January 2nd, 2025. Welcome to the Women and Money podcast, as well as everyone smart enough to listen. Robert, the producer here. So with New Year's Day yesterday, right? Falling in the middle of the week, Suze and KT are gonna take an extra day to enjoy the break.

January 2nd, 2025. Welcome to the Women and Money podcast, as well as everyone smart enough to listen. Robert, the producer here. So with New Year's Day yesterday, right? Falling in the middle of the week, Suze and KT are gonna take an extra day to enjoy the break.

Now Suze will be back on Sunday with Suze's school, and today we all get to enjoy an Ask KT and Suze episode from last year. And I picked this one because I spent the holidays with my family just up the road from where KT grew up. See, we're both from New Jersey, and on this episode, we get a little bit of KT's origin story, so make sure you stay all the way to the end to the quizzy. Enjoy.

Now Suze will be back on Sunday with Suze's school, and today we all get to enjoy an Ask KT and Suze episode from last year. And I picked this one because I spent the holidays with my family just up the road from where KT grew up. See, we're both from New Jersey, and on this episode, we get a little bit of KT's origin story, so make sure you stay all the way to the end to the quizzy. Enjoy.

All right, Miss Travis, let's get to it cause I'm looking over there and has a big stack, but let me just say for any of you who would like to send in a question you need to keep them short. They should be like no more than 100 words. You go on beyond that, it's almost impossible for us to answer it, but if you would like to write in a question.

All right, Miss Travis, let's get to it cause I'm looking over there and has a big stack, but let me just say for any of you who would like to send in a question you need to keep them short. They should be like no more than 100 words. You go on beyond that, it's almost impossible for us to answer it, but if you would like to write in a question.

And send it into ask Suze SUZE podcast at gmail.com. If KT chooses it, then we will answer it on the one and only KT and Suze podcast. All right, girly!

And send it into ask Suze SUZE podcast at gmail.com. If KT chooses it, then we will answer it on the one and only KT and Suze podcast. All right, girly!

My first question I love, it's from an 11 year old girl who wants to start investing for her future.

My first question I love, it's from an 11 year old girl who wants to start investing for her future.

She said, Suze, I really want to open a brokerage account so I can make money and use it for my future. I make $24 a month by doing chores, and I plan to start babysitting soon. In my savings account. I have $4000 but my parents want me to open a custodial Roth IRA.

She said, Suze, I really want to open a brokerage account so I can make money and use it for my future. I make $24 a month by doing chores, and I plan to start babysitting soon. In my savings account. I have $4000 but my parents want me to open a custodial Roth IRA.

I don't want to open a custodial Roth IRA because I want to be able to use the money when I'm younger and invest in a house. What do you think?

I don't want to open a custodial Roth IRA because I want to be able to use the money when I'm younger and invest in a house. What do you think?

She's 11. I love this question. It's from Hazel, Suze. What should she do?

She's 11. I love this question. It's from Hazel, Suze. What should she do?

Hazel, Hazel, Hazel. All right, listen to me. You're making $24 a month. That's $288 a year. Yeah, you could put that into a Roth IRA like your parents want you to. However, I like your idea. I have to tell you, I would open up a uniform gift to Minors Act account. Your parents are going to have to do that for you as well because you're only 11.

Hazel, Hazel, Hazel. All right, listen to me. You're making $24 a month. That's $288 a year. Yeah, you could put that into a Roth IRA like your parents want you to. However, I like your idea. I have to tell you, I would open up a uniform gift to Minors Act account. Your parents are going to have to do that for you as well because you're only 11.

And invest that $24 a month. Open it up at a discount brokerage firm like Fidelity or Schwab and buy slices of great quality stocks. You can do that or great quality exchange traded funds and let that money grow.

And invest that $24 a month. Open it up at a discount brokerage firm like Fidelity or Schwab and buy slices of great quality stocks. You can do that or great quality exchange traded funds and let that money grow.

Then when you get older and you can take it all out if you want to buy a house, go for it. It's all right. I happen to agree with you.

Then when you get older and you can take it all out if you want to buy a house, go for it. It's all right. I happen to agree with you.

There we go, Hazel. My next question's from Maria. I love this one too.

There we go, Hazel. My next question's from Maria. I love this one too.

Is it financially beneficial to get married when both parties are in the mid to late 50s? One person makes 90,000 a year while the other makes 200,000. I just want us to receive all of our Social Security benefits that we are allotted. So I guess I'm asking, will we receive less or more if married?

Is it financially beneficial to get married when both parties are in the mid to late 50s? One person makes 90,000 a year while the other makes 200,000. I just want us to receive all of our Social Security benefits that we are allotted. So I guess I'm asking, will we receive less or more if married?

Has nothing to do with it.

Has nothing to do with it.

I was going to say get Suze and I

I was going to say get Suze and I

Got married in our mid-50s.

Got married in our mid-50s.

It has absolutely nothing to do at all with how much you get to get for Social Security if you are married or not. The only way it becomes beneficial is if your spouse's Social Security happens to be greater than your own and your spouse dies and you're able to take over your spouse's Social Security.

It has absolutely nothing to do at all with how much you get to get for Social Security if you are married or not. The only way it becomes beneficial is if your spouse's Social Security happens to be greater than your own and your spouse dies and you're able to take over your spouse's Social Security.

As if it were yours and vice versa, so there's absolutely some benefits in getting married, but what you really have to think about is all the other things that it means to get married. There's no estate tax for you to inherit any kind of money. There's all kinds of benefits.

As if it were yours and vice versa, so there's absolutely some benefits in getting married, but what you really have to think about is all the other things that it means to get married. There's no estate tax for you to inherit any kind of money. There's all kinds of benefits.

You get to have an anniversary every year.

You get to have an anniversary every year.

And it's like it's called love.

And it's like it's called love.

Invest in love.

Invest in love.

So I won't be worried about your Social Security. I would want you to know that you liked and loved whoever this person was and wanted to spend the rest of your life with them. OK, otherwise, ah, don't get married. Go on.

So I won't be worried about your Social Security. I would want you to know that you liked and loved whoever this person was and wanted to spend the rest of your life with them. OK, otherwise, ah, don't get married. Go on.

Well you pick some interesting ones here.

Well you pick some interesting ones here.

Next questions from Tania. Can I catch up with my Roth IRA? Hi, Susie and KT Love listening to both of you on the podcast. Here's my question.

Next questions from Tania. Can I catch up with my Roth IRA? Hi, Susie and KT Love listening to both of you on the podcast. Here's my question.

My husband lost his job last December. If it takes too long for him to find a job and we end up running out of our emergency fund, would we be able to take out from our Roth IRA, which we fully funded for several years now? My employer offers a voluntary Roth 403B. Once we're back on our feet, can we replace what we took out of the Roth IRA into my Roth 403B?

My husband lost his job last December. If it takes too long for him to find a job and we end up running out of our emergency fund, would we be able to take out from our Roth IRA, which we fully funded for several years now? My employer offers a voluntary Roth 403B. Once we're back on our feet, can we replace what we took out of the Roth IRA into my Roth 403B?

So that's the question.

So that's the question.

All right, and there's the answer. Tania, listen. You can take out any money that you originally put into your Roth IRA. Those are known as your original contributions. You can take those out without any taxes or penalties whatsoever, regardless how long it has been in there, all right.

All right, and there's the answer. Tania, listen. You can take out any money that you originally put into your Roth IRA. Those are known as your original contributions. You can take those out without any taxes or penalties whatsoever, regardless how long it has been in there, all right.

It's just the earnings on those original contributions that you can't take out until you're 59 and a half and the account's been open for 5 years. All right, so you take out $10,000. Chances are, however, if you take out $10,000 it's because you need to spend that $10,000. You need to live on that $10,000. Later on in life. Forget that $10,000 now cause it's gone.

It's just the earnings on those original contributions that you can't take out until you're 59 and a half and the account's been open for 5 years. All right, so you take out $10,000. Chances are, however, if you take out $10,000 it's because you need to spend that $10,000. You need to live on that $10,000. Later on in life. Forget that $10,000 now cause it's gone.

If you now have other money and you want to contribute to the Roth 403B at your employer's, OK, but I got news for you. Ain't gonna be with that $10,000. 1 has nothing to do with the other.

If you now have other money and you want to contribute to the Roth 403B at your employer's, OK, but I got news for you. Ain't gonna be with that $10,000. 1 has nothing to do with the other.

OK, next question, Suze is from Maria. Hi, Suze and KT.

OK, next question, Suze is from Maria. Hi, Suze and KT.

Wait, what does that make, what does that make you think of Maria?

Wait, what does that make, what does that make you think of Maria?

(KT and Suze start singing "Maria" from The Sound of Music) Yeah, I knew it. I want, I, I knew it to see how well we are in synch?

(KT and Suze start singing "Maria" from The Sound of Music) Yeah, I knew it. I want, I, I knew it to see how well we are in synch?

We can both sing together too.

We can both sing together too.

Hopefully, nobody can hear it when we do.

Hopefully, nobody can hear it when we do.

Oh, I was telling some I, I have to go off track. I was telling someone the other day, um, about you and that you have won pretty much every possible award out there except we can never call you an ECOT. Is that what it's called ECOT? And they said, why? And I said, she's never gonna get the Grammy.

Oh, I was telling some I, I have to go off track. I was telling someone the other day, um, about you and that you have won pretty much every possible award out there except we can never call you an ECOT. Is that what it's called ECOT? And they said, why? And I said, she's never gonna get the Grammy.

She can't sing.

She can't sing.

It's EGOT.

It's EGOT.

EGOT. She can't sing. All right, ready. This is from Maria. Hi, Suze and KT help, she said, Help. I'm so confused about my trust.

EGOT. She can't sing. All right, ready. This is from Maria. Hi, Suze and KT help, she said, Help. I'm so confused about my trust.

Does that mean you think one day I could get an Oscar?

Does that mean you think one day I could get an Oscar?

Possibly.

Possibly.

A Tony?

A Tony?

For sure.

For sure.

All I have is an Emmy.

All I have is an Emmy.

And you have, you have an Emmy. You have two Emmys.

And you have, you have an Emmy. You have two Emmys.

Yeah, well, that's it. So you can get up there.

Yeah, well, that's it. So you can get up there.

Well that's one out of 3.

Well that's one out of 3.

You could do an Oscar, do a cameo role...

You could do an Oscar, do a cameo role...

And win an Oscar?

And win an Oscar?

Absolutely.

Absolutely.

All right now. Go on KT.

All right now. Go on KT.

Maria says help. I'm so confused about trust.

Maria says help. I'm so confused about trust.

How to find a trust, where to go to set up a trust, and what exactly I can put into a trust. Will you please ready for this? Will you please consider doing a Suze school on this topic.

How to find a trust, where to go to set up a trust, and what exactly I can put into a trust. Will you please ready for this? Will you please consider doing a Suze school on this topic.

So she said, since listening to you, I have saved over $15,000 in my Alliant savings over the past year and a half. Hear that, everybody, year and a half. And then she said, I look forward to every Thursday and Sunday. Thank you, ladies. Can you enlighten Maria about a trust and why everyone needs one.

So she said, since listening to you, I have saved over $15,000 in my Alliant savings over the past year and a half. Hear that, everybody, year and a half. And then she said, I look forward to every Thursday and Sunday. Thank you, ladies. Can you enlighten Maria about a trust and why everyone needs one.

Maria, go to the Women and Money community app.

Maria, go to the Women and Money community app.

And you'll see on one of the little squares that comes up, you can search the podcast for past content, put in living revocable trust and hopefully.

And you'll see on one of the little squares that comes up, you can search the podcast for past content, put in living revocable trust and hopefully.

Um, articles or blogs or podcasts will come up on that topic. I have done many, many, many. If you happen to have my Ultimate Retirement Guide for 50+, I do an extraordinary job explaining them in that book as well, as far as almost every book I've ever

Um, articles or blogs or podcasts will come up on that topic. I have done many, many, many. If you happen to have my Ultimate Retirement Guide for 50+, I do an extraordinary job explaining them in that book as well, as far as almost every book I've ever

written, I have delved in to how a living revocable trust works, how you fund it, and all of those things. All right go on.

written, I have delved in to how a living revocable trust works, how you fund it, and all of those things. All right go on.

Suze, next question is from Cherry. Hi, Suze and KT. I love your podcast. My question is in regards to leaving your 401k employer's plan after you retire.

Suze, next question is from Cherry. Hi, Suze and KT. I love your podcast. My question is in regards to leaving your 401k employer's plan after you retire.

I've been retired for 4 years, and I've not done a roll over to an IRA for a couple of reasons. One, I don't feel comfortable with financial planners. It's a good reason. Two, low administration fees. I've heard that this is not the most effective way to maintain my retirement savings. Please advise.

I've been retired for 4 years, and I've not done a roll over to an IRA for a couple of reasons. One, I don't feel comfortable with financial planners. It's a good reason. Two, low administration fees. I've heard that this is not the most effective way to maintain my retirement savings. Please advise.

So here's what I've always said. What is the goal of

So here's what I've always said. What is the goal of

money? Dumroll, KT, what is it?

money? Dumroll, KT, what is it?

To be secure.

To be secure.

That's right, girlfriend. So Cherry, listen, if you feel comfortable with your 401k employer's plan, stay there. What do you care? A lot of people do an IRA rollover to diversify their investments. They want more than maybe the few mutual funds that your employer's plan happens to offer.

That's right, girlfriend. So Cherry, listen, if you feel comfortable with your 401k employer's plan, stay there. What do you care? A lot of people do an IRA rollover to diversify their investments. They want more than maybe the few mutual funds that your employer's plan happens to offer.

However, if you're comfortable there and that's where you want to keep it, I don't have a problem with that. All right, KT.

However, if you're comfortable there and that's where you want to keep it, I don't have a problem with that. All right, KT.

OK, Suze, I have a question here about divorce. All right, all right, I'm getting divorced and our retirement assets of 401k, Roth IRA are getting divided 50/50. I'm going to retire in 2 years and will use Social Security and my retirement accounts. How is all of this rollover transfer

OK, Suze, I have a question here about divorce. All right, all right, I'm getting divorced and our retirement assets of 401k, Roth IRA are getting divided 50/50. I'm going to retire in 2 years and will use Social Security and my retirement accounts. How is all of this rollover transfer

conversion different for me. I will get Social Security through my husband's account. He had a better income and we were married over 10 years.

conversion different for me. I will get Social Security through my husband's account. He had a better income and we were married over 10 years.

So in answering this, you know, we never use people's names who are going through a divorce until it's final because you just never know who's listening to this podcast, but you have nothing to worry

So in answering this, you know, we never use people's names who are going through a divorce until it's final because you just never know who's listening to this podcast, but you have nothing to worry

about it's transfer conversion roll over that doesn't really matter here. What's going to happen is half of his assets are going to end up in your retirement account with your individual name on it and then it will be yours just that simple, so don't worry on any level. All right, KT.

about it's transfer conversion roll over that doesn't really matter here. What's going to happen is half of his assets are going to end up in your retirement account with your individual name on it and then it will be yours just that simple, so don't worry on any level. All right, KT.

All right, this is from Lisa.

All right, this is from Lisa.

Hi Suze, I'm 55 years old. My home is paid for and is valued between 400 to 430,000. I have zero debt except for two vehicle loans that are for my company vehicles, and my company makes the payments each month. I am a small business owner. I have a very small traditional IRA valued at about 25,000.

Hi Suze, I'm 55 years old. My home is paid for and is valued between 400 to 430,000. I have zero debt except for two vehicle loans that are for my company vehicles, and my company makes the payments each month. I am a small business owner. I have a very small traditional IRA valued at about 25,000.

And I have a savings account for emergencies also valued at about 25,000. My question is, should I tap into my home equity to make an investment in another property or any other kind of investment, or should I sit on my property

And I have a savings account for emergencies also valued at about 25,000. My question is, should I tap into my home equity to make an investment in another property or any other kind of investment, or should I sit on my property

and continue to have no mortgage payments to make? Now here's something interesting. She said, I know I need to be contributing more to the IRA each month and I also need to look into long-term care insurance. So now remember she's only 55.

and continue to have no mortgage payments to make? Now here's something interesting. She said, I know I need to be contributing more to the IRA each month and I also need to look into long-term care insurance. So now remember she's only 55.

I wish you could see my face right now because my face would tell you, oh, you are so denied just no way listen when you take out a home equity line of credit you have to look at what the current interest rates are on home equity lines of credit, and they are very, very high. That's number one. You have to look at the price of real estate today, the price of the interest rate on a mortgage today.

I wish you could see my face right now because my face would tell you, oh, you are so denied just no way listen when you take out a home equity line of credit you have to look at what the current interest rates are on home equity lines of credit, and they are very, very high. That's number one. You have to look at the price of real estate today, the price of the interest rate on a mortgage today.

And the main thing you have to look at is your emergency fund. You have $25,000 in an emergency fund, and I have a feeling that if you were to look at everything that is not 8 months of expenses for you to be safe and sound, so no, you are not to do this. You are to contribute more to your retirement accounts. You are to make sure that your cars, there's no debt on it. You are to make sure

And the main thing you have to look at is your emergency fund. You have $25,000 in an emergency fund, and I have a feeling that if you were to look at everything that is not 8 months of expenses for you to be safe and sound, so no, you are not to do this. You are to contribute more to your retirement accounts. You are to make sure that your cars, there's no debt on it. You are to make sure

that you have long term care insurance. Take care of your tomorrows today by investing in yourself, people first, then money, then things. Absolutely not under any circumstance.

that you have long term care insurance. Take care of your tomorrows today by investing in yourself, people first, then money, then things. Absolutely not under any circumstance.

Denied.

Denied.

Yeah, so denied.

Yeah, so denied.

This is from Cathy. This is very dear to my heart, this one. Dear Suze and KT, thank you for sharing the recent emails related to caring for ill family members.

This is from Cathy. This is very dear to my heart, this one. Dear Suze and KT, thank you for sharing the recent emails related to caring for ill family members.

My twin and I are helping out our out of state sister serving as her medical and financial power of attorney respectively. She's taken a turn for the worse and has really bad cancer, so we're so sorry for your sister's illness.

My twin and I are helping out our out of state sister serving as her medical and financial power of attorney respectively. She's taken a turn for the worse and has really bad cancer, so we're so sorry for your sister's illness.

My sister suggested adding me to her bank accounts to assist with paying her bills. My question is, if my sister dies, am I liable for her unpaid expenses at death?

My sister suggested adding me to her bank accounts to assist with paying her bills. My question is, if my sister dies, am I liable for her unpaid expenses at death?

Her medical and living expenses are greater than her Social Security income.

Her medical and living expenses are greater than her Social Security income.

Yeah, no, you will not be responsible for any debt that is in her individual name. That debt will essentially either die with her or they will come back against the state and ask for money and the estate will have to pay for it.

Yeah, no, you will not be responsible for any debt that is in her individual name. That debt will essentially either die with her or they will come back against the state and ask for money and the estate will have to pay for it.

But let's say your sister had absolutely no money at all, just enough to pay her monthly bills from her Social Security. They wouldn't be able to get anything. But if your sister dies, you will not be liable for her unpaid expenses at death, but her estate will be. But that isn't you personally, so whatever money she has in her name or in the account.

But let's say your sister had absolutely no money at all, just enough to pay her monthly bills from her Social Security. They wouldn't be able to get anything. But if your sister dies, you will not be liable for her unpaid expenses at death, but her estate will be. But that isn't you personally, so whatever money she has in her name or in the account.

That isn't your liability. It's cash in that account may have to go to some of her debt.

That isn't your liability. It's cash in that account may have to go to some of her debt.

So it's OK that she puts her name, the sister puts her name on the bank account.

So it's OK that she puts her name, the sister puts her name on the bank account.

Yes, because then it will make it easy for her truthfully to use the money and to access to access the money and pay her bills and things like that.

Yes, because then it will make it easy for her truthfully to use the money and to access to access the money and pay her bills and things like that.

There you go. So Carol is the next question we have, and it said, Dear Suze and KT, thank you for all you do for so many. You're welcome, Carol.

There you go. So Carol is the next question we have, and it said, Dear Suze and KT, thank you for all you do for so many. You're welcome, Carol.

And she said, I have a sister-in-law who is $12,000 in debt on 5 credit cards. She's 82 years old and in very good health. Wait, this gets really better. She even teaches yoga classes to try to make ends meet, earning about $600 a month. Her Social Security and small pension yield is $1900 a month. Her rent is $1000 a month, and her utilities are around $150.

And she said, I have a sister-in-law who is $12,000 in debt on 5 credit cards. She's 82 years old and in very good health. Wait, this gets really better. She even teaches yoga classes to try to make ends meet, earning about $600 a month. Her Social Security and small pension yield is $1900 a month. Her rent is $1000 a month, and her utilities are around $150.

She has some car insurance payments, but the car's paid off in getting old and needs repairs on occasion. 82 years old. Ready? She's moved her credit cards from one to the other time and time again to stretch out the zero interest, but now I'm interested in getting all of those cards paid off and ensuring she does not add any more debt to the credit cards.

She has some car insurance payments, but the car's paid off in getting old and needs repairs on occasion. 82 years old. Ready? She's moved her credit cards from one to the other time and time again to stretch out the zero interest, but now I'm interested in getting all of those cards paid off and ensuring she does not add any more debt to the credit cards.

The question is, am I able to legally prevent her from opening other credit cards?

The question is, am I able to legally prevent her from opening other credit cards?

No, you are not.

No, you are not.

Do you think I have a chance of negotiating the balances down with a credit card company, or should both of us go to consumer credit counseling type of an agency? Which one would you recommend?

Do you think I have a chance of negotiating the balances down with a credit card company, or should both of us go to consumer credit counseling type of an agency? Which one would you recommend?

So let me just tell you about your little sister-in-law.

So let me just tell you about your little sister-in-law.

She teaches yoga classes at 82, right? I can't even take a yoga class, let alone teach a yoga class, but for her to move her credit cards from one to another at a 0% interest rate, that means your sister-in-law has a high FICO score.

She teaches yoga classes at 82, right? I can't even take a yoga class, let alone teach a yoga class, but for her to move her credit cards from one to another at a 0% interest rate, that means your sister-in-law has a high FICO score.

And therefore she's doing OK. She hasn't gotten herself into credit card trouble in terms of being late with her payments. If you are going to negotiate the balances down with the credit card companies, they're only going to do that if she's been missing payments and has a poor FICO score. Aand she's delinquent, and you don't want that for her, so no, you can't do that, as I just said a few seconds ago, no, you're not able

And therefore she's doing OK. She hasn't gotten herself into credit card trouble in terms of being late with her payments. If you are going to negotiate the balances down with the credit card companies, they're only going to do that if she's been missing payments and has a poor FICO score. Aand she's delinquent, and you don't want that for her, so no, you can't do that, as I just said a few seconds ago, no, you're not able

to legally prevent her from opening other credit cards, nor should you, because she's doing pretty good transferring them from one 0% to another. She's doing great that way. And should she go through consumer credit counseling, I don't think so because you're gonna have to pay them $10 or $15 a month to do what? To get her credit card interest rate down to $0 which she's already done. So no, that's not going to help. So truthfully, my dear Carol.

to legally prevent her from opening other credit cards, nor should you, because she's doing pretty good transferring them from one 0% to another. She's doing great that way. And should she go through consumer credit counseling, I don't think so because you're gonna have to pay them $10 or $15 a month to do what? To get her credit card interest rate down to $0 which she's already done. So no, that's not going to help. So truthfully, my dear Carol.

You really need to let your sister-in-law continue to do exactly what she's doing. She's obviously has a body that's very flexible and can stretch, and she's being very flexible in stretching the money that she has to make it go even further than you have any idea. So for now, if it were me.

You really need to let your sister-in-law continue to do exactly what she's doing. She's obviously has a body that's very flexible and can stretch, and she's being very flexible in stretching the money that she has to make it go even further than you have any idea. So for now, if it were me.

I would leave it alone.

I would leave it alone.

Next question, Suze, is from Mary Ellen. My husband wants to open a second Roth IRA. He's 74 and I am 65. We already have separate ones, and we both have earned income besides our Social Security. I'm leaning against this because we would have to wait 5 years before we can withdraw.

Next question, Suze, is from Mary Ellen. My husband wants to open a second Roth IRA. He's 74 and I am 65. We already have separate ones, and we both have earned income besides our Social Security. I'm leaning against this because we would have to wait 5 years before we can withdraw.

So basically she's asking what are the pros and cons.

So basically she's asking what are the pros and cons.

If there's all kinds of pros. Are you kidding me? First of all, you need to understand that any money you were originally put into your Roth IRA you can take out at any time you

If there's all kinds of pros. Are you kidding me? First of all, you need to understand that any money you were originally put into your Roth IRA you can take out at any time you

want to regardless of how old you are or how long it has been in there, that's not a problem. So if you combine that with your other Roth IRAs, I'm sure you'll have enough money. It's only the earnings that you cannot touch for at least 5 years, but because you're already over 59 and a half,

want to regardless of how old you are or how long it has been in there, that's not a problem. So if you combine that with your other Roth IRAs, I'm sure you'll have enough money. It's only the earnings that you cannot touch for at least 5 years, but because you're already over 59 and a half,

then there's no 10% penalty, so it doesn't even matter if you touch the earnings. You're not going to be penalized 10%. You're only going to have to pay ordinary income on it anyway, which would be true if you took this money, you invested it, let's say, in a CD, and now you're getting interest, you'd be paying ordinary income tax on that interest. So in my opinion there are no cons whatsoever.

then there's no 10% penalty, so it doesn't even matter if you touch the earnings. You're not going to be penalized 10%. You're only going to have to pay ordinary income on it anyway, which would be true if you took this money, you invested it, let's say, in a CD, and now you're getting interest, you'd be paying ordinary income tax on that interest. So in my opinion there are no cons whatsoever.

The pros also are if you don't need to access this money and now it grows and grows and grows and you die and it goes to your beneficiaries, it's all tax free. So in this case, listen to your husband. KT, do you realize what you did in this podcast?

The pros also are if you don't need to access this money and now it grows and grows and grows and you die and it goes to your beneficiaries, it's all tax free. So in this case, listen to your husband. KT, do you realize what you did in this podcast?

No. What did I do?

No. What did I do?

What did you do?

What did you do?

Did I do something wrong?

Did I do something wrong?

No, ding ding ding ding ding.

No, ding ding ding ding ding.

What did I do?

What did I do?

Every single question that you asked

Every single question that you asked

was what? From a woman.

was what? From a woman.

Oh, that's great.

Oh, that's great.

Did you do that unconsciously or on purpose?

Did you do that unconsciously or on purpose?

No, just unconsciously. I didn't think about it.

No, just unconsciously. I didn't think about it.

You didn't, did you? All right. And I was just sitting here, everybody going, another woman, another woman, because there are some times when she chooses a lot of men and you write me and you go, what about the women? This is a Women and Money podcast. everyone's smart enough to listen, so don't worry about it.

You didn't, did you? All right. And I was just sitting here, everybody going, another woman, another woman, because there are some times when she chooses a lot of men and you write me and you go, what about the women? This is a Women and Money podcast. everyone's smart enough to listen, so don't worry about it.

KT, are you ready for your quizzy?

KT, are you ready for your quizzy?

OK, I'm always ready for a quizzy. Is everyone else ready? That's the question you wanna ask, right?

OK, I'm always ready for a quizzy. Is everyone else ready? That's the question you wanna ask, right?

This is going to be a little bit different of a quizzy for you, so I want you to answer it.

This is going to be a little bit different of a quizzy for you, so I want you to answer it.

In the best way and actually shortest way you know possible.

In the best way and actually shortest way you know possible.

Hi, Suze. I have been an avid listener of your podcast for 2 years now, and I just love the KT and Suze podcast.

Hi, Suze. I have been an avid listener of your podcast for 2 years now, and I just love the KT and Suze podcast.

Could you have a KT interview? We know about you, Suze, your rags to riches story, but what about KT? She is such a sweetheart, very caring, and will giggle at the drop of a hat. She is also so caring and will also cry at the drop of a hat. All we know is that KT has a twin sister named Lynne. I mean, what does KT stand for? What is KT's background?

Could you have a KT interview? We know about you, Suze, your rags to riches story, but what about KT? She is such a sweetheart, very caring, and will giggle at the drop of a hat. She is also so caring and will also cry at the drop of a hat. All we know is that KT has a twin sister named Lynne. I mean, what does KT stand for? What is KT's background?

So that is your quizzy, this one man on this podcast by the name of Dennis.

So that is your quizzy, this one man on this podcast by the name of Dennis.

OK, let me give everyone a 32nd commercial of who I am. I'm not shy about this at all. KT stands for Kathy Travis. I was born and raised in New Jersey right on the ocean on the shore with a fabulous Italian mother and father, and I have 5 siblings.

OK, let me give everyone a 32nd commercial of who I am. I'm not shy about this at all. KT stands for Kathy Travis. I was born and raised in New Jersey right on the ocean on the shore with a fabulous Italian mother and father, and I have 5 siblings.

And with myself is 6 kids and my twin sister is the eldest. She's 3 minutes older than me.

And with myself is 6 kids and my twin sister is the eldest. She's 3 minutes older than me.

How many bathrooms were in your house?

How many bathrooms were in your house?

One and a half.

One and a half.

All right, so there were 8 people in a house with one and half bathrooms.

All right, so there were 8 people in a house with one and half bathrooms.

You don't even want to know those stories, but.

You don't even want to know those stories, but.

But anyway, shortly thereafter I went was fortunate enough to go to school and then I made my way to Hong Kong to visit a friend and I fell in love with the Far East, so much so.

But anyway, shortly thereafter I went was fortunate enough to go to school and then I made my way to Hong Kong to visit a friend and I fell in love with the Far East, so much so.

How old were you?

How old were you?

Um, 27... about 27

Um, 27... about 27

Before you were 27, KT tell everybody what you did.

Before you were 27, KT tell everybody what you did.

OK, so I left college, left school, went right to New York.

OK, so I left college, left school, went right to New York.

What school did you go to?

What school did you go to?

Rhode Island School of Design.

Rhode Island School of Design.

RISD.

RISD.

What was your degree in?

What was your degree in?

It was in illustration at the time, so I graduated in '74, but I graduated earlier than my class by a semester, so I got to New York

It was in illustration at the time, so I graduated in '74, but I graduated earlier than my class by a semester, so I got to New York

in January, everyone else got there later in the summer so I go to New York. I start working and I eventually opened a really great little hot shop and had an advertising company that was fabulous and got involved with fashion and all kinds of things.

in January, everyone else got there later in the summer so I go to New York. I start working and I eventually opened a really great little hot shop and had an advertising company that was fabulous and got involved with fashion and all kinds of things.

How old are you now?

How old are you now?

I'm 21, 21.

I'm 21, 21.

So I had a, a very, very um interesting and very exciting beginning in New York City and was friends with people of the likes of Andy Warhol and, you know, quite a few very famous fashion designers. I worked for Liz Claiborne in the very early days and lots of, you know, Ralph Lauren people that I knew.

So I had a, a very, very um interesting and very exciting beginning in New York City and was friends with people of the likes of Andy Warhol and, you know, quite a few very famous fashion designers. I worked for Liz Claiborne in the very early days and lots of, you know, Ralph Lauren people that I knew.

And did you do Studio 54?

And did you do Studio 54?

Yeah, I was hot. I had a real hot.

Yeah, I was hot. I had a real hot.

No, I had a very, very exciting New York life. So one thing leads to another. I then go to Hong Kong to visit a friend and end up making 6 trips in 1980 back and forth to Hong Kong and eventually I was in love and eventually I got a job with Ogilvy. Ogilvy and Mather advertising, but my job was a startup. It was a startup and I was hired.

No, I had a very, very exciting New York life. So one thing leads to another. I then go to Hong Kong to visit a friend and end up making 6 trips in 1980 back and forth to Hong Kong and eventually I was in love and eventually I got a job with Ogilvy. Ogilvy and Mather advertising, but my job was a startup. It was a startup and I was hired.

And given a very small amount of money, 1200 square feet, and a secretary by the name of Kelly Chua, and I started that business and grew it to be a rather large multi-million dollar agency for Ogilvy, but it was a special agency. We did brand development, brand management. We were the first computerized design firm in the Far East. I then.

And given a very small amount of money, 1200 square feet, and a secretary by the name of Kelly Chua, and I started that business and grew it to be a rather large multi-million dollar agency for Ogilvy, but it was a special agency. We did brand development, brand management. We were the first computerized design firm in the Far East. I then.

What was your position there?

What was your position there?

I was the president.

I was the president.

Uh-huh. So did you hear that, everybody, I one of the 5th 5 divisions at that time.

Uh-huh. So did you hear that, everybody, I one of the 5th 5 divisions at that time.

Only woman, only woman. 5 companies under Ogilvy's umbrella, and I was the only woman, the youngest president of them all and the most profitable. They called me the cash cow. I didn't know what that meant, but everyone was, you know, British. All my other bosses were British. Oh, she's a cash cow, and I was

Only woman, only woman. 5 companies under Ogilvy's umbrella, and I was the only woman, the youngest president of them all and the most profitable. They called me the cash cow. I didn't know what that meant, but everyone was, you know, British. All my other bosses were British. Oh, she's a cash cow, and I was

always wondering what did that mean? And it meant that I was the most profitable for the investment or for the size of the company than all of the other four. In any event, what I really love about my story and my 20 years in the Far East is that I opened 7 more offices in 7 countries and had the most incredible portfolio of clients in the world.

always wondering what did that mean? And it meant that I was the most profitable for the investment or for the size of the company than all of the other four. In any event, what I really love about my story and my 20 years in the Far East is that I opened 7 more offices in 7 countries and had the most incredible portfolio of clients in the world.

I worked with very, very high fashion. I worked, when I say high fashion, all of the couture designers from Europe, Japan, even America, Donna Karan, we opened her first store.

I worked with very, very high fashion. I worked, when I say high fashion, all of the couture designers from Europe, Japan, even America, Donna Karan, we opened her first store.

I worked with Joyce Ma, Joyce Boutiques, which was unbelievable.

I worked with Joyce Ma, Joyce Boutiques, which was unbelievable.

Who brought every designer to the Far East Far East.

Who brought every designer to the Far East Far East.

I worked with all of the five star hotels and properties. I was able to open for Eric Hilton, the first Conrad in the world in Hong Kong. I opened for Bill Marriott, the first, uh, Marriott Hotel that was a 5 star in the Ritz-Carlton and everything else that he bought.

I worked with all of the five star hotels and properties. I was able to open for Eric Hilton, the first Conrad in the world in Hong Kong. I opened for Bill Marriott, the first, uh, Marriott Hotel that was a 5 star in the Ritz-Carlton and everything else that he bought.

And I had the time of my life and I opened for the Sheraton Group, the first hotel in Kathmandu. So we had an extremely

And I had the time of my life and I opened for the Sheraton Group, the first hotel in Kathmandu. So we had an extremely

Um, you know, very, very exciting, and for Isy Sharp, the Four Seasons, we don't want to forget him and the Almond Resorts. Those were the real lux properties. So here I am, this relatively young president traveling all over Asia, living the high life, working with unbelievable creme de la creme brands, and then I meet Suze.

Um, you know, very, very exciting, and for Isy Sharp, the Four Seasons, we don't want to forget him and the Almond Resorts. Those were the real lux properties. So here I am, this relatively young president traveling all over Asia, living the high life, working with unbelievable creme de la creme brands, and then I meet Suze.

20 years after a very illustrious life in the Far East and I still and I brought Suze to Hong Kong in China and

20 years after a very illustrious life in the Far East and I still and I brought Suze to Hong Kong in China and

Malaysia and Thailand, you name it, we went everywhere, so my background is in advertising. I was always behind the camera. Suze was always in front of the camera and when we met each other, which was in San Francisco where I had purchased property, I remember I was very successful in making quite a lot of money in my late 30s and 40s, a lot of money, and I needed to invest it, so I bought fabulous property and.

Malaysia and Thailand, you name it, we went everywhere, so my background is in advertising. I was always behind the camera. Suze was always in front of the camera and when we met each other, which was in San Francisco where I had purchased property, I remember I was very successful in making quite a lot of money in my late 30s and 40s, a lot of money, and I needed to invest it, so I bought fabulous property and.

And I didn't even live in it. And then I met Suze in San Francisco when I finally moved into one of my homes, and there that...

And I didn't even live in it. And then I met Suze in San Francisco when I finally moved into one of my homes, and there that...

KT was still going back and forth all the time, always commuting would go back and forth like every weekend, like it was the craziest thing I'd ever seen, but that is a small glimpse, really a small glimpse of the extra...

KT was still going back and forth all the time, always commuting would go back and forth like every weekend, like it was the craziest thing I'd ever seen, but that is a small glimpse, really a small glimpse of the extra...

to the life of KT and Suze.

to the life of KT and Suze.

And so now Dennis, you know.

And so now Dennis, you know.

And there's only one thing we want all of you to know and to remember when it comes to your money, and it is this - people first, then money, then things. Now you stay safe and you absolutely do you hear us? Stay unstoppable.

And there's only one thing we want all of you to know and to remember when it comes to your money, and it is this - people first, then money, then things. Now you stay safe and you absolutely do you hear us? Stay unstoppable.