Ask Suze (and KT) Anything: January 28, 2021

Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

Suze Orman Media

Business, Investing

4.6 • 4K Ratings

🗓️ 28 January 2021

⏱️ 29 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On this edition of Ask Suze (and KT) Anything, Suze answers questions from Women & Money listeners Karen, Deborah, Jackie, John, Bryson, Lisa, Jen, Deb, and Desiree selected and read by KT.

This week’s questions:

We want to put our retirement account into our Revocable Trust. Is a ROTH IRA a good option?
I have a big mortgage and a sizable tax bill. How can I fix this mess?
How can I save for retirement, when my current job doesn’t offer a plan?
My parents live on Social Security. What is the best way for them to live off that and what they’ll make from the sale of their home, while they rent a smaller condo?
My mother is being financially abused. What can I do?
Should I get an annuity to generate income during retirement?
Should we pay off our mortgage or stay in the market?
What is the best fund to open for a grandchild?
How can I save money to afford the dental work I need?

This week’s Quizzie (submitted by Amy): Should I use my savings to pay off my credit cards, ro transfer the balance to a lower interest card?

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Transcript

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0:00.0	Hi everybody, Susie O'Hare. And I just want to say how proud both KT and I are that once again
0:07.6	a Lyon Credit Union is supporting the Women and Money Podcast. I want all of you to go to my
0:16.4	alliant.com. That's M-Y-A-L-L-I-A-N-T.com. And you will find their high interest rates on your
0:26.2	savings accounts. You're going to find that their CDs are offering great rates and we have a lot
0:32.2	of surprises for you this year. So be a member and be a member right now.
1:02.2	January 28th. What year KT? 2021. No more happy new year, right? Stop with the happy new year.
1:18.0	I hate that. But it's still January. Oh my god. Okay. Right. So anyway, this is Asusie and KT.
1:26.6	Anything. We weren't here last Thursday because why all of you wanted to hear the webinar that you
1:35.1	all missed. So we missed getting to do this for you. Are you happy to be back KT? Yeah, they missed
1:40.8	me a lot. Many people wrote in KT. Where are you? We heard that. She's lying. She's lying. 20,000 times
1:49.3	KT. Where are you? Come back. Come back. Sheba. Come back. I'm back. Here we go. Are we ready?
1:57.5	Hi, Susie. The whole first part of this question is praising how much she loves you and listen to
2:02.4	you. However, Deborah's 51. She has two adult kids and here's the question. Susie, I've lived in my
2:09.3	home for a year and I owe 554,000 on my mortgage. I have about 200,000 in equity. So although I have
2:19.9	some savings about 65,000, I still have 35,000 credit card debt and my IRS bill is over 60,000.
2:30.4	I took a 30,000 loan from my 401k. Oh dear. To pay the tax bill. But ended up using it to buy a
2:39.2	piece of property. I feel so stupid. I'm so ashamed of myself and I feel like a failure. I've wasted
2:46.8	so much money and I don't even know where to start to get things back in order. Susie, where does
2:53.3	she begin? So my dear Deborah, the first thing that you need to do to begin is stop feeling so horrible.
3:01.2	We all make mistakes but we all have the ability to start over again. You just have to be willing to
3:09.5	let go of the things that got you in trouble. So it's very simple. Sell your property that you bought.
3:18.7	You bought it for $30,000. Sell it and use that money to pay off your credit card debt. You say
	...

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