January 23, 2025 • 33 mins
On this episode of Ask KT and Suze Anything, Suze answers questions about fixed annuities, callable CDs, and teaching your child to save money. Plus, learn what a margin account is and more.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Suze (00:30):
January 23rd, 2025. Welcome everybody to the Women and Money
podcast as well as everybody smart enough to listen. Today
is Ask KT and Suze Anything, and this is where
you can, if you want, write in a question to
the Ask Suze SUZE podcast at gmail.com, and if chosen, we.
(00:56):
We'll answer it on the podcast. Now, KT, did you
notice what I just said? We, we're gonna
answer.
KT (01:03):
All right. Here's KT's first question to Suze. Who's gonna win the
Super Bowl?
Suze (01:08):
Well, truthfully, I hope.
The Commanders are... from Washington KT are part of the
Super Bowl. Who's gonna win it will depend seriously on
who wins between Kansas City and the Bills.
KT (01:25):
I thought you want the
Bills.
Suze (01:27):
I love Josh Allen. I think
KT (01:29):
the most
valuable player, baby.
Suze (01:31):
Well, he's up for it, right?
KT (01:32):
He'll get it.
Suze (01:33):
We'll see. But the truth of the matter is we'll
have to see. They have to get by Kansas City.
And I hate this because you know how much I love Kansas City.
KT (01:43):
She loves Patrick, her boyfriend.
Suze (01:44):
If I were a betting woman, I would not be
betting against the Buffalo Bills at this point.
KT (01:51):
The Bills, the Bills really want this, and...
Suze (01:53):
They both want it KT.
KT (01:54):
And they're good in cold weather. They were playing in snow,
so I'm not a big football person, everybody.
But I have to tell you it was fun watching
these guys slipping and sliding all over the snow. I
felt bad though they were getting hurt pretty bad. All right,
so first question we have is from Cathy. She said, Suze,
(02:17):
I just discovered you had a podcast. She said, I
was a caller on your TV show maybe 14 or
15 years ago. I've lost track of time.
I must have been about 36 years old. I'm now 51.
My husband was awful back then about finances. For example,
(02:38):
I discovered he put my engagement ring on a credit card.
Suze (02:42):
Oh, I remember this.
KT (02:43):
Yeah, this was a great show. I remember this too.
Suze (02:46):
Did they get divorced?
KT (02:47):
Wait, wait, wait, she said I paid off the balance.
He paid me back within a year. I called in
because I suspected my husband was not paying his credit
card and other bills on time.
Suze (02:59):
And she was right.
KT (03:00):
So wait, she listened to this, everyone, she said, so
I opened his mail and I was right when I
confronted him about this and told him his bad financial
habits would prevent us from getting the best interest rates
on car loans or mortgages and that he could be
ruining both of our futures. He kept this up and
(03:22):
his only reaction. Listen to this, everyone.
Her husband's only reaction was telling me that opening his
mail was illegal.
Wait. And then she said, so Suze, your only advice,
if I remember correctly,
Suze (03:38):
Oh you remember correctly...
KT (03:40):
Was to divorce him.
Suze (03:42):
Divorce, divorce, divorce.
KT (03:43):
I have to admit I was stunned and angry at
you at the time.
Suze (03:47):
I'm sure you were.
KT (03:48):
Right? Truth prevailed. She didn't want to hear the truth.
Suze (03:51):
Most people don't.
KT (03:52):
So then Cathy said, however, friends and family had also
seen the episode, and he was basically shamed
into permanently changing his behavior, his credit card score is
now consistently around 830. That's great. And while our net
worth was around 600,000 when I was on your show,
(04:16):
mostly in equity in our condo and retirement accounts, no
real savings, it is now about 3.7 million.
We bought a house in 2015. We'll probably have it
paid off at the 15 year mark. We also hope
to retire in our fifties. Watching your show started me
(04:37):
on the path to financial responsibility and independence, and my
husband being shamed on TV
for his poor financial habits and behavior and that they
were grounds for divorce gave him a really big kick
in the butt that he needed to change his ways.
(04:57):
He is now obsessed with budgeting and knowing our investments, balances, returns,
interest rates, etc.
And then Cathy goes on to say, so Suze, thank
you for that long ago encounter on your show. Do
you love that?
Suze (05:14):
I love that, but it is true. So like Oprah
would call it, the Suze smackdown.
And sometimes you have to be smacked down in public,
believe it or not, in order to pick yourself up,
because as long as you are able to live a lie,
(05:34):
as long as you're able to make others think something
about you, you have the money, you can do this,
you can put it on your credit, whatever, and they
think that you're doing better than you're doing, you continue
to deceive yourself and others as soon as others know
the truth
about you, guess what? It helps you stand in your
(05:54):
own truth, which is why KT, I always tell people
who have credit card debt, tell everybody you know, tell
everybody you know the truth about yourself, because once you
do that,
It's hard to lie anymore.
KT (06:09):
It's freeing.
Suze (06:09):
It's freeing. All right, next, KT.
KT (06:11):
So Giselle wrote in, Hi, Suze. I've recently learned about
fixed income annuities. What are your thoughts on them and which,
if any, do you think are worth investing in?
I'm thinking about opening one up within my Roth IRA.
Suze (06:28):
Yeah, so Giselle, here's what you need to understand and
everybody else as well. What is a fixed income annuity? Remember,
an annuity is a contract with an insurance company, and
because it's with an insurance company, even though you're not
getting any insurance.
The investments in an annuity are tax deferred. You do
(06:50):
not pay taxes on them until you take the money out.
But when you take it out, it's taxed to you
as ordinary income. If you pass it down to your beneficiaries,
they take it out. It's taxed to them as ordinary income.
And there's usually a 5, 6, or 7 year surrender
(07:12):
period where if you take the money out of the
annuity before the surrender charge is up, it could cost
you 4, 5 or 6% and you have to be
59 and a half years of age to take out money
from the annuity or you're gonna get a penalty from
the federal government so annuities are usually for those people
(07:35):
who are in retirement years. A fixed income annuity is
where the interest rate is fixed.
Now it can be fixed for 1 year, 3 years,
5 years, 7 years, but most of the time it's
fixed for the first year to sucker you in. And
then in years 2, 3, 4, 5, and so on,
(07:57):
the surrender period years, it goes down and down to
make up for that first year of high interest rates, so.
There are what's called CD fixed annuities where the interest
rate is fixed like a CD for 4 years or
5 years or the amount of time in the surrender period,
(08:18):
which are the ones that I happen to like if
you want a fixed annuity. Now I know I'm going
long into this, KT, but I think people should know.
Remember the interest that the annuity will pay you.
You're not paying taxes on it because it's in the annuity. You, however, Giselle,
want to put an annuity within a Roth IRA, which
(08:42):
is a tax-free account in most cases. Therefore, I would
not be doing it within a Roth
IRA. Why not just buy a CD at Alliant Credit
Union with a Roth IRA or why not? If you
have a Roth IRA open somewhere already, why not do
(09:03):
a 5 year Treasury note or a 10 year Treasury
note and lock in that interest for that period of
time and you're not gonna pay taxes on it anyway.
So therefore I would not do an annuity within any
type of retirement account, however.
At your age, because KT just gave me this, you're
(09:23):
in your early 50s. Why do you want an annuity?
Why don't you want to take some of this money
and dollar cost average into good paying dividend stocks that
could pay you 4, 5, or 6% and also give
you growth? So that's probably what I would be doing
in my Roth IRA if I were you. All right, KT.
KT (09:42):
Right, on the same topic of CDs, I just want
this next question from Jennifer is good. I want you
to clarify it.
She said, I've heard you be quite emphatic about never
buying a callable CD.
Suze (09:56):
Wait, KT, can you imagine me being emphatic about anything?
KT (10:01):
What am I missing in this scenario, she said. I
bought a 2 year callable CD via Vanguard with a
major bank. The rate is 4.6%. It's callable in 6 months.
If I just bought the 6 month CD, it would
have only been 4.2. So even if the bank calls
(10:22):
the CD
in 6 months I've earned more than I put in
the 6 month or kept the money in my settlement fund.
Suze (10:30):
Yeah.
KT (10:31):
So, and now she's saying clearly, if my intent with
the money is not long term retirement saving but a
more short term saving in my brokerage account, is this
such a no no.
I still get the interest on the 1st 6 months
it was held, right? She must be missing something.
Suze (10:50):
Well, here's the thing, you don't know that they're gonna
call it in 6 months, right? So it's callable, so
they can call it any time.
KT (10:58):
Tell everybody what that means.
Suze (10:59):
Right, everybody, so first of all, what is a callable CD?
Obviously you all know a certificate of deposit. You put
money in and the certificate of deposit has a maturity date.
And for that entire maturity date it is fixed at
the interest rate that you bought it at so you
know for like 2 years if it's a 2 year
(11:20):
CD for all 2 years you're going to get that
interest rate. A callable CD simply says we'll give you
this interest, but we can call it,
any time we want or in the 1st 6 months
or after that or for the entire period because if
interest rates happen to go down, then we can call
(11:42):
it back from you because we don't want to pay
you a higher interest rate when interest rates have already
gone down so if interest rates then go down.
And the CD is called from you, then it's difficult
to reinvest that money at a higher interest rate if
interest rates have gone down. That's what a callable CD
(12:06):
is versus a fixed rate. You're not missing anything, Jennifer.
You can do that if you want.
But you also could have simply put your money in
a money market account, gotten that kind of interest rate,
maybe in a treasury, so you didn't have to pay
interest on it in terms of the state bracket you
may be in, so you can do that if you
(12:28):
want for short periods of time. Now I'm assuming that
it's callable in 6 months, meaning that they can't call
it for 6 months.
But can they call it after 6 months? So if
this CD goes on for let's say a year and
a half and now they decide to call it when
(12:52):
interest rates have gone down significantly.
Then were you going to reinvest that money at that rate,
so I still don't like callable CDs. I just don't.
Why not lock in for the period that you want
and not play with it? That's just my opinion, but
you can do that if you want. All right.
KT (13:13):
My next question, it's not even a question. It's a,
I picked this because the subject line said, have we
created a monster? So it, it grabbed my attention.
And this is from Julie, who's a mom. She said,
Dear Suze and KT, we've been living below our means
our whole married lives and now have a net worth
(13:33):
of over $6 million. My husband constantly stresses to my
adult daughters the necessity of saving and investing early. My
23-year old daughter is a full-time graduate student and has
a Roth IRA and non-retirement investments of over $250,000. She
(13:56):
has accumulated this through jobs she's had for years, as
well as our annual gift of a match to what
she contributes to her wrath. In my opinion, ready for this, everyone?
This is from Mom
toxic attitude towards money.
She constantly says she cannot afford things and never offers
(14:20):
to pay for anything when she's on a date with
her boyfriend or when she's with friends or family. She
studies very hard, always looking for ways to make more money,
and even though she's stressed with her schoolwork, what can
we do to shift her miserly ways.
Mom thinks her daughter's a miser.
Suze (14:42):
This is your quizzy.
KT (14:43):
All right. Oh, this is my quizzy
Suze (14:45):
Pop quizzy.
KT (14:47):
Oh, so what's the, what's the quizzy here?
Suze (14:50):
The quizzy is what should she do to
KT (14:51):
I wouldn't do a thing. I wouldn't do a thing, Mom.
I don't think she's miserly. I just think she's super
conscious of wanting to accumulate savings and have a very
secure lifestyle and future.
I don't think she's miserly at all, but I do
think that maybe, you know,
Suze (15:12):
Mom's saying she's miserly because she never, she never pays
for anything because she doesn't think she can afford it, yeah.
So what do you think about that?
KT (15:24):
I think the daughter's 23 years old. Any kid that's
23 that wants to work and earn money and save
money and accumulate money is a good thing. I don't
think that she's miserly, but maybe, mom, you ought to say, OK,
we're all going out and everyone's chipping in. And if
you can't.
Afford it, don't come with us.
Suze (15:45):
Ding ding ding ding.
KT (15:46):
That's what I would do
Suze (15:47):
Here's the thing, Julie, is these younger years of your
daughter in their twenties, anybody that's in their twenties, these
are the financial foundation years.
That you cannot pass up because these are her compounding
(16:07):
years which means for every dollar she saves over the
next 40 years when she's in her 60s is gonna
multiply so much because of compounding the growth of the
money at 23 gets to earn money. The earning money
on the growth of the money gets to earn money,
(16:28):
and it compounds to magnificent amounts
of money far beyond your $6 million that I think
you say you have a net worth of. Your daughter
is on the path of being far wealthier than both
you and your husband, just so you know that's Number one.
(16:48):
Number two, don't try to change her.
You have to let her change herself. Somewhere she picked
up the desire to want to have money to be secure.
I don't know where she learned that from. It doesn't
even matter. The wise do not matter. You need to
respect her decision and not make her feel that it
(17:09):
is miserly.
Her boyfriend, her boyfriend has the ability to say, Listen, girlfriend,
you're going to pay this time. Let them decide that
between themselves. But if I were you truthfully, I wouldn't reward.
I'd reward her, but here's how I would reward her
Stop matching her money.
KT (17:30):
Yeah.
Suze (17:31):
Obviously she has enough. Obviously you've helped her do whatever,
so you don't have to match her anymore because you
can simply say, you know what, you're doing so great.
We're not gonna match you anymore. You're on your own
and doing it and we're gonna keep that money for
ourselves so she can at least feel what it's like
(17:51):
not to be given money by mom and dad.
And let's just see what that does to her. Does
that make her even more miserly? I don't know. But
now let her be on her own, and you have
not created a monster. You have created a money maven,
if you ask me.
KT (18:10):
That's a good one, Suze. Next question's from Karen.
She said, Suze, I'm 55 years old, single woman with
two grown kids and one 12-year-old son. I used to
have money in a couple Roth IRAs, but an insurance
agent was trying to help me with retirement. He had
(18:32):
put my money in a margin account. I don't understand
anything about it.
And I have authorized him to make trades for
me.
Suze (18:41):
Stop for one
second.
KT (18:42):
Yeah, tell everyone what the heck is that? A margin
s
Suze (18:45):
Should that be
your quizzy?
KT (18:47):
No, it sounds like he was able to trade her money.
Suze (18:50):
No.
KT (18:51):
I don't
know what a margin...
Suze (18:52):
There we go. That's the truth. Now. I already knew that,
but that's besides the point, right, which is, first of all,
before we even go on with this email, 99% of
you out there,
should not ever, ever, ever have a margin account. KT,
(19:12):
you and I have never in our lives traded on margin.
What does that mean? That means that let's say you
have $100,000 in an account and you're on margin. They'll
allow you to borrow from the brokerage firm.
Like $50,000 or some amount of money so that you
(19:36):
actually can invest more money than you than you have
if the stock starts to go down they can have
what's called a margin call, which means you have to
come up with that money that it's gone down if
it goes up, all right, you can make more money
because you bought on a loan, so to speak, but
(19:58):
it is seriously seriously dangerous.
And I don't ever want to hear any of you
be on margin, and you are to never let a
financial advisor or so-called insurance agent tell you that trading
on margin makes sense. All right, go on.
KT (20:16):
Well then, Karen, you're gonna get a big slap down.
Suze (20:19):
Did I hear you say there that she authorized him
to make trades for her?
KT (20:25):
It said I don't understand anything about it. I have
authorized him to make trades for me. And then she
said it's only about $50,000. That's the part I don't like.
Karen was a victim of the loss, she said around
5 months ago, I guess it took a huge plunge,
and he said all accounts did. It went super
(20:49):
low and slowly it's making its way back up. My
question is this trading stuff seems awfully risky, but he
said I can make a really good return to greatly
multiplying my money by the time I retire.
She's 55. I wonder if I should just move it
(21:10):
to a Roth IRA, please. What is your advice? So
listen up, everybody. Suze's going to tell Karen the truth
of what she
should do.
Suze (21:19):
Listen, the first truth is you should never have done
a margin account. Second truth is you are never, ever,
ever to give somebody authorization to make trades for you
without your permission.
So there's something called a discretionary account where a financial adviser,
(21:39):
a broker can buy and sell at their own discretion.
Do not do it. Do not do it, do not
do it. Even our accounts KT,
If John, who is our financial adviser and who I
talk to every single day,
KT (21:54):
Suze advises him every
single day
Suze (21:56):
Tat's besides the point, right? But even when he has
an idea that he wants to discuss with me, he
doesn't just buy it. He has to get my permission.
KT (22:07):
I have to tell everybody something funny. Suze talks to
John every day or twice a day, three, yeah, a
couple times a day, and, and then he, he might
come up with something and she
says, oh that sounds really great. Let's do it. Let's
put in X amount of money and then on the
background I hear him say on the speaker, what about KT?
(22:29):
Meaning what about KT's account money and Suze said, no,
just leave it.
Suze knows I do not like to lose a penny, right?
Suze (22:38):
But what I do say is this is a good idea,
but you have to call KT and talk to KY.
KT (22:45):
He always says to but Suze's my personal
Financial advisor.
Suze (22:48):
But still, he personally needs her permission even if I
like the idea, he can't do it because I'm not authorized,
nor is he to make a trade in KT's account,
buy or sell anything without KT's permission.
So that's first of all. Second of all, when you
(23:11):
say it's only about $50,000 50,000 dollars on margin could
be gone before you even know it. And if he
was an astute financial person over these past few months,
rather than its slowly making its way back, you would
be up
(23:31):
a fortune right now if he had invested on margin
in the correct stocks. I don't like this person's advice.
I don't like this person telling you to do these things.
I want you to cut just like I did with
that person divorce him and then look what happened. I
want you to divorce this financial person or insurance
(23:54):
agent. An insurance agent should not be telling you what
to do with anything other than insurance. It is incredibly
risky now whether you can move it all to a
Roth IRA or not, I doubt because I don't know
if this money is in a retirement account or not,
so can you convert it, but I would put it
(24:15):
out of his hands right now.
And just put it either in a money market account
or somewhere just to make sure that you are OK.
All right.
KT (24:26):
All right. Next question is from Sue. She said, Suze,
I've been listening to you and watching you for over
20 years, and I am shocked.
That I did not get this very important point about
Roths please, and KT probably didn't get it either, so
don't feel alone, Sue. Please confirm and share with all
(24:49):
since others may need this information. Is it correct? There
are no income requirements when contributing to a Roth account
when it is connected to your job?
Suze (25:02):
Another pop quizzy.
KT (25:04):
Oh, OK.
So I don't think there is any. I don't think
there is any,
Suze (25:10):
Any what?
KT (25:12):
Income requirements.
Suze (25:13):
You're positive on that?
KT (25:15):
I'm not positive, but I think with a Roth, you know,
you can, um, I think I'm OK with that. There's
no income requirement with a...
Suze (25:22):
Roth at an employer?
KT (25:25):
When it's connected to your job, yeah,
Suze (25:26):
Yeah, ding ding ding ding ding.
So again, everybody...
KT (25:32):
Sue, I got that one right.
Suze (25:33):
Then after I answer this, I'm gonna yell at you
for a second here, Ms. Travis.
KT (25:37):
OK.
Suze (25:37):
Are you ready for it?
KT (25:38):
All right.
You sure? I can shame you in front of everybody.
I'm never shamed.
Suze (25:42):
All right, so but here's...
KT (25:43):
I'm wrong, but I'm never shamed.
Suze (25:46):
But here's the thing, everybody, which is this.
There are income requirements to qualify for a contributory Roth,
so to do a full contribution into a Roth IRA
that you contribute 7000 or $8000 a year to depending
on your age, you cannot make over $150,000 a year
(26:10):
if you're single, a modified adjusted gross income.
To put the max in or if you're married filing
jointly $236,000 a year of modified adjusted gross income when
you have a Roth 401k, 403B or TSP, there are
no income limitations at all. So Sue.
(26:35):
You missed it, but now you understand it. But KT.
KT (26:38):
What did I do wrong?
Suze (26:40):
I don't ever want to hear again in the year
2025 and beyond.
That you don't get Roths, that you don't understand them.
I think you have placed it in your mind that
you don't have the ability to understand them or how
they work when you are one of the sharpest, shrewdest,
(27:01):
most intelligent women I have ever met in my life
and therefore you have the ability, you're going to understand
them you do understand them and I never want you
to think.
Again, that you can't because you are actually convincing yourself
when you see the word Roth it's beyond you.
KT (27:19):
So that's my New Year's resolution. I'm gonna conquer the Roth.
Suze (27:24):
It is now your life. You have conquered it. You're
gonna do like...
KT (27:28):
I'm gonna
conquer the Roth, everybody. I'm gonna learn front door, back door,
side
Suze (27:34):
go on to the next question I'll rascal you, but
I'm not joking.
KT (27:38):
I, I'll do it. I
can do it.
Suze (27:40):
And all of you out there, you are never to tell.
KT (27:42):
We'll do a podcast in about 6 months where you
can all write into KT and ask me questions about
a Roth. Let's try that.
Suze (27:51):
Let's try that in 2 months, everybody.
KT (27:52):
No, no, no, no,
Suze (27:53):
You're giving me too much time.
No,
KT (27:55):
I need 6 months.
Suze (27:56):
No, you don't. You see the excuses you all give yourself.
You're just like KT, everybody. You're just like her.
KT (28:03):
All right, I'll try in 3 months.
Suze (28:05):
What?
KT (28:07):
Next is from Sheila. She said, My mother's distributing shares
of stock to my sister and me. I am inclined
to sell approximately half of the stock she's giving me
and reinvest it in a broader market index fund. I
do not need the money. It's part of my retirement fund.
Please let me know if you have any thoughts of
(28:28):
what to do with the stock.
Suze (28:29):
Yeah, well, here's the thing...
KT (28:30):
So it's a single stock, I guess, and she wants
to put it in.
Suze (28:34):
Yeah, but here's the thing, Sheila, which is I don't
know how old your mother is, and I don't know
how long she's held the stock that in fact she
wants to give you.
But by giving it to you, listen to me closely,
she is giving you her cost basis on that stock.
(28:56):
So let's say she bought this stock 20 years ago
at $10 a share. Let's just say that's true. And
now it's at $100 a share. If she gives it
to you and you turn around and sell it.
You're going to owe taxes on the difference between $10
(29:17):
which she bought it at and $100 of where it
is possibly today. If she's older and you don't need
the money and it is a good quality stock, you
might ask her to just keep it and let you
inherit it because if you inherit it from her via
(29:38):
a trust, for instance, so there's no probate fees on it.
Then what will happen there is you will get a
step up in cost basis. So if she bought it
at 10, it's worth $200 when she dies and gives
it to you. That $200 will be tax free to
you if you turn around and sell it. So that's
(30:01):
what I
would be doing since you don't need the money and
it's kind of part of your retirement fund if it's
good quality stock maybe your mama, depending how old she
is in her health, should absolutely keep it and leave
it to you via her trust.
KT (30:18):
That's great advice.
Suze (30:20):
Well, KT, that's a wrap.
KT (30:22):
So I did my quizzy. I did a couple of quizzes.
All right,
good. Well, that was a that was a nice mix
up of, um, lessons.
Suze (30:32):
Let me just give you a little piece of news here,
KT whether people write in or not, I myself, am
going to create a Roth quizzy just for you...
KT (30:46):
A whole podcast of Roth...
Suze (30:47):
I am going to make sure that I have asked you everything
that I want you to know.
And for you to get and I am going to
be testing you to see in 2 months how you
do on that quizzy. So very shortly in 2 months, everybody,
we're gonna have an ask KT anything
KT (31:10):
I can do it.
Suze (31:11):
I love
KT (31:12):
that. I can do it.
Suze (31:13):
You're so cute.
KT (31:14):
I can do it.
Suze (31:15):
I can do got haircuts yesterday, everybody. How's, how's how
they look?
KT (31:20):
Yours doesn't look like you got much cut, but mine
is kind of curly. Well, I, I have very curly
hair in this weather.
It's kind of in between whether it's like winter and
summer in Florida. What
Suze (31:33):
what you all don't know is that we're in Florida
right now, and we sit in front of this big mirror,
KT (31:40):
huge wall mirror, we look at each other's hair.
I sometimes
Suze (31:46):
look at her teeth and wake up while we're
KT (31:49):
talking in the if we were on the camera, it
would be hysterical for you to see us,
Suze (31:54):
right?
KT (31:54):
Suze has on her pajamas still, and I got dressed
a long time ago. It's like really early and I
got dressed because I was cold, so I'm on a
fleece and
Suze (32:05):
Yeah, I've been running hot lately.
KT (32:07):
Suze has on her like little sleep
sleep shirt,
Suze (32:11):
My little sleep shirt. Anyway, all right, everybody, so until
Sunday when we will have another Suze School, I have
no idea what it will be about. However, there's really
only one thing that we want you to remember. Now
there's many, many ways, KT, that we have been ending.
Our podcasts. We've gone from long endings to short endings...
KT (32:35):
Suze, you know, no matter what, I always like your
very original credo in life, which is people first, then money,
then things.
Suze (32:48):
And if you do that, everybody, then together we
will rise.
January 23rd, 2025. Welcome everybody to the Women and Money
podcast as well as everybody smart enough to listen. Today
is Ask KT and Suze Anything, and this is where
you can, if you want, write in a question to
the Ask Suze SUZE podcast at gmail.com, and if chosen, we.
(00:56):
We'll answer it on the podcast. Now, KT, did you
notice what I just said? We, we're gonna
answer.
KT (01:03):
All right. Here's KT's first question to Suze. Who's gonna win the
Super Bowl?
Suze (01:08):
Well, truthfully, I hope.
The Commanders are... from Washington KT are part of the
Super Bowl. Who's gonna win it will depend seriously on
who wins between Kansas City and the Bills.
KT (01:25):
I thought you want the
Bills.
Suze (01:27):
I love Josh Allen. I think
KT (01:29):
the most
valuable player, baby.
Suze (01:31):
Well, he's up for it, right?
KT (01:32):
He'll get it.
Suze (01:33):
We'll see. But the truth of the matter is we'll
have to see. They have to get by Kansas City.
And I hate this because you know how much I love Kansas City.
KT (01:43):
She loves Patrick, her boyfriend.
Suze (01:44):
If I were a betting woman, I would not be
betting against the Buffalo Bills at this point.
KT (01:51):
The Bills, the Bills really want this, and...
Suze (01:53):
They both want it KT.
KT (01:54):
And they're good in cold weather. They were playing in snow,
so I'm not a big football person, everybody.
But I have to tell you it was fun watching
these guys slipping and sliding all over the snow. I
felt bad though they were getting hurt pretty bad. All right,
so first question we have is from Cathy. She said, Suze,
(02:17):
I just discovered you had a podcast. She said, I
was a caller on your TV show maybe 14 or
15 years ago. I've lost track of time.
I must have been about 36 years old. I'm now 51.
My husband was awful back then about finances. For example,
(02:38):
I discovered he put my engagement ring on a credit card.
Suze (02:42):
Oh, I remember this.
KT (02:43):
Yeah, this was a great show. I remember this too.
Suze (02:46):
Did they get divorced?
KT (02:47):
Wait, wait, wait, she said I paid off the balance.
He paid me back within a year. I called in
because I suspected my husband was not paying his credit
card and other bills on time.
Suze (02:59):
And she was right.
KT (03:00):
So wait, she listened to this, everyone, she said, so
I opened his mail and I was right when I
confronted him about this and told him his bad financial
habits would prevent us from getting the best interest rates
on car loans or mortgages and that he could be
ruining both of our futures. He kept this up and
(03:22):
his only reaction. Listen to this, everyone.
Her husband's only reaction was telling me that opening his
mail was illegal.
Wait. And then she said, so Suze, your only advice,
if I remember correctly,
Suze (03:38):
Oh you remember correctly...
KT (03:40):
Was to divorce him.
Suze (03:42):
Divorce, divorce, divorce.
KT (03:43):
I have to admit I was stunned and angry at
you at the time.
Suze (03:47):
I'm sure you were.
KT (03:48):
Right? Truth prevailed. She didn't want to hear the truth.
Suze (03:51):
Most people don't.
KT (03:52):
So then Cathy said, however, friends and family had also
seen the episode, and he was basically shamed
into permanently changing his behavior, his credit card score is
now consistently around 830. That's great. And while our net
worth was around 600,000 when I was on your show,
(04:16):
mostly in equity in our condo and retirement accounts, no
real savings, it is now about 3.7 million.
We bought a house in 2015. We'll probably have it
paid off at the 15 year mark. We also hope
to retire in our fifties. Watching your show started me
(04:37):
on the path to financial responsibility and independence, and my
husband being shamed on TV
for his poor financial habits and behavior and that they
were grounds for divorce gave him a really big kick
in the butt that he needed to change his ways.
(04:57):
He is now obsessed with budgeting and knowing our investments, balances, returns,
interest rates, etc.
And then Cathy goes on to say, so Suze, thank
you for that long ago encounter on your show. Do
you love that?
Suze (05:14):
I love that, but it is true. So like Oprah
would call it, the Suze smackdown.
And sometimes you have to be smacked down in public,
believe it or not, in order to pick yourself up,
because as long as you are able to live a lie,
(05:34):
as long as you're able to make others think something
about you, you have the money, you can do this,
you can put it on your credit, whatever, and they
think that you're doing better than you're doing, you continue
to deceive yourself and others as soon as others know
the truth
about you, guess what? It helps you stand in your
(05:54):
own truth, which is why KT, I always tell people
who have credit card debt, tell everybody you know, tell
everybody you know the truth about yourself, because once you
do that,
It's hard to lie anymore.
KT (06:09):
It's freeing.
Suze (06:09):
It's freeing. All right, next, KT.
KT (06:11):
So Giselle wrote in, Hi, Suze. I've recently learned about
fixed income annuities. What are your thoughts on them and which,
if any, do you think are worth investing in?
I'm thinking about opening one up within my Roth IRA.
Suze (06:28):
Yeah, so Giselle, here's what you need to understand and
everybody else as well. What is a fixed income annuity? Remember,
an annuity is a contract with an insurance company, and
because it's with an insurance company, even though you're not
getting any insurance.
The investments in an annuity are tax deferred. You do
(06:50):
not pay taxes on them until you take the money out.
But when you take it out, it's taxed to you
as ordinary income. If you pass it down to your beneficiaries,
they take it out. It's taxed to them as ordinary income.
And there's usually a 5, 6, or 7 year surrender
(07:12):
period where if you take the money out of the
annuity before the surrender charge is up, it could cost
you 4, 5 or 6% and you have to be
59 and a half years of age to take out money
from the annuity or you're gonna get a penalty from
the federal government so annuities are usually for those people
(07:35):
who are in retirement years. A fixed income annuity is
where the interest rate is fixed.
Now it can be fixed for 1 year, 3 years,
5 years, 7 years, but most of the time it's
fixed for the first year to sucker you in. And
then in years 2, 3, 4, 5, and so on,
(07:57):
the surrender period years, it goes down and down to
make up for that first year of high interest rates, so.
There are what's called CD fixed annuities where the interest
rate is fixed like a CD for 4 years or
5 years or the amount of time in the surrender period,
(08:18):
which are the ones that I happen to like if
you want a fixed annuity. Now I know I'm going
long into this, KT, but I think people should know.
Remember the interest that the annuity will pay you.
You're not paying taxes on it because it's in the annuity. You, however, Giselle,
want to put an annuity within a Roth IRA, which
(08:42):
is a tax-free account in most cases. Therefore, I would
not be doing it within a Roth
IRA. Why not just buy a CD at Alliant Credit
Union with a Roth IRA or why not? If you
have a Roth IRA open somewhere already, why not do
(09:03):
a 5 year Treasury note or a 10 year Treasury
note and lock in that interest for that period of
time and you're not gonna pay taxes on it anyway.
So therefore I would not do an annuity within any
type of retirement account, however.
At your age, because KT just gave me this, you're
(09:23):
in your early 50s. Why do you want an annuity?
Why don't you want to take some of this money
and dollar cost average into good paying dividend stocks that
could pay you 4, 5, or 6% and also give
you growth? So that's probably what I would be doing
in my Roth IRA if I were you. All right, KT.
KT (09:42):
Right, on the same topic of CDs, I just want
this next question from Jennifer is good. I want you
to clarify it.
She said, I've heard you be quite emphatic about never
buying a callable CD.
Suze (09:56):
Wait, KT, can you imagine me being emphatic about anything?
KT (10:01):
What am I missing in this scenario, she said. I
bought a 2 year callable CD via Vanguard with a
major bank. The rate is 4.6%. It's callable in 6 months.
If I just bought the 6 month CD, it would
have only been 4.2. So even if the bank calls
(10:22):
the CD
in 6 months I've earned more than I put in
the 6 month or kept the money in my settlement fund.
Suze (10:30):
Yeah.
KT (10:31):
So, and now she's saying clearly, if my intent with
the money is not long term retirement saving but a
more short term saving in my brokerage account, is this
such a no no.
I still get the interest on the 1st 6 months
it was held, right? She must be missing something.
Suze (10:50):
Well, here's the thing, you don't know that they're gonna
call it in 6 months, right? So it's callable, so
they can call it any time.
KT (10:58):
Tell everybody what that means.
Suze (10:59):
Right, everybody, so first of all, what is a callable CD?
Obviously you all know a certificate of deposit. You put
money in and the certificate of deposit has a maturity date.
And for that entire maturity date it is fixed at
the interest rate that you bought it at so you
know for like 2 years if it's a 2 year
(11:20):
CD for all 2 years you're going to get that
interest rate. A callable CD simply says we'll give you
this interest, but we can call it,
any time we want or in the 1st 6 months
or after that or for the entire period because if
interest rates happen to go down, then we can call
(11:42):
it back from you because we don't want to pay
you a higher interest rate when interest rates have already
gone down so if interest rates then go down.
And the CD is called from you, then it's difficult
to reinvest that money at a higher interest rate if
interest rates have gone down. That's what a callable CD
(12:06):
is versus a fixed rate. You're not missing anything, Jennifer.
You can do that if you want.
But you also could have simply put your money in
a money market account, gotten that kind of interest rate,
maybe in a treasury, so you didn't have to pay
interest on it in terms of the state bracket you
may be in, so you can do that if you
(12:28):
want for short periods of time. Now I'm assuming that
it's callable in 6 months, meaning that they can't call
it for 6 months.
But can they call it after 6 months? So if
this CD goes on for let's say a year and
a half and now they decide to call it when
(12:52):
interest rates have gone down significantly.
Then were you going to reinvest that money at that rate,
so I still don't like callable CDs. I just don't.
Why not lock in for the period that you want
and not play with it? That's just my opinion, but
you can do that if you want. All right.
KT (13:13):
My next question, it's not even a question. It's a,
I picked this because the subject line said, have we
created a monster? So it, it grabbed my attention.
And this is from Julie, who's a mom. She said,
Dear Suze and KT, we've been living below our means
our whole married lives and now have a net worth
(13:33):
of over $6 million. My husband constantly stresses to my
adult daughters the necessity of saving and investing early. My
23-year old daughter is a full-time graduate student and has
a Roth IRA and non-retirement investments of over $250,000. She
(13:56):
has accumulated this through jobs she's had for years, as
well as our annual gift of a match to what
she contributes to her wrath. In my opinion, ready for this, everyone?
This is from Mom
toxic attitude towards money.
She constantly says she cannot afford things and never offers
(14:20):
to pay for anything when she's on a date with
her boyfriend or when she's with friends or family. She
studies very hard, always looking for ways to make more money,
and even though she's stressed with her schoolwork, what can
we do to shift her miserly ways.
Mom thinks her daughter's a miser.
Suze (14:42):
This is your quizzy.
KT (14:43):
All right. Oh, this is my quizzy
Suze (14:45):
Pop quizzy.
KT (14:47):
Oh, so what's the, what's the quizzy here?
Suze (14:50):
The quizzy is what should she do to
KT (14:51):
I wouldn't do a thing. I wouldn't do a thing, Mom.
I don't think she's miserly. I just think she's super
conscious of wanting to accumulate savings and have a very
secure lifestyle and future.
I don't think she's miserly at all, but I do
think that maybe, you know,
Suze (15:12):
Mom's saying she's miserly because she never, she never pays
for anything because she doesn't think she can afford it, yeah.
So what do you think about that?
KT (15:24):
I think the daughter's 23 years old. Any kid that's
23 that wants to work and earn money and save
money and accumulate money is a good thing. I don't
think that she's miserly, but maybe, mom, you ought to say, OK,
we're all going out and everyone's chipping in. And if
you can't.
Afford it, don't come with us.
Suze (15:45):
Ding ding ding ding.
KT (15:46):
That's what I would do
Suze (15:47):
Here's the thing, Julie, is these younger years of your
daughter in their twenties, anybody that's in their twenties, these
are the financial foundation years.
That you cannot pass up because these are her compounding
(16:07):
years which means for every dollar she saves over the
next 40 years when she's in her 60s is gonna
multiply so much because of compounding the growth of the
money at 23 gets to earn money. The earning money
on the growth of the money gets to earn money,
(16:28):
and it compounds to magnificent amounts
of money far beyond your $6 million that I think
you say you have a net worth of. Your daughter
is on the path of being far wealthier than both
you and your husband, just so you know that's Number one.
(16:48):
Number two, don't try to change her.
You have to let her change herself. Somewhere she picked
up the desire to want to have money to be secure.
I don't know where she learned that from. It doesn't
even matter. The wise do not matter. You need to
respect her decision and not make her feel that it
(17:09):
is miserly.
Her boyfriend, her boyfriend has the ability to say, Listen, girlfriend,
you're going to pay this time. Let them decide that
between themselves. But if I were you truthfully, I wouldn't reward.
I'd reward her, but here's how I would reward her
Stop matching her money.
KT (17:30):
Yeah.
Suze (17:31):
Obviously she has enough. Obviously you've helped her do whatever,
so you don't have to match her anymore because you
can simply say, you know what, you're doing so great.
We're not gonna match you anymore. You're on your own
and doing it and we're gonna keep that money for
ourselves so she can at least feel what it's like
(17:51):
not to be given money by mom and dad.
And let's just see what that does to her. Does
that make her even more miserly? I don't know. But
now let her be on her own, and you have
not created a monster. You have created a money maven,
if you ask me.
KT (18:10):
That's a good one, Suze. Next question's from Karen.
She said, Suze, I'm 55 years old, single woman with
two grown kids and one 12-year-old son. I used to
have money in a couple Roth IRAs, but an insurance
agent was trying to help me with retirement. He had
(18:32):
put my money in a margin account. I don't understand
anything about it.
And I have authorized him to make trades for
me.
Suze (18:41):
Stop for one
second.
KT (18:42):
Yeah, tell everyone what the heck is that? A margin
s
Suze (18:45):
Should that be
your quizzy?
KT (18:47):
No, it sounds like he was able to trade her money.
Suze (18:50):
No.
KT (18:51):
I don't
know what a margin...
Suze (18:52):
There we go. That's the truth. Now. I already knew that,
but that's besides the point, right, which is, first of all,
before we even go on with this email, 99% of
you out there,
should not ever, ever, ever have a margin account. KT,
(19:12):
you and I have never in our lives traded on margin.
What does that mean? That means that let's say you
have $100,000 in an account and you're on margin. They'll
allow you to borrow from the brokerage firm.
Like $50,000 or some amount of money so that you
(19:36):
actually can invest more money than you than you have
if the stock starts to go down they can have
what's called a margin call, which means you have to
come up with that money that it's gone down if
it goes up, all right, you can make more money
because you bought on a loan, so to speak, but
(19:58):
it is seriously seriously dangerous.
And I don't ever want to hear any of you
be on margin, and you are to never let a
financial advisor or so-called insurance agent tell you that trading
on margin makes sense. All right, go on.
KT (20:16):
Well then, Karen, you're gonna get a big slap down.
Suze (20:19):
Did I hear you say there that she authorized him
to make trades for her?
KT (20:25):
It said I don't understand anything about it. I have
authorized him to make trades for me. And then she
said it's only about $50,000. That's the part I don't like.
Karen was a victim of the loss, she said around
5 months ago, I guess it took a huge plunge,
and he said all accounts did. It went super
(20:49):
low and slowly it's making its way back up. My
question is this trading stuff seems awfully risky, but he
said I can make a really good return to greatly
multiplying my money by the time I retire.
She's 55. I wonder if I should just move it
(21:10):
to a Roth IRA, please. What is your advice? So
listen up, everybody. Suze's going to tell Karen the truth
of what she
should do.
Suze (21:19):
Listen, the first truth is you should never have done
a margin account. Second truth is you are never, ever,
ever to give somebody authorization to make trades for you
without your permission.
So there's something called a discretionary account where a financial adviser,
(21:39):
a broker can buy and sell at their own discretion.
Do not do it. Do not do it, do not
do it. Even our accounts KT,
If John, who is our financial adviser and who I
talk to every single day,
KT (21:54):
Suze advises him every
single day
Suze (21:56):
Tat's besides the point, right? But even when he has
an idea that he wants to discuss with me, he
doesn't just buy it. He has to get my permission.
KT (22:07):
I have to tell everybody something funny. Suze talks to
John every day or twice a day, three, yeah, a
couple times a day, and, and then he, he might
come up with something and she
says, oh that sounds really great. Let's do it. Let's
put in X amount of money and then on the
background I hear him say on the speaker, what about KT?
(22:29):
Meaning what about KT's account money and Suze said, no,
just leave it.
Suze knows I do not like to lose a penny, right?
Suze (22:38):
But what I do say is this is a good idea,
but you have to call KT and talk to KY.
KT (22:45):
He always says to but Suze's my personal
Financial advisor.
Suze (22:48):
But still, he personally needs her permission even if I
like the idea, he can't do it because I'm not authorized,
nor is he to make a trade in KT's account,
buy or sell anything without KT's permission.
So that's first of all. Second of all, when you
(23:11):
say it's only about $50,000 50,000 dollars on margin could
be gone before you even know it. And if he
was an astute financial person over these past few months,
rather than its slowly making its way back, you would
be up
(23:31):
a fortune right now if he had invested on margin
in the correct stocks. I don't like this person's advice.
I don't like this person telling you to do these things.
I want you to cut just like I did with
that person divorce him and then look what happened. I
want you to divorce this financial person or insurance
(23:54):
agent. An insurance agent should not be telling you what
to do with anything other than insurance. It is incredibly
risky now whether you can move it all to a
Roth IRA or not, I doubt because I don't know
if this money is in a retirement account or not,
so can you convert it, but I would put it
(24:15):
out of his hands right now.
And just put it either in a money market account
or somewhere just to make sure that you are OK.
All right.
KT (24:26):
All right. Next question is from Sue. She said, Suze,
I've been listening to you and watching you for over
20 years, and I am shocked.
That I did not get this very important point about
Roths please, and KT probably didn't get it either, so
don't feel alone, Sue. Please confirm and share with all
(24:49):
since others may need this information. Is it correct? There
are no income requirements when contributing to a Roth account
when it is connected to your job?
Suze (25:02):
Another pop quizzy.
KT (25:04):
Oh, OK.
So I don't think there is any. I don't think
there is any,
Suze (25:10):
Any what?
KT (25:12):
Income requirements.
Suze (25:13):
You're positive on that?
KT (25:15):
I'm not positive, but I think with a Roth, you know,
you can, um, I think I'm OK with that. There's
no income requirement with a...
Suze (25:22):
Roth at an employer?
KT (25:25):
When it's connected to your job, yeah,
Suze (25:26):
Yeah, ding ding ding ding ding.
So again, everybody...
KT (25:32):
Sue, I got that one right.
Suze (25:33):
Then after I answer this, I'm gonna yell at you
for a second here, Ms. Travis.
KT (25:37):
OK.
Suze (25:37):
Are you ready for it?
KT (25:38):
All right.
You sure? I can shame you in front of everybody.
I'm never shamed.
Suze (25:42):
All right, so but here's...
KT (25:43):
I'm wrong, but I'm never shamed.
Suze (25:46):
But here's the thing, everybody, which is this.
There are income requirements to qualify for a contributory Roth,
so to do a full contribution into a Roth IRA
that you contribute 7000 or $8000 a year to depending
on your age, you cannot make over $150,000 a year
(26:10):
if you're single, a modified adjusted gross income.
To put the max in or if you're married filing
jointly $236,000 a year of modified adjusted gross income when
you have a Roth 401k, 403B or TSP, there are
no income limitations at all. So Sue.
(26:35):
You missed it, but now you understand it. But KT.
KT (26:38):
What did I do wrong?
Suze (26:40):
I don't ever want to hear again in the year
2025 and beyond.
That you don't get Roths, that you don't understand them.
I think you have placed it in your mind that
you don't have the ability to understand them or how
they work when you are one of the sharpest, shrewdest,
(27:01):
most intelligent women I have ever met in my life
and therefore you have the ability, you're going to understand
them you do understand them and I never want you
to think.
Again, that you can't because you are actually convincing yourself
when you see the word Roth it's beyond you.
KT (27:19):
So that's my New Year's resolution. I'm gonna conquer the Roth.
Suze (27:24):
It is now your life. You have conquered it. You're
gonna do like...
KT (27:28):
I'm gonna
conquer the Roth, everybody. I'm gonna learn front door, back door,
side
Suze (27:34):
go on to the next question I'll rascal you, but
I'm not joking.
KT (27:38):
I, I'll do it. I
can do it.
Suze (27:40):
And all of you out there, you are never to tell.
KT (27:42):
We'll do a podcast in about 6 months where you
can all write into KT and ask me questions about
a Roth. Let's try that.
Suze (27:51):
Let's try that in 2 months, everybody.
KT (27:52):
No, no, no, no,
Suze (27:53):
You're giving me too much time.
No,
KT (27:55):
I need 6 months.
Suze (27:56):
No, you don't. You see the excuses you all give yourself.
You're just like KT, everybody. You're just like her.
KT (28:03):
All right, I'll try in 3 months.
Suze (28:05):
What?
KT (28:07):
Next is from Sheila. She said, My mother's distributing shares
of stock to my sister and me. I am inclined
to sell approximately half of the stock she's giving me
and reinvest it in a broader market index fund. I
do not need the money. It's part of my retirement fund.
Please let me know if you have any thoughts of
(28:28):
what to do with the stock.
Suze (28:29):
Yeah, well, here's the thing...
KT (28:30):
So it's a single stock, I guess, and she wants
to put it in.
Suze (28:34):
Yeah, but here's the thing, Sheila, which is I don't
know how old your mother is, and I don't know
how long she's held the stock that in fact she
wants to give you.
But by giving it to you, listen to me closely,
she is giving you her cost basis on that stock.
(28:56):
So let's say she bought this stock 20 years ago
at $10 a share. Let's just say that's true. And
now it's at $100 a share. If she gives it
to you and you turn around and sell it.
You're going to owe taxes on the difference between $10
(29:17):
which she bought it at and $100 of where it
is possibly today. If she's older and you don't need
the money and it is a good quality stock, you
might ask her to just keep it and let you
inherit it because if you inherit it from her via
(29:38):
a trust, for instance, so there's no probate fees on it.
Then what will happen there is you will get a
step up in cost basis. So if she bought it
at 10, it's worth $200 when she dies and gives
it to you. That $200 will be tax free to
you if you turn around and sell it. So that's
(30:01):
what I
would be doing since you don't need the money and
it's kind of part of your retirement fund if it's
good quality stock maybe your mama, depending how old she
is in her health, should absolutely keep it and leave
it to you via her trust.
KT (30:18):
That's great advice.
Suze (30:20):
Well, KT, that's a wrap.
KT (30:22):
So I did my quizzy. I did a couple of quizzes.
All right,
good. Well, that was a that was a nice mix
up of, um, lessons.
Suze (30:32):
Let me just give you a little piece of news here,
KT whether people write in or not, I myself, am
going to create a Roth quizzy just for you...
KT (30:46):
A whole podcast of Roth...
Suze (30:47):
I am going to make sure that I have asked you everything
that I want you to know.
And for you to get and I am going to
be testing you to see in 2 months how you
do on that quizzy. So very shortly in 2 months, everybody,
we're gonna have an ask KT anything
KT (31:10):
I can do it.
Suze (31:11):
I love
KT (31:12):
that. I can do it.
Suze (31:13):
You're so cute.
KT (31:14):
I can do it.
Suze (31:15):
I can do got haircuts yesterday, everybody. How's, how's how
they look?
KT (31:20):
Yours doesn't look like you got much cut, but mine
is kind of curly. Well, I, I have very curly
hair in this weather.
It's kind of in between whether it's like winter and
summer in Florida. What
Suze (31:33):
what you all don't know is that we're in Florida
right now, and we sit in front of this big mirror,
KT (31:40):
huge wall mirror, we look at each other's hair.
I sometimes
Suze (31:46):
look at her teeth and wake up while we're
KT (31:49):
talking in the if we were on the camera, it
would be hysterical for you to see us,
Suze (31:54):
right?
KT (31:54):
Suze has on her pajamas still, and I got dressed
a long time ago. It's like really early and I
got dressed because I was cold, so I'm on a
fleece and
Suze (32:05):
Yeah, I've been running hot lately.
KT (32:07):
Suze has on her like little sleep
sleep shirt,
Suze (32:11):
My little sleep shirt. Anyway, all right, everybody, so until
Sunday when we will have another Suze School, I have
no idea what it will be about. However, there's really
only one thing that we want you to remember. Now
there's many, many ways, KT, that we have been ending.
Our podcasts. We've gone from long endings to short endings...
KT (32:35):
Suze, you know, no matter what, I always like your
very original credo in life, which is people first, then money,
then things.
Suze (32:48):
And if you do that, everybody, then together we
will rise.
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