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Stop Waiting to Make Great Financial Decisions · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

0:07
Suze: September 20th, 2026. Welcome everybody to the Women and Money
0:12
Suze: podcast and everybody smart enough to listen. Do you all
0:17
Suze: hear me when I say everybody? Stop writing saying, Suze,
0:22
Suze: I know this podcast is just for women, but why
0:27
Suze: do you think I say everybody smart enough to listen?
0:31
Suze: It's everybody.
0:33
Suze: I don't care who you are. Money affects everybody, so
0:39
Suze: all of you need to listen, however, I always like
0:44
Suze: making sure women are absolutely taken care of. Maybe that's
0:48
Suze: because I am a woman, or maybe because it's as
0:52
Suze: you get older, men die before we do, and then
0:57
Suze: women are left not knowing what to do. So of
1:03
Suze: course I have a bias towards women. Anyway, before we begin,
1:08
Suze: this is Suze School, but I just want to remind
1:12
Suze: you of one thing October 3rd and 4th, that date
1:16
Suze: is coming up, and in Glendale, California.
1:22
Suze: There is a two day empowerment workshop absolutely honoring the
1:27
Suze: 100th birthday of Louise Hay and therefore, I will be
1:32
Suze: there on October 4th giving the closing keynote. I have
1:37
Suze: no idea what I'm gonna talk about, but I did
1:40
Suze: name the talk the most important lesson of all.
1:46
Suze: There's so many lessons, and I'm going to have to
1:49
Suze: choose one, and I have no idea actually what I'm
1:52
Suze: going to choose yet, but then I never know what
1:55
Suze: I'm going to do when I get on stage. I
1:57
Suze: kind of just let it happens, and somehow it always
2:01
Suze: happens exactly as it should. But if you want, you
2:07
Suze: can go to Suze Orman.com/empower E M P O W
2:13
Suze: E R, check it out there. If you can't come
2:16
Suze: for whatever reason, don't worry, go all the way down,
2:21
Suze: scroll on that page that you go to, and you'll
2:24
Suze: see how to sign up, for free streaming. Over 10,000
2:28
Suze: of you have already signed up for that. And don't forget,
2:32
Suze: after my talk, if you are there, I don't care
2:35
Suze: if you have VIP seating, if you have regular seating,
2:39
Suze: I will be doing for everybody a meet and greet
2:43
Suze: if you want to. So just so you know. All right,
2:49
Suze: are your Suze notebooks out? You're taking notes? OK, get ready.
2:54
Suze: Last week really was quite the week in the stock market,
2:59
Suze: but actually even more than the stock market, because really
3:03
Suze: it didn't do that much, believe it or not. It's
3:06
Suze: going up, it's going down, we're at war, but no,
3:09
Suze: we can't call it war, we're at whatever we think
3:11
Suze: we're at over in Iran we attack, we get attacked,
3:15
Suze: then the stock market.
3:16
Suze: It reacts, oil goes up, then oil starts to come down,
3:19
Suze: markets go up, then markets come down, your semi stocks
3:24
Suze: start to go up big, then they come down big,
3:26
Suze: and then at the end, they're kind of all even.
3:28
Suze: We're all over the place. It's like a roller coaster.
3:33
Suze: Do you remember, at least I do, when I was
3:35
Suze: a kid, I grew up in Chicago, and I loved
3:38
Suze: to go to a park called Riverview. Oh my God.
3:44
Suze: So fabulous. They had the bobs, they had all kinds
3:48
Suze: of roller coasters, and for some reason, I love roller coasters.
3:54
Suze: I just love them. When you ride a roller coaster,
3:58
Suze: you go up and up very, very slowly, and then
4:03
Suze: all of a sudden you get to the top and
4:04
Suze: you go down really fast, and then you go all around,
4:07
Suze: and then you start to go up again very, very slowly.
4:11
Suze: That's exactly what this market is doing. It's going all around,
4:16
Suze: goes up slowly, comes down, you're on it for a ride. So,
4:22
Suze: just like I loved the ups and downs of roller coasters,
4:26
Suze: I want you to learn seriously to love the ups
4:30
Suze: and downs of the stock market, 'cause you're on this ride,
4:35
Suze: not just for six months, one year. If you're in
4:39
Suze: the stock market, you're on the ride for at least
4:42
Suze: five years or longer.
4:45
Suze: And so, when it goes down, enjoy it, and that's
4:49
Suze: when you dollar cost average. But the most interesting thing
4:53
Suze: to me...
4:55
Suze: Last week wasn't the stock market, although I will talk
4:58
Suze: about it again in a little bit here. It was
5:01
Suze: the bond market. It was what happened with the Federal Reserve,
5:09
Suze: because that is key. So are you ready? Listen.
5:13
Suze: The Federal Reserve, you already know what the Federal Reserve is.
5:18
Suze: They dictate what the Fed funds rate is going to be,
5:21
Suze: which eventually dictates your prime rate and HELOCs and things
5:26
Suze: like that. But what happened was that even though Trump
5:31
Suze: has been wanting the Federal Reserve chair to lower interest rates,
5:35
Suze: lower the Fed funds rate, lower, lower, lower, that is
5:39
Suze: not what happened.
5:43
Suze: With the new Fed chair, he actually raised the Fed
5:48
Suze: funds rate.
5:50
Suze: And that, even though it wasn't a surprise, is not
5:53
Suze: what Trump wanted him to do. Now, whether he should
5:57
Suze: have done it or he shouldn't have done it doesn't matter.
6:00
Suze: Here's what matters is that the vote, there are 12
6:04
Suze: of these Fed governors, OK.
6:07
Suze: The vote was totally unanimous. I have not seen a
6:12
Suze: unanimous vote where all 12 of them thought this is
6:17
Suze: what we should do. They always dissented. There were three
6:20
Suze: or four or whatever. All 12 decided to vote to
6:25
Suze: raise the Fed funds rate by 0.25%, taking it from
6:31
Suze: about 3.75% to 4%.
6:36
Suze: Now, the reason that I'm making a point about this
6:40
Suze: is that when you have a group of people, all
6:42
Suze: of a sudden that are in one boat, they're all unanimous,
6:47
Suze: that means they're all going in the same direction, which
6:50
Suze: means that it's probably gonna continue to go in that direction,
6:56
Suze: which means that they're going to most likely continue to
7:00
Suze: raise rates. Now, why did they do that? Because all
7:05
Suze: of them honestly believed inflation is still too high and
7:12
Suze: the Fed wants inflation back to its 2% goal so
7:17
Suze: you can hear all the things that some of the
7:19
Suze: politicians are saying we're fine, it's not gonna be a
7:22
Suze: big deal, gas will go down or no... inflation is
7:28
Suze: too high and energy prices more than anything, believe it
7:34
Suze: or not,
7:35
Suze: is putting pressure on inflation because oil has been around, everybody,
7:41
Suze: $100 a barrel, and I want you to remember something.
7:45
Suze: Remember I told you a long time ago, oil is
7:49
Suze: key because when oil goes up, you don't just pay
7:53
Suze: for it when you put gasoline in your car, it
7:56
Suze: eventually works its way through the economy.
8:00
Suze: The truck delivering food to your supermarket needs fuel. Airplanes
8:06
Suze: need fuel. Companies making and transporting products need energy. Those
8:12
Suze: costs can eventually make their way to you. So the
8:16
Suze: Fed is essentially saying we have had enough.
8:21
Suze: We've had enough of the dissent. We've had enough of
8:24
Suze: people thinking that interest rates should go down. We need
8:28
Suze: to put more pressure on inflation.
8:31
Suze: And how does it do that? By making money more expensive.
8:36
Suze: Higher interest rates discourage borrowing and spending.
8:40
Suze: And that can slow down demand and eventually help bring
8:44
Suze: inflation down, or so they hope. But here's what I
8:49
Suze: want you to understand:
8:52
Suze: That this will not be over in my opinion, given
8:57
Suze: what they said, given how they did not dissent. I
9:01
Suze: would expect rates to move higher from here, and I
9:05
Suze: wouldn't just expect it, they expect it as well, the
9:09
Suze: Fed governors, all right, so I do not want you
9:14
Suze: to make financial decisions based upon the assumption.
9:17
Suze: That this was necessarily the last increase because again in
9:22
Suze: my opinion it is not. This could last even if
9:27
Suze: they don't continue to increase after the next one or whatever.
9:31
Suze: They can leave the rates high all the way until 2028,
9:37
Suze: so I would not expect any movement downward in 2027
9:41
Suze: on any level, just so you know.
9:46
Suze: So, who does this benefit and who does this hurt? Well, obviously,
9:52
Suze: if you're a saver, if you have money in money
9:56
Suze: market accounts, or if you have money in certificates, and CDs,
10:01
Suze: in the, whatever, this is good for you, but only
10:07
Suze: if you are paying attention. So I want every single
10:11
Suze: one of you listening to me right now who has
10:13
Suze: money in a savings account.
10:15
Suze: A savings account at a bank. I want you to
10:19
Suze: answer one question. What interest rate are you earning right now?
10:25
Suze: Because this drives me crazy. It drives me crazy. So
10:30
Suze: many of you say, Oh, I have money at a bank.
10:34
Suze: It's a big bank. How much interest are they paying you? 0.06%, 0.8%.
10:39
Suze: Are you kidding me?
10:42
Suze: And then what I really don't like is when you
10:45
Suze: see other banks or other advertisement that say, we're paying
10:49
Suze: you 8 times the national average. Well, eight times 0.06
10:54
Suze: or 0.8 or whatever it is, or nothing is not
10:58
Suze: a whole lot of money. So stop looking at how
11:01
Suze: much more people are paying you based on nothing. We're gonna,
11:06
Suze: in a second look what people should really be paying you.
11:10
Suze: So the question is, what interest rate are you earning?
11:14
Suze: Do you know? Not approximately, not what the bank was
11:18
Suze: paying you six months ago. What are they paying you today?
11:23
Suze: And if you don't know, then after this podcast, I
11:27
Suze: want you to find out because here is what is
11:30
Suze: happening now. When rates go up, the Fed funds rates
11:36
Suze: go up, which they just did, banks are usually very
11:40
Suze: good at figuring out how to charge you more money
11:44
Suze: when you want to borrow more money or you want
11:46
Suze: to borrow something from them.
11:49
Suze: Oh, they will raise your rates big time, but somehow,
11:53
Suze: don't you find it interesting that many of them aren't
11:57
Suze: nearly as fast when it comes to figuring out how
12:00
Suze: to pay you more money.
12:03
Suze: And why should they? Because if you're stupid enough to
12:07
Suze: leave your money there, earning next to nothing, they will
12:11
Suze: happily let you do that. So your loyalty to a
12:16
Suze: bank because it's down the street from you, because you've
12:19
Suze: been with them for 10 years, whatever does not make
12:23
Suze: you more money. So what do I want you to do?
12:28
Suze: I want you to find out what you're being paid.
12:32
Suze: And if your bank isn't competitive, what's competitive right now? 3%
12:38
Suze: in a savings account, 3.5%, 4%, whatever it may be,
12:42
Suze: in certificates, move your money, period. Now with that, I
12:48
Suze: do want to talk about CDs or as some credit
12:51
Suze: unions call them certificates.
12:54
Suze: I get that rates are good as of this podcast. Seriously,
12:59
Suze: I get that, but I just want us to wait
13:03
Suze: a little bit before we commit money right now.
13:08
Suze: Let's wait one week, maybe let's wait two weeks. Let's
13:12
Suze: just wait to see what happens with banks and credit unions.
13:18
Suze: Are they going to raise the interest rate?
13:22
Suze: That they're willing to give you where you lock it
13:25
Suze: up for one year or whatever. Let's just see, OK? So,
13:30
Suze: we'll put a pin in you just looking, and if
13:34
Suze: you have a low interest rate at a bank, all right,
13:39
Suze: let's just give it a week or two and see
13:42
Suze: maybe where we should move that money or anything that
13:46
Suze: might come along. Now.
13:49
Suze: Listen, you're not trying to be smarter than the Federal Reserve,
13:53
Suze: do you hear me? You're not trying to predict interest rates.
13:58
Suze: What you are doing is simply trying to create choices
14:03
Suze: for yourself. That's important. So I always want you to
14:07
Suze: have choices, but for now, let's turn this around, because
14:13
Suze: if you're a saver and you benefit from higher rates,
14:18
Suze: who gets hurt? Somebody always gets hurt.
14:22
Suze: And here's the phrase really that I want you to remember,
14:26
Suze: variable rates move, write it down.
14:31
Suze: Fixed rates stay fixed.
14:36
Suze: So if you have a fixed rate mortgage, last Wednesday's
14:40
Suze: Fed decision did not suddenly change the interest rate on
14:43
Suze: your existing mortgage. It is fixed.
14:47
Suze: If you have a fixed car loan, same thing, OK?
14:53
Suze: But credit cards, well, now I have to tell you
14:56
Suze: that's a different story because most credit cards have variable rates.
15:03
Suze: HELOCs frequently have variable rates. Some private student loans have
15:10
Suze: variable rates, and these are the debts that I need
15:14
Suze: you and you should want to pay attention to because
15:19
Suze: if rates continue higher, which I think they're going to.
15:23
Suze: Then those debts can become, and they will become more expensive.
15:29
Suze: Now I know you're listening and you're thinking, oh please, Suze,
15:34
Suze: is only a quarter of a percent, is it really
15:37
Suze: make a difference?
15:39
Suze: Are you thinking that if you are, I need you
15:42
Suze: to stop it because that is exactly how you will
15:45
Suze: get yourself into trouble when it comes to money. You
15:49
Suze: look at one quarter of one percent rather than looking at the direction they're headed.
15:55
Suze: And if this is followed by another increase and another increase,
16:00
Suze: that variable debt is going to cost you even more.
16:05
Suze: And if you then want to change to a fixed rate,
16:09
Suze: that will be new fixed rates will be higher.
16:13
Suze: So now is the time for you to take action.
16:17
Suze: And are you already paying on your credit cards 20%, 25%?
16:23
Suze: Are you, many of you write me and you tell
16:26
Suze: me the interest rate you're paying on credit cards. I'm like,
16:29
Suze: what are you crazy? So if you are carrying credit
16:33
Suze: card debt, I don't want you obsessing over whether you
16:37
Suze: can make another half of one percent on an investment.
16:42
Suze: I want you to look at a guaranteed interest rate
16:45
Suze: that is eating you alive.
16:47
Suze: Because again, let's just put a pin in this. A
16:50
Suze: lot of you, when you write me, you tell me
16:54
Suze: you have $10,000 in credit card debt. Maybe it's at
16:58
Suze: a store like Macy's or whatever it may be, and
17:01
Suze: you're paying 1820, 23% on that interest rate.
17:07
Suze: And then you tell me that you have $200,000 or
17:10
Suze: $30,000 in an emergency fund at a bank making 0.6%.
17:18
Suze: Or even if it's in a high yield money market
17:21
Suze: account or wherever, making 3%, 4%.
17:26
Suze: Do you understand that the 3 or 4% you may
17:31
Suze: be making is taxable to you?
17:35
Suze: The 18, 19, 20% or whatever you're paying on a
17:39
Suze: credit card is not tax deductible. You are losing along
17:45
Suze: with inflation, so much money having that credit card debt.
17:50
Suze: I cannot tell you. So I want you to make
17:54
Suze: sure that if that is your situation.
17:58
Suze: That you actually take money in your emergency fund and
18:02
Suze: you pay off that credit card debt, but Suze, what
18:06
Suze: happens if there's an emergency? Well, now you have available
18:11
Suze: credit on your credit card to use it if you
18:14
Suze: have to. Do you understand me? Do not be somebody
18:20
Suze: who thinks they're doing fine because they have money in
18:22
Suze: an account making interest.
18:26
Suze: Or you have that exact same of money or even
18:28
Suze: less on a credit card at a 7-8% interest rate
18:33
Suze: or higher, so your first plan of action when this
18:38
Suze: is happening right now is to get yourself out of
18:43
Suze: credit card debt. Now, if you have a HELOC, a
18:49
Suze: home equity line of credit, I need you to look at.
18:54
Suze: What it is costing you because some of you took
18:57
Suze: those out when borrowing felt cheap and you stopped paying
19:01
Suze: attention to what they're costing you. Well now you better
19:05
Suze: pay attention. Remember when you have a home equity line
19:09
Suze: of credit, it is attached to prime, and they give
19:16
Suze: you a period of time that it is fixed. Sometimes
19:19
Suze: after that they can make changes depending on your HELOC.
19:23
Suze: And it will be a 0.2 or 3% above prime.
19:26
Suze: Prime is attached to the Fed funds rate, which is
19:29
Suze: why you might want to go to myalliant.com, check out
19:34
Suze: their home equity line of credit because it's 0 above
19:38
Suze: prime
19:39
Suze: and you might want to change your home equity line
19:42
Suze: of credit you currently have to theirs. Now, currently it's
19:46
Suze: only in like about 28 states, but they keep telling
19:49
Suze: me shortly it will be everywhere. So keep your eye
19:54
Suze: on that because it really has the best terms for
19:57
Suze: a home equity line of credit that you are going
20:00
Suze: to find anywhere in my opinion. Now let's move on
20:05
Suze: from HELOCs that are variable.
20:08
Suze: To fixed rate mortgages and a 30-year mortgage in particular.
20:16
Suze: Mortgage rates are influenced not by what's happening in the
20:21
Suze: Fed funds.
20:23
Suze: And what they're doing, but the mortgage rates, and I've
20:26
Suze: taught you this, are influenced by what's happening in the
20:31
Suze: bond market, especially the 10-year Treasury.
20:35
Suze: Now, the 10-year treasury is right around 5%. I haven't
20:42
Suze: seen the 10 year that high in I don't know
20:47
Suze: how long. Now, here's what you have got to understand.
20:53
Suze: Before this whole thing happened with Iran.
20:56
Suze: You could have gotten a 30-year fixed rate mortgage for
20:59
Suze: under 6%.
21:02
Suze: Last time I looked, they're like 7.17. They're going up,
21:06
Suze: they could be at 7.5%. It is not impossible, that
21:10
Suze: a 30-year fixed could go to even 8%, we don't know.
21:18
Suze: Do not be tempted to buy a home right now
21:22
Suze: and get an adjustable rate mortgage because maybe it's a
21:25
Suze: little bit lower. Stay away from adjustable rates right now.
21:31
Suze: Stay away from variable anything right now. If the only
21:36
Suze: way you can afford a home is to get an
21:39
Suze: adjustable rate mortgage, in my opinion, you cannot truly afford
21:45
Suze: a home at this point in time.
21:48
Suze: There is nothing wrong with renting until everything either comes down,
21:54
Suze: prices come down, but prices of homes in most areas
21:58
Suze: are still extremely high, interest rates are high, insurance costs
22:05
Suze: are high, property mortgage, all this, so you have to
22:09
Suze: know without a shadow of a doubt,
22:12
Suze: that you can afford to buy a home, right? Can
22:16
Suze: you make the mortgage payment, uh, comfortable? Do you have
22:20
Suze: an emergency savings account? Do you have at least a
22:23
Suze: 10 or 20% down payment and an 8 to 12
22:26
Suze: month emergency fund? I could go on and on, but
22:31
Suze: I'm just telling you, I want you to be careful.
22:34
Suze: Do you got it?
22:36
Suze: Buy a house that you can afford and you know
22:40
Suze: you're gonna stay there for a long time and you
22:43
Suze: have a solid job and everything, OK, I'm asking you
22:47
Suze: to be careful and I've told you I haven't liked
22:50
Suze: the real estate market for a while now. Let's talk
22:55
Suze: about the stock market, because like I opened this podcast,
22:58
Suze: that was one heck of a week. Here's what's so
23:02
Suze: funny though. The Dow ended Friday at approximately 51,683 to
23:09
Suze: be exact, and it was down only 1.7% for the week, OK,
23:18
Suze: but the S&P 500, which I think is a better
23:22
Suze: indicator because it, it does, you know, 500 stocks, it's
23:27
Suze: far more inclusive than just the Dow Jones Industrial Average,
23:32
Suze: and I'm not even sure it's an industrial average anymore, ended
23:36
Suze: around 7,650, and that was like flat for the entire week,
23:43
Suze: down about 0.1%, but here's what's interesting, the NASDAQ, that's
23:51
Suze: where all of your, you know, your stocks, your technology,
23:55
Suze: all those things are, most of them anyway, actually was
23:59
Suze: up for the week, 7.11%. So, I want you to
24:03
Suze: think about this.
24:05
Suze: Same Federal Reserve now, all right, same economy, same week.
24:11
Suze: The Dow is down. S&P is basically flat, the NASDAQ
24:16
Suze: is up, which is why when somebody says to you,
24:19
Suze: the market did this, my question is always, well, which market?
24:23
Suze: Where are you invested? How are you invested? Technology and
24:28
Suze: semiconductor stocks, listen...
24:32
Suze: They continue to show strength while other areas of the
24:36
Suze: market do not. They just don't. They're struggling.
24:40
Suze: Now, you know, one of my favorite ETFs is SMH.
24:44
Suze: It goes way up, goes way down. It's a semi ETF,
24:50
Suze: but even with all of this news of, in the decade,
24:55
Suze: AI is going to kill all of us. This happening,
24:58
Suze: that happening, that's the big news right now. That's it.
25:03
Suze: Listen, there's nothing we can do about that.
25:06
Suze: Where hopefully they'll get it under control. I don't know
25:09
Suze: if they will, they won't. I'm not saying that it's
25:12
Suze: not dangerous, but even with a week where all this
25:17
Suze: information came out, everybody was talking about it.
25:22
Suze: Look at what the semis did, which is what backs
25:27
Suze: all of AI.
25:30
Suze: Because why? Because again I will repeat.
25:35
Suze: Technology and semiconductor stocks continued to show strength even with
25:41
Suze: all the negative news, while other areas of the market struggled. Now,
25:47
Suze: that's important.
25:49
Suze: Because the headline indexes do not always tell you what
25:53
Suze: is happening underneath, OK, it's like you look at this
25:59
Suze: beautiful home with fancy cars in the driveway. You see
26:04
Suze: two people come out of their home and they are
26:06
Suze: dressed in the most exquisite designer clothes.
26:10
Suze: But you don't know what's behind that. You don't know
26:14
Suze: if they have debt up to their eyeballs. Have they
26:18
Suze: charged everything? Are they leasing their cars? Are they under
26:21
Suze: water on their mortgage? You don't know what's behind it.
26:25
Suze: And the same is true when it comes to headline indexes.
26:32
Suze: So I know you're writing me and you're saying, Suze,
26:35
Suze: should I sell?
26:36
Suze: And the answer is no, and not because I don't
26:41
Suze: know what's going to happen next, cause I don't, you know,
26:43
Suze: I don't, and neither does anybody else, by the way,
26:47
Suze: but I need you to remember why you're invested in
26:52
Suze: the market in the first place. Obviously if you need
26:56
Suze: the money within the next few years.
26:58
Suze: Can you just tell me why is it heavily invested
27:01
Suze: in stocks? That is money that you know you should
27:04
Suze: not be invested. It needs to be somewhere else. What
27:07
Suze: is wrong with you? But if this is retirement money
27:11
Suze: that you don't need for 5, 10, 15, or 20
27:13
Suze: years or longer.
27:15
Suze: Then please do not make this 20 year decision based
27:19
Suze: on what's happening during one week. That makes no sense,
27:23
Suze: or even during one year. You're all dollar cost averaging, hopefully,
27:28
Suze: you're all not putting everything in all at once. You're
27:32
Suze: all diversifying into certain things that make sense.
27:36
Suze: So, again, I'm just gonna repeat here, if you're investing
27:40
Suze: every month, especially in your retirement account, cause that's how
27:43
Suze: most of you invest, you work for a corporation, you
27:47
Suze: put in some, they take it from your paycheck, they match,
27:50
Suze: month in and month out. Do not, do not stop
27:55
Suze: doing that.
27:56
Suze: Right? Because remember, when markets decline, what happens? Your contribution
28:02
Suze: buys more shares. When markets rise, the shares you already
28:06
Suze: own become worth more, and that's why consistency matters. So
28:11
Suze: do not be an inconsistent investor. If you're inconsistent.
28:17
Suze: Your returns and your results will be inconsistent and if
28:23
Suze: a normal market decline has you frightened that you can't
28:27
Suze: sleep at night and you wanna sell everything, how many
28:31
Suze: of you felt that way a few days ago?
28:35
Suze: Then listen carefully to me.
28:37
Suze: The problem isn't the stock market. Maybe the problem is
28:42
Suze: your allocation. Maybe you have more money invested in stocks
28:48
Suze: than you can emotionally handle or financially handle, and if
28:53
Suze: that's true, you need to fix your allocation, OK? I
28:58
Suze: obviously helped some of my friends out, and there's one guy, Phillip. Phillip,
29:04
Suze: you you're listening, you know who you are.
29:06
Suze: And he started investing now and doing all these things,
29:11
Suze: and I looked at how some of his stocks have
29:15
Suze: grown over the past year.
29:18
Suze: And I sent him a text and I said, all right,
29:20
Suze: I want you to sell this, this and this, and
29:22
Suze: I want you to put that money in this, this
29:25
Suze: and that.
29:26
Suze: And I went from more of technology and semiconductors to biotechnology,
29:33
Suze: things like that, and diversified him that way. Now we
29:38
Suze: didn't get out of technology, we didn't get out of semis,
29:42
Suze: we lowered how much it had grown and made it
29:46
Suze: a nice diversified portfolio for him that he felt secure about.
29:53
Suze: So maybe you need to look at that. Maybe you
29:55
Suze: have some stocks that have gone up way too much,
29:58
Suze: which is essentially what happened to me with IONQ everybody,
30:02
Suze: which is why I was like, no, I have too
30:03
Suze: much in here, and I sold it. I didn't sell
30:06
Suze: all of it, I sold half of it.
30:09
Suze: It's just make sure that you can emotionally and financially
30:15
Suze: handle how your money is invested, and don't try to
30:20
Suze: time the market.
30:22
Suze: So, remember, there is a tremendous difference between changing your
30:28
Suze: investment strategy because your goals have changed and maybe they have,
30:33
Suze: and changing it because you're scared because what have I
30:39
Suze: always told you? Fear is not an investment strategy.
30:45
Suze: Something big also happened last Friday that I just want
30:48
Suze: to talk about.
30:50
Suze: And what happened was Berkshire Hathaway announced that Warren Buffett
30:55
Suze: at 96 years of age.
30:58
Suze: He became chairman emeritus. All right. He obviously remains on
31:03
Suze: the board, and his son Howard Buffett has become chairman,
31:08
Suze: and Greg Abel, who's already CEO, is going to continue
31:12
Suze: to be so. Now, when I read that, I didn't
31:16
Suze: immediately think about Berkshire Hathaway stock. What it made me
31:21
Suze: think about was succession.
31:24
Suze: And how Warren Buffett spent decades building one of the
31:28
Suze: most extraordinary companies in history. But what else did he do?
31:33
Suze: He planned for the day when he would no longer
31:36
Suze: be the person running it. So why am I telling
31:39
Suze: you this? Because every single one of you has to
31:44
Suze: have a succession plan too, and the only question is
31:49
Suze: whether you created it yourself, or whether you're going to
31:54
Suze: let the state create it for you.
31:58
Suze: So the question is this, do you have a will?
32:02
Suze: Do you have a living revocable trust? Do you have
32:05
Suze: a durable power of attorney for finances? Do you have
32:10
Suze: uh advanced directive and health care document? Do you have
32:13
Suze: any of those?
32:14
Suze: Do the people who may someday have to step in,
32:18
Suze: know where everything is? Do they know where your accounts are?
32:24
Suze: Do they know what you want?
32:26
Suze: Or have you left them a financial scavenger hunt? Now
32:30
Suze: listen to me. Estate planning isn't about how much money
32:34
Suze: you have. It's about how much you love the people
32:37
Suze: you are leaving behind. So do not leave them in chaos.
32:42
Suze: And why am I talking about this now? I have
32:45
Suze: 5 emails that I read this last week where their estate,
32:49
Suze: their parents, everything left them in chaos.
32:54
Suze: Chaos and I can't help them because after it's done
33:00
Suze: it is too late so don't leave them in chaos,
33:05
Suze: everybody if you don't have them, you should go to musthavedocs.com.
33:13
Suze: And check out the must-have documents that Hay House offers.
33:18
Suze: I'm simply the educator on that product. Check it out.
33:22
Suze: $2,500 worth of state of the art documents, good in
33:27
Suze: all 50 states.
33:28
Suze: I believe it's $153 but remember you can share that
33:33
Suze: with as many people as you want. You get an
33:35
Suze: activation code with your family members, do whatever you want.
33:39
Suze: The goal is for every one of you to have
33:41
Suze: all of those documents, and you can make changes anytime
33:46
Suze: you want when you go back. I'm asking you to
33:50
Suze: check it out. It is a chaos killer, so go
33:55
Suze: ahead and do it.
33:57
Suze: So, what did we learn today? We learned that you're
34:01
Suze: going to check what your savings is earning. If it
34:04
Suze: isn't competitive, you're gonna do something about it.
34:08
Suze: You're going to be careful because if you have a
34:10
Suze: variable rate debt, especially credit card debt, I need you
34:13
Suze: to attack it.
34:15
Suze: I need you not to assume that a Fed rate
34:17
Suze: hike automatically tells you mortgage rates, what mortgage rates will do.
34:21
Suze: It's all based on what? The 10-year Treasury. You learn
34:27
Suze: not to destroy a long-term investment plan because a short
34:30
Suze: term market move is making you nervous, but most important.
34:36
Suze: I want you to stop waiting for the world to
34:39
Suze: become a certain place before you make good financial decisions.
34:45
Suze: Because in my opinion, everybody, it never will.
34:48
Suze: There will always be another Fed meeting, another inflation report,
34:53
Suze: another market decline, another election, another war, another crisis, another
34:57
Suze: headline telling you that this time everything is different.
35:01
Suze: Financial security doesn't come from knowing what's going to happen next.
35:05
Suze: Do you hear me? It comes from arranging your financial
35:08
Suze: life so that you can handle what happens next. That
35:13
Suze: is the goal. That is what the Women and Money
35:16
Suze: podcast is all about. That is what my entire life
35:20
Suze: has been trying to teach you. You have an emergency fund,
35:24
Suze: you get yourself out of high interest debt. You don't
35:27
Suze: spend more than you can afford. You invest for the
35:29
Suze: long term.
35:30
Suze: You protect yourself.
35:33
Suze: And you protect the people you love. Got that, everybody.
35:38
Suze: So until next week, oh well, that was a passionate one.
35:43
Suze: And sometimes I can get going, can't I? Anyway, so
35:47
Suze: until next week, there's really only one thing that I
35:50
Suze: want you to remember when it comes to your money,
35:52
Suze: and it is this people first. That means you, people first,
35:57
Suze: then money, then things. Now you stay safe.