1 00:00:46,319 --> 00:00:50,990 Suze: October 24th, 2024. Welcome everybody to the Women and Money 2 00:00:51,000 --> 00:00:51,619 Suze: podcast 3 00:00:51,630 --> 00:00:52,130 KT: and everyone's 4 00:00:52,139 --> 00:00:53,139 KT: smart enough to listen. 5 00:00:55,049 --> 00:00:55,319 Suze: That 6 00:00:55,330 --> 00:00:55,819 KT: was high 7 00:00:55,830 --> 00:00:57,990 Suze: speed, high 8 00:00:58,139 --> 00:01:01,340 KT: speed, high speed, fast speed and everyone's smart enough to listen. 9 00:01:02,669 --> 00:01:06,849 Suze: All right, this is the KT and Suze Anything podcast 10 00:01:06,860 --> 00:01:09,690 Suze: and on high speed. Ok. 11 00:01:09,699 --> 00:01:11,399 KT: I'm getting ready for New York. 12 00:01:11,910 --> 00:01:16,500 Suze: So tomorrow, by the way, October 25th, I will be 13 00:01:16,510 --> 00:01:21,338 Suze: speaking at the women's event for Forbes 50 Over 50 14 00:01:21,349 --> 00:01:24,860 Suze: with Mika Brzezinski. I'm so excited to see her again 15 00:01:24,870 --> 00:01:27,018 Suze: and all the women that are 16 00:01:27,125 --> 00:01:32,005 Suze: part of this seriously exclusive group. So let's see how 17 00:01:32,015 --> 00:01:33,725 Suze: that goes. Anyway. KT... 18 00:01:33,736 --> 00:01:37,846 KT: I want to start with a really nice email I got... 19 00:01:37,856 --> 00:01:38,176 Suze: Right away. 20 00:01:38,236 --> 00:01:39,916 Suze: You don't want to say anything else. You just want 21 00:01:39,926 --> 00:01:40,905 Suze: to go right to emails. 22 00:01:41,106 --> 00:01:43,545 KT: Yes, because we have a, we have quite a few. 23 00:01:43,865 --> 00:01:46,715 KT: We have this one. Let me just... 24 00:01:47,276 --> 00:01:50,225 Suze: But KT, you have not put up your little poll 25 00:01:50,236 --> 00:01:51,386 Suze: yet that you were 26 00:01:51,632 --> 00:01:55,611 Suze: gonna put up about my Halloween candy. So are you 27 00:01:55,622 --> 00:02:01,001 Suze: waiting till Halloween to put that up? So next time 28 00:02:01,012 --> 00:02:01,802 Suze: we say 29 00:02:01,811 --> 00:02:04,921 KT: I'm gonna put that up next Thursday 30 00:02:04,952 --> 00:02:08,620 Suze: Right. So next Thursday will be Halloween and that's when 31 00:02:08,632 --> 00:02:11,572 Suze: you're going to put up the poll. Tell everybody what 32 00:02:11,582 --> 00:02:12,751 Suze: the poll is about. 33 00:02:12,761 --> 00:02:15,561 KT: Guess Suze's favorite Halloween candy. 34 00:02:16,649 --> 00:02:18,389 Suze: I have so many though, KT. 35 00:02:18,399 --> 00:02:20,869 KT: No, no, no. We're only giving them a multiple choice 36 00:02:20,880 --> 00:02:23,539 KT: with three. And you have to, you have to just 37 00:02:23,550 --> 00:02:25,850 KT: rate it, which is the number one. That's it. 38 00:02:26,520 --> 00:02:28,799 Suze: Maybe we could put it up a few days before 39 00:02:28,809 --> 00:02:31,130 Suze: and then talk about it on Halloween. What do you 40 00:02:31,300 --> 00:02:32,080 Suze: say about that? 41 00:02:32,199 --> 00:02:35,259 KT: We can do that too. You so look for it. 42 00:02:35,270 --> 00:02:36,589 KT: You have to go to 43 00:02:37,100 --> 00:02:38,160 KT: the wall, 44 00:02:38,300 --> 00:02:41,698 Suze: The wall on the women and money app where you 45 00:02:41,710 --> 00:02:45,990 Suze: can simply download it at Google Play or Apple Apps. 46 00:02:46,000 --> 00:02:50,699 Suze: It's free and we have a wonderful community there. All 47 00:02:50,710 --> 00:02:51,978 Suze: right now, KT 48 00:02:52,050 --> 00:02:56,380 KT: So, so I wanna share, sometimes I like to start 49 00:02:56,389 --> 00:03:01,198 KT: with sharing what people have achieved by just listening to 50 00:03:01,210 --> 00:03:04,000 KT: Suze Orman's great advice. And this is from Gina 51 00:03:04,389 --> 00:03:09,138 KT: and she said after following your rules for over 25 years, 52 00:03:09,309 --> 00:03:12,769 KT: I was able to now get... ready everybody... This is 53 00:03:12,779 --> 00:03:16,100 KT: a list of 10 great things that Gina has done. 54 00:03:16,419 --> 00:03:18,889 KT: Number one. Get out of credit card debt for the 55 00:03:18,899 --> 00:03:24,130 KT: third time, survive a painful divorce. The reason it was painful, 56 00:03:24,139 --> 00:03:28,559 KT: Suze is because she paid her husband $100,000 almost 10 57 00:03:28,570 --> 00:03:31,728 KT: years ago because she made more than him. But she 58 00:03:31,740 --> 00:03:32,649 KT: survived that. 59 00:03:33,699 --> 00:03:35,759 Suze: KT that's not why it was painful 60 00:03:36,630 --> 00:03:42,130 Suze: when you are married and you get divorce. Any divorce 61 00:03:42,139 --> 00:03:46,649 Suze: is painful because you originally entered that relationship in the 62 00:03:46,660 --> 00:03:49,279 Suze: hopes that it was going to be as great as ours. 63 00:03:50,869 --> 00:03:54,529 Suze: So that's what truly makes a divorce painful, money isn't 64 00:03:54,539 --> 00:03:58,929 Suze: what makes a divorce painful, truthfully, but it still stings. 65 00:03:58,940 --> 00:03:59,559 Suze: All right. Go on. 66 00:03:59,979 --> 00:04:02,009 KT: That 100 grand is a big sting. 67 00:04:02,240 --> 00:04:04,779 KT: So, number three, she paid off her house at the 68 00:04:04,789 --> 00:04:11,009 KT: age of 53 and now it's worth almost a million dollars. Suze. 69 00:04:11,020 --> 00:04:13,779 KT: She paid cash for a car and she kept it for... 70 00:04:13,869 --> 00:04:15,500 KT: what's your favorite number? 71 00:04:15,729 --> 00:04:18,019 Suze: Well, my favorite number is nine. 72 00:04:18,029 --> 00:04:18,409 KT: Nine years. 73 00:04:18,450 --> 00:04:20,459 Suze: However, I would like all of you to keep your 74 00:04:20,470 --> 00:04:22,209 Suze: cars for at least 10. All right. Go 75 00:04:22,220 --> 00:04:22,730 Suze: on. 76 00:04:22,839 --> 00:04:23,500 KT: And then she 77 00:04:23,579 --> 00:04:30,109 KT: opened a Roth and saved 200,000. She accumulated 1.8 million 78 00:04:30,119 --> 00:04:36,540 KT: in her work 401k Roth. She accumulated 25,000 in Series 79 00:04:36,559 --> 00:04:42,570 KT: I bonds. She has 250,000 in liquid savings, which I 80 00:04:42,579 --> 00:04:46,880 KT: suppose could be her emergency fund. And then she said 81 00:04:46,890 --> 00:04:50,649 KT: she retired from a job she hated at the age 82 00:04:50,660 --> 00:04:52,760 KT: of 56 with a pension. 83 00:04:53,160 --> 00:04:57,709 KT: And since that retirement she can afford ready everyone. Keyword. 84 00:04:57,720 --> 00:05:02,100 KT: I can afford to exercise with a personal trainer. I 85 00:05:02,109 --> 00:05:06,730 KT: lost 35 pounds. I no longer have high cholesterol. I'm 86 00:05:06,738 --> 00:05:10,309 KT: working on getting off my high blood pressure medication 87 00:05:10,980 --> 00:05:14,928 KT: and I did this all on my own Suze because 88 00:05:14,940 --> 00:05:20,750 KT: you taught me how to enjoy saving more than spending. So, 89 00:05:21,049 --> 00:05:27,159 KT: Suze Gina is 56. Congratulations Gina. I love everything she 90 00:05:27,170 --> 00:05:27,559 KT: did 91 00:05:28,309 --> 00:05:29,600 KT: and continues to do. 92 00:05:29,649 --> 00:05:32,880 Suze: The thing I love most about you doing this, KT 93 00:05:33,329 --> 00:05:37,459 Suze: is that so many times people feel so hopeless, they 94 00:05:37,470 --> 00:05:40,919 Suze: feel like no, they can't do this. They'll never get 95 00:05:40,928 --> 00:05:43,339 Suze: out of debt, they'll never be able to save, they'll 96 00:05:43,350 --> 00:05:46,829 Suze: never be able to recover from a divorce, all of 97 00:05:46,839 --> 00:05:52,470 Suze: these things and you can and you will baby steps. 98 00:05:52,480 --> 00:05:57,630 Suze: But the main thing that Gina said in that email 99 00:05:58,049 --> 00:06:01,789 Suze: is she gets more pleasure out of saving than she 100 00:06:01,799 --> 00:06:05,859 Suze: does spending. When you feel less than everybody, you spend 101 00:06:05,869 --> 00:06:09,789 Suze: more than you want to be more. You wanna have more, 102 00:06:09,799 --> 00:06:13,600 Suze: you wanna feel like Gina and have security because that 103 00:06:13,609 --> 00:06:17,320 Suze: is the goal of money, then learn how to define 104 00:06:17,329 --> 00:06:20,549 Suze: yourself by how you feel and who you are and 105 00:06:20,559 --> 00:06:23,589 Suze: not the things around you. 106 00:06:23,920 --> 00:06:28,980 KT: All right. OK. So now my first question is from Marietta. 107 00:06:29,299 --> 00:06:33,320 KT: She said, hello, Miss Orman. Marietta is being very proper. 108 00:06:33,519 --> 00:06:37,268 KT: I have just finished reading the transcript of your podcast, 109 00:06:37,279 --> 00:06:43,399 KT: Suze School Understanding Annuities, which was on April 9th 2023. 110 00:06:43,540 --> 00:06:46,489 KT: See everyone, you can go back and find exactly what 111 00:06:46,500 --> 00:06:49,260 KT: you need. Marietta goes on to say 112 00:06:50,170 --> 00:06:54,808 KT: I am new to investing and recently started looking into annuities. 113 00:06:54,839 --> 00:06:58,459 KT: One thing puzzles me though. I was reading the advice 114 00:06:58,470 --> 00:07:01,219 KT: where you say that I should get an annuity with 115 00:07:01,230 --> 00:07:05,070 KT: an interest rate guaranteed for the entire surrender period. 116 00:07:05,470 --> 00:07:09,010 KT: I have noticed that some annuities offer a bonus rate 117 00:07:09,019 --> 00:07:12,890 KT: for one year, then they drop off to a lower rate. 118 00:07:13,059 --> 00:07:16,609 KT: How would I go about securing this higher bonus rate 119 00:07:16,619 --> 00:07:19,489 KT: for the length, I guess, for the duration of the 120 00:07:19,500 --> 00:07:20,970 KT: surrender period? 121 00:07:21,209 --> 00:07:21,230 Suze: Now, 122 00:07:21,269 --> 00:07:26,690 Suze: first of all, Marietta, if you heard me say that 123 00:07:26,700 --> 00:07:29,049 Suze: I want you to get an annuity, 124 00:07:30,230 --> 00:07:32,980 Suze: I don't want you to get annuities. Actually, I find 125 00:07:32,989 --> 00:07:36,200 Suze: it very difficult to find a situation where an annuity 126 00:07:36,209 --> 00:07:40,980 Suze: in any place. Now makes sense. However, if you want 127 00:07:40,989 --> 00:07:46,209 Suze: to get an annuity for whatever reason, because all annuities 128 00:07:46,220 --> 00:07:50,250 Suze: have what's called a surrender period where you cannot come 129 00:07:50,260 --> 00:07:56,399 Suze: out of that annuity without a penalty, usually 7% the 130 00:07:56,410 --> 00:07:59,130 Suze: first year, 6, 5, 4 whatever it may be. 131 00:07:59,549 --> 00:08:04,010 Suze: So if you're going to, for whatever reason, get an annuity, 132 00:08:04,440 --> 00:08:08,730 Suze: get an annuity where the surrender period and the interest 133 00:08:08,739 --> 00:08:11,670 Suze: rate that they are offering you is for the exact 134 00:08:11,679 --> 00:08:15,799 Suze: same period of time. Now, companies may not do that anymore. 135 00:08:15,809 --> 00:08:19,489 Suze: It used to be called a CD annuity. So they 136 00:08:19,500 --> 00:08:22,589 Suze: sucker you in. However, in your example here in this 137 00:08:22,600 --> 00:08:23,290 Suze: email 138 00:08:23,540 --> 00:08:27,000 Suze: of offering you a bonus rate for the first year, 139 00:08:27,010 --> 00:08:30,440 Suze: then they drop you down all the other years during 140 00:08:30,450 --> 00:08:34,159 Suze: the surrender period to make up for that bonus rate 141 00:08:34,169 --> 00:08:37,880 Suze: that got you to go with them to begin with. 142 00:08:38,140 --> 00:08:40,559 Suze: My best advice I could give you is since you're 143 00:08:40,570 --> 00:08:44,520 Suze: probably very new to investing, stay away from annuities. I 144 00:08:44,530 --> 00:08:46,819 Suze: doubt if there's any reason that you really need one. 145 00:08:46,830 --> 00:08:47,880 Suze: That's number one, 146 00:08:48,109 --> 00:08:51,710 Suze: number two, if for whatever reason you do get an annuity, 147 00:08:51,750 --> 00:08:56,059 Suze: only get an annuity, which is a fixed annuity where 148 00:08:56,070 --> 00:08:59,400 Suze: the interest rate is fixed for the entire length of 149 00:08:59,409 --> 00:09:03,020 Suze: the surrender period. If you can't find one like that, 150 00:09:03,280 --> 00:09:06,130 Suze: don't buy it at all. 151 00:09:06,500 --> 00:09:08,400 Suze: All right. Next KT. 152 00:09:08,409 --> 00:09:12,140 KT: So the next emails from Kim, hi, Suze. I recently 153 00:09:12,150 --> 00:09:16,590 KT: started listening to your podcast after discovering my parents who 154 00:09:16,599 --> 00:09:23,520 KT: are 80 and 81 bought a $200,000 deferred annuity upon 155 00:09:23,530 --> 00:09:28,770 KT: recommendation from the financial advisor, my mom asked me what 156 00:09:28,780 --> 00:09:31,760 KT: I knew about annuities and I don't think she realized 157 00:09:31,770 --> 00:09:33,319 KT: it was already purchased. 158 00:09:33,789 --> 00:09:38,710 KT: Ready, Suze. My parents are extremely secretive about all of 159 00:09:38,719 --> 00:09:42,690 KT: their finances. They have five children and I am the 160 00:09:42,700 --> 00:09:46,890 KT: financial power of attorney, but they don't tell me anything. 161 00:09:47,030 --> 00:09:51,369 KT: I've never met their financial advisor who is the grandson 162 00:09:51,380 --> 00:09:55,330 KT: of an old family attorney who passed a few years ago. 163 00:09:55,719 --> 00:09:58,090 KT: They put all of their trust in him. 164 00:09:58,400 --> 00:10:02,390 KT: So, Kim's question is on behalf of herself and siblings, 165 00:10:02,469 --> 00:10:05,979 KT: what can we do to help my parents realize they 166 00:10:05,989 --> 00:10:10,858 KT: need to trust their family to be involved in their finances? 167 00:10:11,849 --> 00:10:17,179 Suze: So, Kim, what's interesting is that no matter how old 168 00:10:17,190 --> 00:10:21,819 Suze: we get or our parents get, we tend to act 169 00:10:21,830 --> 00:10:23,760 Suze: like we're still kids 170 00:10:24,070 --> 00:10:29,650 Suze: we tend to act that we cannot question their authority 171 00:10:29,659 --> 00:10:32,059 Suze: that we have to do anything that they say. We 172 00:10:32,070 --> 00:10:35,179 Suze: act like we're 10 years old, 12 years old, 18 173 00:10:35,190 --> 00:10:37,809 Suze: years old when we really were kids. 174 00:10:38,320 --> 00:10:43,729 Suze: You now and all your siblings are mature adults. If 175 00:10:43,739 --> 00:10:47,099 Suze: your parents are in their eighties, then you are probably 176 00:10:47,109 --> 00:10:50,859 Suze: in your fifties, maybe even in your sixties, you are 177 00:10:50,869 --> 00:10:56,049 Suze: no longer kids. Therefore you have to stop acting like 178 00:10:56,059 --> 00:10:59,929 Suze: one and just being around them and doing whatever they 179 00:10:59,940 --> 00:11:04,109 Suze: say what I suggest to you and everybody listening to 180 00:11:04,119 --> 00:11:07,880 Suze: this right now, your parents are in danger, 181 00:11:08,510 --> 00:11:13,010 Suze: they're in danger. Therefore, you have got to go to them, 182 00:11:13,020 --> 00:11:16,500 Suze: sit them down all of you at once and say, 183 00:11:16,559 --> 00:11:23,010 Suze: let's play getting older. Mom, what would you do if 184 00:11:23,020 --> 00:11:26,719 Suze: dad dies? Because it's not an if mom it's a when. 185 00:11:27,340 --> 00:11:30,840 Suze: Do you know where your money is going to come from? 186 00:11:30,849 --> 00:11:33,478 Suze: Do you know how much it costs you to live 187 00:11:33,489 --> 00:11:37,329 Suze: every single month? Do you know about the titles to 188 00:11:37,340 --> 00:11:42,119 Suze: all your accounts and retirement accounts? Mom? Will you be ok? 189 00:11:42,130 --> 00:11:42,840 Suze: And mom, 190 00:11:43,539 --> 00:11:47,619 Suze: let's just say dad is gone or dad, let's just 191 00:11:47,630 --> 00:11:52,679 Suze: say mom is gone or has become incapacitated, who's going 192 00:11:52,690 --> 00:11:55,460 Suze: to write your checks for you? Who is going to 193 00:11:55,469 --> 00:11:58,789 Suze: pay your bills for you? Mom and dad, this is 194 00:11:58,799 --> 00:11:59,719 Suze: not about 195 00:11:59,799 --> 00:12:02,090 Suze: how much money you have and how much money you 196 00:12:02,099 --> 00:12:06,169 Suze: are going to leave to us. This is about your 197 00:12:06,179 --> 00:12:10,539 Suze: children being able to take care of you as you 198 00:12:10,549 --> 00:12:17,329 Suze: age and the two of you are putting yourself in danger. Kim, 199 00:12:17,650 --> 00:12:21,559 Suze: ask your parents to listen to this podcast, 200 00:12:22,049 --> 00:12:27,390 Suze: ask them to listen to Suze Orman saying to them 201 00:12:27,510 --> 00:12:31,429 Suze: mom and dad, please don't do this to your kids. 202 00:12:31,479 --> 00:12:35,460 Suze: How many thousands of kids have come to me when 203 00:12:35,469 --> 00:12:38,450 Suze: their parents had gotten sick or had a stroke or 204 00:12:38,460 --> 00:12:42,070 Suze: had whatever it may be and they can't pay the bills, 205 00:12:42,080 --> 00:12:47,579 Suze: they can't do anything for them. Everybody now is in danger. 206 00:12:48,390 --> 00:12:54,449 Suze: Please mom and dad stop acting so immature that you 207 00:12:54,460 --> 00:12:57,039 Suze: just don't want to deal with this because I know 208 00:12:57,450 --> 00:13:00,950 Suze: that you're afraid to deal with your death. I know 209 00:13:00,969 --> 00:13:04,719 Suze: that you are afraid to make decisions because it's hard 210 00:13:04,729 --> 00:13:09,039 Suze: to get old. I know that KT and I both 211 00:13:09,049 --> 00:13:14,950 Suze: experienced that, but you don't have a choice anymore. So 212 00:13:14,960 --> 00:13:18,020 Suze: I am not asking you. I am begging you 213 00:13:18,460 --> 00:13:23,830 Suze: to bring your five kids in who love you, especially Kim, 214 00:13:23,840 --> 00:13:28,289 Suze: who has power of attorney, introduce Kim to your financial 215 00:13:28,299 --> 00:13:29,140 Suze: advisor 216 00:13:29,739 --> 00:13:32,530 Suze: and make sure that the decisions that you are making 217 00:13:32,539 --> 00:13:36,299 Suze: or this person is making for, you are wise for 218 00:13:36,309 --> 00:13:40,289 Suze: you because on no level, is it wise that you 219 00:13:40,299 --> 00:13:45,000 Suze: have a $200,000 annuity on no level? Is it wise 220 00:13:45,330 --> 00:13:49,640 Suze: for you to have any annuities at all? And just 221 00:13:49,650 --> 00:13:56,090 Suze: because his grandfather was, your attorney doesn't mean that the 222 00:13:56,099 --> 00:13:57,200 Suze: grandson 223 00:13:57,739 --> 00:14:03,599 Suze: is just like his grandfather, please. I am begging you 224 00:14:03,609 --> 00:14:09,039 Suze: and all parents that are listening to this right now. 225 00:14:09,049 --> 00:14:10,479 Suze: Next question KT. 226 00:14:10,729 --> 00:14:14,439 KT: So, next is from Emily. Suze: Love, love, love, love 227 00:14:14,450 --> 00:14:15,858 KT: your podcast, 228 00:14:16,630 --> 00:14:16,780 Suze: I 229 00:14:16,789 --> 00:14:18,039 Suze: love it too, Emily. 230 00:14:18,070 --> 00:14:18,799 KT: And this is, 231 00:14:18,895 --> 00:14:22,114 KT: it's a really good question because I'm curious too, Suze. 232 00:14:22,125 --> 00:14:25,505 KT: How did I miss that CDs can be called back? 233 00:14:25,625 --> 00:14:30,155 KT: Was this ever discussed on your podcast? I have received 234 00:14:30,164 --> 00:14:33,784 KT: a notice from Chase that my CD was being recalled 235 00:14:33,794 --> 00:14:37,335 KT: and money to be cashed out at nine months instead 236 00:14:37,344 --> 00:14:39,914 KT: of my 12 month expiration date. 237 00:14:40,400 --> 00:14:43,349 KT: So Suze, Emily says, why didn't I know this? 238 00:14:43,359 --> 00:14:46,510 Suze: You didn't know it, Emily because you don't listen to 239 00:14:46,520 --> 00:14:50,200 Suze: the podcast every Thursday and Sunday or any time in 240 00:14:50,210 --> 00:14:54,460 Suze: between them. So just so you know, I have addressed 241 00:14:54,469 --> 00:14:59,200 Suze: this in the past and basically the reason a financial 242 00:14:59,210 --> 00:15:05,250 Suze: institution has what's called a Callable CD is because interest 243 00:15:05,260 --> 00:15:06,090 Suze: rates are high 244 00:15:06,640 --> 00:15:10,140 Suze: and when interest rates go down, they wanna know that 245 00:15:10,150 --> 00:15:13,419 Suze: they don't have to continue paying you that high interest 246 00:15:13,429 --> 00:15:17,520 Suze: rate because they wanna be able to recall it so 247 00:15:17,530 --> 00:15:20,739 Suze: that if you do get another CD, it's at a 248 00:15:20,750 --> 00:15:24,820 Suze: lower interest rates and that's how they make more money. 249 00:15:25,320 --> 00:15:30,880 Suze: Now, most financial institutions such as banks and even brokerage 250 00:15:30,890 --> 00:15:37,409 Suze: firms offer Callable CDs and sometimes to sucker you in, 251 00:15:37,549 --> 00:15:41,000 Suze: they offer a little tiny higher interest rate than a 252 00:15:41,010 --> 00:15:45,919 Suze: CD that is not callable. And you fall for that trick. 253 00:15:46,229 --> 00:15:50,979 Suze: You should never ever, ever get a callable CD, 254 00:15:51,799 --> 00:15:55,840 Suze: but they are plentiful out there. So you just have 255 00:15:55,849 --> 00:15:59,440 Suze: to ask the question before you buy a CD. Is 256 00:15:59,450 --> 00:16:02,250 Suze: this callable or not? 257 00:16:02,729 --> 00:16:03,789 KT: Does Alliant do 258 00:16:03,799 --> 00:16:03,950 KT: that? 259 00:16:04,130 --> 00:16:08,650 Suze: No Alliant would not offer callable CDs. Because really they're 260 00:16:08,659 --> 00:16:12,780 Suze: for the advantage of the financial institution, there is no 261 00:16:12,789 --> 00:16:16,820 Suze: advantage really for a consumer to buy one and 262 00:16:16,830 --> 00:16:21,299 Suze: Alliant Credit Union, in my opinion, would never do anything. 263 00:16:21,909 --> 00:16:25,690 Suze: Anything that wasn't for the advantage of their members. I would 264 00:16:27,969 --> 00:16:30,650 Suze: go to my alliant.com. 265 00:16:30,659 --> 00:16:34,890 KT: All right. Next is from Sylvia Suze. I have a 266 00:16:34,900 --> 00:16:39,700 KT: traditional IRA and a Roth IRA with Charles Schwab. The 267 00:16:39,710 --> 00:16:42,169 KT: traditional is doing really bad. 268 00:16:43,479 --> 00:16:47,849 KT: She said I would like to choose investments myself following 269 00:16:47,859 --> 00:16:50,400 KT: the advice of your podcast, but I don't know how 270 00:16:50,409 --> 00:16:54,359 KT: to take control of my account, how, you know, help her. 271 00:16:54,369 --> 00:16:54,679 KT: How does she do that? 272 00:16:55,159 --> 00:17:00,090 Suze: Sylvia, do you have control over your Roth IRA? This 273 00:17:00,099 --> 00:17:03,440 Suze: has nothing to do with Charles Schwab. This has to 274 00:17:03,450 --> 00:17:09,010 Suze: do with who is making the decisions over your retirement accounts. So, 275 00:17:09,020 --> 00:17:11,978 Suze: if your Roth IRA is doing well 276 00:17:12,468 --> 00:17:16,908 Suze: and your traditional IRA is not. I have a feeling 277 00:17:17,019 --> 00:17:20,598 Suze: that probably you just recently started a Roth IRA and 278 00:17:20,609 --> 00:17:23,088 Suze: there isn't a lot of money in there, but there's 279 00:17:23,098 --> 00:17:28,409 Suze: probably a whole lot more in your traditional IRA. So 280 00:17:28,818 --> 00:17:32,048 Suze: how do you take that over? You just tell whoever 281 00:17:32,058 --> 00:17:35,188 Suze: is in charge of that account that you no longer 282 00:17:35,198 --> 00:17:38,187 Suze: want them to be. So, so therefore you pick up 283 00:17:38,198 --> 00:17:38,687 Suze: the phone, 284 00:17:39,180 --> 00:17:42,629 Suze: you gather your courage and you say you no longer 285 00:17:42,640 --> 00:17:48,010 Suze: want the traditional IRA under an investment advisor. However, I 286 00:17:48,020 --> 00:17:51,569 Suze: do just want to say if it's really doing bad, 287 00:17:51,689 --> 00:17:54,089 Suze: now might be the time to take some of the 288 00:17:54,099 --> 00:17:58,349 Suze: money that's in the traditional IRA and convert it to 289 00:17:58,359 --> 00:18:02,020 Suze: a Roth every single year. Now, I just also have 290 00:18:02,030 --> 00:18:07,260 Suze: to say this, we're at almost the end of 2024. 291 00:18:07,709 --> 00:18:10,319 Suze: So it wouldn't kill you, possibly, I don't know enough 292 00:18:10,329 --> 00:18:14,609 Suze: about your circumstance, but to take small amounts of money 293 00:18:14,729 --> 00:18:17,109 Suze: at the end of this year in the things that 294 00:18:17,119 --> 00:18:21,410 Suze: are especially down and you're losing on and convert them 295 00:18:21,420 --> 00:18:24,139 Suze: to your Roth and then do the same thing at 296 00:18:24,150 --> 00:18:29,119 Suze: the beginning of January next year. So that's what I 297 00:18:29,130 --> 00:18:32,839 Suze: would be doing if I were you. KT, yhy do 298 00:18:32,849 --> 00:18:35,800 Suze: you think it's so hard for women 299 00:18:36,599 --> 00:18:40,879 Suze: to take power? Like did, did she really need to 300 00:18:40,890 --> 00:18:43,399 Suze: write me to say that? How does she do 301 00:18:43,410 --> 00:18:43,900 Suze: that? 302 00:18:44,209 --> 00:18:47,079 KT: A lot of people, men and women are afraid to 303 00:18:47,089 --> 00:18:51,290 KT: ask questions or to question anything that has to do 304 00:18:51,300 --> 00:18:55,169 KT: with finances and don't ask me why. I don't know. 305 00:18:55,180 --> 00:18:58,500 KT: I mean, for me, I love to ask questions about 306 00:18:58,510 --> 00:19:01,500 KT: money and I have no fear but most people do. 307 00:19:01,510 --> 00:19:05,659 Suze: So listen, here's the bottom line for all of you. 308 00:19:06,150 --> 00:19:09,619 Suze: It is your money what happens to your money directly 309 00:19:09,630 --> 00:19:12,469 Suze: affects the quality of your life. How many times have 310 00:19:12,479 --> 00:19:16,199 Suze: I said this? Not your financial advisor's life, your insurance 311 00:19:16,209 --> 00:19:21,280 Suze: agent's life, your banker's life, your life. So if you 312 00:19:21,290 --> 00:19:24,900 Suze: don't like what's happening to your money, do not be 313 00:19:24,910 --> 00:19:28,849 Suze: afraid to pick up the phone and talk to whoever 314 00:19:28,859 --> 00:19:31,489 Suze: is in charge of that money. 315 00:19:31,819 --> 00:19:34,660 Suze: If you don't like what's happening to your money and 316 00:19:34,670 --> 00:19:37,680 Suze: you're the one who's in control of it, then maybe 317 00:19:37,689 --> 00:19:42,359 Suze: you do need to find somebody who could help you 318 00:19:42,400 --> 00:19:46,750 Suze: or simply listen to last Sunday's podcast and maybe you'll 319 00:19:46,760 --> 00:19:49,439 Suze: learn what to do with money that you are not 320 00:19:49,449 --> 00:19:51,550 Suze: happy with. All right, KT. 321 00:19:51,560 --> 00:19:56,839 KT: Ok. Next is from Cecilia. She said, Suze, your podcast 322 00:19:56,849 --> 00:19:58,800 KT: has been a true gift. 323 00:19:59,209 --> 00:20:02,469 KT: Love that. She said when I left my company, I 324 00:20:02,479 --> 00:20:06,430 KT: had a 90 day window to exercise my vested stock 325 00:20:06,439 --> 00:20:12,119 KT: options just before they expired, an acquisition was announced, but 326 00:20:12,130 --> 00:20:15,699 KT: I had no guarantees about the deal closing or a 327 00:20:15,709 --> 00:20:21,310 KT: written confirmation on the equity payout. The cost to exercise 328 00:20:21,319 --> 00:20:28,750 KT: was $193,000 with a net gain of 122,000. 329 00:20:29,040 --> 00:20:31,900 KT: I could have used my home equity line of credit 330 00:20:31,910 --> 00:20:35,619 KT: to fund it, but I decided against it to avoid 331 00:20:35,630 --> 00:20:41,420 KT: potential financial stress on my family. So now, now she's 332 00:20:41,430 --> 00:20:44,229 KT: regretting it. She said I can't help but feel unlucky 333 00:20:44,239 --> 00:20:47,569 KT: for not seizing that up upside. So, Suze, how do 334 00:20:47,579 --> 00:20:50,419 KT: I move past this and stop dwelling on what could 335 00:20:50,430 --> 00:20:53,729 KT: have been, another could have, should have, would have email. 336 00:20:54,310 --> 00:20:56,260 Suze: So basically Cecilia, 337 00:20:57,189 --> 00:21:00,369 Suze: there is a law of money that I have, which 338 00:21:00,380 --> 00:21:03,920 Suze: is look at what you have not at what you 339 00:21:03,930 --> 00:21:06,669 Suze: had or you could have had. 340 00:21:07,319 --> 00:21:11,579 Suze: If you spend all of your life buying a stock, 341 00:21:11,630 --> 00:21:14,319 Suze: you then sell it because you made maybe some money 342 00:21:14,329 --> 00:21:16,650 Suze: on it or you lost money on it and then 343 00:21:16,660 --> 00:21:20,819 Suze: it skyrockets. And if you had simply held it, you 344 00:21:20,829 --> 00:21:25,438 Suze: would have made $100,000 200,000 dollars. I did an entire 345 00:21:25,449 --> 00:21:28,420 Suze: podcast on "If only" 346 00:21:28,890 --> 00:21:33,409 Suze: try to find that podcast. If only I had done 347 00:21:33,420 --> 00:21:38,160 Suze: this and not that if only I had exercised those options, 348 00:21:38,319 --> 00:21:45,159 Suze: I would be $122,000 richer if only if only now 349 00:21:45,170 --> 00:21:47,270 Suze: what you could have done. 350 00:21:47,800 --> 00:21:52,430 Suze: But you didn't even ask the questions to your HR 351 00:21:52,439 --> 00:21:56,459 Suze: person because you were coming from a place of fear. 352 00:21:56,469 --> 00:21:59,579 Suze: You wanted to make sure that you stayed secure. You 353 00:21:59,589 --> 00:22:02,379 Suze: didn't want to take equity out of your home. But 354 00:22:02,390 --> 00:22:07,359 Suze: you didn't ask the company questions such as how can 355 00:22:07,369 --> 00:22:11,119 Suze: I do this? If I don't have any money, there 356 00:22:11,130 --> 00:22:13,020 Suze: are many companies out there 357 00:22:13,469 --> 00:22:19,130 Suze: that have what's called a cashless transaction to help you 358 00:22:19,140 --> 00:22:23,430 Suze: exercise when you don't have the cash to do. So, 359 00:22:23,540 --> 00:22:28,060 Suze: did you even ask that question of your company? So 360 00:22:28,069 --> 00:22:30,839 Suze: for all of you again listening to this and maybe 361 00:22:30,849 --> 00:22:34,920 Suze: you're in a situation like Cecilia is in or was 362 00:22:34,930 --> 00:22:35,250 Suze: in 363 00:22:35,599 --> 00:22:38,899 Suze: and maybe you will be in is, can you ask 364 00:22:38,910 --> 00:22:42,760 Suze: your company now that if they ever do something like 365 00:22:42,770 --> 00:22:48,599 Suze: that you have stock options? Do they offer something? That's 366 00:22:48,609 --> 00:22:56,219 Suze: a cashless transaction? Can you do that? But Cecilia, why 367 00:22:56,229 --> 00:22:59,500 Suze: waste time on what could have been 368 00:22:59,939 --> 00:23:05,000 Suze: versus what is you didn't do it because you didn't 369 00:23:05,010 --> 00:23:11,149 Suze: want to cause any financial stress on your family. And 370 00:23:11,160 --> 00:23:16,468 Suze: now it's causing stress on you. No girlfriend, look at 371 00:23:16,479 --> 00:23:22,079 Suze: what you have, which should be a life of no stress. 372 00:23:22,089 --> 00:23:25,629 Suze: So therefore just stop it. But again, listen to the 373 00:23:25,640 --> 00:23:29,708 Suze: podcast on if only. All right, KT. 374 00:23:30,079 --> 00:23:33,300 KT: Ok, next is from Scott. He said, Suze, on a 375 00:23:33,310 --> 00:23:37,959 KT: recent podcast, you answered a question about medical debt, affecting 376 00:23:37,969 --> 00:23:44,050 KT: a person's credit report, you mentioned under $500, but in Illinois, 377 00:23:44,060 --> 00:23:47,839 KT: no amount of medical other than debt placed on a 378 00:23:47,849 --> 00:23:50,959 KT: credit card can affect your credit report. 379 00:23:50,989 --> 00:23:54,930 Suze: Yes. And Scott and KT, you should know everybody. I 380 00:23:54,939 --> 00:23:58,160 Suze: read this and I answered Scott directly. 381 00:23:58,589 --> 00:24:03,599 Suze: But here's the scoop. It's true. In Illinois, they passed 382 00:24:03,609 --> 00:24:07,149 Suze: a bill last year and it was signed into law 383 00:24:07,579 --> 00:24:10,079 Suze: by Governor Pritzker. However, 384 00:24:10,410 --> 00:24:17,089 Suze: it doesn't go into effect until January 2025. So when 385 00:24:17,099 --> 00:24:20,670 Suze: I'm doing a podcast, everybody that goes out to the 386 00:24:20,680 --> 00:24:25,989 Suze: entire United States, it's very difficult to break it down 387 00:24:26,000 --> 00:24:31,208 Suze: state by state but it is true that there are 388 00:24:31,219 --> 00:24:33,550 Suze: six states currently 389 00:24:33,920 --> 00:24:39,150 Suze: where no matter what it cannot go on your credit reports. 390 00:24:39,239 --> 00:24:44,359 Suze: And very shortly in 2025 there will be seven states 391 00:24:44,500 --> 00:24:50,900 Suze: including Illinois and those six states currently are California, Colorado, 392 00:24:50,910 --> 00:24:57,369 Suze: New York, Minnesota, Connecticut and Virginia. The laws are changing 393 00:24:57,439 --> 00:24:59,079 Suze: and hopefully one day 394 00:24:59,619 --> 00:25:04,060 Suze: all states will have that law. So I should have 395 00:25:04,069 --> 00:25:08,890 Suze: been more specific. You are absolutely right, Scott. But now, 396 00:25:08,900 --> 00:25:11,770 Suze: you know, I try to answer it for the majority 397 00:25:11,780 --> 00:25:15,800 Suze: of people out there, but now we corrected it. You 398 00:25:15,810 --> 00:25:18,640 Suze: feel better now, Scott? I know I do. 399 00:25:18,750 --> 00:25:22,500 KT: I feel great about knowing that. So, Suze, next question, 400 00:25:22,510 --> 00:25:23,849 KT: this is from Susan. 401 00:25:24,579 --> 00:25:27,760 KT: I am 45 years old and I've been with Walmart 402 00:25:27,770 --> 00:25:32,359 KT: for nine years. We love Walmart. Wonder if she's been 403 00:25:32,369 --> 00:25:33,389 KT: to Bentonville? 404 00:25:35,260 --> 00:25:38,280 KT: Suze and I've been to Bentonville. There's some great barbecue 405 00:25:38,290 --> 00:25:43,920 KT: places there. So I'm leaving Walmart and I have $45,000 406 00:25:43,930 --> 00:25:47,619 KT: in the 401k and I have stocks with them and 407 00:25:47,630 --> 00:25:51,510 KT: the new job I'm going to has a 401k also. 408 00:25:51,680 --> 00:25:56,069 KT: Do I have to transfer my Walmart 401k to the 409 00:25:56,079 --> 00:26:01,349 KT: new job or can I open a Roth IRA with Fidelity? 410 00:26:01,829 --> 00:26:07,060 Suze: So, first of all, Susan, right, if you choose to 411 00:26:07,069 --> 00:26:13,930 Suze: roll over your 401k to your new company, that's fine. Right. 412 00:26:13,939 --> 00:26:17,510 Suze: But the problem is, chances are they're not going to 413 00:26:17,520 --> 00:26:20,130 Suze: be able to take the Walmart stock that you have 414 00:26:20,140 --> 00:26:27,969 Suze: within your 401k. I would suggest doing an IRA rollover 415 00:26:27,979 --> 00:26:30,329 Suze: to fidelity with all of it. 416 00:26:31,060 --> 00:26:35,000 Suze: And then if you want start to convert little by 417 00:26:35,010 --> 00:26:38,659 Suze: little to a Roth IRA, because if you roll it 418 00:26:38,670 --> 00:26:44,760 Suze: all over to a Roth IRA, then all $45,000 is 419 00:26:44,770 --> 00:26:49,280 Suze: gonna be taxable to you that year. As ordinary income. 420 00:26:49,609 --> 00:26:52,760 Suze: You also, by the way, have the ability to 421 00:26:52,864 --> 00:26:56,444 Suze: leave it right at Walmart. If that is what you 422 00:26:56,454 --> 00:26:59,984 Suze: would like to do. Next question, my dear KT. 423 00:27:00,015 --> 00:27:03,114 KT: OK. This question was on the wall and it's to 424 00:27:03,125 --> 00:27:04,094 KT: KT 425 00:27:04,145 --> 00:27:05,574 Suze: And it is the last one. 426 00:27:06,045 --> 00:27:09,645 KT: It says KT. If you still have money in an 427 00:27:09,655 --> 00:27:14,564 KT: HSA account when you start receiving Medicare, do you lose it? 428 00:27:14,959 --> 00:27:18,060 KT: So if you all listen to last week's podcast, I 429 00:27:18,069 --> 00:27:22,150 KT: surprised Suze as to what I know about HSAs and 430 00:27:22,160 --> 00:27:24,560 KT: I'm gonna answer this for you for them. Is that 431 00:27:24,569 --> 00:27:26,540 KT: all right, Suze? The answer is... 432 00:27:27,310 --> 00:27:27,500 Suze: wait... 433 00:27:27,510 --> 00:27:29,609 KT: you don't lose it. You just add to it. You 434 00:27:29,619 --> 00:27:30,619 KT: don't lose it. 435 00:27:33,140 --> 00:27:36,329 KT: There you go. I know a lot about HSAs, 436 00:27:36,810 --> 00:27:41,599 Suze: Ding, ding, ding, but you're still getting a quizzy, girlfriend. Wait, wait, wait, 437 00:27:41,609 --> 00:27:45,319 Suze: I'm not there yet. Let me answer Miss Speedy today. 438 00:27:45,849 --> 00:27:47,199 Suze: So it is true 439 00:27:47,569 --> 00:27:51,650 Suze: that you can use your HSA money for anything that 440 00:27:51,660 --> 00:27:55,640 Suze: you want. But did you also know that you can 441 00:27:55,650 --> 00:28:00,879 Suze: use your health savings account funds to pay for Medicare premiums? 442 00:28:00,890 --> 00:28:06,170 Suze: Everybody including those for part B, part D and Medicare 443 00:28:06,180 --> 00:28:08,630 Suze: advantage plans part C. 444 00:28:09,209 --> 00:28:11,920 Suze: All right. But you need to know KT. This should 445 00:28:11,930 --> 00:28:16,089 Suze: have been your quizzy. Can you use HSA funds to 446 00:28:16,099 --> 00:28:20,859 Suze: pay for Medicare supplement or Medigap policies since you know 447 00:28:20,869 --> 00:28:22,069 Suze: so much about these 448 00:28:22,199 --> 00:28:22,270 Suze: funds? 449 00:28:22,280 --> 00:28:23,619 KT: I don't know that much. 450 00:28:24,979 --> 00:28:27,599 Suze: And the answer to that is no, you cannot 451 00:28:27,869 --> 00:28:28,569 KT: Sounds like a no, right? 452 00:28:28,619 --> 00:28:32,300 Suze: So just remember that when you have money in an HSA, 453 00:28:32,359 --> 00:28:35,989 Suze: you can use it for so many things, including long 454 00:28:36,000 --> 00:28:41,979 Suze: term care premiums. Everybody. All right, quizzy time, you didn't get 455 00:28:41,989 --> 00:28:46,869 Suze: out of your quizzy, my little manipulator you... which is 456 00:28:46,880 --> 00:28:48,709 Suze: this from Darlene. 457 00:28:49,290 --> 00:28:52,930 Suze: And by now all of you know what quizzy time means. 458 00:28:52,939 --> 00:28:55,489 Suze: If not, that means you have not been listening to 459 00:28:55,500 --> 00:28:59,160 Suze: the podcast and go back and listen to a lot 460 00:28:59,170 --> 00:29:03,670 Suze: of them anyway. All right, if I do a Roth 461 00:29:03,680 --> 00:29:11,150 Suze: conversion from a traditional IRA, even though I'm 67 462 00:29:12,040 --> 00:29:15,979 Suze: would I have to pay income taxes on the withdrawal 463 00:29:15,989 --> 00:29:20,680 Suze: amount if I took it out before the five year 464 00:29:20,689 --> 00:29:24,709 Suze: rule since I paid income taxes on it when I 465 00:29:24,719 --> 00:29:30,180 Suze: converted it to a Roth? Don't answer yet. KT, what 466 00:29:30,189 --> 00:29:34,209 Suze: Darlene is asking is she has a Roth 467 00:29:34,780 --> 00:29:38,130 Suze: but the Roth has not been open for at least 468 00:29:38,140 --> 00:29:44,969 Suze: five years. She has converted money to it. She is 469 00:29:44,979 --> 00:29:50,650 Suze: 67 if she converts and then takes the money out, 470 00:29:51,089 --> 00:29:53,770 Suze: let's say she leaves it in there for a year 471 00:29:53,780 --> 00:29:58,599 Suze: from now. It grows. But it's still under the five years. 472 00:30:00,010 --> 00:30:04,469 Suze: Will she owe income tax on that money? And will 473 00:30:04,479 --> 00:30:08,329 Suze: she owe a 10% penalty on that money? 474 00:30:08,339 --> 00:30:09,439 KT: You mean both or either? 475 00:30:09,459 --> 00:30:10,910 Suze: I'm asking you both? 476 00:30:13,489 --> 00:30:15,829 KT: Well, I don't know. All I know is that if 477 00:30:15,839 --> 00:30:18,400 KT: taxes are involved, usually you have to pay it. 478 00:30:18,410 --> 00:30:24,079 Suze: She will have paid the taxes when she converted. You 479 00:30:24,089 --> 00:30:27,709 Suze: have to answer the questions if she withdraws the money 480 00:30:28,170 --> 00:30:32,650 Suze: prior to when the five years are up and that 481 00:30:32,660 --> 00:30:35,260 Suze: money has grown, let's just say it's grown and she 482 00:30:35,270 --> 00:30:40,160 Suze: withdraws it prior to the time the five years are up. 483 00:30:40,170 --> 00:30:41,790 Suze: She's 67. 484 00:30:42,750 --> 00:30:46,550 Suze: Will she owe a 10% penalty? Will she owe income 485 00:30:46,560 --> 00:30:47,729 Suze: tax on that? 486 00:30:47,979 --> 00:30:48,790 KT: She's 67 487 00:30:49,839 --> 00:30:53,780 KT: So I think she won't owe income tax but she 488 00:30:53,790 --> 00:30:56,640 KT: might have the penalty. I don't know. 489 00:30:57,359 --> 00:30:59,060 KT: Is that a good, is that a good answer? 490 00:30:59,520 --> 00:31:01,199 Suze: It's only good if it's good for you. 491 00:31:01,280 --> 00:31:02,339 KT: Is it? 492 00:31:02,449 --> 00:31:04,609 Suze: I have to tell you whether you're right or wrong, 493 00:31:04,619 --> 00:31:07,150 Suze: do not try to get out of this. 494 00:31:07,699 --> 00:31:09,000 KT: I don't think, I don't think, 495 00:31:09,430 --> 00:31:13,420 KT: I don't think you pay taxes twice but you definitely 496 00:31:13,430 --> 00:31:16,920 KT: have a penalty but she's 67. So I don't think 497 00:31:16,930 --> 00:31:18,829 KT: she's penalty exempt either. 498 00:31:20,339 --> 00:31:21,839 Suze: All right, that's your answer? (Suze gives the wrong answer sound). 499 00:31:23,810 --> 00:31:27,989 KT: Ok, I don't know it was Roth. Right. 500 00:31:28,650 --> 00:31:31,790 Suze: Alright. We should just know that any Roth question it's 501 00:31:31,800 --> 00:31:32,239 Suze: going to be a (Suze makes the wrong answer sound again). 502 00:31:33,760 --> 00:31:35,750 KT: You can bet on that everybody. 503 00:31:35,810 --> 00:31:40,109 Suze: It doesn't have to be though KT. So Darlene, here's 504 00:31:40,119 --> 00:31:42,949 Suze: what you have to get once you are over the 505 00:31:42,959 --> 00:31:45,060 Suze: age of 59 and a half, 506 00:31:45,640 --> 00:31:50,060 Suze: even though your Roth IRAs have not been open for 507 00:31:50,069 --> 00:31:53,949 Suze: at least five years. Everybody. So this applies to everybody. 508 00:31:54,229 --> 00:31:58,790 Suze: You will no longer, ever, ever, ever pay a 10% 509 00:31:58,800 --> 00:32:02,611 Suze: penalty because you're already over the age of 59 and 510 00:32:02,611 --> 00:32:03,869 Suze: a half. However, 511 00:32:04,510 --> 00:32:08,489 Suze: what you have to remember is that when you convert 512 00:32:08,500 --> 00:32:13,660 Suze: money to a Roth IRA, you pay 100 percent tax 513 00:32:13,670 --> 00:32:17,439 Suze: on the amount that you converted. But now the money 514 00:32:17,449 --> 00:32:21,150 Suze: is in that account and it is growing. So it 515 00:32:21,160 --> 00:32:27,130 Suze: is earning money. If you take out the earnings before 516 00:32:27,140 --> 00:32:30,689 Suze: the account has been opened for five years, 517 00:32:31,099 --> 00:32:35,040 Suze: then you are going to pay tax on the earnings 518 00:32:35,050 --> 00:32:39,479 Suze: that you have never paid tax on yet. So that's 519 00:32:39,489 --> 00:32:43,880 Suze: just what you have to take into consideration. It's just 520 00:32:43,890 --> 00:32:46,319 Suze: that easy. Now, did that make sense to you, KT? 521 00:32:46,689 --> 00:32:48,599 KT: Yeah, that made a lot of sense. 522 00:32:49,430 --> 00:32:50,880 Suze: Really? I just made sense to you. 523 00:32:50,890 --> 00:32:51,410 KT: What made 524 00:32:51,420 --> 00:32:51,949 KT: sense?\... 525 00:32:51,959 --> 00:32:54,969 KT: I think my, the thing and I knew, I couldn't 526 00:32:54,979 --> 00:32:55,540 KT: remember 527 00:32:55,550 --> 00:32:56,198 Suze: There she goes defending herself again. 528 00:32:57,520 --> 00:33:00,839 KT: I knew that 67 was a good thing, but I 529 00:33:00,849 --> 00:33:02,310 KT: didn't remember how it 530 00:33:02,319 --> 00:33:02,939 KT: all worked. 531 00:33:02,949 --> 00:33:04,759 Suze: We get that because I went (Suze makes the wrong 532 00:33:04,759 --> 00:33:04,759 Suze: answer sound yet again). 533 00:33:06,239 --> 00:33:08,369 Suze: Do you see everybody? Now? I just 534 00:33:08,380 --> 00:33:08,719 Suze: want you... 535 00:33:08,729 --> 00:33:10,650 KT: I'm not defending myself. I'm just trying to, 536 00:33:10,680 --> 00:33:11,569 Suze: what would you call 537 00:33:11,579 --> 00:33:11,969 Suze: that 538 00:33:12,160 --> 00:33:13,229 KT: Recall? 539 00:33:13,609 --> 00:33:17,140 Suze: Uh huh. Now, can you just imagine what our relationship is? 540 00:33:17,150 --> 00:33:20,530 Suze: Really like, do you think this just happens when we're 541 00:33:20,540 --> 00:33:23,880 Suze: talking about Roth IRAs or maybe, do you think it 542 00:33:23,890 --> 00:33:27,124 Suze: could happen about other things? You, you think KT? 543 00:33:27,124 --> 00:33:29,650 KT: Ding ding, ding, ding, ding, 544 00:33:29,765 --> 00:33:32,755 KT: ding, ding Suze got that right. Ding, ding, ding, ding, ding, 545 00:33:33,064 --> 00:33:38,125 Suze: ding. All right. But I still love her and more importantly, 546 00:33:38,204 --> 00:33:41,584 Suze: I like her. Anyway. What do you want to say? 547 00:33:41,594 --> 00:33:41,685 KT: I 548 00:33:41,694 --> 00:33:44,765 KT: want everyone to look for my poll that I'm gonna 549 00:33:44,775 --> 00:33:47,425 KT: be posting for Halloween. 550 00:33:48,675 --> 00:33:48,765 Suze: Yeah, 551 00:33:48,775 --> 00:33:51,084 KT: but we're gonna do it. But look for it. You know, 552 00:33:51,094 --> 00:33:53,905 KT: it's coming up and it's autumn and it feels good. 553 00:33:54,199 --> 00:33:56,790 KT: So just make sure you do that. It's fun. Let's play. 554 00:33:57,119 --> 00:34:03,140 Suze: All right. Let's, let's do KT play all. Stop that. She's, 555 00:34:03,150 --> 00:34:06,900 Suze: she's sitting here playing. Yes, I'm saying that she's sitting 556 00:34:06,910 --> 00:34:09,830 Suze: here playing with two little socks that she wants to 557 00:34:09,840 --> 00:34:12,419 Suze: put on and the mics will pick them up now. 558 00:34:12,429 --> 00:34:15,100 Suze: Just sit there and be good and take us out KT. 559 00:34:15,110 --> 00:34:17,439 KT: All right. There's only one thing I want all of 560 00:34:17,449 --> 00:34:18,540 KT: you to remember 561 00:34:19,330 --> 00:34:21,949 KT: and it's not her favorite candy. It's this, 562 00:34:23,030 --> 00:34:24,290 KT: go Suze, 563 00:34:25,100 --> 00:34:26,149 KT: These three things. 564 00:34:26,169 --> 00:34:27,889 Suze: She so wants out of here right 565 00:34:27,899 --> 00:34:30,770 KT: now. These three things. What do they have to remember 566 00:34:30,780 --> 00:34:31,229 KT: people 567 00:34:31,239 --> 00:34:35,580 Suze: first? Then money, then things and when you're wrong, just 568 00:34:35,590 --> 00:34:38,290 Suze: admit it. It's not a big deal. 569 00:34:38,375 --> 00:34:42,073 Suze: What are the six greatest words in life KT? 570 00:34:42,084 --> 00:34:42,303 KT: I 571 00:34:42,314 --> 00:34:43,475 KT: admit that I was wrong. 572 00:34:43,485 --> 00:34:49,834 Suze: Ding, ding, ding. And if you do that stay safe, healthy. 573 00:34:49,844 --> 00:34:53,435 Suze: You will be unstoppable.