Latest / Suze Orman's Women & Money (And Everyone Smart Enough To Listen) / Don’t Wait, For It Could Be Too Late

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Don’t Wait, For It Could Be Too Late · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:08
  KT: November 20th, 2025.
• 0:11
  Suze: Welcome everybody to the Women in Money podcast, and everyone's
• 0:14
  Suze: smart enough to listen.
• 0:15
  KT: You know why she's laughing? This is like take seven.
• 0:18
  KT: She didn't like any of the openings, so she keeps
• 0:21
  KT: doing it over and over and over again, and I
• 0:23
  KT: need another cup of coffee.
• 0:26
  Suze: Anyway, this is the Ask KT and Suze Anything edition.
• 0:32
  Suze: And what's today, KT?
• 0:34
  KT: It's November 20th, which means it's seven days out till Thanksgiving.
• 0:39
  Suze: And that is one of our favorite holidays. And this
• 0:42
  Suze: year we will be spending it in Florida, and most
• 0:47
  Suze: of our relatives are flying in, and Lynn, KT's sister,
• 0:51
  Suze: will be hosting it. So we're kind of
• 0:54
  Suze: excited because we're just going to be guests.
• 0:55
  KT: We don't have to do anything.
• 1:00
  Suze: And even Colo's wife Annie is going to be flying
• 1:05
  Suze: in and they're going to his brother's house, but they
• 1:09
  Suze: are coming to our condo for the tradition, which is
• 1:13
  Suze: making stuffing. So Colo and I will still be making
• 1:16
  Suze: the stuffing for the family. Now, two things before we begin.
• 1:23
  Suze: Number one, as you know, last Sunday, and I hope
• 1:26
  Suze: you enjoyed it, was another Suze School with Mr. Fitz Fitzy,
• 1:31
  Suze: Keith Fitz-Gerald. By the way, if you want to see that,
• 1:35
  Suze: you can also go to youtube.com/Suze Orman, and that particular
• 1:40
  Suze: episode we videoed so you can even watch us in action.
• 1:45
  Suze: A lot of you have questions, especially about one section
• 1:49
  Suze: called the free trade, and I'll explain that more on Sunday.
• 1:54
  Suze: But on Sunday I'm going to be addressing your questions
• 1:58
  Suze: that you have written into the Women and Money Community app,
• 2:02
  Suze: that by the way, all of you can download for
• 2:05
  Suze: free by going to Google Play or Apple Apps. Also
• 2:09
  Suze: on Sunday's Suze School, I will be going over the
• 2:13
  Suze: new limits for retirement accounts, the qualifications to get a
• 2:18
  Suze: Roth IRA, all of that, so don't miss it. However,
• 2:23
  Suze: we have one other thing that we want to talk
• 2:26
  Suze: about right now before we start the questions, and that's
• 2:28
  Suze: what we call warning, warning, warning.
• 2:31
  Suze: Warning and tell them why KT.
• 2:32
  KT: This concerned me and as soon as I read this,
• 2:36
  KT: I knew Suze had to give you all a big warning.
• 2:41
  KT: So let me read this. This is from Amy. She said,
• 2:43
  KT: Hi Suze. I'm verifying that you replied to me on
• 2:47
  KT: your wall and sent me a link to download WhatsApp
• 2:52
  KT: app to go over my financials and make my portfolio
• 2:56
  KT: more liquid and to buy Bitcoin.
• 3:00
  KT: In this day and age, I need to verify with
• 3:03
  KT: all the fraud going on, and then she said, I
• 3:06
  KT: had a feeling in my stomach and asked, is this real?
• 3:10
  KT: And it is not.
• 3:11
  Suze: It is not. So I want all of you to
• 3:13
  Suze: listen and listen very closely.
• 3:16
  Suze: I am never ever ever going to answer you on
• 3:20
  Suze: a wall or in a public place. Maybe I will
• 3:24
  Suze: reply if you say something in the Women and Money
• 3:27
  Suze: Community app. I may say I don't think so, or
• 3:29
  Suze: it's a good idea or just very few things, but
• 3:32
  Suze: I will never direct you
• 3:34
  Suze: to go somewhere to download something, to then take your
• 3:39
  Suze: money and say, I'm going to go over it. I
• 3:41
  Suze: am not going to go over it and buy Bitcoin,
• 3:45
  Suze: do that, none of that will ever, ever happen. Now,
• 3:48
  Suze: will I give you a URL address like must-have docs,
• 3:53
  Suze: where I would want you to go to get the
• 3:55
  Suze: must-have documents, but you'll know that that's me because you're
• 3:58
  Suze: gonna see me there.
• 4:00
  Suze: And obviously I don't really want anything from you. So
• 4:03
  Suze: there are times that I may say go to my
• 4:05
  Suze: alliant.com to get a 4.10% certificate one year. In fact,
• 4:11
  Suze: you might want to do that.
• 4:13
  KT: That's a good. That's a good idea. That's a good one, everybody.
• 4:15
  Suze: And other things that we may be working on.
• 4:18
  Suze: But never ever will I ask you to go to
• 4:23
  Suze: an app, especially a WhatsApp app. I don't use really WhatsApp,
• 4:27
  Suze: and go over your financials and make your portfolio more liquid,
• 4:31
  Suze: and to buy Bitcoin. Don't do it, don't do it.
• 4:35
  Suze: I don't care if they have my
• 4:36
  Suze: picture, I don't care whatever it is. Don't fall for that.
• 4:40
  Suze: If some article is using my picture, chances are it's
• 4:44
  Suze: not with my permission. OK KT, should we start?
• 4:48
  KT: My first question is from Madeleine. I'm devoting this question
• 4:52
  KT: to Colo.
• 4:55
  KT: Why?
• 4:56
  KT: I'll tell you why. Ready, she said, Good evening, dear Mrs. Orman.
• 5:00
  KT: I hope this will reach you...
• 5:02
  Suze: Wait, wait, stop. Mrs. Orman?
• 5:02
  KT: Mrs. Orman.
• 5:03
  Suze: Wait, KT, should I have been Mrs. Travis?
• 5:06
  KT: No, Mrs. Orman, it sounds pretty nice, just like I'm not...
• 5:10
  Suze: Why aren't you?
• 5:11
  KT: Mrs. Travis?
• 5:12
  Suze: No, Mrs. Orman. No, I like KT because then I
• 5:15
  Suze: couldn't call her KT. All right, go, go on.
• 5:17
  KT: Good evening, dear Mrs. Orman. I hope this will reach you.
• 5:21
  KT: My name is Madeline, and my husband and I worked.
• 5:24
  KT: Incredibly hard in our pizzeria for over 100 hours a
• 5:31
  KT: week with no vacations.
• 5:33
  KT: And why is it dedicated to Colo?
• 5:34
  KT: Because Colo loves pizza more than life itself, and I
• 5:37
  KT: think it's important for him to hear how difficult it
• 5:40
  KT: is to run pizzerias.
• 5:43
  Suze: That's why?
• 5:43
  KT: Yes. We did raise 3 great kids, and we are
• 5:46
  KT: grateful for them. Hubby is now 69 and I am 56.
• 5:52
  KT: We're waiting till he turns 70 to get most of
• 5:55
  KT: our Social Security. Due to so much competition here in
• 5:59
  KT: New Jersey and expensive rents, it will be hard for
• 6:03
  KT: us to retire. We don't need much. Only renting and
• 6:07
  KT: basic will be enough for us. Suze, what would you
• 6:11
  KT: advise us as to where we could invest about $10,000
• 6:16
  KT: that could help us out in retirement?
• 6:19
  KT: I'm from the Netherlands and after 30 years of hard
• 6:23
  KT: work I don't know who to trust or what to
• 6:26
  KT: do anymore. If you could give us any advice, Mrs. Orman,
• 6:30
  KT: we would be forever grateful. Is that the sweetest? I
• 6:35
  KT: thought Madeleine was very sweet and I could just see
• 6:38
  KT: her making pizza.
• 6:40
  Suze: Oh boy.
• 6:41
  KT: OK, so what can they do?
• 6:43
  Suze: First of all, Madeleine, you know, sometimes in life you
• 6:48
  Suze: just have to stand in your truth.
• 6:51
  Suze: And your truth happens to be that you are 56
• 6:55
  Suze: years of age. That's almost...
• 6:59
  Suze: right, 20 years younger than me. I want you to
• 7:02
  Suze: think about that. At 56, especially when all you may
• 7:07
  Suze: have is $10,000 to your name right now.
• 7:11
  Suze: That is not when you should be thinking about retiring.
• 7:15
  Suze: Maybe your husband is older. Maybe he's waiting for his
• 7:18
  Suze: Social Security, but even at 70, 70 and 56 is
• 7:25
  Suze: still young.
• 7:27
  Suze: So the mere fact that you have no money, but
• 7:30
  Suze: yet you're still thinking about retiring, doesn't go together. That
• 7:36
  Suze: is not the truth of your situation. The truth of
• 7:39
  Suze: your situation is, number one, you are young.
• 7:42
  Suze: Number two, you had the ability to work 100 hours
• 7:46
  Suze: a week with no vacations, and guess what? You still
• 7:49
  Suze: have that ability to do so. So it is going
• 7:53
  Suze: to be your desire to make this work and get
• 7:56
  Suze: your husband's Social Security.
• 7:58
  Suze: He can still go to work. You have 14 years
• 8:00
  Suze: or whatever it may be. You have 10 or 11
• 8:02
  Suze: years till you'll collect your Social Security or half of his,
• 8:07
  Suze: but you have time. What you need to do is
• 8:10
  Suze: not look at your money to save you, because that
• 8:14
  Suze: $10,000 will help you out in retirement if in fact what?
• 8:19
  Suze: You get in trouble. You need some money, so that
• 8:22
  Suze: goes in a money market account or into a high
• 8:25
  Suze: yield savings account or whatever it may be. You have
• 8:28
  Suze: to keep that money safe and sound. But what you
• 8:32
  Suze: have to do is you have to continue to work
• 8:35
  Suze: hard for your money because your money can't quite work
• 8:38
  Suze: hard for you because there's not quite enough of it yet.
• 8:41
  Suze: But $100 here, $200 there, whatever it may be, will help.
• 8:47
  Suze: So you say you don't know who to trust anymore.
• 8:50
  Suze: I'll tell you who to trust. You have to trust
• 8:53
  Suze: yourself that you have what it takes to do this.
• 8:57
  Suze: You have to have faith in yourself and have enough
• 9:00
  Suze: strength in knowing within yourself that you and you alone
• 9:06
  Suze: can save yourself.
• 9:08
  Suze: You said what could help you out in retirement. You
• 9:11
  Suze: know what the answer to that is you.
• 9:15
  KT: I was gonna say get a job. Yeah, get another job.
• 9:20
  Suze: But you know it's important all of you understand, please
• 9:24
  Suze: understand that life expectancy now is a lot longer. Nowhere
• 9:30
  Suze: in this email did she say that she was sick
• 9:33
  Suze: or she couldn't work or anything like that. But you
• 9:35
  Suze: know what she did say, KT? She did say that
• 9:39
  Suze: she raised three great kids and we are grateful for them.
• 9:43
  Suze: Madeline, you make sure that you talk with your great
• 9:47
  Suze: kids about this, because when you can't afford to carry
• 9:51
  Suze: yourself financially, they are the ones who need to and
• 9:55
  Suze: will want to carry you just like I did with
• 9:58
  Suze: my mom and KT did with hers. Next question, KT.
• 10:03
  KT: OK, this is from Leslie. Ready, Suze? She said teachers
• 10:06
  KT: in New York here.
• 10:09
  KT: We, I guess Leslie knows that we love teachers. Both
• 10:12
  KT: of us love, love teachers and nurses. My friend and
• 10:16
  KT: I are in our late thirties and super into finance
• 10:20
  KT: and saving for the future. I know that a Roth
• 10:23
  KT: IRA is the way to go, and I have one.
• 10:26
  KT: We have 403Bs and would like to convert them to Roth's.
• 10:30
  KT: What's the best way to do this? Directly or transfer
• 10:34
  KT: to a traditional IRA first, all at once or do
• 10:38
  KT: it slowly?
• 10:40
  KT: And that's from Mrs. P. She's a teacher, so they
• 10:44
  KT: call her Mrs. P.
• 10:45
  Suze: Mrs. P, as a teacher, you need to know the
• 10:49
  Suze: financial lesson of the day, and the financial lesson of
• 10:52
  Suze: the day is when you are working and you have
• 10:56
  Suze: a 403b, you cannot just take money out of the
• 11:00
  Suze: 403b and do what with it? Convert it to an
• 11:04
  Suze: IRA or a Roth IRA. It has got to stay
• 11:07
  Suze: in the 403B system.
• 11:10
  Suze: So the question is, does your school district have a
• 11:14
  Suze: Roth 403b that you could either transfer little by little
• 11:19
  Suze: some of the money into the Roth 403b, but all
• 11:23
  Suze: new contributions should be going to the Roth 403b. Number one,
• 11:30
  Suze: you say you already have a Roth IRA great. That
• 11:33
  Suze: means you've started the five year time clock, so you
• 11:36
  Suze: have nothing to worry about, but,
• 11:39
  Suze: that doesn't mean that you can't continue to contribute to it.
• 11:43
  Suze: So what do you do? You check with your school district,
• 11:46
  Suze: find out, do they have a Roth 403b. All new
• 11:49
  Suze: contributions go to the Roth 403b. Depending on how much
• 11:53
  Suze: you have in your 403b, if you're allowed to transfer
• 11:57
  Suze: it to the Roth 403B.
• 12:00
  Suze: Check with your CPA and find out how much can
• 12:03
  Suze: you transfer this year to not affect your tax bracket
• 12:08
  Suze: and how about next year. So divide it between two
• 12:10
  Suze: years since we're almost at the end of the year.
• 12:14
  Suze: There you go.
• 12:15
  KT: So Suze, I was a little confused. You need permission,
• 12:18
  KT: to do the transfer?
• 12:19
  Suze: Well, it's not that you need permission, KT, but not
• 12:22
  Suze: all districts have a Roth 403b number one. And even
• 12:28
  Suze: if they do, not all of them allow a transfer
• 12:33
  Suze: from the pre-tax 403b to a Roth with money. So
• 12:38
  Suze: her new contributions could probably go into a Roth 403b
• 12:41
  Suze: if they have one. No problem.
• 12:43
  Suze: But she might not be able to transfer the contribution
• 12:46
  Suze: she made to her traditional 403b. I get it. OK.
• 12:50
  KT: All right. My next question is from Jess.
• 12:53
  KT: And Jess is someone that you might have met. I
• 12:57
  KT: think you probably did meet her, and I'll tell you
• 13:00
  KT: where she said, Hi, Suze. I've been a fan since
• 13:03
  KT: one of the CCWC conferences, and I listen to your
• 13:08
  KT: podcast all the time. OK, we have to tell everyone CCWC.
• 13:13
  KT: This is probably our most favorite conference that Suze is
• 13:18
  KT: often invited to speak to. It's called the Corporate Council
• 13:22
  KT: Women of Color. These are all lawyers. Oh yeah, Laurie Robinson,
• 13:28
  KT: we love you.
• 13:29
  KT: She actually is the founder of the CCWC conferences. They
• 13:34
  KT: are so much fun, so lively, and so smart. Love them.
• 13:41
  KT: Here's her question. Jess asks, my question is related to
• 13:44
  KT: how to invest.
• 13:46
  KT: I come from a risk averse family, and I have
• 13:49
  KT: a risk averse career, so I try to have as
• 13:53
  KT: much liquid cash as possible for the fear of the unknown.
• 13:57
  KT: I owe $100,000 in student loans, and we have four children.
• 14:02
  KT: I make a little less than 500,000 a year. Now remember, everyone,
• 14:06
  KT: she's a lawyer, and again, that's why she has high
• 14:10
  KT: student loans, I'm sure, she said. My husband has no
• 14:13
  KT: debt outside of our mortgage.
• 14:15
  KT: I'd really like to invest so that my money can
• 14:18
  KT: make money to help me pay off my debt faster,
• 14:22
  KT: but we still have bills to pay and I still
• 14:25
  KT: want to have cash at the ready.
• 14:27
  KT: And then she goes on to say, Suze, I see
• 14:30
  KT: people getting into the stock market with just a couple
• 14:32
  KT: hundred dollars and somehow they multiply it exponentially, but it's not
• 14:38
  KT: clicking for me. I assume the key is patience, but
• 14:42
  KT: I see some with almost instant success, and I just
• 14:46
  KT: can't seem to figure out that algorithm.
• 14:49
  KT: So she, she must be talking to people that maybe
• 14:53
  KT: are day traders or are high risk investors.
• 14:57
  Suze: I don't know you think? Jess, let's talk. All right,
• 15:01
  Suze: let's just talk, girlfriend. You make a little less than
• 15:05
  Suze: half a million dollars a year.
• 15:09
  Suze: Now I don't know where you live. Do you live
• 15:11
  Suze: in New York, whatever, so I don't know how much
• 15:14
  Suze: of that you have left after taxes and all of
• 15:18
  Suze: your expenses. However, there's got to be some amount of
• 15:23
  Suze: money in there that you are willing to put into
• 15:28
  Suze: the stock market. Now, the stock market doesn't necessarily have
• 15:32
  Suze: to mean individual stocks.
• 15:35
  Suze: You could absolutely, let's just say you're gonna put 5,000
• 15:39
  Suze: a month, just 5,000 a month, every single month.
• 15:44
  Suze: It's not that much given that you're making 500,000 a year,
• 15:48
  Suze: 5,000 a month into the ETF, Standard and Poor's 500
• 15:54
  Suze: ETF with the symbol VOO, total diversification there, and just
• 16:01
  Suze: do that every single month and slowly but surely you'll
• 16:07
  Suze: be very happy that you did so.
• 16:10
  Suze: You say that you are in a risk averse career,
• 16:15
  Suze: but you're really not, because every time you go to court,
• 16:18
  Suze: every time you take a case, there is tremendous risk.
• 16:22
  Suze: Is your client going to win or are they going
• 16:25
  Suze: to lose? And if they come to you, Jess, they
• 16:28
  Suze: are taking a risk on you that you are going
• 16:32
  Suze: to be able to win their case or at least
• 16:36
  Suze: help them out.
• 16:38
  Suze: So you have to change how you are thinking, number one,
• 16:41
  Suze: and number two, you have got to stop comparing what
• 16:46
  Suze: you're doing and others are doing. People only love to
• 16:50
  Suze: talk about how much they're up, how much they've won.
• 16:53
  Suze: They're very seldom going to say to you, can you
• 16:56
  Suze: believe it? I lost $100,000 the other day on this.
• 17:00
  Suze: I mean, you don't even wanna know at times when
• 17:03
  Suze: I have to look at KT and I have to go,
• 17:06
  Suze: oh well, but remember,
• 17:07
  Suze: You never really lose or you never really gain unless
• 17:11
  Suze: you've sold. So, but you can see things go up
• 17:14
  Suze: or down. So when people say to you, oh, it's
• 17:17
  Suze: multiplying exponentially, that doesn't mean they made that money yet.
• 17:23
  Suze: So number one, stop comparing yourself. Number two, dollar cost averaging
• 17:28
  Suze: into a Standard Employer's ETF every single month is not
• 17:33
  Suze: a risk. And number three.
• 17:35
  Suze: You have to face your money and not be afraid
• 17:39
  Suze: of it. And if you're afraid of it, you have
• 17:42
  Suze: to figure out why, really, and then figure out what
• 17:46
  Suze: are you going to do to silence that fear. All right.
• 17:49
  KT: This next question, Suze is from Angela, and I picked this
• 17:52
  KT: one because I don't ever think people should feel this way.
• 17:56
  Suze: All right.
• 17:57
  KT: So Angela said, Suze, where do I start saving or
• 18:00
  KT: investing if I do not have a Roth 401k plan
• 18:05
  KT: and no investments? I used all I had for my
• 18:09
  KT: children's education and was not working. I am 60 years
• 18:13
  KT: old and feel ashamed at times where I am at
• 18:17
  KT: in my life.
• 18:18
  Suze: You look like you're going to cry.
• 18:20
  KT: It's very sad. She's 60.
• 18:22
  KT: And she feels ashamed. I think that's so sad. Don't
• 18:27
  KT: be ashamed.
• 18:27
  Suze: Well, first of all, Angela, you have to look at
• 18:31
  Suze: the choices that you made.
• 18:33
  Suze: You put your children's education in front of your retirement,
• 18:40
  Suze: especially at a time when you say that you were
• 18:45
  Suze: not working.
• 18:47
  Suze: So you put them in front of you. Now, I
• 18:49
  Suze: just want to put a pin in that for a second.
• 18:52
  Suze: A lot of times you hear us when we sign off,
• 18:54
  Suze: people first, then money.
• 18:57
  Suze: And really that came about because I wanted women in particular.
• 19:03
  Suze: To know that they have to put themselves first.
• 19:07
  Suze: Before their children, before their employees, before their whatever, you
• 19:13
  Suze: have to take care of yourself first. Then you have
• 19:18
  Suze: the ability to take care of your children. Since you
• 19:21
  Suze: did not do that, your children now, in my opinion,
• 19:26
  Suze: have the responsibility of taking care of you.
• 19:31
  Suze: So the question to you is this, do you have
• 19:34
  Suze: what it takes to ask them to listen to this podcast?
• 19:40
  Suze: When you've heard it and see if you can all
• 19:44
  Suze: sit down and figure out what can they do now
• 19:48
  Suze: to help you. Can they give you X percent of their
• 19:53
  Suze: income every single month? I remember when I was younger
• 19:57
  Suze: I had to do that with my mamma when my
• 19:58
  Suze: daddy died, right? She got $1,000 a month. Then she
• 20:04
  Suze: got something from my brothers, so she got money so
• 20:07
  Suze: she could live on.
• 20:09
  Suze: And we took care of her that way. You have
• 20:13
  Suze: to do the same with your children and not be
• 20:16
  Suze: ashamed to do that. That's number one. You say that
• 20:21
  Suze: you are 60 years old and feel ashamed at times.
• 20:26
  Suze: Angela, what is it possible that you could feel ashamed about?
• 20:33
  Suze: Because you didn't do anything wrong, you simply followed your heart.
• 20:40
  Suze: But here you are again at 60, and you already
• 20:44
  Suze: think it's too late. May I remind all of you
• 20:49
  Suze: that I wrote my very first book at 45.
• 20:54
  Suze: That true wealth, true success didn't come until I was
• 21:00
  Suze: in my really my mid-50s, really big success. KT is
• 21:05
  Suze: smiling over there because that's...
• 21:07
  KT: When she turned 50.
• 21:08
  Suze: That's when I met her, right?
• 21:11
  KT: Biggest success.
• 21:12
  Suze: But that's when really not so many years before where
• 21:16
  Suze: you are at 60, still fabulous working years for us.
• 21:23
  Suze: So I need you to be a warrior and not
• 21:26
  Suze: turn your back on the battlefield, and the battlefield I'm
• 21:29
  Suze: talking about is the battlefield of your own mind where
• 21:34
  Suze: you are limiting yourself, feeling you are condemned to never
• 21:38
  Suze: have anything in your life simply because you helped your kids.
• 21:43
  Suze: So let's make finances a family affair. Let's bring them in.
• 21:47
  Suze: Let's look at something that you can do. Do something.
• 21:51
  Suze: There's always something you can do, and remember there is
• 21:55
  Suze: no excuse big enough to keep you from being who
• 21:58
  Suze: you are meant to be, KT.
• 22:02
  KT: Very nice. Never too late. Never ever too late.
• 22:06
  Suze: You know, KT, I have to tell you I don't
• 22:08
  Suze: agree with that.
• 22:10
  KT: Why?
• 22:10
  Suze: You know, I used to stand on a stage and
• 22:13
  Suze: I used to say it's never too soon to begin
• 22:17
  Suze: and it's never too late to start. However,
• 22:21
  Suze: over the years some people would write me and they
• 22:24
  Suze: were 90, 95. The spouse had just died. They had
• 22:30
  Suze: absolutely no money to their name. They lost one Social
• 22:33
  Suze: Security check. They had nothing.
• 22:37
  Suze: And I was always like, I don't know what to
• 22:39
  Suze: tell them, KT, I honest to God, don't. They didn't
• 22:43
  Suze: have children. They had nobody they could go to. So
• 22:46
  Suze: what was I supposed to do? Say, oh yeah, start
• 22:49
  Suze: saving $100 a month and you'll have, what do you say?
• 22:53
  Suze: So everybody, there does come a time when even the
• 22:57
  Suze: great Suze Orman seriously had no idea what to tell
• 23:03
  Suze: you to do to help yourself, honestly.
• 23:06
  Suze: I mean, obviously you could go to churches and ask
• 23:09
  Suze: for help and things like that, but financially it was
• 23:13
  Suze: too late, so that can happen just so you know,
• 23:18
  Suze: but everybody, I tell you that story.
• 23:21
  Suze: Not to discourage you, but to inspire you, to inspire
• 23:25
  Suze: you to start now. You're 60, start now. You're 70,
• 23:32
  Suze: start now, even 80, start now.
• 23:36
  Suze: You know, just start now.
• 23:40
  KT: Now we can say don't wait because it could be
• 23:43
  KT: too late.
• 23:46
  Suze: She's so she's so proud of herself. Was that a
• 23:50
  Suze: little rhyme?
• 23:51
  KT: Yeah, don't wait because it could be too late. OK,
• 23:55
  KT: my next question is from Damien. I love my man questions.
• 23:58
  KT: He said, Hey, KT and Suze, my partner and I
• 24:01
  KT: are two guys smart enough to listen, and I'd like
• 24:05
  KT: you to settle something for us.
• 24:06
  KT: And Suze, I'm totally OK saying the six most powerful
• 24:11
  KT: words in the English language.
• 24:13
  Suze: Do you know what those words are?
• 24:13
  KT: Yes, I do, Suze, I admit that I was wrong.
• 24:17
  Suze: Yes, I have her say that all the time.
• 24:19
  KT: But Damien said, But Suze, I'd like to hear from
• 24:22
  KT: you before I concede. All right, ready? He said, we're
• 24:25
  KT: both incredible
• 24:27
  KT: savers, we have no balance on our credit cards or
• 24:29
  KT: any debt. However, he believes I'm throwing money away by
• 24:34
  KT: only using a debit card for my purchases, whereas he
• 24:38
  KT: uses his credit card to pay for everything and gets
• 24:42
  KT: 1 to 5% back with points. I feel more secure
• 24:47
  KT: nnowing that I can never spend more money than I have,
• 24:51
  KT: even if it means that I don't earn cash back
• 24:54
  KT: along the way, I'd rather not carry any debt, even
• 24:58
  KT: if I had the means to pay it off every month.
• 25:01
  KT: You just never know. We would love your thoughts and
• 25:04
  KT: thank you, Suze, for all you do.
• 25:07
  Suze: Great. Now, should that be your quizzy?
• 25:09
  KT: I can tell, yeah, make it a quizzy because I,
• 25:12
  KT: there's a keyword in there. Make it a quizzy. Make
• 25:15
  KT: it a quizzy.
• 25:16
  Suze: Ok Miss know it all. What is, what's the answer
• 25:19
  Suze: to that?
• 25:19
  KT: Secure, he said he, Damian feels secure by using a
• 25:26
  KT: debit card and knowing he can never spend more than
• 25:29
  KT: what he's got.
• 25:30
  Suze: You're positive about that answer.
• 25:32
  KT: Yeah, I think that it's more important that he, how
• 25:35
  KT: he feels than making 1 or 5% back like his part.
• 25:40
  Suze: You're positive?
• 25:41
  KT: Yeah.
• 25:42
  Suze: (Suze makes the wrong answer sound)
• 25:42
  KT: Oh, come on, Suze.
• 25:44
  Suze: Let me tell you why.
• 25:45
  KT: OK, tell me why. So Damien, get ready for I
• 25:49
  KT: admit that I was wrong. I'll say it along with you.
• 25:52
  KT: We admit that we were wrong, Damien.
• 25:55
  Suze: And here's the reason, Damien, I would never use a
• 25:57
  Suze: debit card if I were you. So you say you
• 26:00
  Suze: feel secure.
• 26:02
  Suze: But you feel secure using, in my opinion, the most
• 26:06
  Suze: insecure type of card that there is because it links
• 26:12
  Suze: directly to all the money that's in your account. KT,
• 26:16
  Suze: to this day, have you ever seen me use a
• 26:19
  Suze: debit card?
• 26:20
  KT: Never.
• 26:21
  Suze: Have you ever seen a debit card, even in our cards?
• 26:25
  Suze: We don't even ask them to issue one.
• 26:28
  KT: We don't, we don't need it.
• 26:29
  Suze: No, it's not that we don't need it. We don't
• 26:31
  Suze: even want it. All right. So therefore that's number one.
• 26:36
  Suze: Number two:
• 26:37
  Suze: Here's what I don't like.
• 26:40
  Suze: Why do you feel that your money is in control
• 26:45
  Suze: of you versus you are in control of your money?
• 26:50
  Suze: When you say you feel more secure knowing that I
• 26:53
  Suze: can never spend more than I have, that means you
• 26:56
  Suze: are not in control of your money. Therefore, that is
• 27:02
  Suze: what has to change, and to pass up free money,
• 27:06
  Suze: are you out of your mind? Do you have any
• 27:09
  Suze: idea the extent that KT and I go to to
• 27:12
  Suze: get cash back?
• 27:14
  Suze: You know, sometimes I go on to this thing where
• 27:16
  Suze: if you sign up you get 6% on anything you
• 27:18
  Suze: buy on Macy's, and then I use a cashback card
• 27:21
  Suze: at Macy's if I'm gonna buy something, so I get
• 27:23
  Suze: maybe 10% back, and I can't wait to get that
• 27:26
  Suze: $50 check or whatever it is. Are you kidding me, Damien? Therefore,
• 27:31
  Suze: you best admit that you were wrong, because in fact
• 27:34
  Suze: you are. Last question, KT.
• 27:37
  KT: OK, Suze, final question.
• 27:39
  KT: This is from Stacia or Stacia. I'm not sure how
• 27:43
  KT: to pronounce her name, Stacia, I'll say because I like that.
• 27:47
  KT: I've made a total mess of my finances because I
• 27:51
  KT: didn't know a lot of things about money. I'm behind
• 27:55
  KT: on my bills and rent and I'm about $30,000 in
• 28:00
  KT: debt and I'm overwhelmed to the point I don't sleep
• 28:03
  KT: well at night, OK.
• 28:06
  KT: All right, Stacia, she said, Suze, I'm now 51 and
• 28:10
  KT: looking at retirement in about seven to eight years. I
• 28:14
  KT: don't know where to start on how to get my
• 28:17
  KT: finances back on track.
• 28:19
  Suze: Can you help me? You know, what's funny about all
• 28:22
  Suze: these that you picked, and you did it, I think, purposely,
• 28:26
  Suze: is that the theme has been 50-year-olds, 60-year-olds, all needing
• 28:32
  Suze: more money.
• 28:33
  Suze: But yet all talking about retirement, all talking about they
• 28:37
  Suze: already retired and how can I help them, right? Have
• 28:41
  Suze: you noticed the theme you did here?
• 28:42
  KT: It's like they're running out of time.
• 28:44
  Suze: So did you do that on purpose?
• 28:45
  KT: Absolutely.
• 28:46
  Suze: How come?
• 28:47
  KT: I just think that there's a big need out there.
• 28:50
  KT: People panicking, and that none of them are sleeping at night.
• 28:53
  Suze: All right.
• 28:53
  KT: So anyway, so what can she do?
• 28:56
  Suze: You're 51 years old now.
• 28:58
  Suze: And you're looking at retirement in about seven to eight years, which
• 29:02
  Suze: brings you to about 59, and you don't know where
• 29:06
  Suze: to start on how to get your finances back on track.
• 29:10
  Suze: Here's the thing.
• 29:12
  Suze: Why is it that you're behind on your bills? You're
• 29:16
  Suze: behind on rent. Forget about how are you going to
• 29:18
  Suze: get your finances back on track so you can retire
• 29:22
  Suze: in seven to eight years, when the chances are if you're behind
• 29:26
  Suze: on your bills and your rent, you're going to get
• 29:28
  Suze: kicked out of where you live.
• 29:30
  Suze: And because you've been behind on your bills and your rent,
• 29:33
  Suze: I hate to see what your FICO score is, because
• 29:37
  Suze: your FICO score probably is now down in the 500 area,
• 29:42
  Suze: which means if you lose your apartment now, good luck
• 29:45
  Suze: with another landlord renting to you. So Stacia, this isn't
• 29:50
  Suze: about your future.
• 29:51
  Suze: This is about you right now being in trouble. If
• 29:56
  Suze: you're $30,000 in debt and you're behind on not only
• 30:01
  Suze: your bills but your rent, now you really need to
• 30:05
  Suze: figure out what should you do. Forget about the future
• 30:08
  Suze: for now. Let's deal with the present. It may be
• 30:12
  Suze: very probable, believe it or not, that you need to
• 30:15
  Suze: claim bankruptcy.
• 30:17
  Suze: You may owe more than what you are making at
• 30:20
  Suze: this point in time, and there is a rule of
• 30:24
  Suze: finance that says when you owe more than what you make,
• 30:28
  Suze: you are essentially bankrupt.
• 30:32
  Suze: So I don't say that lightly, but I can tell
• 30:35
  Suze: you there is a serious red flag here. If I
• 30:39
  Suze: were you, I would contact NFCC.org. It's the National Foundation
• 30:46
  Suze: of Credit Counselors, and see them and first start to
• 30:50
  Suze: deal with what you do have, which is debt and
• 30:53
  Suze: you're behind in your rent.
• 30:55
  Suze: After you have taken care of that, then little by
• 31:00
  Suze: little you can start digging your way out, but that,
• 31:04
  Suze: my love, is what I would do if I were you,
• 31:08
  Suze: and that
• 31:10
  Suze: is standing in your truth. So how was that, KT?
• 31:13
  Suze: Did you agree with that answer?
• 31:15
  KT: I do.
• 31:16
  Suze: Oh, those answers are so hard for me.
• 31:18
  KT: I know. You know, you hate to give it, you hate.
• 31:21
  KT: I'm sorry that I picked all these questions, but there's
• 31:24
  KT: like this trend going on. People are lost. A lot
• 31:28
  KT: of people are lost.
• 31:29
  Suze: Not if they've been listening to the Women in Money
• 31:31
  Suze: podcast for all these years and the Suze Orman show, which,
• 31:37
  Suze: by the way
• 31:38
  Suze: is on YouTube. All you have to do is go
• 31:42
  Suze: to youtube.com/Suze Orman and please subscribe because eventually we may
• 31:48
  Suze: be always broadcasting these podcasts live starting next year. We'll see.
• 31:54
  KT: That will be fun. I'd like to go in front
• 31:56
  KT: of the camera.
• 31:57
  Suze: You hate the camera.
• 31:58
  KT: I hate it, but I think it might be fun.
• 32:00
  KT: Maybe not everyone, maybe once a month. Is that so? Yeah,
• 32:05
  KT: once a month, the beginning of the month.
• 32:08
  Suze: Oh, listen to her.
• 32:09
  KT: Flavor of the month.
• 32:09
  Suze: She's such a big talker, such a big talker. All right, everybody,
• 32:13
  Suze: so until Sunday when I will be here with Suze
• 32:17
  Suze: School answering questions that all of you have and updating
• 32:21
  Suze: you on the new retirement regulations.
• 32:25
  Suze: There's only one thing that we want you to remember
• 32:27
  Suze: when it comes to your money, and what is it,
• 32:29
  Suze: the love of my life?
• 32:30
  KT: It is people first, then money, then things, and you
• 32:35
  KT: stay safe.
• 32:37
  Suze: Secure and healthy. See you soon. Bye bye.