Ask KT & Suze Anything: I Don’t Trust My Husband With Money.  What Should I Do?

Summary

Podcast Summary: Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Episode: Ask KT & Suze Anything: I Don’t Trust My Husband With Money. What Should I Do?
Release Date: June 12, 2025

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In this engaging episode of Suze Orman's Women & Money podcast, hosts Suze Orman and KT delve into a series of listener-submitted financial dilemmas. The episode, titled "Ask KT & Suze Anything: I Don’t Trust My Husband With Money. What Should I Do?", offers practical advice and insights drawn from over four decades of Suze Orman's financial expertise. Here’s a detailed breakdown of the key discussions, insights, and conclusions from the episode.

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1. Understanding Guaranteed Investment Certificates (GICs) vs. Bonds

Timestamp: [04:00 - 07:00]

Listener Query: Elisa from Canada inquires about the necessity of bonds, the variety of bonds available, and whether Bond ETFs are recommended over GICs for fixed income and income generation.

Discussion:

• Suze Orman: Clarifies the nature of GICs and bonds, highlighting that GICs are typically offered by Canadian banks and trust companies. She explains that a GIC involves lending money to a financial institution for a fixed period with a guaranteed interest rate, usually up to $100,000.

  “Guaranteed investment certificates. How do you know that? Because it says it right here.” [04:19]

• KT: Differentiates GICs from bonds by emphasizing that GICs offer lower interest rates compared to bonds. Additionally, GICs lack the liquidity of bonds, which can be bought or sold in the market, especially advantageous if interest rates fluctuate.

  “The disadvantage of a GIC is that you generally get a lower return in comparison to a bond. You don't have as much liquidity as you do with a bond.” [05:14]

Conclusion: KT advises that while GICs provide principal protection and guaranteed returns, bonds are generally more advantageous due to higher returns and greater flexibility. Therefore, unless one prioritizes the safety and guaranteed returns of a GIC, bonds are typically the better choice for fixed income investments.

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2. Managing Student Loan Debt

Timestamp: [06:00 - 08:15]

Listener Query: Russell from Louisiana seeks advice on whether to pay off his remaining $3,600 in student loan debt out of savings or continue making monthly payments, expressing frustration over the 13-year debt period since graduating in 2012.

Discussion:

• Suze Orman: Offers a straightforward recommendation to Russell, emphatically advising him to pay off his student loan:

  “Yes, pay it off and forget it. Get it, set it and forget it. Russell, you're done.” [07:27]

Conclusion: The hosts unanimously agree that paying off student loan debt swiftly is the optimal choice. Eliminating the debt frees Russell from ongoing financial stress and allows him to redirect his savings toward other financial goals.

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3. Benefits of Dental Savings Plans

Timestamp: [08:21 - 10:11]

Listener Query: Jason inquires about the value of dental savings plans, asking if they are still worthwhile.

Discussion:

• Suze Orman & KT: Both assert their continued support for dental savings plans. They explain that these plans, obtainable through companies like DentalPlans.com, offer significant discounts (10-60%) on dental procedures for an annual fee (typically $150-$200 for a family).

  “We save hundreds and hundreds of dollars every single year on our dental procedures.” [09:12]

Conclusion: Dental savings plans are highly recommended for individuals and families seeking to reduce out-of-pocket expenses on dental care. The hosts emphasize that the cost of the plan is offset by the substantial savings on dental procedures, making it a smart financial move.

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4. Roth vs. Traditional IRA Contributions and Conversions

Timestamp: [10:17 - 20:54]

Listener Queries:

• Lily's Dilemma: A retired individual questions whether converting traditional IRAs to a Roth IRA is beneficial, especially considering her adult children might pay the taxes.

• Kelly's Inquiry: A 54-year-old single woman with $300,000 in a traditional IRA and $100,000 in a Roth IRA seeks advice on whether to continue contributing 14% of her income to the Roth or consider a traditional IRA conversion.

Discussion:

• Suze Orman: Initially addresses Lily’s questions by highlighting the differences between GICs and bonds. Later, she touches upon IRA conversions, emphasizing caution.

• KT: Provides a comprehensive analysis of both queries:

  • For Lily, KT underscores that at 77 years old with a high tax bracket (30%), converting to a Roth IRA would push her into a higher income tax bracket. Additionally, her children, who are in lower tax brackets (12-22%), would bear the tax burden. Therefore, KT advises against large-scale conversions at Lily's age.

    “I would not be converting large amounts on any level to a Roth at your age.” [12:03]

  • For Kelly, KT recommends a dual approach: continuing contributions to the Roth IRA while gradually converting portions of the traditional IRA to a Roth. This strategy ensures Kelly maximizes her Roth contributions without forfeiting the benefits of her traditional IRA.

    “Do not stop contributing to the Roth by any means. Just don't do it. Why? Because you can only put so much into a Roth every year and you would be missing out on those contributions.” [20:51]

Conclusion:

• For Retirees: Converting traditional IRAs to Roth IRAs may not be beneficial, especially when considering current high tax brackets and the potential tax implications for beneficiaries.

• For Ongoing Contributors: Balancing Roth contributions with strategic, incremental conversions from traditional IRAs can optimize tax benefits and retirement savings.

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5. Financial Advisor Management Fees on IRA Accounts

Timestamp: [14:18 - 15:28]

Listener Query: Louise questions the legality of paying all management fees for various accounts from a non-retirement taxable brokerage account when transitioning to a new financial planning company.

Discussion:

• Suze Orman: Identifies the query as legal and practical, noting the importance of understanding fee structures.

• KT: Advises Louise to seek a new financial firm if the current one insists on charging fees from retirement accounts. Emphasizing that management fees should not drain retirement assets, KT encourages Louise to find a financial advisor who aligns with her preferences for fee management.

  “The answer is very simple. Here. Get yourself a new financial firm if they're wanting to take money from a retirement account to pay your fees. Are you crazy?” [15:08]

Conclusion: Clients have the right to structure management fees in a way that doesn't compromise their retirement savings. If a financial advisor imposes unfavorable fee arrangements, seeking alternative advisors who respect the client's financial boundaries is advisable.

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6. Dealing with a Spouse's Debt and Co-Signing for Parents

Timestamp: [15:28 - 28:23]

Listener Query: Judy, age 31, shares a complex financial situation involving her husband's $45,000 credit card debt, a HELOC taken out to cover it, and his mother's request for co-signing an apartment lease despite her poor credit score.

Discussion:

• Suze Orman & KT: Address Judy's multifaceted issue with a blend of empathy and strategic advice.

  • Credit Card Debt and HELOC: KT questions the source of her husband's debt given his substantial income ($150,000) compared to hers ($63,000). She suggests that the husband might have underlying issues such as irresponsible spending or gambling.

    “Does he have a gambling problem? ... he is not somebody that is responsible with money.” [25:22]

  • HELOC Management: Advises Judy to take control of the HELOC payments, emphasizing the importance of ensuring all payments are up to date and considering taking over the payments herself if necessary.

    “He is to pay you and you are in charge of making those payments.” [25:22]

  • Co-Signing the Lease: Highlights the risks associated with co-signing for someone with a low credit score and a history of refinancing and increasing debt. KT advises against co-signing unless absolutely necessary, recommending that Judy and her husband have an honest financial conversation with his mother.

    “Your mother in law, if she gets in financial trouble, you and your husband do not have the money to save her and she is getting older and older and her expenses will be increasing.” [28:22]

  • Overall Relationship Dynamics: Suze underscores the importance of trust and financial honesty in the marriage, stressing that Judy's proactive steps toward financial security indicate underlying issues with her husband's financial management.

    “She is to stay in the home that she has now. ... you have to be the strong one because your husband is not.” [27:00]

Conclusion: Judy is encouraged to:

• Take control of the HELOC payments to safeguard her financial stability.
• Avoid co-signing for her mother-in-law’s lease due to the significant financial risks involved.
• Engage in candid discussions with her husband about financial responsibilities and potential underlying issues contributing to his debt.

The hosts emphasize the importance of prioritizing one's own financial security and setting firm boundaries to prevent external financial pressures from destabilizing the household budget.

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7. Final Thoughts and Key Takeaways

Timestamp: [31:00 - End]

Hosts’ Closing Remarks:

• KT: Reinforces the episode's overarching message by summarizing the prioritization order in personal finance:

  “People first, then money, then things.” [31:07]

• Suze Orman: Advises listeners to take advantage of the limited-time offer for essential legal documents to secure their financial and personal futures.

Key Takeaways:

1. Debt Management: Prioritizing the elimination of high-interest debts, such as credit card debt and student loans, is crucial for financial freedom.
2. Investment Choices: Understanding the differences between financial instruments like GICs and bonds can optimize investment strategies based on individual financial goals and risk tolerance.
3. Retirement Planning: Balancing contributions between Roth and Traditional IRAs, along with strategic conversions, can enhance retirement savings and tax efficiency.
4. Financial Boundaries: Establishing clear financial boundaries within personal relationships safeguards against external financial risks and promotes financial independence.
5. Professional Advice: Selecting financial advisors who respect and align with one's financial preferences ensures effective wealth management.

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Notable Quotes

• Suze Orman on GICs:

  “Guaranteed investment certificates. How do you know that? Because it says it right here.” [04:19]

• KT on Bonds vs. GICs:

  “The disadvantage of a GIC is that you generally get a lower return in comparison to a bond. You don't have as much liquidity as you do with a bond.” [05:14]

• Suze Orman on Student Loans:

  “Yes, pay it off and forget it. Get it, set it and forget it. Russell, you're done.” [07:27]

• KT on Dental Savings Plans:

  “We save hundreds and hundreds of dollars every single year on our dental procedures.” [09:12]

• KT on Roth Conversions for Retirees:

  “I would not be converting large amounts on any level to a Roth at your age.” [12:03]

• KT on Financial Advisor Fees:

  “Get yourself a new financial firm if they're wanting to take money from a retirement account to pay your fees. Are you crazy?” [15:08]

• KT on Dealing with Spouse’s Debt:

  “She is to stay in the home that she has now. ... you have to be the strong one because your husband is not.” [27:00]

• Hosts’ Priority Statement:

  “People first, then money, then things.” [31:07]

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Final Thoughts

This episode of Women & Money underscores the importance of proactive financial management, informed decision-making, and setting clear boundaries to navigate complex financial landscapes. Suze Orman and KT provide actionable advice tailored to diverse financial scenarios, empowering listeners to take control of their financial destinies. Whether it's choosing the right investment vehicles, managing debt, or safeguarding against financial missteps within personal relationships, the hosts offer valuable insights to help women achieve financial security and independence.

For those seeking to deepen their financial knowledge and secure their financial futures, subscribing to the podcast and engaging with the Women & Money community through the app is highly recommended. New episodes, dropping every Thursday and Sunday, continue to provide essential financial guidance and support.

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Disclaimer: The content of this summary is based on the transcript provided and aims to capture the essence of the podcast episode. For personalized financial advice, listeners should consult with a certified financial planner or advisor.

Transcript

[Susie Orman]

Hey, everybody, Susie has the best birthday gift she's giving you.

[KT]

Tell them what it is, kt.

[Susie Orman]

It's the must have documents. And if you don't know what they.

[KT]

Are, you need to have them. The will Living Revocable trust, Advanced directive and durable power of attorney for health care. Now listen to me. If you go to musthavedocs.com birthday starting June 5th all the way through June 12th, there is a birthday pricing involved here. I'm gonna be 74. Actually, I am 74 now.

[Susie Orman]

Only $74 for $2,500 worth of state of the art documents. Unbelievable.

[KT]

State's legal documents take advantage of it. Now that's must have docs.com birthday. Happy birthday to all of you.

[Chorus]

We are strong, we are wise we will not apologize. We are here, we will thrive Together we will rise With a little bit of faith and everything it takes. We are strong, we are wise. Together we will rise. We will rise.

[KT]

June 12, 2025. Welcome, everybody, to the women of my. Don't make me laugh. Why you? I don't know.

[Susie Orman]

I'll tell you why she's laughing, everybody, because this is take three. She read this beginning three times with the wrong date. So I'm looking at her and I'm saying, I'm shaking my head no, Susie, it's the 12th, not the 11th, not the 10th. It's the 12th of June. There we go.

[KT]

All right. So you feel better now?

[Susie Orman]

It's almost Bastille Day.

[KT]

Do y' all feel better now?

[Susie Orman]

Yeah.

[KT]

You're good? All right, so this is the Women in Money podcast. And everybody's smart enough to listen. And today is Ask KT and Susie anything. But it's obvious that KT is going to tell me everything today. I can tell you she's just a little whatever buster already. And it's early and it just rambunctious. She's very rambunctious already. Is that because Kolo comes out?

[Susie Orman]

No, it's because you're taking me out today on the boat by myself. Just you and me, baby. You and me. Just you and me.

[KT]

How are we going to explain that to Kolo?

[Susie Orman]

I'm telling him he has other things to do. We're going alone. Just you and me.

[KT]

Is there a reason why?

[Susie Orman]

Yeah, because we can. But let's start this podcast.

[KT]

Wait, can I tell you a story? All right, so as you know yesterday, right, Mr. Davis came over to say hi to us. Now, Mr. Davis, love him. Love him is like in his.

[Susie Orman]

He's the godfather of this Island. He's the best farmer. Fisherman.

[KT]

The best fisherman ever. Ever. So it's funny, kt, because yesterday I was telling him how you and I are going to start going out on the boat by ourself. And he said, you know, Susie, you've come so far. I. I remember like 10 years ago, I would be going out fishing, and there you and KT would be in your boat with your little fishing rods, catching the tiniest little fish on the dock. No, we would be at Mrs. Boo in front of Mrs. Boo. Yeah. And we would go every single day, you guys, to this spot because we were afraid to go very far.

[Susie Orman]

12Ft of water. We would anchor, and it was a big deal to anchor, I'll never forget.

[KT]

And we caught these little tiny fish, and we would be so excited. And then we would go to the filet station. KT would filet them. But he said every day he would see us there. And he said, you girls have come a really long way. But don't you love that he told that story? All right, you have questions for me?

[Susie Orman]

I do.

[KT]

What are they?

[Susie Orman]

Are you ready?

[KT]

I hope so.

[Susie Orman]

Okay, everyone, here we go. Buckle up. Hello, Susie. Thank you for helping women with their finances. I am a new senior and I understand about stocks and GICs.

[KT]

Do you know what a GIC is?

[Susie Orman]

Yeah. Guaranteed investment certificates. How do you know that? Because it says it right here. It says it on my email, but I still don't know what a GIC is.

[KT]

All right, then I'll tell you.

[Susie Orman]

I know what a geek is, but I don't know what a gig is.

[KT]

I'll tell you. Read me the question.

[Susie Orman]

I do not understand why bonds are necessary. Also, there's so many bonds. Would you recommend Bond ETFs, which types and what should be the goal for bonds? I know it's the fixed income part, and the income would be my goal. Why would bonds be better than GICs? Susie, you're a geek. Tell them why.

[KT]

Right, so a GIC is what again?

[Susie Orman]

KT Guaranteed investment certificates.

[KT]

And they are usually offered. So this person must be from Canada, because they're usually offered by Canadian banks and trust companies.

[Susie Orman]

Why?

[KT]

Because that's just.

[Susie Orman]

They like them.

[KT]

And so when you purchase one, you're essentially lending a bank or a financial institution money for a fixed period of time. When you do that, that bank guarantees your interest rate and everything back, kind of like a bond, but because it's all kind of guaranteed up to $100,000, by the way. But anyway, they give you a lower interest rate. Than a bond would. So that's essentially what a GIC is. Did that not explain it?

[Susie Orman]

So which is better, a gic or a bond?

[KT]

So the thing about a gic, right, for those of you who would ever come across them, you get a lower interest rate. It's fixed normally, depending on what kind of GIC you buy, because there's three or four kinds of different ones, then you usually don't get your interest rate till it matures. It's not like a bond that if interest rates go down, the value of the bond goes up that you can easily cash out of and things like that. So here's the answer to your question. What is this person's name?

[Susie Orman]

Elisa.

[KT]

So here's the thing. The disadvantage of a gic is that you generally get a lower return in comparison to a bomb. You don't have as much liquidity as you do with a bond. And again, obviously your interest rate earned is taxable to you. So I personally like bonds because you can buy and sell them anytime you want. The interest rate is higher than a gic and it just gives me more flexibility. But if you like that your principal is protected, you like the guaranteed return, you like all of those things, then just stick with your gics.

[Susie Orman]

All right, now listen to the next question carefully, everybody. And Susie. The reason I picked it, it's from Russell. Russell from Louisiana, but this is why I picked it. Here's his subject. This is the title of the email. Should I pay off my annoying student loan?

[KT]

Well, there you go.

[Susie Orman]

Yes, but should I read it to everyone?

[KT]

Yeah.

[Susie Orman]

So Russell has.

[KT]

That's your job.

[Susie Orman]

All right, so.

[KT]

So that's your job.

[Susie Orman]

When I read that, I knew that Susie and I both would say yes is the answer. I have 3600 dol remaining in student loan debt and I'm so tired of paying it monthly. I graduated in 2012. This student loan has been on 13 years. Been on my back, he wrote. Been on my back for 13 years. I'm so tired of dealing with it. So he said. Then he gives me a little details. And then he said, should I suck it up and pay off the student loan out of my savings or continue to pay that annoying monthly payment? Plus some give him the answer. So, yes, pay it off and forgive. Get it, Set it and forget it. Russell, you're done.

[KT]

That's it.

[Susie Orman]

You're done. School is out.

[KT]

No. Student loan debt is over.

[Susie Orman]

Yes.

[KT]

All right, all right.

[Susie Orman]

Ready?

[KT]

I told you she was very rambunctious this morning.

[Susie Orman]

So this is from Jason and Jason said, hi, Susie and kt. I haven't listened in a few weeks, so I'm not sure what the heck.

[KT]

Is the matter with you.

[Susie Orman]

I don't know where you, Benjamin. Not sure what's new with you both, but I certainly hope you're as well as can be.

[KT]

Well, wait, is there anything new with us? Let's think. I don't know. I'm not saying there is, but is there anything new with us in the past two weeks? Yeah, we've been so happy I turned 74.

[Susie Orman]

Yeah, but we're just real happy on the island.

[KT]

But we're always happy. That's not new. So, no, nothing's new with us. You haven't missed anything.

[Susie Orman]

So you haven't missed anything except you've been missing this podcast, which has been great. Jason. So he said. And he's asking this question, Susie, are you still a fan of dental savings plans?

[KT]

And the answer to that, KT is you bet we are.

[Susie Orman]

You bet we are.

[KT]

And again, for those of you who don't know, a dental savings plan can be gotten through a company by the name of dental plans dot com. And a dental savings plan is issued by insurance companies. And if you have one or if you get one, normally you can get one for $150 a year, maybe $200 a year for your entire family. You can get anywhere from 10 to 60% off dental procedures. KT and I both have one and we save hundreds and hundreds of dollars dollars every single year on our dental procedures. So go to dentalplans.com and check it out and see. And I have a feeling if you really want to be smart with your money the Susie way, get yourself a dental savings plan.

[Susie Orman]

All right, kt, so this is from Lily, and I don't know the answer, but.

[KT]

Oh, really?

[Susie Orman]

Wait, wait, wait.

[KT]

Does that surprise you? To battle Roth, everybody, I just want to tell you. All right, so KT and I spent the weekend. Actually I spent the weekend watching the finals of the Paris.

[Susie Orman]

The Paris Open. Great tennis grade.

[KT]

Great tennis. KT decides to join me. Oh, my God.

[Susie Orman]

That's not nice.

[KT]

Oh, my God.

[Susie Orman]

I don't play tennis. I'm not a big sport jock. I don't know really all of the nuances.

[KT]

I've never seen anything like that.

[Susie Orman]

You have to add. You have to. You get a.

[KT]

Anyway, all I'm telling you now, all.

[Susie Orman]

These points systems are confusing.

[KT]

Any of you are with KT and you're going to go to a tennis game.

[Susie Orman]

Don't send me to go get the Drinks.

[KT]

All right.

[Susie Orman]

There you go.

[KT]

All right.

[Susie Orman]

Ready? So Lily asks my retired friends, ages 68 to 70, say, I'm a fool for converting my traditional IRAs to a Roth and say, let our adult kids pay the taxes. I. I'm 77 years old and I have four kids, 27 to 31. We all had read that we'd been in a much lower tax bracket when we were old and retired. False. She said we're in a much higher tax bracket than when we were younger.

[KT]

Wait, I have to say something. The most important part of this email is exactly what you just read. The reason that I'm telling all of you that you should do a Roth. Roth, Roth, Roth. I don't care what tax bracket you're in today. If you buy this myth that when you get older, you're going to be in a lower tax bracket, I've got a bridge to sell you, especially given the deficits and the debt that we have. So listen to what she just said. Go on, KT.

[Susie Orman]

Susie, in the past couple of years, I converted 300,000 in traditional IRAs to a Roth after listening to your show and reading your book.

[KT]

And does she say how much she has remaining?

[Susie Orman]

Yeah. So here's her dilemma. She has 500,000 remaining and traditional IRAs.

[KT]

So obviously, 77 years old. 77. So, Lily, listen to me. I have to tell you, your friends are right on this. And the reason is that you're already in a high tax bracket at 30%. If you convert, you're going to go to a higher income tax bracket, number one. But you're going to lose out on the growth of that money. The only people that will not benefit from you converting now will be your kids because they're going to have to pay income tax on it. But KT just gave me your email, and it says that your kids are in the 12 to 22% tax bracket. So I would not be at your age converting at this point in time. I would take out what you need to spend. What you might want to do is if you have income from other investments or whatever, the just save that and live off of the money that you do take out of your traditional IRA and spend that. But I would not be converting large amounts on any level to a Roth at your age.

[Susie Orman]

All right, kt, Susie, this next question's from Luis, but ready?

[KT]

Did it already make you laugh?

[Susie Orman]

Yeah, it does, because he wrote this. Hello, Susie and the amazing kt.

[KT]

Oh, the only reason she picked it. Go on.

[Susie Orman]

Wait a minute. Listen to the first sentence. Everyone tell me how you would feel. Katie T. Like you, we don't always get these questions right. But that's okay. We still love your perspective on the show, so. Thanks, Louise. That's a compliment, I guess.

[KT]

So, Louise, please don't watch tennis with her. Go on.

[Susie Orman]

No, don't watch tennis with me. So. But I'm gonna go to watch tennis next year in Paris.

[KT]

We decided for bicep, taking Susie for her birthday. We're going to the Paris Open because I love tennis. All right, go on.

[Susie Orman]

So I'm writing today to ask about financial advisor management fees on IRA accounts. And it's called AUM Assets Under Management. Okay. So my past two financial advising companies allowed me to pay all management fees for all of the accounts they were managing. Roth traditional brokerage, so on and so on from a non retirement taxable brokerage account, of course. Well, so when?

[KT]

How else would you pay it?

[Susie Orman]

Well, listen to this. So we're looking at moving to a new financial planning company. When we told them we wanted to pay all management fees from a non retirement taxable brokerage account, they said it wasn't legal to do so and that the fees associated with each account needed to be paid out of each respective account.

[KT]

Louise, the answer is very simple. Here. Get yourself a new financial firm if they're wanting to take money from a retirement account to pay your fees. Are you crazy? No, outside of retirement accounts is how it's done properly. Go on. Oh, she's reading. She's very serious.

[Susie Orman]

No, this. I'm serious, because this is kind of an. All right. So ready everybody?

[KT]

Well, you picked it, Sally.

[Susie Orman]

I know, but Sally wishes Susie happy birthday. But listen to the email. This is my question with my husband being on the fringe of death a number of times. I mean, that's why I'm reading this. Thinking is this. I don't want to make light of this, but with my husband being on the fringe of death a number of times, we decided to redeed our rental properties in his name to avoid large capital gains.

[KT]

Smart move.

[Susie Orman]

Yes, but however, I'm just realizing that if he dies first, which you hope.

[KT]

He does, that's why you did it.

[Susie Orman]

This opens me up to probate with these properties correct?

[KT]

Only if she doesn't have a living revocable trust.

[Susie Orman]

Well, wait, I keep reading about joint tenancy with right of survival trust. That won't do it for her, but I'm lost. Did we make a mistake? Oh, I'm glad that you're going to fix this.

[KT]

So you did not make a mistake. Yet. What you want to do is if you put the property in joint tenancy with right of survivorship, then obviously it's in both of your names and you only get a step up in basis on his half. You put everything in his name because obviously you bought all these properties and I see there's quite a few here, like four or five, you bought them all years ago at a very low cost basis. If they're only in his name upon his death, it goes to you, you get a step up in basis on all of them. So let's say you paid $100,000 for all the properties and now they're worth $3 million. If they're just in his name upon his death, your new cost basis will be $3 million. If you turn around and sell it, you don't owe any capital gains tax whatsoever. The key is it should be in his trust. You should have a living revocable trust. Just his name and the property should be held in trust, his trust. And you're the beneficiary. So for his benefit while he's alive, upon his death, you're the successor beneficiary. You get all of those and get a step up in basis or a will will make it. So you're probated, you don't want joint tenancy with the right of survivorship. So now just get yourself a living revocable trust, which by the way, by the end of today, you can go to musthavedocs.com birthday and you can get the must have docs for $74 till the end. It's a great price till the end of the day Pacific time. So midnight Pacific time, you can do that. So just go and get those $74 for $2,500 worth of state of the art documents and you can do it right in the luxury of your own home. Good. In all 50 states. And here's the thing. I just want to answer this one question because a lot of you have been writing it. You hear me say that if you get these documents, you can share it with as many people as you want. And you can, but you're afraid. Does that mean that they can see your documents? Do they get to know everything that you've done? No, you just give them the activation code, they activate it and then they create their own account, their own password, their own name and everything they do in it. Nobody can see what they do. Nobody saw what you did. So the reason that I've done that is that it only takes one of you and then you can share it with your mother, your brother, your sister, your children, so all of you can be protected.

[Susie Orman]

Get it right away, Sally. Today.

[KT]

Today. You got only till end of today Pacific time. All right.

[Susie Orman]

All right, next question is from Kelly. She said, hi, Susie. And KT. And she said, I picked this because KT's favorite topic, the Roth. She writes the Roth.

[KT]

You have quite the reputation, my dear.

[Susie Orman]

I do. So the question is, I have $300,000 in a traditional IRA and $100,000 in a Roth IRA. I'm currently contributing 14% of my income to the Roth. Would it be better for me to continue contributing 14% to the Roth or contribute less or nothing to the Roth and instead do a traditional IRA conversion? I currently earn 69,000 a year. I'm 54 years old and I am single. What is in my best interest long term? This is from Kelly.

[KT]

Yeah, Kelly, listen to me very quickly. Why don't you do both? Do not stop contributing to the Roth by any means. Just don't do it. Why? Because you can only put so much into a Roth every year and you would be missing out on those contributions. You can convert anytime you want. I would be contributing the Roth and I would be converting little by little from a Traditional to a Roth. All right, kt.

[Susie Orman]

Okay, Susie, my last question is from Judy.

[KT]

I have to tell you, I think she says this is her last question because this is a two page. This is a real email she's about to read. So what the heck?

[Susie Orman]

I'll tell you, I think a lot of you listening have either gone through this or know someone that. Absolutely.

[KT]

She's being very serious.

[Susie Orman]

My name is Judy. I'm 31 years old. I've been listening to the Women and Money podcast since July of 2024. Good. You have an anniversary coming up.

[KT]

Judy, Better late than you.

[Susie Orman]

In March of 24, I found out I was pregnant. My husband and I were absolutely thrilled by the news and we welcomed our son in November 2024. Now ready? Listen up, everyone. Shortly after finding out about my pregnancy, my husband informed me that he was in credit card debt to the tune of about $45,000. We have a joint savings account through my bank, but we keep most of our finances separate and split household bills. My husband pays the mortgage, I pay utilities, cable, so on and so forth. Unfortunately. Ready? After he told me about the debt, we decided to take out a HELOC to cover it. Big mistake, right? Our loan is for 45,000 at a 10% interest.

[KT]

Yes, interest.

[Susie Orman]

Big mistake.

[KT]

Okay. Gone.

[Susie Orman]

I wasn't listening to the podcast at the time and I now know it isn't how I would have handled the situation.

[KT]

But that's all right.

[Susie Orman]

I do check in periodically with my husband and make sure he's making the monthly payments. But Susie, even as I'm typing this email, I know I need to be more involved. He makes about 150,000 a year. I make about 63,000. Ready everyone? Let's introduce suspect number two, my husband's mother. This is the part that's a little tricky.

[KT]

What bad habit did he learn from his mother?

[Susie Orman]

Well, she is in the process of selling her home. She's asked my husband to co sign on an apartment lease for her. I know this is one of Susie's top three red flags, so her credit score is less than 600, but I don't know exactly what it is.

[KT]

Doesn't matter.

[Susie Orman]

I do not want my husband to co sign. I have expressed this to him. There are a lot of unknowns surrounding this situation. She currently lives in a home. She cannot afford Ford. Her mortgage is $2,200 with a 250 HOA fee.

[KT]

Yeah, wow.

[Susie Orman]

Her rent in the new apartment will be 2000. In my mind, I don't feel like that is enough of a difference to feel comfortable co signing for I looked at our county's property tax records and saw that she had refinanced her current home at least twice since moving into that home in 2020. She originally bought it for 225,000 and in 2024 refinanced with a new mortgage for 279,000. My husband is an only child and his dad died from cancer in 2015. He feels like he needs to co sign his mom to help her.

[KT]

Of course he does. They're codependent.

[Susie Orman]

Listening to the podcast I listen to what what Judy's doing, everyone. And you tell me if this marriage is a little shaky. Since listening to the podcast, I've opened a savings account through Alliant. I am more than halfway to having a 12 month emergency fund. I also have a $2,000 fund in a regular savings account in case I need it for home repairs. I opened a 529 for my son that has almost $1,000 in it. I contribute to a retirement plan through my job and also to a pension. Since I work for the government. I'm trying to do everything in my power to be financially secure. She missed the word alone. I do not want to divorce my husband, but I need help. Any advice would be Greatly appreciated. You know what makes me sad? They have a brand new baby boy. He's not being respectful or honest. He's not standing in his truth with his wife. Susie, what should Judy do?

[KT]

Judy? So first of all, you're doing great on your own. And you obviously, I mean, what struck me about this email, my love, is that, did I hear it right that your husband makes like $150,000 a year and you make 63,000. So did you ever ask him what did he spend that $45,000 on? Did he ever come clean with that? Because it seems to me when somebody's making three times what you're making, essentially what is he doing? Does he have a gambling problem? I'm very serious about this. Does he have some other kind of problem or is he just like somebody who wants to show off and he takes his friends out to drinks and he pays for everything and he pretends like he has more money than he does, but he is not somebody that is responsible with money. And just because you did a home equity line of credit and he's making the payments on it, what I would be doing if I were you, because you said that, you know, you need to be more financially responsible is he is to give you the money every single month and you are going to make the payments on the home equity line of credit. And if he says why tell him because Susie doesn't trust you. Just say it that way because I don't trust him to not fall into bad habits again. I want you to check both credit reports. Is he up to date or is he not? I want you to call the company that you have the home equity line of credit with and I want you to ask them if in fact has he been on time have your payments because they're not just his, they're your payments as well. Have your payments been on time every single month or have there been late charges with those payments? So let's get you real with what's happening with that home equity line of credit. Number one, as soon as you know everything is up to date, he is to pay you and you are in charge of making those payments. Next, his mother. I'm sorry, I'm sorry that she lost her husband and he lost his father maybe 10 years ago or whatever it was. Now, however, that is the past. Guilt, shame and anger are the three internal obstacles to wealth. Guilt is not enough to have his mother not only get herself into financial trouble again, but to get you and your husband into financial trouble again because you are not going to be able to afford an extra $2,000 a month to pay for her apartment. And then he won't have the nerve to be able to say, mom, you've got to move out and then she's going to be living with you.

[Susie Orman]

I was going to say that.

[KT]

What can you do? She is to stay in the home that she has now. The difference between what she's paying right now, $2,200 a month plus 250 for homeowners association, is just $450 more a month than what her apartment would cost her. For $2,000 a month. Your husband, if he wants, should pay the difference between what she would pay renting and what she's paying now. So that's only $450 a month. If he wants to give his mother $450 a month to be able to stay in her home, fine. But something is going on with his mother as well. We have a husband and we have a mother in law that spend more money than they have coming in. They are both living a financial lie. And I say that with the utmost of love to you. You have to be the strong one because your husband is not. Your mother in law is not. It is so crazy that she has blown the equity in her home on what? So either you all need to sit down, the three of you, and have an honest financial conversation. Your mother in law, if she gets in financial trouble, you and your husband do not have the money to save her and she is getting older and older and her expenses will be increasing. So she is to stay in a home now that she owns, build up equity in that home and just be honest. But no, he is not going to co sign that loan. You are going to have an honest talk with both of them. You are going to pay for the home equity line of credit. You're going to check credit reports and you're going to stand on your own. And if your husband doesn't like it, then let him stand on his own. And he's going to find out he's a lot better with you than without you. All right, Ms. Travis, that brings us to an end here, right? Guess who's coming home today? Colo Colo comes home in just a little bit. So we're going to sign off. He's been with his wife in Colombia and so I hope he's happy to come home to his two mamas. But anyway, there's only really one thing we want you to remember when it comes to your money. And what is it? Kt? It's people first, then money, then things. And don't forget Suzy, school on Sunday. Let's see what I come up with. Until then, take care. Bye bye.

[Chorus]

We are strong, we are wise we will not apologize we are here we will thrive Together we will rise we're the little bit of faith and everything it takes we are strong, we are wise Together we will rise.

[KT]

Hi everybody. Suzy O here now. If you are looking for a way to start saving to get the most out of your money, I want you to go to myalliant.com that's M y a l l I a n t dot com and look into opening an Ultimate Opportunity Savings Account. Put in at least $100 a month every single month for 12 consecutive months. Earn 3.10% interest on your money right now and get $100 at the end. Are you kidding me? It's the best deal out there. Start saving right now.

[Narrator]

Neither Suze Orman Media nor Susie Orman is acting as a Certified Financial Planner Advisor, a Certified Financial Analyst, an economist, cpa, accountant or lawyer. Neither Suze Orman Media nor Suze Orman make any recommendations as to any specific securities or investments. All content contained in this podcast is for informational and general purposes only and does not constitute financial accounting or legal advice. You should consult your own tax, legal and financial advisors regarding your particular situation. Neither Suze Orman Media nor Suze Orman accepts any responsibility for any losses which may arise from accessing or reliance on information in this podcast and to the fullest accept extent permitted by law, we exclude all liability for loss damages, direct or indirect, arising from the use of this information. The must have documents discussed in this podcast are legal documents created by a lawyer and distributed by Hay House.