Do You Have Faith In Who You Are?

Summary

Episode Summary: Do You Have Faith In Who You Are?

Podcast: Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Episode Release Date: October 5, 2025
Host: Suze Orman
Co-host: KT
Episode Theme: This episode dives into the power of faith in yourself as the foundation for both personal and financial well-being. Suze guides listeners to examine their emotional relationship with money, emphasizing that true financial security is built not only on external choices but internal beliefs. The episode is structured around listener questions, offering clear, actionable advice on topics ranging from inheritance to trust documents, advisor fees, and more.

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Main Discussion Points & Insights

1. Faith in Yourself and Your Financial Decisions

• Suze and KT start by reflecting on personal experiences with fear and decision-making, particularly when facing uncertainty after life changes, such as divorce or death of a parent.
• Suze responds to a letter from Susan, a listener who transformed her life but feels anxiety about spending. Susan’s story serves as an anchor for the episode’s core message:
  • "You are not destined to live that outcome. You have the power to create your own outcome... You have to make decisions where you stand in your truth. You don't live another person's truth. You have to live your own truth." (Suze, [06:36])

2. Listener Q&A: Personal Finance Scenarios and Solutions

a. Balancing Security, Spending, and the Unknown

• Suze addresses anxiety about spending after hardship, recommending listeners trust themselves when making financial decisions if their choices are grounded in their own values.
  • "Stop coming up with all these things about ‘help me spend, help me do this.’ You know what's right, you know what's wrong. And you have to have faith in who you are and value your own self-worth..." (Suze, [08:24])

b. Evaluating Financial Advisor Performance

• A listener named Sam seeks advice after discovering his advisory-managed returns lag behind the S&P 500 while incurring a 1.22% fee.
  • Suze stresses only to compare equity holdings to S&P 500 performance and highlights the importance of knowing exactly what you’re paying for:
  • "You can keep your money safe and sound by yourself…what you really are paying a financial advisor for, in my opinion, is how much are they making your money grow and what are they charging you for it?" (Suze, [11:01])

c. Home Ownership and Estate Planning

• Maricel asks about leaving her share of a jointly owned home to her son:
  • Suze explains the importance of changing ownership from "joint tenancy" to "tenants in common" to ensure each share is passed according to individual wishes.
  • She also recommends the Must Have Documents package for legal protections.
  • "If that happens…and you die first, it goes to your brother…then your son might not get anything. Therefore…you should own it in tenants in common..." (Suze, [12:10])

d. Avoiding Probate: IRAs, Trusts, and Beneficiaries

• Sheila is overwhelmed about what assets go through probate:
  • Suze breaks it down: anything with a named beneficiary (e.g., IRAs, life insurance, certain bank accounts) avoids probate; real estate usually does not, unless held in a trust.
  • "A house…usually will go through probate because it’s held in your individual name. So you want a house that's held in the living revocable trust..." (Suze, [14:12])

e. Understanding Roth IRA Five-Year Rule

• Tina received conflicting information about Roth IRA clocks from a Fidelity rep.
  • Suze clarifies the rule: the five-year clock for Roth IRA withdrawals starts at the beginning of the year the account is opened, regardless of the actual open date.
  • "You can open up a Roth IRA for the first time December 31...The clock will have been deemed to have started January 1..." (Suze, [17:09])
  • Suze warns listeners not to blindly trust advice from financial professionals and to double-check information.
  • "Just because somebody works for a major brokerage firm does not mean they know what they are talking about..." (Suze, [18:10])

f. Market vs. Limit Orders in Stock Trading

• Sue asks for clarification on stock order types:
  • Market orders are executed immediately at the current price; limit orders execute only at your specified price.
  • Suze provides step-by-step guidance to empower beginners in self-directed trading.
  • "If you enter a market order...you have no control about the price. Whatever the market bears...However…a limit order…you only want to buy or sell at a specific price…” (Suze, [20:16])

g. Misunderstandings About K1 Forms and Roth Conversions

• Deanna confuses ‘K1 conversion’ with Roth conversions.
  • Suze explicates that K1 forms are for partnerships, not retirement accounts. To avoid taxes on retirement funds, start with a Roth (not a traditional pre-tax account).

h. Critical Illness Insurance

• Michelle considers voluntary critical illness insurance through her employer.
  • Suze explains it as a lump sum payment upon diagnosis of certain illnesses (e.g., cancer, stroke) and discusses pros, cons, and the need to review policy details for coverage, waiting periods, and exclusions.
  • "The devil is in the details." (Suze, [26:28])

i. Starting to Save Later in Life

• Adrian, 51, asks how to begin saving after years of inaction and debt.
  • Suze encourages tackling outstanding debt first (especially student loans and credit cards) before aggressive saving.
  • "Don't think about saving for your future until you have taken care of your mistakes of the past." (Suze, [27:54])

j. Titling Assets in Trust vs. Naming Trust as Beneficiary

• The final question examines the difference between titling assets in a trust versus naming the trust as a beneficiary.
  • Suze details how assets in a trust with an incapacity clause are more accessible for care in life, not just to avoid probate upon death.
  • "A trust can serve more than just the purpose of bypassing probate. It can serve for you to take care of yourself when you can't do it for yourself." (Suze, [29:21])

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Notable Quotes & Memorable Moments

• On breaking the mold set by parents:
  • "Just because something happened to a parent...that is not your future. You have created your future." (Suze, [07:30])
• On self-reliance and truth:
  • "You have to have faith in who you are and value your own self worth over anything else and to always stand in your truth and nobody else’s." (Suze, [08:24])
• On investing:
  • "What you really are paying a financial advisor for, in my opinion, is how much are they making your money grow and what are they charging you for it?" (Suze, [11:01])
• On learning from professional mistake:
  • "Just because somebody works for a major brokerage firm does not mean they know what they are talking about." (Suze, [18:10])
• On the purpose of the podcast:
  • "The biggest mistake you will ever make is the mistake you don't even know that you are making." (Suze, [31:20])
• Suze’s recurring mantra:
  • "People first, then money, then things." (Suze, [32:58])

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Key Timestamps

• [04:38] — Suze's story about fear, parental outcomes, and shaping your own destiny
• [09:06] — Comparing financial advisor performance to S&P 500
• [11:37] — Why and how to change deed titling on a home for proper inheritance
• [14:12] — What assets go through probate and how to avoid it
• [17:09] — Clarifying the five-year Roth IRA rule (and why not all financial reps are reliable)
• [20:16] — Market vs. limit orders explained
• [24:19] — The ins and outs of voluntary critical illness insurance
• [27:41] — Starting a saving journey after 50: prioritize debt, then save
• [29:11] — The deeper reasons for trusts beyond avoiding probate

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Takeaways for Listeners

• Have faith in your decision-making, and don’t let your past or others’ outcomes dictate your financial future.
• Take ownership of both mistakes and victories—clean up past debt before trying to save, and always double-check information, even from professionals.
• Understand your legal documents and how your assets are titled, especially regarding inheritance and incapacity.
• Ask questions, seek help, and utilize resources like the Must Have Documents and Suze’s community app.
• The Women & Money Podcast is there to help you catch the mistakes you don't even realize you might make.

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Closing reminder:

“People first, then money, then things.” (Suze, [32:58])

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This summary covers all major advisories, answers, and powerful moments in the episode, offering actionable wisdom in Suze Orman’s straight-talking, supportive style. Perfect for new and returning listeners alike!

Transcript

[A]

Hi, everybody. Suzio here. Now, what is the goal of money? The goal of money is for you to be secure. And there is no better way for you to be secure than having an emergency savings account. It is essential for your financial foundation. So all of you should be participating in the Ultimate Opportunity savings account at Alliant Credit Union. Go to myalliant.com to find out more. And be secure.

[B]

Hey, surprise, everybody. It's KT in the house on Sunday. You thought Sunday school was going to be Susie, but no, she took my space on Thursday, so I'm here on Sunday and I'm going to do the whole show. We don't even know if we want to ask her any questions.

[A]

Well, how about if I ask you a question like, what's the date?

[B]

October 5th.

[A]

And where are we? What is this? The women and what kt?

[B]

They all know?

[A]

No, they know.

[B]

This is the Women and Money podcast and everyone's smart enough to listen.

[A]

And this is now not Susie's school.

[B]

Because I ask KT and Susie anything.

[A]

And if you have a question, all you have to do is send in an email to asksusiepodcastmail.com and if KT picks it. Oh, we will answer it on this, this podcast. Are you ready, Ms. Thomas?

[B]

I'm ready. Go get a cup of coffee, everyone. Here we go on Sunday.

[A]

All right, ask me your first question Sunday.

[B]

Okay, first question is from Susan. It's a long one, everybody, so get cozy. Hi, Susan.

[A]

Kt, is it a question or a statement?

[B]

It's both, but it's good. I want to read. What? How you changed your life. You guys have become part of my weekly life for the past four years.

[A]

Poor baby. I get how you feel.

[B]

As I think of it, I became a regular Women and Money podcast junkie. Ready? Shortly after 30 years of marriage ended.

[A]

Oh, don't tell me another one. I caused another divorce.

[B]

She does all the time. But you know what? These are happy endings. After all, we lived a middle class life. But at age 57, we were still having to borrow money from my future inheritance. And each month not making ends meet through you, divorcing a financial sabotaging husband, finding a great business coach, and getting a $900,000 inheritance. I am now on my feet again. Day by day and step by step.

[A]

I love that.

[B]

Wait, I got to finish. This is long. I doubled my net income from my geriatric care management business and I have been able to keep my. It is a home that brings me joy and allows me my out of state adult Children to have beds and a reason to come home. No one in my family thought I would be able to do it. I felt I had no support except for my weekly episodes of Susie and Katie. She said I'm person's name.

[A]

Woman's name.

[B]

Susan.

[A]

Oh, of course, Susan.

[B]

She said, I'm not exaggerating to say that because of you I grew financial self esteem. Don't you love that? Then she goes on, keeps giving us all this praise, but I'm going to cut to her question, but here is where I. Oh, I like the praise. Wait, wait, wait.

[A]

Keep going.

[B]

She said, here is where I am stuck. I get scared when I spend my money. Don't get me wrong, I do it but wonder if or when I am being irresponsible. How does one balance out living for the future, enjoying your money for things that bring you Joy. I am 61 years old. I don't have plans to retire because I love what I do. But since I'm not married and a business owner, if I am unable to work, my salary stops. Another confusing life lesson is that I had one parent who died at age 50, the other who died at 92. So I have seen two different endings. One for someone who didn't get all she wanted in life and the other who was able to get gold standard care. And at the end, because he worked and saved. Life can be long and life can be short.

[A]

Tell me about it. All right, so you know, here's what's funny, Susan, is that my father died at 71. My mother lived until 97 and really would have lived a whole lot longer if she had wanted to, but she didn't. So she stopped eating for an entire month and stopped drinking and that was it. And so she took her own power, as my mother would be known to do anyway. But I lived my life in total fear that I was going to be exactly like my father, that I was going to have one failure after another failure. I was never going to make money. I was going to always be sick or whatever because he was with emphysema. And I thought that's how I was going to end. And for some reason I modeled myself after that versus my mom. Don't know why, but that was my greatest fear in life. And then as time went on, because I was only 30, something like 31 when he died, what was fascinating is that my life wasn't like his at all. And that's when I really started to learn just because something happened to a parent, a grandparent, anybody else that you're related to. You are not destined to live that outcome. You have the power to create your own outcome. Now, I'm not talking necessarily about health, because there are some health things that are genetically passed down, but normally that's not what scares us. What scares us is they died poor, they died rich, they died this. They had money, they didn't have money, they fought, they didn't fight for you. What's really important is for all of us that are listening right now, good relationship, bad relationship, doesn't matter that you need to make decisions where you stand in your truth. You don't live another person's truth. You have to live your own truth. And you have to make decisions based on what you think, not what anybody else thinks. Just a little side story here. My little niece Sophia, who I love more than life itself, just turned 26. And every single year I write her an email. And she waits for the email from Aunt Susie with a life lesson. And for this email that I sent her, I said, I don't know what other advice I can give you except to know your own thoughts, to stop asking, what do you think? What do you think? And know what Sophia thinks. And that's true for all of us, regardless of any age. So therefore, my first thing that I would say to you is that you have to not be afraid. You made it this far. You made decisions on your own. Whatever it is, you don't need to be scared. You don't need to be stuck. You can just do what you think is right. If you know it's right, then spend the money. If you know it's wrong, then don't spend the money. We all know when we should be buying something and when we should not at any level. And the thing again about you being afraid because you had one parent do this and one parent do that, Susan, that is not your future. You have created your future. That you've done one of the hardest thing anybody can do, that after 30 years, girlfriend, you left somebody because it wasn't right for you. So stop it. Just stop it already. Stop coming up with all these things about help me spend, help me do this. Da, da, da, da. You know what's right, you know what's wrong. And you have to have faith in who you are and value your own self worth over anything else and to always stand in your truth and nobody else's. All right, kt Next.

[B]

Next one is from Sam. Hi, Susie and kt. Hi. I took your advice from Thursday's ask Susie and KT podcast and reviewed my 401k rollover returns advisor managed and compared it to the S and P returns over the same period of time. That's great.

[A]

That was my advice.

[B]

I know it was your idea. You told everyone to do that. My returns were about half of that of the S and P, and I'm paying My Fidelity Advisor 1.22%. Is this my wake up call to get rid of my advisor and put it all in the S and P? It's about half a million dollars and I'm 57 years old.

[A]

Listen to me, everybody. When I said that the other week on the podcast, did you not hear me say that if 100% of your portfolio is in equities, then you can compare that return to the Standard and Poor's 500 index and you'll know how your advisor is doing for you. Sam, I don't know how your advisor has invested. Your money was half in stocks, half in bonds, was 3/4 in treasuries and a quarter in stocks. So all of you, when you're going to compare how your advisor is doing, take the portion of your money that happens to be invested in just stocks and compare that to the Standard and Poor's 500 index. Because the truth of the matter is you can keep your money safe and sound by yourself in money market accounts or Treasuries or bonds. But what you really are paying a financial advisor for, in my opinion, is how much are they making your money grow and what are they charging you for it?

[B]

All right, kt, next question is from Maricel. Hi, Susie and kt. Susie, I hope you can clarify something for me. My house is paid off and me and my brother own it. I'm 61 years old. My brother is 51. I would like to purchase the must have documents. And if I do the trust and how do I change the deed if it's in both of our names? I want to leave my half to my son when I pass. Your help is much appreciated.

[A]

So, Marcel, this is what you really need to understand. Most likely what's going on in your life right now is you and your brother probably own that home in what's called joint tenancy with right of survivorship. Because that's just how people do it. All right? Which means if one of you dies, it goes to the other one immediately without probate. The only problem with that is if that happens, and let's say you die first, it goes to your brother, he then dies. That whole house is governed by his trust or his will, and it goes to Maybe his children. And now you have disinherited your own son. So if that were to happen, then your son might not get anything. Therefore, first of all, you should own it in tenants in common, which means you both own it. But when one of you dies, it's governed by your will or your trust. It doesn't pass to your brother, it's just that simple. And then your son was would own it with your brother. If you have the must have docs, and for everybody who doesn't know, the must have docs are a will, a trust, an advanced directive, a durable power of attorney for health care, go to musthavedocs.com they are legal documents good in all 50 states. You can get them right there. And they're $99, 2,500 worth of state of the art documents. $99. However, you can own it in trust when it's tenants in common because it's just year half. So therefore your half would be owned as Maricel trustee for the Maricel living revocable trust, dated da da da da. But it would be held tenants in common within the trust. Just that simple.

[B]

Next question is from Sheila. This is another one about a house in probate. Can I just add my house to the trust and leave my Roth IRA and four 401k and bank accounts under beneficiaries? Is it true that the house will only go to probate and the other accounts do not? I feel very overwhelmed. This is from Sheila.

[A]

Oh my goodness.

[B]

She said, thank you for making me financially literate.

[A]

Sheila, you don't have to feel overwhelmed. This is really so easy for you to understand, my love. Whenever an asset has a designated beneficiary, an ira, you can leave a beneficiary. And if you name the person as a beneficiary, of course it avoids probate because you've named somebody. Obviously if you have an insurance policy has a beneficiary goes right to them, avoids probate. A bank account you could do, a pay on death account you name a beneficiary goes right to them. Now that beneficiary could also be the trust, just so you know. But what you say is true. A house, on the other hand, usually will go through probate because it's held in your individual name. So you want a house that's held in the living revocable trust. Sheila, trustee for the Sheila revocable trust, dated whenever you happen to do it. And then you leave it to whoever you want and therefore it bypasses probate. Just that simple. All Right.

[B]

Next question's from Tina. She said, yesterday I was on a chat with a Fidelity representative discussing opening a contributory Roth ira. At one point, I asked them to confirm that the five year waiting period would start as of the beginning of this financial year. I was told that the clock would start ticking the date the account was open. Has the rule changed or was I misinformed by the representative?

[A]

What? What? What?

[B]

It says quizzy on that.

[A]

You took my quizzy that I was going to give you. That was in a pile of paper and you happened to take it.

[B]

I can answer. Was it? Want to wait till the end for me to answer that?

[A]

No, but this was going to be my quizzy for you, which is when does the five year clock start? When you first open a Roth ira? Quizzy. Do you all know the answer to it? Tina was told that the clock would start ticking the date the account was open, but she thought it was at the beginning of the financial year. So she wants to know, has the rule changed or was I misinformed by the representative?

[B]

Kt when the account is opened, without a shadow of a doubt, pretty much.

[A]

Yep. So she opens it in June 5th, my birthday. The clock starts June 5th, I believe.

[B]

So it does start in the beginning.

[A]

Listen, everybody. You can open up a Roth IRA for the first time, December 31, 2025. The clock will have been deemed to have started January 1, 2025. So the truth of the matter is you only have four more years, really in actual time to qualify.

[B]

So everyone should open it up at the end of the year.

[A]

Not necessarily, but it's just because you also want to take advantage of of tax free growth. However, something very important about this email. A representative at a major brokerage firm gave this woman 100% incorrect information. And if she hadn't been listening to the Women in Money podcast, if she hadn't already had direct knowledge and had been told other than that, she would be operating on the wrong assumption. So be very careful. Just because somebody has the designation of financial advisor, just because somebody works for a major brokerage firm does not mean they know what they are talking about. Because chances are they may not. All right, I didn't know you don't work for me.

[B]

Next question is from Sue.

[A]

But that's an example.

[B]

Katie.

[A]

Yeah, I like people might think you know, because we're together.

[B]

Oh no, I tell them I don't know.

[A]

But if they had asked you and you had said no, da da da da, just like you did with such certainty, they might believe you. All right.

[B]

So you got. That means you got to double check for yourself, everybody.

[A]

Yeah.

[B]

All right. This is from Sue. Hello, Susie and kt. I hope you're having a great day. Are we having a great day?

[A]

Actually, I have to tell you, we.

[B]

Have pretty great day. I am new to buying individual stocks and I'm not quite sure about the order type. When buying, I have to choose. And she gave me two examples. She said market and limit. Susie, could you explain what these mean and which one would you recommend? Thank you so much for sharing all of your knowledge. I don't know what that means. Market and limit.

[A]

Yeah. When you go to buy a stock on your own, you're online, you've gone to the brokerage firm, and now you want to enter an order when you go to the place that you do. So the very first thing they're going to ask you to enter is the symbol of the stock that is in question here. The next question is, are you going to buy it or are you going to sell it? You will put buy if you want to buy it, you will put sell. If you already own it and you want to sell it, then they will ask you, well, the number of shares that you want to buy or you want to sell and you will enter that number of shares and then they will tell you if you have enough money in your account if you want to buy it to buy that number of shares. Now, stocks trade all the time when the markets are open and even sometimes when the markets are closed in after market hours since the price goes up and down and up and down. If you enter a market order either to buy or sell, what that means is that no matter what it is trading at, you are definitely going to buy it at that price. You have no control about the price. Whatever the market bears, the second they get that order, that is the price you are going to get. So you know, 100% for sure you're going to buy or sell that stock. You just have to wait a few seconds to see what was the price that you got. However, maybe you only want to buy or sell it at a specific price. You do not want to just enter and say buy it at any price. You only want to buy it at a specific price, and that's known as a limit order. You have limited the price that you are willing to buy or sell at. You enter that price, it goes to the trading desk, and then maybe it's filled and maybe it's not, because if it doesn't trade at that price, then your limit is not filled. Just that simple. They also might ask you, by the way, is this a day order? Is this only good for the day and then it cancels, or is it a good till cancel order, which means that order stays in effect until you physically cancel it. That's what some of the terms mean.

[B]

Okay, a little confusing, but there was not.

[A]

That was the clearest explanation you would find anywhere. What are you talking about?

[B]

Buy, sell, buy, sell. Okay, next question's from Deanna. Hey, susie. What's a K1 conversion? Is this the best way to not pay taxes on my pre tax 401. How do they work? Do you. I never heard of a. First of all, I don't think there's a best way not to pay taxes on anything.

[A]

That's my girl. So, Deanna, you're confused. There's a Roth conversion. There's no such thing as a K1 conversion. And the best way to not pay taxes on your pre tax 401k, never have had opened one to begin with because you would have opened a Roth 401K and then you never would have paid taxes on it. Just so you know, a K1 form, when you make an investment that happens to be a limited partnership or a subchapter, whatever it may be, some partnership with you, a K1 is simply a tax form that reports your income, your deductions and credits from a partnership. That's it. That's all a K1 happens to be.

[B]

All right, this is from Michelle. Hi, KT and Susie. It's almost open enrollment time for benefits with my employer. They are offering a new benefit this year called Ready for this? Voluntary critical illness insurance.

[A]

Yep.

[B]

Never heard of that. It provides a lump sum payment of 10, 20, or 30,000 with increase in premium for each tier if me or my spouse are diagnosed with one of the covered illnesses. Have you heard of this? And if so, what do you think of it now? Michelle's 55. The husband's 61.

[A]

All right.

[B]

You like this, do you? I don't even know. I mean, what kind of illness would I get? Like, what happens if I get Covid?

[A]

No.

[B]

So he said voluntary critical illness insurance.

[A]

Normally, critical illness insurance isn't necessarily Covid, kt. It's really more like a heart attack, a stroke, cancer. Something that really is going to do you in. It's critical. It's that, okay. And what you do is you get this lump sum of money and in fact, you can use it for anything that you want. It's not like health insurance or whatever that you have to use it for this and that. You can use it to pay your bills. In many cases, you could take a trip with it. You could do whatever you want. And the premium for it is more expensive. If you get $20,000 versus 10, $30,000 versus 20 and they give it to you in one lump sum and it's tax free.

[B]

Ooh, I like that part.

[A]

So at their age, it's not a bad idea. Because not only can she insure herself, usually the spouse is insured as well.

[B]

So what's the catch on something like this? It almost sounds too good to be true.

[A]

Everything is. Now here's the thing, everybody. After the age of 61kt, your premiums tend to go higher and higher because the more of a chance that you have to come down with something, the more they charge you. Also, not all cancers, not all heart conditions qualify. So you have to ask before you buy this. Well, what kind of cancers?

[B]

How critical do I need to be?

[A]

Right? Any cancers, what are they are. Also, is there a waiting period? Because sometimes they have a 30 to 90 day waiting period before coverage will kick in. And if you have a pre existing condition, some policies will exclude them. So you gotta ask questions about this before you just go ahead and sign up, get the details. The devil is in the details.

[B]

Yeah, I think for me, when I read it, a critical illness sounds like you're not going to recover.

[A]

I don't know. You have to just.

[B]

That's the first question I would want to know. Okay, next question I have here is from Adrian and Adrian asks. Hi, Susie. I've made the mistake of not saving throughout my lifetime. And even though I married, my husband was never my financial provider. I'm 51 years old. I plan.

[A]

Don't tell me I caused another divorce.

[B]

No, no, no, I don't think so. With that being said, how do I start to save in a way that is beneficial to me at my age? When in all honesty, I am just realizing I have to start to take care of me.

[A]

Maybe a divorce coming soon, I think.

[B]

Coming soon. Yes, I have a student loan. The mortgage is another topic. And I know my issues in debt, but I want to buckle down before I look up and I cannot. I am reading your book Women and Money. So is that enough to get me started?

[A]

Listen, it's a start. I'll tell you, the book Women and Money is an absolute start. Listening to the Women and Money podcast, however, twice a week is even a better start. But you have to start making smart decisions with your money. I just heard kt, say you have student loan debt at the age of 51. You have credit card debt at the age of 51. Whatever those reasons are, you first have to tackle your debt. Don't think about saving for your future until you have taken care of your mistakes of the past. Now, I'm not saying to you that a student loan is a mistake, but an unpaid student loan is a serious mistake because they aren't dischargeable, currently in bankruptcy. So you take care of yourself or one step at a time. Don't plan for the future until you have cleaned up your past. Contribute, obviously, to only Roth retirement accounts, especially if they match your contribution. And little by little, you can do this. It's not that hard. All right, kt.

[B]

So, Susie, my last question is short but sweet. What's the difference between titling your financial asset in your trust and naming your trust as a benefit beneficiary?

[A]

That's actually a good question.

[B]

Yeah, there we go.

[A]

Right, listen to me, everybody. Your only concern should not be, do my beneficiaries get this asset without probate? Because so many of you think that the only reason for a trust is so that the asset will bypass probate. Wrong, wrong, wrong. If your asset is in a trust, and a trust that has an incapacity clause, like the trust of the must have documents happens to have, you have a stroke, something happens, you get hit by a car, whatever it is, then the house or your asset is already in trust, you have named a successor trustee, the person that you designated to make decisions if you yourself couldn't make them, and then that person can take care of everything. If the house is not in trust or your assets are not in trust, but the trust is the beneficiary, something happens to you, they can't write checks for you, they can't help you, they can't do anything. They only benefit when you have died. A trust can serve more than just the purpose of bypassing probate. It can serve for you to take care of yourself when you can't do it for yourself. All right, everybody. And again, every single one of you. You know, I was talking to KT this morning about if you have any good ideas, let me know because we're redoing our website. And so KT is featuring the Women and Money podcast, and she's looking for a sub for it.

[B]

A description? No, no, no. A description.

[A]

Like, how do you describe.

[B]

How would you describe, in two sentences, the Women and Money podcast without it being boring and typical? We want something that. That really sets this apart. So if you have a good descriptor, let us know.

[A]

Go to the Women and Money community app or even send it in on asksusypodcastmail.com say, idea, idea, we'll see it. But anyway, I was telling her when she was asking me this, I said, you know, Katie, can't we do something like, the biggest mistake you will ever make is the mistake you don't even know that you are making. Because I really believe from my heart, everybody, that one of the things the Women in Money podcast does, it keeps you from making mistakes. Mistakes that your financial advisor and a major brokerage firm told you, which would have been a mistake, a mistake of many things. So I don't want you to make mistakes. So write in what you think that just.

[B]

It's called a description.

[A]

So what? The descriptor, the descriptor for the Women and Money podcast. And if we happen to choose, I'll.

[B]

Send you a prize.

[A]

We'll send you something seriously, something great. Something really great. Because, you know, I just want to say one other thing. The book I wrote, the Young, Fabulous and Broke Book, that title came from somebody who was listening to the TV show or my radio show, something.

[B]

We made a contest, I think, and.

[A]

We chose it and we sent them a gift as well. So let us know and maybe we'll send you a little gift. There's really only one thing we want you to remember when it comes to your money, and it is this.

[B]

People first, then money, then things.

[A]

Now you stay safe, stay healthy, and make sure you make your money, make more money. All right, everybody, till then, know we love you.

[B]

Bye bye.

[C]

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.

[A]

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 my a l l I a n t dot com, and look into opening an ultimate opportunity savings account. Put in at least a hundred dollars 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.

[D]

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 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.