate retirement guide for 50 plus.

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KT: And if you're under 50, get it now so you

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KT: know everything by the time you're 50. And if you're

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KT: over 50, it's never too late.

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Suze: But it's 50 plus 50, 60, 70. This is gonna

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Suze: be one of those podcasts. Shake your head, shake your head.

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KT: I'm blinking and shaking at the same time, everybody. This

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KT: is from Lydia. Hi, Suze and KT. Up to a

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KT: few months ago, I was totally oblivious to my financial status.

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KT: You're not alone.

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KT: Although my husband asked me numerous times to get involved

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KT: in our finances, my mantra was, as long as our

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KT: bills are paid, I'm good. This changed when my husband

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KT: came across your podcast and suggested I listen to a

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KT: few episodes. At 61 years old, I was drawn in

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KT: and I got hooked. See, Suze, they get hooked on you,

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KT: or do they get hooked on me?

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Suze: Can you just read?

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KT: In just a few months I became so much smarter

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KT: when it came to our finances. I now ask questions

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KT: about everything why we open certain accounts, what are the

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KT: IDs and passwords, how are we funding the accounts? This

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KT: also

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KT: included speaking up when I didn't agree with the decision.

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KT: In addition, I started sharing your wisdom with my daughter-in-law

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KT: after hearing you say on one of your podcasts, who

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KT: is teaching our young women to be smart with money?

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KT: Thank you both for unleashing the beast within me so

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KT: that I can be that financially savvy woman I was

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KT: meant to be. That's from Lydia. Isn't that great? So

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KT: she doesn't have a question. I just had to share

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KT: that with everyone.

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Suze: But Lydia, I just want to say this to you

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Suze: and everybody listening,

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Suze: which is this, what is it when you finally turn

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Suze: that switch on? What happens because so many of you

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Suze: seriously are still like, I don't want to go there.

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Suze: I don't want to do it. I don't need to know.

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Suze: I don't... and so it be so fascinating to be

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Suze: able to harness the answer to that question. What triggered

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Suze: you to want to be involved?

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Suze: With your true financial life support system known as money.

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Suze: Next question, KT.

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KT: OK, this is from Joanna. Joanna said, Hi, Suze and KT.

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KT: I love listening to you both each week, and now

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KT: that I'm 62 and reorganizing my funds, I need to

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KT: ask a question.

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KT: If I invest in a dividend ETF when the stocks

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KT: within that ETF issue quarterly dividends, will I get some

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KT: of that money, or will it just go into the

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KT: ETF itself as a gain? Would I be better off

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KT: buying individual stocks where I get paid their dividends directly?

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KT: Please educate me

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KT: as to how the disbursements work. Great question, Suze.

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Suze: So Joanna, here's what you need to know. First of all,

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Suze: when you have an ETF or any dividend paying stock,

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Suze: even if it's an individual stock, you get to choose,

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Suze: do you want to reinvest the dividend so it buys

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Suze: more shares, or do

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Suze: you want the dividend passed out to you, distributed to

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Suze: you for income. Either way you're going to pay tax

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Suze: on it, but you get to choose one way or

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Suze: the other. So it's not like the ETF automatically does that.

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Suze: You get to choose. Now let's just quickly look at

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Suze: the advantages and disadvantages. For an ETF,

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Suze: the truth of the matter is you're doing it very passively.

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Suze: They're choosing all the stocks. They're doing everything for you,

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Suze: so you have less risk with that. And if one

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Suze: of the companies in the ETF happens to reduce or

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Suze: cut its dividend, that's not that big of a deal

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Suze: because of how many stocks you probably own.

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Suze: The disadvantage is that you will get a slightly lower

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Suze: yield because all ETFs have an expense ratio. Individual stocks,

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Suze: on the other hand, you get to directly control which

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Suze: companies you want. They pay you directly. However, there is

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Suze: a higher risk because if one company reduces or eliminates

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Suze: its dividend.

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Suze: You're kind of stuck with that one stock. So if

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Suze: you want passive income and less risk, do the ETF.

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Suze: If you enjoy researching companies and managing stocks, do individual stocks.

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Suze: It's just that simple or do a combination of them both.

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Suze: All right, KT.

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KT: Next question, Suze is from Jackie. I purchased the must

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KT: have documents some years ago after seeing you, Suze on PBS.

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KT: Great show. I have yet to use them because I

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KT: was scared. I am no longer scared.

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KT: I live in Southern California and after the fires I

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KT: decided I must get my affairs in order. So that's it.

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KT: I'm doing it. Suze, can I still use the documents

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KT: and the code? Is it still valid? As always, thank

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KT: you for your honest financial guidance.

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Suze: Yeah, let me tell you all something about the must-have documents.

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Suze: I don't care if you bought them in the year 2000, 2005, 2010, 2015, 2020,

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Suze: or this year.

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Suze: The purpose of those documents is for you to protect yourself,

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Suze: and if you bought them and you haven't used them,

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Suze: of course it's still valid, but the good news for you, Jackie,

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Suze: is that truthfully when you go on, it will say

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Suze: update and it will update it to the current ones

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Suze: that are brand new and out this year.

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Suze: So it's just that simple, and if you lost your

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Suze: code or whatever, just call the helpline, and they will

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Suze: help you. So unlike any other program out there that

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Suze: every time there is an update, buy it again, buy

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Suze: it again, buy it again.

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Suze: It was done so that you only needed to buy

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Suze: it once and you never need to buy it again. Therefore,

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Suze: if you don't have it yet,

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Suze: go to musthadocs.com and you can get a will, a

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Suze: living revocable trust, an advanced directive, and durable power of

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Suze: attorney for health care, as well as a financial power

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Suze: of attorney, all for $99. $2500 worth of state of

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Suze: the art documents. Are you kidding me? All right, KT.

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KT: All right, this next question is from Colleen.

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KT: And Colleen, I first want to say that we, we

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KT: send our condolences, she said, Suze, my husband passed away

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KT: very unexpectedly recently. We have 3 young children. My husband

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KT: had life insurance, and after his passing, I invested the

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KT: majority of the payout with a financial advisor at Edward Jones.

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KT: A family referral. As I had little investment knowledge for

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KT: all of you listening, I'm gonna give you a real

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KT: quick summary. $150,000 is in an advisory account, a million

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KT: dollars in a money market. She maxes out her 401k

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KT: contributions every year, and she has a

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KT: small Fidelity advisory account less than 10,000 that she's kept

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KT: to learn how to invest independently. Suze, I've been dedicating

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KT: a little time to learning about investments by listening to

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KT: your podcast, and I want to make informed decisions about

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KT: my financial future. The question is, should I keep my

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KT: investments with a financial advisor or invest independently?

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KT: And then I read on and, and she said, Colleen

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KT: said she's still in deep grief about losing her husband,

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KT: and she's worried about that if she does this she'll

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KT: be doing maybe the wrong thing. Yeah, she's also taking

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KT: care of three young children, so very difficult.

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Suze: So Colleen, my love, first of all, as KT said,

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Suze: our love does go out to you, but I've always

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Suze: had a rule of thumb.

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Suze: That you are to do nothing with money other than

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Suze: keeping it safe and sound for at least 1 to

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Suze: 2 years or longer after suffering the loss of a

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Suze: loved one. You are a little bit over 1 year

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Suze: of suffering that loss, but you are still in deep

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Suze: grief about losing your husband.

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Suze: Therefore you should not do anything with that money, and

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Suze: I mean anything. Maybe if you wanted to get out

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Suze: a credit card debt or pay off a mortgage or

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Suze: something like that, OK, but I would not be investing

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Suze: any of it right now.

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Suze: Until you no longer feel that you're in deep grief,

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Suze: so all right, you have a million dollars in a

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Suze: money market account. OK. You have $150,000 in an advisory account.

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Suze: If the financial advisor happens to call you and say

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Suze: to you, Hey, you know what, there's a good thing

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Suze: you should do with money. Let's take some of that

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Suze: million dollars and do it. You are to say no.

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Suze: Absolutely not. You still want to play with the $10,000

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Suze: that you have in your Fidelity account. OK, I don't

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Suze: have a problem with that, but the goal of money

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Suze: is for you to be secure. And the mere fact

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Suze: that you wrote me this question, how many times have

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Suze: I said to all of you, you don't ask me

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Suze: a question like this without already knowing the answer.

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Suze: So there's something about this that makes you feel uncomfortable

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Suze: maybe with the brokerage firm maybe whatever I don't know,

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Suze: but I would not be investing any other money at

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Suze: all until you are no longer in deep grief. You

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Suze: are even no longer in shallow grief.

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Suze: But that you're feeling more in touch with who you

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Suze: will need to become. All right, KT.

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KT: That's nice. So this next question is from Michelle. I

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KT: know that under the Secure Act 2.0, SEP Roth

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KT: IRAs are allowed. However, none of the major brokerage firms

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KT: Vanguard Schwab, Fidelity offer SEP Roth IRA accounts. Suze, do

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KT: you know of any reputable firms that are offering it yet?

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KT: I'd like to know that.

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Suze: So don't ask me why that we're a year and

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Suze: a half almost into when this was passed.

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Suze: And these brokerage firms still don't want to offer them.

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Suze: I can't understand why that is. So there are some

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Suze: firms that are offering them, but they're not big named firms,

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Suze: so I would be hesitant to recommend them to you.

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Suze: But all of you should start complaining to Vanguard, Schwab, Fidelity,

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Suze: all of them, and say, what the

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Suze: heck is a matter with you. It's legal. You should

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Suze: be offering them. Why aren't you? I've tried and I

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Suze: can't get an answer from them, so maybe in mass,

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Suze: if you were all to write them, maybe we can

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Suze: change it because there is no reason in the world

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Suze: that they're not offering them. But sorry about that. So aggravating, KT.

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KT: I think I know the answer why they're not. They

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KT: didn't do it yet.

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KT: It takes they're like slowpokes. It takes a long time

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KT: for them to change the system, the literature, the computer.

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00:14:15,840 --> 00:14:20,210
Suze: Don't aggravate me. It's almost, it's a year and a half now.

227
00:14:20,400 --> 00:14:21,169
KT: They should have done it.

228
00:14:21,260 --> 00:14:24,280
Suze: They have at least IRAs. It is not a big

229
00:14:24,280 --> 00:14:27,840
Suze: deal to switch it to a RothA IRA. Do not

230
00:14:27,840 --> 00:14:29,440
Suze: give them excuses.

231
00:14:29,479 --> 00:14:30,140
KT: OK.

232
00:14:30,280 --> 00:14:33,229
Suze: They're all just not wanting to do it.

233
00:14:34,950 --> 00:14:39,309
KT: All wise Suze and KT, I'm hoping you can provide

234
00:14:39,309 --> 00:14:43,479
KT: some guidance. I love this.. it's from Mister T. Mister

235
00:14:43,479 --> 00:14:44,909
KT: T in Virginia.

236
00:14:45,340 --> 00:14:47,049
KT: I love this um question.

237
00:14:47,130 --> 00:14:52,460
Suze: What did Mr. T... whenever whenever a man starts with

238
00:14:52,460 --> 00:14:55,659
Suze: a kind of a wise thing, it's because he's done

239
00:14:55,659 --> 00:14:57,460
Suze: something that he knows I'm going to yell at him about.

240
00:14:58,000 --> 00:14:58,469
Suze: What did he do?

241
00:14:58,489 --> 00:15:02,690
KT: 20 years ago I was sold a variable adjusted life

242
00:15:02,690 --> 00:15:06,429
KT: insurance product. I know I knew that when it's all wise,

243
00:15:06,530 --> 00:15:08,840
KT: it's like I knew Mr. T.

244
00:15:09,659 --> 00:15:14,380
KT: Luckily it was a relatively small policy for $300,000. I

245
00:15:14,380 --> 00:15:15,489
KT: don't think that's small.

246
00:15:15,739 --> 00:15:17,500
Suze: That's a death benefit. That's not a big deal.

247
00:15:17,580 --> 00:15:21,010
KT: Yeah, but still I and cost around $80 a month.

248
00:15:21,179 --> 00:15:21,890
Suze: That's a big deal.

249
00:15:22,020 --> 00:15:26,390
KT: That is. I now know this was a bad choice. Wait, Mr. T,

250
00:15:26,460 --> 00:15:28,380
KT: put that in bold, all caps.

251
00:15:28,830 --> 00:15:33,299
KT: The surrender value is nearly 15,000 and the cost basis

252
00:15:33,299 --> 00:15:37,419
KT: is around 19. Is it best to move this to

253
00:15:37,419 --> 00:15:41,590
KT: my primary financial institution, which is Fidelity, as a variable

254
00:15:41,590 --> 00:15:46,849
KT: annuity until I recover the loss or some alternative? Upon

255
00:15:46,849 --> 00:15:51,989
KT: recovering the $4000 loss, what is the next best step?

256
00:15:52,500 --> 00:15:57,000
KT: Please show some pity on this fool, sincerely, Mister T.

257
00:15:57,419 --> 00:16:00,471
Suze: Oh my dear fool, Mr. T...

258
00:16:00,471 --> 00:16:01,409
Suze: You're not a fool.

259
00:16:01,450 --> 00:16:06,890
KT: You're not a fool. You're brave. You're brave to, you're

260
00:16:06,890 --> 00:16:09,979
KT: brave to give Miss. Orman an insurance question.

261
00:16:10,270 --> 00:16:13,599
Suze: So here's what I would do really if I were you.

262
00:16:13,890 --> 00:16:17,090
Suze: There's no reason for you to keep it in this

263
00:16:17,090 --> 00:16:21,489
Suze: policy anymore because there are fees in this policy. It

264
00:16:21,489 --> 00:16:25,880
Suze: just doesn't make sense. Never did, never will. Therefore,

265
00:16:26,219 --> 00:16:30,690
Suze: You cannot take the $4000 loss off your taxes. Fine,

266
00:16:30,849 --> 00:16:34,289
Suze: no problem, but if I were you, I would surrender

267
00:16:34,289 --> 00:16:39,119
Suze: it now. Get $15,000 will not be taxable to you

268
00:16:39,849 --> 00:16:41,359
Suze: because you didn't make money.

269
00:16:41,700 --> 00:16:46,280
Suze: And take that $15,000 and then take it to your

270
00:16:46,280 --> 00:16:52,640
Suze: primary financial institution Fidelity and just start investing it on

271
00:16:52,640 --> 00:16:56,700
Suze: a value cost averaging basis or dollar cost averaging basis

272
00:16:57,039 --> 00:17:02,919
Suze: in either ETFs and or individual stocks and just make

273
00:17:02,919 --> 00:17:04,909
Suze: it up that way. Remember,

274
00:17:05,468 --> 00:17:09,748
Suze: in an annuity in this life insurance product when you

275
00:17:09,749 --> 00:17:13,458
Suze: were going to take money out, chances are you'd have

276
00:17:13,458 --> 00:17:15,779
Suze: to pay ordinary income taxes on it.

277
00:17:16,530 --> 00:17:19,379
Suze: So you would have lost the gain possibly if it

278
00:17:19,380 --> 00:17:23,379
Suze: went above what you put in in taxes anyway when

279
00:17:23,380 --> 00:17:26,699
Suze: you are going to invest it now and put it

280
00:17:26,699 --> 00:17:30,859
Suze: in ETFs and stocks while they're in there, you're not

281
00:17:30,859 --> 00:17:34,339
Suze: going to be paying any taxes, it's tax deferred and

282
00:17:34,339 --> 00:17:36,260
Suze: if you eventually sell them.

283
00:17:36,969 --> 00:17:39,199
Suze: And you've had your money in there for longer than

284
00:17:39,199 --> 00:17:43,560
Suze: a year, you'll pay capital gains. So that's what I

285
00:17:43,560 --> 00:17:45,680
Suze: would do if I were you. I would get out.

286
00:17:46,459 --> 00:17:46,959
Suze: Out

287
00:17:47,630 --> 00:17:49,510
Suze: Out young Mr. T.

288
00:17:50,869 --> 00:17:54,349
KT: OK, next question is from Karen. Hi, Suze and KT.

289
00:17:54,709 --> 00:17:55,900
KT: You guys are so wonderful.

290
00:17:56,510 --> 00:17:57,948
Suze: Yes, we are so wonderful.

291
00:17:58,030 --> 00:17:59,030
KT: We've learned so much.

292
00:17:59,150 --> 00:18:00,310
Suze: Even though she's still blinking.

293
00:18:00,550 --> 00:18:01,188
KT: No, I'm not.

294
00:18:01,520 --> 00:18:04,359
Suze: I'm telling you, you are. I'm looking to stop it, KT.

295
00:18:05,790 --> 00:18:09,030
KT: We have a very important decision to make. My husband

296
00:18:09,030 --> 00:18:11,790
KT: has a good chance of losing his job due to

297
00:18:11,790 --> 00:18:13,189
KT: the government cutbacks.

298
00:18:13,310 --> 00:18:15,010
Suze: You and like 20,000 other people.

299
00:18:15,619 --> 00:18:18,419
KT: I'm I'm sorry, sorry, Karen to hear this.

300
00:18:18,719 --> 00:18:23,708
KT: He is 65. I am 66.5. We are considering pulling

301
00:18:23,709 --> 00:18:27,310
KT: out of our savings to pay the house off. My

302
00:18:27,310 --> 00:18:31,369
KT: question is, is this the right thing to do?

303
00:18:31,739 --> 00:18:34,339
Suze: So, does it say how much she still owes on

304
00:18:34,339 --> 00:18:35,109
Suze: her house.

305
00:18:36,569 --> 00:18:36,959
KT: Mm.

306
00:18:38,280 --> 00:18:40,489
KT: Mortgage balance is $80,000.

307
00:18:40,819 --> 00:18:41,290
Suze: Not bad.

308
00:18:41,410 --> 00:18:44,489
KT: And there's a whole list of what she's got, but

309
00:18:44,489 --> 00:18:45,800
KT: not not so bad.

310
00:18:46,140 --> 00:18:47,650
Suze: All right, here's what I would do.

311
00:18:48,010 --> 00:18:49,170
KT: Make it a quizzy.

312
00:18:49,420 --> 00:18:50,979
Suze: I'm not making. I have your quizzy.

313
00:18:51,140 --> 00:18:53,880
KT: Oh, all right, because I have the answer. I know

314
00:18:53,880 --> 00:18:54,679
KT: the answer...

315
00:18:54,680 --> 00:18:56,540
Suze: To here. What's the answer?

316
00:18:56,619 --> 00:18:57,099
KT: Do it. (Suze makes the wrong answer noise)

317
00:19:00,800 --> 00:19:04,650
KT: Why it's not $80,000. Pay it off. Own your home outright. (Suze makes the wrong answer noise again)

318
00:19:05,760 --> 00:19:06,629
KT: All right, go ahead.

319
00:19:07,319 --> 00:19:10,399
Suze: I can't even believe it. You, you're a little thingy today.

320
00:19:10,479 --> 00:19:12,410
Suze: You're like, what are you, a little twitchy?

321
00:19:12,829 --> 00:19:13,479
KT: A little speedy.

322
00:19:13,660 --> 00:19:15,479
Suze: A little speedy. All right, so...

323
00:19:15,479 --> 00:19:16,069
KT: Great coffee.

324
00:19:16,359 --> 00:19:20,400
Suze: So Karen, here's what I would do. I would continue

325
00:19:20,400 --> 00:19:25,069
Suze: to do everything just like you are doing it. Once

326
00:19:25,069 --> 00:19:26,469
Suze: he loses his job.

327
00:19:27,140 --> 00:19:31,650
Suze: Then I would go and take the $80,000 out of

328
00:19:31,650 --> 00:19:36,449
Suze: savings because I see you have $335,000 in savings, but

329
00:19:36,449 --> 00:19:39,410
Suze: take the $80,000 out of there and pay off the

330
00:19:39,410 --> 00:19:43,250
Suze: mortgage at that point in time, but not now because

331
00:19:43,250 --> 00:19:48,839
Suze: we don't know that he's going to definitely lose his job,

332
00:19:49,089 --> 00:19:52,010
Suze: so you can always pay off the mortgage.

333
00:19:52,869 --> 00:19:56,329
Suze: But why not let the 335,000 grow and make a

334
00:19:56,329 --> 00:20:00,489
Suze: nice interest rate, because your mortgage balance is just gonna

335
00:20:00,489 --> 00:20:01,849
Suze: continue to go down.

336
00:20:02,290 --> 00:20:06,639
Suze: So until he loses his job, keep everything a status quo.

337
00:20:06,869 --> 00:20:10,310
Suze: If he does lose his job, then take the 80,000

338
00:20:10,310 --> 00:20:12,699
Suze: out of savings and pay it off.

339
00:20:12,829 --> 00:20:15,069
KT: OK, I was partially right.

340
00:20:15,229 --> 00:20:16,469
Suze: KT, You're either right or wrong.

341
00:20:16,589 --> 00:20:18,869
KT: I was partially wrong, partially right.

342
00:20:18,949 --> 00:20:19,732
Suze: You were wrong.

343
00:20:19,732 --> 00:20:20,349
KT: Colleen.

344
00:20:20,630 --> 00:20:21,140
Suze: You were wrong.

345
00:20:21,310 --> 00:20:22,270
KT: Hello, Suze...

346
00:20:22,329 --> 00:20:23,150
Suze: You were wrong.

347
00:20:25,109 --> 00:20:29,199
Suze: You were wrong, you were wrong. Just say it.

348
00:20:29,400 --> 00:20:32,599
KT: OK, I was wrong. I was almost right.

349
00:20:32,920 --> 00:20:35,069
KT: I was wrong, but close to being...

350
00:20:35,229 --> 00:20:38,229
Suze: Well, you, oh God, she's getting to me today, everybody

351
00:20:38,229 --> 00:20:38,510
Suze: go on.

352
00:20:38,630 --> 00:20:42,670
KT: Next question's from Colleen. Hello, Suze. I have a term

353
00:20:42,670 --> 00:20:48,910
KT: life insurance policy for $150,000. Ready for this? I've had

354
00:20:48,910 --> 00:20:50,540
KT: it for 20 years.

355
00:20:50,619 --> 00:20:51,739
Suze: That's not unusual, KT.

356
00:20:51,969 --> 00:20:54,229
KT: No, but, but that's a long time. But here's the

357
00:20:54,229 --> 00:20:54,699
KT: big question.

358
00:20:55,265 --> 00:20:55,924
Suze: No, it's not a long time.

359
00:20:55,925 --> 00:20:56,594
KT: For term?

360
00:20:56,805 --> 00:21:00,675
Suze: Most people buy term policies for 20 or 30 years.

361
00:21:00,964 --> 00:21:03,045
Suze: They don't buy it for a short period of time

362
00:21:03,045 --> 00:21:06,535
Suze: because they want their premiums to stay stable for the

363
00:21:06,535 --> 00:21:08,954
Suze: entire term. So that's normal.

364
00:21:09,364 --> 00:21:12,364
KT: So this is the question Is this normal? What can

365
00:21:12,364 --> 00:21:16,125
KT: I do to keep it or at least get some

366
00:21:16,125 --> 00:21:18,360
KT: of my money back? That's not normal is it?

367
00:21:18,360 --> 00:21:21,375
Suze: KT...

368
00:21:23,880 --> 00:21:26,469
Suze: What am I going to do, everybody, can you just

369
00:21:26,469 --> 00:21:31,489
Suze: tell me? What am I gonna do? Anyway, so Colleen,

370
00:21:31,780 --> 00:21:33,709
Suze: what can you do to keep it? Just keep paying

371
00:21:33,709 --> 00:21:38,859
Suze: your premiums. There was a reason why you originally got

372
00:21:38,859 --> 00:21:41,819
Suze: a $150,000 term policy.

373
00:21:42,540 --> 00:21:46,619
Suze: Chances are you got it 20 years ago when somebody

374
00:21:46,619 --> 00:21:51,550
Suze: was financially dependent on you and now there's nobody financially

375
00:21:51,550 --> 00:21:54,660
Suze: dependent upon you if something, God forbid were to have

376
00:21:54,660 --> 00:21:58,530
Suze: happened to you. So if you don't need it anymore,

377
00:21:58,819 --> 00:22:03,410
Suze: then just stop paying for it or there are companies

378
00:22:03,699 --> 00:22:07,780
Suze: that will buy a term life insurance byatical companies is

379
00:22:07,780 --> 00:22:10,180
Suze: what they're called, right that will buy them

380
00:22:10,635 --> 00:22:14,313
Suze: from you, even if they are term policies, haven't you

381
00:22:14,314 --> 00:22:16,954
Suze: been watching TV and when you watch it, there's these

382
00:22:16,954 --> 00:22:20,354
Suze: people that are like in a mine and people above

383
00:22:20,354 --> 00:22:23,114
Suze: them are like hearing noises and they're saying they don't

384
00:22:23,114 --> 00:22:25,905
Suze: even know they're living in a gold mine. But anyway,

385
00:22:26,114 --> 00:22:29,474
Suze: that was our advertisements for people like you who want

386
00:22:29,474 --> 00:22:32,594
Suze: to sell those policies. But I have to tell you

387
00:22:32,594 --> 00:22:35,754
Suze: the truth, I don't know the name of any companies

388
00:22:35,755 --> 00:22:38,074
Suze: because it's not really something that I believe in.

389
00:22:38,500 --> 00:22:41,959
Suze: It's just... chances are you're going to end up just

390
00:22:41,959 --> 00:22:46,349
Suze: stopping to make the payments, right, but remember you got

391
00:22:46,349 --> 00:22:50,930
Suze: that term policy knowing that it was going to end

392
00:22:50,930 --> 00:22:54,459
Suze: with absolutely no value whatsoever. All right.

393
00:22:54,880 --> 00:22:58,760
KT: OK, next question is from Sam, but I think this

394
00:22:58,760 --> 00:23:01,640
KT: is a woman, her name is Samia, and she signed

395
00:23:01,640 --> 00:23:07,680
KT: it Sam. In 2021, 2022, and 2023.

396
00:23:08,030 --> 00:23:12,369
KT: A 30 year old contributed to a wrath a total

397
00:23:12,369 --> 00:23:17,599
KT: of $18,500 in 2024...

398
00:23:18,040 --> 00:23:21,669
KT: Ready 30 year old, he cashed out the Roth IRA

399
00:23:21,670 --> 00:23:27,400
KT: and got $17,000. He has a loss of $1500. Being

400
00:23:27,400 --> 00:23:30,800
KT: the distribution was made before 5 years and he's 30

401
00:23:30,800 --> 00:23:34,359
KT: years old, does he still have to pay a 10%

402
00:23:34,359 --> 00:23:38,520
KT: penalty even though he has a loss? Does he have

403
00:23:38,520 --> 00:23:42,040
KT: to pay any other things on the loss?

404
00:23:42,150 --> 00:23:43,319
Suze: Should that be your quizzy?

405
00:23:44,030 --> 00:23:46,060
KT: I think that you do have to pay a penalty

406
00:23:46,060 --> 00:23:47,770
KT: if you're 30 years old and you're...

407
00:23:49,020 --> 00:23:50,339
Suze: (Suze makes the wrong answer noise) Sam, the thing you

408
00:23:50,339 --> 00:23:53,899
Suze: need to know is no. There is no penalty. There

409
00:23:53,900 --> 00:23:58,339
Suze: is no tax, because with a Roth IRA you can

410
00:23:58,339 --> 00:24:02,660
Suze: take out your original contributions any time you want without

411
00:24:02,660 --> 00:24:06,228
Suze: taxes or penalties regardless if it's been in there less

412
00:24:06,229 --> 00:24:09,579
Suze: than 5 years and if you're less than 59.5 years

413
00:24:09,579 --> 00:24:13,089
Suze: of age. I've said it over and over and over

414
00:24:13,089 --> 00:24:13,500
Suze: and over.

415
00:24:13,574 --> 00:24:15,694
Suze: Again, and KT is looking at me like it's the

416
00:24:15,694 --> 00:24:18,724
Suze: very first time she's ever heard that. That is besides

417
00:24:18,724 --> 00:24:23,155
Suze: the point. So no, there is no tax or penalty

418
00:24:23,155 --> 00:24:28,444
Suze: owed because he put in 18,500 of his original contributions.

419
00:24:28,564 --> 00:24:34,875
Suze: He only took out 1700, no taxes or penalties whatsoever.

420
00:24:35,045 --> 00:24:35,734
Suze: All right, KT.

421
00:24:35,954 --> 00:24:38,524
KT: OK, my next question, Suze is from Natalie.

422
00:24:39,079 --> 00:24:43,560
KT: What is more important, pay down debt or invest? Hard

423
00:24:43,560 --> 00:24:46,750
KT: to know what my return will be on my investments.

424
00:24:46,920 --> 00:24:49,189
KT: How do I know if I have the right balance?

425
00:24:49,560 --> 00:24:51,189
KT: Do you want that to be your quizzy?

426
00:24:51,589 --> 00:24:54,959
KT: Um, invest or hold on. All right, I can make

427
00:24:54,959 --> 00:24:57,250
KT: this my quizzy. What's more...

428
00:24:57,439 --> 00:24:58,920
Suze: You've already blown two quizzys.

429
00:24:59,000 --> 00:25:02,438
KT: What's more important, paying down debt or invest?

430
00:25:04,160 --> 00:25:06,040
KT: Personally, I would pay down my debt.

431
00:25:06,040 --> 00:25:09,400
Suze: Ding ding ding ding ding ding ding, right? So, oh God,

432
00:25:09,410 --> 00:25:12,520
Suze: I'm so glad because she's always so upset after these

433
00:25:12,520 --> 00:25:13,579
Suze: podcasts are over.

434
00:25:13,719 --> 00:25:16,709
KT: That's a good one, right? I would pay. Suze hates debt.

435
00:25:17,160 --> 00:25:19,430
KT: I know that that's always going to be a winning.

436
00:25:19,599 --> 00:25:22,920
Suze: You said it in your email.

437
00:25:23,469 --> 00:25:26,869
Suze: Which is hard to know what my return will be

438
00:25:26,869 --> 00:25:30,659
Suze: on my investments. I know the markets have been going up,

439
00:25:37,310 --> 00:25:39,500
Suze: and it makes you go, Oh my God, I'm missing out.

440
00:25:39,670 --> 00:25:44,109
Suze: I'm so upset I didn't participate. Oh my God, however.

441
00:25:44,760 --> 00:25:48,479
Suze: It could be the other way as well. I always

442
00:25:48,479 --> 00:25:52,639
Suze: give the example of 2007, 2008, where you decided, you

443
00:25:52,640 --> 00:25:54,438
Suze: know what, I'm going to take my money that I

444
00:25:54,439 --> 00:25:57,910
Suze: should be paying down my debt with and investing it,

445
00:25:58,030 --> 00:26:01,130
Suze: and then you've lost all of it, almost or 50%

446
00:26:01,130 --> 00:26:03,959
Suze: of it, and you still have the debt. The truth

447
00:26:03,959 --> 00:26:07,880
Suze: is it depends what kind of debt you are talking about.

448
00:26:08,239 --> 00:26:10,709
Suze: If you are talking about credit card debt at a

449
00:26:10,709 --> 00:26:13,989
Suze: high interest rate, pay it down. If you are talking

450
00:26:13,989 --> 00:26:18,500
Suze: about student loan debt that is at a high interest rate,

451
00:26:18,670 --> 00:26:23,189
Suze: pay it down. If you're talking about mortgage debt that's

452
00:26:23,189 --> 00:26:27,550
Suze: at 2%, and you can easily pay that, invest.

453
00:26:28,290 --> 00:26:31,899
Suze: So it depends what kind of debt, but chances are,

454
00:26:32,020 --> 00:26:35,500
Suze: since you didn't say mortgage debt, you just said debt

455
00:26:35,500 --> 00:26:39,339
Suze: pay down your debt, and then you'll have even more

456
00:26:39,339 --> 00:26:42,369
Suze: money to invest with the payments that you were paying

457
00:26:42,369 --> 00:26:44,099
Suze: on that debt.

458
00:26:44,500 --> 00:26:46,050
KT: Do you have time for one more?

459
00:26:46,250 --> 00:26:47,319
Suze: One more. That's it, right?

460
00:26:47,380 --> 00:26:50,439
KT: This, this is the one that I thought was really

461
00:26:50,439 --> 00:26:54,729
KT: scary about butchering. Can I read this butchering? Yeah.

462
00:26:55,250 --> 00:26:58,609
KT: This should be the title. This should be our title. Ready,

463
00:26:58,650 --> 00:26:59,169
KT: it says.

464
00:26:59,760 --> 00:27:02,300
KT: Suze and KT, thank you for being you. Thank you

465
00:27:02,300 --> 00:27:05,449
KT: for all the financial help you give ordinary people like me.

466
00:27:05,619 --> 00:27:10,290
KT: I love Thursdays and Sundays. Ready? My ex-husband, who has

467
00:27:10,290 --> 00:27:15,699
KT: a law degree, fell into an internet crypto scam whereby

468
00:27:15,699 --> 00:27:21,969
KT: he lost everything known as pig butchering. I never heard

469
00:27:21,969 --> 00:27:25,780
KT: that over 2 million in dividend producing stocks, another.

470
00:27:25,984 --> 00:27:32,064
KT: 1.5 million in retirement accounts and recently sold a fully

471
00:27:32,064 --> 00:27:36,854
KT: paid off home and is now living with his 82-year-old mother.

472
00:27:37,104 --> 00:27:39,334
KT: He is only 56.

473
00:27:39,574 --> 00:27:40,675
Suze: Thank God, it's her ex-husband.

474
00:27:40,675 --> 00:27:44,535
KT: Oh my God. But Suze, I never heard this. Point is,

475
00:27:44,555 --> 00:27:48,224
KT: not everyone is aware of pig butchering. You reach so

476
00:27:48,224 --> 00:27:51,064
KT: many people, Suze. I thought you would be willing to

477
00:27:51,064 --> 00:27:51,984
KT: do a comment

478
00:27:52,489 --> 00:27:56,219
KT: on what this is, there's nothing more heartbreaking than losing

479
00:27:56,219 --> 00:27:58,859
KT: your life savings because you think you're going to make

480
00:27:58,859 --> 00:28:00,890
KT: fast money on crypto.

481
00:28:00,959 --> 00:28:02,050
Suze: How much you want to bet me...

482
00:28:02,170 --> 00:28:04,560
KT: Some things are too good to be true, Maria.

483
00:28:04,810 --> 00:28:08,729
Suze: How much you want to bet me that Maria actually

484
00:28:08,729 --> 00:28:11,060
Suze: divorced her husband.

485
00:28:11,540 --> 00:28:15,239
Suze: Because she was the one making the money and she

486
00:28:15,239 --> 00:28:16,479
Suze: was the one good with it.

487
00:28:16,670 --> 00:28:17,198
KT: I don't know.

488
00:28:17,329 --> 00:28:17,770
Suze: I don't know.

489
00:28:17,890 --> 00:28:20,329
KT: I don't know, but I know that I agree with you.

490
00:28:20,369 --> 00:28:21,780
KT: I'm glad she's not married.

491
00:28:21,849 --> 00:28:25,430
Suze: No way did he earn this money because if he

492
00:28:25,430 --> 00:28:27,579
Suze: earned it, he probably wouldn't have lost it,

493
00:28:27,650 --> 00:28:30,369
KT: He was a player. He was a player, and that's

494
00:28:30,369 --> 00:28:33,329
KT: what you keep saying about this cryptocurrency. If you're a

495
00:28:33,329 --> 00:28:35,729
KT: player and you can afford to lose it.

496
00:28:36,339 --> 00:28:40,689
Suze: Right, so let me tell everybody about pig butchering, and

497
00:28:40,689 --> 00:28:45,689
Suze: it really is a type of online investment fraud that's

498
00:28:45,689 --> 00:28:51,040
Suze: really very rampant, and this is where people, they manipulate

499
00:28:51,040 --> 00:28:55,479
Suze: their victims really into investing in all these fake ventures,

500
00:28:55,770 --> 00:29:00,729
Suze: and usually it's in cryptocurrency and the term comes from

501
00:29:00,729 --> 00:29:03,050
Suze: KT in that, you know how you fatten up a

502
00:29:03,050 --> 00:29:05,770
Suze: pig before you slaughter it?

503
00:29:06,199 --> 00:29:08,439
Suze: Right, I know she's looking at me like, don't say that,

504
00:29:08,479 --> 00:29:12,719
Suze: but it's true that's what they do here. So they

505
00:29:12,719 --> 00:29:16,719
Suze: fatten up, so to speak, their victims by building trust

506
00:29:16,719 --> 00:29:20,290
Suze: over time, making their money go up and up and up,

507
00:29:20,359 --> 00:29:25,109
Suze: and then they in essence slaughter them. And that's what happens,

508
00:29:25,119 --> 00:29:29,349
Suze: and they do that by stealing their money and they all, oh,

509
00:29:29,359 --> 00:29:32,199
Suze: I can go more and more into it, but it

510
00:29:32,199 --> 00:29:33,920
Suze: originated KT in China.

511
00:29:34,589 --> 00:29:39,180
Suze: And it's now all throughout the globe. So when something

512
00:29:39,180 --> 00:29:43,449
Suze: seems like it's too good to be true, it is.

513
00:29:43,729 --> 00:29:44,630
KT: Reminds me of Bernie Madoff.

514
00:29:44,699 --> 00:29:45,859
Suze: I was just going to say...

515
00:29:45,859 --> 00:29:49,339
KT: I know Suze was asked among so many of her

516
00:29:49,339 --> 00:29:53,180
KT: friends that were invested with Bernie Madoff that Suze, you

517
00:29:53,180 --> 00:29:55,689
KT: got to get on board, and she kept saying, Sorry,

518
00:29:55,939 --> 00:29:58,660
KT: too good to be true for me. I remember her

519
00:29:58,660 --> 00:30:00,719
KT: in New York saying that over and over again.

520
00:30:00,780 --> 00:30:02,550
Suze: You want to know something, everybody.

521
00:30:03,250 --> 00:30:07,439
Suze: The house that we live in in the Bahamas, the

522
00:30:07,439 --> 00:30:10,680
Suze: reason that we were able to buy the land that

523
00:30:10,680 --> 00:30:14,020
Suze: we built this home on is that there was a

524
00:30:14,020 --> 00:30:19,599
Suze: woman who owned it. This was the premier lots on

525
00:30:19,599 --> 00:30:22,670
Suze: this island. It had a big house, blue house on it,

526
00:30:22,869 --> 00:30:25,270
Suze: and she not only owned this but she owned two

527
00:30:25,270 --> 00:30:26,959
Suze: other lots as well.

528
00:30:27,349 --> 00:30:31,069
Suze: And so there was like a fire sale on these lots,

529
00:30:31,219 --> 00:30:34,150
Suze: and so we just bought them because it was like,

530
00:30:34,199 --> 00:30:35,310
Suze: I'll take those.

531
00:30:35,650 --> 00:30:36,079
Suze: And it was...

532
00:30:36,119 --> 00:30:39,160
KT: It came on sale on a Sunday, and I'll never

533
00:30:39,160 --> 00:30:43,310
KT: forget Suze hearing the price and said to the island manager,

534
00:30:43,479 --> 00:30:47,760
KT: buy it, buy it now before Monday before everyone else

535
00:30:47,760 --> 00:30:48,719
KT: knows about it.

536
00:30:48,920 --> 00:30:52,560
Suze: But it's because she lost all of her money to

537
00:30:52,560 --> 00:30:57,959
Suze: Bernie Madoff. He had gone to her kids' weddings, everything, so.

538
00:30:58,719 --> 00:31:01,839
Suze: When it sounds too good to be true, it is,

539
00:31:01,959 --> 00:31:05,920
Suze: don't go for these huge returns, and a lot of

540
00:31:05,920 --> 00:31:08,920
Suze: you are gonna say, yes, I know Suze, but Palantir

541
00:31:08,920 --> 00:31:12,599
Suze: sounds too good to be true, although the difference between

542
00:31:12,599 --> 00:31:13,560
Suze: something like that

543
00:31:13,814 --> 00:31:17,805
Suze: and these other things is you have control of the money.

544
00:31:18,015 --> 00:31:21,895
Suze: You can buy and sell any time you want. Nobody

545
00:31:21,895 --> 00:31:25,375
Suze: else is holding that money for you. It's in your

546
00:31:25,375 --> 00:31:29,655
Suze: name at a brokerage firm, so it's yours, and you

547
00:31:29,655 --> 00:31:32,734
Suze: can cash it out any time you want.

548
00:31:34,479 --> 00:31:39,180
Suze: Now I have the hard job of Sunday, following last

549
00:31:39,180 --> 00:31:44,300
Suze: Sunday's podcast, which everybody loved with Mister Fitz. So anyway,

550
00:31:44,339 --> 00:31:46,689
Suze: we'll have to see what we come up with, but

551
00:31:46,689 --> 00:31:49,140
Suze: we will have him as a guest once a month

552
00:31:49,140 --> 00:31:50,859
Suze: or so, so we can

553
00:31:50,954 --> 00:31:55,574
Suze: have his energy and discuss things that you need to know.

554
00:31:55,824 --> 00:31:58,545
Suze: But until then, there's only one thing that we want

555
00:31:58,545 --> 00:32:00,744
Suze: you to remember when it comes to your money, and

556
00:32:00,744 --> 00:32:02,305
Suze: it's what KT?

557
00:32:02,305 --> 00:32:05,415
KT: People first, then money, then things.

558
00:32:05,744 --> 00:32:07,494
Suze: Now you stay safe.

559
00:32:08,300 --> 00:32:12,099
Suze: And healthy cause there's a flu going around. Bye bye.

560
00:32:36,010 --> 00:32:36,290
KT: Bye everybody!