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Am I Being Selfish For Not Helping A Deadbeat Relative? · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:08
  Suze: April 16th, 2026. Happy anniversary!
• 0:13
  KT: Oh, she did it before me. She got me.
• 0:16
  Suze: I beat you.
• 0:17
  KT: 25 years we've been together, everybody. What do you think
• 0:20
  KT: of that?
• 0:21
  Suze: Are you asking them or what do I think?
• 0:23
  KT: I'm asking them. I know what you think about it.
• 0:25
  Suze: What do I think about it?
• 0:26
  KT: Best 25 years of your life so far.
• 0:30
  Suze: I deserve an Emmy Award for it.
• 0:33
  KT: Three. You got two. This will be three.
• 0:35
  Suze: When did I get those two?
• 0:37
  KT: Uh, actually, Suze, it's 2026. The second one you got
• 0:42
  KT: in 2006 in LA.
• 0:46
  Suze: It's been 20 years since I got that?
• 0:48
  KT: Yes, 20 years, and she's still pretty shiny. I'm looking
• 0:51
  KT: at the Emmys right now as I speak. They're beautiful,
• 0:55
  KT: beautiful awards.
• 0:56
  Suze: Yeah, aren't they?
• 0:56
  KT: They're prettier than the Oscar. They're the most beautiful, the Emmys.
• 1:00
  Suze: Yeah, they're the wings, the wings. Anyway, so welcome everybody
• 1:05
  Suze: to the Women and Money podcast.
• 1:07
  KT: How are we gonna celebrate?
• 1:09
  Suze: Oh.
• 1:11
  Suze: Well, I
• 1:12
  KT: I stumped her.
• 1:13
  Suze: Well...
• 1:14
  KT: Suze does not like celebrations.
• 1:16
  Suze: I like celebrations.
• 1:17
  KT: No, but not with us and not for your birthday,
• 1:20
  KT: not on holidays. You don't like, you don't like celebrations.
• 1:25
  KT: You just about you. You don't like celebrating you.
• 1:28
  Suze: I don't...
• 1:29
  KT: I love celebrating her.
• 1:31
  Suze: Do you know why that is? I think, KT, because so many
• 1:34
  Suze: thousands of people, I don't say this egotistically, thousands of
• 1:38
  Suze: people celebrate me every day, and I read all these
• 1:43
  Suze: emails and everything, and it's like, what more could I have...
• 1:46
  KT: Why...
• 1:47
  Suze: I know why, but what more could I ever want
• 1:50
  Suze: really than that. So I always feel like,
• 1:53
  Suze: Oh, that's enough. I don't need any more than that.
• 1:56
  KT: I'm just making her a really nice little romantic dinner tonight,
• 2:02
  KT: and that's it. I have no card. I have no gift.
• 2:05
  KT: I have, what is the 25th wedding anniversary? You know
• 2:09
  KT: how people always...
• 2:10
  Suze: Oh, like I would know that?
• 2:12
  KT: No, but I'm just curious.
• 2:14
  Suze: Well, you're gonna...
• 2:15
  KT: Somebody write in and tell us.
• 2:16
  Suze: No, it's easier just for you to look it up,
• 2:19
  Suze: but you're gonna be surprised.
• 2:22
  Suze: Because I hope something comes today or tomorrow that I
• 2:27
  Suze: had made for you.
• 2:28
  KT: You did?
• 2:29
  Suze: I did.
• 2:30
  KT: Oh, now I feel bad. Why? Because I did nothing
• 2:33
  KT: for you.
• 2:33
  Suze: I told you not to do anything.
• 2:35
  KT: I know, she always tells me...
• 2:36
  Suze: But this is really unusual, and I'm just praying that
• 2:40
  Suze: it gets here today. It has been shipped. I ordered
• 2:44
  Suze: it a long time ago. I had something made for
• 2:48
  Suze: the two of us.
• 2:49
  KT: You did?
• 2:50
  Suze: I did.
• 2:51
  KT: Oh, now my curiosity. I'm gonna keep looking at the message.
• 2:54
  KT: I'm gonna keep looking at the...
• 2:55
  Suze: That's why KT wait before we just start this. That's
• 2:58
  Suze: why yesterday when you brought in this little box.
• 3:01
  Suze: I was like, oh please don't have that, and you
• 3:04
  Suze: opened it and I was like, please don't have that
• 3:08
  Suze: in there.
• 3:08
  KT: It was vitamins.
• 3:10
  Suze: It was vitamins, but it could have been the other
• 3:13
  Suze: things I ordered.
• 3:15
  KT: She takes so many vitamins. OK, are we ready?
• 3:17
  Suze: When are as old as I am and you, you need something to keep you going.
• 3:21
  KT: Now you sound like your friend Kara Swisher who wants
• 3:24
  KT: to live forever.
• 3:25
  Suze: Do you not love that show? Did you see last Saturday's thing?
• 3:29
  KT: It was very interesting, fascinating.
• 3:31
  Suze: Yeah, all of you, you should watch. I'm seriously, Saturday nights,
• 3:37
  Suze: 9 p.m. East Coast time, CNN. It's also streaming. Watch
• 3:42
  Suze: this show, Kara Swisher Wants To Live Forever.
• 3:46
  Suze: It was fabulous.
• 3:48
  KT: Yeah, it was very, very informative and very fascinating,
• 3:51
  Suze: Right? I watched it twice. I first watched it when
• 3:54
  Suze: it was live and then I watched it again on
• 3:55
  Suze: the app. I'm telling you, you should all watch it
• 3:59
  Suze: and you will learn a lot.
• 4:01
  Suze: And you might want to listen to her podcast Pivot,
• 4:05
  Suze: which I listen to all the time, as well as On.
• 4:09
  Suze: She has two, so you know, one with Scott Galloway
• 4:13
  Suze: and her and one just by herself. Fabulous anyway...
• 4:17
  KT: She copied us, we have two, you and me on
• 4:21
  KT: this one, and Sunday's just you.
• 4:23
  Suze: I doubt highly she copied us.
• 4:24
  KT: So Kara, you ought to pivot over to the Women
• 4:26
  KT: and Money podcast, baby,
• 4:29
  Suze: You know, but wait, I know what she said something
• 4:31
  Suze: on last Saturday's show.
• 4:33
  KT: Oh, I know. And Suze resonated with this comment.
• 4:39
  Suze: And it was...
• 4:39
  KT: So they were, they were, the interviewer, I think, was
• 4:42
  KT: asking her, so what if, what are you learning about
• 4:45
  KT: all of this, you know, health business?
• 4:48
  KT: And what did she say?
• 4:49
  Suze: She said, Don't be poor. And I looked at KT.
• 4:52
  Suze: I said, Oh, that's a good name for a book
• 4:54
  Suze: because it's obvious if you wanna do things that are
• 4:57
  Suze: above
• 4:58
  Suze: and beyond, you need money to do so. Her comment
• 5:02
  Suze: was one of the things she learned was, don't be poor,
• 5:05
  Suze: and that is the goal of the Women and Money podcast,
• 5:09
  Suze: which we are welcoming you all to. This is the
• 5:13
  Suze: KT and Suze Ask Us Anything edition. If you have
• 5:16
  Suze: a question, all you have to do is write into
• 5:19
  Suze: ask Suze S-u-z-e podcast at gmail.com.
• 5:23
  Suze: And we will answer if KT chooses it, but KT,
• 5:28
  Suze: before we begin, I just want to thank everybody really
• 5:31
  Suze: from the bottom of my heart for all the emails,
• 5:35
  Suze: all everything that I got, you know, the picture somehow
• 5:41
  Suze: from last Sunday's podcast was posted on my Instagram account,
• 5:45
  Suze: and there were over 155,000 views of it. So, but thank you everybody, thank you.
• 5:53
  KT: If you missed it, listen to last Sunday's podcast and bring
• 5:57
  KT: a box of tissues. That's all I'm gonna say because
• 6:01
  KT: I'll start crying if I start thinking about it.
• 6:03
  Suze: Can I just ask you a question, because KT didn't
• 6:07
  Suze: hear it till after I had done it. She listened.
• 6:09
  KT: I couldn't be...
• 6:10
  Suze: Were you surprised, no, at how vulnerable I became?
• 6:14
  KT: Yes.
• 6:15
  Suze: Because I don't do that often, do I?
• 6:16
  KT: No, I, I, I don't wanna talk about it anymore
• 6:19
  KT: because it makes me very teary.
• 6:21
  Suze: All right, so let's go on. What do you got?
• 6:23
  Suze: Today's a happy day because why it is what our anniversary.
• 6:29
  Suze: All right, go on, KT.
• 6:32
  KT: OK, so the first one I'm picking is from Gina
• 6:35
  KT: simply because yesterday was tax day. I thought I might
• 6:40
  KT: as well start with a tax question, even though it was yesterday.
• 6:42
  Suze: Is she afraid to pay her taxes?
• 6:43
  KT: Not like you were.
• 6:46
  Suze: I'm not afraid to pay them now.
• 6:47
  KT: No, you said when you were young you were scared to death.
• 6:50
  Suze: Because I didn't have the money to pay them.
• 6:52
  KT: All right, so here we go. Hi, Susie and KT,
• 6:55
  KT: of course, can you explain how capital gain distributions work
• 6:59
  KT: on a mutual fund?
• 7:02
  Suze: That's it. That's all she asked?
• 7:03
  KT: No, no, no. And it said, more importantly, since the
• 7:06
  KT: distributions aren't made known until December, any tips for trying
• 7:11
  KT: to anticipate how much the capital gain distribution will be
• 7:15
  KT: to better manage the tax implications?
• 7:18
  Suze: All right, so everybody listen to me very closely. In
• 7:21
  Suze: a mutual fund that is actively managed, and a mutual
• 7:26
  Suze: fund is different than an exchange traded fund, just so
• 7:29
  Suze: you know.
• 7:30
  Suze: But a mutual fund that has an active manager they're
• 7:34
  Suze: buying they're selling whatever. By law if they have sold
• 7:39
  Suze: stock and they have a gain in that stock that
• 7:43
  Suze: they sold within the mutual fund they have got to
• 7:47
  Suze: distribute it to you at the end of the year.
• 7:51
  Suze: And you can kind of look before you buy into
• 7:53
  Suze: a mutual fund at their turnover ratio. How often does
• 7:58
  Suze: the manager turn over the portfolio that's in the mutual fund?
• 8:04
  Suze: If it's an 80%, 100% turnover ratio rate, you're gonna
• 8:08
  Suze: have distributions at the end of the year.
• 8:10
  Suze: And those distributions are absolutely taxable to you. Now, it
• 8:16
  Suze: does not matter, Gina, listen closely if you take those
• 8:20
  Suze: capital gains in cash or you reinvest them into the
• 8:25
  Suze: mutual fund, you are still going to owe taxes on them.
• 8:31
  Suze: So how do you know?
• 8:33
  Suze: You can look at the turnover ratio of a mutual fund,
• 8:36
  Suze: you could look at last year, how much did they distribute,
• 8:40
  Suze: and you should know in years when there's a up, up,
• 8:44
  Suze: up market, you may have more capital gains distribution than
• 8:47
  Suze: in a year when there's a down, down, down market.
• 8:50
  Suze: So, it's hard to know, but for me, I wouldn't
• 8:54
  Suze: be doing a mutual fund anyway. You know, I don't
• 8:58
  Suze: like mutual funds as much as I like exchange traded funds,
• 9:02
  Suze: but if you have an index fund versus a managed one,
• 9:07
  Suze: you won't have as much in capital gains distribution.
• 9:11
  KT: So Suze, do ETFs do the same thing?
• 9:15
  Suze: They do, but they really don't. They have a whole
• 9:17
  Suze: different thing. Everybody listen. Bottom line for me is I
• 9:22
  Suze: would only own exchange traded funds, ETFs that more or
• 9:27
  Suze: less trade like stocks. They have different rules than mutual funds.
• 9:32
  Suze: They can also have capital gains distribution, but they have
• 9:36
  Suze: different laws that they rule themselves by.
• 9:39
  Suze: So if you really want to have more tax efficiency,
• 9:43
  Suze: I would be doing an exchange traded fund. One last thing, KT,
• 9:48
  Suze: if you do have a mutual fund that's actively traded
• 9:52
  Suze: and you're about to buy it, be very careful about
• 9:55
  Suze: buying it in November or December because you might be
• 9:59
  Suze: hit with that capital gain distribution even if you just
• 10:02
  Suze: bought it. All right, KT, next question.
• 10:05
  KT: OK, next question is a quick and simple question. I
• 10:08
  KT: love it.
• 10:09
  Suze: You know why she just said quick and simple.
• 10:11
  KT: It's quick and simple.
• 10:12
  Suze: Because she thought I went on too long about the
• 10:14
  Suze: answer of that last question.
• 10:16
  KT: Sometimes you just give too much information for us to comprehend.
• 10:20
  Suze: But KT, it's information that really...
• 10:22
  KT: I know everyone needs it, Suze, but sometimes it's just
• 10:25
  KT: too much.
• 10:26
  Suze: All right...
• 10:26
  Suze: I'll try to be more...
• 10:28
  KT: Yeah, be more succinct.
• 10:30
  Suze: I was just trying to say, OK, I'll be more succinct.
• 10:35
  KT: All right, ready? This is from Patricia, quick and simple. Hi,
• 10:38
  KT: Suze and KT. I've always been told it was wise
• 10:41
  KT: to keep a certain amount of physical cold hard cash
• 10:46
  KT: somewhere safe and secure in my home. Do you agree
• 10:50
  KT: with this? If so, what dollar amount would you advise?
• 10:55
  KT: I can answer that question. Just take a tip from
• 10:59
  KT: Pablo Escobar.
• 11:01
  Suze: What are you talking about?
• 11:03
  KT: I saw a special about Pablo Escobar in Colombia. That
• 11:06
  KT: guy had so much money and so many homes, and
• 11:09
  KT: he stashed it everywhere and then forgot. And to this day, years,
• 11:14
  KT: years after his death,
• 11:16
  KT: Yea he was killed, go on,
• 11:18
  KT: Years after his death, they still can't find it. They're
• 11:21
  KT: still hunters over there digging up his, his homes.
• 11:26
  Suze: Everybody, I just have to say that, and she complains
• 11:28
  Suze: about me going on too long about an answer to
• 11:32
  Suze: a question.
• 11:33
  KT: No, I think everyone should have a little emergency fund somewhere.
• 11:36
  Suze: Yes, but they didn't need to know about Pablo Escobar.
• 11:39
  Suze: But that's besides the point. Nothing you could do today
• 11:44
  Suze: on our anniversary is wrong.
• 11:46
  KT: OK, good.
• 11:47
  Suze: Except going on too long about Pablo Escobar.
• 11:48
  KT: How much money do you think people should stick around?
• 11:50
  Suze: Well, here's what everybody should understand. You can have money
• 11:54
  Suze: at home. Your house, however, catches fire and everything, not insured.
• 12:00
  Suze: So usually many insurance policies will only insure up to
• 12:03
  Suze: $500 and that's it. So if you keep money at home,
• 12:09
  Suze: and I think you should have some little bit at home,
• 12:12
  Suze: I would keep it to probably under $500 or $500
• 12:17
  Suze: at most, so that in case of a fire, in
• 12:20
  Suze: case somebody robs you, in case somebody, you know, takes it.
• 12:24
  Suze: But check with your insurance policy, is it insured? And
• 12:29
  Suze: that's it. But, you know, if you do keep a
• 12:33
  Suze: large sum, can you just make sure that it's in
• 12:36
  Suze: like a fireproof box that or something, but even that
• 12:40
  Suze: won't help you a lot, cause if there's a massive fire,
• 12:42
  Suze: it will just turn to ash. So, anyway, whatever amount
• 12:46
  Suze: you know, you can afford to lose. All right, KT.
• 12:51
  KT: I'm smiling at her because I remember when I was
• 12:54
  KT: in college I kept a little jar with a couple
• 12:58
  KT: rolled up like $10 bills in my refrigerator and that
• 13:03
  KT: was my emergency money.
• 13:04
  Suze: A lot of people do that. They put it in
• 13:06
  Suze: their freezer. They put whatever.
• 13:09
  KT: All right, next question. Hi Suze and KT. I hope
• 13:13
  KT: you're doing well. I believe helping me on the podcast
• 13:17
  KT: with this will help millions of women.
• 13:20
  KT: I am a single 54 year old lady cancer survivor
• 13:25
  KT: with no kids, no relationship. I've helped family, people, and
• 13:30
  KT: charities above myself most of my life, and now I
• 13:34
  KT: must take care of me.
• 13:36
  Suze: Now you didn't use the name because she didn't want
• 13:38
  Suze: you to, is that right?
• 13:39
  KT: Yes.
• 13:39
  Suze: All right, so go on.
• 13:40
  KT: All right, Suze, here's my dilemma.
• 13:43
  KT: I have a brother who lives in a shack. He's
• 13:45
  KT: destitute on disability. He's asking me to please clear off
• 13:50
  KT: some land, buy him a mobile home, pay the property
• 13:54
  KT: taxes on his land, help him so that he can
• 13:58
  KT: get by, and she said, I am stressed out about
• 14:02
  KT: all of this. I also help my sister. My family
• 14:06
  KT: thinks I'm rich, but I am not.
• 14:08
  KT: I've given them your books and access to the must-have documents,
• 14:12
  KT: but they have not done anything with them. Honestly, KT
• 14:16
  KT: and Suze, I would rather pay off my home and
• 14:19
  KT: be debt-free instead of trying to come up with $50,000
• 14:23
  KT: to help my brother.
• 14:25
  KT: I need to figure out how to increase my own
• 14:28
  KT: retirement savings. I cannot depend on my family. One sibling
• 14:33
  KT: told me, I have no one to help me if
• 14:36
  KT: I get disabled. Am I wrong and being self-centered? Should
• 14:40
  KT: I help my brother? So there you go. She answered
• 14:44
  KT: her own question.
• 14:46
  Suze: Pop quizzy, KT.
• 14:48
  KT: Absolutely not.
• 14:49
  Suze: All right, everybody, that's KT's thing, you know...
• 14:54
  Suze: This is what I want to say to many of you.
• 14:57
  Suze: The one line in there that really got me was,
• 15:02
  Suze: my family thinks I'm rich, and I'm not.
• 15:07
  Suze: It's really important to everybody that if you don't have money,
• 15:13
  Suze: if you can barely take care of yourself, and you
• 15:17
  Suze: have set up the situation where you've always taken care
• 15:19
  Suze: of your brother, you've taken care of your sister, you've
• 15:22
  Suze: taken care of the whole world as most women do,
• 15:25
  Suze: then of course they're going to think that you have money.
• 15:28
  Suze: So no, you should not take care of your brother
• 15:32
  Suze: because if you do all that, it doesn't end there.
• 15:35
  Suze: You're going to say yes to yourself this time. Most
• 15:40
  Suze: women say yes out of fear that people will stop
• 15:44
  Suze: loving them versus no out of love for themselves. So
• 15:49
  Suze: you're going to say no in this case. However, I'm
• 15:52
  Suze: going to go back to what I was just saying.
• 15:55
  Suze: It is more important you just don't say no.
• 15:59
  Suze: That you explain why you are saying no. There's nothing
• 16:03
  Suze: wrong with going to your family and saying I love
• 16:07
  Suze: you with all my heart, but I know you don't
• 16:10
  Suze: have the money to take care of me in case
• 16:13
  Suze: something happens to me. So I'm going to make sure
• 16:16
  Suze: I'm never a burden on all of you, and I'm
• 16:20
  Suze: going to make sure that I have money for my
• 16:24
  Suze: retirement in case I get sick, in case something happens
• 16:28
  Suze: to me.
• 16:29
  Suze: So the real bottom line here is for all of
• 16:32
  Suze: you listening, if your family thinks you're rich, and you
• 16:37
  Suze: can take care of them because you have been,
• 16:40
  Suze: But yet it's a strain on you, and they don't
• 16:43
  Suze: know the truth about your own finances, your own fear.
• 16:47
  Suze: You owe it to yourself to make sure they know
• 16:50
  Suze: the truth about you.
• 16:53
  Suze: So nobody should think anything about you that is not true.
• 16:58
  Suze: Next question, KT.
• 16:59
  KT: OK, this is from Donna. Donna said, hello. After 11
• 17:04
  KT: months of being laid off, I was finally offered a
• 17:07
  KT: job position.
• 17:08
  KT: Unfortunately, it's a contract job where I don't really get
• 17:12
  KT: many benefits. They offer a 401k without a match. After
• 17:17
  KT: years of listening to you, I know that you should
• 17:20
  KT: first put into your 401k as much as the company matches,
• 17:25
  KT: and then second, invest in an IRA if you are able.
• 17:30
  Suze: What kind of IRA KT?
• 17:31
  KT: Roth for sure.
• 17:32
  Suze: Roth baby Roth.
• 17:34
  KT: So Suze, here's my question. Should I still invest in
• 17:37
  KT: the 401k? Remember there's no match.
• 17:41
  Suze: Yeah, I remember there's no match. However, number one:
• 17:45
  Suze: When you have a 401k that does not match, obviously,
• 17:50
  Suze: if you qualify income-wise, you're far better off having a
• 17:55
  Suze: Roth IRA, a Roth IRA, a Roth IRA, period.
• 18:01
  Suze: However, if you make too much income to qualify for
• 18:06
  Suze: a Roth IRA just because your company doesn't match, the
• 18:11
  Suze: next question is, do they offer a Roth 401k? Cause
• 18:17
  Suze: if they offer a Roth 401k, you should be doing
• 18:21
  Suze: a Roth 401k. However, the best thing you could be
• 18:24
  Suze: doing is maxing out a Roth IRA first.
• 18:29
  Suze: And then putting whatever else you can into a Roth 401k.
• 18:34
  Suze: So since I don't know whether they offer a Roth
• 18:36
  Suze: 401k or not, that's what I would tell her. However,
• 18:42
  Suze: it reminds me, everybody, I want you to go to
• 18:47
  Suze: Suzeorman.com and register for the webinar,
• 18:53
  Suze: that's on April 23rd this month, Because I'm going to
• 18:59
  Suze: reiterate again why a Roth is so important given what's
• 19:04
  Suze: happening with the war, given what's happening with inflation, given
• 19:09
  Suze: what's happening with our debt, and I'm going to go
• 19:12
  Suze: into it pretty deeply there as well and many other things.
• 19:17
  Suze: I'm going to give you the names of individual stocks
• 19:20
  Suze: that I want you to be investing in.
• 19:22
  Suze: That I haven't given you before and make one announcement
• 19:26
  Suze: of what's gonna happen on my birthday. So therefore, make
• 19:31
  Suze: sure you go to Suzeorman.com and register there.
• 19:35
  KT: All right, of course, it's free.
• 19:39
  Suze: All right, it's at 6 p.m. April 23rd. All right,
• 19:42
  Suze: go on.
• 19:42
  KT: That's a week from today. OK. This is from Sabrina. Hi,
• 19:45
  KT: KT and Suze. I have a question on KT's favorite topic,
• 19:50
  KT: Roth IRAs. My husband and I are in our
• 19:54
  KT: late twenties in 2025, our modified adjustable gross income was $244,000. However,
• 20:04
  KT: I transferred all the money, $14,000 from an old employer
• 20:09
  KT: sponsored traditional 401k,
• 20:12
  KT: to a traditional IRA then converted to a Roth IRA
• 20:18
  KT: in 2025, can my husband and I each still contribute
• 20:24
  KT: $7,000 directly to a Roth IRA, or are we over
• 20:30
  KT: the threshold?
• 20:32
  Suze: Now I think she was asking that for 2025 and
• 20:37
  Suze: you were all still able to put money into a
• 20:40
  Suze: Roth IRA, contribute to it for 2025 up until yesterday,
• 20:48
  Suze: tax day.
• 20:49
  Suze: So we're a little bit late answering this question for them. However,
• 20:54
  Suze: the truth of the matter is that in 2025, the
• 21:00
  Suze: modified adjusted gross income limits for a full contribution to
• 21:05
  Suze: a Roth IRA, which in 2025 was $7,000 if you're
• 21:09
  Suze: under 50, which they are, was $236,000. So they are
• 21:18
  Suze: way
• 21:18
  Suze: over that, even with the fact that they converted, which
• 21:23
  Suze: would have made their income more, so no, you could
• 21:27
  Suze: not do a full one just so you know in 2026, however,
• 21:34
  Suze: that goes up to $242,000 of MAGI for a married
• 21:40
  Suze: couple filing and jointly for a full contribution and in
• 21:43
  Suze: 2026 it's $7,500.
• 21:48
  Suze: However...
• 21:49
  KT: We don't want them to make less money.
• 21:50
  Suze: We don't want them to make less money. So what
• 21:53
  Suze: you can do, as long as you don't have a
• 21:56
  Suze: traditional IRA, SEP IRA, simple IRA of any kind, you
• 22:02
  Suze: can do a backdoor Roth. Just that simple next question, KT.
• 22:08
  KT: I'm proud of you, Sabrina. You and your husband, they're
• 22:10
  KT: in their twenties and they're asking questions like this. Woohoo. OK,
• 22:15
  KT: so this next question is really
• 22:17
  KT: important, Suze, you have to clarify something so all of
• 22:20
  KT: you know we've launched the Ultimate Scam Protection program, and
• 22:24
  KT: this came in, said, Suze, I'm in New York. I
• 22:26
  KT: tried to sign up for the ultimate scam protection. I
• 22:30
  KT: was told it was not available to me. Do you know why?
• 22:34
  Suze: Yeah, yeah, that was my fault, by the way. There's
• 22:37
  Suze: only one state that it's not available in yet, and
• 22:41
  Suze: that is New York. And that is because even though
• 22:44
  Suze: we applied for it there,
• 22:46
  Suze: the legislature is taking their time. It takes forever. So
• 22:51
  Suze: eventually it will be. Next question, KT.
• 22:54
  KT: OK. Next question is from Loveth. This is, is, is
• 22:59
  KT: this a real name? Loveth?
• 23:01
  Suze: How would I know?
• 23:02
  KT: It's a pretty name. Loveth. Loveth.
• 23:05
  KT: Good afternoon Miss Orman. I hope this finds you well.
• 23:09
  KT: My name is Loveth, and I am 60 years old.
• 23:13
  KT: I have a 403B, and I'm looking to move some
• 23:17
  KT: of the money into another retirement account. I am not
• 23:21
  KT: sure which is the best and safest account.
• 23:25
  KT: Is it wise to open an annuity account such as
• 23:29
  KT: the RILA? I don't know what that, I don't know
• 23:33
  KT: what that is.
• 23:33
  Suze: It's a registered index linked annuity. I hate them.
• 23:36
  KT: So so, so Loveth obviously is getting some advice and
• 23:40
  KT: you better set her straight right now.
• 23:42
  Suze: All right, Loveth, listen to me.
• 23:46
  Suze: OK. Number one, I will answer you personally on this
• 23:50
  Suze: and tell you exactly why, because I'm afraid you are
• 23:54
  Suze: with a financial advisor that is not advising you correctly,
• 23:59
  Suze: and that concerns me. For everybody, a registered index-linked annuity,
• 24:04
  Suze: it's like this hybrid product. It's not safe like a
• 24:08
  Suze: bank account, it's not like an index fund. It tracks
• 24:11
  Suze: a market index like the Standard and Poor's 500 index, KT.
• 24:16
  Suze: But it puts a limit on how much you can gain,
• 24:18
  Suze: it puts a limit on how much you can lose,
• 24:21
  Suze: but you can still lose money, and it's complicated, it's
• 24:25
  Suze: long term, your gains are capped, you're not fully protected.
• 24:29
  Suze: I just don't like it, but here's what I really
• 24:31
  Suze: don't like, and all of you need to understand this
• 24:35
  Suze: very clearly.
• 24:36
  Suze: If you are already in a retirement account such as
• 24:40
  Suze: a 403B, a 401k, an IRA, whatever it may be,
• 24:46
  Suze: those are tax-deferred accounts. If they're Roth, they're eventually tax-free accounts.
• 24:53
  Suze: They're tax sheltering everything that's in them. An annuity on
• 24:58
  Suze: its own is tax deferred. Why would you put a
• 25:04
  Suze: tax deferred investment within a tax deferred or tax-free shelter?
• 25:10
  Suze: You would not.
• 25:12
  Suze: So what Loveth you might wanna do is take that
• 25:15
  Suze: 403B depending on your circumstances and roll it over into
• 25:21
  Suze: an IRA rollover where you have a variety of investments, treasuries, ETFs,
• 25:27
  Suze: all those things that you can invest in.
• 25:30
  Suze: And depending on your income, you might want to decide, oh,
• 25:34
  Suze: maybe I should convert it right now little by little
• 25:37
  Suze: to a Roth IRA, get yourself another advisor because I
• 25:43
  Suze: know it had to be an advisor who told you
• 25:46
  Suze: to do that next, KT.
• 25:48
  KT: Suze, this next question I never heard of, so that's
• 25:51
  KT: one of the reasons I picked it because if I
• 25:53
  KT: don't know these...
• 25:54
  Suze: How many of these that you read have you never
• 25:56
  Suze: heard of? Just out of curiosity.
• 25:57
  KT: Probably about 50%.
• 25:59
  Suze: Is that true?
• 26:01
  KT: About 50%.
• 26:02
  Suze: I love you anyway.
• 26:03
  KT: No, there's a, I don't know these things, and, and
• 26:06
  KT: I've been around a while, everybody, so don't feel bad
• 26:08
  KT: if you don't know either. This is from Gisella.
• 26:11
  Suze: Do you think I'm gonna know this?
• 26:14
  KT: Yes, you know. She knows everything. All right, so this
• 26:18
  KT: is from Gisella.
• 26:20
  Suze: Pretend you're Larry King trying to fool me.
• 26:22
  KT: Suze, have you heard?
• 26:25
  Suze: Hello Suze.
• 26:26
  Suze: Hi Suze. How you doing?
• 26:27
  KT: I loved him. We loved being on Larry's show. So
• 26:31
  KT: dear Suze, have you heard of an unincorporated nonprofit association,
• 26:37
  KT: UNA for short? Apparently California lawmakers created a special trust
• 26:44
  KT: with its own EIN for themselves and their rich friends. Apparently,
• 26:50
  KT: UNAs are legit and available to anyone in America to
• 26:56
  KT: protect themselves from liability claims and to protect their assets.
• 27:01
  KT: A teleconsultation to set up your foundation costs about $150.
• 27:07
  Suze: Don't do it. Don't do it. Don't do it.
• 27:08
  KT: Wait, if people go ahead with the UNA, they get
• 27:12
  KT: a credit of $150. The total costs are about $5,000
• 27:17
  KT: or $6,000.
• 27:19
  KT: So there you go. Please look at this and inform
• 27:21
  KT: your listeners if this is a good idea or a
• 27:26
  KT: scam with pros and cons. Well, I, by, by the
• 27:31
  KT: look of Suze's face, everyone, she has that face. I
• 27:35
  KT: can tell you this is not a good idea.
• 27:38
  Suze: I mean, really, the simple answer to this is if
• 27:42
  Suze: anybody ever approaches you
• 27:44
  Suze: and tells you about all these tax benefits. You don't
• 27:48
  Suze: have to pay taxes anymore, you can do this, you
• 27:50
  Suze: can do that.
• 27:52
  Suze: And they want you to pay to just learn about
• 27:55
  Suze: a UNA again, an Unincorporated Nonprofit Association. Just don't do it.
• 28:03
  Suze: Is it though, however, a real legal structure it is
• 28:07
  Suze: where two or more people, you know, are joined together
• 28:11
  Suze: for common nonprofit purposes. It's mainly adopted by churches, community groups,
• 28:17
  Suze: things like that, not by
• 28:20
  Suze: individuals, so just do not do it if they tell
• 28:24
  Suze: you you're not gonna have to pay taxes and da da,
• 28:27
  Suze: it's wrong, wrong, wrong. You have no idea how many
• 28:31
  Suze: people have fallen for this and then had to pay
• 28:35
  Suze: back taxes on it. Don't do it, OK? All right.
• 28:41
  KT: OK, Suze, this is my last, and this, I like
• 28:44
  KT: this because it's from a smart cookie.
• 28:48
  KT: Hi KT and Suze, because I took so much of
• 28:51
  KT: your advice and even making every mistake imaginable, my husband
• 28:56
  KT: and I have accumulated about $4.5 million in assets plus
• 29:03
  KT: a paid off home, including a generous inherited IRA from
• 29:08
  KT: my mom.
• 29:10
  KT: My mom passed in January 2022. I received about $100,000
• 29:16
  KT: in an inherited IRA. I turned 61 that year and
• 29:21
  KT: I've taken the required RMDs and will continue, but need
• 29:26
  KT: to empty the IRA by 2032. I'll turn 70 and a half in 2033.
• 29:35
  KT: Is there any way I can give the $100,000 to
• 29:39
  KT: my charity using a QCD?
• 29:43
  Suze: What's a QCD, KT?
• 29:44
  KT: Qualified charitable distribution.
• 29:46
  Suze: All right, and you know that because we do that
• 29:48
  Suze: every single year. Listen to me. The answer to that
• 29:51
  Suze: is no. To do a QCD you have to be
• 29:56
  Suze: 70 and a half or older,
• 30:00
  Suze: in the year that you do it, you're not gonna
• 30:02
  Suze: be 70 and half years of age by then because you're 70
• 30:07
  Suze: and a half, three days after when you have to
• 30:10
  Suze: wipe the account clean.
• 30:12
  Suze: So therefore, no, you cannot do it. All right, KT, that's it.
• 30:17
  KT: That is a wrap. It is time to celebrate our
• 30:21
  KT: 25 perfect years going on 26.
• 30:25
  Suze: Were they perfect?
• 30:27
  KT: Perfect.
• 30:27
  Suze: Would you change anything?
• 30:28
  KT: No. Do you know what my single most memorable.
• 30:33
  KT: day or hours that we spent together, the single most memorable,
• 30:37
  KT: and when I close my eyes I see it clear
• 30:40
  KT: as a bell. Can you think of what that would be?
• 30:43
  Suze: Sitting in your garage and talking, I knew it.
• 30:46
  KT: Is that for you too? Wasn't that amazing? I think
• 30:49
  KT: that's when we both knew.
• 30:51
  Suze: Yeah, we, we had first met and everything, and we
• 30:55
  Suze: were in her car in her garage in in San Francisco,
• 30:59
  Suze: and we sat there talking for like three hours. We
• 31:03
  Suze: didn't even want to get out of the car. It
• 31:06
  Suze: was absolutely amazing, you know what else, KT, when we
• 31:10
  Suze: were sitting in that alleyway, I think with Ana...
• 31:14
  Suze: In San Francisco and we were talking to one another.
• 31:18
  KT: That was called Maiden Lane in San Fransisco.
• 31:20
  Suze: Maiden Lane. That was a magical...
• 31:22
  KT: We were having cappuccino, I think.
• 31:25
  Suze: Just talking to one another. It was magical, KT. Do
• 31:28
  Suze: you love that I knew?
• 31:29
  KT: I can't believe... I think we both... that day in
• 31:34
  KT: the car in the garage was just...
• 31:36
  KT: I think when you have a moment like that you
• 31:40
  KT: both just know you don't want it to end.
• 31:41
  Suze: ...To ever end. So anyway, but we have to have
• 31:45
  Suze: this podcast and otherwise it's gonna be an hour podcast.
• 31:48
  Suze: So until next time...
• 31:51
  KT: 'Till next, wait until a week from today,
• 31:55
  Suze: Right, really, everybody
• 31:57
  KT: Sign up for that webinar.
• 31:57
  Suze: If, by the way, you're getting a text, it's not
• 32:02
  Suze: a scam. Sometime in the past you signed up, gave
• 32:05
  Suze: us your phone number for a text to be reminded
• 32:09
  Suze: if something was happening. It's not a scam, it's real.
• 32:12
  Suze: And if you doubt it, just go to Suze Orman.com
• 32:15
  Suze: and register there. Just so you know, over 40,000 people
• 32:21
  Suze: in one day,
• 32:23
  Suze: have already registered, so be part of it because it's
• 32:27
  Suze: going to be a special day, a party, a party.
• 32:31
  Suze: It's gonna be a party. So until next time on Sunday,
• 32:35
  Suze: there's only one thing that we want you to remember
• 32:37
  Suze: and what is it, KT?
• 32:38
  KT: People first, then money, then things, and stay in love.
• 32:42
  Suze: Oh, that's sweet. All right, bye bye now.