March 10th, 2024. Welcome everybody to the Women and Money podcast as well as everybody smart enough to listen. And as you are hearing this, KT and I are both on a plane on our way back from Abu Dhabi.

March 10th, 2024. Welcome everybody to the Women and Money podcast as well as everybody smart enough to listen. And as you are hearing this, KT and I are both on a plane on our way back from Abu Dhabi.

And I was thinking all right, I just don't want to do the best of all the time because a lot of you have heard them or whatever it may be. What could I do for today for all of you?

And I was thinking all right, I just don't want to do the best of all the time because a lot of you have heard them or whatever it may be. What could I do for today for all of you?

That would be just a little bit different. And then I had this idea

That would be just a little bit different. And then I had this idea

On February 5th, 2024,

On February 5th, 2024,

I was on a podcast by the name of She's a 10 Times 5 that was hosted by Laurie Jabber and Michelle Emmick. And I was the guest and it's about an hour long, but I have to tell you,

I was on a podcast by the name of She's a 10 Times 5 that was hosted by Laurie Jabber and Michelle Emmick. And I was the guest and it's about an hour long, but I have to tell you,

I had a blast. I loved it. I loved being with them. I had a great time. And then I thought to myself when I was thinking about today. Oh, I bet all of you would love to hear it as well. So, right now we are going to be playing

I had a blast. I loved it. I loved being with them. I had a great time. And then I thought to myself when I was thinking about today. Oh, I bet all of you would love to hear it as well. So, right now we are going to be playing

that. She's a 10 Times 5 podcast and I hope you enjoy it as much as I did.

that. She's a 10 Times 5 podcast and I hope you enjoy it as much as I did.

Ok, welcome Susie. We are in the presence of greatness.

Ok, welcome Susie. We are in the presence of greatness.

I told you to say that you didn't have to say it, but I told you to say it, but it's kind of true. OK, no problem,

I told you to say that you didn't have to say it, but I told you to say it, but it's kind of true. OK, no problem,

Yeah. Well, you know what I love is when you meet women that uh are groundbreaking and set the

Yeah. Well, you know what I love is when you meet women that uh are groundbreaking and set the

standard and become kind of the go to for subject matter, it's really phenomenal and also someone that's a good citizen. And so before we hit record, we were talking about all that you do for our service members. So thank you for all of that as a fellow service member.

standard and become kind of the go to for subject matter, it's really phenomenal and also someone that's a good citizen. And so before we hit record, we were talking about all that you do for our service members. So thank you for all of that as a fellow service member.

But you know, I do want to say something about sitting in the presence of greatness and how I just kind of jokingly but not said that to you that, well, whatever,

But you know, I do want to say something about sitting in the presence of greatness and how I just kind of jokingly but not said that to you that, well, whatever,

Laurie, here's what's really important. Women never stand up for how great they are. And you know what I realized when I would go around the whole world speaking to women, men, whatever and, and would ask people to stand up who put on this whole event that we were at, they'd stand up and sit down, especially the women they once stand up and own what they did. Women always say it's fine. I'm ok even to this day.

Laurie, here's what's really important. Women never stand up for how great they are. And you know what I realized when I would go around the whole world speaking to women, men, whatever and, and would ask people to stand up who put on this whole event that we were at, they'd stand up and sit down, especially the women they once stand up and own what they did. Women always say it's fine. I'm ok even to this day.

So women, if you are great, if you know, you are great, tell the world that you're great. Feel that you're great and sit in your greatness. Not in your, oh, it's fine type of attitude. All right. I just thought I'd say that

So women, if you are great, if you know, you are great, tell the world that you're great. Feel that you're great and sit in your greatness. Not in your, oh, it's fine type of attitude. All right. I just thought I'd say that

Woo! Getting off to a start.

Woo! Getting off to a start.

I'm loving it. Now. Let's go. Yeah. And the other thing I think that we're becoming better,

I'm loving it. Now. Let's go. Yeah. And the other thing I think that we're becoming better,

especially as we get to our midlife is al also acknowledging other women because I think compliments from other women, especially if they're, you know, successful or accomplished is something else.

especially as we get to our midlife is al also acknowledging other women because I think compliments from other women, especially if they're, you know, successful or accomplished is something else.

Yeah. Actually a compliment from anybody is something else. And the truth is you have to be willing to accept that compliment no matter who it's coming from. What I find more with women is that we need to learn how to wish women well. And I'll be honest with you when I first started before you really become like a Suze Orman.

Yeah. Actually a compliment from anybody is something else. And the truth is you have to be willing to accept that compliment no matter who it's coming from. What I find more with women is that we need to learn how to wish women well. And I'll be honest with you when I first started before you really become like a Suze Orman.

And I'd have in my mind, what was competition, other women, financial pundits, whatever. We always, well, I didn't go after them but they would always come after me. They would always write an article that was negative or this, that was negative as if they wanted to put me down by putting me down, it would raise them up and, and for a little bit, I started to get jealous of them for some unknown reason,

And I'd have in my mind, what was competition, other women, financial pundits, whatever. We always, well, I didn't go after them but they would always come after me. They would always write an article that was negative or this, that was negative as if they wanted to put me down by putting me down, it would raise them up and, and for a little bit, I started to get jealous of them for some unknown reason,

even though really they were never on the same plateau as me. So, one of my laws of life is may every wish that you wish another be a wish that you wish for yourself. Or in fact, it is because I had to learn really how to wish others greatness, especially women in my field because there weren't many of us. And as soon as I realized that if you could wish them greatness, it's really a wish that you wish for yourself as well.

even though really they were never on the same plateau as me. So, one of my laws of life is may every wish that you wish another be a wish that you wish for yourself. Or in fact, it is because I had to learn really how to wish others greatness, especially women in my field because there weren't many of us. And as soon as I realized that if you could wish them greatness, it's really a wish that you wish for yourself as well.

Amen to that. Wow. I know. Yeah. Right. Yeah. You know, being an ex military and, and Michelle has heard me say this is if I had to do over, I wish as someone who was streaming ups, you know, upstream, swimming upstream with the men that we had done a better job locking arms and supporting one another. We were really horrible with that. And that is one big regret I have.

Amen to that. Wow. I know. Yeah. Right. Yeah. You know, being an ex military and, and Michelle has heard me say this is if I had to do over, I wish as someone who was streaming ups, you know, upstream, swimming upstream with the men that we had done a better job locking arms and supporting one another. We were really horrible with that. And that is one big regret I have.

Yeah, it's, yeah, it's, it's interesting. We all need to learn how to support one another and for one another, success as I went on in time and I really became big, even certain people on CNBC and other they would like, oh, did you just do that this weekend? How much did you money make that weekend?

Yeah, it's, yeah, it's, it's interesting. We all need to learn how to support one another and for one another, success as I went on in time and I really became big, even certain people on CNBC and other they would like, oh, did you just do that this weekend? How much did you money make that weekend?

And I would answer things like more than you're gonna make in your entire life. Got a problem with that. Right. But it's, you have to learn to be strong, you have to be a warrior and not turn your back on the battlefield. You know, my favorite motto is especially as a woman. You know, when the dogs keep barking, the elephant keeps walking,

And I would answer things like more than you're gonna make in your entire life. Got a problem with that. Right. But it's, you have to learn to be strong, you have to be a warrior and not turn your back on the battlefield. You know, my favorite motto is especially as a woman. You know, when the dogs keep barking, the elephant keeps walking,

let everybody bark, let everybody say whatever they want to say about you, let them be the dogs that do that. But you have to be the elephant that keeps walking and walking to get you to where you wanna go. But you have to know where is it that you wanna go?

let everybody bark, let everybody say whatever they want to say about you, let them be the dogs that do that. But you have to be the elephant that keeps walking and walking to get you to where you wanna go. But you have to know where is it that you wanna go?

Yes.

Yes.

OK. So with that, let's dive into this. And yeah, Michelle and I were talking about this when you get someone like you who is so renowned. And also got such a wealth of knowledge in kind of a really diverse subject.

OK. So with that, let's dive into this. And yeah, Michelle and I were talking about this when you get someone like you who is so renowned. And also got such a wealth of knowledge in kind of a really diverse subject.

It could be easy to boil the ocean here. So we are gonna try to be as surgical as possible. We canvassed and curated a list of questions for our genre and Michelle, let's dive right in the first one.

It could be easy to boil the ocean here. So we are gonna try to be as surgical as possible. We canvassed and curated a list of questions for our genre and Michelle, let's dive right in the first one.

Yeah. OK. We got, this is the first question we got for you, Suze. Um You've talked about before in an interview that over 90% of Americans are financially illiterate,

Yeah. OK. We got, this is the first question we got for you, Suze. Um You've talked about before in an interview that over 90% of Americans are financially illiterate,

you know, 90%. Ok. I said I bet it might be more than

you know, 90%. Ok. I said I bet it might be more than

that. Well, and especially with women, you know,

that. Well, and especially with women, you know,

so, you know, there's a lot of women out there that can be both illiterate and removed from the reality of family finances. So what are women, especially those who have a partner that typically make the decisions and manage the finances. What, what can women do to become more literate?

so, you know, there's a lot of women out there that can be both illiterate and removed from the reality of family finances. So what are women, especially those who have a partner that typically make the decisions and manage the finances. What, what can women do to become more literate?

Well, there's so many sources right now, whether it be my Women and Money podcast, truthfully, which with over 500 episodes is an entire financial literacy course to the max, not only on the emotional level, but the financial level because really you can't, you can't separate the two, you know, who you are and what you have is always one. But what's really interesting with a woman

Well, there's so many sources right now, whether it be my Women and Money podcast, truthfully, which with over 500 episodes is an entire financial literacy course to the max, not only on the emotional level, but the financial level because really you can't, you can't separate the two, you know, who you are and what you have is always one. But what's really interesting with a woman

is a woman normally takes care of the household finances. And why is that? Because the house holds everything that she loves, it holds her children, her pets, her plants, possibly her parents, her spouse,

is a woman normally takes care of the household finances. And why is that? Because the house holds everything that she loves, it holds her children, her pets, her plants, possibly her parents, her spouse,

so that she's totally literate in and it's usually her financial spouse or her spouse that does the investing, but she is absolutely capable. You know, women, it's our nature to nurture it. You know, we were born in many cases that we could give birth and we had the ability in many cases to feed that, which we've given birth to.

so that she's totally literate in and it's usually her financial spouse or her spouse that does the investing, but she is absolutely capable. You know, women, it's our nature to nurture it. You know, we were born in many cases that we could give birth and we had the ability in many cases to feed that, which we've given birth to.

So we've, our nature has always been to nurture what we haven't nurtured is the understanding that the day comes when women actu speaking live longer than men do.

So we've, our nature has always been to nurture what we haven't nurtured is the understanding that the day comes when women actu speaking live longer than men do.

I personally think we're killing them off. But that's besides the point. But that, and when that time comes, that is not the time for all of you who are doing that to find out that when your spouse, maybe it's a male spouse says to you. Oh, honey, don't worry, your pretty little head about it. I have this under control.

I personally think we're killing them off. But that's besides the point. But that, and when that time comes, that is not the time for all of you who are doing that to find out that when your spouse, maybe it's a male spouse says to you. Oh, honey, don't worry, your pretty little head about it. I have this under control.

That is not the time to find out when he passes before you, that he didn't know anything about what he was doing. I'm going to tell all of you women this right now, men are financial fakers. They do not know what they're really doing.

That is not the time to find out when he passes before you, that he didn't know anything about what he was doing. I'm going to tell all of you women this right now, men are financial fakers. They do not know what they're really doing.

They take their advice from somebody else. They say they understand it and chances are they don't. So bottom line is this, you are never gonna be powerful in life ladies until you are powerful over how you think, feel and act with your money,

They take their advice from somebody else. They say they understand it and chances are they don't. So bottom line is this, you are never gonna be powerful in life ladies until you are powerful over how you think, feel and act with your money,

not just the money in the household and paying the bills that way, but all of your money because most of you are also working right now. Do you have the right retirement account? Do you have a Roth retirement account? It's only really retirement accounts you should have whether it's a Roth 401k TSP or 403b or Roth IRA.

not just the money in the household and paying the bills that way, but all of your money because most of you are also working right now. Do you have the right retirement account? Do you have a Roth retirement account? It's only really retirement accounts you should have whether it's a Roth 401k TSP or 403b or Roth IRA.

Forget these pre-tax retirement accounts. If that's what you're doing, the traditional ones, my opinion, you're making one of the biggest mistakes out there. Do you have a will, a living revocable trust in advance directive and durable power of attorney for health care to take care of yourself when you become incapacitated and your minor children

Forget these pre-tax retirement accounts. If that's what you're doing, the traditional ones, my opinion, you're making one of the biggest mistakes out there. Do you have a will, a living revocable trust in advance directive and durable power of attorney for health care to take care of yourself when you become incapacitated and your minor children

in case something happens to you because minor Children can't inherit money people. How do you own title to your home? What are you doing to finance your kids, college education? Are you in credit card debt? Are you not? All of these things are things that you can do? You know, there's a saying in Asia that women hold up half the sky in the United States of America. Everybody, we hold up the entire sky

in case something happens to you because minor Children can't inherit money people. How do you own title to your home? What are you doing to finance your kids, college education? Are you in credit card debt? Are you not? All of these things are things that you can do? You know, there's a saying in Asia that women hold up half the sky in the United States of America. Everybody, we hold up the entire sky

and it is now time for you to own the power to control your destiny. And if you are not, I am here to tell you, you are without a shadow of a doubt making the biggest mistake out there, period.

and it is now time for you to own the power to control your destiny. And if you are not, I am here to tell you, you are without a shadow of a doubt making the biggest mistake out there, period.

I am so glad you said that. And I'm going to,

I am so glad you said that. And I'm going to,

I'm gonna tell you, I'm one of those women and I have just over the past couple years started to lean in a little heavier because I happened to marry a man that was a CFO and who likes to control the numbers, who likes to think that he knows everything that's going on. And I think it's very easy for us to get lazy, especially if you have someone who you feel is very business savvy.

I'm gonna tell you, I'm one of those women and I have just over the past couple years started to lean in a little heavier because I happened to marry a man that was a CFO and who likes to control the numbers, who likes to think that he knows everything that's going on. And I think it's very easy for us to get lazy, especially if you have someone who you feel is very business savvy.

Yeah. Let me ask you, do you have a living revocable trust and everything in place? Yes, you do. So that is something that he did and have you looked at it? Do you know where everything goes? Do you know who your successor trustee is? Do you know all those things about it.

Yeah. Let me ask you, do you have a living revocable trust and everything in place? Yes, you do. So that is something that he did and have you looked at it? Do you know where everything goes? Do you know who your successor trustee is? Do you know all those things about it.

We do, we just redid our trust. We have two adult Children. So we had to, we had to get power of attorneys and directives and all of that as well. So it gave us a chance to kind of re-look at stuff.

We do, we just redid our trust. We have two adult Children. So we had to, we had to get power of attorneys and directives and all of that as well. So it gave us a chance to kind of re-look at stuff.

But let me ask you this question. If you were to die before he would, he know how to pay all the bills and take care of all the household expenses.

But let me ask you this question. If you were to die before he would, he know how to pay all the bills and take care of all the household expenses.

Yes.

Yes.

All right. So he's somebody who has owned the power to control his destiny. You have this podcast that you are talking to all of these people yet, really not necessarily secretly because you're announcing it here. You have to feel powerless and insecure.

All right. So he's somebody who has owned the power to control his destiny. You have this podcast that you are talking to all of these people yet, really not necessarily secretly because you're announcing it here. You have to feel powerless and insecure.

Yeah, to some degree, I think, you know, there was a wake up call that happened, you know where I said, God, I'm really not involved in the investment side and that's one of the things that I talk with other 10 times fives and sometimes 10 times four if they're, you know, eager to learn. But we start to get to the point where you look at your portfolio and you wanna be risk averse,

Yeah, to some degree, I think, you know, there was a wake up call that happened, you know where I said, God, I'm really not involved in the investment side and that's one of the things that I talk with other 10 times fives and sometimes 10 times four if they're, you know, eager to learn. But we start to get to the point where you look at your portfolio and you wanna be risk averse,

you wanna have the right types of instruments and you wanna have things that generate income. So because you, you are looking to retire, right?

you wanna have the right types of instruments and you wanna have things that generate income. So because you, you are looking to retire, right?

Yeah. Uh huh. Or at least putting yourself in the position that if the markets were to crash, if all of a sudden we have another war or whatever it is even here on our homeland, which is totally possible. Everybody, it could be a civil war. You never know these days what can go on

Yeah. Uh huh. Or at least putting yourself in the position that if the markets were to crash, if all of a sudden we have another war or whatever it is even here on our homeland, which is totally possible. Everybody, it could be a civil war. You never know these days what can go on

that, what you have and what you see is what you get to keep that outside circumstances aren't going to affect your financial situation.

that, what you have and what you see is what you get to keep that outside circumstances aren't going to affect your financial situation.

And because you all have to understand that the goal of money is for you to be what secure. So what is it going to take for you to be secure? And women need a different level of security for some reason than men do. Like I have always said, we should all own our homes outright. If we have a mortgage

And because you all have to understand that the goal of money is for you to be what secure. So what is it going to take for you to be secure? And women need a different level of security for some reason than men do. Like I have always said, we should all own our homes outright. If we have a mortgage

on a home that we're gonna keep forever, we should all own it outright. By the time we retire yet, men will normally say I don't want to own the house outright. I have a low interest rate mortgage. I'm getting a tax write off. I can make so much more money on that money. It's not even funny why would I want to put it in a house with no mortgage?

on a home that we're gonna keep forever, we should all own it outright. By the time we retire yet, men will normally say I don't want to own the house outright. I have a low interest rate mortgage. I'm getting a tax write off. I can make so much more money on that money. It's not even funny why would I want to put it in a house with no mortgage?

And I'm like, are you kidding me? Like how stupid can you possibly be? Number one as you get to the end of a mortgage, there is no more tax write off. It's all in the beginning years of the mortgage and it's about what does it take for you to make those mortgage payments? And how much does that cost you and all of these things. But the real thing is Laurie, if it would make you feel more secure,

And I'm like, are you kidding me? Like how stupid can you possibly be? Number one as you get to the end of a mortgage, there is no more tax write off. It's all in the beginning years of the mortgage and it's about what does it take for you to make those mortgage payments? And how much does that cost you and all of these things. But the real thing is Laurie, if it would make you feel more secure,

then that is the decision that has to be made regardless of what he thinks he can do with the money or not. It's just that simple. I don't know, really one wealthy person that has a mortgage on their home.

then that is the decision that has to be made regardless of what he thinks he can do with the money or not. It's just that simple. I don't know, really one wealthy person that has a mortgage on their home.

Not one, especially since you can only write off the interest on $750,000 currently. Like, and with the price of these mortgages and homes. Are you kidding me? Really? Everybody. I don't think so.

Not one, especially since you can only write off the interest on $750,000 currently. Like, and with the price of these mortgages and homes. Are you kidding me? Really? Everybody. I don't think so.

Yeah. Well, let me ask you this question

Yeah. Well, let me ask you this question

and I'm one of these people and you mentioned God, what if there's something catastrophic, like a war or civil war? I feel like a lot of us

and I'm one of these people and you mentioned God, what if there's something catastrophic, like a war or civil war? I feel like a lot of us

have become dubious of governmental in like instruments. You know, how are they gonna hold up? How is the currency gonna hold up?

have become dubious of governmental in like instruments. You know, how are they gonna hold up? How is the currency gonna hold up?

Um, are stocks really going to be the way to go because I know you want a mix of bonds and, and stock. What's your thoughts there with kind of the ineptitude of our Capitol Hill people?

Um, are stocks really going to be the way to go because I know you want a mix of bonds and, and stock. What's your thoughts there with kind of the ineptitude of our Capitol Hill people?

Yeah. Um, I'll admit that treasury bills, bonds and notes at times have made me nervous. Might so much show that Sheila Bair, who was the chairman a few years ago of the FD of the FDIC.

Yeah. Um, I'll admit that treasury bills, bonds and notes at times have made me nervous. Might so much show that Sheila Bair, who was the chairman a few years ago of the FD of the FDIC.

And what, what happened with that is that in 2008 when the really we came closer to collapsing than you have any idea. But I did a campaign with her $36 million campaign public service announcement

And what, what happened with that is that in 2008 when the really we came closer to collapsing than you have any idea. But I did a campaign with her $36 million campaign public service announcement

as to why you should feel secure with the FDIC and this whole thing on TV, everything just to stop a run on the banks. So, just a while ago when I didn't know if we were gonna have a government shutdown or not, I had her on one of my podcasts and I'm sure you can go back

as to why you should feel secure with the FDIC and this whole thing on TV, everything just to stop a run on the banks. So, just a while ago when I didn't know if we were gonna have a government shutdown or not, I had her on one of my podcasts and I'm sure you can go back

back to that and hear, hear it. And what was funny is she was saying how we're fine and everything. And I said, well, how about, you know, FDIC, right? All of these things, you know, the, not the FDIC but the, the things that secure banks and CDs and things like that, right?

back to that and hear, hear it. And what was funny is she was saying how we're fine and everything. And I said, well, how about, you know, FDIC, right? All of these things, you know, the, not the FDIC but the, the things that secure banks and CDs and things like that, right?

And everything is kind of insured by that. So the treasury which is insured by the treasury, the banks and everything are insured by FDIC. Credit unions are insured by NCUAA

And everything is kind of insured by that. So the treasury which is insured by the treasury, the banks and everything are insured by FDIC. Credit unions are insured by NCUAA

and, but they're insured by FDIC. I mean, it's all connected. So I would do a combination of things, you know, bonds can be many things, they can be municipal bonds, treasury bill bonds or notes, they can be corporate bonds, you can have stocks that pay dividends, all of those things can be a mix to create your fixed income vehicles that give you income.

and, but they're insured by FDIC. I mean, it's all connected. So I would do a combination of things, you know, bonds can be many things, they can be municipal bonds, treasury bill bonds or notes, they can be corporate bonds, you can have stocks that pay dividends, all of those things can be a mix to create your fixed income vehicles that give you income.

But I'll be honest with you at times, I get nervous because of how much debt the government has as to if there really was a collapse, how would they cover all of that? But at this point, that's where we are. So you have to have a mix of almost everything. If you ask me.

But I'll be honest with you at times, I get nervous because of how much debt the government has as to if there really was a collapse, how would they cover all of that? But at this point, that's where we are. So you have to have a mix of almost everything. If you ask me.

What's your thought of crypto.. on crypto?

What's your thought of crypto.. on crypto?

I think, you know, crypto is an interesting thing. I think it's gaining far more validity. Finally, now that exchange traded funds are being created around the true value of crypto. But I will still say that I would not be investing in the crypto market with any money except the money that I

I think, you know, crypto is an interesting thing. I think it's gaining far more validity. Finally, now that exchange traded funds are being created around the true value of crypto. But I will still say that I would not be investing in the crypto market with any money except the money that I

could afford to lose. Otherwise I would not be touching it with a 10 foot pole because anything could happen at any time, the government all of a sudden could intervene with it and then therefore make it. So it does go down once the governments involved. So I just don't think if you're going to want to make money,

could afford to lose. Otherwise I would not be touching it with a 10 foot pole because anything could happen at any time, the government all of a sudden could intervene with it and then therefore make it. So it does go down once the governments involved. So I just don't think if you're going to want to make money,

then make money little by little, you know, understand the value of compounding, understand that you never take a lump sum of money and put it into the market all at once. You know, you dollar cost average with it where if you like something,

then make money little by little, you know, understand the value of compounding, understand that you never take a lump sum of money and put it into the market all at once. You know, you dollar cost average with it where if you like something,

then you buy a little bit of it. Now, then you buy a little bit again, like even with my treasuries and honestly, I have millions and millions and millions of dollars in treasuries. Um You know, I just put a little bit more in a 30 year treasury bond. Um, but I didn't put a lot, like I put, you know, some money in it to see what's happening before I put more in. So I never go all in at once on anything.

then you buy a little bit of it. Now, then you buy a little bit again, like even with my treasuries and honestly, I have millions and millions and millions of dollars in treasuries. Um You know, I just put a little bit more in a 30 year treasury bond. Um, but I didn't put a lot, like I put, you know, some money in it to see what's happening before I put more in. So I never go all in at once on anything.

I have absolutely zero in the physical crypto right now. I have some in stocks, not a lot, maybe $30,000 in a stock that has to do with crypto. Symbol: MARA but it's um it's, you know, it's I have nothing in crypto at this moment. Truthfully the actual crypto.

I have absolutely zero in the physical crypto right now. I have some in stocks, not a lot, maybe $30,000 in a stock that has to do with crypto. Symbol: MARA but it's um it's, you know, it's I have nothing in crypto at this moment. Truthfully the actual crypto.

My, I'm a serial entrepreneur and I would always tell people never put your money into something you don't know anything about. You got that. That is my hard line with crypto because

My, I'm a serial entrepreneur and I would always tell people never put your money into something you don't know anything about. You got that. That is my hard line with crypto because

and now I feel like the true definition of a blonde when I try to understand what's going on with that hair ball. It is way, way above my pay grade. II I don't get it.

and now I feel like the true definition of a blonde when I try to understand what's going on with that hair ball. It is way, way above my pay grade. II I don't get it.

What color hair do I have? What depends? I need to, I need to get color, right?

What color hair do I have? What depends? I need to, I need to get color, right?

We have three blondes here.

We have three blondes here.

Three Blondes yeah.

Three Blondes yeah.

So we won't be digging blonde hair because I don't understand crypto. I don't really understand what secures it. I don't, I can't really

So we won't be digging blonde hair because I don't understand crypto. I don't really understand what secures it. I don't, I can't really

wrap my head around it. So it's like, nah, I don't think so. Not for me. However, there is, there are people that speculate, there are people like Kathy Woods who I think is brilliant with her investments that now has a, you know, ETF, that way. So if people want to take money again that they can afford to lose just because they feel like

wrap my head around it. So it's like, nah, I don't think so. Not for me. However, there is, there are people that speculate, there are people like Kathy Woods who I think is brilliant with her investments that now has a, you know, ETF, that way. So if people want to take money again that they can afford to lose just because they feel like

they want to be involved with it. Be my guest.

they want to be involved with it. Be my guest.

That's great advice. If you've got the money.

That's great advice. If you've got the money.

To lose, to lose. I don't know. I have a whole lot of money and I don't like losing any of it. That's the point.

To lose, to lose. I don't know. I have a whole lot of money and I don't like losing any of it. That's the point.

Yeah, no F--- you money over here. Ok. Um, here's something for you. And this is a conversation that uh happens a lot with us women who our kids go off to college. Michelle is not there yet,

Yeah, no F--- you money over here. Ok. Um, here's something for you. And this is a conversation that uh happens a lot with us women who our kids go off to college. Michelle is not there yet,

but that want to downsize. And they've got these properties that have risen in value and there's a significant uh cash consequence.

but that want to downsize. And they've got these properties that have risen in value and there's a significant uh cash consequence.

I was asked by probably eight ladies, what's the right way to go about avoiding that tax consequence? And they asked me to ask you about 1031.

I was asked by probably eight ladies, what's the right way to go about avoiding that tax consequence? And they asked me to ask you about 1031.

So there's a big difference between an investment property, a commercial property, a rental property and a primary residency.

So there's a big difference between an investment property, a commercial property, a rental property and a primary residency.

So when you have a primary residence that you have lived in your home as a primary residency for two out of the past five years,

So when you have a primary residence that you have lived in your home as a primary residency for two out of the past five years,

then when you go to sell it, you get a $250,000 exemption. And if you own it with somebody else, they also get it, let's say your spouse, they also get a $250,000 exemption. So that's $500,000 that you do not have to pay capital gains tax on. Number one, you buy a house,

then when you go to sell it, you get a $250,000 exemption. And if you own it with somebody else, they also get it, let's say your spouse, they also get a $250,000 exemption. So that's $500,000 that you do not have to pay capital gains tax on. Number one, you buy a house,

let's just say, for a half a million dollars and now it's worth a million dollars and you go to sell it and you've lived in it for two out of the past five years. Is your primary residency? No tax whatsoever on it. Remember your cost basis also is the amount of money that you put into it for repair. So you buy a

let's just say, for a half a million dollars and now it's worth a million dollars and you go to sell it and you've lived in it for two out of the past five years. Is your primary residency? No tax whatsoever on it. Remember your cost basis also is the amount of money that you put into it for repair. So you buy a

$500,000 house, you put $200,000 into it for renovation or whatever. Now your cost basis is $700,000. So don't forget that everybody. Also, I think it's very important that if you happen to live in a community property state, look it up to see if you do or you don't. California, Texas, Washington so forth

$500,000 house, you put $200,000 into it for renovation or whatever. Now your cost basis is $700,000. So don't forget that everybody. Also, I think it's very important that if you happen to live in a community property state, look it up to see if you do or you don't. California, Texas, Washington so forth

and you own your property in community property with right of survivorship. If your spot with a spouse, if your spouse happens to die, you get a step up in basis on the entire property. So you buy it for $30,000 500,000 dollars, whatever it is, it's now worth $3 million

and you own your property in community property with right of survivorship. If your spot with a spouse, if your spouse happens to die, you get a step up in basis on the entire property. So you buy it for $30,000 500,000 dollars, whatever it is, it's now worth $3 million

and your spouse dies. Your new cost basis on it is $3 million. If you turn around and sell it at that point in time,

and your spouse dies. Your new cost basis on it is $3 million. If you turn around and sell it at that point in time,

no capital gains or it will be taxed on the $3 million mark. Remember if you own it in joint tenancy with right of survivorship and a spouse dies, you only get a step up in basis on half of it, not on the entire amount. So those are things for you to think about. So with a primary residency, I I you don't do a 1031 exchange with it, you have a rental property

no capital gains or it will be taxed on the $3 million mark. Remember if you own it in joint tenancy with right of survivorship and a spouse dies, you only get a step up in basis on half of it, not on the entire amount. So those are things for you to think about. So with a primary residency, I I you don't do a 1031 exchange with it, you have a rental property

and now you want to do a 1031 exchange, which, what is what it's technically called? They can be very, very tricky. First of all, my recommendation would be you have an intermediary, somebody that the money goes through to make sure that you do everything according to the IRS. So what a 1031 exchange is for those of you who may not know is let's say you have a rental property

and now you want to do a 1031 exchange, which, what is what it's technically called? They can be very, very tricky. First of all, my recommendation would be you have an intermediary, somebody that the money goes through to make sure that you do everything according to the IRS. So what a 1031 exchange is for those of you who may not know is let's say you have a rental property

and maybe you paid 300,000 for it and now it's worth a million and you don't wanna pay any taxes on that.

and maybe you paid 300,000 for it and now it's worth a million and you don't wanna pay any taxes on that.

You have 45 days from the day that you have sold it

You have 45 days from the day that you have sold it

to find a property that is just like essentially the one that you sold, you have 100 and 80 days from the day that you sold it to close on that property. So then what happens is your cost basis of the first one now has transferred to the cost basis of the second one and you haven't had to pay any capital gains tax on it.

to find a property that is just like essentially the one that you sold, you have 100 and 80 days from the day that you sold it to close on that property. So then what happens is your cost basis of the first one now has transferred to the cost basis of the second one and you haven't had to pay any capital gains tax on it.

Now, I just have to say this and I hope I'm not go getting over a lot of your heads. You have to think about this because unless you're going to leave that property to your beneficiaries, your Children, where upon your death they get a step up in basis. So then you've avoided taxes on it altogether. But if you intend to possibly sell that property while you are still alive,

Now, I just have to say this and I hope I'm not go getting over a lot of your heads. You have to think about this because unless you're going to leave that property to your beneficiaries, your Children, where upon your death they get a step up in basis. So then you've avoided taxes on it altogether. But if you intend to possibly sell that property while you are still alive,

just be very careful because with the debt that we're carrying, who knows what income tax brackets are going to be 10 years from now, who knows what they're gonna do to the capital gains tax to 10 years from now. So, just be very, very careful with that. But that is how you would technically do a 1031 exchange to make sure that you don't get in any trouble.

just be very careful because with the debt that we're carrying, who knows what income tax brackets are going to be 10 years from now, who knows what they're gonna do to the capital gains tax to 10 years from now. So, just be very, very careful with that. But that is how you would technically do a 1031 exchange to make sure that you don't get in any trouble.

That's really good info. It is really complex. I mean, it's, there's a lot of layers to that and that there's a lot of layers to owning property in general and, and depending on what state you're in. Right?

That's really good info. It is really complex. I mean, it's, there's a lot of layers to that and that there's a lot of layers to owning property in general and, and depending on what state you're in. Right?

Yeah, of course. Right. So, but, um, you know, it just depends, I always say, oh, just, you know, pay the capital gains tax. Now, here's something you might want to think about if you ever are in a situation where you don't have any income for a year. Let's say you're a woman by

Yeah, of course. Right. So, but, um, you know, it just depends, I always say, oh, just, you know, pay the capital gains tax. Now, here's something you might want to think about if you ever are in a situation where you don't have any income for a year. Let's say you're a woman by

yourself. You've been left this property and now you're going, oh my God. I really don't want to sell it because I'm gonna own all, all these capital gains tax on and capital gains. By the way, everybody is when you've owned something for more than one year. Otherwise, if you sell it, it's taxed to you as ordinary income.

yourself. You've been left this property and now you're going, oh my God. I really don't want to sell it because I'm gonna own all, all these capital gains tax on and capital gains. By the way, everybody is when you've owned something for more than one year. Otherwise, if you sell it, it's taxed to you as ordinary income.

Most people don't know that if you're making only, let's just say $44,000 a year or less of income and you sell something regardless of how much money you made on it. You don't pay any capital gains tax at all.

Most people don't know that if you're making only, let's just say $44,000 a year or less of income and you sell something regardless of how much money you made on it. You don't pay any capital gains tax at all.

Wow.

Wow.

Yeah. So, I had friends who, when the Oprah Winfrey show closed down, they had a million dollars sometimes in apple stock or whatever, but they didn't have any income for a while. Guess what? We sold everything. They didn't pay a penny of capital gains on it. And then we reinvested at the higher price. Brilliant

Yeah. So, I had friends who, when the Oprah Winfrey show closed down, they had a million dollars sometimes in apple stock or whatever, but they didn't have any income for a while. Guess what? We sold everything. They didn't pay a penny of capital gains on it. And then we reinvested at the higher price. Brilliant

if I have to say so myself.

if I have to say so myself.

Wow. I, that is good information.

Wow. I, that is good information.

Yeah.

Yeah.

Ok. So, one of the things that we've touched upon repeatedly is

Ok. So, one of the things that we've touched upon repeatedly is

we don't know what's gonna be 10 years from now. Ok.

we don't know what's gonna be 10 years from now. Ok.

I get really frustrated with women who, and men as well who think that social security is an entitlement

I get really frustrated with women who, and men as well who think that social security is an entitlement

and that they're going to be able to retire. Well, we, you know, we've put away to social security, that's, their retirement plan is going to be receiving those resources. What's your thoughts? And what would you say to those type of people?

and that they're going to be able to retire. Well, we, you know, we've put away to social security, that's, their retirement plan is going to be receiving those resources. What's your thoughts? And what would you say to those type of people?

I feel sorry for you if that's how you think and you continue to think after you hear what we're about to say to you right now,

I feel sorry for you if that's how you think and you continue to think after you hear what we're about to say to you right now,

social security is absolutely in danger. Not that I think it's gonna go away. But what I do think is gonna happen is in the same way, the full social security age years ago used to be 65

social security is absolutely in danger. Not that I think it's gonna go away. But what I do think is gonna happen is in the same way, the full social security age years ago used to be 65

and then the full retirement age was moved up to 67

and then the full retirement age was moved up to 67

and I have no doubt that it's gonna be moved up to 70 could be moved up one day to 73. They will keep postponing, in my opinion. I don't have any inside information on this, the actual age that you have to be to collect full retirement benefits. Your full social security number one, number two. If you take it before that time,

and I have no doubt that it's gonna be moved up to 70 could be moved up one day to 73. They will keep postponing, in my opinion. I don't have any inside information on this, the actual age that you have to be to collect full retirement benefits. Your full social security number one, number two. If you take it before that time,

let's say you take it at 62 rather than 67 right now, that's a 30% reduction to you. And not only that, but it's like that's just it, it depending on how much money you may be making besides that, don't be surprised if they don't make social security fully taxable as well

let's say you take it at 62 rather than 67 right now, that's a 30% reduction to you. And not only that, but it's like that's just it, it depending on how much money you may be making besides that, don't be surprised if they don't make social security fully taxable as well

at what tax bracket? Well, that's up to them. So if you're putting yourself in a situation where you think in a society where inflation may they say it may be coming down, but has your rent come down? Right? Has the price of real estate really come down? Now, some things have come down, but most of the things are really still very expensive. Let's play social security right now.

at what tax bracket? Well, that's up to them. So if you're putting yourself in a situation where you think in a society where inflation may they say it may be coming down, but has your rent come down? Right? Has the price of real estate really come down? Now, some things have come down, but most of the things are really still very expensive. Let's play social security right now.

Look at what your social security is going to be at whatever age you think you're gonna collect social security. You can find that out very easily by going on to SSA.gov, register for my social security and they'll tell you what you'll get. Now, pretend that's all the money that you have. Just pretend that's what you have coming in.

Look at what your social security is going to be at whatever age you think you're gonna collect social security. You can find that out very easily by going on to SSA.gov, register for my social security and they'll tell you what you'll get. Now, pretend that's all the money that you have. Just pretend that's what you have coming in.

Look at your expenses as to what you think will no longer be there. Maybe you'll own your home outright. But have you looked at what's happening with insurance? Property insurance, car insurance? So if you want to insure those things, you're gonna see this year property tax, property insurance went up 19%

Look at your expenses as to what you think will no longer be there. Maybe you'll own your home outright. But have you looked at what's happening with insurance? Property insurance, car insurance? So if you want to insure those things, you're gonna see this year property tax, property insurance went up 19%

in many cases. It's not the mortgage that people can't afford. It's the insurance on the property just to insure the little condo that we have in Florida. That isn't very expensive. It's $28,000 a year, a few years ago. It was like $5000 a year to insure.

in many cases. It's not the mortgage that people can't afford. It's the insurance on the property just to insure the little condo that we have in Florida. That isn't very expensive. It's $28,000 a year, a few years ago. It was like $5000 a year to insure.

So are you positive that your social security will be able to pay for everything? Look at your Medicare premiums, right? Your Medicare B premiums come out of your social security. So you don't get what you think you get for social security because you really need to get Medicare, which is my favorite thing to do versus any other form that's offered to you as you get older.

So are you positive that your social security will be able to pay for everything? Look at your Medicare premiums, right? Your Medicare B premiums come out of your social security. So you don't get what you think you get for social security because you really need to get Medicare, which is my favorite thing to do versus any other form that's offered to you as you get older.

Subtract a good 100 to $400 a month from that and just play social security. Can you survive on that? You cannot.

Subtract a good 100 to $400 a month from that and just play social security. Can you survive on that? You cannot.

So everybody please, this is the time that you have to be financially independent, you have to fully fund at least a Roth Ira or if you are working and they have a Roth retirement account where they match your contribution, fully funded up to that point of the match. Even if you haven't, you know, even if you don't have a pot to pee in right now,

So everybody please, this is the time that you have to be financially independent, you have to fully fund at least a Roth Ira or if you are working and they have a Roth retirement account where they match your contribution, fully funded up to that point of the match. Even if you haven't, you know, even if you don't have a pot to pee in right now,

you have to do things like that. Are you kidding? You have to. Yeah, because so many people, right. That, I mean, I think it's like 60% over 60% of our country lives paycheck to paycheck. Yeah, I know. And so, you know, that's one of the reasons I co-founded Secures save.com. All of you might want to go and look it up. I don't want to talk about it here, but look at what I created to make sure that that doesn't happen. But the real thing that you need to understand

you have to do things like that. Are you kidding? You have to. Yeah, because so many people, right. That, I mean, I think it's like 60% over 60% of our country lives paycheck to paycheck. Yeah, I know. And so, you know, that's one of the reasons I co-founded Secures save.com. All of you might want to go and look it up. I don't want to talk about it here, but look at what I created to make sure that that doesn't happen. But the real thing that you need to understand

and is that if you can't afford to save for retirement today because you don't have enough money to pay your bills while you have a paycheck coming in. How are you going to pay for those exact same bills when you no longer have a paycheck coming in?

and is that if you can't afford to save for retirement today because you don't have enough money to pay your bills while you have a paycheck coming in. How are you going to pay for those exact same bills when you no longer have a paycheck coming in?

So you need to do it today because compounding is the key. You know, my last book that I wrote was the ultimate retirement guide for 50 plus.

So you need to do it today because compounding is the key. You know, my last book that I wrote was the ultimate retirement guide for 50 plus.

And I went for, you know, everybody cares about if you're 20 or 30 or 40 once you're in your fifties, all of a sudden, nobody cares about you anymore. Because why you don't count towards rating on television for advertisers. They don't care about you.

And I went for, you know, everybody cares about if you're 20 or 30 or 40 once you're in your fifties, all of a sudden, nobody cares about you anymore. Because why you don't count towards rating on television for advertisers. They don't care about you.

I care about you. These ladies care about you, but the question is, do you care about yourself? So there are things that you still can do today to protect your tomorrows. And if you keep putting it off and putting it off and putting it off,

I care about you. These ladies care about you, but the question is, do you care about yourself? So there are things that you still can do today to protect your tomorrows. And if you keep putting it off and putting it off and putting it off,

please, I'm telling you, I deal with women who have put it off and I always say to them, you know, it's, it's never too late, you know, it's never too early to begin. And I used to say it was never too late to start, but there does come a time in your life

please, I'm telling you, I deal with women who have put it off and I always say to them, you know, it's, it's never too late, you know, it's never too early to begin. And I used to say it was never too late to start, but there does come a time in your life

when it will be too late, it just will be, you can't start when you're 80 years of age. So $100 is better than nothing. You know, one thing if you have absolutely no money whatsoever and I do not get paid to say this. I also created with Alliant Credit Union that was just voted the best credit union for 2024.

when it will be too late, it just will be, you can't start when you're 80 years of age. So $100 is better than nothing. You know, one thing if you have absolutely no money whatsoever and I do not get paid to say this. I also created with Alliant Credit Union that was just voted the best credit union for 2024.

That if you simply open the ultimate opportunity savings account, you put in just $100 a month for 12 consecutive months, you'll earn 3% on it. That's not the big deal. But after 12 months they will give you $100. But what it does that's like

That if you simply open the ultimate opportunity savings account, you put in just $100 a month for 12 consecutive months, you'll earn 3% on it. That's not the big deal. But after 12 months they will give you $100. But what it does that's like

a 16% return on your money. Everybody, you can't put $1200 in all at once and get it. Uh, uh, has to be $100 a month. If you can't continue it, you can still take your money out anytime. No penalties. It doesn't cost you anything. But when you start doing that, you get in the habit of saving

a 16% return on your money. Everybody, you can't put $1200 in all at once and get it. Uh, uh, has to be $100 a month. If you can't continue it, you can still take your money out anytime. No penalties. It doesn't cost you anything. But when you start doing that, you get in the habit of saving

and now you have changed like your psychological behavior that you say you can't, you don't have the money and then all of a sudden you do, you see it grow, you like to see how much you have in there and then you just keep going. Why don't you give that a try? Go to my alliant. Alliant .com. Look for me

and now you have changed like your psychological behavior that you say you can't, you don't have the money and then all of a sudden you do, you see it grow, you like to see how much you have in there and then you just keep going. Why don't you give that a try? Go to my alliant. Alliant .com. Look for me

and open it up. It doesn't cost you anything to open it up. They'll show you how to do it, just go there and give it a try.

and open it up. It doesn't cost you anything to open it up. They'll show you how to do it, just go there and give it a try.

Yeah, that it is awesome. And

Yeah, that it is awesome. And

paradigm is really, really different for younger generations and I kind of wanna dive into that. We didn't have credit cards back in the day. It was checkbook, you balance your checkbook. So if you didn't have the money, you typically didn't spend it and you did try to save what you could. We're now in a culture of, and I'm seeing it with my adult kids.

paradigm is really, really different for younger generations and I kind of wanna dive into that. We didn't have credit cards back in the day. It was checkbook, you balance your checkbook. So if you didn't have the money, you typically didn't spend it and you did try to save what you could. We're now in a culture of, and I'm seeing it with my adult kids.

It's, they've got their apps, they've got their credit card. They do Uber. They have no concept except instant gratification. And I had a conversation with my older boy. He's graduated. He, he was at TCU and we did a 529 for both of our boys, which is pre tax saving for college if people don't know what that is. And he had a scholarship so he had extra. And so I, I said to Michael, you, you should roll this into a Roth.

It's, they've got their apps, they've got their credit card. They do Uber. They have no concept except instant gratification. And I had a conversation with my older boy. He's graduated. He, he was at TCU and we did a 529 for both of our boys, which is pre tax saving for college if people don't know what that is. And he had a scholarship so he had extra. And so I, I said to Michael, you, you should roll this into a Roth.

How much did he have in there?

How much did he have in there?

He had more than the 35 K. So I, you're, you're only allowed to do $35,000 but he had more from a scholarship. So we, we're putting that into a Roth IRA but boy explain...

He had more than the 35 K. So I, you're, you're only allowed to do $35,000 but he had more from a scholarship. So we, we're putting that into a Roth IRA but boy explain...

You could only... just so you know how it actually works. He can only put in the maximum, which is this year is $7000. He cannot take

You could only... just so you know how it actually works. He can only put in the maximum, which is this year is $7000. He cannot take

all 35,000 and put it in at once just so, you know.

all 35,000 and put it in at once just so, you know.

Correct. Thank you for clarifying that. But for him, it's like, you know, explaining how, wow, over time this money, if you do it right will work for you and when it's time to use it, you would be very surprised as to how it has added up and how meaningful it can be. So

Correct. Thank you for clarifying that. But for him, it's like, you know, explaining how, wow, over time this money, if you do it right will work for you and when it's time to use it, you would be very surprised as to how it has added up and how meaningful it can be. So

for moms like me and Michelle's got a teenage daughter, what's your recommendation for how to change the mindset and

for moms like me and Michelle's got a teenage daughter, what's your recommendation for how to change the mindset and

the lifestyle of kids because, and, and get them financially independent and thinking about their own finances versus relying on us. Yeah.

the lifestyle of kids because, and, and get them financially independent and thinking about their own finances versus relying on us. Yeah.

So teach them about compounding. I have an example of compounding and I'm going to use an investment rate. That is just for an example, for an illustration to make a point.

So teach them about compounding. I have an example of compounding and I'm going to use an investment rate. That is just for an example, for an illustration to make a point.

It's not something that I think is gonna happen, but it's come close, you start putting $100 a month every single month into a Roth Ira at the age of, let's just say 25 and you can adjust this all the way down to wherever, but let's just say 25 and you do that every single month till you are 65

It's not something that I think is gonna happen, but it's come close, you start putting $100 a month every single month into a Roth Ira at the age of, let's just say 25 and you can adjust this all the way down to wherever, but let's just say 25 and you do that every single month till you are 65

with a 12% annual average rate of return. Now, over 40 years, the Standard and Poor's 500 index has averaged 10%.

with a 12% annual average rate of return. Now, over 40 years, the Standard and Poor's 500 index has averaged 10%.

But I like using 12% for to make an example out of this. So after 12, after getting a 12% annual average rate of return, which means one year, it's up 30% the next year, it's down 40. But over those 40 years, that's what it has averaged. You would have $1 million in your Roth IRA tax free. You think to yourself,

But I like using 12% for to make an example out of this. So after 12, after getting a 12% annual average rate of return, which means one year, it's up 30% the next year, it's down 40. But over those 40 years, that's what it has averaged. You would have $1 million in your Roth IRA tax free. You think to yourself,

I'm still young. I'm 25. What difference can $100 a month make? Which is $1200 a year? 10 years, that's $12,000. What difference can $12,000. Make mom, I'll start when I'm 35 and I'm just gonna have fun while I'm young. If you start at 35 rather than

I'm still young. I'm 25. What difference can $100 a month make? Which is $1200 a year? 10 years, that's $12,000. What difference can $12,000. Make mom, I'll start when I'm 35 and I'm just gonna have fun while I'm young. If you start at 35 rather than

25 you would have only $300,000. Those 10 years cost you $700,000. If you bring that down by 10 years and you start at 15, rather than 25 the numbers are astronomical when they start seeing the power of compounding that $100 a month can make

25 you would have only $300,000. Those 10 years cost you $700,000. If you bring that down by 10 years and you start at 15, rather than 25 the numbers are astronomical when they start seeing the power of compounding that $100 a month can make

all of a sudden a light bulb goes off and they go,

all of a sudden a light bulb goes off and they go,

wait, wait, those 10 years just cost me $700,000 and $100 a month

wait, wait, those 10 years just cost me $700,000 and $100 a month

and they start to get it.

and they start to get it.

So when you start treating them like adults and show them what the future value is, go in their room and take out something that they had to buy. They just had to get and say, all right, because I did this with KT's nieces and nephews. When we, they were younger, they were into these Power Rangers that were $25 each.

So when you start treating them like adults and show them what the future value is, go in their room and take out something that they had to buy. They just had to get and say, all right, because I did this with KT's nieces and nephews. When we, they were younger, they were into these Power Rangers that were $25 each.

So, of course, Aunt Suze goes over and I noticed they're not playing with them anymore. So I bring out the four power rangers and I put $100 on the table and I say, ok, let's choose. Would you rather have the Power Rangers or the $100? And they go, of course, the $100 and I go, that's what I thought. However you got the power rangers. So I put it back in my pocket at that point.

So, of course, Aunt Suze goes over and I noticed they're not playing with them anymore. So I bring out the four power rangers and I put $100 on the table and I say, ok, let's choose. Would you rather have the Power Rangers or the $100? And they go, of course, the $100 and I go, that's what I thought. However you got the power rangers. So I put it back in my pocket at that point.

Next time we go to the store or something, I go, I just want you to remember the example of the Power Rangers. What do you want? You want that, that you want me to get you or you want the cash and they always started to say the cash

Next time we go to the store or something, I go, I just want you to remember the example of the Power Rangers. What do you want? You want that, that you want me to get you or you want the cash and they always started to say the cash

so they get it but you have to learn how to teach it to them with real life examples.

so they get it but you have to learn how to teach it to them with real life examples.

Amen. Wow, that's great.

Amen. Wow, that's great.

How come Michelle doesn't ask me anything?

How come Michelle doesn't ask me anything?

Well, I'm just taking it all in.

Well, I'm just taking it all in.

I, I kind of hijacked this. I'm sorry, Michelle.

I, I kind of hijacked this. I'm sorry, Michelle.

You most certainly did. Girlfriend. I'm like, wait a minute, we have another incredible woman there, girlfriend. What do you need to know?

You most certainly did. Girlfriend. I'm like, wait a minute, we have another incredible woman there, girlfriend. What do you need to know?

No, I was just thinking about the fact we started, you know, we started investing for my daughter. She's just,

No, I was just thinking about the fact we started, you know, we started investing for my daughter. She's just,

she just turned 12 and I've been having those conversations with her, like I told her, I'm like, you know what? We already have like $15,000 in there and she was, she was excited to know that. And so I'm trying to start those conversations early. Um So it's good to hear about compounding because I'm gonna, I love the example.

she just turned 12 and I've been having those conversations with her, like I told her, I'm like, you know what? We already have like $15,000 in there and she was, she was excited to know that. And so I'm trying to start those conversations early. Um So it's good to hear about compounding because I'm gonna, I love the example.

Here's the thing Michelle has she ever asked you for money to buy something? And you've said no?

Here's the thing Michelle has she ever asked you for money to buy something? And you've said no?

Yes.

Yes.

No. She has to feel ownership over that money and this is the time she needs to make a mistake with it.

No. She has to feel ownership over that money and this is the time she needs to make a mistake with it.

So she wants to take out $300 for something stupid. Let her take out $300 for something stupid. And then six months from now when she's no longer doing it, then go back to her and say, well, you happy, you did that,

So she wants to take out $300 for something stupid. Let her take out $300 for something stupid. And then six months from now when she's no longer doing it, then go back to her and say, well, you happy, you did that,

that just cost you $300. Let me show you what that $300 left in there. Get yourself a compounding app with that $300 would have been worth two years or four years or five years from now. Because what they have to understand is that this doesn't cost them just $300 this costs them. What that $300 could have been later on in life

that just cost you $300. Let me show you what that $300 left in there. Get yourself a compounding app with that $300 would have been worth two years or four years or five years from now. Because what they have to understand is that this doesn't cost them just $300 this costs them. What that $300 could have been later on in life

and all of a sudden they start, they start, the little thing will go on, it will go on. How did they get that $15,000 in that account?