1 00:00:28,989 --> 00:00:34,150 Suze: May 4th, 2025. Welcome everybody to the Women and Money podcast, 2 00:00:34,189 --> 00:00:39,900 Suze: and everybody smart enough to listen. Suze O here, and today 3 00:00:39,900 --> 00:00:44,020 Suze: is Suze School. Now I know, I know on Thursday 4 00:00:44,020 --> 00:00:46,028 Suze: I told you what I thought I was going to 5 00:00:46,029 --> 00:00:49,389 Suze: be doing today. And then I realized I'm never going 6 00:00:49,389 --> 00:00:52,069 Suze: to do that again. Why should any of you ever 7 00:00:52,069 --> 00:00:55,409 Suze: believe me? Because the truth of the matter is I 8 00:00:55,409 --> 00:00:56,349 Suze: sit down 9 00:00:57,250 --> 00:01:00,319 Suze: and I don't know what I'm going to say. You 10 00:01:00,319 --> 00:01:04,239 Suze: all do know that I have never planned a talk 11 00:01:04,239 --> 00:01:09,440 Suze: in my life. It can be 100,000 people, 50,000 people. 12 00:01:09,480 --> 00:01:12,160 Suze: It does not matter. I walk on stage 13 00:01:12,839 --> 00:01:16,149 Suze: and then whatever comes out of my mouth is what 14 00:01:16,150 --> 00:01:19,650 Suze: comes out of my mouth, and the same is true 15 00:01:19,949 --> 00:01:24,029 Suze: on these podcasts, even all the TV shows that I've 16 00:01:24,029 --> 00:01:27,110 Suze: ever done, the almost 9 or 10 I've lost count 17 00:01:27,110 --> 00:01:29,660 Suze: now of the PBS specials I did. 18 00:01:30,330 --> 00:01:33,459 Suze: Two of which I won Emmy Awards for. I walked 19 00:01:33,459 --> 00:01:38,519 Suze: on that stage and I just spoke. And when you 20 00:01:38,519 --> 00:01:42,000 Suze: do that, it's almost as if the truth of what 21 00:01:42,000 --> 00:01:45,599 Suze: you really want to say comes out, you know, I'll 22 00:01:45,599 --> 00:01:50,190 Suze: never forget on this one really big talk, huge audience, 23 00:01:51,000 --> 00:01:54,760 Suze: so many great speakers, and there was Leslie Stahl. 24 00:01:55,629 --> 00:01:58,849 Suze: And Leslie has always been an idol of mine. She's 25 00:01:58,849 --> 00:02:03,410 Suze: on 60 Minutes. What a fabulous woman! And I'm like, OK, 26 00:02:03,629 --> 00:02:06,830 Suze: here is my chance. I can say hi to her 27 00:02:06,830 --> 00:02:09,500 Suze: and how much I love her. And she was sitting 28 00:02:09,500 --> 00:02:13,679 Suze: on a chair with this piece of paper in her hands, 29 00:02:13,910 --> 00:02:15,990 Suze: and it was almost like she was shaking. 30 00:02:16,419 --> 00:02:18,929 Suze: And she was reading it and reading it. I said, 31 00:02:19,089 --> 00:02:22,009 Suze: Excuse me, Miss Stahl, I just wanted to say hi 32 00:02:22,008 --> 00:02:24,079 Suze: to you. I love you so much. And she said, 33 00:02:24,330 --> 00:02:27,758 Suze: Thank you, but I'm studying my talk. I, I, I, I, 34 00:02:27,770 --> 00:02:30,490 Suze: I have to do this, so I'm studying it, and 35 00:02:30,490 --> 00:02:33,130 Suze: I just went, OK, and I left. 36 00:02:34,029 --> 00:02:38,758 Suze: But when your words have already been written and you 37 00:02:38,758 --> 00:02:43,029 Suze: then are reiterating them in most cases not all. 38 00:02:43,800 --> 00:02:45,350 Suze: It's just so boring. 39 00:02:45,990 --> 00:02:49,539 Suze: They are just words, and when I sit down in 40 00:02:49,538 --> 00:02:52,610 Suze: a mic or I walk on stage or I do 41 00:02:52,610 --> 00:02:53,859 Suze: anything on television. 42 00:02:55,059 --> 00:02:58,850 Suze: I speak in truths. I don't speak in words, which 43 00:02:58,850 --> 00:03:02,289 Suze: is why, in my opinion, I think all of you. 44 00:03:03,119 --> 00:03:07,899 Suze: Really can understand what I'm saying because the truth is 45 00:03:07,899 --> 00:03:15,008 Suze: the truth for everybody. Sometimes words are just words for some. 46 00:03:15,380 --> 00:03:18,380 Suze: So with that said, I do want you to get 47 00:03:18,380 --> 00:03:22,008 Suze: out paper and pencil cause you never know what I 48 00:03:22,008 --> 00:03:25,820 Suze: will say. And today I'm kind of excited to see 49 00:03:25,820 --> 00:03:27,660 Suze: what I am going to say. 50 00:03:28,429 --> 00:03:31,149 Suze: Since I don't know, so we'll find out together, but 51 00:03:31,149 --> 00:03:35,110 Suze: I do know one thing before I begin. Today, like 52 00:03:35,110 --> 00:03:38,589 Suze: I said, is May 4th, and for me, May 4th 53 00:03:38,589 --> 00:03:41,380 Suze: is a very, very special day. 54 00:03:42,059 --> 00:03:46,179 Suze: Because May 4th happens to be the birthday of one 55 00:03:46,179 --> 00:03:52,300 Suze: of my most dearest, special, precious, and cherished friends, and 56 00:03:52,300 --> 00:03:57,740 Suze: her name is Lisa Halliday, and Lisa used to run 57 00:03:57,740 --> 00:04:00,979 Suze: all of the PR and everything for Oprah. 58 00:04:01,520 --> 00:04:04,279 Suze: And over the years when I was doing the Oprah 59 00:04:04,279 --> 00:04:09,860 Suze: Winfrey show, Lisa and I got very, very close, especially 60 00:04:10,190 --> 00:04:14,350 Suze: after the show ended, you know, sometimes when you're doing 61 00:04:14,350 --> 00:04:17,988 Suze: a show and there are producers and everything, you don't 62 00:04:17,988 --> 00:04:19,469 Suze: get too close to them. 63 00:04:20,250 --> 00:04:24,089 Suze: Because their job is to produce and make sure that 64 00:04:24,089 --> 00:04:28,119 Suze: the people on there are the best people for that show, 65 00:04:28,649 --> 00:04:31,850 Suze: but when a show ends, then you can kind of go, 66 00:04:31,928 --> 00:04:37,250 Suze: oh well, now we can be real friends. So what 67 00:04:37,250 --> 00:04:41,000 Suze: was interesting is obviously that was a long time ago 68 00:04:41,450 --> 00:04:45,290 Suze: and I just love this woman. 69 00:04:45,720 --> 00:04:49,339 Suze: So Lisa, from my heart to yours, I wish you 70 00:04:49,339 --> 00:04:52,660 Suze: a happy birthday. I know that this is a day 71 00:04:52,660 --> 00:04:56,779 Suze: that you should be given gifts, but for me you 72 00:04:56,779 --> 00:05:00,308 Suze: have been one of the greatest gifts that I've ever received. 73 00:05:00,540 --> 00:05:02,219 Suze: All right, there's that. 74 00:05:04,369 --> 00:05:07,609 Suze: Lately I've been more aggravated than I know what to do. 75 00:05:08,488 --> 00:05:12,750 Suze: And why is that? Because every single night. 76 00:05:13,609 --> 00:05:18,289 Suze: Starting at 6 o'clock, sometimes even earlier, just depending, I 77 00:05:18,290 --> 00:05:23,480 Suze: make sure that I am watching every single news show. 78 00:05:24,350 --> 00:05:25,089 Suze: And 79 00:05:25,970 --> 00:05:30,808 Suze: most of the news shows have financial pundits on theories 80 00:05:30,809 --> 00:05:35,359 Suze: as to why what's happening is happening, and I've noticed 81 00:05:35,829 --> 00:05:40,170 Suze: that every single night now for over a month. 82 00:05:41,230 --> 00:05:47,279 Suze: The same thing is being repeated and repeated and repeated again. 83 00:05:48,329 --> 00:05:54,489 Suze: And what's being repeated is why this is happening, why 84 00:05:54,488 --> 00:05:58,200 Suze: the markets, why the tariffs are going to do what 85 00:05:58,200 --> 00:06:01,640 Suze: they're going to do, and over and over and over 86 00:06:01,640 --> 00:06:04,559 Suze: again the exact same thing. 87 00:06:05,450 --> 00:06:10,670 Suze: So it's getting to me because why doesn't even matter 88 00:06:10,670 --> 00:06:15,589 Suze: any more. We kind of know why I want them 89 00:06:15,589 --> 00:06:19,149 Suze: to be talking about what you should all be doing. 90 00:06:20,040 --> 00:06:23,899 Suze: But given that that's not what's happening, you have to 91 00:06:23,899 --> 00:06:28,529 Suze: be asking yourself the question, what should I be doing 92 00:06:28,779 --> 00:06:33,649 Suze: in my personal situation? How many times have I said 93 00:06:33,649 --> 00:06:36,219 Suze: to you, and I'm going to repeat this forever and 94 00:06:36,220 --> 00:06:36,769 Suze: a day. 95 00:06:37,630 --> 00:06:40,170 Suze: That the government cannot save you. 96 00:06:40,839 --> 00:06:46,269 Suze: They can't even save themselves. Who can save you? You. 97 00:06:47,190 --> 00:06:49,909 Suze: How many times have I said to you, if you 98 00:06:49,910 --> 00:06:53,339 Suze: want to find the best financial adviser in the world, 99 00:06:53,630 --> 00:06:58,700 Suze: look in the mirror, cause nobody, nobody is going to 100 00:06:58,700 --> 00:07:02,750 Suze: care about your money more than you do, and what 101 00:07:02,750 --> 00:07:06,539 Suze: happens to your money directly affects the quality of your life, 102 00:07:06,988 --> 00:07:10,670 Suze: not my life, not a financial adviser's life, an insurance 103 00:07:10,670 --> 00:07:14,190 Suze: agent's life, anybody's life but your own. 104 00:07:14,809 --> 00:07:17,940 Suze: How many times have you heard me say that 105 00:07:18,579 --> 00:07:21,549 Suze: So the truth of the matter is the question at 106 00:07:21,549 --> 00:07:23,350 Suze: hand today. 107 00:07:24,149 --> 00:07:27,820 Suze: That I want each and every one of you to 108 00:07:27,820 --> 00:07:32,980 Suze: be asking yourself, so write it down is what should 109 00:07:32,980 --> 00:07:36,940 Suze: I be doing in my situation. 110 00:07:38,040 --> 00:07:42,029 Suze: What actions should I be taking? 111 00:07:42,700 --> 00:07:44,929 Suze: I want you to write that down. Did you write 112 00:07:44,929 --> 00:07:45,328 Suze: it down? 113 00:07:46,160 --> 00:07:48,440 Suze: Maybe you did, maybe you didn't, but OK, you get 114 00:07:48,440 --> 00:07:53,000 Suze: where I'm going here. Now there are 2 or 3 115 00:07:53,000 --> 00:07:54,760 Suze: different categories. 116 00:07:55,779 --> 00:07:57,220 Suze: When it comes to your money. 117 00:07:57,890 --> 00:08:03,480 Suze: That require actions. The first category that we need to 118 00:08:03,480 --> 00:08:06,920 Suze: look at that most likely every one of you needs 119 00:08:06,920 --> 00:08:13,109 Suze: to take action on, and that is the category of debt. 120 00:08:13,440 --> 00:08:17,480 Suze: Now there are two different kinds of debt. There is 121 00:08:17,480 --> 00:08:22,320 Suze: good debt and there is bad debt. Bad debt, listen 122 00:08:22,320 --> 00:08:23,309 Suze: to me closely. 123 00:08:24,100 --> 00:08:29,160 Suze: It is where you are paying for your present day desires, 124 00:08:29,730 --> 00:08:34,520 Suze: but your costs are going to be your future day needs, 125 00:08:34,599 --> 00:08:40,690 Suze: and normally bad debt is credit card debt. Good debt 126 00:08:41,809 --> 00:08:47,239 Suze: happens to be debt such as a mortgage, possibly student loan, 127 00:08:47,890 --> 00:08:51,929 Suze: even possibly a car loan since you may need a 128 00:08:51,929 --> 00:08:56,968 Suze: car to get to work. So just depending on how 129 00:08:56,969 --> 00:09:02,130 Suze: much debt that is, those kinds of debt can be 130 00:09:02,130 --> 00:09:03,330 Suze: good debt. 131 00:09:04,140 --> 00:09:06,380 Suze: When it comes to car loans, I just have to 132 00:09:06,380 --> 00:09:10,500 Suze: say this. Remember, if you buy a new car, the 133 00:09:10,500 --> 00:09:14,130 Suze: second you drive it off the lot, it goes down 134 00:09:14,380 --> 00:09:17,489 Suze: a good 20% or more in value. 135 00:09:18,419 --> 00:09:22,219 Suze: How do you know how much of a car you 136 00:09:22,219 --> 00:09:24,229 Suze: can afford? Simple. 137 00:09:25,280 --> 00:09:27,190 Suze: If you have to finance it. 138 00:09:28,159 --> 00:09:31,780 Suze: If you can't afford the payments in a 3 year 139 00:09:31,780 --> 00:09:36,479 Suze: period of time, in my opinion, you are buying too 140 00:09:36,479 --> 00:09:37,799 Suze: expensive of a car. 141 00:09:38,840 --> 00:09:42,108 Suze: Maybe you need a new car for you. 142 00:09:42,859 --> 00:09:46,760 Suze: But maybe that new car could be a used car. 143 00:09:47,460 --> 00:09:49,859 Suze: But I'm telling you, if you have to finance it 144 00:09:50,030 --> 00:09:52,348 Suze: for 5, 6 or 7 years. 145 00:09:53,179 --> 00:09:56,979 Suze: That is seriously bad debt. 146 00:09:57,789 --> 00:10:01,750 Suze: So let's just say you do have credit card debt. 147 00:10:02,539 --> 00:10:06,539 Suze: How do you deal with this debt? Well, depending on 148 00:10:06,539 --> 00:10:12,460 Suze: your FICO score, as you know, FICO scores run anywhere 149 00:10:12,460 --> 00:10:17,659 Suze: from 300 all the way up to 850. Anything below 500, 150 00:10:17,739 --> 00:10:21,260 Suze: let me just say you are FICO'd. So if you 151 00:10:21,260 --> 00:10:27,059 Suze: have a low FICO score, chances are you're not going 152 00:10:27,059 --> 00:10:30,700 Suze: to be able to do a balance transfer to a 153 00:10:30,700 --> 00:10:31,989 Suze: low interest rate. 154 00:10:32,489 --> 00:10:36,340 Suze: Chances are you're already paying a very high interest rate 155 00:10:36,340 --> 00:10:38,130 Suze: on your credit cards. 156 00:10:38,789 --> 00:10:44,349 Suze: If, however, you have a good FICO score 680 to 720, 157 00:10:44,460 --> 00:10:47,218 Suze: even if you had a FICO score of 760, which 158 00:10:47,219 --> 00:10:51,700 Suze: is a pretty excellent FICO score, all of you should 159 00:10:51,700 --> 00:10:56,010 Suze: be looking into doing a balance transfer if you have 160 00:10:56,219 --> 00:10:58,619 Suze: an interest rate on your current credit card. 161 00:10:58,724 --> 00:11:02,895 Suze: Cards of anywhere of 8, 9, 10% or more. There 162 00:11:02,895 --> 00:11:08,164 Suze: are 0% credit cards out there for like 21 months 163 00:11:08,414 --> 00:11:12,294 Suze: that you could be doing a balance transfer. Take a 164 00:11:12,294 --> 00:11:15,964 Suze: look at it and ask yourself, hmm, is this an 165 00:11:15,965 --> 00:11:20,174 Suze: action that I should be taking? Let's go back though 166 00:11:20,174 --> 00:11:21,645 Suze: to those of you. 167 00:11:22,390 --> 00:11:27,030 Suze: Who have credit card debt, low FICO scores, you can't 168 00:11:27,030 --> 00:11:30,340 Suze: do any balance transfers and you just wanna handle this 169 00:11:30,590 --> 00:11:33,219 Suze: and you wanna get a handle on it right now. 170 00:11:33,809 --> 00:11:35,989 Suze: What I want all of you to do. 171 00:11:36,599 --> 00:11:40,239 Suze: It is to line up your credit cards from the 172 00:11:40,239 --> 00:11:45,099 Suze: highest interest rate all the way down to the lowest. 173 00:11:46,020 --> 00:11:49,580 Suze: Next, I want you to write down next to each 174 00:11:49,580 --> 00:11:53,979 Suze: one of those credit cards the minimum payment due that 175 00:11:53,979 --> 00:11:58,699 Suze: is due this month. Now this minimum payment due is 176 00:11:58,700 --> 00:12:03,900 Suze: extremely important because this is going to be the minimum 177 00:12:03,900 --> 00:12:07,659 Suze: payment that you are always going to make on these 178 00:12:07,659 --> 00:12:11,739 Suze: credit cards, all of them, regardless of what they're asking for. 179 00:12:12,469 --> 00:12:15,820 Suze: Because I can tell you they want to keep lowering 180 00:12:15,820 --> 00:12:19,079 Suze: your minimum payment due so you never get out of 181 00:12:19,080 --> 00:12:23,270 Suze: credit card debt. So whatever it happens to be this month, 182 00:12:23,280 --> 00:12:26,799 Suze: for example, this is the amount that you are going 183 00:12:26,799 --> 00:12:30,200 Suze: to pay as your minimum payment due. It is fixed 184 00:12:30,200 --> 00:12:34,320 Suze: now until all credit cards are paid off. 185 00:12:35,500 --> 00:12:39,189 Suze: You are going to total the minimum payment due. 186 00:12:40,030 --> 00:12:43,250 Suze: And let's just say the minimum payment due on all 187 00:12:43,250 --> 00:12:49,369 Suze: your credit cards happens to be $300. OK? You're going 188 00:12:49,369 --> 00:12:55,650 Suze: to add 20% to that figure, which would be $60. 189 00:12:56,830 --> 00:13:00,419 Suze: What you're going to do next is you are going 190 00:13:00,419 --> 00:13:04,340 Suze: to pay the minimum payment due on every credit card, 191 00:13:04,630 --> 00:13:09,390 Suze: but you're going to add $60 to the credit card 192 00:13:09,390 --> 00:13:11,869 Suze: that has the highest interest rate. 193 00:13:12,770 --> 00:13:15,289 Suze: When that credit card and you're gonna do this every 194 00:13:15,289 --> 00:13:19,679 Suze: month when that credit card is paid off, you are 195 00:13:19,679 --> 00:13:22,848 Suze: going to roll the total amount that you were paying 196 00:13:22,849 --> 00:13:26,489 Suze: on the highest interest rate credit card to the next 197 00:13:26,489 --> 00:13:28,650 Suze: highest interest rate credit card. 198 00:13:29,809 --> 00:13:34,239 Suze: Plus the minimum payment due that you are already paying 199 00:13:34,239 --> 00:13:37,770 Suze: on that card, and you're going to continue to roll 200 00:13:37,770 --> 00:13:43,200 Suze: it down until you are totally out of credit card debt. 201 00:13:43,489 --> 00:13:47,119 Suze: Once you're out of credit card debt, be very careful 202 00:13:47,119 --> 00:13:51,489 Suze: about closing down your credit cards, cause when you close 203 00:13:51,489 --> 00:13:56,728 Suze: down your credit cards, you're also closing down your credit limit. 204 00:13:57,320 --> 00:14:03,369 Suze: And therefore that could absolutely keep your FICO score lower. 205 00:14:03,719 --> 00:14:06,200 Suze: Now I've done podcasts on this before, so you might 206 00:14:06,200 --> 00:14:10,520 Suze: want to look that up, but that is your action. 207 00:14:11,349 --> 00:14:18,289 Suze: The second category is income and expenses. The question is 208 00:14:18,900 --> 00:14:23,500 Suze: what actions, if any, should you be taking when it 209 00:14:23,500 --> 00:14:27,340 Suze: comes to your income and expenses. 210 00:14:28,219 --> 00:14:32,020 Suze: Now for me, I will always tell you that I 211 00:14:32,020 --> 00:14:35,780 Suze: think it's a great idea to spend less and save more. 212 00:14:36,630 --> 00:14:39,900 Suze: People, I hate this when this happens. Suze Orman, how 213 00:14:39,900 --> 00:14:43,070 Suze: much money do you really think you need, or Oprah 214 00:14:43,070 --> 00:14:45,869 Suze: or whatever? That's not the point. 215 00:14:46,929 --> 00:14:50,179 Suze: The point isn't about you get to a specific amount 216 00:14:50,179 --> 00:14:53,859 Suze: of money and then you stop. The point is how 217 00:14:53,859 --> 00:14:55,500 Suze: you feel about money. 218 00:14:56,539 --> 00:14:58,830 Suze: And how you value money. 219 00:14:59,630 --> 00:15:03,909 Suze: Because when you value money, you are also valuing yourself. 220 00:15:04,820 --> 00:15:08,020 Suze: Because what you and your money are one, that is 221 00:15:08,020 --> 00:15:11,130 Suze: what we have learned on the Women and Money podcast, 222 00:15:11,340 --> 00:15:14,849 Suze: on the Suzie Orman Show, on every PBS special I did. 223 00:15:15,619 --> 00:15:17,900 Suze: That is the truth. 224 00:15:18,799 --> 00:15:23,260 Suze: Now, obviously it's always a good idea in my opinion 225 00:15:23,760 --> 00:15:27,830 Suze: to spend less and save more. You already know that, 226 00:15:28,479 --> 00:15:32,359 Suze: so it's important that the first action you take in 227 00:15:32,359 --> 00:15:35,719 Suze: terms of the income and expenses category 228 00:15:36,460 --> 00:15:39,679 Suze: is, can you just do me this one favor? 229 00:15:40,690 --> 00:15:42,880 Suze: Go back 12 months from now. 230 00:15:43,820 --> 00:15:47,479 Suze: And what did you spend the entire year? 231 00:15:48,270 --> 00:15:53,530 Suze: Whatever that figure is divide it by 12, and that 232 00:15:53,530 --> 00:15:57,909 Suze: in essence is how much you need per month after 233 00:15:57,909 --> 00:15:59,729 Suze: taxes to live on. 234 00:16:00,770 --> 00:16:05,250 Suze: Then I want you to look at your after-tax income. 235 00:16:06,130 --> 00:16:10,250 Suze: And does your after-tax income after tax and actually after 236 00:16:10,250 --> 00:16:15,070 Suze: retirement account contributions, does it equal 237 00:16:15,849 --> 00:16:20,950 Suze: what your monthly expenses average to be, is it more 238 00:16:21,159 --> 00:16:24,909 Suze: than what your average monthly expenses happen to be, or 239 00:16:24,909 --> 00:16:29,960 Suze: is it less if it is equal to or if 240 00:16:29,960 --> 00:16:33,630 Suze: it is less, you have actions to take. 241 00:16:34,359 --> 00:16:36,169 Suze: And those actions are 242 00:16:37,010 --> 00:16:39,520 Suze: You either have to earn more. 243 00:16:40,869 --> 00:16:46,859 Suze: Or you have to spend less, or you can do both. 244 00:16:47,750 --> 00:16:51,590 Suze: So that's the first thing that you have to get 245 00:16:51,590 --> 00:16:57,070 Suze: under control to answer the question what should you be doing? 246 00:16:57,190 --> 00:17:00,270 Suze: And the truth of the matter is, everybody, it does 247 00:17:00,270 --> 00:17:03,309 Suze: not matter what's happening in the economy. 248 00:17:04,130 --> 00:17:08,790 Suze: What matters is what's happening in your financial household. 249 00:17:09,598 --> 00:17:13,359 Suze: Don't you want to see everything go up? Don't you 250 00:17:13,359 --> 00:17:16,708 Suze: want to know as time goes on you have more? 251 00:17:17,239 --> 00:17:19,198 Suze: You don't want to live a life where you just 252 00:17:19,198 --> 00:17:22,078 Suze: are status quo, and what you have coming in is 253 00:17:22,078 --> 00:17:25,638 Suze: what you have going out. You want to build and 254 00:17:25,638 --> 00:17:30,399 Suze: build for the day that you can't work anymore or 255 00:17:30,398 --> 00:17:32,129 Suze: you don't want to work anymore. 256 00:17:33,390 --> 00:17:36,380 Suze: Or you're one of those federal workers who thought they 257 00:17:36,380 --> 00:17:38,979 Suze: were going to be working for a long time and 258 00:17:38,979 --> 00:17:40,688 Suze: now they don't have any income at all. 259 00:17:41,489 --> 00:17:48,500 Suze: So it is essential that that category you have control over, 260 00:17:48,670 --> 00:17:51,699 Suze: you've now been given your instructions of what you should do, 261 00:17:51,989 --> 00:17:53,458 Suze: I want you to do it. 262 00:17:54,959 --> 00:18:01,550 Suze: Next category investments, whether they are inside or outside of 263 00:18:01,550 --> 00:18:03,119 Suze: a retirement account. 264 00:18:04,119 --> 00:18:07,839 Suze: Let's deal with money that is invested in the stock market, 265 00:18:07,920 --> 00:18:10,800 Suze: so to speak, in a retirement account. 266 00:18:11,670 --> 00:18:14,149 Suze: As long as you have 5, 10, or 15 years 267 00:18:14,150 --> 00:18:17,410 Suze: or longer till you need the money that's within a 268 00:18:17,410 --> 00:18:22,630 Suze: retirement account and especially if it's coming from a 401K, 269 00:18:22,739 --> 00:18:27,939 Suze: 403B TSP, whatever it may be, and hopefully it's in 270 00:18:27,939 --> 00:18:31,099 Suze: a rough retirement account if you don't want to make 271 00:18:31,099 --> 00:18:34,030 Suze: the biggest mistake of your life, but that's just besides 272 00:18:34,030 --> 00:18:34,619 Suze: the point. 273 00:18:35,449 --> 00:18:40,800 Suze: Because the money that's being invested is coming from a paycheck. 274 00:18:41,609 --> 00:18:44,859 Suze: It's automatically coming out of your money. 275 00:18:46,020 --> 00:18:49,739 Suze: Then you can continue to dollar cost average, which is 276 00:18:49,739 --> 00:18:53,219 Suze: what that is, every single month for the rest of 277 00:18:53,219 --> 00:18:57,050 Suze: your life does not matter. You just keep doing it 278 00:18:57,050 --> 00:18:58,938 Suze: and doing it and doing it. 279 00:19:00,050 --> 00:19:01,439 Suze: Just that simple. 280 00:19:02,160 --> 00:19:06,989 Suze: And this includes Roth IRAs as well or traditionals if 281 00:19:06,989 --> 00:19:10,250 Suze: you want to make a mistake, where you know every 282 00:19:10,250 --> 00:19:14,189 Suze: single year there is a defined amount of money that 283 00:19:14,189 --> 00:19:19,189 Suze: you can put into that account, $7000 this year if 284 00:19:19,189 --> 00:19:24,149 Suze: you're under 50 $8000 if you're 50 or older, because 285 00:19:24,150 --> 00:19:28,829 Suze: the amounts in retirement accounts every single year are defined 286 00:19:28,829 --> 00:19:29,500 Suze: for you. 287 00:19:30,130 --> 00:19:33,149 Suze: You just keep doing it till you have reached the 288 00:19:33,150 --> 00:19:37,329 Suze: max in most cases, so that's simple. That's not a 289 00:19:37,329 --> 00:19:42,550 Suze: big deal. It's outside of retirement accounts where the money 290 00:19:42,550 --> 00:19:44,449 Suze: happens to be coming from. 291 00:19:45,270 --> 00:19:49,829 Suze: Your excess cash, savings wherever it's coming from, which is 292 00:19:49,829 --> 00:19:52,579 Suze: where you have to make a decision. 293 00:19:53,339 --> 00:19:56,680 Suze: And the action that you have to take is how 294 00:19:56,680 --> 00:20:00,599 Suze: much money do you want to have in a particular 295 00:20:00,599 --> 00:20:03,479 Suze: stock in a particular investment. 296 00:20:04,459 --> 00:20:08,339 Suze: Because that is not money that's automatically always going to 297 00:20:08,339 --> 00:20:12,020 Suze: be there, so you have to make a decision and 298 00:20:12,020 --> 00:20:14,739 Suze: decide how much am I going to buy of X 299 00:20:14,739 --> 00:20:21,219 Suze: Y Z. When is enough there? Now what's interesting is 300 00:20:21,219 --> 00:20:26,569 Suze: that April 2nd, when all of a sudden everything changed 301 00:20:26,569 --> 00:20:30,619 Suze: and the market started to go down and down and down. 302 00:20:31,229 --> 00:20:35,349 Suze: Especially with money outside of a retirement account, a lot 303 00:20:35,349 --> 00:20:39,708 Suze: of you froze. You stopped dollar cost averaging. Many of 304 00:20:39,709 --> 00:20:43,030 Suze: you sold. Many of you felt so great that you 305 00:20:43,030 --> 00:20:46,459 Suze: sold because you saw it go down and down and down. 306 00:20:46,709 --> 00:20:50,500 Suze: And again last week I gave you an example of Palantir, 307 00:20:50,689 --> 00:20:55,469 Suze: our favorite stock, was at 125, and many of you 308 00:20:55,469 --> 00:20:59,270 Suze: sold at 125, and you watched it go all the 309 00:20:59,270 --> 00:21:00,069 Suze: way down. 310 00:21:00,729 --> 00:21:06,359 Suze: To like 65 or 70 and you know as of Friday, 311 00:21:06,650 --> 00:21:10,729 Suze: the close, it was at 1:24 again. 312 00:21:11,650 --> 00:21:15,199 Suze: And I keep repeating this because do you see what 313 00:21:15,199 --> 00:21:19,469 Suze: a mistake it is? Do you know, as of Friday 314 00:21:19,469 --> 00:21:25,670 Suze: close of business, Palantir was up 61% from a month ago. 315 00:21:26,160 --> 00:21:32,630 Suze: Apple was up 13% from a month ago. Microsoft 21%. 316 00:21:32,930 --> 00:21:39,599 Suze: Walmart 17%, even if all you did was by VOO. 317 00:21:40,420 --> 00:21:48,410 Suze: VTI or SPY, the spiders, they were each up about 12% 318 00:21:48,410 --> 00:21:53,319 Suze: from a month ago. If you had done nothing, if 319 00:21:53,319 --> 00:21:57,060 Suze: the action was nothing, even if you didn't dollar cost 320 00:21:57,060 --> 00:21:58,139 Suze: average into it. 321 00:21:58,660 --> 00:22:01,170 Suze: Do you see how much money you would have made? 322 00:22:01,380 --> 00:22:04,609 Suze: The mistake would have been if you sold cause you 323 00:22:04,609 --> 00:22:10,089 Suze: didn't need to sell good quality stocks, good quality ETFs, 324 00:22:10,239 --> 00:22:14,949 Suze: even if you had purchased dividend paying stocks like Care Trust. 325 00:22:15,319 --> 00:22:18,579 Suze: It's up 7% since a month ago, and it paid 326 00:22:18,579 --> 00:22:23,020 Suze: you a 4.7% dividend. Pfizer, where so many of you 327 00:22:23,020 --> 00:22:24,260 Suze: are so freaked about. 328 00:22:24,719 --> 00:22:29,679 Suze: Right? Paying a 7 or 8% dividend is up 11% 329 00:22:29,680 --> 00:22:32,680 Suze: from a month ago, and I know a lot of 330 00:22:32,680 --> 00:22:35,119 Suze: you are like, oh, but Susie, what if they cut 331 00:22:35,119 --> 00:22:38,310 Suze: the dividend? So what if they cut the dividend from 8% 332 00:22:38,640 --> 00:22:41,800 Suze: to 6%, just 5%. 333 00:22:42,420 --> 00:22:45,500 Suze: Don't you still think that's a great dividend? I told 334 00:22:45,500 --> 00:22:48,900 Suze: you I personally still like Pfizer, and I would just 335 00:22:48,900 --> 00:22:52,939 Suze: be keeping Pfizer. You could dollar cost average into it 336 00:22:52,939 --> 00:22:55,329 Suze: up to you, but I don't have a problem with 337 00:22:55,329 --> 00:22:56,810 Suze: that same with Verizon. 338 00:22:57,599 --> 00:23:00,540 Suze: But it's up to you. Remember, when you make an 339 00:23:00,540 --> 00:23:05,130 Suze: investment in anything, you have to feel good about it. 340 00:23:05,300 --> 00:23:07,910 Suze: You have to do it not because I told you 341 00:23:07,910 --> 00:23:10,699 Suze: to do it. You have to do it because when 342 00:23:10,699 --> 00:23:14,369 Suze: you hear the idea you go, I like that idea. 343 00:23:15,000 --> 00:23:18,939 Suze: All right, that makes sense to me. I'm going to 344 00:23:18,939 --> 00:23:19,619 Suze: buy it. 345 00:23:20,479 --> 00:23:25,869 Suze: So you have to be an active participant in your 346 00:23:25,869 --> 00:23:31,399 Suze: investment decisions, otherwise you're just a bystander and you're going 347 00:23:31,400 --> 00:23:36,140 Suze: to see lots of money just pass you by, because 348 00:23:36,140 --> 00:23:39,890 Suze: you are not owning the power to control your destiny. 349 00:23:40,810 --> 00:23:42,849 Suze: So what is the action that I want you to 350 00:23:42,849 --> 00:23:47,199 Suze: take with your investments? I just want you to look 351 00:23:47,199 --> 00:23:47,810 Suze: at them. 352 00:23:48,599 --> 00:23:52,540 Suze: I want you to make decisions about them. I do 353 00:23:52,540 --> 00:23:55,989 Suze: not want you to be selling out, no matter what 354 00:23:55,989 --> 00:23:58,380 Suze: if you have a lot of time on your side, 355 00:23:58,630 --> 00:24:03,869 Suze: and again they're good quality investments. What is very important 356 00:24:03,869 --> 00:24:08,020 Suze: though for all of you to be doing is when 357 00:24:08,020 --> 00:24:11,270 Suze: you take a recommendation from me on this podcast and 358 00:24:11,270 --> 00:24:15,150 Suze: I say, oh, let's buy Whirlpool, which I did a 359 00:24:15,150 --> 00:24:16,060 Suze: while ago. 360 00:24:16,339 --> 00:24:19,469 Suze: And then I came back and I said let's sell Whirlpool. 361 00:24:19,719 --> 00:24:22,400 Suze: Something is wrong. I'm not liking it. As soon as 362 00:24:22,400 --> 00:24:25,239 Suze: I heard there were gonna be tariffs, I came on 363 00:24:25,239 --> 00:24:28,239 Suze: this podcast and I said sell, and it was up 364 00:24:28,239 --> 00:24:29,958 Suze: in the hundreds at that time. 365 00:24:30,630 --> 00:24:32,280 Suze: I don't know. I don't even want to look at 366 00:24:32,280 --> 00:24:35,589 Suze: where it's at now. I'm sure in the 70s, but 367 00:24:35,719 --> 00:24:38,959 Suze: you have to, if you're gonna take a recommendation. 368 00:24:39,829 --> 00:24:43,949 Suze: Then you have to listen every single podcast to make 369 00:24:43,949 --> 00:24:46,869 Suze: sure when am I going to say sell Whirlpool, when 370 00:24:46,869 --> 00:24:49,540 Suze: am I going to say sell Devon, which I did. 371 00:24:49,829 --> 00:24:52,550 Suze: And the reason that I'm talking about this is somebody 372 00:24:52,550 --> 00:24:56,510 Suze: recently wrote and said, Should I still be keeping Devon? 373 00:24:57,069 --> 00:24:59,540 Suze: And I'm like, Didn't you hear me on the podcast 374 00:24:59,869 --> 00:25:02,829 Suze: many months ago saying I would be getting out of 375 00:25:02,829 --> 00:25:06,260 Suze: Devon and I would probably be putting that money into 376 00:25:06,479 --> 00:25:08,579 Suze: Pfizer or something like that. 377 00:25:09,630 --> 00:25:14,430 Suze: So you have to take responsibility and what is the 378 00:25:14,430 --> 00:25:16,949 Suze: action that I want you to take when it comes 379 00:25:16,949 --> 00:25:23,228 Suze: to investing? It is the responsibility of at least if 380 00:25:23,229 --> 00:25:27,270 Suze: you're gonna take a recommendation listening to the podcast to 381 00:25:27,270 --> 00:25:31,109 Suze: know if that recommendation changes or not. 382 00:25:31,829 --> 00:25:32,500 Suze: That's all 383 00:25:33,270 --> 00:25:36,420 Suze: But I need you to think a little bit differently. 384 00:25:37,630 --> 00:25:43,750 Suze: About your investments because this can be such a very, 385 00:25:43,800 --> 00:25:45,869 Suze: very lucrative time for you. 386 00:25:46,729 --> 00:25:50,319 Suze: Let's talk about retirement accounts right now. 387 00:25:51,030 --> 00:25:54,010 Suze: I get that a lot of you are afraid and 388 00:25:54,010 --> 00:25:55,369 Suze: a lot of you are older. 389 00:25:56,060 --> 00:25:57,579 Suze: And what are you doing? 390 00:25:58,229 --> 00:26:03,410 Suze: You are taking money out of your retirement accounts before 391 00:26:03,410 --> 00:26:06,800 Suze: you need to take money out of your retirement accounts, 392 00:26:07,130 --> 00:26:11,170 Suze: and you simply want the money safe and sound. 393 00:26:12,219 --> 00:26:15,260 Suze: One of the biggest mistakes you will make is if 394 00:26:15,260 --> 00:26:20,708 Suze: you withdraw money from a traditional retirement account that's pre-tax 395 00:26:21,180 --> 00:26:23,219 Suze: just to get it out of there so that you 396 00:26:23,219 --> 00:26:26,510 Suze: could put it in a certificate of deposit or money 397 00:26:26,510 --> 00:26:30,060 Suze: market account or whatever that may be. Why would you 398 00:26:30,060 --> 00:26:30,859 Suze: do that? 399 00:26:31,449 --> 00:26:36,109 Suze: You're going to pay tax on that money. Therefore, if 400 00:26:36,109 --> 00:26:40,550 Suze: you're freaked out, just take the money within your retirement 401 00:26:40,550 --> 00:26:43,430 Suze: accounts and put it in a place that's safe and 402 00:26:43,430 --> 00:26:46,170 Suze: sound that doesn't fluctuate, OK. 403 00:26:46,900 --> 00:26:49,709 Suze: If you have money at a place of employment like 404 00:26:49,709 --> 00:26:54,069 Suze: a 401k or whatever it is, and they allow you 405 00:26:54,069 --> 00:26:56,500 Suze: or you no longer work there and you just want 406 00:26:56,500 --> 00:27:00,109 Suze: your money being safe, OK, transfer it to an IRA 407 00:27:00,109 --> 00:27:03,910 Suze: rollover at Schwab or wherever you want to, up to you. 408 00:27:03,920 --> 00:27:09,239 Suze: I don't care, and buy treasuries, short term treasuries or 409 00:27:09,239 --> 00:27:12,589 Suze: certificates of deposit and just keep it safe and sound. 410 00:27:13,640 --> 00:27:17,540 Suze: But don't withdraw it, pay taxes on it, and then 411 00:27:17,540 --> 00:27:20,260 Suze: feel like the money's safer because you have access to 412 00:27:20,260 --> 00:27:21,469 Suze: the actual cash. 413 00:27:23,250 --> 00:27:26,729 Suze: Many of you, and I get many of you are 414 00:27:26,729 --> 00:27:31,130 Suze: afraid and insecure, and I understand very well that the 415 00:27:31,130 --> 00:27:34,040 Suze: goal of money is for you to be secure. But 416 00:27:34,040 --> 00:27:38,979 Suze: when you make a financial decision based in fear, 417 00:27:39,949 --> 00:27:42,839 Suze: then it's an internal obstacle to wealth. 418 00:27:43,949 --> 00:27:49,060 Suze: So don't let your fear guide you if you are 419 00:27:49,060 --> 00:27:53,560 Suze: afraid and whatever before you take action, just think about 420 00:27:53,560 --> 00:27:56,760 Suze: it rationally why you are doing this. 421 00:27:57,699 --> 00:28:00,900 Suze: Next category really is Social Security. 422 00:28:02,719 --> 00:28:06,349 Suze: Now, I couldn't be more upset about this if I tried. 423 00:28:07,359 --> 00:28:11,589 Suze: Obviously, half the Social Security offices have been shut down. 424 00:28:11,959 --> 00:28:15,040 Suze: It's gonna be more difficult for you to get Social Security, 425 00:28:15,400 --> 00:28:18,280 Suze: make corrections on Social Security. OK. 426 00:28:19,170 --> 00:28:23,760 Suze: But that doesn't mean Social Security is going to collapse. 427 00:28:24,569 --> 00:28:27,300 Suze: And so what many of you are starting to do 428 00:28:27,300 --> 00:28:30,569 Suze: right now is the wrong action. 429 00:28:31,349 --> 00:28:35,420 Suze: And what action is that? It's you are taking your 430 00:28:35,420 --> 00:28:38,579 Suze: Social Security payments at 62. 431 00:28:39,770 --> 00:28:43,839 Suze: Which for most of you is 5 years before your 432 00:28:43,839 --> 00:28:48,349 Suze: full retirement age you are taking a serious hit on it, 433 00:28:48,790 --> 00:28:50,469 Suze: but that makes you feel secure. 434 00:28:51,670 --> 00:28:56,699 Suze: And do you all understand that is exactly what they 435 00:28:56,699 --> 00:28:58,729 Suze: want you all to be doing. 436 00:28:59,380 --> 00:29:03,150 Suze: The more of you that take it at 62, the 437 00:29:03,150 --> 00:29:06,949 Suze: less they have to pay you later on, and the 438 00:29:06,949 --> 00:29:10,150 Suze: less they have to pay you, the more they get 439 00:29:10,150 --> 00:29:15,420 Suze: to save, and you think you've just done the smartest thing. Now, 440 00:29:15,469 --> 00:29:19,469 Suze: obviously there are situations where taking it at 62 may 441 00:29:19,469 --> 00:29:20,260 Suze: make sense. 442 00:29:21,050 --> 00:29:26,030 Suze: You're ill. You have a terminal illness, and whatever it 443 00:29:26,030 --> 00:29:31,099 Suze: may be, there are situations, but most of the time 444 00:29:31,310 --> 00:29:36,989 Suze: it absolutely makes no sense at all taking Social Security 445 00:29:36,989 --> 00:29:41,939 Suze: before your full retirement age, and I will still say 446 00:29:42,150 --> 00:29:45,260 Suze: in most cases if you can wait till you are 447 00:29:45,260 --> 00:29:48,619 Suze: 70 and it makes sense to do so. 448 00:29:49,270 --> 00:29:52,250 Suze: And you have figured it out, especially if you are married. 449 00:29:52,619 --> 00:29:54,619 Suze: Is that the best thing to do? Should you wait 450 00:29:54,619 --> 00:29:57,609 Suze: till you're 70? Should one of you take it earlier? 451 00:29:57,900 --> 00:30:00,939 Suze: All kinds of things you need to figure out, but 452 00:30:00,939 --> 00:30:04,939 Suze: you need to take action with your Social Security. And 453 00:30:04,939 --> 00:30:10,699 Suze: what is that action? It's really figuring out when is 454 00:30:10,699 --> 00:30:13,660 Suze: the best time for you to take Social Security, when 455 00:30:13,660 --> 00:30:16,738 Suze: is the worst time for you to take Social Security 456 00:30:16,739 --> 00:30:18,219 Suze: financially speaking. 457 00:30:19,109 --> 00:30:25,939 Suze: Not from a fear-based decision. All right, everybody, these are 458 00:30:25,939 --> 00:30:31,579 Suze: all very, very important actions that I want you to 459 00:30:31,579 --> 00:30:33,689 Suze: be taking with your money. 460 00:30:34,560 --> 00:30:38,239 Suze: All right, that's your Suze School for today, I think 461 00:30:38,239 --> 00:30:39,959 Suze: that's enough, don't you? 462 00:30:40,619 --> 00:30:44,219 Suze: But there are actions that you need to take in 463 00:30:44,219 --> 00:30:48,500 Suze: these main financial categories of your life, and if you 464 00:30:48,500 --> 00:30:51,339 Suze: just did that right now. 465 00:30:52,560 --> 00:30:55,390 Suze: You would feel a whole lot more secure. 466 00:30:56,050 --> 00:31:00,750 Suze: So until Thursday when Miss Travis joins us again, there's 467 00:31:00,750 --> 00:31:03,310 Suze: really only one thing that I want you all to 468 00:31:03,310 --> 00:31:06,550 Suze: remember when it comes to your money, and it is 469 00:31:06,550 --> 00:31:12,780 Suze: this people first, then money, then things. Now you stay 470 00:31:12,780 --> 00:31:14,380 Suze: safe. Bye bye now.