1 00:00:33,880 --> 00:00:38,979 Suze: October 6th 2022. She is back 2 00:00:40,140 --> 00:00:41,169 KT: I'm here! KT is in the house 3 00:00:41,170 --> 00:00:44,330 Suze: Now I know that maybe you miss me but I 4 00:00:44,330 --> 00:00:50,870 Suze: know for sure you missed KT. Welcome everybody to the 5 00:00:50,870 --> 00:00:58,370 Suze: Ask KT and Suze Anything podcast. It is October six. What does 6 00:00:58,370 --> 00:00:59,290 Suze: that mean? KT, 7 00:01:00,960 --> 00:01:01,580 KT: What? 8 00:01:01,580 --> 00:01:03,940 Suze: Come on, come on, tell me you don't know. 9 00:01:04,920 --> 00:01:09,950 KT: Oh we have one day. October seven is Friday, tomorrow 10 00:01:09,959 --> 00:01:13,980 KT: and that is the last day of your big opportunity 11 00:01:13,980 --> 00:01:15,929 KT: for your do good checking account 12 00:01:16,500 --> 00:01:16,730 Suze: with Alliant. 13 00:01:17,569 --> 00:01:18,630 KT: Don't miss this. 14 00:01:22,200 --> 00:01:26,610 Suze: All you have to do is go to my alliant 15 00:01:26,780 --> 00:01:30,300 Suze: and that is A L L I A N T 16 00:01:30,340 --> 00:01:34,790 Suze: dot com. Don't go anywhere else. Go to my alliant 17 00:01:34,790 --> 00:01:40,170 Suze: dot com slash good to open up a checking account. 18 00:01:40,180 --> 00:01:43,450 Suze: We call it the do good checking account where all 19 00:01:43,450 --> 00:01:48,020 Suze: you have to do is put in $100 tomorrow 20 00:01:48,480 --> 00:01:49,540 Suze: and then 21 00:01:49,730 --> 00:01:50,450 KT: today 22 00:01:50,460 --> 00:01:52,669 Suze: or today you can do it today. 23 00:01:53,220 --> 00:01:53,480 Suze: You got 24 00:01:53,480 --> 00:01:57,380 Suze: to do it by today and then every month through 25 00:01:57,390 --> 00:02:02,970 Suze: February 2023 just make an electronic transfer can be for 26 00:02:02,970 --> 00:02:08,060 Suze: any amount of money, $5 whatever you want and electronically 27 00:02:08,060 --> 00:02:13,330 Suze: transferred into your account. And at the end of February 2023, 28 00:02:15,520 --> 00:02:21,060 Suze: Alliant will give you $100 and you will get to 29 00:02:21,060 --> 00:02:25,130 Suze: choose one of the three charities that they have chosen 30 00:02:25,130 --> 00:02:29,790 Suze: to receive. $100 on your behalf. KT, what do you 31 00:02:29,790 --> 00:02:30,610 Suze: got for me today? 32 00:02:30,620 --> 00:02:34,139 KT: The first question, I love this question because it's happened 33 00:02:34,139 --> 00:02:36,109 KT: to my sister. This is from Jenna. 34 00:02:37,080 --> 00:02:42,130 KT: This is about identity theft. Everybody Hi Suze and KT. 35 00:02:42,169 --> 00:02:45,929 KT: My social security number was stolen and I'm looking for 36 00:02:45,930 --> 00:02:50,139 KT: guidance and what steps to take. In July I received 37 00:02:50,139 --> 00:02:54,010 KT: a letter congratulating me on a credit card that I 38 00:02:54,010 --> 00:02:57,020 KT: knew nothing about. I called the bank 39 00:02:57,040 --> 00:03:00,410 KT: and I opened a fraud report. They closed the card 40 00:03:00,410 --> 00:03:04,889 KT: and they froze my credit at the three reporting agencies. 41 00:03:04,990 --> 00:03:07,450 KT: I had hoped that was the end of it. Well 42 00:03:07,450 --> 00:03:11,190 KT: listen to this Suze... this week, Jenna got another letter 43 00:03:11,190 --> 00:03:14,340 KT: saying that her request for a new credit card was 44 00:03:14,340 --> 00:03:18,190 KT: denied due to a frozen credit. So the good thing 45 00:03:18,190 --> 00:03:21,210 KT: is that her credits frozen and that's working. The bad 46 00:03:21,210 --> 00:03:25,680 KT: thing is someone is still trying to use her information. 47 00:03:26,090 --> 00:03:30,030 KT: I checked my credit report and the initial fraudulent card 48 00:03:30,040 --> 00:03:34,500 KT: is on there. It's still there. But nothing else Suze. 49 00:03:34,500 --> 00:03:37,370 KT: What should I be doing? Huh? 50 00:03:37,380 --> 00:03:40,770 Suze: So here's the thing, KT. What's a frozen account? 51 00:03:41,580 --> 00:03:43,600 KT: What do you mean? What's a frozen account? 52 00:03:44,220 --> 00:03:45,210 Suze: What do you mean? What do I mean? 53 00:03:45,520 --> 00:03:47,330 KT: What do you mean? You can't use it. 54 00:03:47,340 --> 00:03:49,700 Suze: But but do we have frozen accounts? 55 00:03:49,710 --> 00:03:54,630 KT: Yeah. We purposely freeze our credit reports in our accounts. 56 00:03:54,690 --> 00:03:57,710 Suze: And so should every one of you 57 00:03:57,720 --> 00:04:04,810 Suze: listening. Right. So when you freeze your accounts from Experian, 58 00:04:04,820 --> 00:04:10,520 Suze: Equifax and Trans Union, the three credit bureaus that generate 59 00:04:10,530 --> 00:04:14,670 Suze: your scores. Your FICO scores and things like that. When 60 00:04:14,670 --> 00:04:20,010 Suze: somebody applies for credit including you. Right, 61 00:04:20,390 --> 00:04:25,450 Suze: it's immediately denied because they can't get into your information 62 00:04:25,460 --> 00:04:28,669 Suze: at all. You if you freeze your accounts can't check 63 00:04:28,670 --> 00:04:31,920 Suze: your FICO scores and if you want to apply for 64 00:04:31,920 --> 00:04:36,670 Suze: credit you have to unfreeze them then apply and then 65 00:04:36,670 --> 00:04:38,770 Suze: freeze them back again. 66 00:04:39,100 --> 00:04:43,710 Suze: However in today's day and age it's absolutely worth it. 67 00:04:43,720 --> 00:04:48,710 Suze: As Jenna is now experiencing girlfriend listen to me. They 68 00:04:48,710 --> 00:04:53,339 Suze: have the information from your social security and other information 69 00:04:53,339 --> 00:04:57,680 Suze: that they obviously have as well. Okay. No big deal 70 00:04:57,760 --> 00:05:01,470 Suze: because you took the right step in freezing your accounts 71 00:05:01,520 --> 00:05:03,940 Suze: but you have to set your expectation 72 00:05:03,950 --> 00:05:07,820 Suze: correct, freezing your accounts is not going to stop them 73 00:05:07,820 --> 00:05:11,800 Suze: from trying to open up an account. It will stop 74 00:05:11,800 --> 00:05:15,110 Suze: them from being able to open up an account so 75 00:05:15,110 --> 00:05:17,529 Suze: you should set your expectations where you're going to see 76 00:05:17,529 --> 00:05:21,120 Suze: they're going to try over and over again until they 77 00:05:21,120 --> 00:05:23,700 Suze: just get tired of it and they realize there's no 78 00:05:23,700 --> 00:05:28,790 Suze: way in if you really want to protect yourself. However 79 00:05:28,930 --> 00:05:34,520 Suze: there is one identity theft company that I like very much. Again, 80 00:05:34,529 --> 00:05:37,620 Suze: everybody please know when I recommend a company like I'm 81 00:05:37,620 --> 00:05:40,640 Suze: about to do, they don't know that I'm recommending them. 82 00:05:40,650 --> 00:05:43,310 Suze: I don't get paid a penny to do. So I've 83 00:05:43,310 --> 00:05:47,010 Suze: done my own independent research and I really like them 84 00:05:47,360 --> 00:05:50,590 Suze: and that identity theft company is by the name of 85 00:05:50,600 --> 00:05:56,190 Suze: Aura A U. R. A. So look up Aura identity 86 00:05:56,190 --> 00:06:00,480 Suze: theft and if you want sign up with a program 87 00:06:00,490 --> 00:06:03,900 Suze: with them so that if they happen to steal anything 88 00:06:03,900 --> 00:06:07,390 Suze: else from you, you'll have a place to go and 89 00:06:07,400 --> 00:06:10,330 Suze: they'll take care of it for you because sometimes what's 90 00:06:10,330 --> 00:06:12,880 Suze: hard is to know what should I do, where do 91 00:06:12,880 --> 00:06:14,859 Suze: I go? Who do I contact 92 00:06:15,120 --> 00:06:18,730 Suze: in this case? If you did something with aura then 93 00:06:18,730 --> 00:06:21,969 Suze: you would contact them. So that's something I would suggest 94 00:06:21,970 --> 00:06:22,550 Suze: for all of you. 95 00:06:22,550 --> 00:06:24,840 KT: I'm gonna add a little tip when I go to 96 00:06:24,839 --> 00:06:28,179 KT: the doctor's office. They if anyone asks for my social, 97 00:06:28,190 --> 00:06:31,310 KT: all I give them is the last four digits. They 98 00:06:31,310 --> 00:06:36,940 KT: never really need the full number. All right, Denise, Susie. 99 00:06:36,950 --> 00:06:40,370 KT: I'm 54 years old. I have only worked and put 100 00:06:40,370 --> 00:06:41,740 KT: money into a 401 101 00:06:41,740 --> 00:06:43,529 Suze: Do you remember when you were 54. 102 00:06:43,760 --> 00:06:44,779 KT: Yeah 103 00:06:45,600 --> 00:06:46,690 KT: it was a great 104 00:06:46,690 --> 00:06:47,300 KT: time. 105 00:06:47,300 --> 00:06:48,570 Suze: It was four years 106 00:06:48,570 --> 00:06:49,300 Suze: after I got 107 00:06:50,240 --> 00:06:50,960 Suze: 54 108 00:06:51,589 --> 00:06:58,859 KT: We were very very very entrenched in speaking engagements, television media. 109 00:06:58,860 --> 00:07:01,750 KT: We were all over the place. We probably traveled more 110 00:07:01,750 --> 00:07:02,840 KT: in that year 111 00:07:03,050 --> 00:07:04,090 KT: than any year. 112 00:07:04,089 --> 00:07:07,400 Suze: Do you know that? We went for 10 years and 113 00:07:07,400 --> 00:07:10,310 Suze: we never really spent more than one or two days 114 00:07:10,310 --> 00:07:10,770 Suze: in one 115 00:07:10,770 --> 00:07:15,700 KT: place and I constantly in the air on the road. 116 00:07:15,710 --> 00:07:17,290 KT: We loved it though. 117 00:07:17,300 --> 00:07:19,430 Suze: Yeah we felt more it was 118 00:07:19,440 --> 00:07:20,390 KT: it was fun 119 00:07:20,390 --> 00:07:23,710 Suze: and you know in an airport going on a plane. 120 00:07:23,860 --> 00:07:26,440 KT: We never looked at the menu when we would go to 121 00:07:26,440 --> 00:07:28,700 KT: the hotel because we memorized them. 122 00:07:31,835 --> 00:07:33,805 Suze: We knew we would just call and say what we felt those are some of the best years of our life 123 00:07:33,805 --> 00:07:36,595 Suze: and I hope this one is the best year for 124 00:07:36,595 --> 00:07:37,915 Suze: you as well keep going. 125 00:07:37,925 --> 00:07:41,815 KT: Okay, so Denise is 54. She's only worked and put 126 00:07:41,815 --> 00:07:45,445 KT: money into a 401K. And now she's saving in her 127 00:07:45,445 --> 00:07:49,055 KT: thrift saving plan. So she she's asking this question, do 128 00:07:49,055 --> 00:07:53,065 KT: I need to have a financial advisor? I know nothing 129 00:07:53,065 --> 00:07:56,165 KT: about what to do. And I would like to retire 130 00:07:56,165 --> 00:07:57,520 KT: at 67 131 00:07:57,730 --> 00:08:03,590 KT: Currently 350,000 after inflation hit. I suppose she means that's 132 00:08:03,590 --> 00:08:04,560 KT: what she's got 133 00:08:04,570 --> 00:08:05,550 KT: at this point. 134 00:08:05,560 --> 00:08:08,530 KT: Right? So she she wants to retire 135 00:08:09,120 --> 00:08:09,790 KT: at 67. 136 00:08:09,790 --> 00:08:10,370 KT: There you go. 137 00:08:10,500 --> 00:08:12,040 Suze: All right. I got it, KT 138 00:08:12,350 --> 00:08:16,060 Suze: Denise, I have a favorite saying, do you know what 139 00:08:16,060 --> 00:08:16,850 Suze: it is? KT? 140 00:08:16,860 --> 00:08:20,310 KT: If you want to find the best financial Advisor Denise, Look 141 00:08:20,320 --> 00:08:21,490 KT: in the mirror. 142 00:08:21,490 --> 00:08:24,310 Suze: Oh you got that. Right. Ding ding ding ding ding 143 00:08:24,320 --> 00:08:26,450 Suze: ding ding ding ding ding ding ding ding ding ding 144 00:08:26,450 --> 00:08:30,500 Suze: ding ding ding a ding a do anyway, if that's 145 00:08:30,510 --> 00:08:34,840 Suze: essentially when you say I've only worked and put money 146 00:08:34,840 --> 00:08:37,670 Suze: in a four oh one K. And now a thrift savings. 147 00:08:38,120 --> 00:08:42,330 Suze: So what that line says to me is that the 148 00:08:42,340 --> 00:08:46,940 Suze: only money you really have? Hopefully besides an emergency account 149 00:08:46,950 --> 00:08:50,870 Suze: that you should have outside of that. Right. So you 150 00:08:50,870 --> 00:08:53,450 Suze: know I want you all to have 8-12 months of 151 00:08:53,450 --> 00:08:54,739 Suze: a savings account. 152 00:08:55,010 --> 00:08:57,750 Suze: All right, you should just know that. So, given that 153 00:08:57,750 --> 00:09:02,030 Suze: that's really all your investable money that you have? No, 154 00:09:02,040 --> 00:09:06,200 Suze: you don't need a financial advisor at least at this point. 155 00:09:06,210 --> 00:09:09,900 Suze: And hopefully you never will. One of the goals of 156 00:09:09,900 --> 00:09:13,020 Suze: the women and money podcast is to give you enough 157 00:09:14,175 --> 00:09:17,795 Suze: through the 400 podcasts that we have. If you listen 158 00:09:17,795 --> 00:09:21,015 Suze: to them along with my books now, along with my 159 00:09:21,015 --> 00:09:25,265 Suze: Amazon freevee shows that are out there and who knows 160 00:09:25,265 --> 00:09:28,125 Suze: what we may have coming up for you next year sometime. 161 00:09:28,125 --> 00:09:31,964 Suze: You never know. But with all of that out there, 162 00:09:31,975 --> 00:09:35,505 Suze: honest to God from the bottom of my heart, I 163 00:09:35,505 --> 00:09:40,179 Suze: believe that you will have enough information and find something 164 00:09:40,320 --> 00:09:43,830 Suze: that I've talked about that will absolutely relate to your 165 00:09:43,830 --> 00:09:48,489 Suze: personal situation. You also whenever you need to can write 166 00:09:48,490 --> 00:09:52,770 Suze: in to ask Suze, That's S. U Z E podcast 167 00:09:52,780 --> 00:09:57,480 Suze: at gmail dot com. Or download the Women and Money 168 00:09:57,480 --> 00:10:01,760 Suze: App by going to Apple App or Google Play. And 169 00:10:01,770 --> 00:10:04,640 Suze: all you have to do then is search on the 170 00:10:04,640 --> 00:10:08,580 Suze: wall there. The first thing you come to podcast, content 171 00:10:08,740 --> 00:10:10,920 Suze: and type in what you want to know and the 172 00:10:10,920 --> 00:10:14,370 Suze: podcast that you need to listen to will come up. 173 00:10:14,380 --> 00:10:17,200 Suze: I personally think you need to listen to all of them. 174 00:10:17,309 --> 00:10:20,250 Suze: But that's all you need to do. And I think 175 00:10:20,250 --> 00:10:22,780 Suze: you'll be fine honest to God 176 00:10:23,030 --> 00:10:26,559 Suze: when you know what to do with money. You then 177 00:10:26,570 --> 00:10:30,090 Suze: own the power to control your destiny. Okay. KT that 178 00:10:30,090 --> 00:10:32,040 Suze: should be our tagline at the end 179 00:10:32,440 --> 00:10:33,870 KT: on the power to control your 180 00:10:33,870 --> 00:10:36,830 Suze: destiny, there's only one thing that matters when it comes 181 00:10:36,830 --> 00:10:38,340 Suze: to your money and that's for you to own the 182 00:10:38,340 --> 00:10:40,730 Suze: power to control your destiny. Do you like that? Better 183 00:10:40,730 --> 00:10:43,990 Suze: than safe? Strong and secure? No, I didn't think so. 184 00:10:44,000 --> 00:10:46,580 KT: Okay, Suze. Next question is from Thomas, 185 00:10:47,140 --> 00:10:50,950 KT: Suze. My mother passed away this year and gave my 186 00:10:50,950 --> 00:10:54,930 KT: daughter $100,000 in her will. 187 00:10:55,200 --> 00:10:58,700 KT: So first Thomas, we're really sorry for your loss. But 188 00:10:58,700 --> 00:11:02,030 KT: listen to this, Suze. My mother was not a US 189 00:11:02,030 --> 00:11:06,550 KT: citizen or a legal resident in the United States. What 190 00:11:06,550 --> 00:11:11,470 KT: are my daughter's options to receive this money from her grandmother, Suze, 191 00:11:11,470 --> 00:11:16,859 KT: is it better to receive this fund? $16,000 each year 192 00:11:16,870 --> 00:11:21,360 KT: or in a lump sum from a gift tax perspective, 193 00:11:21,600 --> 00:11:23,670 Suze: Why do you look so perplexed? 194 00:11:23,679 --> 00:11:26,300 KT: It was just because I don't know. What do you 195 00:11:26,300 --> 00:11:30,010 KT: do when? I don't know what's the answer? I'm as 196 00:11:30,010 --> 00:11:33,740 KT: perplexed as thomas. We're sorry your mommy's gone. 197 00:11:33,750 --> 00:11:35,390 Suze: Yeah, we're sorry our mommies. 198 00:11:35,400 --> 00:11:39,150 KT: Yeah. You never stop missing your mama and your daddy. 199 00:11:39,150 --> 00:11:42,360 Suze: But you wanna know what's so funny, everybody. It's almost 200 00:11:42,360 --> 00:11:44,810 Suze: like I love my mother more in death 201 00:11:45,470 --> 00:11:49,030 Suze: that on some level I did in life. That's a 202 00:11:49,040 --> 00:11:53,450 Suze: very fascinating thing, you know? And maybe is it because 203 00:11:53,450 --> 00:11:55,780 Suze: in life you take it for granted or in life 204 00:11:55,780 --> 00:11:58,689 Suze: all the things that, you know your relationship with her, 205 00:11:58,690 --> 00:12:02,550 Suze: all those things come into play. But then after she's gone, 206 00:12:02,559 --> 00:12:04,329 Suze: you realize what was wrong with me? 207 00:12:04,730 --> 00:12:10,800 Suze: Why can't I just remember her little face, I look 208 00:12:10,809 --> 00:12:12,470 Suze: identical to her by the way. 209 00:12:13,190 --> 00:12:15,900 KT: Susie looks exactly like her mom, 210 00:12:15,910 --> 00:12:18,700 Suze: Especially when I look in the mirror and I'm not dressed. 211 00:12:18,710 --> 00:12:23,980 Suze: I go mom! Anyway. So here's the thing Thomas. I 212 00:12:23,980 --> 00:12:27,630 Suze: don't have enough information because are you telling me that 213 00:12:27,640 --> 00:12:31,110 Suze: your mother is not a US citizen or a legal resident? 214 00:12:31,120 --> 00:12:33,740 Suze: But is she here on a green card? 215 00:12:33,950 --> 00:12:37,150 Suze: Is she in the United States? Does she have an 216 00:12:37,150 --> 00:12:41,230 Suze: account here in the United States? So let's just assume 217 00:12:41,230 --> 00:12:46,329 Suze: that she does and in her will, she's left $100,000 218 00:12:46,330 --> 00:12:50,360 Suze: to your daughter. It hopefully it should have been left 219 00:12:50,360 --> 00:12:54,120 Suze: to her as either a pay on death account so 220 00:12:54,120 --> 00:12:57,560 Suze: that she doesn't have to go through probate. But hopefully 221 00:12:57,610 --> 00:13:00,610 Suze: you'll figure out what are the legal ways you have 222 00:13:00,610 --> 00:13:01,900 Suze: to get this money. 223 00:13:02,080 --> 00:13:05,840 Suze: However your question is is it better to receive this 224 00:13:05,840 --> 00:13:10,329 Suze: fund $16,000 a year or in a lump sum from 225 00:13:10,330 --> 00:13:14,020 Suze: the gift tax perspective we're no longer talking about gift 226 00:13:14,020 --> 00:13:17,880 Suze: tax Thomas because your mommy has died. So now 227 00:13:17,890 --> 00:13:22,050 Suze: We're talking about a state tax and mommy can leave 228 00:13:22,059 --> 00:13:26,280 Suze: a state tax free up to almost $12 million dollars 229 00:13:26,280 --> 00:13:29,210 Suze: in total. So this is not something you need to 230 00:13:29,210 --> 00:13:35,100 Suze: worry about. I personally would take all $100,000 and absolutely 231 00:13:35,100 --> 00:13:39,390 Suze: take it at once. Now the question is different. 232 00:13:39,660 --> 00:13:45,150 Suze: It's different because the grandchild is only 21 years of age. 233 00:13:45,160 --> 00:13:50,640 Suze: What will she do with $100,000 all at once? So 234 00:13:50,640 --> 00:13:53,860 Suze: you need to know your daughter and what's the healthiest 235 00:13:53,860 --> 00:13:56,400 Suze: thing to do for your daughter? 236 00:13:56,705 --> 00:14:00,125 Suze: Do you understand if that is the case then you 237 00:14:00,125 --> 00:14:03,365 Suze: might want to take it in small amounts and give 238 00:14:03,365 --> 00:14:06,725 Suze: it to her like that? Just that's your main thing 239 00:14:06,725 --> 00:14:09,745 Suze: that you need to decide. Gift tax is not a 240 00:14:09,745 --> 00:14:10,645 Suze: problem here. 241 00:14:11,255 --> 00:14:13,745 KT: All right, next question, Suze is from Jennifer. 242 00:14:14,090 --> 00:14:17,520 KT: Hi KT and Suze. I am a divorced mother of 243 00:14:17,520 --> 00:14:22,300 KT: five year old twins. I'm a twin. I like it. 244 00:14:22,310 --> 00:14:24,830 Suze: If you people write the word twin. 245 00:14:27,710 --> 00:14:31,420 KT: You could say I have twin questions you can ask two. 246 00:14:32,270 --> 00:14:35,460 KT: I have for the past 2.5 years. Had my boyfriend 247 00:14:35,460 --> 00:14:38,140 KT: live with us, I own my own home, 248 00:14:38,650 --> 00:14:39,450 Suze: Who is "us?" 249 00:14:39,450 --> 00:14:44,600 KT: Her and her twins and they're only five. 250 00:14:45,180 --> 00:14:49,000 KT: I own my own home that I paid $2700 a 251 00:14:49,000 --> 00:14:53,090 KT: month for and I pay all the bills during this 252 00:14:53,090 --> 00:14:56,370 KT: past summer I kicked my boyfriend out 253 00:14:57,300 --> 00:15:02,160 KT: because he wasn't interested in helping to contribute financially. He 254 00:15:02,160 --> 00:15:05,920 KT: feels that if he does the construction projects around the 255 00:15:05,920 --> 00:15:09,690 KT: home that his labor should count as his rent. I 256 00:15:09,690 --> 00:15:15,540 KT: completely disagree while I'm financially responsible and can afford my home. 257 00:15:15,550 --> 00:15:19,700 KT: I still believe he should pay rent. Suze please give 258 00:15:19,700 --> 00:15:22,700 KT: me your advice. Can I tell you what's funny about 259 00:15:22,700 --> 00:15:23,000 KT: this? 260 00:15:24,210 --> 00:15:26,270 KT: Well wait, here's what's funny. 261 00:15:27,170 --> 00:15:31,180 KT: She doesn't say anything about. I miss him. I love him. 262 00:15:31,190 --> 00:15:34,480 KT: I really wish that we could figure she just wants 263 00:15:34,480 --> 00:15:35,220 KT: him to pay the rent 264 00:15:35,730 --> 00:15:36,520 Suze: She kicked him out. 265 00:15:36,520 --> 00:15:37,820 KT: She did kick him out. 266 00:15:37,830 --> 00:15:40,000 Suze: If I were you, I would still so keep him 267 00:15:40,000 --> 00:15:41,790 Suze: kicked out. It's not even funny. 268 00:15:42,160 --> 00:15:44,720 KT: You never said like I really miss him and I love him -just that 269 00:15:45,650 --> 00:15:47,240 KT: it's over. 270 00:15:47,250 --> 00:15:48,140 Suze: Yeah. And 271 00:15:48,140 --> 00:15:48,510 Suze: Here's the... 272 00:15:49,500 --> 00:15:54,240 Suze: Here's the danger that you have which is depending on 273 00:15:54,240 --> 00:15:57,520 Suze: how many years you actually end up living with him. 274 00:15:57,530 --> 00:16:01,240 Suze: Let's say it's 10 years, 20 years, 30 years. Then 275 00:16:01,240 --> 00:16:03,410 Suze: you realize you should have stuck to your decision and 276 00:16:03,410 --> 00:16:06,240 Suze: never let him back and kicked him out when you did, 277 00:16:06,250 --> 00:16:09,350 Suze: who knows what? He will come back and sue you 278 00:16:09,350 --> 00:16:12,430 Suze: for it can get very messy. I've seen this happen 279 00:16:12,430 --> 00:16:13,700 Suze: many times. 280 00:16:14,420 --> 00:16:16,700 Suze: If you really loved him 281 00:16:17,400 --> 00:16:20,150 Suze: you would and if he really loved you 282 00:16:20,840 --> 00:16:23,400 Suze: It would have worked out something very different. You know, 283 00:16:23,400 --> 00:16:27,350 Suze: there were times when I had a girlfriend and we 284 00:16:27,350 --> 00:16:31,370 Suze: would buy real estate together. I had the money. She 285 00:16:31,370 --> 00:16:34,810 Suze: had all the labor and everything but we would buy 286 00:16:34,820 --> 00:16:39,240 Suze: houses in San Francisco that were like shacks that when 287 00:16:39,240 --> 00:16:42,970 Suze: I say she had to work 24 hours a day 288 00:16:42,980 --> 00:16:47,360 Suze: and lived in this shack and renovated the whole thing. 289 00:16:48,260 --> 00:16:51,330 Suze: That's what she did and it would take maybe eight 290 00:16:51,330 --> 00:16:55,500 Suze: months to fix it up then we owned it 5050 291 00:16:55,510 --> 00:16:59,050 Suze: because I would have had nothing without that but to 292 00:16:59,050 --> 00:17:02,560 Suze: do some little construction and here and there and fix 293 00:17:02,560 --> 00:17:05,050 Suze: this up and that. I had another girlfriend who would 294 00:17:05,050 --> 00:17:06,379 Suze: do that with a home. 295 00:17:06,550 --> 00:17:08,949 Suze: and it was like no, you know, she also had 296 00:17:08,950 --> 00:17:12,260 Suze: to pay rent. Are you kidding me? So no, I 297 00:17:12,260 --> 00:17:15,920 Suze: would not be taking him back because truthfully you know, 298 00:17:15,920 --> 00:17:19,170 Suze: and I know there's another reason why you really 299 00:17:19,180 --> 00:17:22,310 KT: kicked him. You should still remain good friends though because 300 00:17:22,310 --> 00:17:24,610 KT: you never know when you need a handyman. 301 00:17:25,840 --> 00:17:30,200 KT: Alright, ready. Next question's from Sharon. I have a newlywed 302 00:17:30,200 --> 00:17:32,840 KT: daughter and a son in law that both make different 303 00:17:32,850 --> 00:17:36,699 KT: amounts of salary. Suze, can you please address how a 304 00:17:36,700 --> 00:17:40,670 KT: young couple should merge their money or figure out how 305 00:17:40,670 --> 00:17:44,280 KT: to plan a life together on when they plan on 306 00:17:44,280 --> 00:17:48,230 KT: having Children and how their expenses should be paid. Suze 307 00:17:48,230 --> 00:17:50,870 KT: I come from old school where money is pulled together and 308 00:17:50,869 --> 00:17:54,190 KT: you spend what you need to spend from the joint 309 00:17:54,200 --> 00:17:54,940 KT: amount 310 00:17:55,160 --> 00:17:58,210 KT: and if each person needs their own money they can 311 00:17:58,210 --> 00:18:02,020 KT: put that aside, but I appreciate hearing your thoughts on 312 00:18:02,020 --> 00:18:03,190 KT: what they should do. 313 00:18:03,859 --> 00:18:04,379 Suze: So... 314 00:18:04,390 --> 00:18:07,560 KT: She has a great, she has a great plan. Everybody 315 00:18:07,570 --> 00:18:11,910 Suze: Essentially Sharon you have the right idea where you have 316 00:18:11,910 --> 00:18:16,020 Suze: a joint account and that you pay all your needs 317 00:18:16,020 --> 00:18:20,250 Suze: from there. The question always becomes how much do you 318 00:18:20,260 --> 00:18:22,820 Suze: each put into that joint 319 00:18:22,830 --> 00:18:23,790 Suze: account 320 00:18:23,800 --> 00:18:26,920 Suze: because you know I talk to people all the time 321 00:18:26,930 --> 00:18:30,120 Suze: who's one of you is making far more money than 322 00:18:30,119 --> 00:18:30,950 Suze: the other 323 00:18:31,270 --> 00:18:35,159 Suze: And if you put 50% in and what you're making 324 00:18:35,170 --> 00:18:38,709 Suze: it may leave the other person with absolutely very little. 325 00:18:38,720 --> 00:18:41,460 Suze: So here's how you would do it, 326 00:18:42,490 --> 00:18:45,620 Suze: let's just say and I've used this example over and 327 00:18:45,630 --> 00:18:47,640 Suze: over again, but I don't think you can hear it 328 00:18:47,640 --> 00:18:52,359 Suze: too many times. Let's just assume your son in law 329 00:18:52,369 --> 00:18:57,780 Suze: is making and taking home $3000 a month and your 330 00:18:57,780 --> 00:19:04,590 Suze: daughter is taking home $7000 a month. You add those 331 00:19:04,590 --> 00:19:10,080 Suze: two amounts together. So after taxes after their 401k. Contributions, 332 00:19:10,090 --> 00:19:11,740 Suze: that is their take home. 333 00:19:11,970 --> 00:19:17,750 Suze: So that would be $10,000 a month. Let's just assume 334 00:19:17,900 --> 00:19:21,750 Suze: that their joint expenses really for their rent and everything. 335 00:19:21,750 --> 00:19:23,840 Suze: Now I understand this is low, but this is just 336 00:19:23,840 --> 00:19:30,189 Suze: an example is $3,000 a month. You then would take 337 00:19:30,240 --> 00:19:37,020 Suze: $10,000 and divide that into $3,000, which is 30% 338 00:19:38,020 --> 00:19:44,150 Suze: one of them. That's making your daughter $7000 a month, 30% 339 00:19:44,160 --> 00:19:48,920 Suze: of that 7000 or $2100 a month. Goes into the 340 00:19:48,920 --> 00:19:50,020 Suze: joint account 341 00:19:50,550 --> 00:19:57,010 Suze: For your son in law, bringing home 3000 a month, 30% 342 00:19:57,020 --> 00:20:02,300 Suze: of 3000 is $900 a month. So it's different amounts 343 00:20:02,310 --> 00:20:10,100 Suze: $2,100 $900. But those two amounts equal $3,000 a month 344 00:20:10,109 --> 00:20:12,510 Suze: it's equal percentages. 345 00:20:13,060 --> 00:20:17,010 Suze: Not equal amounts of money. And that is something that 346 00:20:17,020 --> 00:20:19,860 Suze: every one of you needs to get do not do 347 00:20:19,859 --> 00:20:22,460 Suze: this thing where let's just do 50 50 348 00:20:22,770 --> 00:20:27,490 Suze: don't do it that way. Then they each have their 349 00:20:27,500 --> 00:20:31,820 Suze: own separate accounts as well. I would have at least 350 00:20:31,820 --> 00:20:34,919 Suze: three accounts if they have kids or whatever and they 351 00:20:34,920 --> 00:20:38,630 Suze: want another account for college expenses. They would do it 352 00:20:38,630 --> 00:20:42,670 Suze: the same way. Keep everything as equal percentages and and 353 00:20:42,670 --> 00:20:47,010 Suze: then it's an equal relationship financially speaking. All right. 354 00:20:47,020 --> 00:20:49,580 KT: Next question is from Dina. 355 00:20:49,960 --> 00:20:54,230 KT: I have $19,000 in a money market account with my 356 00:20:54,230 --> 00:20:58,480 KT: bank earning nothing Suze. What should I do with it? 357 00:20:58,490 --> 00:20:59,710 Suze: Well that's an easy, 358 00:21:01,760 --> 00:21:05,730 Suze: What I want you to do right today Dina is 359 00:21:05,730 --> 00:21:10,420 Suze: go to my alliant.com to open up an Ultimate Opportunity 360 00:21:10,420 --> 00:21:17,870 Suze: Savings account. And I want you to deposit $17,900 in 361 00:21:17,869 --> 00:21:18,369 Suze: there 362 00:21:18,580 --> 00:21:22,139 Suze: all at once. So the majority of your money can 363 00:21:22,140 --> 00:21:25,440 Suze: start earning 2% and trust me it's going to go 364 00:21:25,440 --> 00:21:28,910 Suze: higher and higher and higher. I want you to keep 365 00:21:28,920 --> 00:21:34,860 Suze: $1100 out of that account and then every month transfer 366 00:21:34,869 --> 00:21:40,609 Suze: $100 into that account at the end of 12 months. 367 00:21:40,630 --> 00:21:44,470 Suze: Not only will you have made a great interest rate 368 00:21:44,890 --> 00:21:48,510 Suze: but you will also get that $100 bonus which makes 369 00:21:48,510 --> 00:21:53,310 Suze: it a seriously great interest rate. So that's what I 370 00:21:53,310 --> 00:21:57,119 Suze: would do with that money if I were you? So KT, 371 00:21:57,119 --> 00:21:58,530 Suze: you know what time it is 372 00:21:58,530 --> 00:22:02,220 KT: My quizzie time. I'm ready. I'm ready for it. I 373 00:22:02,220 --> 00:22:03,700 KT: missed it last week 374 00:22:08,250 --> 00:22:11,150 Suze: Oh right, because we didn't have a satellite. 375 00:22:11,160 --> 00:22:12,810 KT: What's my quizzie? 376 00:22:12,880 --> 00:22:19,260 Suze: which is from Susan. Susan Asks I was hoping to 377 00:22:19,260 --> 00:22:24,220 Suze: hold on and use my 2005 Honda CRV for at 378 00:22:24,220 --> 00:22:28,959 Suze: least another two more years before buying another car. But 379 00:22:28,960 --> 00:22:32,590 Suze: I think the car is now no longer drivable 380 00:22:33,350 --> 00:22:36,930 Suze: and I'm asking Katie a quizzie. Before I go on 381 00:22:36,930 --> 00:22:40,350 Suze: with this quizzie, this quizzie is for all of you 382 00:22:40,350 --> 00:22:45,570 Suze: as well. How would you answer this question? So KT 383 00:22:45,570 --> 00:22:47,850 Suze: don't answer right away. Okay. 384 00:22:47,859 --> 00:22:49,160 KT: Alright I'll listen 385 00:22:49,230 --> 00:22:52,550 Suze: So, I had it towed but I'm nervous the fix 386 00:22:52,550 --> 00:22:56,969 Suze: may outweigh the value already. I did not decide to 387 00:22:56,970 --> 00:22:59,390 Suze: replace the A. C. System in June 388 00:22:59,590 --> 00:23:02,330 Suze: but the car died on me last night while driving 389 00:23:02,330 --> 00:23:05,459 Suze: home thankfully I was close to home and got dear 390 00:23:05,600 --> 00:23:09,689 Suze: friends to help push it to my condo. Any advice 391 00:23:09,700 --> 00:23:12,889 Suze: on what I should do about a replacement? I don't 392 00:23:12,890 --> 00:23:16,420 Suze: use the car much. Usually the bus system but there 393 00:23:16,420 --> 00:23:19,760 Suze: are times when I need a vehicle, think about it, 394 00:23:19,900 --> 00:23:23,660 Suze: think about it, what would you do if you were 395 00:23:23,660 --> 00:23:25,030 Suze: in Susan's 396 00:23:25,670 --> 00:23:26,570 Suze: position? 397 00:23:26,580 --> 00:23:27,830 KT: I have one word. 398 00:23:27,840 --> 00:23:28,570 Suze: What is it? 399 00:23:29,080 --> 00:23:29,929 KT: Uber, 400 00:23:30,670 --> 00:23:32,109 KT: that's my answer 401 00:23:32,180 --> 00:23:34,660 Suze: and how would you then have her do this? What 402 00:23:34,660 --> 00:23:35,800 Suze: would her plan be? 403 00:23:35,810 --> 00:23:40,500 KT: Okay, so first of all Susan, it's a 17 year 404 00:23:40,500 --> 00:23:41,590 KT: old car. 405 00:23:41,740 --> 00:23:45,610 KT: I wouldn't even bother trying to repair it. Get rid 406 00:23:45,609 --> 00:23:48,460 KT: of it, see what you can get for it, 17 407 00:23:48,460 --> 00:23:50,610 KT: years old. You have no air conditioning. I don't even 408 00:23:50,609 --> 00:23:52,219 KT: know where does she live? Where is Susan? 409 00:23:52,220 --> 00:23:53,470 Suze: I don't know, I don't have any idea. 410 00:23:53,470 --> 00:23:57,390 KT: No air con, I mean probably, you know, no air con, 411 00:23:57,390 --> 00:24:01,600 KT: no heat, nothing. It's gonna keep breaking down. Which is dangerous. 412 00:24:01,600 --> 00:24:07,310 KT: It's now become dangerous to drive a 17 year old car. Listen, 413 00:24:07,320 --> 00:24:09,629 KT: our car is 10 years old, 414 00:24:09,640 --> 00:24:10,570 Suze: Older than that. 415 00:24:10,580 --> 00:24:14,920 KT: Yeah, it's 11 and we love this car and one 416 00:24:14,920 --> 00:24:16,770 KT: sooner or later we're going to have to get an 417 00:24:16,770 --> 00:24:19,720 KT: electric car is what we're really planning on for Florida. 418 00:24:19,720 --> 00:24:23,740 KT: But for you uber for now, see how you go 419 00:24:23,740 --> 00:24:26,830 KT: since you don't really use it that often, you take 420 00:24:26,830 --> 00:24:30,510 KT: public transport and then if you need to buy a car, 421 00:24:30,510 --> 00:24:32,010 KT: maybe get a used car. 422 00:24:34,340 --> 00:24:38,660 Suze: Uber Uber, Uber Uber. So, Susan, here's what I would 423 00:24:38,660 --> 00:24:39,410 Suze: tell you 424 00:24:40,070 --> 00:24:44,189 Suze: used cars were selling for so off the charts a 425 00:24:44,190 --> 00:24:47,800 Suze: few months ago, it's not even funny and I would 426 00:24:47,800 --> 00:24:51,750 Suze: find out if I were you by contacting Carvanna, go 427 00:24:51,750 --> 00:24:55,730 Suze: online and see what they will give you for your car. 428 00:24:56,660 --> 00:25:00,640 Suze: Let them buy it from you if they can because 429 00:25:00,640 --> 00:25:05,330 Suze: the car is no longer working? Somebody is willing to 430 00:25:05,330 --> 00:25:08,590 Suze: give you something for that car somewhere. 431 00:25:08,750 --> 00:25:11,480 Suze: You know, there is KT one of her favorite things 432 00:25:11,480 --> 00:25:15,340 Suze: because she loves the little jingle, they sing cars for kids, 433 00:25:15,350 --> 00:25:18,900 Suze: maybe you donate it. If nobody will buy it and 434 00:25:18,910 --> 00:25:22,020 Suze: do a tax write off. We had a car that 435 00:25:22,020 --> 00:25:25,620 Suze: actually Lynn, KT's sister, we gave it to her years 436 00:25:25,619 --> 00:25:29,900 Suze: ago and it was breaking down. She loved that car. 437 00:25:29,900 --> 00:25:32,500 Suze: She was attached to that car, but it needed to 438 00:25:32,500 --> 00:25:37,219 Suze: go and so we found somebody that bought it for $1,000. 439 00:25:37,609 --> 00:25:41,659 Suze: So I would be selling that car now because again, 440 00:25:41,670 --> 00:25:45,560 Suze: used cars are still going for a lot of money, 441 00:25:45,570 --> 00:25:49,770 Suze: even if they're not working, maybe the person that you 442 00:25:49,770 --> 00:25:52,359 Suze: took it to to get it fixed may be the 443 00:25:52,359 --> 00:25:54,940 Suze: one who wants to buy it. I would get rid 444 00:25:54,940 --> 00:25:57,640 Suze: of it. And the main reason I would get rid 445 00:25:57,640 --> 00:26:00,619 Suze: of it is because the car died on me last 446 00:26:00,619 --> 00:26:03,070 Suze: night while driving it home. 447 00:26:03,690 --> 00:26:07,590 Suze: Listen, we were taking a walk the other day and 448 00:26:07,600 --> 00:26:09,590 Suze: we were don't going on this path and we were 449 00:26:09,590 --> 00:26:12,010 Suze: by ourselves and I looked at KT and I said, 450 00:26:12,010 --> 00:26:14,110 Suze: do you think it's smart that we're walking by ourselves, 451 00:26:14,109 --> 00:26:17,369 Suze: you think we should carry mace or something with us? 452 00:26:17,400 --> 00:26:20,790 Suze: We live in a day and age where you cannot 453 00:26:20,790 --> 00:26:22,500 Suze: afford as a woman 454 00:26:23,070 --> 00:26:28,080 Suze: to be breaking down somewhere at night, you just can't, 455 00:26:28,210 --> 00:26:31,910 Suze: that's not safe. That's not smart and that doesn't make 456 00:26:31,910 --> 00:26:36,330 Suze: you feel secure. So what KT says is correct. 457 00:26:36,500 --> 00:26:40,210 Suze: If you can sell the car and you can get 458 00:26:40,220 --> 00:26:44,250 Suze: a few $1000 for it, that's money that you could 459 00:26:44,250 --> 00:26:47,300 Suze: then use to Uber when you need it. And you 460 00:26:47,300 --> 00:26:50,770 Suze: would be saving that money. In the meantime, Interest rates 461 00:26:50,770 --> 00:26:53,359 Suze: are too high right now to finance a car 462 00:26:53,970 --> 00:26:58,040 Suze: and car prices are still too high to buy a car. 463 00:26:58,070 --> 00:27:00,100 Suze: If it's a good time to sell, it's not a 464 00:27:00,100 --> 00:27:03,679 Suze: good time to buy. So given that you don't use 465 00:27:03,680 --> 00:27:07,250 Suze: it often because you usually use the bus system, see 466 00:27:07,250 --> 00:27:09,750 Suze: what it feels like not to have a car and 467 00:27:09,750 --> 00:27:13,350 Suze: how much you're spending on Uber and then make the 468 00:27:13,350 --> 00:27:17,680 Suze: calculation if you can get by with Uber versus what 469 00:27:17,680 --> 00:27:20,570 Suze: it would cost to buy a used car 470 00:27:21,010 --> 00:27:26,880 Suze: insurance, gas, fixing it and all those things are we 471 00:27:26,880 --> 00:27:31,719 Suze: sure Uber isn't worth it. It may be in your 472 00:27:31,730 --> 00:27:36,070 Suze: particular situation, KT, that's a wrap girlfriend. What do you 473 00:27:36,070 --> 00:27:37,080 Suze: want to tell everybody? 474 00:27:37,359 --> 00:27:40,550 KT: Everyone will see, come and tune in Sunday. 475 00:27:41,000 --> 00:27:42,909 Suze: I'm going to talk to you about what's going on in 476 00:27:42,910 --> 00:27:47,280 Suze: the stock market obviously and my thoughts again about 477 00:27:47,290 --> 00:27:50,510 Suze: everything because I think you need to hear it. This 478 00:27:50,510 --> 00:27:53,990 Suze: is a crazy time. So tune in Sunday so we 479 00:27:53,990 --> 00:27:58,690 Suze: can make some sanity out of it all. KT ready. 480 00:27:58,690 --> 00:28:00,649 Suze: There's only one thing that we want for all of 481 00:28:00,650 --> 00:28:02,580 Suze: you and that's for you to be 482 00:28:02,590 --> 00:28:03,169 KT: safe. 483 00:28:03,170 --> 00:28:08,350 Suze: Strong and secure. Love you all so much. Bye bye. 484 00:28:08,580 --> 00:28:10,110 KT: Bye Bye.