March 16, 2025 • 25 mins
How do you feel when it comes to the economy? On this episode, Suze responds to the fears you’ve been sharing with her and tells you what you need to do now, to prepare yourself for the future.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Suze (00:28):
March 16, 2025. Welcome everybody to the Women and Money podcast,
as well as everybody smart enough to listen. Suze O
here and today is Suze School.
Although I have been absent from Suze School, have I not?
And that is because I just cannot, I cannot win
(00:51):
this battle I'm having with my lungs and my cough
and everything else. I'm losing this battle, but eventually I
will win it. But it's been a struggle, honest to God, everybody.
But I really want to do this podcast because I
don't want to lose touch with all of you, and really,
(01:14):
I don't want you to lose touch.
With yourselves because it's markets like this, it's times like this,
it's economies like this, it's the news cycle like this
that a lot of you get so afraid and you're
out of touch with how you really feel. What's going
(01:34):
on for you, not what's going on for your neighbor
or your family, but for you, just for you, and
I have a feeling.
That if I were to ask you the question, how
do you feel right now? How do you feel when
it comes to the economy? Do you know what I
(01:55):
know you would say, or at least the majority of you?
Cause you're writing me.
You would say I feel afraid.
I feel confused. I feel scared.
I feel insecure. I feel anxious. I feel confused.
(02:16):
I feel like I don't know what to do.
And the list goes on and on and on, and
I get that, and part of the reason that you
feel that way.
Is because you should.
Seriously, you should not that you should feel afraid, but
(02:39):
when it comes to confusion, when it comes to not
knowing what to do, it's very difficult to know what
to do when everything around you, everything keeps changing day
by day. First, you have hundreds of thousands of employees
that have been fired. Now all of a sudden they
(03:01):
have to all be hired back.
They're going to take down the phone system of the
Social Security so that 76 million of you that need
to call in to use the phone won't be there,
and now they're putting it back.
Tariffs are on, tariffs are off.
All of these things really cause tremendous confusion and rightfully so.
(03:28):
But you know, I was thinking about what is the
Women and Money podcast? What do we do here?
Really, what do we do here? And I realized that
we actually have a podcast that tackles your fears.
And puts you in control of your financial future.
(03:51):
Not the government, not anybody else, not a financial adviser,
but you. One of the greatest emails that I got
this week was from a woman, I'm very sorry to say,
who recently lost her husband.
And he's left her a considerable sum of money.
And she was getting advice from a financial advisor, and
(04:15):
she asked me about it and I said, no, I
don't think I would do that if I were you.
And I simply said to her.
Do you need help? Do you need a financial advisor? Like,
what is it that you need at this point in time?
And she wrote me back.
And she said, Oh no, Suze, I've been listening to
(04:38):
you for years, and I know to find the best
financial advisor I just simply need to look in the mirror.
And I have to tell you, everybody, I was so
sick that day. I can't even tell you, and that
made me feel like a million dollars or maybe a
(04:59):
billion dollars. I don't know what it made me feel like,
but it really made me feel good.
So I get that a lot of you are confused,
but what you have to do
is, you have to have a game plan.
You have to know that all of these things that
(05:21):
are going on, right, whether you see the stock market
bouncing around or you hear these talks about tariffs and
inflation and jobs and everything else, you know, that you're
asking yourself about, you need to ask yourself the question,
what does this mean for me?
(05:41):
Did you hear that?
Everything that is going on right now you have to
ask yourself what does this mean for me. You need
to ask yourself the question then, am I going to
be OK.
You need to ask yourself that question.
(06:05):
Now I can tell you something right now. If you've
been listening to the Women and Money podcast, if you've
been doing the things that I've been asking you to
do and talking about all of these things, making sure
that you have an 8 to 12 month emergency fund
and you're being smart with investments and things like that,
and maybe in a little bit I'll give you a
(06:26):
list of everything I want you to do. I promise you,
you are going to be OK.
You'll probably be more than OK as long as you
stay focused.
And you don't let fear make financial decisions for you.
(06:48):
What's happening in the stock market right now, in my opinion,
is many of you are falling into the hands of
the professional traders that are manipulating a whole lot of
ups and downs on these markets and these stocks, and
every time it goes up a little bit, you decide, oh,
(07:10):
I have to sell. I have to get out at
least I'm getting my money out and then it goes
all the way back down again.
And then a lot of you go, oh, I should
have sold. Why didn't I sell? And then it goes
back up again and again you now get out. And eventually,
after they've done that enough.
It's gonna go up and then it's gonna take off
(07:33):
and skyrocket again.
The absolute worst thing that you can be doing right
now is panic and make decisions that hurt your long
term security.
Because when you do that, when you make decisions out
of fear.
(07:54):
When does it affect you? It affects you long term.
So here's what I really, really, everybody need you to
remember that short term news, just, you know, things that
are short term news should not dictate long term decisions.
(08:16):
Especially if you have a well diversified portfolio, especially if
you have a plan.
Especially if you're doing the right things and you just
are staying the course in your dollar cost averaging or
value cost averaging and you're just doing that.
(08:37):
Now I get that the new thing that's on the
mind of everybody is, Suzie, are we going to have
a recession?
All of a sudden the our word has come back
and all of you are absolutely freaked again about that.
And my answer to that is maybe.
(09:01):
But maybe not.
Let me just ask you this. Let's say we did
have a recession.
And let's pretend like we're going to have a recession.
Then the question becomes, are you personally prepared?
Are you?
(09:21):
Because this isn't just about the stock market. This is
about what you do with your money every day. It's
what you are buying now. It is everything.
So the question again is, are you personally prepared?
Because whether or not a recession happens, everybody, your financial
(09:44):
security depends on you and you alone.
And you know that because I've been saying that to
you over and over again.
So what do you need to have in place right now?
For you to be financially secure, get out your little
(10:08):
Suze notebooks.
It is more important than ever, especially at this point
in time, and I am very serious about this.
That you have got to have an emergency fund of
at least 8 to 12 months of must pay expenses.
(10:28):
And if you don't, your number one priority is to
absolutely build that up next.
You have to really be smart with your investments, everybody.
Don't get scared and cash out of your investments, especially
in your retirement accounts.
(10:50):
Don't do it. Don't do it. Don't do it. If anything,
you know, as the market continues down. If you dollar
cost average or value cost average, eventually it will be OK.
Now put a pin in that for a second before
I go on. A lot of you, especially on the board,
(11:11):
I see you writing on value cost averaging every day.
Into XYZ stock, whatever stock it is you're doing this,
and it goes down a few dollars and you buy
a little and whatever. Listen, stop it.
It's going to go down. It's going to go up.
Give yourself a good period of time. The last thing
(11:33):
you want to do is run out of money, so
you are to designate an amount of money that is
to go into any stock or ETF that you want
to purchase.
And you want to make sure that you have enough
in there so that as these markets continue on because
(11:54):
they could absolutely go down big time still.
That you have enough to buy it and so you
don't buy one or two shares every day. Give yourself
a little breather and see how it goes, all right, everybody,
don't worry about catching it at the bottom. You will
never buy at the bottom. You will never sell at
(12:15):
the top.
So just take it easy when it comes to investing, OK? Next,
let's go back to your list.
You have got to not take on any unnecessary debt.
So what does that mean? It means no new credit
card debt, no new car loans, unless it's absolutely necessary.
(12:40):
And if you have high interest debt, you are to
pay it down now or do a balance transfer to
a low interest rate card or a zero interest rate card,
but you have got to not take on any more
new debt.
Recently somebody in my sphere who happens to be somebody
(13:02):
that I like very much, he has a car. His
husband has a car, beautiful cars, no problem. Everything's good
about it.
And one of his clients offered him a car.
That had only 4500 miles on it and it was
(13:23):
his dream car.
And he had to have that car.
So guess what, he bought that car.
And when he was telling me about it, he was
telling me that he financed it over 6 years and
everything and that now they have 3 cars and on
(13:43):
and on and I didn't say anything cause he already
did it.
But are you kidding me?
This is not the time. This is not the time
or the place for you to be buying anything that
is not a necessity just because a good deal came along.
(14:04):
And you got to buy this car and it's just
beautiful and you like how it looks and I said
to him, do you, do, do people look at you
when you're in this car? He said, Oh yes. I'm like, mhm.
Are you kidding? Stop spending money you don't have to
impress people you don't even know or like. This is
(14:26):
not the time, and I don't care how wealthy you are.
I don't care. Like I even said to KT this morning,
you know what, KT, I don't know. Maybe one of
these trips that we have planned in the next few months,
maybe we just shouldn't take it.
Even though we could spend the money and we can
afford it, it's not a necessity. It's not something that
(14:49):
we should or should, it's maybe we just shouldn't do it, KT,
and we should really conserve everything.
Because it's in our nature, doesn't matter how rich you are,
it's in our nature to not do things, especially when
(15:10):
the economy and the stock market is going down, to
take on things that are unnecessary, even if it's not
creating unnecessary debt, it's an unnecessary waste of money in
my opinion.
So again I am telling you do not take on
a necessary debt, and that includes right now, believe it
(15:35):
or not, I would not be buying a new home
if I were you.
If you didn't have to.
If it is a want and you're just thinking, you
know what, maybe I'd want a bigger house, maybe this
or that and everything, this is not the time that
I would be doing it. I think real estate is
(15:55):
seriously going to be affected by a lot of things
that are happening out there, and I don't think it's
impossible that you could see real estate prices start to
come down.
For those of you who are selling homes, you might
find that you don't want to stick so much on
the price as what you set were no longer, in
(16:16):
my opinion, in a seller's market, and therefore you should
just maybe be willing to negotiate and go a little
bit softer. Inventory is increasing.
The time on list for a house to be sold
is increasing.
I'm just telling you I don't have a great feeling
(16:37):
about it. All right. Now,
I know it seems like inflation was going down, but
now it seems like inflation is going up. So what
do you do when inflation is going up?
Again, kind of what I just said, I want you
(16:58):
to cut any unnecessary expenses. I want you to look
at what you're spending and the things that you don't need,
whether they're subscription services or eating out too much. Can
you just cut back right now.
Can you find ways to increase your income? Can you
(17:20):
pick up extra hours, maybe a side gig or rent
out a room or whatever it is that you can do, or,
you know, even an extra $500 a month can make
a huge difference, and that's enough for you to fund monthly,
a Roth IRA. That's a great thing for you to
think about.
(17:40):
Most importantly, you need to stay calm.
Cause you need to remember that inflation doesn't last forever.
It goes in cycles, you can adapt, you can adjust,
you can just keep moving forward. Everything is changing very
rapidly now. So it's really important.
(18:01):
That you do this before a recession happens. You have
to prepare for tomorrow. You do, you know, you always
prepare for the worst but hope for the best, and
I'm not exactly sure what's on the horizon here, but
I have to tell you too many things in my
(18:23):
opinion are really unsettled.
Ukraine is unsettled, Russia is unsettled, Gaza and Israel and
China and Iraq, everything right now is teetering Europe, Canada.
Everything is changing.
(18:43):
So because everything is changing, you need to change too.
You need to change to a stance of making sure
that you count every penny and you make every penny count.
That you really stay involved with your investments. You look
at what you have, you make decisions and you stay
(19:04):
calm with it. And if you're investing in good quality ETFs,
individual stocks, mutual funds, bonds, whatever, great, then just stick
with it. For those of you who are retired or
close to retiring.
More than ever before, it is really important that you
(19:27):
have that 3 to 5 years in your retirement accounts
in cash.
Do you remember me telling you that I do not
want 100% of your money in your retirement accounts if
you are near to retirement or are retired in the
(19:47):
stock market? I want it in cash, which means in
money market funds, high yield savings accounts, CDs, things like that.
So that if you need the money.
It's there and you don't find yourself having to sell
stock when the stock is down just simply to do
(20:10):
what meet your RMDs or whatever it may be, OK.
That's so important I can't even tell you. So therefore,
look at your portfolios.
And make a decision. What should you liquidate right now?
What should you not? things like that.
(20:33):
I'm going to repeat this rule of thumb again.
Which is money that you need,
within 5 years,
preferably longer but at least within 5 years is not
money that belongs in the stock market.
It can take anywhere from 3 to 5 years, sometimes longer,
(20:57):
but normally it takes 3 to 5 years.
From the top of the market down to the bottom
to go back up to the top again and during
that time if you have to access your money for
RMDs or to live off of or whatever that is
money that you want in a money market fund within
(21:19):
your retirement accounts or a treasury bill or whatever it
may be so that's really, really important.
So these are all things that you really need to
know in terms of the stocks and the ETFs that
I have recommended in the past. I'm absolutely sticking by them.
(21:43):
Some of them have been obliterated. Absolutely true. But if
you had a diversified portfolio because I own all of
those stocks that I've mentioned to you, plus many, many more.
When I look at my entire portfolio, I'm only down
(22:04):
this year 2%.
I'm not down 50% or 40% because I own more
than just those stocks.
So you can never put yourself in a situation where
that's all you own. You only own Palantir. You only
(22:26):
own whatever it may be. You have to be diversified,
otherwise you are setting yourself up for big time losses.
Do you hear me?
So when you write me and say do I still
like such and such a stock or whatever I do,
or I would have told you like I told you
(22:48):
a while ago when I thought you should get out
of Whirlpool.
Whirlpool, I had a feeling things were going to happen.
I had a feeling like, you know what, this isn't
going to go great with the terrace with everything. My
plan for Whirlpool had totally changed. And did you get out?
I don't know. Same thing I told you about Devon.
(23:09):
Did you get out? 'Cause here's also the problem when
I tell you about a stock.
And then you don't listen to the Women and Money
podcast every single week.
Then when I do mention I would sell it and
I would buy this instead.
You don't know and you still own it.
(23:30):
And then you're wondering what you should do. So unless
you plan to follow along with one of my suggestions
every single week, then I won't be buying anything that
I tell you to buy.
Because if you're solely depending on my opinion and you're
not listening, then you can find yourself where you get hurt.
(23:55):
All right, that's what I wanted to tell you.
We are in one of the more volatile times I
have ever seen.
And volatility comes with uncertainty.
There's enough uncertainty around, oh, to fill the Grand Canyon.
So therefore your job now is to be certain about
(24:19):
absolutely every move that you make.
Or every move that you decide not to make, but
the last thing I want you to do is to
come from a place of fear, because what is the
one internal obstacle to wealth that I always talk about?
(24:40):
Fear is the main internal obstacle to wealth.
And the best way to conquer your fear is to
look at your statements, make a plan to get out
of debt, have a plan, everybody, have a plan. All right,
so until Thursday, hopefully...
(25:00):
right, I will be back with Miss Travis for another
Ask KT and Suze Anything, but until then, there's only
one thing that I want you to remember when it
comes to your money, and it's this people first.
Then money, then things. Now you stay safe, strong and healthy,
(25:23):
and Susie, you need to take your own advice. Bye
bye now.
March 16, 2025. Welcome everybody to the Women and Money podcast,
as well as everybody smart enough to listen. Suze O
here and today is Suze School.
Although I have been absent from Suze School, have I not?
And that is because I just cannot, I cannot win
(00:51):
this battle I'm having with my lungs and my cough
and everything else. I'm losing this battle, but eventually I
will win it. But it's been a struggle, honest to God, everybody.
But I really want to do this podcast because I
don't want to lose touch with all of you, and really,
(01:14):
I don't want you to lose touch.
With yourselves because it's markets like this, it's times like this,
it's economies like this, it's the news cycle like this
that a lot of you get so afraid and you're
out of touch with how you really feel. What's going
(01:34):
on for you, not what's going on for your neighbor
or your family, but for you, just for you, and
I have a feeling.
That if I were to ask you the question, how
do you feel right now? How do you feel when
it comes to the economy? Do you know what I
(01:55):
know you would say, or at least the majority of you?
Cause you're writing me.
You would say I feel afraid.
I feel confused. I feel scared.
I feel insecure. I feel anxious. I feel confused.
(02:16):
I feel like I don't know what to do.
And the list goes on and on and on, and
I get that, and part of the reason that you
feel that way.
Is because you should.
Seriously, you should not that you should feel afraid, but
(02:39):
when it comes to confusion, when it comes to not
knowing what to do, it's very difficult to know what
to do when everything around you, everything keeps changing day
by day. First, you have hundreds of thousands of employees
that have been fired. Now all of a sudden they
(03:01):
have to all be hired back.
They're going to take down the phone system of the
Social Security so that 76 million of you that need
to call in to use the phone won't be there,
and now they're putting it back.
Tariffs are on, tariffs are off.
All of these things really cause tremendous confusion and rightfully so.
(03:28):
But you know, I was thinking about what is the
Women and Money podcast? What do we do here?
Really, what do we do here? And I realized that
we actually have a podcast that tackles your fears.
And puts you in control of your financial future.
(03:51):
Not the government, not anybody else, not a financial adviser,
but you. One of the greatest emails that I got
this week was from a woman, I'm very sorry to say,
who recently lost her husband.
And he's left her a considerable sum of money.
And she was getting advice from a financial advisor, and
(04:15):
she asked me about it and I said, no, I
don't think I would do that if I were you.
And I simply said to her.
Do you need help? Do you need a financial advisor? Like,
what is it that you need at this point in time?
And she wrote me back.
And she said, Oh no, Suze, I've been listening to
(04:38):
you for years, and I know to find the best
financial advisor I just simply need to look in the mirror.
And I have to tell you, everybody, I was so
sick that day. I can't even tell you, and that
made me feel like a million dollars or maybe a
(04:59):
billion dollars. I don't know what it made me feel like,
but it really made me feel good.
So I get that a lot of you are confused,
but what you have to do
is, you have to have a game plan.
You have to know that all of these things that
(05:21):
are going on, right, whether you see the stock market
bouncing around or you hear these talks about tariffs and
inflation and jobs and everything else, you know, that you're
asking yourself about, you need to ask yourself the question,
what does this mean for me?
(05:41):
Did you hear that?
Everything that is going on right now you have to
ask yourself what does this mean for me. You need
to ask yourself the question then, am I going to
be OK.
You need to ask yourself that question.
(06:05):
Now I can tell you something right now. If you've
been listening to the Women and Money podcast, if you've
been doing the things that I've been asking you to
do and talking about all of these things, making sure
that you have an 8 to 12 month emergency fund
and you're being smart with investments and things like that,
and maybe in a little bit I'll give you a
(06:26):
list of everything I want you to do. I promise you,
you are going to be OK.
You'll probably be more than OK as long as you
stay focused.
And you don't let fear make financial decisions for you.
(06:48):
What's happening in the stock market right now, in my opinion,
is many of you are falling into the hands of
the professional traders that are manipulating a whole lot of
ups and downs on these markets and these stocks, and
every time it goes up a little bit, you decide, oh,
(07:10):
I have to sell. I have to get out at
least I'm getting my money out and then it goes
all the way back down again.
And then a lot of you go, oh, I should
have sold. Why didn't I sell? And then it goes
back up again and again you now get out. And eventually,
after they've done that enough.
It's gonna go up and then it's gonna take off
(07:33):
and skyrocket again.
The absolute worst thing that you can be doing right
now is panic and make decisions that hurt your long
term security.
Because when you do that, when you make decisions out
of fear.
(07:54):
When does it affect you? It affects you long term.
So here's what I really, really, everybody need you to
remember that short term news, just, you know, things that
are short term news should not dictate long term decisions.
(08:16):
Especially if you have a well diversified portfolio, especially if
you have a plan.
Especially if you're doing the right things and you just
are staying the course in your dollar cost averaging or
value cost averaging and you're just doing that.
(08:37):
Now I get that the new thing that's on the
mind of everybody is, Suzie, are we going to have
a recession?
All of a sudden the our word has come back
and all of you are absolutely freaked again about that.
And my answer to that is maybe.
(09:01):
But maybe not.
Let me just ask you this. Let's say we did
have a recession.
And let's pretend like we're going to have a recession.
Then the question becomes, are you personally prepared?
Are you?
(09:21):
Because this isn't just about the stock market. This is
about what you do with your money every day. It's
what you are buying now. It is everything.
So the question again is, are you personally prepared?
Because whether or not a recession happens, everybody, your financial
(09:44):
security depends on you and you alone.
And you know that because I've been saying that to
you over and over again.
So what do you need to have in place right now?
For you to be financially secure, get out your little
(10:08):
Suze notebooks.
It is more important than ever, especially at this point
in time, and I am very serious about this.
That you have got to have an emergency fund of
at least 8 to 12 months of must pay expenses.
(10:28):
And if you don't, your number one priority is to
absolutely build that up next.
You have to really be smart with your investments, everybody.
Don't get scared and cash out of your investments, especially
in your retirement accounts.
(10:50):
Don't do it. Don't do it. Don't do it. If anything,
you know, as the market continues down. If you dollar
cost average or value cost average, eventually it will be OK.
Now put a pin in that for a second before
I go on. A lot of you, especially on the board,
(11:11):
I see you writing on value cost averaging every day.
Into XYZ stock, whatever stock it is you're doing this,
and it goes down a few dollars and you buy
a little and whatever. Listen, stop it.
It's going to go down. It's going to go up.
Give yourself a good period of time. The last thing
(11:33):
you want to do is run out of money, so
you are to designate an amount of money that is
to go into any stock or ETF that you want
to purchase.
And you want to make sure that you have enough
in there so that as these markets continue on because
(11:54):
they could absolutely go down big time still.
That you have enough to buy it and so you
don't buy one or two shares every day. Give yourself
a little breather and see how it goes, all right, everybody,
don't worry about catching it at the bottom. You will
never buy at the bottom. You will never sell at
(12:15):
the top.
So just take it easy when it comes to investing, OK? Next,
let's go back to your list.
You have got to not take on any unnecessary debt.
So what does that mean? It means no new credit
card debt, no new car loans, unless it's absolutely necessary.
(12:40):
And if you have high interest debt, you are to
pay it down now or do a balance transfer to
a low interest rate card or a zero interest rate card,
but you have got to not take on any more
new debt.
Recently somebody in my sphere who happens to be somebody
(13:02):
that I like very much, he has a car. His
husband has a car, beautiful cars, no problem. Everything's good
about it.
And one of his clients offered him a car.
That had only 4500 miles on it and it was
(13:23):
his dream car.
And he had to have that car.
So guess what, he bought that car.
And when he was telling me about it, he was
telling me that he financed it over 6 years and
everything and that now they have 3 cars and on
(13:43):
and on and I didn't say anything cause he already
did it.
But are you kidding me?
This is not the time. This is not the time
or the place for you to be buying anything that
is not a necessity just because a good deal came along.
(14:04):
And you got to buy this car and it's just
beautiful and you like how it looks and I said
to him, do you, do, do people look at you
when you're in this car? He said, Oh yes. I'm like, mhm.
Are you kidding? Stop spending money you don't have to
impress people you don't even know or like. This is
(14:26):
not the time, and I don't care how wealthy you are.
I don't care. Like I even said to KT this morning,
you know what, KT, I don't know. Maybe one of
these trips that we have planned in the next few months,
maybe we just shouldn't take it.
Even though we could spend the money and we can
afford it, it's not a necessity. It's not something that
(14:49):
we should or should, it's maybe we just shouldn't do it, KT,
and we should really conserve everything.
Because it's in our nature, doesn't matter how rich you are,
it's in our nature to not do things, especially when
(15:10):
the economy and the stock market is going down, to
take on things that are unnecessary, even if it's not
creating unnecessary debt, it's an unnecessary waste of money in
my opinion.
So again I am telling you do not take on
a necessary debt, and that includes right now, believe it
(15:35):
or not, I would not be buying a new home
if I were you.
If you didn't have to.
If it is a want and you're just thinking, you
know what, maybe I'd want a bigger house, maybe this
or that and everything, this is not the time that
I would be doing it. I think real estate is
(15:55):
seriously going to be affected by a lot of things
that are happening out there, and I don't think it's
impossible that you could see real estate prices start to
come down.
For those of you who are selling homes, you might
find that you don't want to stick so much on
the price as what you set were no longer, in
(16:16):
my opinion, in a seller's market, and therefore you should
just maybe be willing to negotiate and go a little
bit softer. Inventory is increasing.
The time on list for a house to be sold
is increasing.
I'm just telling you I don't have a great feeling
(16:37):
about it. All right. Now,
I know it seems like inflation was going down, but
now it seems like inflation is going up. So what
do you do when inflation is going up?
Again, kind of what I just said, I want you
(16:58):
to cut any unnecessary expenses. I want you to look
at what you're spending and the things that you don't need,
whether they're subscription services or eating out too much. Can
you just cut back right now.
Can you find ways to increase your income? Can you
(17:20):
pick up extra hours, maybe a side gig or rent
out a room or whatever it is that you can do, or,
you know, even an extra $500 a month can make
a huge difference, and that's enough for you to fund monthly,
a Roth IRA. That's a great thing for you to
think about.
(17:40):
Most importantly, you need to stay calm.
Cause you need to remember that inflation doesn't last forever.
It goes in cycles, you can adapt, you can adjust,
you can just keep moving forward. Everything is changing very
rapidly now. So it's really important.
(18:01):
That you do this before a recession happens. You have
to prepare for tomorrow. You do, you know, you always
prepare for the worst but hope for the best, and
I'm not exactly sure what's on the horizon here, but
I have to tell you too many things in my
(18:23):
opinion are really unsettled.
Ukraine is unsettled, Russia is unsettled, Gaza and Israel and
China and Iraq, everything right now is teetering Europe, Canada.
Everything is changing.
(18:43):
So because everything is changing, you need to change too.
You need to change to a stance of making sure
that you count every penny and you make every penny count.
That you really stay involved with your investments. You look
at what you have, you make decisions and you stay
(19:04):
calm with it. And if you're investing in good quality ETFs,
individual stocks, mutual funds, bonds, whatever, great, then just stick
with it. For those of you who are retired or
close to retiring.
More than ever before, it is really important that you
(19:27):
have that 3 to 5 years in your retirement accounts
in cash.
Do you remember me telling you that I do not
want 100% of your money in your retirement accounts if
you are near to retirement or are retired in the
(19:47):
stock market? I want it in cash, which means in
money market funds, high yield savings accounts, CDs, things like that.
So that if you need the money.
It's there and you don't find yourself having to sell
stock when the stock is down just simply to do
(20:10):
what meet your RMDs or whatever it may be, OK.
That's so important I can't even tell you. So therefore,
look at your portfolios.
And make a decision. What should you liquidate right now?
What should you not? things like that.
(20:33):
I'm going to repeat this rule of thumb again.
Which is money that you need,
within 5 years,
preferably longer but at least within 5 years is not
money that belongs in the stock market.
It can take anywhere from 3 to 5 years, sometimes longer,
(20:57):
but normally it takes 3 to 5 years.
From the top of the market down to the bottom
to go back up to the top again and during
that time if you have to access your money for
RMDs or to live off of or whatever that is
money that you want in a money market fund within
(21:19):
your retirement accounts or a treasury bill or whatever it
may be so that's really, really important.
So these are all things that you really need to
know in terms of the stocks and the ETFs that
I have recommended in the past. I'm absolutely sticking by them.
(21:43):
Some of them have been obliterated. Absolutely true. But if
you had a diversified portfolio because I own all of
those stocks that I've mentioned to you, plus many, many more.
When I look at my entire portfolio, I'm only down
(22:04):
this year 2%.
I'm not down 50% or 40% because I own more
than just those stocks.
So you can never put yourself in a situation where
that's all you own. You only own Palantir. You only
(22:26):
own whatever it may be. You have to be diversified,
otherwise you are setting yourself up for big time losses.
Do you hear me?
So when you write me and say do I still
like such and such a stock or whatever I do,
or I would have told you like I told you
(22:48):
a while ago when I thought you should get out
of Whirlpool.
Whirlpool, I had a feeling things were going to happen.
I had a feeling like, you know what, this isn't
going to go great with the terrace with everything. My
plan for Whirlpool had totally changed. And did you get out?
I don't know. Same thing I told you about Devon.
(23:09):
Did you get out? 'Cause here's also the problem when
I tell you about a stock.
And then you don't listen to the Women and Money
podcast every single week.
Then when I do mention I would sell it and
I would buy this instead.
You don't know and you still own it.
(23:30):
And then you're wondering what you should do. So unless
you plan to follow along with one of my suggestions
every single week, then I won't be buying anything that
I tell you to buy.
Because if you're solely depending on my opinion and you're
not listening, then you can find yourself where you get hurt.
(23:55):
All right, that's what I wanted to tell you.
We are in one of the more volatile times I
have ever seen.
And volatility comes with uncertainty.
There's enough uncertainty around, oh, to fill the Grand Canyon.
So therefore your job now is to be certain about
(24:19):
absolutely every move that you make.
Or every move that you decide not to make, but
the last thing I want you to do is to
come from a place of fear, because what is the
one internal obstacle to wealth that I always talk about?
(24:40):
Fear is the main internal obstacle to wealth.
And the best way to conquer your fear is to
look at your statements, make a plan to get out
of debt, have a plan, everybody, have a plan. All right,
so until Thursday, hopefully...
(25:00):
right, I will be back with Miss Travis for another
Ask KT and Suze Anything, but until then, there's only
one thing that I want you to remember when it
comes to your money, and it's this people first.
Then money, then things. Now you stay safe, strong and healthy,
(25:23):
and Susie, you need to take your own advice. Bye
bye now.
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