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Advice For Buying Your First Home, Late in Life · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:07
  KT: OK, everybody, good morning. It is February 5th, 2026. Suze,
• 0:14
  KT: not '28, '26, and we wanna welcome you all to
• 0:18
  KT: the Women and Money podcast, and Everyone Smart enough to listen,
• 0:22
  KT: and I'm gonna start this show with something a little
• 0:25
  KT: different for Suze,
• 0:26
  Suze: but tell everybody what this show, this podcast is. It's
• 0:30
  Suze: a podcast, not a show, just so you know.
• 0:33
  KT: I'm starting this show...
• 0:35
  KT: A little bit different today. It's a show. It's the
• 0:39
  KT: KT show and, and my first, the first, so this
• 0:42
  KT: is about money, obviously...
• 0:45
  Suze: But... let's stop for one second please, KT. This is
• 0:47
  Suze: the Ask KT and Suze Anything podcast for those of
• 0:50
  Suze: you who are new to our podcast, and this is
• 0:54
  Suze: where if you write in...
• 0:55
  KT: Where have you been?
• 0:57
  Suze: Where have you been? And if you write in to
• 0:59
  Suze: ask Suze, S U Z E podcast at gmail.com.
• 1:04
  Suze: And you happen to write in a question that KT chooses,
• 1:09
  Suze: it's then answered on this podcast, right? But KT I
• 1:14
  Suze: have to say one other thing. As you know, a
• 1:17
  Suze: lot of scams using my name and everything have been
• 1:20
  Suze: going around.
• 1:22
  Suze: And so I wrote you on the Women and Money
• 1:25
  Suze: Community app. I'm not gonna be answering any of your
• 1:29
  Suze: questions because you don't really know right now. Is it me?
• 1:32
  Suze: Is it not me? However, when I do answer a
• 1:36
  Suze: question where I say to you, please write in to
• 1:40
  Suze: ask Suze podcast at gmail.com, it's obviously me.
• 1:46
  Suze: Right, so you would only respond to ask Suze podcast
• 1:50
  Suze: at gmail.com because I do want information from you. So
• 1:55
  Suze: that's how I will get it from you and you
• 1:57
  Suze: know it is me, just so you know. All right, KT.
• 2:01
  KT: So I decided.
• 2:03
  KT: Suze, I wanna open today's podcast with reading and sharing
• 2:07
  KT: some emails I've received that are uplifting and also give
• 2:12
  KT: us all a little faith at a time that I
• 2:14
  KT: think we need it. America needs it. So this, this
• 2:18
  KT: first letter, it said, Dear Suze, I was listening to
• 2:22
  KT: your podcast this morning, my weekend house cleaning routine.
• 2:26
  KT: And when you started reading my email at the top
• 2:29
  KT: of the show, I couldn't believe my ears. Your email
• 2:33
  KT: had been caught in my spam filter, so the podcast
• 2:37
  KT: was a complete surprise. I am still floored. And then
• 2:42
  KT: she writes, Suze, your advice has really helped me in
• 2:44
  KT: so many ways, not just my finances.
• 2:48
  KT: When I started watching your show 20 years ago, I
• 2:51
  KT: was a single mom and had just moved to DC
• 2:55
  KT: after accepting a government job in the international trade, making
• 3:00
  KT: about $65,000 a year. I didn't know anything about investing.
• 3:06
  KT: And my net worth was close to 0. Your show
• 3:09
  KT: made me nervous every week. That makes me laugh because everyone,
• 3:14
  KT: many people say that. Because I had so little saved
• 3:17
  KT: but also excited to try to change my situation and
• 3:21
  KT: empowered to give it a try.
• 3:24
  KT: I picked up your book The 9 Steps to Financial
• 3:27
  KT: Freedom at the airport on my first work trip, and
• 3:31
  KT: it transformed my life. Suze, that is not an exaggeration.
• 3:37
  KT: Transforming my relationship with finances gave me a new outlook
• 3:42
  KT: on life, including how I was approaching my career.
• 3:47
  KT: Suze, last month I was sworn in as an ambassador.
• 3:52
  Suze: Oh, makes KT cry.
• 3:53
  KT: Makes me so happy. And she said, I mean, this
• 3:56
  KT: is unbelievable how these people's lives change. I said, I
• 4:01
  KT: am so grateful for the opportunity to say thank you, Suze, directly.
• 4:06
  Suze: Yeah.
• 4:07
  Suze: And that's from a woman by the name of Julie
• 4:10
  Suze: who we're so proud of for her individual accomplishment. She
• 4:14
  Suze: went on KT, to get a PhD and everything, and
• 4:18
  Suze: I have been writing with her. Tell me why you
• 4:21
  Suze: really chose that particular email to read.
• 4:25
  KT: I just felt that she accomplished so much.
• 4:29
  KT: From nothing she was a ground zero Suze listener and
• 4:34
  KT: 20 years later as a single mom in a new career,
• 4:38
  KT: a government position, unbelievable how she, you know, just excelled
• 4:44
  KT: and believed in herself. She believed she could do it
• 4:48
  KT: with her money and with her career and everything else.
• 4:51
  Suze: The point of that when you believe in who you are.
• 4:57
  Suze: You have to believe in your money as well, everybody,
• 5:01
  Suze: meaning that if you can't deal with your money, you
• 5:04
  Suze: can't deal with your own potential. If you can't deal
• 5:07
  Suze: with what can happen with your money and how you
• 5:10
  Suze: can be in control of your money, you can't feel
• 5:12
  Suze: like you are in control of your life. Why? Because
• 5:15
  Suze: you and your money are one, and Julie is a
• 5:18
  Suze: perfect example of that. So for those of you listening
• 5:21
  Suze: right now.
• 5:22
  Suze: If you feel you can't, I'm telling you you can.
• 5:26
  Suze: If you feel afraid, I'm telling you to face your fear.
• 5:30
  Suze: If you feel that you just wanna be more, but
• 5:33
  Suze: you don't know how to have more, turn towards your money.
• 5:37
  Suze: Learn about your money, and you will learn about who
• 5:40
  Suze: you are. KT next.
• 5:42
  KT: OK, so let's continue with some of these questions and sharing.
• 5:47
  KT: Dear Suze, I've been listening to you off and on
• 5:50
  KT: for over five decades. Is that true? 50 years, but
• 5:55
  KT: never felt the need to call or write in until
• 5:58
  KT: this year.
• 6:00
  KT: Wow. When I was single, I worked in foster care
• 6:04
  KT: and was fortunate to adopt a baby who had been
• 6:07
  KT: left in the hospital. My daughter is now a young
• 6:10
  KT: teen with special needs and will likely never be able
• 6:14
  KT: to fully support herself.
• 6:16
  KT: I later married somewhat late in life to a man
• 6:20
  KT: with adult children. He retired early from military service, and
• 6:24
  KT: I continue to work. There is a large asset gap.
• 6:29
  KT: I have about 4 million, and he has around 600,000. Wow.
• 6:35
  KT: Over half of my assets came from my late parents
• 6:39
  KT: who wanted me to protect this inheritance for my daughter.
• 6:42
  KT: You bet.
• 6:43
  KT: We're creating a joint revocable trust and agreed that my
• 6:47
  KT: daughter will inherit our primary home which I owned before marriage.
• 6:52
  KT: While remaining assets will be divided equally among all children
• 6:58
  KT: after both of our deaths. I'm worried this may short
• 7:01
  KT: change my daughter. Attorneys are costly where we live, but
• 7:06
  KT: I feel I should seek one who represents only me
• 7:10
  KT: before signing.
• 7:11
  Suze: You absolutely should.
• 7:12
  Suze: All right. And here's the thing. So Marie, I want
• 7:16
  Suze: you to listen to me. You've been listening to me
• 7:19
  Suze: for five decades, and you are not gonna stop listening
• 7:22
  Suze: to me now. Do you hear me?
• 7:26
  Suze: You have $4 million in assets, half of which came
• 7:31
  Suze: from your late parents who wanted that money to protect
• 7:35
  Suze: your daughter after you died. You cannot dishonor them by
• 7:41
  Suze: not doing that.
• 7:44
  Suze: That's why they left it to you and to her,
• 7:47
  Suze: so at least 2 million of that 4 million besides
• 7:52
  Suze: the house needs to go to your daughter, not to
• 7:56
  Suze: his children at all. If you're leaving the house to
• 8:01
  Suze: your daughter.
• 8:02
  Suze: There are expenses to inheriting a house. There are property taxes.
• 8:07
  Suze: There are insurance. There's maintenance, all kinds of things. Therefore,
• 8:12
  Suze: she is going to need money. Also, you say that
• 8:15
  Suze: she has special needs. She may need a caretaker who
• 8:19
  Suze: knows whatever. I personally have to tell you, I would
• 8:23
  Suze: leave it all to her. He could leave all his
• 8:27
  Suze: $600,000 to his children, but
• 8:32
  Suze: I would absolutely see a lawyer that absolutely represents your interests.
• 8:37
  Suze: I would not put a penny of my money in
• 8:40
  Suze: joint name on any level. I would keep it all
• 8:43
  Suze: in separate name, and I would ask you to think
• 8:46
  Suze: about this. Now, how many times have I said you
• 8:50
  Suze: never ask a question that you don't know the answer to,
• 8:55
  Suze: especially when it's a question like this? In your gut
• 8:59
  Suze: you know what you wanna do and therefore you have
• 9:03
  Suze: to do it, OK? That's what I would tell you.
• 9:07
  Suze: Do you agree with that, KT?
• 9:08
  KT: Totally agree. Yeah, yeah. And if he loves her and
• 9:12
  KT: they have a really great marriage, I think that he
• 9:15
  KT: would agree to that.
• 9:16
  Suze: He would care more about her daughter than dividing it equally.
• 9:19
  KT: I think so.
• 9:20
  Suze: Are you kidding me? No way. All right.
• 9:24
  KT: This one I chose because buying your first home in
• 9:26
  KT: your 50s, wow, a lot of people are here. Hi Suze,
• 9:31
  KT: I'm reading your Women and Money book and in the
• 9:33
  KT: book you say your mortgage should be paid off by
• 9:36
  KT: the time you retire. Well, wait a minute, ready?
• 9:40
  KT: Suze, have your thoughts on this changed considering people are
• 9:44
  KT: not able to buy homes at a younger age as
• 9:48
  KT: they once were due to the high cost to purchase
• 9:51
  KT: a home and high interest rates? Fair enough, Suze.
• 9:55
  KT: I'm curious what your advice is to the person wanting
• 9:59
  KT: to own their first home in their 50s. It feels
• 10:03
  KT: like owning a home are dreams deferred in these recent times. Sad,
• 10:09
  KT: what's your thought on that?
• 10:11
  Suze: Let's be clear first, KT, about what I think about
• 10:14
  Suze: owning your home by the time you retire.
• 10:17
  Suze: All of you, if you know that you have a
• 10:20
  Suze: home that you are going to keep forever, you know this,
• 10:23
  Suze: you feel it, it's how you want it, all right,
• 10:27
  Suze: then your number one goal should absolutely be, in my opinion,
• 10:32
  Suze: owning that home outright by the time you retire. These
• 10:36
  Suze: things about 50-year mortgages and everything, are you crazy? Your
• 10:40
  Suze: absolute biggest expense,
• 10:43
  Suze: is the mortgage on your home. It's one thing to
• 10:46
  Suze: have a lot of money in a retirement account, but
• 10:49
  Suze: when that money in the retirement account is generating enough
• 10:52
  Suze: money simply to pay the mortgage, now we're in trouble.
• 10:55
  Suze: So therefore, get rid of your expenses in retirement, and
• 11:00
  Suze: that's how you make your money, make more money. If, however,
• 11:04
  Suze: you know you're gonna have a home, you're gonna sell
• 11:07
  Suze: it by the time you're 65 or 70.
• 11:09
  Suze: That's a whole different thing than just keep paying your
• 11:12
  Suze: mortgage and sell it. However, if you're gonna buy a
• 11:16
  Suze: home in your 50s,
• 11:19
  Suze: I would want you if you knew that you wanted
• 11:22
  Suze: to keep that home for the long run, I would
• 11:26
  Suze: ask you to see if you could afford buying it
• 11:28
  Suze: with a 15 year mortgage versus a 30 year mortgage,
• 11:34
  Suze: which means you're gonna be paying that mortgage all the
• 11:37
  Suze: way until you're 80 or 85.
• 11:41
  Suze: I don't want that for you, because as you get older,
• 11:44
  Suze: you have long term care expenses, medical expenses, trust me,
• 11:48
  Suze: KT and I know it gets more and more expensive
• 11:53
  Suze: as you get older, believe it or not. So if
• 11:56
  Suze: you're gonna buy a home in the 50s, then I'm
• 11:59
  Suze: asking you to look at a 15 year mortgage, which is,
• 12:02
  Suze: by the way, usually a half a percent less in interest than
• 12:06
  Suze: a 30 year mortgage.
• 12:09
  Suze: Listen, if you can't afford to buy a home.
• 12:13
  Suze: That's not the end of this world. I get that
• 12:16
  Suze: you feel that you're throwing out money by renting and
• 12:20
  Suze: that you really want to own a home which is
• 12:22
  Suze: part of the American dream. My American dream for all
• 12:26
  Suze: of you is that you are financially independent, and there
• 12:31
  Suze: are incredible expenses to owning a home whether you know
• 12:34
  Suze: it or not. The expenses of maintenance.
• 12:39
  Suze: Insurance going up, property taxes going up, having to replace
• 12:44
  Suze: a refrigerator, a water heater, all kinds of things that
• 12:49
  Suze: make owning a home quite expensive. Plus, we now have
• 12:54
  Suze: to take into consideration the climate.
• 12:58
  Suze: Things are happening throughout the United States. I don't care
• 13:01
  Suze: how you feel about climate warming or climate colding or
• 13:05
  Suze: whatever is happening, we now have more tornadoes, more hurricanes,
• 13:10
  Suze: more earthquakes. San Francisco just had one than ever before, so.
• 13:16
  Suze: Are you going to be able to be insured against
• 13:20
  Suze: natural disasters? Look at what happened in California. Many of
• 13:24
  Suze: those homes are not insured, OK? So, please think about this.
• 13:31
  Suze: If you can't afford a 15-year mortgage, and you are
• 13:35
  Suze: in your 50s, and your goal is to keep a
• 13:39
  Suze: home forever, I would probably say to you, all right,
• 13:43
  Suze: maybe you should continue renting.
• 13:45
  Suze: If, however, you just want to buy a home for
• 13:47
  Suze: the next 10 years, and then you know you're gonna
• 13:50
  Suze: sell or whatever, OK, you can do that if you want.
• 13:54
  Suze: But I have not changed my opinion on home ownership.
• 13:59
  Suze: I don't think at this point in time, it's absolutely
• 14:03
  Suze: as much as it cracks up to be.
• 14:07
  Suze: Next question, KT.
• 14:08
  KT: Dear Suze, my son, who has been incarcerated since 2018,
• 14:14
  KT: received a debt collector letter a couple of weeks ago
• 14:18
  KT: at my home address. Now, this woman, this mom is
• 14:21
  KT: 70 years old, and she says the letter stated, Suze,
• 14:25
  KT: that the current creditor debt that was owed on December 12, 2012.
• 14:32
  KT: With interest and fees is now $9,576 and the debt
• 14:38
  KT: collector is now asking for a response in this letter
• 14:42
  KT: to her or to him at her home by February 11, 2026.
• 14:48
  KT: So what she's asking is, Suze, after so many years,
• 14:52
  KT: can a debt be charged off or dismissed, especially if
• 14:55
  KT: he's incarcerated? What do you do?
• 14:58
  Suze: I want all of you to listen and listen to
• 15:01
  Suze: me very closely. When you have a debt,
• 15:05
  Suze: that now has been charged off, right? You, anybody, doesn't
• 15:10
  Suze: matter who, meaning you haven't paid for it for a
• 15:13
  Suze: number of years, and the original creditor has just written
• 15:16
  Suze: it off as a bad debt. It still stays on
• 15:21
  Suze: your credit report, however.
• 15:24
  Suze: What happens is there are companies, collection agencies that go
• 15:29
  Suze: and buy these debts for pennies on the dollar.
• 15:34
  Suze: And then what they do is they send you a
• 15:36
  Suze: letter like this threatening they're either gonna sue you or
• 15:41
  Suze: that it has to be paid, this is how much
• 15:43
  Suze: now you owe in the hopes of that you are
• 15:47
  Suze: going to respond and say, OK, I'll send in $10
• 15:52
  Suze: a month or whatever.
• 15:54
  Suze: The time clock for a debt like this, KT usually
• 16:00
  Suze: is about four or five years after charge off. So
• 16:05
  Suze: if they haven't paid it in that period of time,
• 16:09
  Suze: then nobody can sue you anymore. It's passed the statute
• 16:13
  Suze: of limitations, and every state has their own statute, the
• 16:17
  Suze: number of years, but usually it's four or five years
• 16:21
  Suze: after that time.
• 16:23
  Suze: That debt cannot be collected anymore unless obviously it's a
• 16:28
  Suze: student loan or something like that, but when it's a
• 16:31
  Suze: credit card and things like that, it's gone. It's a
• 16:34
  Suze: loss to that company. These collection agencies come in, they
• 16:39
  Suze: write this mom a letter in the hopes that mom's
• 16:42
  Suze: gonna say, yes, I'll send in money. I'll respond. I'll
• 16:46
  Suze: do whatever. They're pressuring her. Now, if she does...
• 16:51
  Suze: It starts the time clock all over again, so you
• 16:56
  Suze: are not to respond to this email. You are to
• 16:59
  Suze: not say anything... or to this letter, nothing at all, period.
• 17:04
  Suze: Just rip it up. I doubt highly
• 17:08
  Suze: that you'll continue to hear from them, but whatever you do,
• 17:12
  Suze: do not respond, do not say you're gonna send in money,
• 17:16
  Suze: do not get afraid. The statute of limitations is absolutely up. Now, obviously,
• 17:23
  Suze: if I'm missing something here and they send you something
• 17:26
  Suze: where you have to go to court, it's from a
• 17:28
  Suze: legal thing, that's different. You can't ignore that, but I
• 17:32
  Suze: would bet my bottom dollar you're not gonna get that. OK, KT.
• 17:37
  KT: All right. Next question is from Antonia.
• 17:40
  KT: I like that name Antonia.
• 17:42
  Suze: KT, you like all names.
• 17:44
  KT: My name is...
• 17:46
  Suze: Wait, before you even go on, everybody likes your haircut.
• 17:51
  KT: They do.
• 17:52
  Suze: They do tell everybody how much you paid for it.
• 17:54
  KT: Um,
• 17:55
  Suze: 85 bucks...
• 17:56
  KT: I think, I think with the tip and everything, probably
• 17:59
  KT: it was under $100 like around 87, 85, something like that.
• 18:04
  Suze: All right, so that's number one...
• 18:05
  KT: But you know what, Suze, it wasn't fair. I just learned something.
• 18:08
  KT: We're not gonna mention my hairstylist, but Mark, our trainer,
• 18:13
  KT: went to the same hairdresser I went to. I recommended him.
• 18:16
  KT: Mark's a man. His haircut and his hair's longer than
• 18:20
  KT: mine was $55.
• 18:23
  KT: And I told, wait, wait, so I said, Mark, I
• 18:26
  KT: can't believe he only charged you 55. I paid just
• 18:29
  KT: under 100, and he said, well, you're a woman. I said,
• 18:33
  KT: so what? Look at my head and look at yours.
• 18:35
  KT: My hair is shorter than yours, Mark.
• 18:38
  KT: And he said, I know, but they always charge women more.
• 18:41
  KT: Isn't that crazy?
• 18:42
  Suze: You know, you need to tell.
• 18:44
  KT: I will. I'm gonna tell my, my guy. But in
• 18:47
  KT: the old days they say that originally...
• 18:50
  Suze: No, I know, but...
• 18:51
  KT: ... men would need to go in for a trim once a week.
• 18:53
  Suze: Yeah, but I don't care about the old days. I
• 18:55
  Suze: care about today anyway, but they like your haircut. They
• 19:00
  Suze: loved our little video that we did.
• 19:03
  KT: You think we should do more?
• 19:04
  Suze: I don't know.
• 19:06
  KT: Maybe we'll do one for Super Bowl.
• 19:07
  Suze: We'll see what happens there. But it was almost split.
• 19:11
  Suze: People liked my glasses, and they didn't like my glasses.
• 19:15
  Suze: They liked your haircut, but they were divided about my glasses.
• 19:18
  Suze: But I wanna tell you all something. I'm divided again
• 19:21
  Suze: about them as well. Sometimes I like how they look,
• 19:25
  Suze: and sometimes I don't like how I look in them.
• 19:27
  Suze: So I agree with all of you. KT, next question.
• 19:29
  KT: OK. This is from Antonia.
• 19:32
  KT: I am 74 years old and a widow. I also
• 19:35
  KT: own a business, and she has a software company.
• 19:39
  KT: I own property and land with no mortgage and no
• 19:42
  KT: credit card debt. I have a revocable trust that was
• 19:46
  KT: done in December 2025, so she just did it. My
• 19:50
  KT: son is a good person, but not very responsible..
• 19:54
  Suze: When I hear that, I go, uh oh.
• 19:58
  KT: Wait, this is the funny part. Listen to this, but
• 20:00
  KT: not very responsible with money. Then, then in brackets she wrote:
• 20:04
  KT: This is very funny, she said he does drink, no smoking, clean.
• 20:11
  Suze: So it means he drinks, but he doesn't do drugs or smoke cigarettes...
• 20:14
  KT: Yeah, so he does drink. Isn't that funny though that
• 20:17
  KT: she put that in? I am being advised to name
• 20:20
  KT: my trust as the beneficiary of my IRA and 401k
• 20:26
  KT: and of all my other savings. I'm getting so much
• 20:31
  KT: conflicting information. My goal is to protect my unmarried son
• 20:35
  KT: who drinks but he's clean otherwise.
• 20:38
  KT: I want my estate to pay for the taxes, insurance,
• 20:42
  KT: and repairs on the properties and not to deplete everything
• 20:46
  KT: in 10 years as I was told. Suze, I would
• 20:50
  KT: appreciate your advice. So she needs your advice.
• 20:54
  Suze: Obviously, so it's.. Antonia. I want you to listen to
• 21:03
  Suze: me within your trust,
• 21:06
  Suze: you have to appoint a successor trustee who is going
• 21:12
  Suze: to be in charge of all of this money on
• 21:16
  Suze: the behalf of your son.
• 21:19
  Suze: And you have to kind of lay out guidelines for
• 21:22
  Suze: them unless you wanna give them full discretion. I think
• 21:26
  Suze: the advice is correct that you should have a trust
• 21:30
  Suze: as the beneficiary to things, maybe not the most efficient
• 21:34
  Suze: way to do it. Make sure it's a see-through trust
• 21:38
  Suze: for your IRAs and your 401ks and everything.
• 21:42
  Suze: But what also concerns me is does your son have
• 21:46
  Suze: the ability to manage all of your properties? It's one
• 21:50
  Suze: thing to pay for all the taxes and the insurance
• 21:54
  Suze: and everything, but there's also management of properties. So you
• 21:58
  Suze: may also decide that you
• 22:00
  Suze: need a property manager for your properties for your business,
• 22:05
  Suze: whatever it may be, but it should not be your
• 22:08
  Suze: son until your son demonstrates to you that he is
• 22:13
  Suze: responsible and that he doesn't drink too much, all right,
• 22:18
  Suze: but that's what you should do all right, everybody, yes,
• 22:22
  KT: Suze, here's my next email.
• 22:25
  KT: This is from Anisha. Hello, Suze. I hope your new
• 22:29
  KT: year began on a loving and positive note. I have
• 22:32
  KT: been learning much from you and want to share what
• 22:35
  KT: I've learned with my family. My mother and stepfather are
• 22:39
  KT: in their 70s. They are retired and collecting Social Security.
• 22:45
  KT: They both do not have retirement plans and only have
• 22:49
  KT: Social Security benefits.
• 22:51
  KT: My stepfather worked as a deli manager in a supermarket
• 22:55
  KT: for years, and my mother worked sporadically off the books,
• 22:59
  KT: so no retirement account and no real savings. They have
• 23:04
  KT: life insurance policies, but no investments, no money market accounts,
• 23:08
  KT: no retirement, and no real savings. My mom and I
• 23:13
  KT: were discussing wills, and my stepfather said no need.
• 23:17
  KT: I was secretly thinking of purchasing for them the must-have documents.
• 23:23
  KT: My stepfather insists they do not have anything to leave behind,
• 23:27
  KT: so no need for documents like wills or trusts. Is
• 23:31
  KT: this accurate?
• 23:32
  Suze: KT, why are men so stubborn?
• 23:35
  KT: Men...
• 23:36
  Suze: Right? Usually, everybody, and the reason I say that is
• 23:39
  Suze: that so many women write in saying, my husband doesn't
• 23:43
  Suze: think I need a will or a trust. My father
• 23:45
  Suze: doesn't think they need one, and on and on. Anisha,
• 23:50
  Suze: here's the truth.
• 23:51
  Suze: Your stepfather is not all that wrong because if in
• 23:56
  Suze: fact you rent, you don't own anything, any assets and all,
• 24:00
  Suze: what could happen is whatever money they do have is
• 24:04
  Suze: probably in a joint account in both their names. You
• 24:08
  Suze: can make it a pay on death account or transfer
• 24:10
  Suze: on death account which upon their death, both of them,
• 24:13
  Suze: it goes immediately to you or to whoever the money's
• 24:16
  Suze: supposed to go to.
• 24:17
  Suze: The only problem that we have, which is why they
• 24:21
  Suze: might want a revocable trust and why you might want to,
• 24:26
  Suze: believe it or not, purchase the must-have documents for $99
• 24:30
  Suze: which is $2,500 worth of state of the art documents.
• 24:33
  Suze: By the way, everybody go to must-havedocs.com, check it out. Fabulous.
• 24:40
  Suze: Is this... Mom and dad are in a car crash together.
• 24:45
  Suze: Let's just say that's true.
• 24:47
  Suze: And now they are both incapacitated.
• 24:51
  Suze: Who is going to pay their bills for them? Who's
• 24:54
  Suze: going to be able to access their money for them?
• 24:56
  Suze: They cannot do it if they're incapacitated, and that's where
• 25:02
  Suze: either your name goes on their accounts so that you
• 25:06
  Suze: can do so, or they have a revocable trust where
• 25:10
  Suze: they own everything in trust where you are the successor trustee.
• 25:15
  Suze: Just that simple. So in case of an incapacity, you're
• 25:20
  Suze: able to make decisions for them, even while they're both alive.
• 25:25
  Suze: Let's just say they get older.
• 25:27
  Suze: And now they're kind of losing it a little bit
• 25:30
  Suze: and neither of them are making wise decisions then you
• 25:34
  Suze: wanna be able to step in and be able to
• 25:37
  Suze: do things for them and the easiest way to do
• 25:40
  Suze: that is with a revocable living trust that has an
• 25:43
  Suze: incapacity clause in it. I just wanna say one other thing.
• 25:48
  Suze: Walk through their home.
• 25:51
  Suze: And I don't know if you have siblings or not,
• 25:54
  Suze: cause if you do, this is where a will comes
• 25:57
  Suze: in handy. Who's gonna get that picture that all of
• 26:01
  Suze: you want?
• 26:02
  Suze: Who's gonna get the little things around the house that
• 26:05
  Suze: mean nothing to anybody, but 1 may mean more to
• 26:09
  Suze: you than your sister. And so what were you gonna say, KT?
• 26:12
  KT: Your auntie did that. Tell them that story. It was
• 26:14
  KT: so great.
• 26:15
  Suze: Yeah, my aunt...
• 26:16
  KT: Aunt Thelma did that with her three children.
• 26:19
  Suze: Yeah.
• 26:19
  KT: That's great.
• 26:19
  Suze: Yeah, they all went through her apartment and they had
• 26:23
  Suze: to put a sticker on a little chart she made, yeah,
• 26:26
  Suze: of what they wanted.
• 26:28
  Suze: And if more than one put a sticker on something,
• 26:31
  Suze: then she got to decide who got it, but it
• 26:33
  Suze: was all decided beforehand and then designated and put into
• 26:39
  Suze: writing within her trust in her will. So I ask
• 26:42
  Suze: you to think about that, Anisha. Now if you're an
• 26:45
  Suze: only child, obviously it's all gonna go to you. So
• 26:51
  Suze: maybe that makes it a little bit easier, but there's
• 26:54
  Suze: nothing wrong with making it official because.
• 26:58
  Suze: And I don't like to talk about this, but it's possible.
• 27:01
  Suze: What happens if you die? Where does it go? Have
• 27:07
  Suze: they thought about that? Because it's not always that they
• 27:11
  Suze: die before you. Things go wrong in life, because, you know,
• 27:16
  Suze: it's wrong when a child dies before their parents, in
• 27:20
  Suze: my opinion, but it happens. So therefore it's obviously right
• 27:23
  Suze: in God's eyes, so...
• 27:26
  Suze: Think about that. It's not just I have nothing and
• 27:30
  Suze: therefore it doesn't matter. And when you think you have nothing,
• 27:34
  Suze: you never have something.
• 27:36
  Suze: So your stepfather needs to start stepping in the reality
• 27:40
  Suze: of life. All right, KT, one more, and that should
• 27:43
  Suze: be it.
• 27:44
  KT: So this is my final. It's from M&M.
• 27:48
  Suze: I love M&M's. Do you remember that? Tell them the story,
• 27:52
  KT: Plain or peanuts?
• 27:53
  Suze: I like plain it, and between M&M's and Raisinets is
• 27:56
  Suze: what caused me to gain a whole lot of weight.
• 27:59
  KT: When I met Suze, there was a great deal of
• 28:02
  KT: touring in her career, especially book tours, speaking tours, lots
• 28:07
  KT: and lots of we were on a plane a couple
• 28:09
  KT: of times a week. We were never in one city
• 28:12
  KT: more than a few days, and when you're a speaker
• 28:15
  KT: and a celebrity, they have what's called a rider, and
• 28:18
  KT: the rider is simply what's sent to the person booking you,
• 28:22
  KT: telling you what kind of, you know, food you like
• 28:25
  KT: to have as your snack or what you need in
• 28:29
  KT: terms of air conditioning, water, blah, blah, blah. So that's
• 28:32
  KT: called a rider. So, I said, Suze, what should we
• 28:35
  KT: put on your rider? And she looked at me one day,
• 28:37
  KT: she said,
• 28:37
  KT: M&M's and Raisinettes.
• 28:39
  Suze: Either one, first it was M&M's, and then I moved
• 28:42
  Suze: on to Raisinettes.
• 28:43
  KT: Most people have this very long detailed list, but that was Suze's.
• 28:47
  KT: So wherever we went, the host would present her with
• 28:51
  KT: a gigantic presentation
• 28:54
  KT: of M&M's like cases and raisinets.
• 28:58
  Suze: I gained a lot of weight on those tours. All right,
• 29:00
  Suze: go on, KT.
• 29:01
  KT: So I said we better change that quick. All right, so
• 29:03
  KT: this is from M&M.
• 29:05
  Suze: Hi and I love Eminem. Remember when I was on
• 29:07
  Suze: tour with Eminem? I love that.
• 29:10
  Suze: It was the Get Your Money Right tour.
• 29:12
  Suze: He loved you too.
• 29:13
  Suze: I'm not sure he even knew me, to tell you
• 29:16
  Suze: the truth, but go on. He knew who you
• 29:17
  KT: are. He was afraid of you. Hi, Suze and KT.
• 29:21
  KT: Thank you so much for the very incredible insights every week.
• 29:26
  KT: I am so grateful for the advice and thoughts shared
• 29:29
  KT: in the podcast, emails, and the app. Here is my question.
• 29:34
  KT: I recently got laid off from a big corporation and
• 29:38
  KT: I was offered a severance package. Is this negotiable with
• 29:42
  KT: a lawyer? I am enrolled in a legal plan offered
• 29:46
  KT: by my wife's company. Please advise if I should negotiate
• 29:50
  KT: with the lawyer to get a better severance.
• 29:52
  Suze: Absolutely. Quick answer to a quick question. Everything is up
• 29:57
  Suze: for negotiation just so you know.
• 30:01
  KT: All right, on that note, there's only one thing...
• 30:05
  Suze: We're ending that quick?
• 30:06
  KT: Wait, there's only one thing we want you to remember
• 30:09
  KT: before Super Bowl Sunday with Suze and KT.
• 30:13
  Suze: We're on different sides of who we want to win.
• 30:17
  KT: Don't tell them which one. Let them guess who you're
• 30:20
  KT: for and who I'm for. Don't, don't.
• 30:23
  Suze: KT said to me earlier...
• 30:24
  KT: We'll reveal it.
• 30:25
  Suze: She said, Are you sure you don't want my team
• 30:28
  Suze: to win?
• 30:30
  KT: Don't give any hints.
• 30:31
  Suze: And I said, No, I want a different team to win. And
• 30:33
  Suze: then I gave her the reason why. Who do you
• 30:36
  Suze: think we're for, everybody?
• 30:38
  KT: Send it in. So we'll see you on Super Bowl Sunday.
• 30:41
  KT: But before then, we only want you to stay safe.
• 30:46
  KT: And remember, people first, then money, then things.
• 30:50
  Suze: All right, everybody, bye bye.