April 27, 2023 • 39 mins
On this Ask Suze and KT Anything episode, Suze answers questions about gifted IRAs, I Bonds, long term care insurance, updated wills, logistics of moving away from a financial advisor and more.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Music (00:01):
Music In.
Suze (00:33):
April 27th, 2023. Welcome everybody to the Women and Money
Podcast and Everybody Smart enough to listen, today is Ask
KT and Suze Anything
as I'm watching KT, what are you doing over there?
KT (00:51):
I have so many questions.
Suze (00:54):
You say that all the time.
KT (00:55):
But today we have like a lot and I think
I've been collecting but I, I made the, the opening
questions are short, but they're all very interesting.
Some of them are a little bit emotional rather than financial.
I like mixing them up.
Suze (01:12):
You do everybody in case you're wondering, how do you
get to have your question answered on the Women and
Money podcast?
Send it to KT. It's very simple. Just send in
your question to ask
Suze S U Z E podcast at gmail dot com
(01:32):
or better yet. You can also do that via the
Women and Money community app. All you do is you
go to Apple Apps or Google Play, download Women and
Money app and you can send it in via there
as well
also, you know, KT we have a fabulous community on
the women and money.
KT (01:53):
Yeah, they really respond to, I mean, on our anniversary, how
many wishes did we get, like 900 people?
Suze (02:01):
A lot of them, a lot of likes or whatever. And
I saw you looking on there today
and did you take a question from there?
KT (02:10):
Yeah, I did, Suze. I kind of was attracted to
the name Linboha. So Linboha, if you're listening, I'm going
to ask your question first.
Suze (02:22):
All right. So, but wait, you know what today is?
KT (02:25):
Yeah, Colo comes home, everybody. We're so excited. He's coming
in from Colombia this morning. As soon as we're done
with this podcast, we're going to go greet him with
a delicious cup of coffee. I call it, we call
it his shot, his shot. We give him a little espresso.
We have an espresso machine and he loves it. And
(02:47):
the morning when he walks by, we say Colo come
on in for a shot, a shot. All right.
Alright, ready. So first question, Susie is from Linboha. Hi,
Suze for gift I Bonds. Does the five year rule
start when gifted or redeemed?
Suze (03:04):
Do you know the answer to that? What is it?
KT (03:07):
It's when it's gifted when you open it.
Suze (03:10):
So everybody and just so you know KT, I answered this
person directly.
KT (03:14):
So Linboha already has the answer?
Suze (03:17):
Yes. So you have to look under where it says
replies and you see that I answered this person. Listen
for those of you who have been purchasing I bonds
and you purchased an I Bond by gifting it to
somebody
that is one way that you could have locked in
the 7.12% interest or the 9.62% at the time and
(03:42):
kept it in a gift box. And then when you
were ready to actually gift it to and transfer it
to the person who you bought it for. I did
a whole podcast on gifting I Bonds. Still a wonderful
thing to do if it's something that you want to do.
But the five year time clock because remember when you
(04:05):
buy an I Bond, the very first year you can't touch it.
And then for the next four years, there is a
three month interest penalty. That time clock starts the day
that you purchased it for somebody else, even if you
just kept it in your gift box in your, account. All right KT.
KT (04:25):
Suze, next question. Still on the same topic of I Bonds.
This is from Judy. Suze. I'm still confused. Should I
or should I not?
Suze (04:36):
Wait, wait, wait, stop everybody. So when KT did that thing,
should I remodel or not? It was on Shakespeare and
I know that I was teasing her and I was
egging her on to maybe play with me with it
because she forgot the or not.
KT (04:57):
Did you know when I studied Shakespeare when I was in school?
I loved Shakespeare.
I was in art school in the...
Suze (05:05):
How come I am with you for 22 years and this is the first time I'm hearing about this?
KT (05:08):
Oh, you didn't know about me in Shakespeare. I have
books of the full works of Shakespeare in our locker
in our storage locker.
It's a big book. I should read the plays to you.
I love Shakespeare. So, so Judy wrote...
Suze (05:23):
Where did wait, where did How now Duke dead come from?
KT (05:32):
I don't like that one, Shakespeare. All right. So Judy wrote,
I'm still confused. Should I or should I not redeem
the I Bonds I bought at what you just mentioned 7.12%
and 9.62%. So she's asking you because she's confused.
Suze (05:51):
It's confusing because I'm not liking the new interest rates that I
Bonds are offering. I think in the long run there
could be better investments out there, but people are taking
that to mean that I want you to redeem and
get out of I Bonds. I do not, I do not,
I do not listen to me if you purchased I
(06:14):
bonds in the past,
especially starting when they were at 7.12% about a year
or so ago. At the 9.62% a while ago. I
want you to just stay in there. You are not
to redeem them. Do you hear me? Yes, your renewal
will be the 6.89 when your six months was up,
(06:37):
the annualized yield. Yes, your renewal will be after the
6.89 is up the 3.79,
which comes out to be about 5.4%. Don't have a
problem with that. But now you're into years that you
have owned some of your I Bonds and it is
possible if inflation continues down
(07:00):
and you wait long enough, even though there's a three
month interest penalty to get out, inflation may be low
enough that the interest penalty is gonna be hardly anything. So, no,
you are to keep them Judy and don't you touch them,
they are worth their weight in gold.
KT (07:19):
Ok, next question, Suze is from Lynn. My husband and I
are turning 58. He wants to buy a boat and
cruise around during our retirement.
I think we should actually shop around for long term
care insurance. Suze, what do you think? And then, then
she wrote a little note that they're both in good
health right now.
Suze (07:40):
That should have been your quizzie. Listen, I can tell
you because KT and I own a boat. When you
look at a boat, it's breaking, something is breaking when
you are just looking at it
A boat really is a thing that you can enjoy
cruising around on as long as it's not broken, as
(08:01):
long as it doesn't need a repair. As long as
a pump hasn't gone as long as something like that. However,
if it is a choice between sinking your money into
a boat, especially because boats are expensive right now because
they are hard to get versus protecting everything that you have.
(08:21):
So you can sail off into the sunset with long
term care insurance, protecting your assets. Are you kidding me?
Just knock some sense into that husband of yours? No way.
Should he be buying a boat, if it is a
choice between the two.
KT (08:40):
And what age is the best age to buy Long term care insurance?
Suze (08:43):
I'm telling you right now is the perfect age for
them because
premiums change at about 59 there's a big difference between
buying it in your fifties and then buying it in
your sixties. Phyllis Shelton is the nation's expert and many of,
you know, because you write me,
you contact her, you talk to her, she helps you
(09:06):
or one of her people help you. They do not
charge you. We have gotten so many thank you letters.
It's not even funny. So go on to the Women
and Money app and you will find under long term
care how you contact her just that simple. She's so fabulous.
And by the way, we do not get a referral fee.
KT (09:30):
Suze. Next question is from Annie. My mom who is
92 and failing recently told me that my sister... ready for
this one, convinced her to change her will and leave
everything to my sis instead of the two of us.
My mom is afraid to change it again and hurt
(09:51):
my sister's feelings. Oh, God.
I'm the one who takes care of my mom every day. Suze,
what should I do?
Oh, that's such a hard. No, these are these things happening.
Well, they happened to me. Do you remember this?
Suze (10:07):
That my nephew convinced my mother who he thought had
a whole lot of money. He thought my mother had
a lot of money because I wanted her to think
that my daddy made enough money to support her. I
never wanted her to feel bad that it was the
(10:27):
daughter and I was spending money on her. So she
thought that her husband was able to support her
in her life after he died. And my nephew called
my mother and said, can you... Granny, can you please
change your trust to leave everything to me? But make
(10:50):
sure that you don't tell Suze about it. And my
mother told me... exact same story, KT. True story. My
mother told me
And I said mom, you can do anything you want
since I knew there was nothing to be left. What
a surprise upon her death. So believe it or not,
(11:10):
I totally can relate to this one.
KT (11:14):
What do you think Annie should do?
Suze (11:16):
So, first of all, Annie, what amount of money... That's
the reason I told this story that I just did.
What amount of money are we talking about?
Does your mommy have a lot? Does your sister really know?
Is there really very little money? Are you gonna use
up all the money to take care of her? So
(11:37):
in the end there won't be anything. You have to
think about that number one. Number two, you can't be
mad at your mom. You can't be hurt because maybe
your mother looks at you
and goes, oh, Annie, you're fine. You have money or
you're capable or whatever. And maybe she feels so sorry
(12:00):
for your sister because maybe your sister is a loser,
obviously because she asked your mother to do that. But
she looks at your sister and feels really bad about
something that maybe happened. We'll never know. There's no way
that we're ever gonna know. But here's what I want
to tell you
(12:20):
the fact that you're able to take care of your
mother every day
and your mother knows that it's an incredible, incredible honor
and really worth all the money in the world that
you get to do that
Don't make your mom feel bad just now, you know
(12:42):
about your sister and maybe one day you can sit
down with your sister and say, you know, mom told
me what you did. Why did you do that?
Maybe if you need the money as much as she does,
that you can say I need that money too and
talk about it with her, with your sister, not with
(13:03):
the mother. But if you do not talk about this
with your sister, you will harbor such resentment for the
rest of your life. So if I were you, I
would take this time to say sis, we need to talk.
KT (13:23):
Ok. This is from Lorna. Dear Suze and KT I hope you're both doing well.
My name is Lorna. I've been a fan since the
CNBC days. Wow. My husband and I would watch you
on Saturday nights and have never looked back. That means
that they loved everything you did.
Suze (13:41):
Hopefully all of you are watching the Suze Ormn show on
Amazon's Freevee. So Freevee because all 600 episodes are there
fabulous, fun to watch. Fun to relive the Can I
afford it segments. And the best part about it is
it's free. You don't have to pay to stream them.
(14:03):
All right.
KT (14:04):
Ok. So here's what Lorna said. Years ago, my attorney
set up an irrevocable insurance trust to hold term life insurance,
if anything ever happened to us for our son,
We do have all the must have documents, although we
never set up the revocable trust and we are confused
(14:24):
as to what we should do. So here's my question.
Should I keep my irrevocable insurance trust and replace it
with the revocable trust or keep both? Good question.
Suze (14:38):
That should have been your quiz. Right. Do you even
know what an irrevocable Life insurance trust is?
KT (14:46):
I don't know what a life insurance trust is. You
can't change it...
Suze (14:49):
All right. So, you know the word irrevocable. All right, Sweetheart.
I still love you.
KT (14:55):
So, what should she do?
Suze (14:57):
So, here's the thing, everybody.
Life Insurance when you own it. And let's say it's
in your name as the owner. Maybe you're the insured
and your children, maybe they're the beneficiaries and you die.
Then it is part of your estate
(15:18):
and a lot of you have a whole lot of
life insurance. So it depends on how much life insurance
you happen to have and your other assets. Now, a spouse,
two spouses can leave any amount of money to each
other that they want. So, KT we could have
(15:39):
a billion dollars, which I hope we do one day.
But anyway, a billion dollars, I could leave it to you.
You could leave it to me. No estate taxes whatsoever.
But currently the maximum that one of you can leave
to beneficiaries other than a spouse is about $12.9 million.
(16:04):
So between you and your spouse, you can leave close
to $25 million. That is a lot of money. However,
in the year 2025 that is just two years from now.
Take out your little Suze notebooks and write this down.
(16:26):
The estate tax limit
is going to sunset. That means the laws that allowed
it to go up to where it is right now,
go away. And it is possible that the estate tax
limit will be under $6 million at that point in time.
(16:47):
So if you had a life insurance policy, let's say
you had term insurance, you were young and it was
$2 million on each of you. That's $4 million and
you have a home and you have all these other things.
And let's say the two of you happened to be
killed in a car crash or something like that happened
(17:08):
And you left it to your children or beneficiaries, you
would be over the estate tax limit
because of the insurance. If you own insurance in an
irrevocable life insurance trust, the owner is the trust, the
beneficiary is the trust, which could be the children or
(17:32):
whoever you want it to be, you would still be
the insured. But if both of you died, it is
not in your estate.
So you could have a whole lot of life insurance,
plus your assets held in a different trust like a
revocable trust
and there'd be no estate taxes on it at that point.
(17:55):
So therefore, I would keep both of them.
We'll see what happens in 2025 it's just something that
you should all keep your eyes on. All right.
KT (18:09):
Do you think they're going to lower it?
Suze (18:10):
I have no idea what this Congress is going to
do on any level.
KT (18:17):
Ok. Enough politics for me.
Suze (18:19):
Yeah, we do not tell, tell everybody the rule no
politics in this house household ever. Ok.
KT (18:28):
This would not do us any good, no politics ever.
So, this is from Kimberly. Hi, Suze. I have a
Roth 401k through work who matches 100%. That's great. Kimberly.
Up to 6% which I'm taking full advantage of.
(18:53):
Do I also need to open a Roth contributory IRA personally?
Or just stick with my work 401k?
Suze (19:00):
Yeah. The reason Kimberly I would want you to also
open up a contributory Roth is because it works very
different than a Roth 401k.
A contributory Roth where you can contribute up to $6500
a year. If you're under 50 $7500 a year, if
(19:23):
you are 50 or older is because any money that
you originally put in to a Roth IRA,
you can take out without any taxes or penalties regardless
of your age or how long that money has been
in there. That's number one, number two however, when you
(19:44):
have a Roth 401k,
yes, I know it may have been in there for
eight years, 10 years, 20 years. But when you retire
and then you take that Roth 401k and you roll
it or transfer it to a Roth IRA. The time
(20:05):
clock will start all over again, that five year time
clock that I always talk about will start all over
again
unless you already have a Roth IRA in force. And
then it just takes on the time limit of the
Roth IRA that you started.
(20:25):
So for many reasons, I would like you to also
do a Roth IRA more things that you can invest
in more diversification, more liquidity. And if you have enough money,
you can max out the Roth 401k at work and
your Roth IRA. Now you are saving a whole lot
(20:47):
of money. Hey KT.
KT (20:50):
Ok. Next question. Hi, Suze and KT. I am 41. I
have two young boys, six year old and 20 month old.
I am a recent widow. I'm updating my beneficiaries to
both of my sons. But I think I recall you
mentioning in a podcast that if you're a single parent
(21:11):
who has young children,
you should also include an adult as a beneficiary so
they can receive the money right away in case something
happens to me. Otherwise they would wait until they're adults, right?
Suze (21:26):
18, or 21 depending on the state.
KT (21:29):
Um, so she's asking, you know, should I have my
two boys
and an adult or just one adult as the beneficiary,
so they can give the money to the boys.
Suze (21:41):
No, no, no. Listen to me. You did not hear
me ever say, leave a beneficiary to get all the
money to then give it to your kids. You can't
trust anybody. I don't care who that person is. I'll
never forget there was a woman
(22:02):
who I was very close with. She worked at a
TV place and her husband died and the husband left
the money for their kids. They had gotten divorced. Right.
So ex-husband left the money for the kids with somebody
else who ran away with all the money
(22:23):
in the hopes that this person was going to take
care of the kids. No, no, no. What you did
hear me say is the following. You need to set
up a living revocable trust. You would be the owner
of the trust. You would be the trustee of the trust.
(22:43):
So therefore you would have a successor trustee and leave
specific instructions for that successor trustee
as to what should be done with that money upon
your death. And then it's all documented. You will also
(23:04):
need a will because it's with a will that you
assign who is going to be the guardian of those children.
So that when you die, they're still very young who
is going to take care of them.
And that guardian is appointed via a will. If you
do not appoint somebody when that will goes through or
(23:29):
your estate goes through probate. A judge has the authority
to appoint what's called a probate guardian. Anybody they want,
so you don't want to see that happen.
So that's exactly what you need to do. You know,
you're still very vulnerable right now. Obviously, we have the
(23:50):
must have documents that you can absolutely order by going
to Suze, S U Z E, Suze Orman dot com
slash offer and you can download them there and go
through them.
But maybe in your particular situation since you want to
be really clear on everything that you do, maybe if
(24:12):
you have the money, you should consult an attorney and
make sure that the attorney sets it all up correctly
for you. But you are not. And I repeat, you
are not to leave the money for your children to
a beneficiary because remember
that person besides maybe not giving it to them can
(24:35):
also die. Something could happen to them if you leave
it to that person, I just want to go on
about this for a second because the other things that
I've seen happen is that you've left it to your sister,
your sister who absolutely loves your children more than life
itself and will take care of them financially with the
(24:55):
money that you left them.
Your sister
doesn't really have a will or anything. Your sister is
then killed in a car crash and this money that
she has for the benefit of your kids, but nobody
knows that, but your sister, now goes to her children
(25:16):
or her husband and they go your kids' inheritance. So, no, no, no, no, no.
All right. You look so sad.
KT (25:26):
No, because those are such, that's a real sad scenario.
She has two little boys, tiny baby.
Suze (25:34):
That's why a living revocable trust, really KT is so important.
KT (25:39):
People don't realize you can keep changing it through your lifetime.
As times and situations change, we change ours all the time.
Suze (25:49):
As a recent widow, just be careful. Just keep your
money safe and sound right now. Yeah.
KT (25:56):
Ok. Hi, KT and Suze. Thank you for your podcast
and putting a smile on my face.
I like that, Diane. So I have a question. My
non working spouse has an old Roth IRA and traditional
IRA with an advisor.
As far as I can tell the A U M
(26:17):
fees are around 1.4%. That's the annual maintenance fee, right? The,
the fee for the advisor which basically negates the 6500
max contribution to his traditional IRA allowed annually. What are
the logistics of moving these IRAs to a Vanguard or
(26:38):
Fidelity account?
The advisor has made it difficult to leave but does
my spouse need to open an account at Vanguard first
then sign paperwork at both places?
Suze (26:51):
Yeah. So here's the thing, everybody,
when you have a financial advisor that's making it difficult
to leave. What all of you need to remember... This
is your money, this is not your advisor's money. The
advisor and the firm have no in most cases control
over your money. A really good advisor would help you.
(27:15):
Would help you because they would want you to feel comfortable.
And if you want to leave, they would say, ok,
and make it easy for you to leave.
So that's another reason that you should be leaving this
person just so, you know, you simply would go to
Vanguard or fidelity or any institution that you want to
open up an IRA with
(27:37):
and it will be a transfer, it will go from
the account that you have wherever it is directly to
that account. Also, the company that you open it up with,
tell them that your advisor is giving you trouble. Can
they just contact that advisor? Nothing needs to be signed
(27:58):
with that advisor or whatever and it will just go.
Now to take your power,
I would not be silent about this. I would call
the advisor and I would say listen and listen closely.
I don't like that you have been making it difficult
for me. I am transferring my account. You are going
(28:18):
to get paperwork from such and such and you better
make this easy and fast or I am going to
lodge a complaint against you. Do you hear me?
You take your power, girlfriend, stop being afraid of somebody
just because they have this title, a financial advisor. They
are no different than any of you. Also, KT just
(28:42):
handed me your email and the other part of the
question that she didn't read is will your investments need
to be sold
and repurchased with the new broker? No, they will transfer
by what's called in kind, meaning whatever you have in
your account will transfer the exact same way that you
(29:05):
have it. So in the new firm that you're with,
you will own the exact same things that's called transfer
in kind. All right, KT
KT (29:14):
OK. Next is from Angela
Dear Suze. I believe I have made a huge mistake
by getting involved with L I R P S. That
is life insurance retirement plans. Everybody.
One for me and one for my son. The concept
(29:35):
was presented to me as a way to pull out
money to pay off student loans when the time came.
My son was in high school when I started these.
He is now 24. I am 56 to date. I
have paid $39,000 and it has been a struggle if
I had simply put aside that money, I could have
(29:56):
paid off one of my son's student loans by now.
If I cancel, I will only recoup a very small
fraction of what I put in. I don't know what
to do. Take the loss and get out or keep
paying into it?
And then Angela wrote this Suze, which I want you
to tell her not to feel this way. She said,
I feel incredibly stupid, embarrassed and scared. I would appreciate
(30:21):
any advice you have. Listen, Angela, let me share something
with you. When I met Suze, I lived in Hong
Kong and I was sold a life... whole life insurance
policy as a means of having a retirement account when
the time came.
And I was, you know, relatively young when I bought
into it. The day I met Suze Orman, she made
(30:44):
me cancel it, sell out, take the loss and she
said for the amount of money, KT that you're putting
in every year, I'm going to show you what you
can invest in and recoup it even double that and
she did.
Suze (30:59):
So here's the thing, Angela...
KT (31:00):
Don't feel stupid, right.
Suze (31:02):
You shouldn't feel incredibly stupid, embarrassed and scared
because millions of people I'm sure have been told that
life insurance retirement plans are the way to go. Now,
if you are extremely wealthy,
and you're worried about estate taxes and things like that. Ok?
(31:24):
But these L I R Ps e ssentially work under
the guise that you put money in. They're tax deferred.
And the way that you take money out is through
a loan
and you don't have to pay taxes on it because
it's a loan. So you've put $39,000 in, I would
(31:45):
not continue to fund this on any other level because
it has been a struggle. But you are also not
to live your life with, I could have, should have,
would have, this is what you did.
So the real question becomes... now, what do you do?
(32:06):
Obviously you need to meet with this sales person. Notice
I said sales person anyway,
and you need to find out what happens if you
just don't make any more contributions or pay any more
premiums whatsoever. What happens? That's number one. Number two,
(32:30):
if you decide that you want to take this money
out and you want to take it out as a loan,
you need to make sure that you understand how your
policy works because most policies work this way. Listen carefully,
everybody
you put in a lot of money. Now you want
(32:52):
to take out a lot of money as a loan,
but a loan has interest on it. Even if it's
what's called a net 0% loan,
there is interest within the policy. You have to believe
me on this. So you have to make sure that
(33:12):
you leave enough money within this policy that it generates
enough interest to pay the fees and the interest on
this policy. Otherwise, if you don't,
then the amount of money that you left in will
get smaller and smaller as it pays for everything. And
(33:35):
then what happens? It's gone and the policy then is gone.
Once the policy is gone, it's no longer there. Now
you very probably will owe income tax on the loan
because now the loan really isn't a loan anymore because
the policy is over
(33:55):
Now that may have sounded complicated, but that is exactly
how these policies work. So therefore, when you sit down
and talk to this person,
you have to make sure that you understand what your
choices are
to either get your money out but never have the
(34:18):
policy expire
and, or leave it like it is and see what
happens to the money
or you take it out and that is it, you
just close it out and it's gone. All right now
you know. KT, I have...
KT (34:37):
What time is it, Suze? That went fast, right? Thursdays
always go fast for me.
I don't know why. Maybe I'm excited because Colo's coming home.
Suze (34:48):
I was gonna say, or it would have been sweet
if you said because I get to sit here in
the studio and look at you and the faces you
make and I just love spending time with you. But
then we spend almost 24 hours a day together. So
I guess it's not a big treat. All right, sweetheart.
Quizzie time is simply where I ask KT and all
(35:10):
of you a question. Think about it
and see if you know how to answer it because
these are questions that you really should know how to answer.
This is from Kristen. She says we've only opened Roth
IRAs but received a traditional IRA from my hubby's mom.
(35:31):
On her passing. It's $33,000. Should we convert it right away?
Half now and half next year or leave it there?
The hubby is 52. Think about it. So she just
has inherited with her hubby, $33,000 from hubby's mom
(35:59):
that had $33,000 in a traditional IRA.
They've now inherited it and they want to convert it
to their Roth IRAs and their questions are, should we
convert it right away? Half now and half next year
(36:20):
or leave it there?
KT (36:23):
And how old is he?
Suze (36:25):
52? Da da, da, da, da da.
KT (36:32):
I would do, I think I would do half now
and half later.
Suze (36:36):
Final answer?
KT (36:37):
Maybe.
Suze (36:39):
What do you mean maybe?
KT (36:40):
But is there... can you, is there a, um, a
time limit on how much time you have? No. Is
there a time limit? Ok. I got it wrong.
Suze (36:51):
Very easy. You can't convert it at all
When you inherit a traditional IRA. Well, this is what
Kristen wanted to know when you inherit an IRA. You
cannot transfer it to a Roth at all. It goes
into a traditional inherited account in your hubby's name. And
(37:16):
depending how old mommy was when she died,
you will have essentially 10 years max to wipe this
account clean. All right.
KT (37:29):
So you 10, within 10 years, you have to take
that money out.
Suze (37:32):
Yeah. And you can, you should be taking it out
yearly
and when you take it out, you're gonna owe income
taxes on it. So why then put it in a
Roth to begin with. I mean, you can, if you
want to take that money and put it into a
contributory Roth as you take it out and pay taxes
on it
as part of your contribution to your Roth IRA. But
(37:55):
you cannot convert it on any level.
KT (37:58):
Oh, I didn't know that.
Suze (37:59):
Well, of course, you didn't do all of you get
surprised when she says I didn't know that I'm not
being sarcastic or mean with KT because the truth of
the matter is 99% of you got that one wrong.
I know it. So KT
you don't have to feel bad about that at all.
(38:20):
All right.
So until Sunday's Suze School where I will tell all
of you why I think there's a good chance oil
could go back up. There's only one thing that we
want you to say every single day. And it is
as follows
today, wherever I go, I will create...
KT (38:42):
A more peaceful, joyful and loving world.
Suze (38:46):
And again, if you do that, you will become unstoppable.
Talk to you soon. Bye.
Music (38:59):
Music Out.
Music In.
Suze (00:33):
April 27th, 2023. Welcome everybody to the Women and Money
Podcast and Everybody Smart enough to listen, today is Ask
KT and Suze Anything
as I'm watching KT, what are you doing over there?
KT (00:51):
I have so many questions.
Suze (00:54):
You say that all the time.
KT (00:55):
But today we have like a lot and I think
I've been collecting but I, I made the, the opening
questions are short, but they're all very interesting.
Some of them are a little bit emotional rather than financial.
I like mixing them up.
Suze (01:12):
You do everybody in case you're wondering, how do you
get to have your question answered on the Women and
Money podcast?
Send it to KT. It's very simple. Just send in
your question to ask
Suze S U Z E podcast at gmail dot com
(01:32):
or better yet. You can also do that via the
Women and Money community app. All you do is you
go to Apple Apps or Google Play, download Women and
Money app and you can send it in via there
as well
also, you know, KT we have a fabulous community on
the women and money.
KT (01:53):
Yeah, they really respond to, I mean, on our anniversary, how
many wishes did we get, like 900 people?
Suze (02:01):
A lot of them, a lot of likes or whatever. And
I saw you looking on there today
and did you take a question from there?
KT (02:10):
Yeah, I did, Suze. I kind of was attracted to
the name Linboha. So Linboha, if you're listening, I'm going
to ask your question first.
Suze (02:22):
All right. So, but wait, you know what today is?
KT (02:25):
Yeah, Colo comes home, everybody. We're so excited. He's coming
in from Colombia this morning. As soon as we're done
with this podcast, we're going to go greet him with
a delicious cup of coffee. I call it, we call
it his shot, his shot. We give him a little espresso.
We have an espresso machine and he loves it. And
(02:47):
the morning when he walks by, we say Colo come
on in for a shot, a shot. All right.
Alright, ready. So first question, Susie is from Linboha. Hi,
Suze for gift I Bonds. Does the five year rule
start when gifted or redeemed?
Suze (03:04):
Do you know the answer to that? What is it?
KT (03:07):
It's when it's gifted when you open it.
Suze (03:10):
So everybody and just so you know KT, I answered this
person directly.
KT (03:14):
So Linboha already has the answer?
Suze (03:17):
Yes. So you have to look under where it says
replies and you see that I answered this person. Listen
for those of you who have been purchasing I bonds
and you purchased an I Bond by gifting it to
somebody
that is one way that you could have locked in
the 7.12% interest or the 9.62% at the time and
(03:42):
kept it in a gift box. And then when you
were ready to actually gift it to and transfer it
to the person who you bought it for. I did
a whole podcast on gifting I Bonds. Still a wonderful
thing to do if it's something that you want to do.
But the five year time clock because remember when you
(04:05):
buy an I Bond, the very first year you can't touch it.
And then for the next four years, there is a
three month interest penalty. That time clock starts the day
that you purchased it for somebody else, even if you
just kept it in your gift box in your, account. All right KT.
KT (04:25):
Suze, next question. Still on the same topic of I Bonds.
This is from Judy. Suze. I'm still confused. Should I
or should I not?
Suze (04:36):
Wait, wait, wait, stop everybody. So when KT did that thing,
should I remodel or not? It was on Shakespeare and
I know that I was teasing her and I was
egging her on to maybe play with me with it
because she forgot the or not.
KT (04:57):
Did you know when I studied Shakespeare when I was in school?
I loved Shakespeare.
I was in art school in the...
Suze (05:05):
How come I am with you for 22 years and this is the first time I'm hearing about this?
KT (05:08):
Oh, you didn't know about me in Shakespeare. I have
books of the full works of Shakespeare in our locker
in our storage locker.
It's a big book. I should read the plays to you.
I love Shakespeare. So, so Judy wrote...
Suze (05:23):
Where did wait, where did How now Duke dead come from?
KT (05:32):
I don't like that one, Shakespeare. All right. So Judy wrote,
I'm still confused. Should I or should I not redeem
the I Bonds I bought at what you just mentioned 7.12%
and 9.62%. So she's asking you because she's confused.
Suze (05:51):
It's confusing because I'm not liking the new interest rates that I
Bonds are offering. I think in the long run there
could be better investments out there, but people are taking
that to mean that I want you to redeem and
get out of I Bonds. I do not, I do not,
I do not listen to me if you purchased I
(06:14):
bonds in the past,
especially starting when they were at 7.12% about a year
or so ago. At the 9.62% a while ago. I
want you to just stay in there. You are not
to redeem them. Do you hear me? Yes, your renewal
will be the 6.89 when your six months was up,
(06:37):
the annualized yield. Yes, your renewal will be after the
6.89 is up the 3.79,
which comes out to be about 5.4%. Don't have a
problem with that. But now you're into years that you
have owned some of your I Bonds and it is
possible if inflation continues down
(07:00):
and you wait long enough, even though there's a three
month interest penalty to get out, inflation may be low
enough that the interest penalty is gonna be hardly anything. So, no,
you are to keep them Judy and don't you touch them,
they are worth their weight in gold.
KT (07:19):
Ok, next question, Suze is from Lynn. My husband and I
are turning 58. He wants to buy a boat and
cruise around during our retirement.
I think we should actually shop around for long term
care insurance. Suze, what do you think? And then, then
she wrote a little note that they're both in good
health right now.
Suze (07:40):
That should have been your quizzie. Listen, I can tell
you because KT and I own a boat. When you
look at a boat, it's breaking, something is breaking when
you are just looking at it
A boat really is a thing that you can enjoy
cruising around on as long as it's not broken, as
(08:01):
long as it doesn't need a repair. As long as
a pump hasn't gone as long as something like that. However,
if it is a choice between sinking your money into
a boat, especially because boats are expensive right now because
they are hard to get versus protecting everything that you have.
(08:21):
So you can sail off into the sunset with long
term care insurance, protecting your assets. Are you kidding me?
Just knock some sense into that husband of yours? No way.
Should he be buying a boat, if it is a
choice between the two.
KT (08:40):
And what age is the best age to buy Long term care insurance?
Suze (08:43):
I'm telling you right now is the perfect age for
them because
premiums change at about 59 there's a big difference between
buying it in your fifties and then buying it in
your sixties. Phyllis Shelton is the nation's expert and many of,
you know, because you write me,
you contact her, you talk to her, she helps you
(09:06):
or one of her people help you. They do not
charge you. We have gotten so many thank you letters.
It's not even funny. So go on to the Women
and Money app and you will find under long term
care how you contact her just that simple. She's so fabulous.
And by the way, we do not get a referral fee.
KT (09:30):
Suze. Next question is from Annie. My mom who is
92 and failing recently told me that my sister... ready for
this one, convinced her to change her will and leave
everything to my sis instead of the two of us.
My mom is afraid to change it again and hurt
(09:51):
my sister's feelings. Oh, God.
I'm the one who takes care of my mom every day. Suze,
what should I do?
Oh, that's such a hard. No, these are these things happening.
Well, they happened to me. Do you remember this?
Suze (10:07):
That my nephew convinced my mother who he thought had
a whole lot of money. He thought my mother had
a lot of money because I wanted her to think
that my daddy made enough money to support her. I
never wanted her to feel bad that it was the
(10:27):
daughter and I was spending money on her. So she
thought that her husband was able to support her
in her life after he died. And my nephew called
my mother and said, can you... Granny, can you please
change your trust to leave everything to me? But make
(10:50):
sure that you don't tell Suze about it. And my
mother told me... exact same story, KT. True story. My
mother told me
And I said mom, you can do anything you want
since I knew there was nothing to be left. What
a surprise upon her death. So believe it or not,
(11:10):
I totally can relate to this one.
KT (11:14):
What do you think Annie should do?
Suze (11:16):
So, first of all, Annie, what amount of money... That's
the reason I told this story that I just did.
What amount of money are we talking about?
Does your mommy have a lot? Does your sister really know?
Is there really very little money? Are you gonna use
up all the money to take care of her? So
(11:37):
in the end there won't be anything. You have to
think about that number one. Number two, you can't be
mad at your mom. You can't be hurt because maybe
your mother looks at you
and goes, oh, Annie, you're fine. You have money or
you're capable or whatever. And maybe she feels so sorry
(12:00):
for your sister because maybe your sister is a loser,
obviously because she asked your mother to do that. But
she looks at your sister and feels really bad about
something that maybe happened. We'll never know. There's no way
that we're ever gonna know. But here's what I want
to tell you
(12:20):
the fact that you're able to take care of your
mother every day
and your mother knows that it's an incredible, incredible honor
and really worth all the money in the world that
you get to do that
Don't make your mom feel bad just now, you know
(12:42):
about your sister and maybe one day you can sit
down with your sister and say, you know, mom told
me what you did. Why did you do that?
Maybe if you need the money as much as she does,
that you can say I need that money too and
talk about it with her, with your sister, not with
(13:03):
the mother. But if you do not talk about this
with your sister, you will harbor such resentment for the
rest of your life. So if I were you, I
would take this time to say sis, we need to talk.
KT (13:23):
Ok. This is from Lorna. Dear Suze and KT I hope you're both doing well.
My name is Lorna. I've been a fan since the
CNBC days. Wow. My husband and I would watch you
on Saturday nights and have never looked back. That means
that they loved everything you did.
Suze (13:41):
Hopefully all of you are watching the Suze Ormn show on
Amazon's Freevee. So Freevee because all 600 episodes are there
fabulous, fun to watch. Fun to relive the Can I
afford it segments. And the best part about it is
it's free. You don't have to pay to stream them.
(14:03):
All right.
KT (14:04):
Ok. So here's what Lorna said. Years ago, my attorney
set up an irrevocable insurance trust to hold term life insurance,
if anything ever happened to us for our son,
We do have all the must have documents, although we
never set up the revocable trust and we are confused
(14:24):
as to what we should do. So here's my question.
Should I keep my irrevocable insurance trust and replace it
with the revocable trust or keep both? Good question.
Suze (14:38):
That should have been your quiz. Right. Do you even
know what an irrevocable Life insurance trust is?
KT (14:46):
I don't know what a life insurance trust is. You
can't change it...
Suze (14:49):
All right. So, you know the word irrevocable. All right, Sweetheart.
I still love you.
KT (14:55):
So, what should she do?
Suze (14:57):
So, here's the thing, everybody.
Life Insurance when you own it. And let's say it's
in your name as the owner. Maybe you're the insured
and your children, maybe they're the beneficiaries and you die.
Then it is part of your estate
(15:18):
and a lot of you have a whole lot of
life insurance. So it depends on how much life insurance
you happen to have and your other assets. Now, a spouse,
two spouses can leave any amount of money to each
other that they want. So, KT we could have
(15:39):
a billion dollars, which I hope we do one day.
But anyway, a billion dollars, I could leave it to you.
You could leave it to me. No estate taxes whatsoever.
But currently the maximum that one of you can leave
to beneficiaries other than a spouse is about $12.9 million.
(16:04):
So between you and your spouse, you can leave close
to $25 million. That is a lot of money. However,
in the year 2025 that is just two years from now.
Take out your little Suze notebooks and write this down.
(16:26):
The estate tax limit
is going to sunset. That means the laws that allowed
it to go up to where it is right now,
go away. And it is possible that the estate tax
limit will be under $6 million at that point in time.
(16:47):
So if you had a life insurance policy, let's say
you had term insurance, you were young and it was
$2 million on each of you. That's $4 million and
you have a home and you have all these other things.
And let's say the two of you happened to be
killed in a car crash or something like that happened
(17:08):
And you left it to your children or beneficiaries, you
would be over the estate tax limit
because of the insurance. If you own insurance in an
irrevocable life insurance trust, the owner is the trust, the
beneficiary is the trust, which could be the children or
(17:32):
whoever you want it to be, you would still be
the insured. But if both of you died, it is
not in your estate.
So you could have a whole lot of life insurance,
plus your assets held in a different trust like a
revocable trust
and there'd be no estate taxes on it at that point.
(17:55):
So therefore, I would keep both of them.
We'll see what happens in 2025 it's just something that
you should all keep your eyes on. All right.
KT (18:09):
Do you think they're going to lower it?
Suze (18:10):
I have no idea what this Congress is going to
do on any level.
KT (18:17):
Ok. Enough politics for me.
Suze (18:19):
Yeah, we do not tell, tell everybody the rule no
politics in this house household ever. Ok.
KT (18:28):
This would not do us any good, no politics ever.
So, this is from Kimberly. Hi, Suze. I have a
Roth 401k through work who matches 100%. That's great. Kimberly.
Up to 6% which I'm taking full advantage of.
(18:53):
Do I also need to open a Roth contributory IRA personally?
Or just stick with my work 401k?
Suze (19:00):
Yeah. The reason Kimberly I would want you to also
open up a contributory Roth is because it works very
different than a Roth 401k.
A contributory Roth where you can contribute up to $6500
a year. If you're under 50 $7500 a year, if
(19:23):
you are 50 or older is because any money that
you originally put in to a Roth IRA,
you can take out without any taxes or penalties regardless
of your age or how long that money has been
in there. That's number one, number two however, when you
(19:44):
have a Roth 401k,
yes, I know it may have been in there for
eight years, 10 years, 20 years. But when you retire
and then you take that Roth 401k and you roll
it or transfer it to a Roth IRA. The time
(20:05):
clock will start all over again, that five year time
clock that I always talk about will start all over
again
unless you already have a Roth IRA in force. And
then it just takes on the time limit of the
Roth IRA that you started.
(20:25):
So for many reasons, I would like you to also
do a Roth IRA more things that you can invest
in more diversification, more liquidity. And if you have enough money,
you can max out the Roth 401k at work and
your Roth IRA. Now you are saving a whole lot
(20:47):
of money. Hey KT.
KT (20:50):
Ok. Next question. Hi, Suze and KT. I am 41. I
have two young boys, six year old and 20 month old.
I am a recent widow. I'm updating my beneficiaries to
both of my sons. But I think I recall you
mentioning in a podcast that if you're a single parent
(21:11):
who has young children,
you should also include an adult as a beneficiary so
they can receive the money right away in case something
happens to me. Otherwise they would wait until they're adults, right?
Suze (21:26):
18, or 21 depending on the state.
KT (21:29):
Um, so she's asking, you know, should I have my
two boys
and an adult or just one adult as the beneficiary,
so they can give the money to the boys.
Suze (21:41):
No, no, no. Listen to me. You did not hear
me ever say, leave a beneficiary to get all the
money to then give it to your kids. You can't
trust anybody. I don't care who that person is. I'll
never forget there was a woman
(22:02):
who I was very close with. She worked at a
TV place and her husband died and the husband left
the money for their kids. They had gotten divorced. Right.
So ex-husband left the money for the kids with somebody
else who ran away with all the money
(22:23):
in the hopes that this person was going to take
care of the kids. No, no, no. What you did
hear me say is the following. You need to set
up a living revocable trust. You would be the owner
of the trust. You would be the trustee of the trust.
(22:43):
So therefore you would have a successor trustee and leave
specific instructions for that successor trustee
as to what should be done with that money upon
your death. And then it's all documented. You will also
(23:04):
need a will because it's with a will that you
assign who is going to be the guardian of those children.
So that when you die, they're still very young who
is going to take care of them.
And that guardian is appointed via a will. If you
do not appoint somebody when that will goes through or
(23:29):
your estate goes through probate. A judge has the authority
to appoint what's called a probate guardian. Anybody they want,
so you don't want to see that happen.
So that's exactly what you need to do. You know,
you're still very vulnerable right now. Obviously, we have the
(23:50):
must have documents that you can absolutely order by going
to Suze, S U Z E, Suze Orman dot com
slash offer and you can download them there and go
through them.
But maybe in your particular situation since you want to
be really clear on everything that you do, maybe if
(24:12):
you have the money, you should consult an attorney and
make sure that the attorney sets it all up correctly
for you. But you are not. And I repeat, you
are not to leave the money for your children to
a beneficiary because remember
that person besides maybe not giving it to them can
(24:35):
also die. Something could happen to them if you leave
it to that person, I just want to go on
about this for a second because the other things that
I've seen happen is that you've left it to your sister,
your sister who absolutely loves your children more than life
itself and will take care of them financially with the
(24:55):
money that you left them.
Your sister
doesn't really have a will or anything. Your sister is
then killed in a car crash and this money that
she has for the benefit of your kids, but nobody
knows that, but your sister, now goes to her children
(25:16):
or her husband and they go your kids' inheritance. So, no, no, no, no, no.
All right. You look so sad.
KT (25:26):
No, because those are such, that's a real sad scenario.
She has two little boys, tiny baby.
Suze (25:34):
That's why a living revocable trust, really KT is so important.
KT (25:39):
People don't realize you can keep changing it through your lifetime.
As times and situations change, we change ours all the time.
Suze (25:49):
As a recent widow, just be careful. Just keep your
money safe and sound right now. Yeah.
KT (25:56):
Ok. Hi, KT and Suze. Thank you for your podcast
and putting a smile on my face.
I like that, Diane. So I have a question. My
non working spouse has an old Roth IRA and traditional
IRA with an advisor.
As far as I can tell the A U M
(26:17):
fees are around 1.4%. That's the annual maintenance fee, right? The,
the fee for the advisor which basically negates the 6500
max contribution to his traditional IRA allowed annually. What are
the logistics of moving these IRAs to a Vanguard or
(26:38):
Fidelity account?
The advisor has made it difficult to leave but does
my spouse need to open an account at Vanguard first
then sign paperwork at both places?
Suze (26:51):
Yeah. So here's the thing, everybody,
when you have a financial advisor that's making it difficult
to leave. What all of you need to remember... This
is your money, this is not your advisor's money. The
advisor and the firm have no in most cases control
over your money. A really good advisor would help you.
(27:15):
Would help you because they would want you to feel comfortable.
And if you want to leave, they would say, ok,
and make it easy for you to leave.
So that's another reason that you should be leaving this
person just so, you know, you simply would go to
Vanguard or fidelity or any institution that you want to
open up an IRA with
(27:37):
and it will be a transfer, it will go from
the account that you have wherever it is directly to
that account. Also, the company that you open it up with,
tell them that your advisor is giving you trouble. Can
they just contact that advisor? Nothing needs to be signed
(27:58):
with that advisor or whatever and it will just go.
Now to take your power,
I would not be silent about this. I would call
the advisor and I would say listen and listen closely.
I don't like that you have been making it difficult
for me. I am transferring my account. You are going
(28:18):
to get paperwork from such and such and you better
make this easy and fast or I am going to
lodge a complaint against you. Do you hear me?
You take your power, girlfriend, stop being afraid of somebody
just because they have this title, a financial advisor. They
are no different than any of you. Also, KT just
(28:42):
handed me your email and the other part of the
question that she didn't read is will your investments need
to be sold
and repurchased with the new broker? No, they will transfer
by what's called in kind, meaning whatever you have in
your account will transfer the exact same way that you
(29:05):
have it. So in the new firm that you're with,
you will own the exact same things that's called transfer
in kind. All right, KT
KT (29:14):
OK. Next is from Angela
Dear Suze. I believe I have made a huge mistake
by getting involved with L I R P S. That
is life insurance retirement plans. Everybody.
One for me and one for my son. The concept
(29:35):
was presented to me as a way to pull out
money to pay off student loans when the time came.
My son was in high school when I started these.
He is now 24. I am 56 to date. I
have paid $39,000 and it has been a struggle if
I had simply put aside that money, I could have
(29:56):
paid off one of my son's student loans by now.
If I cancel, I will only recoup a very small
fraction of what I put in. I don't know what
to do. Take the loss and get out or keep
paying into it?
And then Angela wrote this Suze, which I want you
to tell her not to feel this way. She said,
I feel incredibly stupid, embarrassed and scared. I would appreciate
(30:21):
any advice you have. Listen, Angela, let me share something
with you. When I met Suze, I lived in Hong
Kong and I was sold a life... whole life insurance
policy as a means of having a retirement account when
the time came.
And I was, you know, relatively young when I bought
into it. The day I met Suze Orman, she made
(30:44):
me cancel it, sell out, take the loss and she
said for the amount of money, KT that you're putting
in every year, I'm going to show you what you
can invest in and recoup it even double that and
she did.
Suze (30:59):
So here's the thing, Angela...
KT (31:00):
Don't feel stupid, right.
Suze (31:02):
You shouldn't feel incredibly stupid, embarrassed and scared
because millions of people I'm sure have been told that
life insurance retirement plans are the way to go. Now,
if you are extremely wealthy,
and you're worried about estate taxes and things like that. Ok?
(31:24):
But these L I R Ps e ssentially work under
the guise that you put money in. They're tax deferred.
And the way that you take money out is through
a loan
and you don't have to pay taxes on it because
it's a loan. So you've put $39,000 in, I would
(31:45):
not continue to fund this on any other level because
it has been a struggle. But you are also not
to live your life with, I could have, should have,
would have, this is what you did.
So the real question becomes... now, what do you do?
(32:06):
Obviously you need to meet with this sales person. Notice
I said sales person anyway,
and you need to find out what happens if you
just don't make any more contributions or pay any more
premiums whatsoever. What happens? That's number one. Number two,
(32:30):
if you decide that you want to take this money
out and you want to take it out as a loan,
you need to make sure that you understand how your
policy works because most policies work this way. Listen carefully,
everybody
you put in a lot of money. Now you want
(32:52):
to take out a lot of money as a loan,
but a loan has interest on it. Even if it's
what's called a net 0% loan,
there is interest within the policy. You have to believe
me on this. So you have to make sure that
(33:12):
you leave enough money within this policy that it generates
enough interest to pay the fees and the interest on
this policy. Otherwise, if you don't,
then the amount of money that you left in will
get smaller and smaller as it pays for everything. And
(33:35):
then what happens? It's gone and the policy then is gone.
Once the policy is gone, it's no longer there. Now
you very probably will owe income tax on the loan
because now the loan really isn't a loan anymore because
the policy is over
(33:55):
Now that may have sounded complicated, but that is exactly
how these policies work. So therefore, when you sit down
and talk to this person,
you have to make sure that you understand what your
choices are
to either get your money out but never have the
(34:18):
policy expire
and, or leave it like it is and see what
happens to the money
or you take it out and that is it, you
just close it out and it's gone. All right now
you know. KT, I have...
KT (34:37):
What time is it, Suze? That went fast, right? Thursdays
always go fast for me.
I don't know why. Maybe I'm excited because Colo's coming home.
Suze (34:48):
I was gonna say, or it would have been sweet
if you said because I get to sit here in
the studio and look at you and the faces you
make and I just love spending time with you. But
then we spend almost 24 hours a day together. So
I guess it's not a big treat. All right, sweetheart.
Quizzie time is simply where I ask KT and all
(35:10):
of you a question. Think about it
and see if you know how to answer it because
these are questions that you really should know how to answer.
This is from Kristen. She says we've only opened Roth
IRAs but received a traditional IRA from my hubby's mom.
(35:31):
On her passing. It's $33,000. Should we convert it right away?
Half now and half next year or leave it there?
The hubby is 52. Think about it. So she just
has inherited with her hubby, $33,000 from hubby's mom
(35:59):
that had $33,000 in a traditional IRA.
They've now inherited it and they want to convert it
to their Roth IRAs and their questions are, should we
convert it right away? Half now and half next year
(36:20):
or leave it there?
KT (36:23):
And how old is he?
Suze (36:25):
52? Da da, da, da, da da.
KT (36:32):
I would do, I think I would do half now
and half later.
Suze (36:36):
Final answer?
KT (36:37):
Maybe.
Suze (36:39):
What do you mean maybe?
KT (36:40):
But is there... can you, is there a, um, a
time limit on how much time you have? No. Is
there a time limit? Ok. I got it wrong.
Suze (36:51):
Very easy. You can't convert it at all
When you inherit a traditional IRA. Well, this is what
Kristen wanted to know when you inherit an IRA. You
cannot transfer it to a Roth at all. It goes
into a traditional inherited account in your hubby's name. And
(37:16):
depending how old mommy was when she died,
you will have essentially 10 years max to wipe this
account clean. All right.
KT (37:29):
So you 10, within 10 years, you have to take
that money out.
Suze (37:32):
Yeah. And you can, you should be taking it out
yearly
and when you take it out, you're gonna owe income
taxes on it. So why then put it in a
Roth to begin with. I mean, you can, if you
want to take that money and put it into a
contributory Roth as you take it out and pay taxes
on it
as part of your contribution to your Roth IRA. But
(37:55):
you cannot convert it on any level.
KT (37:58):
Oh, I didn't know that.
Suze (37:59):
Well, of course, you didn't do all of you get
surprised when she says I didn't know that I'm not
being sarcastic or mean with KT because the truth of
the matter is 99% of you got that one wrong.
I know it. So KT
you don't have to feel bad about that at all.
(38:20):
All right.
So until Sunday's Suze School where I will tell all
of you why I think there's a good chance oil
could go back up. There's only one thing that we
want you to say every single day. And it is
as follows
today, wherever I go, I will create...
KT (38:42):
A more peaceful, joyful and loving world.
Suze (38:46):
And again, if you do that, you will become unstoppable.
Talk to you soon. Bye.
Music (38:59):
Music Out.
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