Juuuunnnne (Suze exaggerated the pronounciation of "June") 27th 2024. Welcome everybody to the Women and Money podcast. As well as everybody smart enough to listen. This is the KT and Suze ask us anything addition and you can do so by simply writing in your question to ask Suze Podcast, Suze at gmail.com. All right, KT, who am I imitating Juuune

Juuuunnnne (Suze exaggerated the pronounciation of "June") 27th 2024. Welcome everybody to the Women and Money podcast. As well as everybody smart enough to listen. This is the KT and Suze ask us anything addition and you can do so by simply writing in your question to ask Suze Podcast, Suze at gmail.com. All right, KT, who am I imitating Juuune

27th?

27th?

Here's Johnny Johnny Carson, Ed, Ed McMahon,

Here's Johnny Johnny Carson, Ed, Ed McMahon,

right?

right?

A lot of people listening may be way too young to even know. But most of you,

A lot of people listening may be way too young to even know. But most of you,

even for me, we were pretty young when Johnny Carson, it was like my dad's favorite show.

even for me, we were pretty young when Johnny Carson, it was like my dad's favorite show.

We weren't that young.

We weren't that young.

Pretty young when he started. He was great.

Pretty young when he started. He was great.

When he started but not when he ended.

When he started but not when he ended.

Some of the best interviewers on television non-scripted, in my opinion were Johnny Carson and my favorite of all time, which was who

Some of the best interviewers on television non-scripted, in my opinion were Johnny Carson and my favorite of all time, which was who

Larry, but I just want to say something is that I think it was my 10th anniversary on the Suze Orman show. One of them,

Larry, but I just want to say something is that I think it was my 10th anniversary on the Suze Orman show. One of them,

maybe the fifth maybe. Who knows? But Ed McMahon at the time, right? Was one of the people that came on and said here, Susie and congratulated me on my show, a milestone

maybe the fifth maybe. Who knows? But Ed McMahon at the time, right? Was one of the people that came on and said here, Susie and congratulated me on my show, a milestone

and it was quite a milestone. By the way, for those of you who want to see the Suze Orman show all 13 years of it or 600 episodes approximately you can watch on Freevee TV, for free, for free. All right, watch them. They're kind of funny and you can still, you can still learn a lot

and it was quite a milestone. By the way, for those of you who want to see the Suze Orman show all 13 years of it or 600 episodes approximately you can watch on Freevee TV, for free, for free. All right, watch them. They're kind of funny and you can still, you can still learn a lot

and you can watch with your kids. The infamous Can I Afford it segment? And there's one, can I afford it for kids? Really, people would tune in to the show just to watch that segment. Go to FreeVee, tune in and you'll see why rikt, what do you got for me

and you can watch with your kids. The infamous Can I Afford it segment? And there's one, can I afford it for kids? Really, people would tune in to the show just to watch that segment. Go to FreeVee, tune in and you'll see why rikt, what do you got for me

first is from Brett and,

first is from Brett and,

and to wait before

and to wait before

you start. Do you know what tonight

you start. Do you know what tonight

is?

is?

Oh, tonight is the big debate,

Oh, tonight is the big debate,

the presidential debate,

the presidential debate,

the big debate.

the big debate.

I can't wait to see what happens here.

I can't wait to see what happens here.

You know what's gonna be the best part? It's at first it's 90 minutes. There's only two commercial breaks. Did you know that in 90 minutes? That's pretty amazing. And I'm just wondering who the advertisers are. You know, I love advertising.

You know what's gonna be the best part? It's at first it's 90 minutes. There's only two commercial breaks. Did you know that in 90 minutes? That's pretty amazing. And I'm just wondering who the advertisers are. You know, I love advertising.

So there's something else on tonight that is before the debate.

So there's something else on tonight that is before the debate.

And do you remember when I first started the Women and Money Podcast? And maybe you can go back to the very beginning. And there was a woman, our friend by the name of Sarah Puil was on it. And she is going to be on tonight sometime between the seven and nine pm hour on QVC.

And do you remember when I first started the Women and Money Podcast? And maybe you can go back to the very beginning. And there was a woman, our friend by the name of Sarah Puil was on it. And she is going to be on tonight sometime between the seven and nine pm hour on QVC.

And you'll see why she left the podcast and what she has created on her own. So you might want to tune in. Not that you have to buy anything, but just to see why Sarah is no longer part of this podcast. And that happened

And you'll see why she left the podcast and what she has created on her own. So you might want to tune in. Not that you have to buy anything, but just to see why Sarah is no longer part of this podcast. And that happened

years ago, but she went on to do her own thing. So we're so proud of her. You might want to tune in and watch. All right, Miss Travis, what you got

years ago, but she went on to do her own thing. So we're so proud of her. You might want to tune in and watch. All right, Miss Travis, what you got

for me?

for me?

Ok Everybody first is Brett is up at bat. Brett is up at bat ready. He says, hi, KT.

Ok Everybody first is Brett is up at bat. Brett is up at bat ready. He says, hi, KT.

I may need a Suze Smackdown.

I may need a Suze Smackdown.

What

What

does a bat make you think of KT? Who?

does a bat make you think of KT? Who?

Oh my God. The first big bus tour book tour I did with Susie. We hired two bus drivers and one was about 6 ft 5, 300 pounds named Randy and Randy. He was supposed to be like a bodyguard to go across America on a bus with Suze. And then Mike was the driver who was a professional driver. Randy shows up

Oh my God. The first big bus tour book tour I did with Susie. We hired two bus drivers and one was about 6 ft 5, 300 pounds named Randy and Randy. He was supposed to be like a bodyguard to go across America on a bus with Suze. And then Mike was the driver who was a professional driver. Randy shows up

with a pair of jeans, an old denim jacket and a cowboy, big cowboy, had cowboy boots and a baseball bat. We're in Chicago and I'm like, Suze, did you invite him to like go to a game? It's winter. There's no baseball. He said I'm Randy, I'm Suze's protection. And I said, what's the bat for? And he said that's my protection

with a pair of jeans, an old denim jacket and a cowboy, big cowboy, had cowboy boots and a baseball bat. We're in Chicago and I'm like, Suze, did you invite him to like go to a game? It's winter. There's no baseball. He said I'm Randy, I'm Suze's protection. And I said, what's the bat for? And he said that's my protection

because I said no guns ever. We're anti gun girls. Bats are ok.

because I said no guns ever. We're anti gun girls. Bats are ok.

We loved those boys so much. I can't tell you.

We loved those boys so much. I can't tell you.

Alright. Ok, so Brett said I may need a Suze Smackdown. I'm 35 single. I earn $93,000 a year. My salary, no debt

Alright. Ok, so Brett said I may need a Suze Smackdown. I'm 35 single. I earn $93,000 a year. My salary, no debt

watching Suze's show on Freevee. I see people in their thirties. I see people in their thirties with astounding amounts in retirement. It makes me question myself any tips on what I may consider doing differently,

watching Suze's show on Freevee. I see people in their thirties. I see people in their thirties with astounding amounts in retirement. It makes me question myself any tips on what I may consider doing differently,

Suze, I max out my Roth IRA annually. I started last year at my credit union. I invested 5% in the CDs and then he has, the amount is like $14,000. I'm contributing 5% towards my Roth.

Suze, I max out my Roth IRA annually. I started last year at my credit union. I invested 5% in the CDs and then he has, the amount is like $14,000. I'm contributing 5% towards my Roth.

Let me just see this right, KT because this is important. He has $14,000 in a Roth IRA because he's contributed approximately the max every year

Let me just see this right, KT because this is important. He has $14,000 in a Roth IRA because he's contributed approximately the max every year

and all of that's in a CD, correct? All right. So now go on next in his 401k. What has he got?

and all of that's in a CD, correct? All right. So now go on next in his 401k. What has he got?

Is it a Roth 401k? So go on next.

Is it a Roth 401k? So go on next.

So I'm contributing 5% towards my Roth TSP with an employer max matching all invested in L funds.

So I'm contributing 5% towards my Roth TSP with an employer max matching all invested in L funds.

Lifestyle target date funds. We all know I don't like them go,

Lifestyle target date funds. We all know I don't like them go,

That amount is about 54,500.

That amount is about 54,500.

So he's already contributed. So he has 54,000 there, 14,000 in his Roth. And next?

So he's already contributed. So he has 54,000 there, 14,000 in his Roth. And next?

Should I contribute more? Should I diversify? So he's asking Suze for personal finance guidance at the age of 35 what else should he do to have a,

Should I contribute more? Should I diversify? So he's asking Suze for personal finance guidance at the age of 35 what else should he do to have a,

a whole lot of money for retirement?

a whole lot of money for retirement?

All the very first thing you should do, Brett is stop comparing yourself to other people. What other people have, they say they have does not matter because right then and there you're like, I want to be as rich as that person. I wanna have that much money. Brett, you only,

All the very first thing you should do, Brett is stop comparing yourself to other people. What other people have, they say they have does not matter because right then and there you're like, I want to be as rich as that person. I wanna have that much money. Brett, you only,

we need to have the amount of money that makes you secure so that you can support yourself in retirement, your family or whatever. It doesn't matter what somebody else has, it matters what you have. That is number one, number two, it's not about, should you be investing more or whatever? The biggest mistake in my opinion right now that you are making is you are 35 years of age.

we need to have the amount of money that makes you secure so that you can support yourself in retirement, your family or whatever. It doesn't matter what somebody else has, it matters what you have. That is number one, number two, it's not about, should you be investing more or whatever? The biggest mistake in my opinion right now that you are making is you are 35 years of age.

What in the world are you doing? Ready for your Smackdown? Sit down, sit down boyfriend because here it comes

What in the world are you doing? Ready for your Smackdown? Sit down, sit down boyfriend because here it comes

BAM! All right. What in the world are you doing?

BAM! All right. What in the world are you doing?

Investing your money in a Roth IRA in 5% CDs. You are too young to have any money in certificates of deposits, especially

Investing your money in a Roth IRA in 5% CDs. You are too young to have any money in certificates of deposits, especially

in a Roth account at the age of 35 you need to be going for growth for ETFs, individual stocks. And let me just give you an idea of why if you continue on this path of CDs within a Roth, there is no way you are going to have as much money as you could have had if you continue doing, let's just say, on average for now,

in a Roth account at the age of 35 you need to be going for growth for ETFs, individual stocks. And let me just give you an idea of why if you continue on this path of CDs within a Roth, there is no way you are going to have as much money as you could have had if you continue doing, let's just say, on average for now,

$8000 a year, I understand you can only do your 7000 whatever, you know, but that doesn't even matter. Just let's assume it's 8000 a year

$8000 a year, I understand you can only do your 7000 whatever, you know, but that doesn't even matter. Just let's assume it's 8000 a year

over the next 30 years till you are 65 and all you ever make on that money is 5%.

over the next 30 years till you are 65 and all you ever make on that money is 5%.

If that is true. Do you know that at the end of 30 years, you are only gonna have $600,000. Now, that sounds like a good amount of money.

If that is true. Do you know that at the end of 30 years, you are only gonna have $600,000. Now, that sounds like a good amount of money.

But if you had been investing in the markets in ETFs and certain things, that absolutely makes sense. 8000 a year, given that you also, and that assumes the 14,000 that you have in there, by the way, right now, if you continue to add $8000 a year for the next 30 years at 10% which is absolutely doable. You would have $1.7 million

But if you had been investing in the markets in ETFs and certain things, that absolutely makes sense. 8000 a year, given that you also, and that assumes the 14,000 that you have in there, by the way, right now, if you continue to add $8000 a year for the next 30 years at 10% which is absolutely doable. You would have $1.7 million

$1.1 million more than if you just leave it conservatively. And by the way,

$1.1 million more than if you just leave it conservatively. And by the way,

if you work till you are 70 forget the 65 thing. Everybody, the new retirement age is going to be 70. 35 years from now, you would have $2.8 million. Now, that is just in your Roth IRA and just going back for one second, 35 years from now

if you work till you are 70 forget the 65 thing. Everybody, the new retirement age is going to be 70. 35 years from now, you would have $2.8 million. Now, that is just in your Roth IRA and just going back for one second, 35 years from now

till you were 70 in your Roth. At 5%. All you would have is essentially $850,000. So, what is it, Brett? You want $850,000 at the age of 70 or $2.8 million. And that's all tax free $2 million more because you are investing the money rather than putting it in CDs at your age specifically. All right. Next...

till you were 70 in your Roth. At 5%. All you would have is essentially $850,000. So, what is it, Brett? You want $850,000 at the age of 70 or $2.8 million. And that's all tax free $2 million more because you are investing the money rather than putting it in CDs at your age specifically. All right. Next...

your life cycle of fund. Are you kidding me?

your life cycle of fund. Are you kidding me?

Right. Are you just kidding me? I don't like life cycle funds. I don't like target date mutual funds, the same thing. So you could do approximately the same type of figuring with it. But do me a favor. Look for index funds, get

Right. Are you just kidding me? I don't like life cycle funds. I don't like target date mutual funds, the same thing. So you could do approximately the same type of figuring with it. But do me a favor. Look for index funds, get

out of these life cycle funds. Look to where you are managing your money investing it for growth at this age. And chances are you will have at the age of 70 probably easily seven or $8 million with all of it. I think you're doing pretty well. So I won't be comparing myself to anybody. I, I just have to say,

out of these life cycle funds. Look to where you are managing your money investing it for growth at this age. And chances are you will have at the age of 70 probably easily seven or $8 million with all of it. I think you're doing pretty well. So I won't be comparing myself to anybody. I, I just have to say,

should I contribute more? You should always contribute more if you can. What do you want to say?

should I contribute more? You should always contribute more if you can. What do you want to say?

Brett got this idea from watching Freevee because he loved this segment called, How am I Doing? That's exactly what, what he's doing.

Brett got this idea from watching Freevee because he loved this segment called, How am I Doing? That's exactly what, what he's doing.

Yeah. How are you doing right now? I would give you maybe a C minus and not because of the amount you're saving but because of how you are investing it. What is your way to an a get more aggressive stocks, ETFs things like that. That's what you need to do. Next question, Katie.

Yeah. How are you doing right now? I would give you maybe a C minus and not because of the amount you're saving but because of how you are investing it. What is your way to an a get more aggressive stocks, ETFs things like that. That's what you need to do. Next question, Katie.

Ok. Next question is from

Ok. Next question is from

Peggy and Peggy asks this: my car insurance is way too high. I think all insurance is way too high.

Peggy and Peggy asks this: my car insurance is way too high. I think all insurance is way too high.

Peggy

Peggy

says, would it be unreasonable to give up the uninsured motorist coverage?

says, would it be unreasonable to give up the uninsured motorist coverage?

Does

Does

she say where she

she say where she

lives?

lives?

No, but can you can you do that?

No, but can you can you do that?

There are certain states that you can do so, but many states everybody just so you know.

There are certain states that you can do so, but many states everybody just so you know.

Right. They make it a requirement that you have uninsured motorist. So you need to check with your state if they require this before making a decision. However,

Right. They make it a requirement that you have uninsured motorist. So you need to check with your state if they require this before making a decision. However,

if you're having trouble affording your car insurance, then you better be very, very careful because if you are in an accident with a driver who does not have insurance or whose insurance is insufficient to cover the damages, Peggy of your car. And by the way, this includes medical expenses, lost wages and all those other things,

if you're having trouble affording your car insurance, then you better be very, very careful because if you are in an accident with a driver who does not have insurance or whose insurance is insufficient to cover the damages, Peggy of your car. And by the way, this includes medical expenses, lost wages and all those other things,

you're going to be the one who has to pay for that out of your own pocket. So without the, um, coverage, you could be absolutely financially responsible for medical costs and other costs. If the at fault driver is uninsured or underinsured and this,

you're going to be the one who has to pay for that out of your own pocket. So without the, um, coverage, you could be absolutely financially responsible for medical costs and other costs. If the at fault driver is uninsured or underinsured and this,

this, this, this could really destroy you. If you're having trouble paying a little bit more for this insurance, imagine what would happen. So, therefore, truthfully, I would not do that if I were you, even if your state allows you to do so. All right, KT.

this, this, this could really destroy you. If you're having trouble paying a little bit more for this insurance, imagine what would happen. So, therefore, truthfully, I would not do that if I were you, even if your state allows you to do so. All right, KT.

Judy Mason is asking Suze, I'm 72 retired

Judy Mason is asking Suze, I'm 72 retired

for two years. I'm ok financially. Able to pay my bills. I met recently with my financial advisor.

for two years. I'm ok financially. Able to pay my bills. I met recently with my financial advisor.

Uh oh. What did he tell Judy to do?

Uh oh. What did he tell Judy to do?

I told him that I had paid up met life policy valued at 16,000.

I told him that I had paid up met life policy valued at 16,000.

What's her death benefit on it?

What's her death benefit on it?

26,000

26,000

I told him I...

I told him I...

What does he want her to do with it? Go on.

What does he want her to do with it? Go on.

She told him she had no long term insurance. He said I could trade in my policy plus some extra money and that could help fray the cost of a long term care policy. Hm, I'm confused on what to do. I had always thought the policy would be used for burial. Is it better to have long term care?

She told him she had no long term insurance. He said I could trade in my policy plus some extra money and that could help fray the cost of a long term care policy. Hm, I'm confused on what to do. I had always thought the policy would be used for burial. Is it better to have long term care?

I'd never heard about insurance policy conversion before, to long term care. Are they legit? Please explain. I, I actually haven't heard that.

I'd never heard about insurance policy conversion before, to long term care. Are they legit? Please explain. I, I actually haven't heard that.

They're legit for a whole lot of money. Judy, here's the thing

They're legit for a whole lot of money. Judy, here's the thing

you say that you are ok. Financially. You say that you are able to pay your bills? You did not say I have all this extra money. I can pay my bills and take vacations and do this and that, that you are able to pay your bills.

you say that you are ok. Financially. You say that you are able to pay your bills? You did not say I have all this extra money. I can pay my bills and take vacations and do this and that, that you are able to pay your bills.

This advisor said to you that you could trade in your policy plus some extra money, some extra money.

This advisor said to you that you could trade in your policy plus some extra money, some extra money.

And did he tell you how much extra money did he tell you how much extra per month to keep it going? At the age of 72? The older you get, the more expensive, a long term care policy is because average age of entry into a nursing home is 84.

And did he tell you how much extra money did he tell you how much extra per month to keep it going? At the age of 72? The older you get, the more expensive, a long term care policy is because average age of entry into a nursing home is 84.

So normally once you're in your seventies, most people can't even afford long term care. And many of those policies today and people know this who are listening to this, they are getting serious increases on their long term care policies, especially those of you who have gen worth

So normally once you're in your seventies, most people can't even afford long term care. And many of those policies today and people know this who are listening to this, they are getting serious increases on their long term care policies, especially those of you who have gen worth

incredible increases because the long term care companies didn't actuarially figure out the true cost of what somebody would need. So when you say to me that you wanted this to be used for burial, that also says to me, you don't even have enough money, Judy elsewhere to pay for your burial.

incredible increases because the long term care companies didn't actuarially figure out the true cost of what somebody would need. So when you say to me that you wanted this to be used for burial, that also says to me, you don't even have enough money, Judy elsewhere to pay for your burial.

So would I be doing this if I were you? I would absolutely not. The truth of the matter is most likely you will qualify for Medicaid if you have to go in a nursing home because you probably don't have that much money. Do not do this, do not do this. Do not do this on any level. Maybe in a different situation, KT,

So would I be doing this if I were you? I would absolutely not. The truth of the matter is most likely you will qualify for Medicaid if you have to go in a nursing home because you probably don't have that much money. Do not do this, do not do this. Do not do this on any level. Maybe in a different situation, KT,

with different facts and different way that somebody wrote in. Maybe I'd say, oh, before you do this, make sure you talk to Phyllis Shelton, who is the nation's expert on long term care insurance. If you go to the Women and Money app,

with different facts and different way that somebody wrote in. Maybe I'd say, oh, before you do this, make sure you talk to Phyllis Shelton, who is the nation's expert on long term care insurance. If you go to the Women and Money app,

look at it, you can find how you get a hold of her. But truthfully, I personally would never be buying a long term care insurance policy unless I talked to Phyllis Shelton first. And want to know how much money we get just simply to say that?

look at it, you can find how you get a hold of her. But truthfully, I personally would never be buying a long term care insurance policy unless I talked to Phyllis Shelton first. And want to know how much money we get just simply to say that?

Not a penny.

Not a penny.

Ok. Next is from Nicole dear, Miss Orman. I opened it, dear dear, Miss Orman. She wrote she's being very formal or she's being very,

Ok. Next is from Nicole dear, Miss Orman. I opened it, dear dear, Miss Orman. She wrote she's being very formal or she's being very,

Can you believe we're

Can you believe we're

Mrs and Mrs?

Mrs and Mrs?

She's being very politically.

She's being very politically.

I just have to tell you...

I just have to tell you...

Dear Mrs. Orman...

Dear Mrs. Orman...

I so wish I could change my name to Suze Travis

I so wish I could change my name to Suze Travis

because I love KT's last name so much. But I can't because I'm Suze Orman. But the question is KT how come you don't change your name to KT Orman?

because I love KT's last name so much. But I can't because I'm Suze Orman. But the question is KT how come you don't change your name to KT Orman?

I'll be

I'll be

so famous. It's you, you'll be like in the dust.

so famous. It's you, you'll be like in the dust.

Go on next question,

Go on next question,

Nicole... Dear MS Orman. I opened a secured credit card using my savings as collateral perhaps erroneously so,

Nicole... Dear MS Orman. I opened a secured credit card using my savings as collateral perhaps erroneously so,

but I have done it and I'm about to pay off the balance. My question is, can I legally get my deposit back and retain my high credit score after doing so?

but I have done it and I'm about to pay off the balance. My question is, can I legally get my deposit back and retain my high credit score after doing so?

Absolutely.

Absolutely.

Oh, I didn't know that. The issuer wants to keep me around and I want what they do...

Oh, I didn't know that. The issuer wants to keep me around and I want what they do...

Of course they do... they're making interest on you money on you.

Of course they do... they're making interest on you money on you.

...And to go to a better, more reputable bank who allows me to do things like exchange currency and easily receive international transfers. I have opened a new account and would like to add the money from my deposit. But fear of closing the credit card could harm my credit score. This, this whole letter, the way it's written Nicole. I know you're European.

...And to go to a better, more reputable bank who allows me to do things like exchange currency and easily receive international transfers. I have opened a new account and would like to add the money from my deposit. But fear of closing the credit card could harm my credit score. This, this whole letter, the way it's written Nicole. I know you're European.

Someone told me it might be a better idea to open a new account after the old one has been paid off and wait to cancel the old one in order to retain my high score. So what do you think?

Someone told me it might be a better idea to open a new account after the old one has been paid off and wait to cancel the old one in order to retain my high score. So what do you think?

Well, let me see the email. Don't hog it, KT's hogging the emails today.

Well, let me see the email. Don't hog it, KT's hogging the emails today.

I just want you to read the end here. She... Nicole's re-establish herself financially.

I just want you to read the end here. She... Nicole's re-establish herself financially.

I get it all, Katie, I get it my love, right. So here's the thing that I want you to know Nicole and everybody. So let's first have kind of a little quizzy but no, not really KT because I love the quizzy I have for you today.

I get it all, Katie, I get it my love, right. So here's the thing that I want you to know Nicole and everybody. So let's first have kind of a little quizzy but no, not really KT because I love the quizzy I have for you today.

Anyway, is that when you can't get a regular credit card,

Anyway, is that when you can't get a regular credit card,

your credit isn't good enough people don't want to give it to you. You have a low FICO score, which is a credit score.

your credit isn't good enough people don't want to give it to you. You have a low FICO score, which is a credit score.

What you can do is get what's called a secured credit card where normally you put in $500 maybe 1000. And now that amount of money secures your charges. So when you go to make a charge, it's not a debit card. It doesn't come from that 500 or $1000 KT that you gave them, you make a charge

What you can do is get what's called a secured credit card where normally you put in $500 maybe 1000. And now that amount of money secures your charges. So when you go to make a charge, it's not a debit card. It doesn't come from that 500 or $1000 KT that you gave them, you make a charge

and obviously you would pay interest on it if you didn't pay it off in full, but you have to pay the interest and the payments on that credit card and over time it builds up your credit score. So if Nicole has been doing this for a long enough time and she has checked Nicole if you have checked your FICO score

and obviously you would pay interest on it if you didn't pay it off in full, but you have to pay the interest and the payments on that credit card and over time it builds up your credit score. So if Nicole has been doing this for a long enough time and she has checked Nicole if you have checked your FICO score

and it's now in the 700 area, I would like to see it at 760 or 780. If it is there,

and it's now in the 700 area, I would like to see it at 760 or 780. If it is there,

then chances are you can open up a new credit card somewhere else that gives you the benefits that you want.

then chances are you can open up a new credit card somewhere else that gives you the benefits that you want.

But what's very important is that you have no debt whatsoever on the secured card that you currently hold. So you don't wanna close it until you have paid off all debts on it. You stop using it assuming that your credit score is high and then you can absolutely close it down. Now, they might get tricky with you

But what's very important is that you have no debt whatsoever on the secured card that you currently hold. So you don't wanna close it until you have paid off all debts on it. You stop using it assuming that your credit score is high and then you can absolutely close it down. Now, they might get tricky with you

and want to keep your money. So maybe you'll find that it takes 5, 6 months whatever to get your money back. But legally they have to give you your money back. Will it hurt your credit score? Chances are it will not

and want to keep your money. So maybe you'll find that it takes 5, 6 months whatever to get your money back. But legally they have to give you your money back. Will it hurt your credit score? Chances are it will not

because your amount of credit limit on your secured card was only 500 or $1000. So if you close it down,

because your amount of credit limit on your secured card was only 500 or $1000. So if you close it down,

it's not really gonna hurt you. What so ever. But those are the things that you need to know. Why are you looking like me at that?

it's not really gonna hurt you. What so ever. But those are the things that you need to know. Why are you looking like me at that?

I'm trying

I'm trying

to just capture and understand what's the benefit of having a secured card for

to just capture and understand what's the benefit of having a secured card for

her?

her?

It gives you a FICO score. That's... remember the way that

It gives you a FICO score. That's... remember the way that

FICO score

FICO score

or a credit score is normally through establishing a payment history. Are you on time? Do you not use up all of your credit limit? How long has your credit history been open? Things like that? Do you pay your bills on time?

or a credit score is normally through establishing a payment history. Are you on time? Do you not use up all of your credit limit? How long has your credit history been open? Things like that? Do you pay your bills on time?

So if she has done all of that and she was able to do that because she secured her card with that 500 or $1000 deposit. But it was used like a regular credit card where she had to pay everything on time and everything,

So if she has done all of that and she was able to do that because she secured her card with that 500 or $1000 deposit. But it was used like a regular credit card where she had to pay everything on time and everything,

the 500 or the $1000 just secured the fact that she could do it, but it's not a debit card where that is used.

the 500 or the $1000 just secured the fact that she could do it, but it's not a debit card where that is used.

That's why people do it

That's why people do it

And the bank wants to keep her because they're earning interest on that secured amount. Alright I get it now.

And the bank wants to keep her because they're earning interest on that secured amount. Alright I get it now.

She's got 500 or $1000 in there let's say they're making five

She's got 500 or $1000 in there let's say they're making five

percent...

percent...

She gets nothing she just gets the security. So this is from Deanna...

She gets nothing she just gets the security. So this is from Deanna...

It should have been your quizzy.

It should have been your quizzy.

Yeah because I I didn't understand what's her real benefit.

Yeah because I I didn't understand what's her real benefit.

Now you get it good... So now wait stop for one second. I'm so sorry. I just have to say that

Now you get it good... So now wait stop for one second. I'm so sorry. I just have to say that

everybody listening.

everybody listening.

KT had the courage to ask something, She did not understand.

KT had the courage to ask something, She did not understand.

Do they know that I do that every day living with Suze? I do that every day.

Do they know that I do that every day living with Suze? I do that every day.

But she has the courage to ask when I've just given a detailed explanation of something and she still didn't understand it and there's nothing wrong with that. So she asked again and I explained it again

But she has the courage to ask when I've just given a detailed explanation of something and she still didn't understand it and there's nothing wrong with that. So she asked again and I explained it again

for those of you who are in a relationship with somebody

for those of you who are in a relationship with somebody

and you give somebody an explanation for what they wanted to know, read their face, see if they really understood it, but more importantly, have the patience to do it over and over again.

and you give somebody an explanation for what they wanted to know, read their face, see if they really understood it, but more importantly, have the patience to do it over and over again.

Like I wish I didn't know. Go on, KT.

Like I wish I didn't know. Go on, KT.

Alright. Next is from Deanna and, and this subject, the reason I picked this, it said best way to survive.

Alright. Next is from Deanna and, and this subject, the reason I picked this, it said best way to survive.

She said hello, KT and Suze,

She said hello, KT and Suze,

You don't want to survive. You want to thrive.

You don't want to survive. You want to thrive.

I loved hearing about your trip. Now let's talk about me. She said I have 575,000 in a 401k 95,000 in a traditional IRA rollover and 75,000 in a Roth IRA. Ok. She's 62.

I loved hearing about your trip. Now let's talk about me. She said I have 575,000 in a 401k 95,000 in a traditional IRA rollover and 75,000 in a Roth IRA. Ok. She's 62.

I want to stop working at 65 but wait until 70 to draw social security because I listened to you for those five years between 65 and 70 I'll need to draw about 50,000 from the funds listed above each year. So she needs 50 grand

I want to stop working at 65 but wait until 70 to draw social security because I listened to you for those five years between 65 and 70 I'll need to draw about 50,000 from the funds listed above each year. So she needs 50 grand

to live on for five years. Would it be a good idea to move 150,000 now from the 401k to the roll over and then invest this 250,000 in a CD within the IRA and save it there. So I have it for those five years.

to live on for five years. Would it be a good idea to move 150,000 now from the 401k to the roll over and then invest this 250,000 in a CD within the IRA and save it there. So I have it for those five years.

She currently has 95,000 in a traditional IRA rollover and she wants to take 150,000 from her 401k where she works, roll it over to that and have $250,000 in there, invested in a CD within the IRA and save it there for those five years.

She currently has 95,000 in a traditional IRA rollover and she wants to take 150,000 from her 401k where she works, roll it over to that and have $250,000 in there, invested in a CD within the IRA and save it there for those five years.

This is the worst plan I've ever.

This is the worst plan I've ever.

This is her idea. Give her what you think would be a better...

This is her idea. Give her what you think would be a better...

No, wait, seriously, Deanna. This is the worst idea

No, wait, seriously, Deanna. This is the worst idea

that you could possibly have. And let me tell you why. Number one, why you are still working for your employer unless they allow partial rollovers while you are working for them, which means that you can partially roll over some of the money that's in your 401k, but never more than 50%.

that you could possibly have. And let me tell you why. Number one, why you are still working for your employer unless they allow partial rollovers while you are working for them, which means that you can partially roll over some of the money that's in your 401k, but never more than 50%.

You may not be allowed to do that at all. But that's ok because I do not want you to do that at all. That's number one.

You may not be allowed to do that at all. But that's ok because I do not want you to do that at all. That's number one.

But if we do a quick math edition in my head, I think you have about $745,000 total

But if we do a quick math edition in my head, I think you have about $745,000 total

and only $75,000 of that is in a Roth IRA.

and only $75,000 of that is in a Roth IRA.

So therefore when you withdraw money,

So therefore when you withdraw money,

if you were able to do this from your rollover or whatever, it may be, the question then becomes, are we talking about $50,000 pre-tax or do you need $50,000 after tax? Because if you need $50,000 after tax, you're going to have to withdraw close to 60 or 65,000, if not more.

if you were able to do this from your rollover or whatever, it may be, the question then becomes, are we talking about $50,000 pre-tax or do you need $50,000 after tax? Because if you need $50,000 after tax, you're going to have to withdraw close to 60 or 65,000, if not more.

So it gives you $50,000 after tax. But let's just assume you're talking about $50,000 pre-tax. That's all you need. You do realize that that $50,000 over five years is gonna come to $250,000.

So it gives you $50,000 after tax. But let's just assume you're talking about $50,000 pre-tax. That's all you need. You do realize that that $50,000 over five years is gonna come to $250,000.

That's going to leave you approximately depending on how your money is invested. We may hit over the next five years. A total market downturn. We may not only hit a total market downturn over the next five years. But interest rates

That's going to leave you approximately depending on how your money is invested. We may hit over the next five years. A total market downturn. We may not only hit a total market downturn over the next five years. But interest rates

most likely will be going down. So you're not gonna be making 5% anymore on CDs. You may go back down to 3% 2.5%. You never know what can happen. Just remember three years ago or so when you couldn't even get a half a percent on a CD. So now you have depleted

most likely will be going down. So you're not gonna be making 5% anymore on CDs. You may go back down to 3% 2.5%. You never know what can happen. Just remember three years ago or so when you couldn't even get a half a percent on a CD. So now you have depleted

your savings by over $250,000. So, all right, maybe that will leave you $500,000 if your money is all safe. But what that $50,000 means to me is that you are planning to get at least $4000 or more from social security

your savings by over $250,000. So, all right, maybe that will leave you $500,000 if your money is all safe. But what that $50,000 means to me is that you are planning to get at least $4000 or more from social security

because you expect your social security to replace that $50,000. Problem is remember when you claim social security you're on Medicare and now you need to pay for Medicare B premiums.

because you expect your social security to replace that $50,000. Problem is remember when you claim social security you're on Medicare and now you need to pay for Medicare B premiums.

You may find that four or $500 a month is subtracted from that to pay for Medicare B just depends how much your income is. The year you do that as well as the two previous years from when you do that in figuring out the taxation for Medicare B. It's not just the year that you retire. So

You may find that four or $500 a month is subtracted from that to pay for Medicare B just depends how much your income is. The year you do that as well as the two previous years from when you do that in figuring out the taxation for Medicare B. It's not just the year that you retire. So

I do not think you should do this on any level whatsoever. I think given also the possibility that they may decrease social security benefits a few years from now, you never know what they may do.

I do not think you should do this on any level whatsoever. I think given also the possibility that they may decrease social security benefits a few years from now, you never know what they may do.

However, here's what I would do if I were you, you say you want to stop working at the age of 65? But the question is, can you afford to do so? And the answer to that is I do not think that you can. And that if I were you, I would continue to work until I was 70. I can only really, really hope

However, here's what I would do if I were you, you say you want to stop working at the age of 65? But the question is, can you afford to do so? And the answer to that is I do not think that you can. And that if I were you, I would continue to work until I was 70. I can only really, really hope

that you listen to this advice. So, KT, before we go to the quiz, people are wanting to know, did I actually go in the ocean? And how was it?

that you listen to this advice. So, KT, before we go to the quiz, people are wanting to know, did I actually go in the ocean? And how was it?

And I want you to answer this.

And I want you to answer this.

So, so I need to do a little back story before I give them the answer as to why we did not succeed with the ocean entry last week. So let me give everybody a little back story. So those of you that may know and may not know, Suze had a very, very serious surgery on her spine that required a great deal of recovery time. And when she felt great...

So, so I need to do a little back story before I give them the answer as to why we did not succeed with the ocean entry last week. So let me give everybody a little back story. So those of you that may know and may not know, Suze had a very, very serious surgery on her spine that required a great deal of recovery time. And when she felt great...

Almost exactly four

Almost exactly four

years ago,

years ago,

When she felt great and it was around Labor Day, I said, come on, let's go in the ocean. So we went in and on the way out, she strained the surgical site in the whole thing and it really set her back, set her back big time. But more than setting her back physically emotionally, she had this great fear

When she felt great and it was around Labor Day, I said, come on, let's go in the ocean. So we went in and on the way out, she strained the surgical site in the whole thing and it really set her back, set her back big time. But more than setting her back physically emotionally, she had this great fear

of going back into the ocean and it's been um a fear now for almost two years. So she goes into the side where she can walk in, it's flat. It's easy. But this is the Atlantic Ocean where we used to love every day to soak and dive and snorkel.

of going back into the ocean and it's been um a fear now for almost two years. So she goes into the side where she can walk in, it's flat. It's easy. But this is the Atlantic Ocean where we used to love every day to soak and dive and snorkel.

And I've been wanting her to start that again and she wants to, but she still has this fear. She has to get over. So now she's ready to give it a go. But for me, I can only do this with her if I think the conditions are 100% perfect,

And I've been wanting her to start that again and she wants to, but she still has this fear. She has to get over. So now she's ready to give it a go. But for me, I can only do this with her if I think the conditions are 100% perfect,

which means we can't have a lot of rocks is the sand has to be somewhat firm. The water has to be crystal clear. Those are the conditions that she can try to do an entry. And the other thing is we have Colo are railing on, stand by to pull her out, maybe both of us out.

which means we can't have a lot of rocks is the sand has to be somewhat firm. The water has to be crystal clear. Those are the conditions that she can try to do an entry. And the other thing is we have Colo are railing on, stand by to pull her out, maybe both of us out.

So we're going to give it a go in the first week of July.

So we're going to give it a go in the first week of July.

Because the conditions were not...

Because the conditions were not...

The conditions haven't been right. And it's been a bit windy and wavy on the Atlantic side anyway. So we're waiting everybody. But when it happens, oh, you will hear from me. What's my, what's my quizzy

The conditions haven't been right. And it's been a bit windy and wavy on the Atlantic side anyway. So we're waiting everybody. But when it happens, oh, you will hear from me. What's my, what's my quizzy

Suze?

Suze?

But I was standing there

But I was standing there

looking at KT who went in and I knew right away because as soon as she went in...

looking at KT who went in and I knew right away because as soon as she went in...

I was real

I was real

wobbly

wobbly

and...

and...

She, she sunk into the sand and I went, I can't do that.

She, she sunk into the sand and I went, I can't do that.

She

She

waits for me to give her a thumbs up her day. But I

waits for me to give her a thumbs up her day. But I

tried everybody. I tried and that's what was important. You try, you try but you know, if you should or shouldn't. All right.

tried everybody. I tried and that's what was important. You try, you try but you know, if you should or shouldn't. All right.

Are you ready?

Are you ready?

Yes.

Yes.

Your quizzy. And this is everybody's quizzy. People loved your quizzy from Dennis last week. By the way, Dennis don't think that you're gonna get that type of privilege over and over again. From Sherry... If you only have $600,000

Your quizzy. And this is everybody's quizzy. People loved your quizzy from Dennis last week. By the way, Dennis don't think that you're gonna get that type of privilege over and over again. From Sherry... If you only have $600,000

after the sale of your home and are 65 and still working and planning on working as long as you can

after the sale of your home and are 65 and still working and planning on working as long as you can

when you purchase your next home. Should you take a small mortgage and put the rest of the money in the bank towards retirement or pay for your home outright? The home that I'm thinking about buying will only cost $400,000 and I would then put the rest in the bank, please advise.

when you purchase your next home. Should you take a small mortgage and put the rest of the money in the bank towards retirement or pay for your home outright? The home that I'm thinking about buying will only cost $400,000 and I would then put the rest in the bank, please advise.

So, just to be clear. Right. She's going to have $600,000 after the sale of her home.

So, just to be clear. Right. She's going to have $600,000 after the sale of her home.

She's going to buy another home for 400,000. She's going to put $200,000 in a bank or somewhere. That makes sense. Might want to think about Alliant Credit Union, but that's besides the point

She's going to buy another home for 400,000. She's going to put $200,000 in a bank or somewhere. That makes sense. Might want to think about Alliant Credit Union, but that's besides the point

She wants to know rather than paying off this house in full for 400,000. Should she maybe only put $300,000 down and take out a small mortgage for, let's say 100,000. What should she do? Pay it for full

She wants to know rather than paying off this house in full for 400,000. Should she maybe only put $300,000 down and take out a small mortgage for, let's say 100,000. What should she do? Pay it for full

or take a small mortgage out?

or take a small mortgage out?

Do we need to weigh in? What other money she has? Ok, then pay it off because I think you'll feel great not having any debt or mortgage

Do we need to weigh in? What other money she has? Ok, then pay it off because I think you'll feel great not having any debt or mortgage

and you'll have an excess of 200,000.

and you'll have an excess of 200,000.

What

What

if she would feel great having $300,000 in home and $100,000 mortgage? What if she would still feel great at that?

if she would feel great having $300,000 in home and $100,000 mortgage? What if she would still feel great at that?

What's the mortgage gonna cost?

What's the mortgage gonna cost?

Depends when she does this.

Depends when she does this.

It's gonna cost something and it's probably gonna be higher.

It's gonna cost something and it's probably gonna be higher.

I personally would pay off the house and with that extra money probably make more than what the mortgage is gonna cost her with the extra 200,000.

I personally would pay off the house and with that extra money probably make more than what the mortgage is gonna cost her with the extra 200,000.

All right. So is that your final answer?

All right. So is that your final answer?

Well, that's,

Well, that's,

I think that my smart answer,

I think that my smart answer,

that means that's her final answer. And are you ready? KT?

that means that's her final answer. And are you ready? KT?

Ding, ding, ding.

Ding, ding, ding.

Oh yay. Well, you always tell people if you can pay it off, you'll feel so good. But the mortgage rates are going

Oh yay. Well, you always tell people if you can pay it off, you'll feel so good. But the mortgage rates are going

up up.

up up.

No, no, actually they've gone down the past few weeks. All right. But anyway, here's the reason Sherry, I would like to see you pay it off in full. Why? Because in my opinion, nothing makes somebody feel more secure than owning their home outright, especially when it is a woman

No, no, actually they've gone down the past few weeks. All right. But anyway, here's the reason Sherry, I would like to see you pay it off in full. Why? Because in my opinion, nothing makes somebody feel more secure than owning their home outright, especially when it is a woman

and you never know even if it were a small mortgage, 50,000 or 100,000, the interest rate on that mortgage

and you never know even if it were a small mortgage, 50,000 or 100,000, the interest rate on that mortgage

still, no matter what it is is going to be higher,

still, no matter what it is is going to be higher,

then most likely the interest rate that you would get on this money if you wanted to keep that money safe and sound,

then most likely the interest rate that you would get on this money if you wanted to keep that money safe and sound,

I wouldn't want you to take that money that you did a mortgage with and invest it in the stock market. I would want you to keep it safe and sound just in case, just in case something happened, you never know what could happen.

I wouldn't want you to take that money that you did a mortgage with and invest it in the stock market. I would want you to keep it safe and sound just in case, just in case something happened, you never know what could happen.

And as you just heard KT tell the story with my own life four years ago. Anyway, therefore, I just won't do it. Listen, you're going to have $200,000 of extra money,

And as you just heard KT tell the story with my own life four years ago. Anyway, therefore, I just won't do it. Listen, you're going to have $200,000 of extra money,

do what you want with that money, but don't play around with a mortgage. Now, one other reason why if you have a mortgage, you have to insure the house because that is a requirement of a mortgage. You may decide that insurance is too expensive on this house and you want to self insure or when the time comes for you to do this,

do what you want with that money, but don't play around with a mortgage. Now, one other reason why if you have a mortgage, you have to insure the house because that is a requirement of a mortgage. You may decide that insurance is too expensive on this house and you want to self insure or when the time comes for you to do this,

you might not be able to get insurance on your home depending on where the home happens to be. So can you just do me a favor and make your life easy and buy it outright?

you might not be able to get insurance on your home depending on where the home happens to be. So can you just do me a favor and make your life easy and buy it outright?

Remind her to do one more thing. She's 65

Remind her to do one more thing. She's 65

the title of the new home. Has to be in a trust to

the title of the new home. Has to be in a trust to

be in a trust. If you want a trust, a will an advance directive and durable power of attorney for health care and financial power. $2500 worth of state of the art documents and you would like to do that

be in a trust. If you want a trust, a will an advance directive and durable power of attorney for health care and financial power. $2500 worth of state of the art documents and you would like to do that

on your own. You should go to must have docs.com $99. Currently, you will get documents that are good in all 50 states. $2500 worth, as I just said, as well as all updates are free and you can share with as many family members as you want.

on your own. You should go to must have docs.com $99. Currently, you will get documents that are good in all 50 states. $2500 worth, as I just said, as well as all updates are free and you can share with as many family members as you want.

All right, KT, what is it that we want everybody to remember?

All right, KT, what is it that we want everybody to remember?

Remember this. Everyone, people first then money, then things and you will be...

Remember this. Everyone, people first then money, then things and you will be...

unstoppable. Bye bye everybody.

unstoppable. Bye bye everybody.