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Transcript

Caution, Caution, Caution! · Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

• 0:08
  Suze: June 11, 2026. Welcome everybody to the Women and Money
• 0:12
  Suze: podcast and Everybody Smart Enough to Listen. Today is what KT?
• 0:20
  KT: (KT laughs)
• 0:22
  KT: She just looked at me with an evil eye when
• 0:25
  KT: she said, and everyone smart enough to listen because I
• 0:29
  KT: don't listen enough to Miss Suze. Today's June 11th. It's Thursday.
• 0:36
  KT: It's almost...
• 0:37
  Suze: KT, I just said it was June 11th.
• 0:40
  KT: But... so why'd you say, what is it? What is this?
• 0:42
  Suze: This is, I'm telling you, do you see everybody, why
• 0:45
  Suze: I gave her that eye? It is the Ask KT
• 0:48
  Suze: and Suze Anything edition, because I can tell when she
• 0:52
  Suze: is not present.
• 0:54
  Suze: I pushed the button to start recording. We're all good...
• 0:57
  KT: Are we on?
• 0:58
  Suze: I'm gonna absolute. Are you kidding me?
• 1:01
  KT: OK, let's get started.
• 1:03
  Suze: No, KT, really, there are things that I want to
• 1:06
  Suze: talk about first. All right.
• 1:08
  Suze: So number one, today is the anniversary, KT, of Brett
• 1:14
  Suze: and Alexis, my niece. It's their anniversary today.
• 1:17
  KT: How years have they been married?
• 1:18
  Suze: Too many. No, I don't know.
• 1:20
  KT: The kids are teenagers, so probably at least 20.
• 1:24
  Suze: A lot, but anyway...
• 1:26
  KT: Maybe 20 years.
• 1:26
  Suze: Happy anniversary to the two of you.
• 1:29
  KT: What a beautiful couple too.
• 1:31
  Suze: And children. Stunning anyway...
• 1:33
  KT: Alexis looks like a young Suze.
• 1:36
  Suze: Lucky her, lucky her.
• 1:37
  KT: She does look so much like her Aunt Suze.
• 1:39
  Suze: Right? So, but no, but truthfully, the other thing, and
• 1:43
  Suze: this one is very, very important. Guess what ended last night?
• 1:49
  Suze: The birthday pricing for
• 1:52
  Suze: the Must-Have Documents and the Ultimate Scam Protection is over.
• 1:57
  Suze: We had told all of you that it was going
• 1:59
  Suze: to end on June 8th, about midnight Pacific time, but
• 2:04
  Suze: there was such an overwhelming demand for it,
• 2:07
  Suze: that we thought, OK, let's extend it two more days,
• 2:11
  Suze: but it is now officially over. So what does that mean?
• 2:16
  Suze: That means the Must-Have Documents has gone back up to
• 2:19
  Suze: $99 and the Ultimate Scam Protection has gone back up
• 2:25
  Suze: to $95.88 a year, not just one time only like
• 2:30
  Suze: the Must-Have Documents, that is per year. Now something that's
• 2:35
  Suze: very important for you to know.
• 2:38
  Suze: And I said this in the webinar, in the podcast,
• 2:41
  Suze: and it has come to pass. June 21st, the first
• 2:47
  Suze: day of summer. The Must-Have Documents, I have been told
• 2:51
  Suze: now are going to go up to $153. You need
• 2:57
  Suze: to know that. So between now
• 3:00
  Suze: and June 20th it will be $99. Starting June 21st
• 3:06
  Suze: it will be $153. Listen, Hay House has been wanting
• 3:11
  Suze: to raise those prices now for years.
• 3:13
  KT: For over a year...
• 3:15
  Suze: For years because of the cost to keep everything going.
• 3:17
  Suze: I keep saying, no, no, please keep it $99. However,
• 3:21
  Suze: they are now raising it, so if you missed the
• 3:25
  Suze: birthday pricing,
• 3:27
  Suze: you have until June 20th to get it for $99. Remember, everybody,
• 3:32
  Suze: it is $2,500 worth of state of the art documents
• 3:36
  Suze: that you don't pay for updates. You can share it,
• 3:39
  Suze: but it's worth it. It's really, it's more, it's actually
• 3:43
  Suze: really more than worth it even at $153. So go
• 3:48
  Suze: to musthavedocs.com.
• 3:51
  Suze: That's where you can get it or just go to
• 3:54
  Suze: suzeorman.com and it's right there on the front page. All right, KT, now...
• 4:00
  KT: Actually my first question is about Must-Have Docs.
• 4:03
  Suze: Oh, OK, go. All right.
• 4:05
  KT: And, and this is perfect timing.
• 4:08
  KT: Hi Suze, I have a question for you regarding the
• 4:11
  KT: Must-Have Documents. My husband and I have gotten everything in place,
• 4:16
  KT: but what happens if I were to die before him
• 4:20
  KT: and he remarries?
• 4:22
  Suze: Chances are he will.
• 4:24
  KT: I know...
• 4:24
  Suze: he's he absolutely will.
• 4:25
  KT: He probably will.
• 4:26
  Suze: I just have to say this...
• 4:27
  KT: Men remarry right away.
• 4:29
  Suze: Men remarry like sometimes, honest to God, within three months.
• 4:32
  KT: Yeah, and before years out.
• 4:34
  Suze: Right? So anyway, all right, go on.
• 4:36
  KT: Is there something that I can put in the will
• 4:38
  KT: or trust that will prevent the current wife from inheriting
• 4:44
  KT: my assets? I want to protect our two adult girls.
• 4:49
  KT: See, she even said the current wide.
• 4:51
  Suze: The current wife, so she knows what's gonna happen there. Listen,
• 4:55
  Suze: here's what's important to understand. You have two choices here.
• 5:01
  Suze: You could have separate wills and trusts and everything. What's
• 5:06
  Suze: in your name, what's in his name. When you die,
• 5:10
  Suze: your half automatically does what it goes to your girls
• 5:14
  Suze: and not your spouse, however...
• 5:17
  Suze: You may not want to do that as well, cause
• 5:20
  Suze: you may want him to be able to have certain things,
• 5:24
  Suze: live in the house, things like that. But if I
• 5:27
  Suze: were you, I have to tell you the Must-Have Documents,
• 5:30
  Suze: in my opinion, don't help you here.
• 5:33
  Suze: In that they're not that complicated unless you want to
• 5:37
  Suze: do separate Must-Have Documents, which you can absolutely do. Listen, KT
• 5:42
  Suze: and I have separate wills, trusts, and everything. We do
• 5:46
  Suze: not have a joint one, just so you know. However,
• 5:50
  Suze: what you could do is go and see a lawyer
• 5:53
  Suze: and look into getting a marital trust, a family trust.
• 5:57
  Suze: A bypass trust, a Q-Tip trust. There are all kinds
• 6:00
  Suze: of solutions that will solve your concern. I don't think
• 6:05
  Suze: the Must-Have Documents are detailed enough for you to accomplish what
• 6:10
  Suze: you want. So bottom line, go and see a trust
• 6:13
  Suze: lawyer or leave it all to your kids and let
• 6:17
  Suze: your husband do what he wants and let your kids
• 6:19
  Suze: be in charge of your husband. Just saying I'm not
• 6:21
  Suze: sure that's what you want.
• 6:23
  Suze: But it's interesting that she's thinking that way. Don't you
• 6:26
  Suze: think that's interesting?
• 6:27
  KT: Well, she kind of has an inkling maybe, but it's,
• 6:31
  KT: it's also something that she wants to make sure if
• 6:35
  KT: he does remarry that her kids are OK.
• 6:38
  Suze: But, however, you have to be very careful because remember, KT...
• 6:43
  Suze: Whenever you designate a beneficiary like in a retirement account
• 6:48
  Suze: and or a life insurance policy, even if you have
• 6:52
  Suze: a trust or a will that says other, when you
• 6:56
  Suze: designate a beneficiary, it overrides the wishes of your trust
• 7:00
  Suze: or wills. So if in her retirement account, if she
• 7:04
  Suze: has one, if she designated that her husband was the
• 7:09
  Suze: primary beneficiary of it, guess what?
• 7:13
  Suze: It all goes to him, and now she has no
• 7:16
  Suze: control over that whatsoever. So could she put the trust
• 7:20
  Suze: as the primary beneficiary? It gets very complicated at that
• 7:25
  Suze: point for many reasons, because a trust doesn't have the
• 7:28
  Suze: same rights as a spouse. And not only that, this
• 7:32
  Suze: is very important about what I am to say to
• 7:35
  Suze: all of you.
• 7:36
  Suze: You have a trust and you say that my half
• 7:41
  Suze: goes where to my children and that's where you think
• 7:45
  Suze: it's going to go. However, if you own a home
• 7:50
  Suze: in joint tenancy with right of survivorship, if you own
• 7:54
  Suze: a brokerage account, anything and joint tenancy with right of survivorship,
• 7:59
  Suze: you own a bank account, whatever it may be.
• 8:04
  Suze: The way that you hold title,
• 8:09
  Suze: overrides anything that you say in your trust or will.
• 8:15
  Suze: So even if you think that you've covered it in
• 8:18
  Suze: your individual trust and that when you die your money's
• 8:22
  Suze: going to go to your kids, it depends on how
• 8:26
  Suze: you've done it, which is why I'm saying to you,
• 8:30
  Suze: go and see an estate lawyer. See, aren't you happy
• 8:35
  Suze: that we're so simple.
• 8:37
  KT: Yeah,
• 8:38
  Suze: Really.
• 8:39
  KT: Everything I have goes to Suze. Everything she has would
• 8:42
  KT: go to KT.
• 8:43
  Suze: Now, but here's what's key about that, everybody. We both
• 8:47
  Suze: have the rights to change anything that we want to
• 8:52
  Suze: change when that happens, but we do trust each other
• 8:56
  Suze: to know that we will abide by each other's wishes
• 9:01
  Suze: and not change them.
• 9:03
  Suze: And just, you know, honor what each of us want.
• 9:07
  Suze: Just that simple. But the majority, seriously, the majority of
• 9:10
  Suze: our estate goes to what kt?
• 9:12
  KT: Hospitals.
• 9:13
  Suze: That's right, medical research and hospitals. All right.
• 9:17
  KT: We love that. OK, so next question is this: This
• 9:20
  KT: is to Suze and KT. I have to admit I'm
• 9:23
  KT: a
• 9:23
  KT: latecomer to your podcast and at the age of 55
• 9:27
  KT: I feel so overwhelmed. I have a ton of questions,
• 9:31
  KT: but the one that keeps coming to mind is about
• 9:34
  KT: my 401(k) and 457(b). My job currently matches both accounts
• 9:41
  KT: up to 4%. All right, so the question is.
• 9:46
  KT: Should I contribute to my 457(b) or should I contribute
• 9:53
  KT: to my Roth 401k since it's after taxes? Great So remember,
• 9:58
  KT: age 55 here.
• 10:00
  Suze: All right, great question and great that you said age 55 KT. However,
• 10:07
  Suze: here's the thing, you can do both. You can have
• 10:09
  Suze: your cake and eat it too, and you should.
• 10:12
  Suze: Because a 457, everybody is an account that you put
• 10:17
  Suze: money in before taxes. It's with your company, and this
• 10:21
  Suze: company matches up to 4%, the same as her company
• 10:26
  Suze: matches for the Roth 401k.
• 10:29
  Suze: So why not contribute to both up to the point
• 10:33
  Suze: of the match, cause that's a guaranteed 4% on your money.
• 10:37
  Suze: After that, however, I personally would then be maxing out
• 10:41
  Suze: my Roth 401(k) and hey, if you have even more
• 10:46
  Suze: money than that.
• 10:47
  Suze: Well, you can go back to the 457, but I
• 10:50
  Suze: have a feeling that may max you out totally as
• 10:54
  Suze: to what you're doing for retirement. Next question.
• 10:56
  KT: OK. Next question is from Chris. Hi, Suze. My question
• 11:00
  KT: is about mutual funds. I have a bunch of them
• 11:03
  KT: in my 401(k) which I opened over the years. I
• 11:07
  KT: have not touched them for decades. I hear what you're
• 11:11
  KT: saying about
• 11:12
  KT: ETFs and I have invested in some of those as well.
• 11:16
  KT: My question is, should I sell the mutual funds and
• 11:20
  KT: transition that money into ETFs, or should I keep holding
• 11:25
  KT: the mutual funds? I'm swiftly approaching 70 and will start
• 11:30
  KT: collecting Social Security then. Right now I'm living comfortably off
• 11:35
  KT: my nest egg.
• 11:36
  KT: There you go. That's from Chris.
• 11:38
  Suze: And this, you see, everybody, when you write me a
• 11:41
  Suze: question like this, it's very difficult for me to answer
• 11:44
  Suze: because I don't know what mutual funds, I don't know
• 11:48
  Suze: the expense ratio of those mutual funds. I don't know
• 11:52
  Suze: what those mutual funds are actually invested in. So, Chris,
• 11:56
  Suze: here's what I would tell you.
• 11:58
  Suze: I would look at the investments in each one of
• 12:01
  Suze: those mutual funds and see if they overlap. 12, what
• 12:06
  Suze: is the expense ratio of those mutual funds and do
• 12:10
  Suze: they make sense? Are they managed mutual funds or are
• 12:14
  Suze: they indexed funds? Because remember, a managed mutual fund or ETF.
• 12:19
  Suze: In most cases is going to have a higher expense ratio.
• 12:24
  Suze: What has been the returns of those mutual funds in
• 12:28
  Suze: comparison to the Standard and Poor's 500 mutual fund or ETF?
• 12:34
  Suze: Have they been outperforming the S&P or not? Because any
• 12:39
  Suze: ETF out.
• 12:41
  Suze: There or mutual fund out there. Your goal is to
• 12:46
  Suze: either if you're in a Standard and Poor's index fund
• 12:49
  Suze: or ETF, of course, you're going to do what that does.
• 12:52
  Suze: But if you're in any other fund or ETF, you
• 12:56
  Suze: want to know that it's outperforming the S&P 500,
• 13:03
  Suze: including the expense ratio, and that goes for every ETF
• 13:08
  Suze: and mutual fund. Now, sometimes you have to give them
• 13:12
  Suze: years if they're new and they're just out, but that's
• 13:17
  Suze: what you're looking at. Then you need to look at
• 13:19
  Suze: your goal of what you want for this money. If
• 13:23
  Suze: you've already been in there a number of years, you
• 13:26
  Suze: already paid the load.
• 13:28
  Suze: It's already paid for. So look at the performance, look
• 13:32
  Suze: at what you need from your money. I know I
• 13:35
  Suze: like ETFs better than mutual funds, but that doesn't mean
• 13:38
  Suze: for those of you who have mutual funds, you need
• 13:42
  Suze: to get out of them.
• 13:44
  Suze: There are great mutual funds. I just like the liquidity
• 13:48
  Suze: of ETFs better for many reasons, just that simple. So, Chris,
• 13:53
  Suze: I can't help you except to have given you how
• 13:56
  Suze: you need to go about making sure what you have
• 13:59
  Suze: is what you need. Next question, KT.
• 14:02
  KT: So this is from Sharon, and I like this one
• 14:04
  KT: a lot, Suze. She's really...
• 14:06
  Suze: You like them all a lot.
• 14:07
  KT: No, she's this one is a mom who's really trying
• 14:09
  KT: to guide a 29 year-old daughter, and that 29 year-old
• 14:14
  KT: daughter is totally ripe for these investments.
• 14:17
  KT: Hello Suze, I'm trying to help our 29 year old
• 14:20
  KT: daughter reallocate some of her funds in her company 401(k).
• 14:26
  Suze: Hopefully it's a Roth 401(k).
• 14:28
  KT: Wait a minute. She has her contribution going into a Roth 401(k).
• 14:33
  KT: But listen to this. Of course, the advisor that
• 14:37
  KT: assisted her persuaded her to put the largest portion of
• 14:42
  KT: her contribution into a Vanguard target date fund. I'm trying
• 14:48
  KT: to encourage her to make note of the expense fees
• 14:51
  KT: in these funds and educate her early. Plus, I, like you,
• 14:56
  KT: don't think Target.
• 14:58
  KT: Date Funds are the way to go. She also has
• 15:01
  KT: an S&P fund and a couple of other funds. I
• 15:05
  KT: realize she can sell and move out of accounts without
• 15:08
  KT: triggering any tax consequences since it's in a 401(k). Just
• 15:14
  KT: not sure what is the best way to move out.
• 15:18
  KT: There you go.
• 15:20
  Suze: Well, you have two things going here right now. Number one,
• 15:24
  Suze: what's best for her money.
• 15:26
  Suze: And what's best for her self-esteem and her own empowerment.
• 15:32
  Suze: I don't want you to raise a daughter who is
• 15:35
  Suze: dependent on Mommy and what Mommy wants to do. I
• 15:40
  Suze: want her to make decisions on her own. Just that simple.
• 15:45
  Suze: Now I'll give you an example of my niece Sophia,
• 15:48
  Suze: who I love more than life itself. I wanted her
• 15:52
  Suze: to do certain things with her Roth IRA. I did. However,
• 15:57
  Suze: she wasn't comfortable in doing that.
• 16:00
  Suze: So we talked about it and she decided what she
• 16:04
  Suze: was comfortable in, and I was fine accepting that because
• 16:09
  Suze: she made the decision. She feels good about it, and
• 16:12
  Suze: now she is empowered to make her own decisions. Of course,
• 16:16
  Suze: she checks with Aunt Suze, but it's more important for
• 16:19
  Suze: Aunt Suze to empower her, to encourage her, and for
• 16:24
  Suze: her to feel secure in what she wanted to do.
• 16:29
  Suze: So I think it's important that you sit down with
• 16:31
  Suze: your daughter and you ask her, not tell her. You
• 16:35
  Suze: ask her why did she make those decisions. Does she
• 16:39
  Suze: feel good about them? Did she trust the adviser that
• 16:43
  Suze: was telling her what to do, because here's the truth,
• 16:46
  Suze: the target date mutual fund that she's in right now
• 16:50
  Suze: is probably all in the Standard and Poor's 500 index
• 16:54
  Suze: cause she's so young.
• 16:56
  Suze: So is she duplicating her investments? So I think it
• 17:00
  Suze: would be a great exercise to say, hey, let's go
• 17:04
  Suze: and look up what the top holdings are in all
• 17:08
  Suze: the mutual funds that you own, and let's see if
• 17:11
  Suze: there's any duplication.
• 17:13
  Suze: Let's look at what the expense ratio is in all
• 17:17
  Suze: the mutual funds that you own and see if there's
• 17:19
  Suze: a difference there and maybe are you better off just
• 17:23
  Suze: being in a Standard and Poor's 500 index fund, which
• 17:27
  Suze: she probably is, by the way, and that's it. So
• 17:31
  Suze: just look at everything she's invested in.
• 17:35
  Suze: And let her make the decisions where she on her
• 17:39
  Suze: own feels comfortable. Now, maybe she won't make as much money,
• 17:45
  Suze: but people first, then money, then things. Next question, KT.
• 17:51
  KT: So, Suze, this is from Jennifer, who's 68 years old.
• 17:55
  KT: She said, I have a question. For IRAs, you often
• 17:58
  KT: advise whether young or old, you recommend only investing in
• 18:03
  KT: Roth IRAs. I own my own small business and I've
• 18:07
  KT: been investing in SEP IRAs.
• 18:10
  KT: How are they different and should I consider investing instead
• 18:14
  KT: in Roth IRAs?
• 18:16
  Suze: Well, why not have your cake and eat it too, OK,
• 18:19
  Suze: because you can actually do both. You can invest in
• 18:23
  Suze: a SEP IRA up to a maximum of 25% of
• 18:27
  Suze: your income, no more than 72,000 a year, and have
• 18:31
  Suze: a Roth IRA if your modified adjusted gross income qualifies. However,
• 18:38
  Suze: you can also, if you want, convert money from your
• 18:44
  Suze: SEP IRA into your Roth. Now, you are 68 years
• 18:48
  Suze: of age, and you have to decide how long you're
• 18:52
  Suze: gonna work. So maybe you wait until your income goes
• 18:55
  Suze: down dramatically after you're no longer working, and then you
• 18:59
  Suze: start to convert some of the money from your SEP
• 19:02
  Suze: IRA into your Roth, so you don't add to your income.
• 19:08
  Suze: In the meantime, fund the Roth IRA up to your
• 19:11
  Suze: max of $8,600 a year since you are over 50.
• 19:17
  Suze: Here's what's so sad, everybody. Few years ago with Secure 2.0,
• 19:23
  Suze: they decided, all right, you can all have a Roth
• 19:26
  Suze: SEP IRA, but good luck finding one. I've researched Schwab.
• 19:33
  Suze: Vanguard stated they're not going to allow them. E-Trade. Nobody
• 19:37
  Suze: wants them, so you can always go from a SEP
• 19:41
  Suze: IRA and convert to a Roth IRA. Just remember you
• 19:46
  Suze: owe taxes on any amount that you convert. All right, next.
• 19:50
  KT: OK, this is a question for you, and the subject
• 19:53
  KT: was when to take gains off the table.
• 19:57
  KT: Hi Suze. Question. I've heard Fitzy say if you've doubled
• 20:01
  KT: your money in a stock or ETF, you can take
• 20:06
  KT: the gain and leave the original amount in to continue
• 20:10
  KT: to grow, hopefully. Did I hear that correctly?
• 20:14
  Suze: Yes and Fitzy, everybody is Keith Fitz-Gerald...
• 20:17
  KT: Fitzy's like her brother.
• 20:18
  Suze: ... and he has something called a free trade where
• 20:23
  Suze: if you buy something and let's say you buy it
• 20:26
  Suze: at 50.
• 20:27
  Suze: And it goes to 100, then take half off the
• 20:32
  Suze: table and just leave, meaning you sell, take your gain,
• 20:36
  Suze: and then everything that's remaining, the other 50% that you
• 20:39
  Suze: left in there, which was your obviously your original investment,
• 20:44
  Suze: it's free money. So no matter what happens after that,
• 20:48
  Suze: you're fine. However,
• 20:51
  Suze: Not that I like to disagree with him very often, but, however,
• 20:56
  Suze: it depends. I want to tell you, it depends, where
• 21:00
  Suze: is that money held? Is it in a retirement account
• 21:05
  Suze: or is it not?
• 21:06
  Suze: Because if it's in a retirement account, OK, you can
• 21:10
  Suze: sell half, no tax consequences, but if it's not in
• 21:14
  Suze: a retirement account and depending on what state you live in,
• 21:19
  Suze: let's say, and this has happened, I've seen it happen,
• 21:22
  Suze: that you buy something, it goes from 7 to 14,
• 21:25
  Suze: you bought a lot of it, or 25 to 50
• 21:30
  Suze: within less than a year.
• 21:32
  Suze: That means when you sell, you're going to owe ordinary
• 21:36
  Suze: income taxes on it and if you're in a high
• 21:39
  Suze: state tax bracket as well as federal, you may end
• 21:44
  Suze: up giving the majority of that gain back to the
• 21:47
  Suze: government in taxes. So all of a sudden you don't
• 21:51
  Suze: have a 100% gain there and then was it worth it?
• 21:58
  Suze: So sometimes it's worth it and sometimes it's not. I
• 22:01
  Suze: would not say that's a hard and fast rule for everybody.
• 22:05
  Suze: It depends, in my opinion, your tax bracket, the state
• 22:09
  Suze: you live in, and is it inside or outside of
• 22:12
  Suze: a retirement
• 22:13
  Suze: account and is it going to be a long or
• 22:16
  Suze: short term gain? You have to take all of that
• 22:19
  Suze: into consideration. Nothing is a hard and fast rule. Yes, KT.
• 22:24
  KT: So that's interesting you disagree with your Fitzy.
• 22:27
  Suze: Just listen.
• 22:29
  Suze: I love him very much, but I have my opinions.
• 22:32
  Suze: He has his opinions. I trust him and honor him
• 22:36
  Suze: and normally do everything like he would want in terms
• 22:40
  Suze: of stock picking ETFs and things like that, but I
• 22:43
  Suze: do have my own way of thinking about things...
• 22:46
  KT: And he defers to you also.
• 22:47
  Suze: Sometimes. So that's all. That's just how I think about it.
• 22:51
  Suze: Doesn't make him wrong. Doesn't make me right, although I
• 22:54
  Suze: think it does. Go on. All right.
• 22:57
  KT: I agree with Suze. OK.
• 22:59
  Suze: Of course, because you're married to me.
• 23:00
  KT: All right, this is from Rushali. This is a very
• 23:04
  KT: sweet email, and, and, um, and I was thinking a
• 23:07
  KT: lot about her. She said, first and foremost, Suze, I
• 23:11
  KT: wanna thank you for being a role
• 23:12
  KT: model for women like me all around the world. I
• 23:17
  KT: am an Indian woman who's been living in Oklahoma City
• 23:21
  KT: for 22 years, and I recently became a US citizen
• 23:25
  KT: six years ago.
• 23:26
  Suze: Congratulations.
• 23:27
  KT: Yeah, good for you, she said. Though sadly, Suze, eight
• 23:31
  KT: years ago my husband took his own life after he
• 23:35
  KT: got laid off from his job in 2018.
• 23:40
  KT: I am a 48-year-old widow with two girls, one is
• 23:44
  KT: 14 and another 17. I inherited his stocks worth $1.8
• 23:50
  KT: million now and his IRA worth about $1.2 million. The
• 23:57
  KT: house is paid off. I have no debt. My daughter
• 24:00
  KT: just got free tuition for four years to Vanderbilt. Wow,
• 24:04
  KT: smart daughter.
• 24:06
  KT: I work at IT and make $65,000 annually. Please let
• 24:11
  KT: me know if I need to buy a home or
• 24:14
  KT: invest in the stock market. Your advice is greatly appreciated.
• 24:19
  KT: So sweet, right? So I'm thinking he, he died eight
• 24:22
  KT: years ago, which means she was a single mom with
• 24:26
  KT: two very small girls.
• 24:28
  Suze: So she was 40 years old when this happened. You
• 24:30
  Suze: know what's a little confusing to me about this one?
• 24:34
  Suze: Obviously they had money, house, every, I mean, maybe he
• 24:39
  Suze: had an insurance policy which allowed them to pay the
• 24:41
  Suze: house off, so you get laid off from a job.
• 24:46
  Suze: Right? And you commit suicide. How sad is that? You know, everybody,
• 24:51
  Suze: I want you to just think about that. Please don't
• 24:54
  Suze: let your job define you. Please don't think that your
• 24:58
  Suze: world has come to an end, because wherever you worked,
• 25:01
  Suze: all of a sudden is saying that they don't need you,
• 25:04
  Suze: so maybe you feel worthless. So, not exactly sure what
• 25:08
  Suze: happened there, but what I am sure about is that
• 25:12
  Suze: this woman is financially set.
• 25:16
  Suze: Totally.
• 25:17
  Suze: And so her questions are, after eight years of being OK,
• 25:22
  Suze: I have to wonder why is she questioning that right now.
• 25:26
  Suze: Did somebody approach her, because her question about should I
• 25:30
  Suze: buy a home when she already has a home, as
• 25:34
  Suze: her girls are getting older and will probably be out
• 25:37
  Suze: of the house soon, who approached her,
• 25:41
  Suze: and told her that she needs to take some of
• 25:44
  Suze: this money, buy a house, do whatever. I'd have to
• 25:47
  Suze: know exactly what she is invested in and everything to
• 25:51
  Suze: tell her. And by the way, I will contact her directly, KT,
• 25:55
  Suze: because every widow deserves that if you ask me. But
• 25:59
  Suze: if you're hearing this now, please don't do anything till
• 26:04
  Suze: you hear from me.
• 26:06
  Suze: And especially when it comes to these sums of money,
• 26:09
  Suze: this will not be something that I do over email.
• 26:13
  Suze: I will ask you for your phone, and I will
• 26:16
  Suze: call you personally so you can hear my voice, so
• 26:20
  Suze: you know without a shadow of a doubt that it's
• 26:22
  Suze: not a scammer, this is not fraud. This is something
• 26:26
  Suze: that I want to make sure that you are protected.
• 26:30
  Suze: You deserve that.
• 26:32
  Suze: But I find that very interesting, her question at this
• 26:35
  Suze: point in time. All right, KT, what else you got?
• 26:38
  KT: So next question. I'm 54. I need a little advice, Suze.
• 26:42
  KT: I have $600,000 to invest. I have talked to two
• 26:48
  KT: different investment firms. They're both charging 1.5%, which is high.
• 26:54
  KT: One firm is Fisher. The other is TMG Marketing,
• 26:58
  KT: which stated they open accounts with Fidelity and Schwab. Can
• 27:02
  KT: I just do this on my own? I have a
• 27:04
  KT: Roth IRA with $400,000 and a traditional with $200,000. I'm
• 27:10
  KT: too old to be starting over. Help, please.
• 27:13
  Suze: It just depends. You see these expense ratios and you
• 27:18
  Suze: think it's too expensive. You see what advisors are charging
• 27:22
  Suze: to manage your money. You think it's too expensive.
• 27:26
  Suze: So, you have to judge yourself, are the advisors or
• 27:30
  Suze: the expense ratios worth it? Because in the long run,
• 27:35
  Suze: they will make you more money than you can make
• 27:38
  Suze: for yourself.
• 27:39
  Suze: You could easily do this on your own. You could
• 27:43
  Suze: easily do many of the ETFs that I've talked to
• 27:45
  Suze: you about, many of the individual stocks. You can start
• 27:49
  Suze: by dollar cost averaging and see how that feels. In
• 27:53
  Suze: the meantime, you might want to put a lot of
• 27:55
  Suze: this money just in a money market account or something,
• 27:58
  Suze: so at least it's making an interest rate for yourself
• 28:01
  Suze: and see how that feels. It's not the firm.
• 28:06
  Suze: That you're going to, that determines if they're gonna make
• 28:09
  Suze: you money or not. It is the advisor that works
• 28:13
  Suze: at that firm.
• 28:16
  Suze: What is their track record? Will they let you speak
• 28:18
  Suze: to other people that they've managed their money? Has the
• 28:21
  Suze: adviser made at least 5% more a year than the
• 28:26
  Suze: Standard and Poor's 500 index after fees? All of that
• 28:31
  Suze: is important with anything, otherwise you are just better off
• 28:36
  Suze: in an ETF
• 28:38
  Suze: that's the Standard and Poor's 500 index, just that simple,
• 28:42
  Suze: or any of the other ETFs seriously that I've mentioned
• 28:46
  Suze: for a long time on this podcast. You know, maybe
• 28:50
  Suze: on Sunday, I'll go over some of my faves again,
• 28:53
  Suze: fave stocks, and I'll talk about that and I'll address this.
• 28:57
  Suze: But I personally think a lot of people have what
• 29:01
  Suze: it takes to do it on their own.
• 29:03
  Suze: That doesn't mean that you don't take some of your
• 29:05
  Suze: money and put it into managed ETFs, you know, SMH
• 29:10
  Suze: has always been one of my very, very favorite. Just saying.
• 29:14
  Suze: So you're going to have to make this decision. However,
• 29:17
  Suze: I'm going back to: nobody ever asks a question
• 29:23
  Suze: like this that they don't know the answer to. So
• 29:27
  Suze: before you hand over this money to somebody that you
• 29:30
  Suze: really maybe don't know, why don't you give it a
• 29:33
  Suze: try on your own and see how it feels. But
• 29:36
  Suze: if you do that, you make sure you dollar cost average,
• 29:40
  Suze: you go very, very slowly. I don't care what you
• 29:44
  Suze: are investing in.
• 29:46
  Suze: This is the time little amounts of money, dollar cost average,
• 29:52
  Suze: because I still don't like what's happening over in Iran
• 29:55
  Suze: and anything can go wrong that way at any time.
• 30:00
  Suze: So can we just go really slow for right now.
• 30:04
  KT: Caution. Caution, caution.
• 30:06
  Suze: It is. I am very...
• 30:07
  KT: Suze's been really cautious lately, even with our own money.
• 30:11
  Suze: Yeah.
• 30:11
  KT: Very cautious.
• 30:12
  Suze: I don't care who, what, just be cautious right now.
• 30:17
  Suze: And as things go down, OK, little by little, if
• 30:21
  Suze: you like the investment, follow it down, but I would
• 30:25
  Suze: probably think most investments are going down right now.
• 30:30
  Suze: All right, KT, I guess that's it. Is that it?
• 30:32
  KT: No, no, no, I have one last one that's for me.
• 30:36
  KT: This isn't a. This isn't a question. I want to
• 30:39
  KT: share this. This is, this is about KT's summer reading list.
• 30:43
  KT: You ready?
• 30:44
  Suze: Who wrote you about what you should read?
• 30:46
  KT: This is from Megan, and Megan, I love that you
• 30:49
  KT: addressed this, and, and I'm gonna take you up on it.
• 30:52
  KT: She said, sometimes I feel like the universe is talking
• 30:56
  KT: to me, and today was one of those days. I
• 31:00
  KT: was listening to your Thursday podcast when KT said something
• 31:04
  KT: about Roth's. She said, so this message is really for KT,
• 31:10
  KT: but a bit for Suze as well. So I love this.
• 31:14
  KT: She said, I'm a teacher and my school is doing
• 31:16
  KT: a book study this summer on
• 31:18
  KT: The book Limitless Mind, if you haven't read it, it's
• 31:23
  KT: about having a growth mindset as opposed to a fixed mindset.
• 31:29
  KT: A growth mindset is a belief that one can change
• 31:33
  KT: their abilities and knowledge through effort, learning, and persistence. That
• 31:38
  KT: part's for KT.
• 31:40
  KT: So she said, I personally think that you might be
• 31:43
  KT: able to shift your mindset to start believing in the
• 31:47
  KT: power of yet, as in, I haven't figured out Roth's yet, Suze.
• 31:54
  KT: And then Megan said, I know you can do it
• 31:56
  KT: if you set your mind to it, KT. I think
• 31:59
  KT: Suze believes this too, but I'm not convinced you do.
• 32:03
  Suze: So KT, where in there is it for me?
• 32:05
  KT: OK, so she said, Suze called you smart, which is
• 32:08
  KT: a word I actually try hard not to use as
• 32:12
  KT: a teacher because it implies that we either know things
• 32:17
  KT: or we don't.
• 32:18
  KT: And it doesn't encourage the kids or KT to think
• 32:23
  KT: about what they don't know but could learn.
• 32:26
  KT: Isn't this great? I love this. Everyone. Limitless Mind.
• 32:31
  Suze: So are you gonna...
• 32:31
  KT: Joe Bowler's book. Joe Bowler, I guess, is the author.
• 32:35
  Suze: So are you ordering it?
• 32:35
  KT: No, you're gonna order it for me today from Amazon.
• 32:38
  Suze: No, I am not. You are going to order it
• 32:41
  Suze: for yourself...
• 32:42
  KT: Limitless Mind.
• 32:44
  Suze: ... and we are going to read it together.
• 32:47
  KT: I love that. Maybe I'll do some excerpts of
• 32:49
  KT: what I've learned about Roth while I'm learning about Limitless Mind.
• 32:54
  KT: Do you like that, Suze, my summer reading? I like it.
• 32:57
  Suze: I'll tell you after you've read it. All right, everybody, Sunday,
• 33:03
  Suze: Suze School. I'll give you an update on things that
• 33:05
  Suze: I think, and, but I always do anyway, don't I?
• 33:09
  Suze: And remember,
• 33:11
  Suze: birthday pricing has gone away, so I hope you took
• 33:16
  Suze: advantage of it, but especially for the Must-Have Docs. Remember
• 33:21
  Suze: the $99 at musthavedocs.com goes away on June 20th, and
• 33:27
  Suze: on June 21st as the sun rises, first day of summer,
• 33:32
  Suze: it will be $153. So please, if you're gonna do it,
• 33:38
  Suze: now is the time.
• 33:40
  Suze: But really, KT, there's only one thing that we want
• 33:43
  Suze: people to remember, and what is that, my love?
• 33:45
  KT: That it's people first, then money, then things, now you...
• 33:50
  KT: Now you...
• 33:52
  Suze: She's pointing at me. She's pointing at me still. Now,
• 33:56
  Suze: what should I do?
• 33:57
  KT: Stay safe.
• 33:58
  Suze: All right, everybody, bye bye.