In a live appearance for the relaunch of her New York Times number one best-selling book "Women & Money," financial expert Suze Orman inspires a sold-out audience at Harlem's historic Apollo Theater. Suze believes the time has never been more right for women to take control of their finances. In this two-part special, Suze will offer practical advice on how to financially protect yourself, spend your money more wisely and build a secure future. She stresses that money itself is not the end goal; it's the means to living a full and more meaningful life. Suze also opens up about her personal journey of growing up on Chicago's South Side, being a waitress until she was 30 and eventually becoming one of the country's most successful financial advisers. Get ready to take notes, because your path to financial freedom starts now!
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
The information in this programme, is for your general knowledge and is not a substitute for financial or legal advice. I'm Winfrey welcome to supersede conversations the podcast. I believe that one of the most valuable gives you can give yourself is time taking time to be more fully present. Your journey to become more inspired and connected to the deeper world around us starts right now so I have at the pinnacle of my career. And I mean that everybody, you know, you have dreams, you have dreams, maybe you'll win an enemy
maybe I'll, have a number one New York Times best seller, maybe I'll do this a mad. All that I've done, but I've had one really really big tree is just stand. Can they APOLLO stage and taught you now complaining about? All of you is fifteen minutes late from the start time standing over there for fifteen minutes, and all of you are some of you were out their drinking and you didn't want to stop the drink came before you came in here, and you know what I was told. I was Tom you're scared, the topical
about money, you had to be drunk to sit in an odd Armand. Listen! I love talking to women in entire audience of women and the men's Martin. To come as well? I think about it. As a man to come to our show called women, and let me say I gotta give on credit, but. I'm not talking to women more about money than anything else, and here is the reason why the future is Email- and this is the year-
This is the year that all of you need to have a financial voice I understand very well, what's been happening with me too, in the times of movement, and I just want to talk about that for just a second here. I want us all to think about why, as women why I would we and every one of us has experienced this. Why would we put ourselves in a situation that wasn't respectful to ourselves. Why would we say? Yes,
k, one worth thinking. Now I don't want to do this. I don't like you, your ugly, whatever Dave, but when you think about what never mind, I will go there, but when you think about it, why would we do there? Who said that girl friend got it right? Dj, hair why'd? She said she needed the money. We need the money, you need the job, you need the promotion, you need the part you need. What ever as you need money, and what do you need money for Ladys to take care of your families? And you know- and I know that a woman will do anything- to take care of her face Believe anything, so it's not enough just for this movement to say no
I'm not going to do it and for all of us to support one another in it. It's not enough. What is enough is when you have power over the money that you have What's enough is when you don't have to say yes, because you don't care? If you don't get that job, you don't care. If you don't get that part, You don't care, because why you have enough money to be able to be secure, so What is the goal of money ladys? How many of you in this room feel secure right here and right now Few of you, but not all of you, it needs to be every single one of you in this room because, you're, not secure, and why are you here in secure?
And when you're in secure, that means you are afraid. And when you are afraid, you have rendered yourself powerless when you are powerless than none one law of my knee, kicks in, to place open up, you're, no books and start to take notes. Because this isn't a night, everybody just to entertain you, this is an amateur night at the APOLLO. This is, in my opinion, the most Barton Night, the most important hour and a half that you have ever spent in your lives, because this night is about you, it's about empowering you, it's
telling me what to do with your money. It's about telling you what not to do with your money. It's about telling you that it's okay, when your relatives say to you, give me some of your money cuz. I don't have any money that do say no, You say no out of love for yourselves verses, yes out of fear of what everybody else will think about. You and they have you- relate to that in this audience. Do any of you have the courage when your brother or your sister, very different by the way when it's your parents? I have this belief that when it
your parents, you have to do anything you can to help them. They gave you birth there here, mom there, your dad, ok,. There are exceptions to every rule, obviously but overall herons! Yes, but here you are you make money you put some away for years. Health and of a son. Your sister comes to you who has it worked and I don't know how long charity bowed five thousand dollars from you a few years ago and never paid you back. And she comes to you and she says I really need two thousand dollars. Please and you're thinking. I'm lucky that two thousand dollars and you're feeling are you kidding me. You don't work. I worked so hard. What are you talking about And yet what do you do you go and you either
write her check of even right checks, anymore or somehow you give her two thousand dollars. Why is that women? Why do you do that, because women? do not do what they think they do. Not say what they are feeling make sure that everybody out is ok before they are you we'll, take care of your mother, your father, your brother, your sister, your uncle's, your answer, your neighbors, your employers, your employees, before you will take care of yourselves. The night that is going to change tonight, my dream for all of you is that you start to give to yourselves as much as you give of yours,
doubts. So do you have a goal here tonight? What is your goal to be? What secure to be, what strong to be, what smart, those are? The three es is coming from the one s on the stage that I would like all of you to do so. This is your evening, but you know I never plan to talk, so I really have no idea where to go from here, but that's when I always ask you a question: why did you come? Why did you come here tonight? I want to hear it. From you, why did you come shouted out whereby my way, Garber, very by providing God damn thing that you are saying
raise your hands raised here and why did you come? Why did you come Why did you come? She came because in the mistakes she's made in the past I, why did you come to learn more about retirement? A few more you, oh, she does not want her daughters to make the same mistakes as she did stand up. Daughters. Aye, aye daughters, can you tell me the mistakes that your mother has made Don't worry, only a few million people are, We don't. Your Mama's name, the ivy adapt down. Maybe they won't recognize you
The cameras are zoomed right and I'm your girl friend, it's you the whole world now I want to hear from you the mistakes that you think your mother has made. I don't really know the ice martial law she sent me. The Catholic I spoke for one year and then I transfer doubts that probably was a waste of money. I think you're spending money that you don't have so you feel that your mama spends money that she doesn't have not anymore, not anymore. She stopped that. But when you, a little. You used to see that she did that speak up. A voice woman, you ve gotta, be a hard life. You can A wimp- yes, yes, I I was just curious. Ok, you can sit down now now. Why did I do
you can give them applause. So why did I just do that? I didn't know what else to do now, because it's very important that all of you understand if the future is female. What you do is what your children see they don't care You say they do not listen to what you say they do what you do. And if it is our responsibility, which I believe that it is to raise strong, smart and secure children, especially little Girls than they need a role model and they don't have all models at school. You can't ask a teacher who we undervalue
and we pay absolutely. No money too the most important job in the world, teaching your children to be able to teach your choice, Prosperity and being powerful, wench or he'd themselves are totally coming from. Poverty. They don't have enough money to even by all the materials for the classroom and they themselves are powerless. In most cases it is in possible. So then, who is going to teach your children to be like you want them to be this way,
does not want her children to be like she was. I find that very sad. I find that sad because you need to be the role model for those kids, it's you that needs to say. I want my kids to do exactly what I do. I want my kids to be eggs, exactly like, I am, I want all of you in this room to feel the power over their money that I feel has its not just about having a lot of money having a lot. Money doesn't mean that you're not going to get yourself in a situation where you're going
they say no, but yet you say yes, it's having power over the money. You have there's a lot of wealthy women out there who had been violated a lot of wealthy women and why did that happened to them? In my opinion, is not just about having money it's about having power over year money so earlier tonight the makeup artist arise still pretty good. If you ask me, And I immediately start talking to her about her money and she's like no, I know about my money. I know where it is. Don't good with my money, I have no credit card debt, I'm an eight month, emergency fund.
I have a retirement account. What are you invested in? I dont know some mutual fun well. Well, how do you know how the back and invested? Oh, I gave it to a financial adviser and. This woman is just doing it for me, that is not power. Ladys yeah you may be investing your money, need to know what your investing your money and you need to know what type of life insurance policies who have you need to know how long do we have left on your mortgage? What interest rate is your student loans? You need to know about your car loans. You need every single thing about your money, but you don't want it involved in that you all my care about your house hold expenses. Have you know that
you're fine pay the bills, and you know why that is because your house hold your children. Your house holds everybody that you love. You don't care that you work twenty forty, eighty, a hundred hours a week that buddy you don't care about. You know care about they'll buck in penny. Do that was funny and you didn't MA. I thought that was pretty funny. You don't care about your financial children. Do you and you need to so I started to tell you about the number
one law of money and the number one law of money is power, tracks, money and powerlessness. Ree tells it write it down. Why is that true?. You heard me- say that money. I will teach you more about yourself than anything else, my it is simply a physical manifestation of who you are said to me closely now you're the ones who go out and you earn a paycheck. You're, the ones who get a paycheck and you just side, are you going to save it? you going to spend it. Are you going to invest it? Man
I cannot do anything with out you nothing, it dropped a twenty dollar bill right here. It couldn't say: Susie pick me up, you know when you're walking in the streets- and you see it dollar bill, zero dollars and twenty five cents or whatever it is somebody lost that money. They don't even know. My name is just lying there. It can't do anything, so people can control money. You got that so far. If control money. Have you ever noticed in life that when
do our powerful everybody is attracted to you. Everybody wants to either hire you or be with you or go out with you or do whatever, because people are attracted to power. People want to be around people that make them feel powerful when they feel so powerless, so they plug in tat power. If people control money and power attracts people, do you understand how therefore power tracks money do understand that connection. But now, let's look at the other side of it. A your powerless something's happened, you're in a relationship you just broke off you just gay, the twenty pounds that you lost
Ever it may be, when you are powerless, have you ever noticed that nobody wants to be around you? They just Your call him the first time your best friend and you'll tell them what went on. Now, listen to you call him again and we'll pick up on them. Pick up and I want to be around powerlessness, so if powerlessness, repels people and people control money. Do you understand that when you are powerless, you repel p? ball and you re pow money. So what makes you the most powerless in life deck nothing makes you feel less than then. When you have debt.
As when you have decked, you have bondage and you will never have financial freedom if you're in bondage, you will never feel strong, you will never feel smart and you will never feel secure. So here's the question that I have to ask for all. You right now? I want you to stand up and stay standing. If you have credit card day come on a Paolo stay standing face standing, I want you to stand, car dead car long dead mortgage debt for one k dead, Stan Stone it now Jack.
One hundred percent almost great. Now I want you to turn up next to you, and I want you to tell him how much debt you have don't go anywhere more to come after this short break. Today's episode is supported by hallmark cards. We say I love you too, the people we care about all the time so much so that sometimes it can start to feel a little bit like a habit if you're, king for a way to make those three little words mean a little more this Valentine's day. Try sing them with a hallmark card, because when you share your love in a hallmark, hard you're taking that everyday reminder and turning it into the kind of love they can hold on to,
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Back tonight. I want you to sit down now. How did that fail horrible? the horrible, but one now what's so great about it, All of you, just maybe for the first time in your lives, youth stood in year. Truth, you stirred And you're truth, because we don't make a habit of telling people what we don't have. They make a habit of showing people who They are by the clothes we were by the cars. We drive,
the jewellery that you have on and yes, there are still my only pair of areas. I'll tell you funny story, and I am sure you know I want to tell you the story. It was the last show. That I was doing with opera and I thought, after twenty nine shows that if I wore a different pair of airlines that she or anybody would notice. And nobody day was, did such a bummer because anyway, but so you stood in year. Truth. Now in the same way. That is that we all have a voice and we all stick up for one another. We stick up for
and another one another woman has either been violated or another woman. Something has happened to her or whatever, and she doesn't have her own voice to be able to say something herself, it's up to us to speak for her and to help her To be her companion that way and her hair, oh, but in the same way, when you have debt, you have to have a financial voice where you are proud to say, I have five thousand dollars a credit card death. I have ten thousand dollars a credit card debt because the debt that you have does not define who you.
And so you can't be ashamed of it, and why, because fear, shame and anger are the three internal obstacles to wealth. Why don't you have wealth in your life? The question becomes right back to all of you. What are you doing to become an obstacle in your? own path to financial freedom, and then you will say to me: that's easy for you to say, Susie. You stand on. That stage is seriously wealthy woman and I so So am, but it wasn't always that way. So, if you don't know my story, I am compelled to tell you, because yes,
day, when I was at the APOLLO, we were checking all the lights in everything every per That was in here? I said: do you know my story? They gonna. Do you know I story they go now. I got how can no, my story, my story the alleged fabulous and what's a fabulous about it, is this. I was born on the south side, shut cod. Go there go? Very? Are the real south side, the hood eighty first in all those They right there were the shootings happen there. We go right ahead and literally my parents did not have money, my mother was a sign. Her Terry and sold a bomb. Thank God for a ban.
But really sold a ban on the side to pay the bills. My father had a very interesting story where he himself taught me a very interesting lessened. I was a teenager and I drive up to his little chicken shack. It was four hundred square feet, and I'm with my mom and I drive up and his building is totally on by Europe and thank God he standing outside and she's. Ok and my mom says: oh my god he's ok, thank God Susie Data and then my father runs back into his
Little Chicken Shack, because he remembers that every penny that he has to his name is in the cash register. In this little chicken shack and back then the cash registers were metal and comes my father carrying this scalding metal box. He throws it down and with that cases And third degree burns on his arms and his chest vats. When I learned or I thought I have learned that money was more important than life itself, because I saw my father almost kill himself for that
hush register as time went on. I was never a good student. I had a speech impediment icon. That's my ours as his or tease so words such as beautiful came out as bluebottle. Because I could not speak. I could not read, ladies and gentlemen, and cause. I could not read in my school, which was hoarse man, they statue, according to your reading score and I had the lowest reading score in the class, so I sat in the last row laugh seat, why? My friends all were in the first row, first seats: I knew I was stupid. I knew I was dumb I knew I would never amount to anything.
Here I got through the University of Illinois. Never getting more than a great of a sea had of work my way through Paypal. Parents did not have the money, they had a lot of financial difficulties and then get in to afford a kind of line van that my brother gave me the money to buy- and I end up living on the streets for three months in Berkeley, cow of foreign ya until I landed my dream job as a waitress at the butter CUP bakery, and that was nineteen. Seventy three And I was a waitress from nineteen seventy three till night Eighty, when I was there twenty nine years of age. I now All of you, I'm sure, are gonna, be trying to figure out.
How does that make me? I am sixty seven as I stand now, I don't have to say something something radically wrong about when people applaud for you, because you're sixty seven years now I had this experience, today, where you know them look when you only have on your socks in your underpants and your can in the mirror- and I looked in the mirror- and I went by. It's always quite astonishing to me when that happens, but so here I am almost thirty years of age and I know myself. I know I can be more than just a waitress. I can open my own restaurant
I call my mom and dad ass for twenty thousand dollars. They say Susie. We don't have twenty thousand dollars to give you to make a long story short all the customers that I have been waiting on for those seven years at the Buttercup bakery where I was making four hundred dollars a month. People for seven years gave me fifty thousand dollars. Open up my own restaurant. They gave it to me with a note. It was five hundred dollars from one hundred two hundred firm another two thousand. None of these people have much money and they gave me with a note that said this is for people like you to have your dreams come true to be paid back with no interest in ten years. If you can, I said all right,
What do I do with this money? They told me to take it down to mere online. Should brokerage firm and put it in a money market account? know what a marrow lunch was, and I didn't know what a money market account was. I went down, however, and I followed their instructions and I was greeted by the broker of the day who gets all the new walk in his name was Randy? and I told Randy what this money was for. I'm gonna open up my own restaurant and Randy, says to me How would you like to make a quick hundred dollars a month or a week or anything like that? Susie I said Randy, what do you think I can make a month and he said probably five hundred two thousand a month- and I said you can make me- much money, that's more than I make working and he said sign here:
on the bottom line. He was a financial adviser working for a reputable broker, a term which it is still by the way to this day it's the brokers that are always reputable and again to make a long story short. He qualified me. He then the paperwork made it look like. I was a very wealthy woman and within three months, has a qualified me to play the options market. All fifty thousand dollars was. Lost now. Ladies you just side because that happened to me. I stand on this stage in front of you today You must always remember in life, a single now leads you closer to a yes. Every time you think you have sustained a lot. It is going to lead you to a game,
There is no way that anything doesn't always happen for the best, I believe from the bottom, my soul, that God only knows how to give. He does not know how to take. So I thought I know I can be a broker. They just make you so I got dressed in my red and white Stripes Sassou pants, tucked into my white cowboy boots, with blue silk shirt on and I went to interview for a job at marrow lunch. Can you imagine, I thought I looked hard now before I go on with this story.
There's somebody in the audience that experience this that I'm lookin yes woody. I see you, what are you stand up for just one second, Woody washed dishes with me At the Buttercup bakery, I just got to ask you this: do you remember that outfit Syria, I was decisive back then it was what I wanted The american flag and before I knew I was in the managers office and he's looking at me and he says the following suit: women, Vermont, barefoot and pregnant. Ah, yes, right, his name is Peterson
Therefore, I am very aware that we're taking this for television as one of my favorite things to do a knife is tell this story, and- and he said and just looked at me- and I like that, and also realising. Oh, my god. There are no women working here in the open after some narrow ledge, I'm going to be the first woman that they hired, they need to fill their affirmative action quota and I said How much are you going to pay being to make me pregnant and he said to me: two hundred dollars a month, he said, but I am going to fire you in six months.
Didn't take me long to realise that fifteen hundred times six was nine thousand dollars and that's what it would take me two years to make the Buttercup bakery and I actually wanted to go back to the Buttercup bakery, because we had a good time Meriden. We we loved the Buttercup bakery and so I said fine. Now, I'm workin for marrow lunch and again to make Long story short the operations manager. Who made sure that all the brokers stayed honest came up to me and told me that I need to see him because essentially what Randy the broker did was illegal has stockbrokers knee to make sure that they invest your money according to your risk. So I got the attorney that he told me to get
and I soon Merrill Lynch. While I was working for them y know. I felt funny about that, because I soon it can fire me. That again, by the time the soon came to core? I was their number six producing broker Pater went on to an actually. Higher job, I could tell you stories about Peter all day. People are higher job and the new manager came in and said. This is crazy, give Susie back the fifty thousand dollars, plus eighteen percent, interest, which is what interest rates were back in nineteen eighty one and eighty two and I was able to pay back all the people they gave me.
I tell you that to impress you, although you so should be, I told you that to inspire you. Because there is not one of you in this room that as an excuse, big enough to keep you from being more so that you can have more to understand that because so many times you tell me, I can't do that. I dont have good grades. I can't do that. I come from poverty. I can't do it that I don't have the same opportunity. Oh yes, you do. Yes, you do. If you go with it, you will see why you are doing without you will See that so you have.
Just stand in year, truth, out of you said to me when we were asking. Why did you come, and you said debt rate air meant. I don't wanna make mistakes anymore, and you heard me say that debt is bondage. Saw all of you stand. We should like it one day if you were out of debt, if you felt that power. So without going into debt? Much more than that? Here's! What I want to say to you: if you have credit card debt, you are paying for your prayers and day desire yours, but your costs are going to be. Your future day needs people. When you get older your gun aid money to take care of yourself you're going. Need money to buy medicine. You're gonna need,
It made me, you don't need the things that you are spending more money. On now so how do you get out of credit card dead? It's by these three rules. Number one You are to live the law, oh here means but with in your needs, are now forget when I first moved to New York and it was after a Guy had written call nine steps to financial freedom hit the big time. And I had my knee and I couldn't
forwarded to buy a million dollar apart manner to three million dollar apartment on park and data, but I didn't need. Instead, I bought a seven hundred or eight hundred square foot apartment on fifty seventh street that was like, even though its was expensive for everywhere else. For New York it was not. It was two hundred forty thousand dollars at the time and that's what I bought and it was right on fifty seventh street next to Mister Childs and I love that apartment. I could afford more, but I didn't need it. So I was living below my means, but within my knees, so here's the question. You all have to ask yourself when do you buy You need first, is what you can afford.
When you can afford more than what you need, I could afford a more expensive apartment, but I did not need it gap if you live your life with. At one rule your life will start to change. How do you start to live that rule? from this day forward. I would like you to make a vow to yourself that for the next six months I would like you to only by needs not wants. What's the need need is food at a grocery store. What is they want? Want is food
restaurant so bad your ride. What the hell are you gonna do on weekends way, better do for a launch. Oh my god! I if you can try it for six months, since I knew you were going to have that reaction. Can you try for twenty one days because doktor says if you do something for twenty one days, you will break your habits. Just. Can you try it, and the third thing is: can you get as much pleasure is saving as you do spending? Can you just try there? Can you see what it feels like to put a hundred dollars a month away or two hundred and everything like that, and let me tell you why that is so important:
Time is the most important ingredient in any financial freedom recipe. You are twenty five years of age. We have any twenty. Five year old there, my little daughters, I had a feeling, a few you're twenty five years of age, and you put a hundred dollars a month right here and right now in two, a Roth Irae, and if you don't know what one is Alex I met in a little bit to you and you invest. That hundred dollars every month into a standard and poorest five hundred index fun, which all also explore
To you- and you do that every single month, until you are sixty five years of age and over those forty years, the money- sometimes the years you make thirty percent- sometimes you lose twenty percent, but over all those years you average in annual percentage of twelve percent. Now that is a little high, it could be ten or eleven, but gonna use twelve to make an example here, because it is possible. Do you know that by the time you were sixty five, you would have one million dollars at one hundred dollars a month. You could be a millionaire Javert think you could be a millionaire, but here young and you think what difference does a hundred dollars
a month make its one thousand two hundred dollars a year in ten years. That is twelve thousand dollars. What difference does twelve thousand dollars make? If you start at thirty five, rather than twenty five at sixty five, you would have what three hundred thousand dollars those ten years costume. Seven hundred thousand dollars girl friend, I am talking to you has you're goin. I can see it that much seven hundred thousand dollars seven hundred thousand dollars, and that's it one hundred dollars a month. What if it were two hundred dollars a month or three hundred dollars a month? That's called com pounding where you put money in your money, makes money money that your money makes makes
the money that your money makes, that your money makes that your money makes makes money and before you know it, you are multi million years. Oh, maybe we could change your habits here that you could get more pleasure artist, save II, knowing that every time who put that hundred dollars in every time you do something You're on the path to becoming a millionaire, do you think you could try that summit? over here wanted to know about retirement, and I recently just said two seconds ago: the best place to put that money would be a Roth. I are a let's talk about retirement plans for a second
Here a lot of you say to me: Susie, I cannot save for my retirement. I can barely barely pay my bills now. So here's the question to all of you if you can barely pay your bills to day while you have a paycheck come in. Can you tell me how you are going to pay those exact same bills when you no longer have a paycheck coming in? How are you going to do that you're not going to be able to, and if you think that you're going to be able to count on the government to save you, are you kidding me, you think they care about you
really. They can't care about you, because, in my opinion, they have so much debt that they are creating. Twenty one trillion to just keep this country run mean they don't have the money to keep your lives running for you, so you're gonna have to do it yourselves, and how do you do that? You start? right here and right now, so out of all the retirement accounts that are out there, that you can have? What should you be doing? If you work for a corporal
should that offers you are for one k plan that matches your contribution. I don't care if you don't have a top ten p in you have got to contribute to your fora. One k plan up to the point of that match what kind of Fora one k plan should you all be invested in? It should be a Roth four or one K. If your company offers it if your company does not offer it, you should walk yourselves into your hr department our who ever deals with that for your company and you should demand that they carry a rock for one k, a Roth for our three b or rock ts pay a fee
the military or a teacher. You should demand that you have a Roth, why a Roth account is an account that its into retirement account where you invest with money that you have already paid taxes on, because You have already pay taxes on that money. While the money is in that count, it will grow, it will earn for you and later on in life. When you go to take it out, you will take it out. One hundred percent tax free, you die and it goes to your children vague it to take it out. One hundred percent tax free all of you, oh, I need to invest in retirement account today and get a tax write off for that money, because I don't want to pay as much in taxes
so I'm gonna do a traditional form, one k or- Traditional IRA, big, big mistake, and the reason that this is a mistake is there is another lot of money and it is called, invest in the known verses the on known. What do you know right now? You know what tax bracket you are in and truthfully all of us are in the lowest tax brackets of history. At this point in time, do you know that not that many years ago, tax brackets where ninety percent than seventy percent, in than fifty, Percent in that, when I first started, tax records were fifty percent. So when your pain, what you are paying right now, relatively speaking, even though
a seem high, it is low. What is unknown unknown is what tax brackets are. Gonna, be five, ten fifteen twenty thirty forty years from now, when you need to withdraw this money once you rather just pay the taxes right now now, out of the way, and now you have all of this money in an account. So what you see is what you get if you get older and new, see that there's five hundred thousand or a million dollars in a retirement account if you needed to take out, billion dollars in Iraq, for our one k, you could take a million dollars out no taxes, you Take a million dollars out from a tree,
for one k: you're gonna lose at least fifty percent of that to taxes. So what you see in a traditional for one k is not what you get to all of you understand that next. This is your opportunity. To stand with me in your truths and ask questions. So if you have questions about anything that I am talking about, You need to raise your hands and you need to ask it a woman's not have to keep quiet, to ask a question or to say anything that she wants to say when she wants to say something she needs to stand up and say it. Do you hear me? Oh, we have questions. I need MIKE. Let's get them to these
why? Yes, man stand up and say your name, I Susie, my name is just got to you, some from Washington, D C and I'd love to know your thoughts on life insurance retirement plan lurks. I tell first what I want you to do. I want questions right now on retirement accounts, if that's all right because and then I'll get to life insurance. I promise you who has questions on what I just said about retirement accounts. Stand up? Yes, hi Susie Billina here? Is there a salary limit to qualify for raw fiery? So you have a right, so good question, because there as you have, but I'm gonna tell you how to get around it legally. When you have a Roth for one k, obviously that's with your employer, but Besides a Roth for one k or of fora. One case you can also have
and I are re or Roth irate? You can have both just so. You know if you have an employer that matches your contributions Personally, I would be contributing to my watch for one came up to the point of the match with my employer and if I was struggling for money, I still wanted to invest a little more. I would not invest more in the Roth for one k with my employer. I would open up a Roth. I re why, out of all the retirement accounts that are up their bar none, I am in love with a Irish. I wouldn't Mary it if I could seriously here is there
he's in why, within a Roth irae- and it is the only account that this is true for when it comes to a retirement couch when you put money in and me money that you put in your regional contributions you can take out at any time without taxes or penalties, regardless of your age or how long that money has been in their got, that you are thirty eight years of age, and you put five thousand dollars this year into a Roth Irae. Five thousand next year, five thousand a year after you have fifty. Thousand dollars in there and its grown to sixteen thousand. Now your car breaks down, you need a new air conditioner, something happens. You can take
any amount of money that you want up to, that fifteen thousand dollars that you originally put in without taxes or penalties Ladys, it's the thousand dollars that it earned. That has to stay in their till you're, at least fifty nine and a half, and the account has to be open for it. Five years to take that out got that? Do you understand why? I love that, because all of you, why to put money into a retirement account because you're afraid you're gonna need money and you're afraid that if you need money, you're not going to be able to get that money without penalty, so you don't do it at all now you can put it in Your retirement accounts and get your original contributions any time you want. That is a big deal, but because it such a big deal, there are qualifications on income because not everybody qualifies for it.
So who qualifies if you are an individual and not married, you can put in Europe, full contribution of your five thousand year. Fifty five hundred just The Japan is the years change here. If you make under a hundred, and two thousand dollars a year of adjusted grows in come. Once you make a hundred and thirty five thousand dollars a year of adjusted gross become you no longer legally qualify for a wrong if you are mere, finally jointly it's a hundred and eighty, nine thousand, four hundred and ninety nine thousand and F. Hundred ninety nine thousand, you no longer qualify how ever, if you want to get Into a wroth and you, more than that, all you have to do is to put money into a now.
Did deductible Irae and converted to a Ross. Our non deductible irae is I agree that you do not take the deduction for it when you put it in and then you can convert any amount of money into a Roth. Has our now income limitations to do that. Make sure you check with your sepia before you. Do that as if you have other retirement accounts it may affect. If you can do that or not if your self employed, you can put money into a step. I array a lot of money and convert that into a Roth. That is another way any more questions on whatever I who has, a few more to clarify you mention a hundred dollars a month into a rough Irian than a hundred dollars a month into a standard and poor index fun when it comes to
retirement, would the Roth be more beneficial in the long run, fabulous question, because these are the type of questions you need to be able to Ask Roth Irae is a retirement house that hold your money with in that house you by investments, so you put the hundred dollars into the house and once it's in the house now, you're gonna buy some further for that house and the furniture that you're gonna buy for that house is a standard and pours five hundred index fun. You can either by in exchange traded fund with the initials s p. Why, which is a spider or regular mutual funds? to stand and imports five hundred fun. Now a lotta you are looking at me in your God. I don't know anything of this terminology, I don't get it, I'm just going to say to you now
when you all leave tonight, you will be getting another back and in that bag you will have a copy of my new book called women and money and its in that book that you will find a financial empowerment plan that will tell you do this. Do this do this, I will take your hand all the way through buying a car buying how's doing well doing. I trust everything that you need to do in that chapter called financial empowerment plan, and there I also explained to you What an index fund is an exchange traded fund is, I tell you all of that now, if that's not enough for
you just be out before I go on here. I have a course and the course is a fact. Phyllis Course it is mine, it has several different sections to it and it does sell for fifty four dollars but you're not going to spend fifty four dollars, because if you go to Susie you dot com I and new enter. Get code, women. You will be able to take back course for free and it in that horse- that you see videos in theirs tests and there's all kinds of things that you can interact with right there to teach you about money, because I have to tell you I want to be your teacher. I want to be the one
all of you come to get your financial information, because I don't have anything to sell you, but I sure have a whole lot to give you I have over thirty five. There is now of financial information working with people's money. Knowing your emotions, understanding you, I doubt very highly that there is another financed person in this entire world that is talk to more people than I have.
Over the past fourteen years, so my job isn't to get you to buy something. My job is to educate you it's to educate you so that you can have financial freedom. You can have power and I can stop getting emails that break my heart, because there comes a time in life Ladys when it is too late. I used to stand on the stage and I would say never too soon to begin it's never too late to start that is true. There comes a time when it is too late. So you should share that code with as many people as you want. You should put it on the internet. You should put it every social media place that you
You should spread it. Why that I'm here today can also participate, and, after you have read your book- and I know you're gonna- love- that book share it with another woman, lift up another woman help edge. Eight another woman and make a better place our conference issued will continue in the next episode. You can listen. By downloading part too. I'm overwintering and you ve been listening to supersede conversations the pod cast. You can follow superficial on Instagram, Twitter and Facebook if you haven't yet go to apple, podcast, unsubscribe rate and reviews. This pledge gas join me next week for another supersede conversation. Thank you for listening.
Transcript generated on 2020-02-01.