Latest / Suze Orman's Women & Money (And Everyone Smart Enough To Listen) / Home Owners: The Time is Now

Transcript

Home Owners: The Time is Now · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:08
  Suze: March 22, 2026. Welcome everybody to the Women and Money podcast,
• 0:13
  Suze: as well as everybody smart enough to listen. Today is
• 0:17
  Suze: Suze School, so get out your Suze notebooks.
• 0:21
  Suze: And this Suze school is dedicated and really geared towards
• 0:26
  Suze: those of you who own a home. So many times
• 0:30
  Suze: we talk about gold, Bitcoin, Roth IRAs, the must-have documents,
• 0:36
  Suze: the emotional side of money, all those things, but the
• 0:41
  Suze: biggest asset that all of us have truthfully.
• 0:46
  Suze: is the home that we live in. It's also the
• 0:50
  Suze: most precious asset because it is our home. Today's podcast
• 0:56
  Suze: is about timing, liquidity, not timing the stock market, which
• 1:02
  Suze: so many of you think you can do and you'll
• 1:04
  Suze: never be able to do it, but timing when you
• 1:07
  Suze: set up access to cash, especially against your home.
• 1:13
  Suze: But we'll get to that in just one second. Have
• 1:17
  Suze: I piqued your curiosity? I should have because I am
• 1:21
  Suze: telling you the time is now. But first, let me
• 1:26
  Suze: just briefly address the stock market, the economy, and everything
• 1:31
  Suze: that's going on.
• 1:33
  Suze: We are at a time of total uncertainty. We know
• 1:38
  Suze: that now. We've been talking about this for a while.
• 1:42
  Suze: There is no way that this market is going to
• 1:45
  Suze: turn around and go straight back up again or even
• 1:48
  Suze: inch its way up until uncertainty becomes certainty, and that
• 1:54
  Suze: is not going to happen.
• 1:57
  Suze: When we are still at war, nobody really understands why,
• 2:02
  Suze: nobody really understands how we're gonna get out of it.
• 2:05
  Suze: Nobody really understands what to do when you don't know
• 2:11
  Suze: what to do.
• 2:12
  Suze: And we're seeing it show up every single day, and
• 2:15
  Suze: two things are affecting you big time. Obviously oil has
• 2:20
  Suze: been affected, which affects the price per gallon that you
• 2:23
  Suze: pay at the gas pump, up tremendously. Number one. Number two,
• 2:29
  Suze: it's affecting us, not the war, but the indecisions in Washington.
• 2:35
  Suze: Shame on them, all of them. They all make me
• 2:39
  Suze: so mad I can't even tell you. However,
• 2:42
  Suze: good luck now because the price of oil, the price
• 2:45
  Suze: of airline tickets have skyrocketed and they're going to continue
• 2:49
  Suze: to do so. That's number one. Number two, good luck
• 2:53
  Suze: if you even bought an airline ticket to go somewhere.
• 2:58
  Suze: Being able to get to your airplane on time given
• 3:01
  Suze: that the line for TSA is about three hours long
• 3:05
  Suze: right now if the airports even remain open, because if
• 3:10
  Suze: those people continue to go without a paycheck, some airports
• 3:14
  Suze: are gonna have to close down and then what? Like,
• 3:18
  Suze: do you think that they could at least pass a
• 3:20
  Suze: bill that paid the people that are working their paychecks?
• 3:25
  Suze: Don't you think that could happen?
• 3:28
  Suze: But obviously not. Once again, I state this government cannot
• 3:34
  Suze: even save itself, so it cannot save you. So you
• 3:38
  Suze: are not to ever be dependent on what happens with them.
• 3:43
  Suze: Do you understand that? Are you getting that? Now, why
• 3:47
  Suze: I have said that for year after year after year.
• 3:51
  Suze: So you have to make moves that protect yourself no
• 3:56
  Suze: matter what.
• 3:58
  Suze: I can tell you that when it comes to the markets,
• 4:00
  Suze: these markets will absolutely go back up. I just don't
• 4:05
  Suze: know when, so you have to be a financial warrior here.
• 4:10
  Suze: You have to not be afraid. You have to know
• 4:14
  Suze: what you have, understand what you own, all of that,
• 4:18
  Suze: and just be patient.
• 4:21
  Suze: If you don't have money to continue to dollar cost
• 4:24
  Suze: average or you're afraid to dollar cost average, then just don't,
• 4:28
  Suze: but don't sell here as long as you have good
• 4:33
  Suze: quality stocks, ETFs, hopefully things that pay you a dividend
• 4:38
  Suze: like Chevron that happens to be at $202 right now. Oh,
• 4:42
  Suze: what was it when we did that podcast a little
• 4:46
  Suze: while ago? 0 $190 right around there.
• 4:50
  Suze: When so many armchair pundits said don't buy it here,
• 4:56
  Suze: it's at its high.
• 4:58
  Suze: All right, just say, dividends.
• 5:02
  Suze: Safety, knowing what you have, and if you're afraid, fine,
• 5:07
  Suze: just don't invest any more if you don't want, but
• 5:10
  Suze: do not sell. And if you're in a retirement account
• 5:14
  Suze: and hopefully smart enough to have a Roth retirement account,
• 5:19
  Suze: you are dollar cost averaging every single month in there,
• 5:22
  Suze: no matter what.
• 5:25
  Suze: Let's go back to real estate now.
• 5:31
  Suze: All right, listen to me.
• 5:33
  Suze: It was 2006, I was on the Suze Orman Show.
• 5:39
  Suze: The stock market was doing great. Everything was as it
• 5:43
  Suze: should be. Real estate had been skyrocketing. Everybody felt so positive.
• 5:51
  Suze: And I started to see cracks in the real estate market,
• 5:55
  Suze: as by the way, I'm starting to see cracks again,
• 5:59
  Suze: believe it or not, but that's besides the point. So,
• 6:03
  Suze: here we are, 2006.
• 6:07
  Suze: And I'm telling everybody at that moment in time, be
• 6:12
  Suze: very careful. I wouldn't be buying something right now if
• 6:15
  Suze: I were you. I would also start to be very
• 6:18
  Suze: careful about the stock market because both of those sometimes
• 6:22
  Suze: go hand in hand.
• 6:26
  Suze: And what happened in 2006 and 2007 and 2008 is
• 6:33
  Suze: not only did real estate plummet, all right, that's one thing,
• 6:37
  Suze: but credit absolutely tightened.
• 6:42
  Suze: I saw people and listen closely right now who lost
• 6:47
  Suze: their jobs because of the depression. Everybody calls it a recession,
• 6:51
  Suze: but it was a true depression in my opinion. They
• 6:54
  Suze: lost their jobs.
• 6:56
  Suze: They then didn't have the money to do what? Pay
• 6:59
  Suze: their mortgage payments. Then what happened at that point is
• 7:05
  Suze: they couldn't even borrow against the value in their homes
• 7:08
  Suze: because they didn't have a job.
• 7:11
  Suze: If they had credit cards, do you remember this, everybody,
• 7:15
  Suze: if they had credit cards and they had available limits,
• 7:18
  Suze: so many people got letters saying your credit limit has
• 7:22
  Suze: been frozen now if you had a credit card or
• 7:26
  Suze: we'll pay you actually to pay off your credit card,
• 7:31
  Suze: everything kind of came to a stop and people didn't
• 7:35
  Suze: know where to turn.
• 7:37
  Suze: And here's what was so fascinating about that is as
• 7:42
  Suze: real estate started to go down and down and down.
• 7:46
  Suze: And people were losing their jobs as the stock market
• 7:52
  Suze: went down about 50 to 57%. Do you know, the
• 7:56
  Suze: Standard and Poor's 500 index went down during that period
• 8:00
  Suze: of time, almost 57% from about October, I think it
• 8:06
  Suze: was 2007 to March of 2009.
• 8:12
  Suze: Think about that. So there was really no place to
• 8:15
  Suze: get money and that wasn't the time to be selling
• 8:18
  Suze: stocks and things like that. What happened, which really was
• 8:25
  Suze: a big financial home wake up call, is that you
• 8:29
  Suze: think your homes are worth X. They may be worth
• 8:34
  Suze: X right now, but if your neighbor
• 8:39
  Suze: happens to be laid off. Happens to lose their job. Oh,
• 8:43
  Suze: AI has displaced them. Oh, they don't have an emergency
• 8:48
  Suze: savings account. They've already maxed out their credit cards. Everything
• 8:52
  Suze: is so expensive for them, and they don't have the
• 8:54
  Suze: money to pay their mortgage payment.
• 8:58
  Suze: And it goes on for one month or two months
• 9:00
  Suze: or whatever, and now they can't get a home equity
• 9:04
  Suze: line of credit. Why? 'Cause they don't have a job anymore,
• 9:07
  Suze: they don't have income, even though they had a lot
• 9:10
  Suze: of equity in their home.
• 9:13
  Suze: But now what happens is if they don't have the
• 9:17
  Suze: money to pay that mortgage, please listen to me closely.
• 9:21
  Suze: This happened over and over again, and I'm not saying
• 9:24
  Suze: it's going to happen to you, but just know the
• 9:28
  Suze: possibilities out there because do you really know the finances
• 9:32
  Suze: of your neighbors of the homes on your block, do you?
• 9:37
  Suze: Because if any of those homes near you
• 9:40
  Suze: have to go into foreclosure and there is a fire
• 9:43
  Suze: sale on that house. The value of the house that
• 9:48
  Suze: went into foreclosure, that is the comp that's going to
• 9:52
  Suze: take over the value of your home.
• 9:56
  Suze: Did you understand what I just said, so while everybody
• 10:01
  Suze: may think everything is great, everything is exactly how it
• 10:05
  Suze: should be.
• 10:07
  Suze: If somebody around you happens to go into foreclosure, it
• 10:13
  Suze: will affect the value of your home, whether you know
• 10:17
  Suze: it or not. You know, one of the favorite topics
• 10:21
  Suze: that I've always talked about
• 10:23
  Suze: is to invest in the known versus the unknown. So,
• 10:29
  Suze: I want you to start to write things down right now.
• 10:33
  Suze: What is known in your life right now?
• 10:39
  Suze: Hopefully you know you have a job. You have income
• 10:42
  Suze: coming in, so you have income to pay your mortgage.
• 10:47
  Suze: You know the approximate value of your home. Maybe you
• 10:53
  Suze: know right now that you are healthy or at least
• 10:56
  Suze: able to work.
• 10:57
  Suze: You know many things about your financial situation. You also
• 11:02
  Suze: know if you don't have an emergency account, you know
• 11:06
  Suze: if your credit cards are maxed, you know that the
• 11:09
  Suze: only asset that you have really is your home, you
• 11:13
  Suze: know that the only money that you have is the cash,
• 11:17
  Suze: the equity in your home.
• 11:19
  Suze: You know that many of you may be house rich,
• 11:23
  Suze: cash poor, you know all these things at this point
• 11:28
  Suze: in time.
• 11:30
  Suze: But let's talk about the unknown.
• 11:33
  Suze: The unknown really is, and artificial intelligence plays into this,
• 11:38
  Suze: the economy plays into this.
• 11:42
  Suze: Look at what's happening with the TSA. Look what happened
• 11:45
  Suze: with the federal government when all of a sudden Doggie,
• 11:48
  Suze: I call it Doggie, D O G E, Doggie came
• 11:50
  Suze: in and hundreds of thousands of people lost a job
• 11:54
  Suze: that they thought they were gonna have forever, good paying jobs, really, everybody?
• 12:01
  Suze: So the question becomes that you have to ask and answer.
• 12:05
  Suze: Will you always know that you have that job?
• 12:09
  Suze: Do you always know that your income is going to
• 12:13
  Suze: be there because even if it is not there, do
• 12:16
  Suze: you know that you have enough money in an emergency
• 12:21
  Suze: account to pay your mortgage, pay your expenses for at
• 12:25
  Suze: least 12 months?
• 12:27
  Suze: Do you know that? do you know that your health
• 12:31
  Suze: will always allow you to work? All of you know
• 12:35
  Suze: that I had a very serious health hazard that happened
• 12:39
  Suze: on July 23rd, 2020, and God forbid if I didn't
• 12:45
  Suze: have the money that I had, I don't know, we
• 12:48
  Suze: would have lost everything.
• 12:50
  Suze: And why? Because there's no way I could have worked.
• 12:55
  Suze: Thank God I'm finally OK.
• 12:58
  Suze: But it was a struggle.
• 13:02
  Suze: Anything can happen at any time, which is why I'm
• 13:05
  Suze: probably so passionate about this, 'cause I saw it happen
• 13:10
  Suze: to me, and the real question becomes what can you
• 13:15
  Suze: do today while everything is OK to make the unknown
• 13:20
  Suze: manageable later if it should happen.
• 13:24
  Suze: Now I want you to listen to me closely here.
• 13:29
  Suze: Do you remember all the way back in December of 2019,
• 13:34
  Suze: you might wanna go back to some of those podcasts
• 13:37
  Suze: and I kept saying, you know, I just have this feeling.
• 13:42
  Suze: I don't know why, but I really think something horrible
• 13:47
  Suze: is going to happen in February or March of 2020.
• 13:53
  Suze: I didn't know what, but I just had this feeling.
• 13:58
  Suze: All right everybody, you can go back and verify it
• 14:02
  Suze: and podcast after podcast I would say that and came January,
• 14:08
  Suze: February and all of 2020 and what also happened at
• 14:12
  Suze: that time it was the pandemic and think about what
• 14:17
  Suze: happened to many of your jobs whether you were a
• 14:20
  Suze: small business owner or whatever during that time and how
• 14:23
  Suze: did that affect when you no longer had income.
• 14:27
  Suze: Where your ability to pay your mortgage and even access
• 14:30
  Suze: the equity in your home when you didn't have income.
• 14:35
  Suze: So, a little while ago, I want to say maybe
• 14:38
  Suze: four or five months ago.
• 14:41
  Suze: I started to work with Alliant Credit Union who sponsors
• 14:46
  Suze: this podcast. Now, you have to know before I go on,
• 14:50
  Suze: I do not make one penny if any of you
• 14:53
  Suze: do this. I do not ever make one penny if
• 14:57
  Suze: ever you invest any money with a lion, get a
• 15:00
  Suze: certificate with them, or do what I'm about to talk about.
• 15:04
  Suze: I do not. They simply just sponsor the podcast.
• 15:08
  Suze: That's it.
• 15:10
  Suze: I did, however, start to work with them a few
• 15:15
  Suze: months ago, and we created together what I think is
• 15:21
  Suze: the Ultimate Opportunity Home Equity Line of Credit. I want
• 15:27
  Suze: you to listen to me now for a second.
• 15:31
  Suze: This equity line of credit really is very different than
• 15:36
  Suze: almost 100% of the home equity lines of credit out there.
• 15:42
  Suze: First of all,
• 15:45
  Suze: it has a six month introductory rate, if you have
• 15:48
  Suze: a great credit score,
• 15:51
  Suze: of 3.99%, and that is locked for six months. All right.
• 15:59
  Suze: After the six months, it goes to 6.75% depending on
• 16:06
  Suze: what prime is, but what's so fascinating and I love
• 16:11
  Suze: about this HELOC is that most HEOCs, number one.
• 16:19
  Suze: Your rate is prime plus 0.5% or 1% or 2%.
• 16:25
  Suze: Assuming a good credit score, and you can get your
• 16:30
  Suze: credit score really anywhere right now. Your vantage score is
• 16:33
  Suze: all you need to know of 780 or above, it
• 16:37
  Suze: will be prime plus 0 points plus 0. So you
• 16:44
  Suze: will be paying at all times as that prime changes.
• 16:51
  Suze: 0% above prime.
• 16:55
  Suze: And that can change once a month, just so you know.
• 16:59
  Suze: Now listen again.
• 17:01
  Suze: Interest rates very probably will stay right where they are
• 17:06
  Suze: right now or possibly go down. The Fed's rate, which
• 17:11
  Suze: prime is based on, will probably go down because President
• 17:16
  Suze: Trump wants to put in a new Fed chief who
• 17:19
  Suze: wants to lower interest rates, but I doubt highly that
• 17:24
  Suze: you're going to see them go up, so that's number one.
• 17:28
  Suze: Number two, there are no fees on any level to
• 17:33
  Suze: get this home equity line of credit. Number three, what
• 17:38
  Suze: I love about this home equity line of credit is
• 17:41
  Suze: you do not have to use it.
• 17:45
  Suze: You can apply for this, isn't gonna cost you anything.
• 17:50
  Suze: And it can just sit there as an emergency in
• 17:54
  Suze: case one of the unknowns happened to strike you, and
• 17:58
  Suze: you need to access the equity in your house. It
• 18:03
  Suze: will be there for you. Many home equity lines of credit,
• 18:07
  Suze: when you take it out, oh, you have to use
• 18:09
  Suze: it right away because they want to start making interest
• 18:12
  Suze: on you as fast as they can, not here.
• 18:18
  Suze: You do not have to use it, all right, everybody,
• 18:21
  Suze: you have a 10 year period of time for that.
• 18:24
  Suze: I think that will cover you now for most emergencies.
• 18:29
  Suze: There is no penalty if you want to pay it
• 18:32
  Suze: back above just interest only or whatever, you can, you
• 18:36
  Suze: can do whatever you want in that regard. Now, listen
• 18:41
  Suze: closely because there are certain things you need to know
• 18:45
  Suze: about it, all right.
• 18:47
  Suze: Number one, there is no fee on any level. Listen,
• 18:51
  Suze: they pay for appraisals unless you're doing a really big
• 18:54
  Suze: home equity line of credit, but in most cases, a
• 18:57
  Suze: client will pay for the appraisals, everything, no charge the
• 19:00
  Suze: first year.
• 19:03
  Suze: From then on, after the first year there is a
• 19:07
  Suze: $50 a year fee, not a big deal, just to
• 19:12
  Suze: be able to have access to emergency money that's locked
• 19:16
  Suze: up in your home. Got that. If you close it
• 19:21
  Suze: within the first three years,
• 19:25
  Suze: there will be a $200 closure fee, so you are
• 19:29
  Suze: not to take this out if you think all of
• 19:31
  Suze: a sudden you're gonna close it right away or whatever.
• 19:35
  Suze: You have to know that this is your emergency line
• 19:39
  Suze: of equity that has now been locked in for you
• 19:43
  Suze: in your home.
• 19:46
  Suze: You don't have to use it.
• 19:50
  Suze: And I really think that if you own a home
• 19:53
  Suze: right now, and your home is valued at a lot,
• 19:57
  Suze: and you have good equity in it,
• 20:00
  Suze: Right? So you have to have a good equity, uh,
• 20:03
  Suze: you know, loan to value ratio there of at least 70-80%.
• 20:07
  Suze: You have to do that, by the way. You can't
• 20:09
  Suze: take all your equity out, but why not set up.
• 20:14
  Suze: A home equity line of credit just in case.
• 20:20
  Suze: Now those people back in 2006 and 2007, if they
• 20:27
  Suze: had taken that advice at that point in time, they
• 20:33
  Suze: may have been able to save their home.
• 20:36
  Suze: Keep their home because eventually everything did come back.
• 20:43
  Suze: So this is something that I want you all to
• 20:46
  Suze: do seriously, if you own a home.
• 20:51
  Suze: Unless you own that home outright, you know you have
• 20:54
  Suze: more money than you'll ever need, that it's not a
• 20:57
  Suze: big deal. OK, I don't have a problem with that.
• 21:01
  Suze: But if you're like most people in America today that
• 21:05
  Suze: have a mortgage
• 21:07
  Suze: that really you couldn't carry yourself for more than one
• 21:10
  Suze: or two years without accessing your stock portfolio, which is
• 21:14
  Suze: something I do not want you to look at as
• 21:16
  Suze: an emergency account, especially when the markets are down and
• 21:20
  Suze: could go down even more considerably from here.
• 21:23
  Suze: That is not where I want you to go, where
• 21:26
  Suze: I would want you to go to help yourselves, not
• 21:30
  Suze: on your credit cards because interest rates will be too high,
• 21:33
  Suze: whatever it may be, would be this particular home equity
• 21:38
  Suze: line of credit. We worked hard on it.
• 21:42
  Suze: To give you every possible advantage over other home equity
• 21:48
  Suze: lines of credit. Now maybe there'll be another one, whatever,
• 21:52
  Suze: but I have to tell you I don't think it
• 21:55
  Suze: will give you all the advantages that I just gave you.
• 22:01
  Suze: Many of you already have home equity lines of credit
• 22:04
  Suze: out there, and I have a feeling that if you
• 22:07
  Suze: compare this one.
• 22:10
  Suze: To the one that you already have, chances are you're
• 22:14
  Suze: gonna wanna transfer from yours to this one, seriously, because
• 22:21
  Suze: it really is one of the best ones out there now.
• 22:24
  Suze: You are not to just get this for you to
• 22:26
  Suze: have a checkbook to spend it on anything you want, uh, uh,
• 22:31
  Suze: if you have credit card debt.
• 22:33
  Suze: You are not to transfer your credit card debt to
• 22:36
  Suze: the equity in your home. You never do an unsecured
• 22:41
  Suze: loan like credit card debt and transfer it to a
• 22:45
  Suze: secured loan like a home equity line of credit. This
• 22:49
  Suze: is not for you.
• 22:51
  Suze: We created this for people who want backup just in
• 22:57
  Suze: case while everything is still known and everything is good
• 23:01
  Suze: and the value of your house is still as it
• 23:03
  Suze: should be so it doesn't cost you anything you don't
• 23:06
  Suze: have to use it, great rates or for those of
• 23:10
  Suze: you who already have a home equity line of credit
• 23:13
  Suze: at a higher rate you're paying more transfer it just
• 23:18
  Suze: that simple.
• 23:20
  Suze: So, I want all of you seriously now, and I'm
• 23:23
  Suze: not joking around here, everybody, I want you to go
• 23:27
  Suze: to my alliant.com, M Y A L L I A
• 23:33
  Suze: N T dot com. It will be right there on
• 23:36
  Suze: the front page when you go there, and at least
• 23:39
  Suze: check it out. It's not gonna cost you anything.
• 23:43
  Suze: There's nothing to lose by getting it. And why do
• 23:46
  Suze: I feel so strongly about this? Because I saw what
• 23:50
  Suze: happened in 2006 and 2007 to way, way too many people.
• 23:59
  Suze: Could that happen again? Not to that degree, I don't think,
• 24:04
  Suze: but I never thought that would have happened either.
• 24:08
  Suze: It is seriously important to invest in the known right now.
• 24:15
  Suze: Not the unknown. You know where we are. You know
• 24:19
  Suze: what's happening in your life right now. I'm asking you
• 24:23
  Suze: all to take advantage of it. Just that simple. All right, everybody.
• 24:30
  Suze: So until Thursday when Miss Travis joins us again on
• 24:34
  Suze: Ask KT and Suze Anything.
• 24:37
  Suze: Know, I love you all so very, very much. My
• 24:40
  Suze: hearts go out seriously to all the armed forces that
• 24:45
  Suze: may be deployed... who knows...
• 24:48
  Suze: over to Iran. My heart goes out to all the
• 24:51
  Suze: TSA workers. I get your emails. I know how you're struggling,
• 24:56
  Suze: you know, I get it. I so get it, but
• 25:00
  Suze: we are where we are.
• 25:02
  Suze: And you have to prepare today for the unknowns of tomorrow.
• 25:08
  Suze: So until then, there's only one thing that matters when
• 25:11
  Suze: it comes to money, and it is this people first,
• 25:16
  Suze: then money, then things. Go to my alliant.com, M Y
• 25:22
  Suze: A L L I A N T.com, and just check
• 25:26
  Suze: it out. Now, you stay safe. Bye bye.