1 00:00:45,790 --> 00:00:49,500 Suze: June 13th, 2024. Welcome everybody... 2 00:00:49,750 --> 00:00:51,559 KT: Doesn't it feel good to be back? 3 00:00:52,098 --> 00:00:54,880 Suze: KT, we were just gone for one podcast. 4 00:00:55,340 --> 00:00:57,779 KT: But doesn't it feel good to be back in the studio? 5 00:00:58,069 --> 00:00:59,479 Suze: You know what feels good? 6 00:01:00,009 --> 00:01:03,500 Suze: It feels good to be back in the studio on 7 00:01:03,509 --> 00:01:05,750 Suze: the island. 8 00:01:06,080 --> 00:01:09,959 KT: That's what feels good. And, but let's tell everybody the 9 00:01:09,970 --> 00:01:15,649 KT: whole week is stormy, rainy weather. But guess what? We 10 00:01:15,660 --> 00:01:17,029 KT: love that 11 00:01:17,040 --> 00:01:21,179 Suze: because our grass and our, oh my God, the they 12 00:01:21,190 --> 00:01:25,230 Suze: were all the whole island was dry 13 00:01:25,519 --> 00:01:28,848 Suze: but KT. So let me tell you something, everybody. And 14 00:01:28,860 --> 00:01:32,120 Suze: I said, ok, KT, how should we start today? And 15 00:01:32,129 --> 00:01:34,739 Suze: she says, let's just get right to it, Suze. We 16 00:01:34,750 --> 00:01:37,559 Suze: have so many good questions and I said, but people 17 00:01:37,569 --> 00:01:39,900 Suze: really like when we play and she goes, I'm not 18 00:01:39,910 --> 00:01:43,559 Suze: gonna play today. I'm gonna play when I ask you questions, 19 00:01:43,569 --> 00:01:45,819 Suze: but not before when the podcast is 20 00:01:45,919 --> 00:01:52,129 Suze: first starting. So, here I am and I go, June 13th, 2024. 21 00:01:52,139 --> 00:01:55,019 Suze: And before I could even say, welcome everybody to the... 22 00:01:55,419 --> 00:01:56,569 KT: Isn't it good to be back? 23 00:01:56,879 --> 00:01:59,099 Suze: That's what she does to me. 24 00:01:59,510 --> 00:02:00,459 KT: Let's go. 25 00:02:00,470 --> 00:02:03,739 Suze: Anyway, this is the Women and Money podcast. This is 26 00:02:03,750 --> 00:02:06,180 Suze: the KT and Suze edition. 27 00:02:06,639 --> 00:02:10,429 Suze: And for those of you who aren't new to us, 28 00:02:10,440 --> 00:02:14,750 Suze: this is where you can write in to ask Suze 29 00:02:14,758 --> 00:02:19,600 Suze: Suze podcast at gmail.com. Ask a question there and if 30 00:02:19,610 --> 00:02:23,918 Suze: KT chooses it, we'll answer it on this podcast. And 31 00:02:23,929 --> 00:02:25,820 Suze: for those of you who are wondering 32 00:02:26,514 --> 00:02:32,205 Suze: and waiting, so am I, as soon as Alliant picks 33 00:02:32,214 --> 00:02:38,164 Suze: the winner of the $5000 I will let all of 34 00:02:38,175 --> 00:02:41,524 Suze: you know, but there's always so many legal requirements. So 35 00:02:41,595 --> 00:02:45,104 Suze: just be patient and I'll be patient with you. 36 00:02:45,720 --> 00:02:48,940 KT: Are you ready? All right, I'm ready because I've got 37 00:02:48,949 --> 00:02:50,029 KT: great questions. 38 00:02:50,050 --> 00:02:51,179 Suze: Is it hot in here? 39 00:02:51,559 --> 00:02:52,440 KT: No. 40 00:02:52,490 --> 00:02:54,539 Suze: I'm so hot this morning. All right. Go on. 41 00:02:54,710 --> 00:02:55,809 KT: Ok. My first one... 42 00:02:55,820 --> 00:02:59,009 Suze: You're supposed to say when I say I'm so hot 43 00:02:59,020 --> 00:03:00,220 Suze: this morning, you're supposed to say... 44 00:03:00,229 --> 00:03:07,779 KT: You're hot every morning on this first question is from Sharon. 45 00:03:08,160 --> 00:03:11,300 KT: I started reading this, Suze and I went. Whoa, 46 00:03:11,660 --> 00:03:15,919 KT: dear KT and Suze, I wish to express my heartfelt 47 00:03:15,929 --> 00:03:20,539 KT: thanks to you both for truly changing my life. So, 48 00:03:20,550 --> 00:03:24,279 KT: is this a question or a comment? It's actually a comment, 49 00:03:24,788 --> 00:03:27,960 KT: but more important is what the comment is about. 50 00:03:28,669 --> 00:03:31,220 Suze: You just love starting podcasts like that. 51 00:03:31,229 --> 00:03:33,710 KT: I like having a comment. Yeah, I do. I like 52 00:03:33,720 --> 00:03:39,520 KT: setting the stage as we say that in the theater, 53 00:03:39,550 --> 00:03:43,570 KT: we set the stage about four years ago. My husband 54 00:03:43,675 --> 00:03:50,164 KT: of 25 years refinanced our house without telling me, he 55 00:03:50,175 --> 00:03:54,824 KT: then bought a house without telling me and then took 56 00:03:54,835 --> 00:03:58,695 KT: all of our money out of the bank without telling me. 57 00:03:59,139 --> 00:04:03,929 KT: He didn't even say one word to our kids about leaving. 58 00:04:04,220 --> 00:04:09,050 KT: Needless to say I was shocked and angry beyond belief. 59 00:04:09,059 --> 00:04:12,470 KT: I could never imagine someone I had spent most of 60 00:04:12,479 --> 00:04:14,289 KT: my life with could be so 61 00:04:14,445 --> 00:04:20,364 KT: conniving and cruel. After 2.5 years of agonizing divorce proceedings, 62 00:04:20,595 --> 00:04:26,195 KT: the divorce was finalized. He is now conveniently unemployed and 63 00:04:26,204 --> 00:04:31,295 KT: I have received no spousal support in a year. However, 64 00:04:31,584 --> 00:04:32,184 KT: ready 65 00:04:32,649 --> 00:04:36,149 KT: listen to this everyone. I am a flight attendant who 66 00:04:36,160 --> 00:04:40,510 KT: doesn't make a huge salary by any means. But since 67 00:04:40,519 --> 00:04:44,880 KT: his departure and working my butt off, I have managed 68 00:04:44,890 --> 00:04:51,000 KT: to build a year plus of emergency savings fully fund 69 00:04:51,010 --> 00:04:56,469 KT: a Roth IRA each year and max out my 401k. 70 00:04:56,869 --> 00:05:01,178 KT: I open investment accounts. I've been able to maintain my 71 00:05:01,190 --> 00:05:05,920 KT: home on my own salary. Ready. Everyone. This one brought 72 00:05:05,928 --> 00:05:10,049 KT: tears to my eyes and yesterday my daughter graduated from 73 00:05:10,059 --> 00:05:15,029 KT: college debt free. Both my kids work hard and fully 74 00:05:15,040 --> 00:05:19,200 KT: fund their Roths each year as well. Your impact is 75 00:05:19,209 --> 00:05:23,868 KT: shaping the next generation, Suze. Thank you from the bottom 76 00:05:23,880 --> 00:05:24,970 KT: of my heart 77 00:05:25,200 --> 00:05:28,579 KT: and that's from Sharon. I love that. 78 00:05:28,589 --> 00:05:31,539 Suze: You want to know what's so interesting about that, KT 79 00:05:32,420 --> 00:05:37,399 Suze: is that maybe her ex took all the money 80 00:05:38,059 --> 00:05:43,399 Suze: conveniently now is unemployed. Hasn't paid anything for support. 81 00:05:44,250 --> 00:05:48,428 Suze: But in the end now, I always say people first 82 00:05:48,440 --> 00:05:55,350 Suze: then money then things, the lesson that his Children have 83 00:05:55,359 --> 00:05:56,149 Suze: learned 84 00:05:57,359 --> 00:06:04,390 Suze: is absolutely priceless because both of those kids are never 85 00:06:04,399 --> 00:06:09,470 Suze: ever going to find themselves in a situation and let 86 00:06:09,480 --> 00:06:15,669 Suze: their spouse do what their father did to their mother. 87 00:06:15,678 --> 00:06:20,549 Suze: He may have money, but I guarantee you he has 88 00:06:20,559 --> 00:06:25,350 Suze: lost the love and respect of his Children. 89 00:06:26,049 --> 00:06:33,909 Suze: That's called true emotional bankruptcy. All right, KT next one. 90 00:06:34,220 --> 00:06:38,409 KT: All right. So next questions from Ashley. And if you all recall, 91 00:06:38,519 --> 00:06:42,309 KT: Ashley asked a great can I afford it question? 92 00:06:42,690 --> 00:06:44,790 KT: And this is why I picked it. It was, can 93 00:06:44,799 --> 00:06:46,109 KT: I afford a baby? 94 00:06:46,160 --> 00:06:49,109 Suze: Oh, that was a quiz, right? 95 00:06:49,160 --> 00:06:52,459 KT: Yes, it was. Now let me read this response to 96 00:06:52,470 --> 00:06:53,029 KT: all of you. 97 00:06:53,040 --> 00:06:56,868 Suze: So this is also a response is my response was 98 00:06:56,950 --> 00:06:58,510 Suze: approved or denied, right? 99 00:06:58,519 --> 00:07:02,750 KT: Dear, Suze and KT. Thank you so much for answering my 100 00:07:02,760 --> 00:07:03,510 KT: question 101 00:07:03,769 --> 00:07:08,130 KT: about whether we're financially ready to have a baby. I 102 00:07:08,140 --> 00:07:11,500 KT: burst into tears when I heard you say my name 103 00:07:11,529 --> 00:07:13,170 KT: on the podcast. 104 00:07:13,179 --> 00:07:17,470 Suze: Ashley, Ashley, Ashley, Ashley, Ashley, Ashley Ashley! 105 00:07:17,720 --> 00:07:21,109 KT: I was hoping the episode title was referring to my 106 00:07:21,119 --> 00:07:21,869 KT: question 107 00:07:22,140 --> 00:07:25,929 KT: and it was so amazing to hear Suze, the woman 108 00:07:25,940 --> 00:07:30,079 KT: who taught me basically everything I know about money. Address 109 00:07:30,089 --> 00:07:35,160 KT: me directly. This was so special. I can't. Thank you enough. 110 00:07:35,709 --> 00:07:42,350 KT: I just turned 34 which makes your advice a bit bittersweet. However, 111 00:07:42,470 --> 00:07:45,869 KT: my husband and I both agree that it makes the 112 00:07:45,880 --> 00:07:50,540 KT: most sense to wait until we can comfortably meet the 113 00:07:50,549 --> 00:07:54,279 KT: benchmarks you laid out. It feels like saving for a 114 00:07:54,290 --> 00:07:55,140 KT: home again 115 00:07:55,399 --> 00:08:00,450 KT: and that's incredibly motivating. We appreciate you. I'd love to 116 00:08:00,459 --> 00:08:05,899 KT: keep you posted, please, if you end up having a 117 00:08:05,910 --> 00:08:08,059 KT: baby and it's a girl, we know you're going to 118 00:08:08,070 --> 00:08:09,220 KT: call her Suze. 119 00:08:09,359 --> 00:08:12,339 Suze: So you know what's funny, Ashley is that 120 00:08:12,989 --> 00:08:15,600 Suze: when you say it's like saving for a house all 121 00:08:15,609 --> 00:08:20,529 Suze: over again, which means you obviously wanted to buy a home, 122 00:08:20,540 --> 00:08:23,529 Suze: have a home and you had to save for it 123 00:08:23,540 --> 00:08:28,730 Suze: before you could purchase it. There's a really big difference 124 00:08:29,100 --> 00:08:32,440 Suze: between a home and a child, 125 00:08:33,229 --> 00:08:36,109 Suze: a home you can sell. If you don't like it, 126 00:08:36,309 --> 00:08:39,400 Suze: you can move on, you can keep going no matter 127 00:08:39,409 --> 00:08:43,630 Suze: what with the child. It is a forever that hopefully 128 00:08:43,640 --> 00:08:49,109 Suze: will never end during your lifetime. And the cost of 129 00:08:49,119 --> 00:08:50,020 Suze: a child 130 00:08:50,570 --> 00:08:55,789 Suze: is actually almost in many cases equivalent, if not more 131 00:08:55,799 --> 00:09:00,200 Suze: than the cost of a home. It's an, it's an 132 00:09:00,210 --> 00:09:03,849 Suze: unknown of what can go wrong as well. So I 133 00:09:03,859 --> 00:09:08,130 Suze: love that you are going to wait and save to 134 00:09:08,140 --> 00:09:11,549 Suze: make sure that when you finally do have a child, 135 00:09:12,020 --> 00:09:17,479 Suze: you won't be afraid on any level financially speaking. All right, KT, 136 00:09:17,489 --> 00:09:19,320 Suze: do we have a question yet. 137 00:09:19,380 --> 00:09:24,960 KT: Here's my first real question. This is from Marlene. 138 00:09:25,400 --> 00:09:33,150 KT: She's 75. She said Marlene. Marlene said Suze, I'm 75 139 00:09:33,159 --> 00:09:38,109 KT: and very comfortable. I understand I can gift my 50 140 00:09:38,119 --> 00:09:44,699 KT: year old son $17,000. He has big student loans and 141 00:09:44,710 --> 00:09:46,659 KT: I need a tax deduction. 142 00:09:46,969 --> 00:09:51,570 KT: Can I pay his bill and take the deduction or 143 00:09:51,669 --> 00:09:56,760 KT: should I transfer money from my IRA to my Roth IRA? 144 00:09:57,059 --> 00:09:59,619 Suze: That's actually a complicated one. You thought that was a 145 00:09:59,630 --> 00:10:01,349 Suze: really easy question, didn't you? 146 00:10:01,739 --> 00:10:05,199 KT: No, I think the, the first part might be pretty easy. Yeah, 147 00:10:05,210 --> 00:10:08,289 KT: the first part there, if there's one part, then you 148 00:10:08,299 --> 00:10:09,080 KT: can answer that. 149 00:10:09,409 --> 00:10:11,770 Suze: I can answer both, but it's not as simple as 150 00:10:11,780 --> 00:10:12,590 Suze: one might think 151 00:10:13,000 --> 00:10:18,140 Suze: you can absolutely gift your son or anybody you want. 152 00:10:18,150 --> 00:10:21,978 Suze: And as many people a year that you want currently 153 00:10:21,989 --> 00:10:28,380 Suze: $18,000 a year, however, it's not taxable to them and 154 00:10:28,390 --> 00:10:32,359 Suze: it's not a tax write off to you on any level. 155 00:10:32,859 --> 00:10:37,419 Suze: The fact that he has big student loans is a very, 156 00:10:37,429 --> 00:10:39,299 Suze: very different question 157 00:10:39,750 --> 00:10:43,309 Suze: that where you say, but I need a tax deduction 158 00:10:43,320 --> 00:10:47,939 Suze: and can I pay his bills and take a tax deduction? No, 159 00:10:47,950 --> 00:10:49,659 Suze: you cannot do that. 160 00:10:50,919 --> 00:10:54,539 Suze: I don't want you to confuse the two. However, 161 00:10:55,250 --> 00:10:59,869 Suze: because if you're very comfortable, does it make you uncomfortable 162 00:11:00,299 --> 00:11:05,189 Suze: when you see your son suffering under a lot of 163 00:11:05,200 --> 00:11:10,130 Suze: student loans at the age of 50? What must that 164 00:11:10,140 --> 00:11:15,429 Suze: make him feel like, because probably most of his friends 165 00:11:15,440 --> 00:11:21,609 Suze: don't have student loans anymore. So the question isn't, can 166 00:11:21,619 --> 00:11:23,030 Suze: you pay that bill 167 00:11:23,469 --> 00:11:28,590 Suze: and get a tax deduction? The question is, can you 168 00:11:28,599 --> 00:11:34,449 Suze: pay that bill and still be incredibly comfortable at the 169 00:11:34,460 --> 00:11:36,209 Suze: age of 75 170 00:11:37,289 --> 00:11:42,819 Suze: and take that burden off of your son's back? 171 00:11:44,000 --> 00:11:48,659 Suze: And would that make him happier? Would that help him 172 00:11:48,669 --> 00:11:53,059 Suze: in any way? And if the answer to that is yes, 173 00:11:53,070 --> 00:11:57,059 Suze: it would, then that's probably what you should do. However, 174 00:11:57,500 --> 00:12:01,030 Suze: if it won't help him, if on some level, he's 175 00:12:01,039 --> 00:12:04,400 Suze: kind of don't take this the wrong way, Marlene, but 176 00:12:04,409 --> 00:12:07,409 Suze: he's kind of like a financial loser. He's just, you know, 177 00:12:07,450 --> 00:12:09,839 Suze: not really doing the things he should be doing and 178 00:12:09,849 --> 00:12:12,919 Suze: maybe still living at home with you, whatever it may be. 179 00:12:13,090 --> 00:12:17,179 Suze: KT just gave me a look, everybody but it's me. 180 00:12:17,190 --> 00:12:20,049 Suze: So it's, it's true. There are many kids that are 181 00:12:20,059 --> 00:12:24,679 Suze: financial losers. KT they just are anyway, 182 00:12:25,659 --> 00:12:28,650 Suze: then would you just be wasting that money if you 183 00:12:28,659 --> 00:12:32,079 Suze: were to pay off his bills? And would it just 184 00:12:32,090 --> 00:12:35,440 Suze: have gone to waste on some level? You and you 185 00:12:35,450 --> 00:12:39,449 Suze: alone have to decide that as far as transferring your 186 00:12:39,460 --> 00:12:44,450 Suze: money from your IRA to a Roth IRA, you are 187 00:12:44,460 --> 00:12:49,919 Suze: the age of 75 you have required minimum distributions that 188 00:12:49,929 --> 00:12:53,409 Suze: are coming out of your traditional IRA. 189 00:12:53,809 --> 00:13:00,270 Suze: So just remember you have to take your RMDs before 190 00:13:00,280 --> 00:13:06,119 Suze: you can convert any money to a Roth IRA at 191 00:13:06,130 --> 00:13:09,469 Suze: the age of 75. Does it make sense to do it? 192 00:13:09,789 --> 00:13:12,219 Suze: I'm not sure it does or it doesn't, but you 193 00:13:12,229 --> 00:13:15,520 Suze: might want to contact your CPA and see what he 194 00:13:15,530 --> 00:13:20,270 Suze: or she says. All right, KT. KT, I have a question 195 00:13:20,280 --> 00:13:20,710 Suze: for you. 196 00:13:21,880 --> 00:13:24,989 Suze: You know the question I'm gonna ask you. Why does 197 00:13:25,000 --> 00:13:28,840 Suze: it bother you when I simply say maybe he's a 198 00:13:28,849 --> 00:13:31,710 Suze: financial loser? Why does that bother you? 199 00:13:31,719 --> 00:13:34,020 KT: Well, because the first answer 200 00:13:34,530 --> 00:13:37,890 KT: was so nice to take the burden off his back. 201 00:13:37,900 --> 00:13:40,950 KT: Would it make him happier? Would it make you happier? 202 00:13:40,960 --> 00:13:44,189 KT: And then bam, you flip the coin and say on 203 00:13:44,200 --> 00:13:49,520 KT: the other hand, your son may be a real financial flake, right? 204 00:13:49,530 --> 00:13:51,789 KT: So what's wrong with that? Well, nothing's wrong with it, 205 00:13:51,799 --> 00:13:54,189 KT: but it was so nice in the beginning. I was 206 00:13:54,200 --> 00:13:56,830 KT: so happy. I was happy for her and him... 207 00:13:56,849 --> 00:13:58,390 Suze: If that had been true. 208 00:13:58,400 --> 00:14:01,659 KT: Well, let's hope. Let's hope the part A 209 00:14:02,340 --> 00:14:04,689 Suze: is the truth. Not part B. 210 00:14:05,549 --> 00:14:09,400 Suze: I hope, I hope that Marlene has the courage to 211 00:14:09,409 --> 00:14:13,118 Suze: stand in her own truth, no matter which one of 212 00:14:13,130 --> 00:14:16,960 Suze: those things it happens to be because she's ok no 213 00:14:16,969 --> 00:14:18,939 Suze: matter what next question. 214 00:14:19,419 --> 00:14:20,719 KT: This is from Peggy. 215 00:14:20,729 --> 00:14:23,200 Suze: Let's see if I can upset KT again. All right. 216 00:14:24,070 --> 00:14:28,280 KT: This thing she says, embarrassed. Hi, Suze and KT. 217 00:14:28,609 --> 00:14:30,320 Suze: That's what I do to KT all the time. 218 00:14:30,340 --> 00:14:34,130 KT: I've been watching and listening for over 10 years, but 219 00:14:34,140 --> 00:14:37,650 KT: I'm getting ready now for retirement in the next two years. 220 00:14:38,090 --> 00:14:42,880 KT: What is the purpose of moving my 401k and 403 221 00:14:42,890 --> 00:14:48,000 KT: B into an IRA? I feel so knowledgeable because of you. 222 00:14:48,010 --> 00:14:51,280 KT: But I am embarrassed to say, I don't quite know 223 00:14:51,409 --> 00:14:54,659 KT: how to retire. Did she, did she know you have 224 00:14:54,669 --> 00:14:55,780 KT: a book on this? 225 00:14:56,580 --> 00:15:00,650 Suze: I am so tempted to say, KT I know we 226 00:15:00,659 --> 00:15:05,039 Suze: normally wait to the end of the Ask Katie and 227 00:15:05,049 --> 00:15:07,460 Suze: Susie anything podcast for a year quizzy. 228 00:15:08,289 --> 00:15:11,039 Suze: But guess what? Pop quizzy KT. 229 00:15:13,880 --> 00:15:14,309 KT: Right now? 230 00:15:14,859 --> 00:15:20,299 Suze: Right now on this question, everybody. How would you answer this question? 231 00:15:20,659 --> 00:15:25,289 Suze: Why have I for years been saying to most of 232 00:15:25,299 --> 00:15:30,289 Suze: you that once you decide to retire you should look 233 00:15:30,299 --> 00:15:31,260 Suze: into 234 00:15:31,760 --> 00:15:36,219 Suze: if you have a traditional 401k or 403 B or 235 00:15:36,229 --> 00:15:40,840 Suze: even a Roth 401k or a Roth 403 B, look 236 00:15:40,849 --> 00:15:45,520 Suze: at transferring it or rolling it to an IRA or 237 00:15:45,530 --> 00:15:46,729 Suze: a Roth IRA... why, KT? 238 00:15:50,260 --> 00:15:55,440 KT: Well, when you transfer, when you transfer the traditional into 239 00:15:55,450 --> 00:15:56,099 KT: your Roth... 240 00:15:56,169 --> 00:16:01,380 Suze: No, you would transfer a traditional 401k to a traditional IRA. 241 00:16:01,799 --> 00:16:04,320 Suze: It's got to go from pre tax to pre tax 242 00:16:04,330 --> 00:16:06,400 Suze: or she's gonna pay taxes on everything. 243 00:16:07,239 --> 00:16:07,849 Suze: Right? So... 244 00:16:07,900 --> 00:16:11,570 KT: But if it's a Roth, no, don't get confused. I 245 00:16:11,599 --> 00:16:12,210 KT: don't know. 246 00:16:13,880 --> 00:16:19,409 Suze: No, that's it. You just don't know. 247 00:16:19,659 --> 00:16:21,940 KT: Well, if she's retiring... 248 00:16:22,190 --> 00:16:27,659 Suze: Wait, let's pretend it's, you, you have money in a 401k. 249 00:16:27,900 --> 00:16:31,460 Suze: You've been working, you haven't ever paid taxes on that 250 00:16:31,469 --> 00:16:34,659 Suze: money and now you have a choice of leaving it. 251 00:16:34,669 --> 00:16:38,219 Suze: Right there if you want or taking it and putting 252 00:16:38,229 --> 00:16:43,219 Suze: it in Fidelity or Schwab in an IRA rollover. 253 00:16:43,979 --> 00:16:47,130 Suze: I have been telling everybody to do that. 254 00:16:48,140 --> 00:16:51,409 Suze: Why have I been telling everybody to do that? You 255 00:16:51,419 --> 00:16:51,799 Suze: should see her face. 256 00:16:52,369 --> 00:16:56,059 KT: Because when you get close to retirement, your tax, um, 257 00:16:56,070 --> 00:16:59,880 KT: your tax liability is a lot less than when you're 258 00:17:00,330 --> 00:17:04,109 KT: working and earning money. Ok. Why? 259 00:17:04,540 --> 00:17:08,040 Suze: You really don't know? Obviously. All right, 260 00:17:08,338 --> 00:17:13,418 Suze: everybody, especially Peggy And thank you for this question/ quizzy. 261 00:17:13,598 --> 00:17:17,308 Suze: If you have your money at a 401k or a 262 00:17:17,318 --> 00:17:21,519 Suze: 403 B, which is usually a nonprofit KT it is 263 00:17:21,529 --> 00:17:23,198 Suze: with your employer 264 00:17:23,890 --> 00:17:29,109 Suze: and normally a 401k plan or a 403 B plan 265 00:17:29,560 --> 00:17:36,810 Suze: only has a specific number of investments. And most of 266 00:17:36,819 --> 00:17:39,910 Suze: those investments consist of only 267 00:17:40,589 --> 00:17:46,449 Suze: the company stock that maybe you're working for, but mutual funds, 268 00:17:46,459 --> 00:17:50,339 Suze: maybe they have a variety of mutual funds, but that's 269 00:17:50,349 --> 00:17:50,729 Suze: it 270 00:17:51,829 --> 00:17:57,099 Suze: when you transfer it and put it into an IRA. 271 00:17:58,339 --> 00:18:02,619 Suze: Now you can buy exchange traded funds, individual stocks. You 272 00:18:02,630 --> 00:18:06,800 Suze: could buy certificates of deposits, you could buy treasuries, you 273 00:18:06,810 --> 00:18:11,170 Suze: could buy so many different things and you could probably 274 00:18:11,180 --> 00:18:15,709 Suze: even buy the exact same things that the 401k is 275 00:18:15,719 --> 00:18:16,760 Suze: invested in. 276 00:18:17,430 --> 00:18:21,849 Suze: So the reason that I tell everybody to transfer it 277 00:18:21,859 --> 00:18:24,909 Suze: when you leave is so that you can have more 278 00:18:24,920 --> 00:18:29,649 Suze: diversification as you get older, maybe you're gonna want to 279 00:18:29,660 --> 00:18:32,489 Suze: put money into individual bonds. 280 00:18:32,839 --> 00:18:37,619 Suze: You can't buy individual bonds within a 401k or 403 B, 281 00:18:37,630 --> 00:18:41,339 Suze: you could only buy bond funds and everybody knows I 282 00:18:41,349 --> 00:18:48,020 Suze: hate bond funds. So therefore, I hope Peggy that has 283 00:18:48,030 --> 00:18:51,140 Suze: answered your question. However, 284 00:18:51,959 --> 00:18:55,379 Suze: let's say you have a sizable sum of money within 285 00:18:55,390 --> 00:18:58,979 Suze: the 401k or 403 B. Let's just say that's true. 286 00:18:59,859 --> 00:19:05,760 Suze: And you're comfortable with your investments, you feel secure there 287 00:19:06,319 --> 00:19:09,380 Suze: and now you don't want to transfer it because maybe 288 00:19:09,390 --> 00:19:11,750 Suze: you have to cash it out even though in most 289 00:19:11,760 --> 00:19:13,800 Suze: cases you won't have to. But let's just say you 290 00:19:13,810 --> 00:19:18,510 Suze: did and now you have $800,000 of cash sitting at 291 00:19:18,520 --> 00:19:21,869 Suze: a discount brokerage firm like Fidelity or Schwab. And now 292 00:19:21,880 --> 00:19:24,540 Suze: you have to invest it and you don't have a 293 00:19:24,550 --> 00:19:28,760 Suze: clue how to do that. So you're scared to death 294 00:19:29,140 --> 00:19:32,739 Suze: if that's the situation, then, hey, leave it in the 295 00:19:32,750 --> 00:19:34,339 Suze: 401k or the 403b. 296 00:19:36,689 --> 00:19:38,329 Suze: Did I get a ding, ding, ding on that? 297 00:19:38,339 --> 00:19:42,040 KT: Ding, ding, ding, ding, ding, ding, ding. That was good. 298 00:19:42,150 --> 00:19:45,569 KT: Right to do that. But, well, I didn't realize that 299 00:19:45,579 --> 00:19:49,349 KT: the reason, the biggest reason is that you have a 300 00:19:49,359 --> 00:19:51,310 KT: great deal of choice and diversification. 301 00:19:51,400 --> 00:19:55,119 Suze: That's the only reason. All right. Next question. 302 00:19:55,300 --> 00:19:57,270 KT: OK. This is a great, this, 303 00:19:58,119 --> 00:20:00,829 KT: I read this question and I'm thinking to myself, wow, 304 00:20:00,839 --> 00:20:03,669 KT: what would I do? What would Suze do? 305 00:20:08,099 --> 00:20:12,329 Suze: One of my favorite things is that sometimes we'd be in 306 00:20:12,339 --> 00:20:16,430 Suze: a restaurant, everybody or even a bookstore and I'd be 307 00:20:16,439 --> 00:20:19,890 Suze: standing in line to get a book and people would 308 00:20:19,900 --> 00:20:22,989 Suze: be in front of me and they had my book 309 00:20:23,000 --> 00:20:25,109 Suze: in their hand or on an airplane 310 00:20:25,579 --> 00:20:29,430 Suze: and I would hear them talking, like they'd usually be 311 00:20:29,439 --> 00:20:32,989 Suze: with a friend and they would always say, what do 312 00:20:33,000 --> 00:20:36,379 Suze: you think Suze would do? What would Suze do? 313 00:20:37,109 --> 00:20:38,228 KT: Well, here's a good one. Right. 314 00:20:39,000 --> 00:20:41,839 Suze: And then KT I would lean over and I go, well, 315 00:20:41,849 --> 00:20:44,099 Suze: I'll tell you what I would do and they'd always go ahhh! 316 00:20:44,660 --> 00:20:48,319 KT: Yeah, it's her, it's her, it's her all ready. This 317 00:20:48,329 --> 00:20:51,280 KT: is from Pat and Pat said, good morning, Suze. 318 00:20:51,290 --> 00:20:51,880 Suze: It is. 319 00:20:51,910 --> 00:20:55,880 KT: Here's our question. What should a person do when they 320 00:20:55,890 --> 00:21:00,500 KT: find a large amount of money in the home of 321 00:21:00,510 --> 00:21:03,119 KT: loved ones who have passed? 322 00:21:03,729 --> 00:21:07,569 KT: Will the bank question a large deposit? I think the 323 00:21:07,579 --> 00:21:12,829 KT: bank would be the safest place. Now, what would Suze do? 324 00:21:12,839 --> 00:21:18,170 Suze: Well, Suze, as many of you may know, actually read 325 00:21:18,180 --> 00:21:21,909 Suze: a lot of these questions and I wrote this person 326 00:21:21,920 --> 00:21:26,069 Suze: back and I said, how much is a large sum 327 00:21:26,079 --> 00:21:26,649 Suze: of money? 328 00:21:26,660 --> 00:21:27,530 KT: Did they tell you? 329 00:21:27,599 --> 00:21:29,709 Suze: Yes. And they wrote back and they said 330 00:21:30,250 --> 00:21:34,500 Suze: $200,000. 331 00:21:34,880 --> 00:21:36,239 KT: Someone stashed cash. 332 00:21:36,280 --> 00:21:40,630 Suze: Her father didn't really believe in debt. He didn't really 333 00:21:40,640 --> 00:21:44,359 Suze: believe in banks and little by little, he would take 334 00:21:44,369 --> 00:21:48,500 Suze: his paycheck and everything and he would just stash it 335 00:21:48,510 --> 00:21:55,229 Suze: in the house in cash and now she has found it. 336 00:21:55,839 --> 00:22:00,169 Suze: So the question is, what would Suze do. 337 00:22:01,380 --> 00:22:05,760 Suze: First of all, you have to realize that $200,000 is 338 00:22:05,770 --> 00:22:06,800 Suze: a lot of money. 339 00:22:07,780 --> 00:22:11,030 Suze: And if you just let it sit there in cash, 340 00:22:11,650 --> 00:22:19,119 Suze: you're missing out on about $10,000 a year. Currently in interest. 341 00:22:19,609 --> 00:22:20,880 Suze: That's number one. 342 00:22:21,510 --> 00:22:25,369 Suze: But number two, the very first thing I would do 343 00:22:25,400 --> 00:22:27,649 Suze: is if you have a lawyer 344 00:22:28,339 --> 00:22:32,958 Suze: that was settling the estate for your father, maybe he 345 00:22:32,969 --> 00:22:36,500 Suze: had a home that needed to go through probate or whatever. 346 00:22:36,660 --> 00:22:41,510 Suze: I would first consult with him or her and ask 347 00:22:41,520 --> 00:22:45,760 Suze: for their opinion. Chances are what they are going to 348 00:22:45,770 --> 00:22:47,199 Suze: tell you to do. 349 00:22:48,180 --> 00:22:51,119 Suze: And if you don't have one, you might want to 350 00:22:51,130 --> 00:22:54,839 Suze: find one and just consult with them, but would be 351 00:22:54,849 --> 00:22:59,959 Suze: to find a bank, either the bank that your father 352 00:22:59,969 --> 00:23:03,040 Suze: was dealing with, but maybe he didn't have a bank, 353 00:23:03,310 --> 00:23:07,900 Suze: but maybe you have a bank where you have connections 354 00:23:07,910 --> 00:23:09,099 Suze: with that bank 355 00:23:09,810 --> 00:23:16,260 Suze: because if you ever deposit $10,000 or more at one time, 356 00:23:16,369 --> 00:23:17,750 Suze: they're going to report it 357 00:23:18,410 --> 00:23:20,880 Suze: and they're going to report it because that's a lot 358 00:23:20,890 --> 00:23:27,530 Suze: of money. If you deposit $200,000 at one time. Oh, 359 00:23:27,540 --> 00:23:31,770 Suze: there are gonna be a whole lot of questions. So 360 00:23:31,780 --> 00:23:37,680 Suze: you should take the death certificate, his will or trust, 361 00:23:37,689 --> 00:23:40,750 Suze: showing everybody that you're the beneficiary 362 00:23:41,170 --> 00:23:46,550 Suze: of everything and that you found this money while getting 363 00:23:46,560 --> 00:23:50,869 Suze: your father's house in order to sell or whatever reason 364 00:23:50,880 --> 00:23:56,790 Suze: you are looking through this stuff and just come clean. Now, 365 00:23:56,800 --> 00:23:59,829 Suze: maybe they'll make you pay taxes on it. You never know. 366 00:24:00,290 --> 00:24:04,379 Suze: Maybe they'll say, oh, ok, because he never had a 367 00:24:04,390 --> 00:24:08,150 Suze: bank account or whatever. They'll understand that and they'll just 368 00:24:08,160 --> 00:24:09,150 Suze: let you have it 369 00:24:10,069 --> 00:24:14,329 Suze: right. But it should probably be if you go to 370 00:24:14,339 --> 00:24:17,829 Suze: a bank that you open up an account, not in 371 00:24:17,839 --> 00:24:21,949 Suze: your name but in the estate of your father. So 372 00:24:21,959 --> 00:24:24,650 Suze: it sits in that account. 373 00:24:25,349 --> 00:24:30,229 Suze: So then it becomes part of the estate. That is 374 00:24:30,239 --> 00:24:35,739 Suze: a very simplistic thing of what Suze would do. All right, KT, 375 00:24:35,750 --> 00:24:36,688 Suze: next question. 376 00:24:37,310 --> 00:24:41,369 KT: All right. This is from Lou. Suze, should we include 377 00:24:41,380 --> 00:24:45,800 KT: our rental property that is paid for in our living trust? 378 00:24:46,250 --> 00:24:53,430 KT: The property provides us an additional monthly income of $2550. 379 00:24:53,439 --> 00:24:54,790 Suze: One has nothing to do with the other. 380 00:24:54,800 --> 00:24:58,020 KT: Listen to this. We were not going to include our 381 00:24:58,030 --> 00:25:01,030 KT: primary home in the living trust. 382 00:25:01,040 --> 00:25:03,069 Suze: And why the heck do you even have a living trust? 383 00:25:03,079 --> 00:25:08,050 KT: We are both 70 plus years old. So explain to 384 00:25:08,060 --> 00:25:10,060 KT: Lou about why there's a trust. 385 00:25:10,109 --> 00:25:13,030 Suze: The main reason that you want a trust 386 00:25:13,910 --> 00:25:19,060 Suze: is so that your home, your rental property, things that 387 00:25:19,069 --> 00:25:22,698 Suze: really don't have a transfer of title like a life 388 00:25:22,709 --> 00:25:26,380 Suze: insurance policy. You have a beneficiary of that doesn't go 389 00:25:26,390 --> 00:25:31,020 Suze: through probate. Your retirement accounts has a beneficiary doesn't go 390 00:25:31,030 --> 00:25:34,260 Suze: through probate, right? And I'm not a fan, by the 391 00:25:34,270 --> 00:25:36,750 Suze: way of having a trust, be a beneficiary of a 392 00:25:36,760 --> 00:25:40,869 Suze: retirement account, as I have told you many times. But 393 00:25:40,880 --> 00:25:43,099 Suze: it's very difficult with a home. 394 00:25:43,670 --> 00:25:46,208 Suze: The main way you avoid probate with a home is 395 00:25:46,219 --> 00:25:50,069 Suze: you own the home and enjoy tenancy with right of survivorship. 396 00:25:50,140 --> 00:25:52,609 Suze: But then when the person you left it to dies, 397 00:25:52,619 --> 00:25:54,329 Suze: does it go through probate? 398 00:25:55,000 --> 00:25:59,140 Suze: And remember when a home goes through probate? It's not 399 00:25:59,150 --> 00:26:02,030 Suze: how much you owe on the home, it's how much 400 00:26:02,040 --> 00:26:06,149 Suze: it's worth. So, for instance, if you have a $500,000 401 00:26:06,160 --> 00:26:10,810 Suze: home and you still owe $250,000 on that home, all 402 00:26:10,819 --> 00:26:16,698 Suze: $500,000 is going to go through probate and depending on 403 00:26:16,709 --> 00:26:22,609 Suze: what state you're in probate can be really, really expensive. So, Lou, 404 00:26:23,010 --> 00:26:27,780 Suze: you need to understand why do you have a trust? 405 00:26:28,280 --> 00:26:32,479 Suze: What are your reasons for not having your home and 406 00:26:32,489 --> 00:26:37,550 Suze: rental property within the trust? It doesn't affect your income 407 00:26:37,560 --> 00:26:42,079 Suze: taxes on any level. It's the exact same as if 408 00:26:42,089 --> 00:26:44,900 Suze: you have a trust like Katie and I both have 409 00:26:44,910 --> 00:26:45,650 Suze: trusts 410 00:26:46,260 --> 00:26:48,770 Suze: and we pay the same income tax, whether we had 411 00:26:48,780 --> 00:26:52,260 Suze: a trust or we didn't have a trust. What happens 412 00:26:52,270 --> 00:26:56,079 Suze: however is what happens to that money when something happens 413 00:26:56,089 --> 00:26:56,900 Suze: to us. 414 00:26:57,170 --> 00:27:01,479 KT: It sounds like Lou didn't understand that he could have 415 00:27:01,489 --> 00:27:04,920 KT: both of these in his trust, but it sounds like 416 00:27:04,930 --> 00:27:07,760 KT: he want, he was trying to tell us he decided 417 00:27:07,770 --> 00:27:10,129 KT: not to put his primary home in it just put 418 00:27:10,609 --> 00:27:13,770 KT: as many assets as... 419 00:27:13,800 --> 00:27:16,000 Suze: It's not just about the probate. 420 00:27:16,390 --> 00:27:21,310 Suze: It's about incapacity if something were to happen to you 421 00:27:21,319 --> 00:27:25,099 Suze: and you don't die, who pays your bills, Lou? who 422 00:27:25,109 --> 00:27:28,129 Suze: writes your checks, who makes sure that the mortgage and 423 00:27:28,140 --> 00:27:30,169 Suze: the insurance and everything is paid? 424 00:27:30,949 --> 00:27:35,359 Suze: That's why you want a trust that has an incapacity clause. 425 00:27:35,420 --> 00:27:37,810 Suze: And for those of you who are asking 426 00:27:38,329 --> 00:27:42,979 Suze: the must have docs are back on sale, All you 427 00:27:42,989 --> 00:27:46,750 Suze: have to do is go to must have docs.com and 428 00:27:46,760 --> 00:27:50,750 Suze: you will find them $2500 worth of state of the 429 00:27:50,760 --> 00:27:56,179 Suze: art documents for $99. All right, KT. Next question. 430 00:27:56,400 --> 00:27:59,869 KT: OK. This is from Julie. I love this one for 431 00:27:59,880 --> 00:28:02,589 KT: those of us who are lucky enough to make lots 432 00:28:02,599 --> 00:28:04,989 KT: of money on the NVIDIA stock 433 00:28:05,069 --> 00:28:08,989 KT: split. Could you please recommend what we do with our 434 00:28:09,000 --> 00:28:14,770 KT: gains especially in a Roth IRA? And then Julie said, Suze, 435 00:28:14,780 --> 00:28:21,300 KT: I made $37,000 overnight in gains. Do I keep it 436 00:28:21,310 --> 00:28:25,670 KT: in NVIDIA? Do I harvest my gains and put it elsewhere? 437 00:28:25,680 --> 00:28:28,900 KT: Please advise I don't want to lose this beauty of 438 00:28:28,910 --> 00:28:29,770 KT: a profit. 439 00:28:29,810 --> 00:28:31,689 Suze: So let me have this one, KT 440 00:28:32,189 --> 00:28:34,459 Suze: and let me tell you why I want this one, 441 00:28:34,660 --> 00:28:38,719 Suze: Julie and all of you, the thousands of you that 442 00:28:38,729 --> 00:28:44,089 Suze: are writing me about the NVIDIA split, which happened just 443 00:28:44,099 --> 00:28:48,760 Suze: the other day and it was a 10 to 1 split. 444 00:28:50,030 --> 00:28:56,030 Suze: Therefore, on this coming Sunday's Suze School, I am going 445 00:28:56,040 --> 00:29:01,010 Suze: to do a Suze School on stock splits on NVIDIA 446 00:29:01,170 --> 00:29:04,810 Suze: and what I think you should and should not be doing. 447 00:29:04,939 --> 00:29:08,479 Suze: Because Julie, I have to tell you, you did not 448 00:29:08,489 --> 00:29:13,030 Suze: make $37,000 overnight. 449 00:29:13,430 --> 00:29:18,569 Suze: You didn't make any money overnight. You just increased the 450 00:29:18,579 --> 00:29:23,910 Suze: number of shares, but the price decreased from 1200 down 451 00:29:23,920 --> 00:29:27,989 Suze: to 120. So your value is identical. But I will 452 00:29:28,000 --> 00:29:33,449 Suze: explain that in great detail on this Sunday's Suze School. KT, 453 00:29:33,459 --> 00:29:35,680 Suze: you have no idea how many of those questions I've 454 00:29:35,689 --> 00:29:36,130 Suze: been answered. 455 00:29:36,140 --> 00:29:37,760 KT: Can I just ask you something 456 00:29:38,189 --> 00:29:42,859 KT: when my dad dabbled in stocks years ago and anything split? 457 00:29:42,869 --> 00:29:44,900 KT: He would get very excited. 458 00:29:45,030 --> 00:29:45,660 Suze: Yes, 459 00:29:46,750 --> 00:29:51,979 Suze: I think it's a stock splits. Why they're splitting it. 460 00:29:51,989 --> 00:29:55,079 KT: But I, so I love this one because you know 461 00:29:55,130 --> 00:29:58,660 KT: the you know the answer this is from Sarah. I 462 00:29:58,670 --> 00:30:02,989 KT: need to find dental insurance soon due to leaving my job. 463 00:30:03,000 --> 00:30:06,229 KT: I know you love dental plans. Would I want to 464 00:30:06,239 --> 00:30:10,939 KT: have dental insurance and dental plan or just the dental plan? 465 00:30:10,949 --> 00:30:13,800 KT: My teeth are in good shape but I'm 55. So 466 00:30:13,810 --> 00:30:14,339 KT: who knows what 467 00:30:14,439 --> 00:30:19,189 KT: coming as far as dental care needs coming? 468 00:30:19,540 --> 00:30:22,699 KT: Sarah, I'll tell you too will tell you what's coming 469 00:30:23,199 --> 00:30:28,380 KT: thousands of dollars of dental work. But get the dental plan, 470 00:30:28,390 --> 00:30:29,550 KT: tell her to get the savings plan. 471 00:30:29,619 --> 00:30:32,150 Suze: I would not be getting dental insurance if I were you. 472 00:30:32,160 --> 00:30:35,280 Suze: I am not a fan of dental insurance. Unless you 473 00:30:35,290 --> 00:30:38,459 Suze: work for a company that pays for it for you. 474 00:30:38,680 --> 00:30:42,099 Suze: I and KT and Colo 475 00:30:42,199 --> 00:30:46,910 Suze: and all of our friends and friends have something called 476 00:30:46,920 --> 00:30:52,979 Suze: a dental savings plan. Go to dental plans.com. Look at it. 477 00:30:53,060 --> 00:30:58,000 Suze: Normally dental insurance could be 100 or $150 a month. 478 00:30:58,300 --> 00:31:03,010 Suze: Normally they have high deductibles and waiting periods with a 479 00:31:03,020 --> 00:31:06,920 Suze: dental savings plan. Maybe if it's just you, it will 480 00:31:06,930 --> 00:31:09,800 Suze: cost you $150 a year 481 00:31:10,160 --> 00:31:15,000 Suze: and you can save anywhere from 10 to 60% on procedures. 482 00:31:15,020 --> 00:31:18,900 Suze: No waiting period and no max out of how much 483 00:31:18,910 --> 00:31:24,910 Suze: you can use it. So again, Dental plans.com. Next KT. 484 00:31:24,920 --> 00:31:27,250 KT: Ok. My final question, short and sweet. 485 00:31:28,204 --> 00:31:32,474 KT: Does the income I earn from interest or capital gains 486 00:31:32,484 --> 00:31:36,824 KT: from selling a stock held less than a year count 487 00:31:36,834 --> 00:31:44,425 KT: towards the 146,000 income before I have reduced Roth contributions. 488 00:31:45,609 --> 00:31:46,890 KT: That's from Wayne. 489 00:31:47,069 --> 00:31:48,130 Suze: Do you want another quizzy? 490 00:31:48,880 --> 00:31:51,979 KT: Well, all right. Let me see. Hold on. All right, everybody. 491 00:31:51,989 --> 00:31:55,030 KT: Let me see if I can redeem my lack of 492 00:31:55,040 --> 00:31:59,750 KT: knowledge here. Does the income I earn from interest or 493 00:31:59,760 --> 00:32:02,390 KT: capital gains from selling a stock held less than a 494 00:32:02,400 --> 00:32:06,839 KT: year count towards the 146 that I held less than... 495 00:32:06,869 --> 00:32:10,339 KT: I think that the answer is whatever income you have 496 00:32:10,349 --> 00:32:14,060 KT: when you reach that limit, that's the limit doesn't matter when. 497 00:32:14,069 --> 00:32:15,109 Suze: That's not the question. 498 00:32:16,829 --> 00:32:20,959 Suze: The question is if this person has held a stock 499 00:32:20,969 --> 00:32:26,209 Suze: for less than a year, obviously outside of a retirement account. 500 00:32:26,219 --> 00:32:27,459 Suze: And they sell it. 501 00:32:28,150 --> 00:32:30,729 Suze: Does that gain count 502 00:32:31,739 --> 00:32:38,560 Suze: towards the calculation of income where the max is 146 503 00:32:38,569 --> 00:32:40,079 Suze: for a single person? 504 00:32:42,530 --> 00:32:44,780 KT: Do you want me to answer it? Yeah, I think 505 00:32:44,790 --> 00:32:45,550 KT: it does. 506 00:32:46,930 --> 00:32:50,479 KT: I think it does, I think. Yeah, all I know 507 00:32:50,489 --> 00:32:54,270 KT: is in, in America, whatever money you make is your income. 508 00:32:54,849 --> 00:32:58,770 Suze: Not actually, however, but it is true when you sell 509 00:32:58,780 --> 00:33:03,260 Suze: a stock that you have held for less than one year, Wayne, 510 00:33:03,609 --> 00:33:07,709 Suze: that's taxed to you then as ordinary income. 511 00:33:08,660 --> 00:33:13,410 Suze: Right. So, yes, it counts towards your income. Even if 512 00:33:13,420 --> 00:33:17,819 Suze: it's a capital gain. The way they figure capital gains 513 00:33:17,829 --> 00:33:21,689 Suze: it gets figured in with your income and all of that. So, 514 00:33:21,699 --> 00:33:25,689 Suze: either way it probably would, but definitely in this situation 515 00:33:26,219 --> 00:33:34,569 Suze: it will count towards that $146,000 of modified adjusted gross income. 516 00:33:34,619 --> 00:33:35,849 Suze: What are you eating? 517 00:33:36,790 --> 00:33:39,300 KT: It's a, a cough drop from my throat. 518 00:33:39,310 --> 00:33:40,400 Suze: Do you have a sore throat? 519 00:33:40,410 --> 00:33:42,449 KT: It's not sore, but it's a little dry. 520 00:33:42,630 --> 00:33:43,729 Suze: It's dry, huh? 521 00:33:44,069 --> 00:33:47,319 KT: Because I've been swimming in the ocean with Suze every 522 00:33:47,329 --> 00:33:50,709 KT: day till we got this bout of rain. But we 523 00:33:50,719 --> 00:33:54,839 KT: better sign off. It's late. We're over our limit here, everyone. 524 00:33:54,849 --> 00:33:57,770 Suze: Oh, actually KT, we're the bosses. So we make the 525 00:33:57,780 --> 00:34:01,979 Suze: limit be whatever we want it to be. However, 526 00:34:02,640 --> 00:34:04,739 Suze: there's really only one thing that we want you to 527 00:34:04,750 --> 00:34:07,839 Suze: remember when it comes to your money. What is that KT? 528 00:34:07,849 --> 00:34:14,419 KT: People first, then money, then things. And if you follow 529 00:34:14,429 --> 00:34:15,620 KT: that guideline... 530 00:34:15,709 --> 00:34:22,810 Suze: And if you stay safe, you will be. What? Unstoppable.