« Oprah’s SuperSoul Conversations

Suze Orman at the Apollo: Women and Money, Part 2

2018-10-08 | 🔗

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 offers 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. In Part 2, Suze introduces the woman whom she credits with giving her a start and ultimately changing millions of women's lives. Get ready to take notes, because it's time to continue down the path to financial freedom!

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. Imo brewing. 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. Welcome to part two of our conversation, Yes, I have a question my employer offers both they offer the traditional for one case as well as the raw one case and I also participate in the raw
now, just participating in the traditional form one k and I'm scared. You then the couple used to max out at which time I was going to take that additional six percent and contribute to the Roth. Now I have two years to wait. Did you do it right away. My concern is, to my take home pay. That's my concern. If I make the switch to early I'm concerned that I'm going to take I'm going to put myself in a financial by as to my take home. So let me tell you why you want. I learned a long time ago that what for you bake in you bring home, you spend. I don't want you to make less, but the less you bring home the less? You spend. So I will make a bet with you
hundred dollars right here on this stage that, but really I promise you that if you start switch? to the Roth and you bring home less money, you will spend less money and you will find it works. The good news is if it doesn't go back and switch. That would be great if that helps So the more money you make them more money, you spend the s money you think you make the less money span, will you give it a try for me? Yes ma. Am you body. Have you noticed? That's true, like Woody we were making four hundred dollars a month. Five thousand a year. Used to say- or at least I used to say, if I only could make ten thousand
the here I'd be sit in pretty? Oh, my guy finally made thirty thousand a year. It would be great or finally made. Eighty thousand a hundred, fifty thousand Two hundred fifty thousand half a billion now a billion it never was enough- and it was never enough because it I was making more money? I wanted everybody to see how much more money I was making. I wanted to impress people that much more and tail. I got smack big time in the face. That's a whole their story, but do you understand your money will never define you, you define year money. It's oh fascinating that sometimes when I wear clothes or whatever could be a ten dollar jacket are just last,
Wake I was on this. It was on the galloping king show on CBS the other morning, and I have this jacket on spread jacket. I felt I plan to show that I always wear Rachel Mount Metal copies If you look back on any single shall I ever did if our over Fourteen years, you will see the same little black t, shirt ere. She has the same thing. Maybe a log Jack, but that's different life, but I love Rachel. I have to tell you I just wonder woman, but here's the thing I what was I Where was I going with that jacket
red jacket right so the segments over? And then they say, I love that jacket and expensive right. I know it was five dollars at the aid, which is at the eighty percent store that I happened to be visiting the week before five dollars and they just looked at me and they said it's not good to lie I not lie, but because I was wearing it. I was wearing it. It was what So I got a little email saying really. Is that what anyway so put all understand what I'm saying you make your clothes, you make the impression and the clothes can never make you look that power. If you're wearing something and you close our least to the department store you purchase them farm.
Are you kidding me. You're really think you're going to exude power, and I hope none of you went out and bought an outfit to wear. Tonight, I thought you were gonna, be on television. Anybody else how about quest. About retirement, I'm gonna move on whoever that might goes to. Yes, my name is Mary Sherwin. I just want to follow up on the difference between the two following hey plans? Yes, if your contributing already to a forlorn k plan, I traditional want. Yes, the traditional one, What can you do about all of the money that you ve already put into the traditional ones, so you can depending on your tax bracket, you and very slowly start to transfer it from the traditional to the rock, how ever vat with Japan? on how many years you still have left before you
want to retire if you're, twenty or thirty years of age and you still have another thirty or forty years. That makes sense to do it. If you are old and you are going to retire in the next two three four years. That would not make any sense so then you would leave them. I know that you have in the traditional for one k alone and your do. Contributions would go into the Roth for one Kay for whatever is matched by your employer. Would you have you have white when your employer matches your contribution? You put money into your Roth for one k, their contribution will go into your traditional for one can that's it. I let's move on. My son who have requested. I love that you did that when I was ready to move on fer you girl, friend of mine, I don't know many people can relate, but I used to be an artist and I got tired of being oaks and I work in corporate Amerika. So what if you have,
I retirement fund I've max it out every time a the hundred percent match, but I dont plans retire I plan to. Eventually I don't know some airing, but hopefully soon leave my job cash out and start my own business, which you advise against cashing out early or what would you have as a plan for something like that? I didn't just hear that right did I I plan to cash out your retirement plan. For one Kay How old are you I just can't thirty years turned thirty.
that's why I'm here tonight? Ok, listen to me closely! How much do you have in your former one k, bow sixty five thousand right. You have sixty five thousand just out of curiosity when you withdraw the sixty five thousand. How much of that sixty five thousand you think you're gonna have left thirty. If you're lucky, because the first thing you're gonna have to do- is pay a ten percent federal tax that sixty five hundred dollars now you're gonna have to pay a penalty tat too, who knew your Then you're gonna be tax on all of it. So Maybe you're gonna have thirty twenty you really want to when I just stood up on this stage. And I said what happened about compounding. Did you hear me talk about
I'm counting and did you hear me tell you how a hundred dollars could grow over forty five years to a million and you're talking about wasting thirty thousand dollars to do what with to do? What, with you are not going to do that? If you want, if you want to be an artist, then you have to be a powerful artist and you I'm not be a powerful artist when you don't have any money. Why have twenty thousand and stocks, I just want to touch that girlfriend why the world do not want to touch your staff money that there's no penalty on, but you want to tell the retirement money, you think you're, never gonna get all like me. That really makes no sense. You leave your retirement money as it is
you will do and I are a roll over into a good discount brokerage firm and you will start to invest that money. You will read women and money? You will do everything that I tell you to do in. However, you have twenty thousand dollars in stock that you can touch. Maybe it appreciated in value. Maybe you ve held it, more than a year. So if you did cash out, all you would pay. Is capital gains if you were going to do this, listen closely to me, now wait to cash out that money. If you have a gain in it, and hopefully you do given what's happened in the stock market and if you don't something's wrong There is well and wait until next year, when you no longer have any income coming in and you're in
Really low income tax Brac get! Oh I'm not just another point. Phase. Am I making sense why I want her to do that. So if you do have a capital gave year or even really ordinary income over here, because you didn't hold it for a year. It's not gonna. Be that big of a deal for you. If you need that money to fulfil your dream, if that's what you want to do that Who can go ahead and do that gap that now now? Why am I letting her do that? Because there comes a point in everybody's life that they have to go for it and they have to do with their passionate about you. Remember
and I said that my dad taught me the lesson that money was more important than life itself. That's not true. Life is more important than money. Life is more important than money, but it's the quality of the life that you live. Lack of money can make people do really really crazy things. I now I will be the first to tell all of you. Money alone will never make you happy, but I also be the first to tell you lack of money. Sure we'll make You miserable gap that so again the gall isn't just to have money. The gall is also for You they have power over your money, which is why I wrote the book women
and my me if you want to find the best financial adviser in the world, look in the mirror because nobody cares about your money more than you do and what happens to your money, direct effects the quality of your life? Not my life. You knock your fine shall advisers life, but your life and money is not that difficult. Did I not stand here? Did I not tell you that I was dyslexic that I couldn't read that I could not speak that I was a waitress that I didn't have an education that I came from affair. Without money and look at me now? What makes you different, then me what nothing except your own thoughts, next law of money.
Your thoughts, create your reality. It is said to be very, very careful about what you think, because what you think you will eventually say be very careful about the words that you use, because what you say you eventually do your actions become your habits and your habits become your destiny. If you think you can't, ladies you never ever, will you have got to speak words of power? You have to have thought of power. You have to have them if in yourself and you have got to stay away from other women that track you down or other men that dragged down, you have got to keep good company I'll. Never forget. I had just finished writing the nine steps to financial freedom, and I was that.
House with my friend data, and it was Christmas in everybody was to make a wish, and I said I wish that nine steps to financial freedom becomes the best selling book in the United States. Nonfiction and everybody laughed at me. They laughed at me and they said that's impossible, Susie? Why don't you wish for something that you're gonna get guess what I got it. In writing. I, the eighth and ninth steps to financial freedom. According to publishers, weekly was the number one seller nonfiction bulk of all nonfiction, hard facts. In the United States, so you have to be around people that say you can do that. You can try that girlfriend. You want to be an artist the best artist that this world has ever seen doing.
Let yourself down, do not let any excuses get in your way. Do not like yourself fail, because it is your life. It only matters to you, so you draw a picture of extra ordinary wealth, extorted, Mary Happiness, extraordinary faith that God has you in his hands, so let him draw for, Girl friend. Let me talk briefly about life insurance, because somebody had a question about life. Insurance doesn't feel going not to be forgotten. Does it it stand up and tell me what your question was moving things from remembering question I'm trying to build a passive incomes. Remember your question: I remembered you. I appreciate that wait. Wait. I remembered you. Why did I remember you.
I'm in the front row yeah! That's right! Ok, guys, I'm Norway white, wait a minute I should upon me right. I need to know what it was, but it was a sense of power. It was a cent it? I need to know what it was, but it was it's a power. It was a sense of you needed to know something, and I came back to you. Never forget the power or that you have to draw somebody to you, don't forget, that right now I can't remember question that that's none of your actual, my vision born at home. So this is yeah. I am right now. I am right now.
Now, did she draw me here I did I draw you here. I think it was you who do me here to tell you. This is truth, weight and then I'll get to your damn, which is many people said. Because I was I'm only giving one talk on this and that's it the United States and that's it right, and it's here and there are many people Sometimes you would know so. Therefore I won't mention them. They said you know I play the APOLLO, you don't need to play their policy
play Midtown Tom Play. Another stay play whatever and I was like. No, I headed for some reason. I had this dream to play their part, Oh, and I bet it happened the day that you put me on your vision, man, I got scared Susie. To retire as soon as possible. Why? Why? Do you want to retire? How old are you I'm? Twenty nine why, how to fire movement that Adam for Money magazine owes right back. There was telling
about yesterday, that I'm like you're kidding me right is that with it what you got, and so I want to build a passive income stream and I've been doing it through rental real estate, but it's not happening fast enough, and so I wanted to know your thoughts on loves life insurance retirement plan. Listen, it doesn't matter what investment we're talking about Now you, I don't know how many millions of dollars you have to have millions and millions Jack. At least one million depends on how you count it right how about if we take away on mortgages and all the dead and everything you like, five hundred thousand like two hundred thousand girlfriend you can't afford you aren't you
Please listen to me. Listen to me closely. The average expectancy now is into the he's and Ninetys, My mother died at ninety seven women, live longer than men. Sat. Is because they are killing them off. My daddy died at seventy one, but it's true. Women live longer than men. Therefore, your money has got to last two, not from twenty nine to thirty nine, to forty nine to fifty nine to sixty nine, just seventy
To eighty nine but your ninety nine and there is no way no investment. No matter the life insurance real estate, anything is going again two to ninety nine. If you don't have another source of income building in to build up there, my knee, don't go anywhere or 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 looking for a way to make those three little words mean a little more this Valentine's day. Try saying them with a hammer 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 that stays with them. Long after Valentine's day since hallmark has so many kinds of Valentine's day cards. You can find one for every important relationship in your life this year
for every Valentine's day cards you buy hum I will give a card to someone who could use a little love of two million cards. Valentine, say: is Friday February, Fourteenth keep the love going and visit hallmark dot com. Slash super saw two fine Valentine's day cards for everyone. You care about an his promo code super soul to get twenty percent off your card purchase at twenty nine, you should not be thinking about you want to retire. You know it. You should be fine, in about that. I love what I do so much that I never want to give this up, and why do we hate what we do, because we have our personal life and we have our professional life wrong? You need one life you're perfect,
life is your personal life and your personal life, in my opinion, is your professional life and you should be happy doing balls of them because it is your life. And if you don't like living in one part of your life change, it. Change it and the time you can change it is when you are young girl is when you can make mistakes is when you can say, okay view have a quarter million dollars at the age of twenty nine. You can change what it is that you are doing. I love what I do do you think I do this to make money anymore now. You know how it makes me so mad when people say how much money is enough money how much money just somebody need did ever occurred to any of you. It's never bought the money anymore.
It's about doing what you love. Can you see it in me? I love this. I love you and I may not be enough that what I love makes me money but half the time that I do something. I don't make any money, and why would I do that? Because I do love you and I don't care about you fight with that said. I also want to say one other thing: every woman needs a woman who cares about them and I will forever believe behind every great woman. Is it
even greater woman, when you get the book, you will that I have dedicated that book tool, a man by the name of Esther Margolis and back in nineteen. Ninety four, I wrote a book or wanted to write a book working title called keeping your goal and the golden years, and I simply wanted to do it to oppress my clients. I have my own brokerage farm at that time, and I just wanted to do that, and I showed you book TAT, Simon and Schuster, to Random House TAT Penguin to every single Harper Collins publisher out there, and it was like no? No, No, who needs a fine, spoke written by a woman and ninety ninety four except one publisher, one publisher. That said, come and see me when you're in new york- and I sat down with us
and I started to tell her my story and in a few minutes, Esther said: stop and she had her entire office, come in to her office and had started and tell him your story before you knew it. I had a tough thousand dollar book advance and she was gonna get me fifty copies a book that she named you ve earned. It don't lose it and I'm like our UK. You're going to pay me ten thousand dollars to write a book for me to give. My client is a great thing, She told me I had to go on a book tour and the first print run of that book was, I believe, fifteen thousand, these and that ban that all the bookstores had to copies three copies, no copies and Esther sent me on a twenty five. Twenty six. Twenty a lot city.
Tor that she had to pay for and I went and nobody showed up until now, stop what that every don't think I've got one. Would you women and I was scared and I didn't know what to do and as usual, the one who got me originally on tv and she would go with me and she would hold my hand and because Esther your Margolis courage, to see what I can see And myself and no other publishers could see me millions and millions and millions of women's lives have been changed as turkey.
You please stand, you know, what's fascinating everybody, as I myself am getting older at the age of six seven knowing that shortly I'm gonna be seventy and so on. You realize that you're getting older and the young ones are coming up and now replace you and one day. Will you be forgotten? Will you not we can't for at our matriarch. We can't forget the women that set the bar. So the question is: who is
Esther in your life, who is your Esther in your life because all of us have an Esther and who do you want to be in Esther for Re Mamma? You wanna be an Esther four year, children and girls. You wanna be an Esther or you Our children are. Your friends are people, you don't even know, and so again Esther from the bottom of my heart. You now, as I look out on the odds Today I see quite a few people. I see Julie who is my publisher of all my box, including this one and Susan Cochrane and Michel, who are the publicist in Nancy Fran. And Sandy Mendelson, who is my very first publicist, and all these people
I'm just curious, where Judy Jacqueline is, where a shape duty stand up Judy, when balloon, she. Was John. Why wife and was my college room maize? John. On Judy. I shared a bedroom and we had one how The animal house did we did and anybody else. That's out there. That's really just been pardoned life. I just really want to thank you and one. A woman which is Sarah Fuel, I don't know if you publicity been listening to the wind
and money podcast they'll be coming up again. We did a series of thirteen, but Sarah is co host on it and just fabulous right now. Where should we go from here? What else do you need to know about? What was it. Fine house? Let's talk about that lesson, turn that gone anywhere. Listen I'll stay here as long as you want, but we said it was gonna, be a two hour show suit. I yes question: where are you back here way back in the backyard? Yes susie of that's a pleasure to be here with you. Thank you as entrepreneur. I asked they have money. Now. And when I started the business, I would listen to you I had no money to do anything with so since the last,
ten years, my business has grown and I've been completely last, so everything you talk about but loving what you do every single day I got to do it. I love. It doesn't feel like work and now sitting, I have a small nest: egg just sitting in cash. Yes,. My concern is that I finally have something to show for my effort In my perseverance over the years and I'm just ray it's going to sit there, and so what is it? thought about now that you have some money. What do you do with it as an entrepreneur? Do you have any credit card dead at all? No, do you own a home? No, do you want to own a home? No Now do right, I do have any debt on any level. No, no do you have at least in eight month, emergency fund one year one year. Do you happy sides that one year under emergency fine now do you have money that you can invest? Yes ma? Am
your own company that you have own. Do you have a sap, irae or a key or plan to you? Have retirement account? Yes, men, and do you max them out I after what you're saying today I'm a little confused, because I'm in a traditional account additional Irae traditional fora, one k, what are you in traditional IRA and a sap and my accountant had said- be traditional because you can take it as a tax write off? Of course they do So do I transition that into an IRA raw and forget the tax write off you qualify. Yes, so did the idea, that's what I you. Never that law invested a known versus the unknown. Remember that part of the talk and got a good. So nobody very seriously. I don't care about tax write offs today. I don't care about damn what I care about is later on in the future. What use
in your account, is what you're going to get just what, if to deal with the deficits that we have right now, tax brackets started to go up and up and up, that possible, especially after ten years when there ten years that this tax cuts goes away. Is that possible that we're gonna be slap with some of the biggest tax brackets of our life? I don't know, but it is. Possible. What I do know is if I invest and pay the taxes to day than I get to have one hundred percent of that money and all of its growth anytime. I want so that later and in life over send you got all you know what I do want to own a whole. I have two million dollars in there I'll take out a million dollars in just by a home for cash. You couldn't do that with the traditional, and if you have children are any other beneficiaries. When you leave them, I need the traditional form, one k or traditional, I
They now have only a few years to get that money out and they are taxed at their tax brackets. Oh, they won't take it over a few years. Don't take it right away, don't be this one or that one wherever she was over there right gone and not lose half of it to income tax. So, yes,. Dark, doing your set by our aid. You can convert to your Roth. I raise, however, be careful Cosette. Well now add to your tax bracket, so you'll have the figure that out with this cp, that's advising you and maybe you a different one. I do I do yeah how'd. I have that failure. And a woman, Now. How do I have that? Failing? Not really I'm. Let me just show you this very brief story, so I went to see some c p a that was recommended by everybody. My agent, my this, my dad
go see him and I tell him: I'm gonna buy now I'd investment, a house in air, for eight hundred thousand dollars, and I wanted to pay cash for it and he said why would you pay cash for it when you can get a ride off in everything as it cause? I don't want debt, I want to be powerful and in my mind, debt is bondage and bondage is not good and he said that makes absolutely no sense. Financially speaking, I say: did you ever think about that? There is another side to finances and it's called personal empowerment. What makes you feel what's the goal of money to be secure? What makes you feel secure now It makes a woman feel more secure than owning her own home outright. So I got up and I walked out and I left.
Only use advisers that resonate within your soul. If you have a gut feeling that that's not the right person for you, do not worry about hurting their feelings. Ok, you get up and you leave so check with the sea first and in doubt, but start getting your money now into raw, I re situations for yourself and can gradual relations. I think now let me see our right of view more. You wanted me to talk about real estate. Let me just go, therefore, a second we're in New York people. Does it really make sense to own property in New York at this point in time? I don't think
And I don't think so, buying a home for your own. I forget about investment property, that's a whole another thing that whatever, but it Unless you have a lot of money and you can put twenty percent, down our minimum ten percent and you can afford the mortgage rates and the and the property tax and the Congo, where the co, op fees and all of those things are right. If you want to but I see a situation where interest rates are starting to go up. I see a situation where things can start to change in the next year or two within this. A con me as special lay in May two thousand and or November two thousand and twenty. I think we have to be careful financially speaking. I so I personally will not be buying right
now that doesn't mean that you shops? Maybe you have a good bye? Maybe it's what you do, but it's not something that I would probably do right here and right now is. Our time that I could would do it maybe, but its interest rates are going up, mortgages are becoming more expensive, as mortgages become more expensive. Houses tend to start to go down, as so. It's something that I love as an investment right here. However, for those of you who do own a home and you Want to stay in that home for the rest of your life, you to make it your number one priority to have the mortgage on that home paid off by the time you retire at thirty, years of age? Ok, why look than to me closely interest rates right now,
our getting higher. Let's say you don't have the best credit score and now, if you're gonna get a mortgage, just I'd say it's at six percent. Let's just say That's true and lets say somehow you able to find a home for two hundred thousand dollars. I get it, but just just stick with me here for a second Two hundred thousand dollars thirty year mortgage is one thousand two hundred dollars a month. Is fourteen thousand four hundred dollars a year. Do you know, after twenty years of paying one thousand two hundred dollars a month on a two hundred thousand dollar mortgage. Do you know that you would still o one hundred I was in dollars on vat mortgage in twenty years, you only paid down fifty percent, but you still, you still have to pay for ten thousand four hundred dollars a year
for that mortgage. How much do you need and a retirement account, especially if it is a traditional retirement accounts in order to pay fourteen thousand four hundred dollars a year on that mortgage. You indeed about four to five hundred thousand. Ten dollars into retirement account at four or five percent to able to take money out after taxes, so you would have fourteen thousand four hundred dollars a year to pay your mortgage? Don't you think it's just easier to pay off four thousand dollar mortgage than it is to say for five hundred thousand dollars to pay that mortgage and everybody says, but I will get a tent right off any more, you got your tax rate. In the first years that you had the mortgage, the bank's want to get all their interest up front in the first seven years,
because they know what is possible. You might sell that home in seven years, so they want the interest on the thirty years up front in the seven years, so later on. You don't get a tax write off anymore, but they got all of their interest. Do get that people, so don't worry about that! acts write offs later on because they do not make sure you understand that and but Does it matter? If you buy a home or not it really? Doesn't you can invest money, you can save money, you can do anything that you want real estate is an ill liquid investment. You can't just me a call and say Sal by Put it on the market. You have to buy new air conditioners. You have to deal with natural disasters. You have to deal if it's an investment with Europe. Tenants
pain, you and on and on so just think about that stock market. I just want to say this. All of you cuz. I heard use Qaeda when I said just November. Two thousand twenty this in this my cat's been going out for quite a while straight up right, and don't you all wish that you had stayed in the stock market or bought everything in the year two thousand and eight when everything had gone down. You should all, if you have twenty thirty forty years till you need your money, you should be wishing and praying and hoping that the stock market goes down goes down. Why same way? U way to close go on sale and that's You go to buy it when the market goes down. You're going to start you
in a technique called dollar cost averaging. This is how all of you are going to start investing. You are not going to take a lump sum of money and put it all in the stock market today. So you back, there have a lump sum of money that you can invest. That is not how you are going to invest. You are going to take that money and maybe let's say it's twelve two dollars and you're going to twelve and you're going to take one thousand dollars a month or whatever amount it is. I don't care if it's fifty dollars, I don't care if it's a huh dollars, but you're going to take that amount of money, every single, mom and you're going to invest their in to the stand and employs five hundred index fun. If you don't know anything else to do with it
a market goes down the shares of the stand and employs five hundred index fund, which is simply a fund that has all the stocks, in it when you're gonna do is you are going to take your money and when the market goes down, the shares of the stand and pours five hundred index funds will go down your dad there's by more shares at ten if you're putting in a hundred bucks, you buy ten shares at five dollars you by twenty shares, when the market goes up your dollars by
Less shares are you following me, but over time you have average the cost of your dollars in all that you have purchased and you will come out further ahead, and so, if you just did that month in an month out hoping that this market goes down and down and down and not stopping to invest when the market goes down, not stopping to invest when the market goes up and just stick with that year over year over year, I promise you, you will be very happy healthy and wealthy.
Women, so don't get upset. If the markets go down, keep you're sanity about you. I have a few more minutes. So a few more questions. So what is down in the stock market? The stock market could go down ten percent twenty percent. It can go down a lot. It can go down fifty percent. It can go down. Seventy percent I don't care what it does go down. Nobody can ever say how much down just keep doing it You are young, you are beautiful, don't you want to have a lot of money? So just don't worry about how far down is down when you're buying the stand and poorest five hundred index, your by all the stuff,
So it's fine just keep doing, because there's no way to know when it's going to turn around and go back up like a did in May of two thousand and nine. Hi Susie LISA over here. Where are you? Yes? Yes, now? Ok, so I think I'm your best student. I met you about a decade ago. How do I they? Well, you know I met you virtually I'm found out about labelling as a young college student who had a lot of credit card day and was living paycheck to paycheck, and I bought your book and I studied you. I got a pen a pad and I I I I listen to everyone. You said now, I'm thirty, nine years old, I was a single mother at the time and the one thing you told me that stuck in my head was pay yourself. First is and I said ok, how am I gonna pay myself poorest? Why have all these bills and at the end of the month, I'm negative, I'm negative. So
decided, you know what these bills will always be here. The cable will be here the phone but will be here, I'm going to take the money and I'm gonna pay myself. First then, that time what I did was I took all the credit card debt, but way that are now TAT S for your question. I'm sorry, the question: do you have a question? I just have a statement will now there is a question of it, but I want it. I want to tell you that this was. The question is formulated around dent because its I still have a debt situation. So would I realize that if you pay all your, did you really can't get rid of it. The way you get rid of it is actually to stop paying. So what I did. Let me, let me tell you, though I know I know I'll explain it to them, but the lightest William
because I explained it to my friends and that's actually how I got out of debt very fast, but you ruined your fight goes score. No, I didn't bouts down for a little bit and bouts right back up, because I have money so now and I stopped buying things. I stopped purchasing things. I live below my mind about what can ok, so the question I may air? Ok, so the question is in all that time: I accumulated a lot of money. I don't. I bought a house, I paid off. Now? The only thing I have left is student loans dead, that now I have all this money and I'm looking at my bank accounts thinking. I don't want to pay their and so how I got out of my stop
Now I'll start, you listen to me and my credit goes over seven hundred. I want you to listen to me closely. You love me right. I do, but I dont want to pay that student loans. I need you to listen. Ok, you may then it's not pastor right. You may have been manipulated your way out of credit card When I visited manipulate, listen to me, you may have a house. Ever you got out of credit card debt you got out of it. However, you paid your mortgage off. You did that when it comes to student loans, tat all of you listen to me and you listen to me closely. The most dangerous debt in life is student loan debt because they cannot be discussed
Urged in bankruptcy or any other way and ninety nine point nine percent of the cases, and they will just love you if you stop pain it and you go into default, deferment or forbearance, because forty thousand goes into eighty thousand growth. Two hundred sixty thousand grows into two hundred fifty thousand and more and that's when they come knock, knock on your door and they have the legal authority with our having to sue you. They had the legal, thirty, two garnish your wages, garnish your social security check and put you through Hell girlfriend. Ok, a negotiated are not taken any more. I have listen. Listen! I don't care what you did. What you did. I do not want all of you to if you have debt because you charged something. What do I need you to hear this? It's not about
getting out of the debt, because when you get out of debt, somebody else has paid that debt for you and there is a my life there is and when you create a situation for yourself, you have to stand in your truth. And be responsible to what you did, because either merchant has been step for that Jack or the bank will lend you the money has been stiffed for that debt and I'm so glad that you're out of debt. Getting out of debt and accumulating money doesn't mean in the long run, you're going to get to keep that money. Listen to me closely, I'm serious the goal of life is for you to do what's right, not for you to do
That's easy way way way way way way, and I must say to you that you didn't do what's right. Every cause. I don't have time really. I have literally like five minutes late. And I'm not going to have this entire audience go into your personal situation. I just can't do that, but it's not a message that I want all of you to think about here. It's just it's just not. I just have to say something before I answer a few more quest ends and that's the women that our city and over here recently, I did seven interviews with women who were survivors of domestic abuse, and I did this for the national domestic.
Views. Hotline and these women were their most extraordinary women. Strong women I have ever met. You guys, can stand up go on. You know who you are, and these women should be. Our role models right, our role models of what's possible, but something very fascinated happen when we were all talking and what happened was that they all listen to each other's interviews. And one by one. They discovered that they all suffered financial
use and none of them knew that they had suffered financial abuse because it didn't have a black and blue mark on it. Am I the reason that I'm bringing that up right here is that I don't want us any of us in this room to suffer financial abuse and just ignore it. So if you are in a situation where your partner is pain and making you give them their paycheck can only every penny, stealing money from you not You have a petty. They all left, intelligent, vibrant rate women.
Who came in to the relationships with money? You know some with a house some with a job and they all left without a penny to their name, the clothes on their back and their children in their arms. What's that, Is there all making it now and they're all making it on their own. For the national, so I just want to tell you you need, Make sure that if your inner relationship, please be honest with yourselves, domestic financial abuse is rampant to ba
strong, secure and smart woman, you need to have your own credit cards. You need to have your own bank accounts. You need to be able to see where every penny is being spent. You need to pay the bills jointly. You need to look at the tax returns together before you put your name on it, and then you find out that he or they committed fraud. I and you can do that, and I just want to say it's good to see you is again in I'm honor to be in your presence, Lily care, where I am here to Morrow questions who, as the MIKE yes hi Susie, wanted to see. If you could dress the Asia say some do when you talk about planning for retirement, that's the one
so you didn't touch on and eyes or an ancient say is a health savings account which is also known as a high did duck the ball insurance account for your health. Does your employer put in any money as a seed for your age? I say Now, when they don't put in money as a seed, they then become a little bit difficult because of how they work. If your employer seeds your just say. I love H essays too complicated to explain in five minutes. If your employer does not seed, I don't love them. Much. But if you do not have a choice in eight as a and Go on talking above your heads right now for many of you is the best retirement account out there. Because when you go to take your money out at sixty five, you get a tax deduction for them. I know that you put in and what
you take it out, you get to take it out, tax free. If it's for a qualified medical expense, I love them you just have to have enough money to pay your bills. Sound If you don't know what I'm talking about that, that's why more and that is to life, and Let me talk about insurance, listen to me, life insurance. It was never meant to be a permanent deed. It was only meant to be their during your younger years before you have money. In case you suffered a loss of somebody who is financially dependent on you or you on them, the only type of life insurance that I think you should get. Term, insurance where You go into the book when
an money you're going to find that there is a website that you get to go to its actually Susie Ormond dot com, slash women and on that website. You are going to find dead, eliminate her you're gonna, find expense, tracker you're, going to find all kinds. Tools that you can use to figure everything out in the actual book, women and money. I explain to you in great detail, exact clear how much insurance you need, how long you need insurance for, and if you just follow that book, I am telling you all of your questions will be answered. Last but not least because we didn't have time to touch on it. Every single one of you in this room needs in advance directive a durable power of attorney
Health care, a living, we vulnerable trust, and or will you need that children, minors have not inherit money people so if you have kids and you leave your money to your mind, your kids- that money will go into a blocked a couch, until they are eighteen or they do a court order to get that money or will is not Or will is simply a document that says where
you become incapacitated Ladys. Who is going to pay your bills for you who is going to write your checks for you? A will is not going to help you. You need a living, revolve couple, trust living you do it. While you are alive revoke of all you can change it. Any time you want trust is the name of the document. I have fact my mother, Your checks for you, I will is not going to help you. You need a living re, vulnerable trust. Then you do at while you are alive revoke of all you can Any time you want trust is the name of the document. I have fact my mother. They have a home in California or even New York
let's just say California, has my friends from california- are here Paul. I can't even the best defence lawyer. I just have to say one other thing about Paula Polish stand up for one second series Right, Paula is also one of my oldest friends in life. I want to just tell you what this woman is doing. She isn't both criminal defence lawyer in California, who is now going from county to county, to make the laws change so that women in prison have their tampons pay inside prison or outside, and that woman is trying to do their job. Very you are in a state of California, or you have a to my mother- has two hundred thousand dollar home
you are, if you're a woman, you deserve dignity, either inside prison or outside, and that woman is trying to do that where you are in a state of California or you have a to my. From her name, two hundred thousand have home, and she to meta that home I'm living in that home with her and the tunnel to that home an organ, and my mother- eyes and she has a well that says, I'm to get that house she's dead. I have a piece of paper How do I get the title that house from her name into my name? I have to give it to a lawyer who takes it down to probate court in this data, California, that will be six months to two years for it
judge to validate the will making sure mommy wants me to have it and then sign the title from her name over to me in the state of California. That will cost me about seventeen to nineteen thousand dollars stature. To transfer the title of the house from her name into the title. Mother trust help for her benefit. While she was alive, my benefit after she died, hi so anyway, right like that idea right, so do you understand that the house can be sold. What could mommy of done? She could have taken the steps while she was alive to transfer the title of the house from her name into the title. Mother trust help for her benefit while she was alive, my benefit after she died.
She dies. I get it weeks later, maybe eight hundred dollars in transfer fees. Are you crazy? If you have a living, revoking trust with an incapacity cause and something goes wrong? You ve already decided who can sign for you. People things go wrong when you go to Susie Ormond slash women, you will also find a place that you can get this one. You do to pay for, but it sixty nine dollars. Twenty five hundred dollars worth a state of the art documents that are good in all fifty states. They are my will my trust if you looked at my documents that What these documents are, so when you go on there and you do it and you get your activation code, you get to do it and come back.
Anytime, you want here's. What s great about the activation code share that activation code with your mothers and your father's in your sisters. And your brothers and anybody you want so the goal here is every one of you has the documents in place today to protect your tomorrow is the goal of tonight for you to be secure, here's what I want to leave you with every No one of us enters this world with two wings One way is the wing of grace that wing is I've been by your side twenty four hours a day, seven days a week from now until eternity, the wing that you bring into this world is the wing of self effort
when that wing of South Africa flask? Equally as hard as that wind of grace, I promise you, you have light into the world. Of unlimited possibilities were anything and everything is possible. Financial freedom is your parts right. It is your birthright to be strong, smart and secure women. It is your birthright to have power over your money. It is your birthright. Do have power over your lies, and you can't do that right here and right now. You just have to make the decision to be the powerful women you were born to be,
a financial freedom bless each and every one of your doorsteps, and may God bless each and every one of you. Thank you once again, my move Winfrey and you ve been listening to supersede conversations podcast, you can follow. Super so on: Instagram, Twitter and Facebook, if you haven't yet go to apple podcast, unsubscribe rate and review of this planet, join me next week for another super conversation. Thank you for listening.
Transcript generated on 2020-01-26.