Suze: I want you to not think, oh, the summer months are coming and let's go on vacation and it's ok. Let's do this, let's do that. You are so sure there is no way you can create your ultimate retirement. They earn interest on both a fixed rate and a variable rate, changing Suze: Half now and half next year or leave it there? If you lower your expenses today, you will have fewer expenses to pay for in retirement. But everybody was feeling great. It's not about, do you like them? Among her tips, she suggests paying off your mortgage by the time you retire. But we need only one. Not giving up. If you stop spending, you're gonna hurt the economy, everything will go down. Suze: Now, if you look at supply right now, it is way down. Suze: There are many incredible financial advisors out there. I like that bank. Could we afford two? Don't invest for the wrong reasons. So youll still have to apply for a 15-year mortgage if you refinance. Suze: is safe and sound and you are absolutely invested under the FDIC limits depending how you have used them because obviously you can have more than $250,000 if in fact, you are using it correctly. If you are willing to entertain a downsize, consider moving sooner rather than later, if that is practical. Whats the best age to buy LTC insurance? She later shared in October that she was having trouble with her arm as she recovers. How come? It will make you happier. Ok, Suze: is that stimulus checks and easy money lending, Suze: and the very low interest rates of a few years ago enticed so many of you into buying a truck or car that you really could not afford. People like me dont need the RMD we have to take. You can ask your lender about a recast option, which allows you to apply additional money each year to the course of your monthly payments, said Ray Rodriguez, regional mortgage sales manager at TD Bank in New York City. Suze: is that if you simply say every single day that today wherever I go, I will create a more peaceful. Thats scary. Can they (and you) spend less on the need? Helming Suze Orman Worldwide Enterprises, the self-dubbed Americas Matriarch of Money, 71, is certainly well-prepared financially for a recession. But a life-changing experience two years ago has made her rethink her investment portfolio. In July 2020, she underwent surgery to remove a benign tumor from her spine. WebYes, it is fine to use California law to govern your trust when you reside in a different state. Whats your take on variable annuities? Otherwise we're gonna have a problem and I'll never forget asking the producer who was still talking to me about something else. "You have to understand the ramifications of when you don't have those documents," she said. They were like the number one bank and they weren't just a regional bank, even though they were in San Francisco, they were in New York. And a few days later it was out. And you hear me give this webinar where I say, I absolutely think it's possible. Suze: The people who were in charge of those banks mismanaged the funds. What's the big deal?". Suze: these energy companies are making a fortune, Suze: I'm just gonna skip very quickly to why has PXD, Pioneer Natural Resources, one of my favorite companies that's paying about a 12% dividend, which is why I had most of you buy it. And those are the things that I know for sure that I want you to know. Suze: but if you need to withdraw money every month or every six months to live on, you do not want if these markets go down to have to sell stock in order to withdraw money when the price of that stock may be down. She also had a prescription for an MRI of her lower body from the specialist dealing with her leg problems. Even worse is borrowing to buy a car, then trading that car in for another one in a few years rolling over your old loan balance into a new and bigger loan. Suze: And what I also know for sure is, oh, other banks are going to fail. Suze Orman recovering in the Bahamas with her wife, Kathy "KT" Travis. 1. Suze: if you are late on payments, you are far better off, write this down. The certified financial planner and television personality wondered if Because I do feel safe and sound there. I have a serious position in Amazon stock millions of dollars. In an October 2021 podcast, Orman said a lot of banks will recast your mortgage for free or for just a few hundred dollars. All of her problems, including her coughing and spasming, have gone away. Suze: But I want you to take this seriously. Dont forget you can visit MyAlerts to manage your alerts at any time. So small gold mines need money. And I think it will be years till interest rates come back. Not hoping. Suze: and most likely we will not be able to meet the demand come this summer when people start traveling with airplanes and things like that. "It's a very different world than I've had prior to this.". You absolutely better be having an 8 to 12 month emergency fund. I am always hearing some version of, Oh, I can't talk about money with my parents. Please take to heart my advice on living below your means and rightsizing your financial support of adult children. You can do all those things. But the reason that it went down so much is that their CEO, Scott Sheffield. Wouldnt it be good if she took your advice you know more about investing than she does? New episodes drop Thursdays and Sundays. Thats because making payments directly to the principal reduces the total amount of interest paid because interest is calculated as a percentage of the principal. When might be a good time to start talking about some of this?". In 1994 Orman released Youve Earned It, Dont Lose It, appearing on televisions home shopping network QVC to promote the book. Suze: the FDIC, the government and everybody decided that we were going to make them whole, even if they were over the FDIC insurance limit. The single most important qualification for an advisor is that they must be a fiduciary, you write. Suze: So as I told you on the webinar, which I'm still so blown away that essentially 100,000 people watched it and loved it and you're still requesting, we do it again. However, she has retained her positive outlook despite the hurdles she has dealt with since the surgery. These days, she is recuperating in the Bahamas, after spending a few weeks of post-surgery in Florida. Suze: You care more about the economy and people getting in debt and keeping things going so everything can seem ok versus making sure that they are ok. Suze: You have to make sure that they're ok and it's my job to make sure that every one of you is ok. Suze: Which means I really want you to start conserving your money. Suze: You also really need to have an 8 to 12 month emergency fund. I don't have a problem with that, but you better be out of credit card debt. "I knew something was wrong and I wanted to believe the doctors that didn't give me the correct advice because I wanted them to be right," she added. Then, in 2016, she decided to pack it in and retire. She settled down on a private island in the Bahamas with her partner Kathy KT Travis (they married in 2010) and took up fishing. But when the #MeToo and Times Up movements took off, Orman who was a waitress for nine years before she became a stockbroker in 1980 heard her calling. When that happens, what are you going to do with your money? And I said to KT, KT I want all the money out of that bank now. When the problems persisted, she was told to go for an MRI. Yet I am constantly amazed at how so many of you insist on starting at age 62. The experience piqued Ormans interest in finance, and she entered Merrill Lynchs stockbroker training program. I just like to catch them. Ok. Suze: So now we're at March 9th, right? No, we're not going to play it again because it's too far away from when we did it and things could be changing here. Suze: that you make sure that your money is someplace that you feel secure and that you feel safe and sound. How do you start working on it? So, that frees up $800, $1,000 a month, she said. Being able to envision better things ahead is what makes the so-called golden years truly golden. In the end, Orman is trying to stay positive. When I would visit my mother [since deceased] in an independent living facility, Id see older people being taken advantage of by their aides and women [exploited] by their younger boyfriends. Suze: oil is usually referred to as W T I. Suze: Somebody wrote on the Women and Money app. These days a generous policy for a couple might cost $5,000 a year. The prospect of living into your 90s should be motivation to keep some of your money working (invested) for a future older you. Suze: and most likely we will not be able to meet the demand come this summer when people start Yes, but if anything happens to me, shes going to have $50 million to manage her money and mine. Yes. Suze: You all need to keep stimulating this economy. "We are afraid of making mistakes. If you are determined to stay put in your current home, I first want you to take a clear-eyed look at whether the ongoing property-tax and maintenance costs will be something you can comfortably afford on your retirement income. Now, he did retire once in 2016 and came back. Is that all creditors wait. So when you hear me say W T I. Suze: I'm talking about West Texas Intermediate Crude and it's selling for X dollars per barrel now. March 10th when Silicon Valley Bank went under, when Signature Bank went under, when Silver Gate went under. Even though I know that the rate is at 4.3% the fixed rate is at 0.90 and everything, I haven't changed my mind about it. Also, I fill our boat up only halfway with gas because I get more miles per gallon when its lighter. Please refer to the appropriate style manual or other sources if you have any questions. Fear, shame and anger are the three things that keep you from having more. When it comes to oil. How much time do you spend every day fishing? I recently counseled a woman who didn't need the income but started at age 62 just because. Luckily, she had been receiving benefits for less than a year, so she was able to repay what she had collected and will now wait to get that much-higher age-70 benefit. You write about how to calmly ride out a bear market. How do retirees do that? But then we turn around and sell it for, like, $1,600 an ounce or whatever the [value is at the time]. Suze: I know for sure that you will be unstoppable. 00:35:17. I just gave you a few things that I wanted you to know that I know and I'm gonna tell you a little bit more how that all plays out. Suze: I'm gonna overrule you on this and I'm putting in instructions that every single penny that we have in there needs to come out. So if you dont need it to live on, chances are you can reinvest it so that it will grow. Suze: on March 13th, it was at $31 a share and Friday, it was at $2 a share. I let them do what they want. I want you to be diversified. Suze: And I said this before, but it's really important to just keep going for the highest little interest rate here or there and switching your money all the time. Does that surprise all of you probably does. Suze: is that just because they did that with those three banks does not mean on any level that they are going to do it with other banks that fail. At times using a crystal on her desk for guidance, Orman sought out ordinary people, such as small-business owners and truck drivers, rather than wealthy individuals, and, before making any investments, she established a relationship with her clients in an effort to figure out what made them click. Her methods proved highly profitable, and by 1980 she was named account executive. Suze: and your plan absolutely should be as follows. We lend money to small gold mines at $30 million a crack. again. We get as much pleasure out of saving as we do spending. What is in your control is making the most of what you have today and taking the steps to create the future that you want and deserve. Her doctor told her that 80% of her spinal cord had been cut off by a non-cancerous tumor between C1 and C3, which is located in the neck.
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