Nobody Cares About Your Money More Than You Do

Summary

Podcast Summary

Podcast: Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Episode: Nobody Cares About Your Money More Than You Do
Date: October 30, 2025
Host: Suze Orman (with co-host KT)

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Episode Overview

This episode centers on the importance of taking charge of your own finances—because, as Suze asserts, no one cares about your money more than you do. Suze and KT field listener questions on a range of topics including Social Security, mortgages, real estate insurance, cryptocurrency inheritance, Roth IRA rules, financial advisors, and the psychology of spending. Throughout, Suze stresses foundational principles of personal finance: self-reliance, planning for uncertainty, and understanding your own emotions about money.

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Key Discussion Points & Insights

1. Emergency Savings and Self-Reliance

• Suze kicks off by reaffirming the necessity of an emergency savings account as the foundation for anyone’s financial security.
  • Quote: “The government can't save you because they can't even save themselves... there isn't an excuse strong enough to keep you from being who you are meant to be.” — Suze ([05:05])

2. Navigating Financial Setbacks (Pamela Lynn’s Question, 01:32)

• Pamela Lynn, a single mom who became disabled and exhausted her savings, worries about future Social Security changes.
• Suze’s Advice:
  • Prioritize your own financial stability before your children's.
  • Open a savings account (Suze recommends Alliant Credit Union).
  • Communicate openly with family about financial realities.
  • Don’t rely on government rescue; make plans as if Social Security may not be there.
    • Memorable Quote: “Put the financial oxygen mask on your face first, then your children's.” — Suze ([02:44])

3. The Mortgage Chess Game (Jody’s Question, 06:06)

• Jody, 64, asks if he should pay off his $135,000 mortgage using Roth IRA funds.
• Suze’s Analysis:
  • Crunch the numbers: keeping funds invested in the Roth (at an expected 8% return) likely provides more monthly income than paying off a low-interest mortgage.
  • Avoid escrow accounts—manage insurance and taxes separately to retain more interest.
    • Quote: “Nobody cares about your money more than you do.” — Suze ([19:42])

4. Self-Insuring for Homeowners (Joanne, 10:00)

• Joanne, 68, considers dropping homeowners insurance as she can self-insure.
• Suze’s Response:
  • Carefully assess personal risk tolerance.
  • Given increasing severity of weather disasters, insurance is often worth it—even for those with means.
  • Suze and KT self-insure due to exorbitant Florida premiums, but it’s not right for everyone.
    • Quote: “If you can afford to self-insure, you can also afford to have insurance.” — Suze ([11:36])

5. Handling Cryptocurrency Beneficiaries (Amy, 13:06)

• Amy wants to ensure her Bitcoin can be passed to a beneficiary.
• Suze’s Advice:
  • PayPal lacks beneficiary options—consider moving crypto holdings to investment firms like public.com where Transfer on Death (TOD) designations are available.
  • Avoid probate by setting up proper beneficiary instructions.
    • Quote: “That is the real downfall of buying bitcoin and crypto at PayPal...” — Suze ([13:37])

6. Roth IRAs, Backdoor Contributions, and Pro Rata Rule (Jill, 15:42)

• Jill asks if inherited IRAs trigger the pro rata rule for backdoor Roths.
• Suze’s Clarification:
  • The pro rata rule does NOT apply to inherited IRAs.
  • You cannot convert an inherited IRA to a Roth.
  • Only earned income qualifies for new Roth contributions.
    • Quote: “You cannot convert money from an inherited traditional IRA to a Roth, you cannot do that.” — Suze ([18:57])

7. Working With Financial Advisors as a Young Earner (Bell, 19:01)

• Bell, 24, earning $100,000/year, wonders if she needs a financial advisor.
• Suze’s Advice:
  • At this stage, young people are best served by self-managing Roth IRAs or employer retirement accounts.
  • Invest in simple ETFs or S&P 500 index funds.
  • “The best financial advisor you'll ever find is the one in the mirror.”
    • Quote: “You are never powerful in life until you are powerful over your own money.” — Suze ([19:42])
    • Quote: “Nobody cares about your money more than you do. And what happens to your money directly affects the quality of your life, not this so called financial advisor’s life.” — Suze ([20:42])

8. Five-Year Roth Clock and Why Both Roth 401k & Roth IRA Matter (KP, 22:55)

• The five-year clock for penalty-free withdrawals from Roth IRAs starts only when the Roth IRA is opened, not the Roth 401k.
• Have both accounts to maximize future tax benefits.
  • Quote: “You should open a Roth IRA today to start that clock.” — Suze ([23:38])

9. Permission to Spend & Emotions Around Money (Vivian, 25:36)

• Vivian, nearly 60, considers spending $5,500 on a solo Hawaii trip but feels hesitant.
• Suze’s Insight:
  • Hesitation often signals you aren’t financially prepared.
  • Don’t spend savings unless you have a year’s emergency fund.
  • If you have to ask, “permission,” you likely know the answer.
    • Quote: “If you have any hesitation whatsoever, don't do it. Because remember, once you do something, it is already done.” — Suze ([28:45])

10. Paying Off a Low Mortgage (Irene, 29:22)

• Irene, 65, and her husband, both working, debate paying off a $50,000 mortgage at 3.125% with 7 years left.
• Suze’s Calculation:
  • Only pay it off if your annual mortgage expense is significant compared to what your $50,000 could earn elsewhere; use math, not emotion.
    • Quote: “This is not a case of the interest rate, you even owning your home outright. It's also a case of true financial intelligence.” — Suze ([30:15])

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Notable Quotes & Memorable Moments

• “Put the financial oxygen mask on your face first, then your children's...” — Suze ([02:44])
• “The government can't save you because they can't even save themselves.” — Suze ([05:05])
• “Nobody cares about your money more than you do.” — Suze ([19:42])
• “You are never powerful in life until you are powerful over your own money.” — Suze ([19:42])
• On financial advisors: “The best financial advisor you’ll ever find… is the one that you see when you look in the mirror.” — Suze ([20:20])
• “If you have any hesitation whatsoever, don't do it.” — Suze ([28:45])
• “This is not a case of the interest rate... It's a case of true financial intelligence.” — Suze ([30:15])

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Timestamps for Key Segments

• [00:00] – Emergency savings and the “ultimate opportunity savings account”
• [01:32] – Pamela Lynn: Social Security anxiety and rebuilding after setbacks
• [06:06] – Jody: The chess game of paying off a mortgage from a Roth IRA
• [10:00] – Joanne: Should you self-insure your home?
• [13:06] – Amy: Crypto holding inheritance and TOD accounts
• [15:42] – Jill: Backdoor Roth, the pro rata rule, and inherited IRAs
• [19:01] – Bell: Does a 24-year-old with $100k salary need an advisor?
• [22:55] – KP: Roth 401k vs. Roth IRA and the five-year clock
• [25:36] – Vivian: Permission to spend and emotional readiness for luxury travel
• [29:22] – Irene: Is paying off a low-rate mortgage wise?

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Episode Flow & Tone

Suze and KT keep the episode conversational, supportive, and practical, occasionally ribbing each other but always circling back to Suze’s foundational advice: Take care of yourself first, use numbers rather than emotion, and recognize that your financial security ultimately depends on you.

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For First-Time Listeners

This episode is a powerful reminder of why taking personal responsibility for your financial life matters. It’s packed with actionable, down-to-earth advice for all ages and stages. Whether you’re looking to rebuild, maximize your retirement, or simply avoid common mistakes, Suze’s compassionate but no-nonsense approach delivers clarity and confidence.

Transcript

[Suze Orman]

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.

[Katie]

So today's October 30th.

[Suze Orman]

All right, so we will just be on the plane at this point, coming.

[Katie]

Back so in time for trick or treat.

[Suze Orman]

I knew it. I knew it. I knew she was going to get.

[Katie]

In time for Halloween.

[Suze Orman]

Kt, why do you love Halloween so much?

[Katie]

Always love that holiday.

[Suze Orman]

I know, but wait, we live in a place now where nobody goes trick or treating. No, really, I want to know.

[Katie]

No, no, no. I think of the holiday of Halloween as my childhood. And it's always fun to remember. I'll never forget being a kid, one of six kids.

[Suze Orman]

All right, but do you have to remind me of it, like for the whole month going up to Halloween, do you have to always talk about Halloween? Katie, what's our first question on the Women and Money podcast and everybody smart enough to listen?

[Katie]

This is from Pamela Lynn in Chicago and she said, Ask KT Edition, gone, gone. Pamela Lynn said, I'm 55 because do.

[Suze Orman]

You all know my middle name is Susie Lynn? Do you all know that?

[Katie]

Oh, yeah, that's right. They don't know. Susie Lynn. Susie Lynn, I'm just going to interrupt.

[Suze Orman]

You this whole podcast.

[Katie]

Okay? This is from Pamela Lynn. I'm 55 and became disabled in 2019. But with the rumors about upcoming Social Security benefit changes and the current administration for 2026, I'm worried. I'm a single mom. I used up all my savings and retirement money when I got sick unexpectedly. I can't find any information to to prepare while I'm getting my other affairs in order for my son, who is still finishing college 800 miles away, living with my disabled retired parents. Help, please, with any advice. I'm rebuilding while living in an affordable woman housing program.

[Suze Orman]

Oh, boy. So, girlfriend, listen to me. There comes a day in every mother's life, maybe every father's life, every parent's life, where they have to care about themselves more than they care about their children. You know, I'm the one that created the saying, put the financial oxygen mask on your face first, then your children's when you're in the air. Because if something happens to you, who is going to take care of the children. And it seems like your main concern is to make sure that your son is okay. I think what's very important here is you can build yourself back up. Maybe you want to put $100 away by going to myalliant.com and starting the ultimate opportunity savings account. $100 every month for 12 months. They give you $100. It's a start. It's a good return on your money. But I think what you really need to do is have a talk with your son and say, sweetheart, I love you more than life itself. But as you know, I've had a really rough time. I used up all my savings and everything when I was sick and on and on. And therefore, we have to be a team. You have to learn now how to take care of yourself. And one day you may even have to take care of me. So I just want you to know that and be prepared for that. But our honesty and standing in our truth will be our strength to carry us in the future and be able to do whatever we need to do to make it happen. In regards to your comment about the current administration, about what's going on and everything, listen, I've said it many, many times. The government can't save you because they can't even save themselves. It's not about this current administration, although I really understand how many of you want me to make it about that. It's about all the administrations having not taken care of the problem of Social Security. That has been a problem for years and years. And so we just have to plan for the fact that maybe it will be there, maybe it won't be there, but you're just going to have to plan. What would your life look like if it wasn't there? And then if it's there, great. And if it's not there, great. So you have to be strong now and take all these matters into your own hand and don't look for any scapegoat or any reason as to why you can't make this happen. You know, kt, I have that saying. Do you know my saying? There isn't an excuse strong enough to keep you from being who you are meant to be. And that goes for every single person listening to the Women and Money podcast. Next question. Katie.

[Katie]

All right. I like that saying, too. This is from Jody. And Jody said, just a dude smart enough to listen with a question. I like that. So here's his question. Susie, I like how you think of finance situations as a chess game. I've often felt the same way. I try to remove myself emotionally from my situation and just look at the facts. He said, here's my move. I'm just shy of age 64. I have roughly 400,000 total in a Roth IRA, plus an emergency fund. And my. My home is worth just under a million dollars. But I'd like to think of it as my forever home. Is it worth it to pay off my home to the tune of $135,000? It would be so nice to not have a mortgage payment, even though my mortgage is under $1,000 a month, including tax and insurance. Thank you both for the fun and money information, but mostly for just giving a damn about all of us less in the money world. All right, so what's your chess move for Jody?

[Suze Orman]

So here's the thing, Jody, because KT just handed me your email. Even though you say that Your mortgage is $1,000 a month, including tax and insurance, that if you paid off the mortgage of 135,000, your tax and your insurance would not go away, it would still be there. So how much of this thousand dollars a month is probably just your mortgage payment? And given that you have a mortgage of about $135,000, I would estimate that about $562 of that thousand dollars is just your mortgage. So then the question becomes, are you ready for me to checkmate you boyfriend? Right. Is this. That 135,000 is probably in your Roth. Therefore, you would take it out of your Roth to pay off this mortgage if you left it in the Roth 135,000, and all it generated for you was 8%, which is so easy today it's not even funny. Especially if you're investing in some of the stock Sweet have mentioned that would give you $900 a month approximately in growth, which is almost double what you're getting if you use it to just get rid of your $562 mortgage. So maybe I'm wrong. Maybe your mortgage is 600, 700, 800. I doubt highly it's $900. And your taxes and insurance are only 1,000. So, bottom line, answer, don't do it. Leave everything exactly how it is.

[Katie]

All right, kt okay, next question is.

[Suze Orman]

You know the other mistake he made?

[Katie]

What's that?

[Suze Orman]

He's got an escrow account. Oh, and an escrow account. Everybody is. You pay your mortgage, plus your insurance, plus your taxes. But you could pay your insurance and your taxes on your own. So while that money is sitting there, it's making interest for the bank, not for you or your Mortgage company. So don't have escrow accounts, just pay your mortgage, pay your property taxes, pay your insurance, all separately. So you get to keep that money until your premium is due.

[Katie]

All right, Katie, next question is from Joanne. She said, here's another real estate. I own my home and I'm curious how you feel about going without ho insurance. Homeowners insurance. I am capable of self insuring for a full replacement value. I have owned homes for 50 years. So Joanne, 68, she said I spent.

[Suze Orman]

Wait, wait, she's 68 and she's.

[Katie]

She's owned homes for 50 years. So from the age of 18, she started investing in properties and homes. Wait, but listen, this is the catch. No, this is her catch. She said, I've spent a lot on insurance and I've never had a claim. But ready. Joanne lives where in North Myrtle Beach. Susie? Myrtle Beach. Just to give you big, big hurricane risk, neighborhood just like us in South Florida.

[Suze Orman]

So here's what I would tell you, Joanne, which is the hurricanes of the past, the flooding of the past, even some fires of the past were not as violent and horrific and in places as they are today. So even though you have owned homes for 50 years and you have never had a claim, doesn't mean that you're not going to. You have to really, really know that if next year another hurricane was to come through Myrtle beach, your entire home is gone. Everything in it is gone. Are you okay with that? If you're okay with that, then self insure. If you have any doubt whatsoever, you best keep the insurance. Because if you can afford to self insure, you can also afford to have insurance on your property. So do you want to save a little bit every year or do you want to save a lot in case that year a natural disaster comes on board? Now I can tell you, kt, we self insure. Mm, we just do. And the reason is that our insurance was so stupid. A 2,000 square foot condo in Florida, $28,000 a year. And if you make one claim, they will get rid of us, period. No way. I rather just pay for it out of my own pocket. So we currently are self insured on our boat, except for liability, our home on the island and our condo in Florida. But again, it would not bother us on one level if any of or all of them were taken. Just saying. All right, kt.

[Katie]

Okay, next question is from Amy. Hello, Susie and kt. I have a quick question question regarding crypto. I have about $10,000 invested in Bitcoin through PayPal in which I Buy a little each week. My question is PayPal doesn't offer naming a beneficiary. So would I just list the instructions for that account in my will, or is there a better place or way to buy crypto?

[Suze Orman]

Amy, Amy. Amy. So here's the truth. That is the real downfall of buying bitcoin and crypto at PayPal. Why they don't have a designated beneficiary and you can't do a trust with them or anything like that is beyond me. Therefore, there are other alternatives out there. So what I would do. And again, I don't know fully about this firm yet, but I'm starting to like them a lot.

[Podcast Disclaimer]

Lot.

[Suze Orman]

It's called public.com. check them out. I like all of their offerings. I like how simple it is. I like that you could buy your bitcoin right there in your account that's in your individual name and have a transfer on death account, a TOD account and name, let's say your son as the beneficiary or whoever you want to be the beneficiary and then they would get all of that bitcoin upon your death. I don't know if they currently allow you to have a trust as a beneficiary, but if they don't right now, I'm sure this is something that they're probably working on as well as owning an account as a trust. But you can solve your problem now by taking your Bitcoin from PayPal. You may have to sell it girlfriend, and pay whatever gains you have there and taking it and putting that money. Unless you could do a transfer of your Bitcoin from paypal to public.com if you like them and then go from there. But I think it solves your problem by simply doing a TOD account. Name them as your beneficiary. Therefore it won't go through probate. If it went through your will because it didn't have a beneficiary, they would have to go through probate, just so you know.

[Katie]

Next question is from Jill. Now, everybody, I'm going to be Susie for a moment. Take out your little Susie notebooks and I want you to remember these dates, especially if you're like KT and Roth ready. Hi Susan. Kt, thank you for always keeping me educated. I listened to your Roth 5 year masterclass as well as the 9-18-25 masterclass follow up questions. And I went back and listened to the 2-18-24 podcast on backdoor Ross and and the pro rata rule. Okay, everyone got that date? 9, 18, 25 and 2, 18, 24. And this is why I want you to write it down. Jill says, I still have questions. And I wrote. Me too. Jill. I've been contributing to a backdoor roth for over 14 years. My 2025 backdoor Roth contribution was. Was made this year in April. Sadly, my amazing dad passed away unexpectedly a few months ago. I just found out I will be inheriting his traditional ira.

[Suze Orman]

I know where she's going.

[Katie]

Does the pro rata rule on backdoor Roth IRAs apply to inherited IRAs?

[Suze Orman]

Pop quizzy.

[Katie]

I think the answer is no.

[Suze Orman]

Come on, kt, seriously, think about it. You know that when you have a traditional ira, all right, traditional IRA in your name and you then do a backdoor Roth, that pro rata.

[Katie]

But wait, here's the deal. It's inherited. Cnn. Ding, ding, ding. I'm so proud of you. From what you've told me in the past, I remember it, inherited means. No, it's not applicable. But then this next question. I don't know the answer. Jill said, also, as I pay taxes on the inherited IRA over the next 10 years, can I put that money in my Roth and continue making future backdoor Roth contributions?

[Suze Orman]

So I don't know how much you inherited from Daddy, but I have a feeling that you'll probably be withdrawing more than seven or $8,000 a year from there. So the question becomes, if you have earned income to the amount that you are going to want to contribute to your backdoor Roth, yeah, you could use that money for that, but you have to have earned income. If you don't have earned income, you cannot. So you just can't use that money and count it as earned income. Chances are you might not have income and he earned income, and so therefore, no, you can't do it and you can't convert money. Just so you know, kt, from an inherited traditional IRA to a Roth, you cannot do that.

[Katie]

Because you didn't earn it yourself.

[Suze Orman]

No, because it's not your IRA to convert.

[Katie]

Okay?

[Suze Orman]

It's an inherited one, so you can't convert it. There you go.

[Katie]

All right, next question is from Bell. Hi, Susie and KT. Thank you for your wonderful podcast. I am a 24 year old earning $100,000 a year. Last year, a family friend convinced me to start working with a financial advisor.

[Suze Orman]

Why?

[Katie]

Well, hold on. However, a year later, I don't think I make enough to have an advisor. Do you think I should stick with my advisor or should I invest on my own? If the latter, how can I transfer the money to A new investment account without fees. First of all, you're 24 years old. Susie, tell Bell what to do.

[Suze Orman]

Bell, let's see if I can get the ding dongs out there that are telling you what to do out of your mind. And let's ring your bell so that you are a winner, a true winner. So you're telling me that you're 24 years old, earning $100,000 a year. You did not tell me, Bill, how much money you are investing. What do you have left to invest at 100,000 a year that you're earning? You absolutely qualify for a Roth ira and hopefully you're working for a company that is offering you a Roth 401K or a Roth 403. So all your retirement contributions should be into a Roth number one for the rest of your life, by the way. And you should have both a Roth retirement account at work and a Roth IRA on your own. Now with that said, there isn't that much money that you're going to be putting into those two accounts. The Roth retirement account at work, you don't need a financial advisor for. You're just going to be putting all that money probably into a Standard and Poor's 500 index fund within there. That's it. Then the little money that you're doing as a Roth IRA, the 7,000 a year, well, that you should be doing into ETFs again, VTI, great ETF for you to do or buy slices of little stocks that we have been mentioning. Just that simple. So no, you do not need a financial advisor and you shouldn't even want a financial advisor other than the absolute best financial advisor you will ever find in your entire life. And that is the one that you see when you look in the mirror. Because again, Bel, another favorite saying of mine is you are never powerful in life until you are powerful over your own money. How you think about it, how you feel about it and how you invest it. And nobody cares about your money more than you do. And what happens to your money directly affects the quality of your life, not this so called financial advisor's life. So you might just want to give some advice to your friend who told you that what they should be doing because I have no doubt they are making a mistake as well. And what you have to do now is you have to decide where do you want to open up your Roth ira or if you have an investment account, where do you want to open that up? Maybe Charles Schwab, maybe public.com, maybe someplace. And you Simply open up the account that you want. They will contact your advisor or wherever your money happens to be and they will initiate a transfer and it will go from them directly into your account at where you opened it up. You never even have to talk or see that advisor again if you don't want to. Yes, Katie. Next.

[Katie]

All right. This is from KP. Hi Susie. I'm 55, still working and have been contributing to my retirement plan through a Roth 401k for several years. If I now open a Roth IRA as well, did the five year clock begin when I open my Roth 401k? Also, do I need both?

[Suze Orman]

Listen to me closely, KP. The amount of time that your Roth 401k is open means absolutely nothing in regards to the five year clock. With a Roth IRA, the only thing that starts a Roth IRA time clock is a Roth IRA. So did the five year clock begin when I opened my Roth 401K? No, it did not. Not for a Roth IRA. So do you need both? Oh, you bet you, you do. So you should open a Roth IRA today to start that clock. Because there will come a day when you want to take the money that's in your Roth IRA 401k and put it where? Into your Roth IRA. And if you do so and you're over the age of 59 and a half and that Roth IRA has been open for at least five years, your penalty for the five year time clock has been met. So you don't care. At that point, all the money is yours.

[Katie]

So Susie, why Does a Roth 401 even have a time clock?

[Suze Orman]

Oh, you are so smart. That is such a great question. I can't even stand it. Seriously. Because sometimes people have a Roth 401K and now they've had it for like eight years at an old employer's place and now they're moving to a new employer that has a Roth 401K and they want to transfer that money from their old 401k to their new 401k. Now their new 401k, Roth takes on the time clock of the old one. So let's say they want to take money out of their Roth 401K. That's when the five year time clock hits. If it's still in a Roth 401k and maybe they leave it there forever, that's when the time clock hits matters. Because not everybody takes their money from their 401k and does a Roth IRA with it. Next question, Next question.

[Katie]

Susie is from Vivian. Hello Susie. I'm a single woman turning 60 in November, and I've been thinking about taking a trip for the first time alone and thinking perhaps Hawaii to celebrate this milestone. Over the years, my circle of friends has shrunk, but most are married with husbands, kids, grandkids. And over the years, people just grow apart, I guess. Anyhow, I have the means to travel and stay in a luxury resort if I choose to. My question is this a nice luxury stay in Hawaii could run me approximately $5,500 for five days. I have savings, but as a single woman, I'm hesitant to dip into my savings. I could use that money for home improvement or continue to keep saving toward my future emergency retirement someday. I live in California, so there's plenty to do here as I live on the coast. But the thought of going somewhere different sounds refreshing too, from a financial standpoint. What's the wisest decision? I'm my only source of income, so it's completely on me to fund this trip.

[Suze Orman]

All right, kt, pop quizzy. Should she or should she not do this?

[Katie]

No, don't do it because you're not ready. She's not ready.

[Suze Orman]

She's ready. Emotionally, she absolutely is.

[Katie]

Financially, she said a financial, you know, decision.

[Suze Orman]

Give me the reasons why you're denying her.

[Katie]

She said she might want to do some home improvement on the house, use that money.

[Suze Orman]

But she said she has the means.

[Katie]

Don't do it. I don't think she should go. I think she's going to feel guilty. She could get to Hawaii. She should have lousy weather for a week. And then she's going to say I wasted $5,500.

[Suze Orman]

That's your reason?

[Katie]

You know what?

[Suze Orman]

Stop. Stop.

[Katie]

All right. What do you think?

[Suze Orman]

You've got it right, but not for the right reasons. She's afraid, she's hesitant. Okay, all of those words. However, she's her only source of income. She said one thing that did it for me, right? I could use that money for a home improvement. Okay. Or continue to keep saving towards my future emergency retirement someday. She used the word emergency.

[Katie]

She doesn't have an emergency fund.

[Suze Orman]

She doesn't have, I don't think, a one year emergency fund.

[Katie]

So don't do it.

[Suze Orman]

The words emotionally, everybody, that should have given you pause where I'm hesitant to dip into my savings. But what's interesting again, kt, this is where my theory that most people never ask when you're asking permission to do something with money, not you're asking, does the five year rule work?

[Katie]

Permission to spend money Permission to spend.

[Suze Orman]

Spend money. You already know the answer to that question or you would not ask me. You would know. And I want all of you to know. I want you to know your own thoughts. I want you to ask yourself the question, how does it make me feel? Does it make me feel a little bit afraid? Does it not? How does it make you feel? And if you have any hesitation whatsoever, don't do it. Because remember, once you do something, it is all ready. Done. Last question.

[Katie]

KT okay, this is a short one. This is from Irene. She said, please advise. Susie. Our mortgage is 3.125% with a balance of $50,000 with seven years left. My husband is 68 and still works. I'm 65 and I work. We have the money to pay off our home in full. Just wondering if paying it off is wise since the rate is so low. Your input is valued. Ask me a pop quizzy.

[Suze Orman]

Pop quizzy.

[Katie]

Pay it off.

[Suze Orman]

Why?

[Katie]

Because I think Irene would never feel as good as owning her home outright. They're still young enough, they're working, and it's $50,000. I think they should do it instead of paying off seven years.

[Suze Orman]

Irene, here's what I want you to do so you can answer this question on your own. I don't know what your mortgage payment is, but you do. Let's just say for fun, it's $1,000 a month. Let's just say that's true. That's $12,000 a year. The $50,000 that's in your account would have to earn what to make $12,000 a year or $1,000 a month? It would have to earn 25% a year to make that much money. So should you take $50,000 out to pay off your mortgage and save yourself $12,000 a year because in four years you would be able to replace that money in your account, then you should absolutely do it. So once again, this is not a case of the interest rate, you even owning your home outright. It's also a case of true financial intelligence. If your mortgage payment was $100 a month and it's only going to save you $1,200 a year, then you're better off keeping your money invested, the $50,000, because it could easily make you $4,000 a year. So that's how you are going to figure out what you should do in your particular situation.

[Katie]

KT that's a wrap.

[Suze Orman]

I'm sure that somewhere we're getting closer to the United States at this point in time, as we are returning to Florida. So our next podcast will be us back in Florida. Are you excited about that, kt?

[Katie]

Yeah, I am excited.

[Suze Orman]

Right? Do you think we had a good time?

[Katie]

We'll have to see on diets. No Halloween candy for you, Susie.

[Suze Orman]

Oh, here we go. All right, Everybody. So until November 2nd, when it will be a Suzy School. Just so you know, there's only one thing that we want you to remember in life, and that's this. Happy Halloween. All right, everybody.

[Katie]

Bye bye.

[Suze Orman]

See you soon.

[Podcast Outro Singer]

We are strong, we are wise we will not apologize we are here, we will die so 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.

[Suze Orman]

Hi, everybody. Suzie 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 a hundred dollars at the end. Are you kidding me? It's the best deal out there. Start saving right now.

[Podcast Disclaimer]

Neither Susie 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.