MR. ROKER, YOU HAVE GREAT GUEST WITH GREAT TIPS, SUZE ORMAN.
>> THAT’S RIGHT.
LAST NIGHT FIRST ROUND OF
STIMULUS CHECKS SUPPOSED TO BE
DEPOSITED INTO BANK ACCOUNTS.
SUZE ORMAN HERE.
AUTHOR OF "NEW YORK TIMES" BEST
SELLER "THE ULTIMATE RETIREMENT
GUIDE FOR 50 PLUS" AND HOST OF
THE SUZE PODCAST.
GOOD MORNING AND THANKS FOR
BEING WITH US.
>> ANY TIME, AL.
GOOD TO SEE YOU.
I DRESSED TO MATCH YOU TODAY.
>> THERE YOU GO.
WE’RE WEARING BLUE IN HONOR OF
THE FRONTLINE WORKERS.
SO THE STIMULUS PAYMENTS
EXPECTED TO HIT TODAY, HOW LONG
SHOULD THIS PROCESS TAKE IF YOU
HAVEN’T GOTTEN IT TODAY, DO YOU
THINK?
THINK? >> HERE IS THE THING.
IT DEPENDS DID YOU FEEL 2018 OR
2019 TAXES?
2019 TAXES? BECAUSE THOSE WILL BE THE FIRST
PEOPLE THAT GET IT.
DOES THE IRS HAVE YOUR
INFORMATION FOR DIRECT DEPOSIT?
BECAUSE IF THEY DON’T HAVE THAT,
AL, THEY ARE GOING TO HAVE TO
MAIL YOU A CHECK.
THAT COULD EASILY TAKE UP TO
FIVE MONTHS.
FIVE MONTHS. SO IF I WERE ALL OF YOU, I WOULD
GO TO IRS.GOV AND CLICK ON WHERE
IT SAYS GET MY PAYMENT.
CHECK THAT OUT, EVERYBODY.
THERE YOU CAN UPDATE YOUR
INFORMATION.
INFORMATION. YOU CAN PUT IN YOUR BANK ACCOUNT
INFORMATION, AND IT WILL TELL
YOU WHEN YOU WILL BE GETTING
YOUR STIMULUS CHECK.
>> I WANT TO GET TO SOME VIEWER
QUESTIONS THAT FOLKS SUBMITTED.
FIRST ONE IS FROM KING MAMA 7174
ASKING, WILL THE AMOUNT WE
RECEIVE IN STIMULUS PAYMENTS BE
CONSIDERED TAXABLE INCOME?
>> IT WILL NOT, KING MAMA, IN
THAT YOUR STIMULUS CHECK WILL
NOT BE TAXABLE TO YOU.
HOWEVER, AL, EVERYBODY SHOULD
NOTE THAT THEIR UNEMPLOYMENT ON
THE FEDERAL LEVEL, INCLUDING
THAT $600 A WEEK, WILL
ABSOLUTELY BE TAXABLE.
>> WHAT DO YOU SUGGEST TO
PEOPLE, WHAT SHOULD THEY DO WITH
THAT MONEY WHEN THEY GET IT?
IT PROBABLY DEPENDS ON THEIR
SITUATION.
SITUATION. >> IT DOES.
BUT REALLY OVERALL, NO MATTER
WHAT YOUR SITUATION RIGHT NOW,
YOU SHOULD SERIOUSLY SAVE EVERY
PENNY YOU CAN.
DO NOT GO TAKING THAT STIMULUS
CHECK AND USING IT ALL TO PAY
OFF ALL YOUR CREDIT CARD DEBT IF
THAT’S ALL THE CASH YOU HAVE.
PAY MINIMUM PAYMENTS DUE ON
CREDIT CARD, ABSOLUTELY DIVIDE
YOUR BILLS FROM ESSENTIAL TO
NONESSENTIAL AND ONLY PAY THE
BILLS THAT ARE ESSENTIAL AND PAY
THE LITTLEST AMOUNT POSSIBLE ON
THE BILLS.
THE BILLS. >> ANOTHER VIEWER NAMED COURTNEY
ROBERTS ASKS, WILL BANKS MAKE
YOU PAY YOUR MISSED MORTGAGE
PAYMENTS IN ONE LUMP SUM WHEN
THIS IS OVER?
>> I HAVE TO TELL YOU, PROBABLY
MANY OF THEM WILL.
MANY OF THEM WON’T, AL.
THEY ARE ALLOWING YOU TO
AMORTIZE IT AND THEY PUT IT ON
THE BACK END.
CREDIT UNIONS ESPECIALLY ARE
BEING VERY LENIENT WITH THEIR
CUSTOMERS.
CUSTOMERS. BUT MANY BANKS REALLY ARE
SAYING, YOU KNOW, YOU CAN GO FOR
THREE MONTHS, NOT PAY.
AT THE END OF THREE MONTHS, WE
WANT ALL $6,000 OR WHATEVER IT
IS IN ONE LUMP SUM.
FOR MOST PEOPLE THAT’S GOING TO
BE IMPOSSIBLE.
BE IMPOSSIBLE. PLEASE DON’T LET YOUR BANKS MAKE
THAT PART OF THE CONDITION.
>> HEY, SUZE, IF PEOPLE ARE
REALLY STRAPPED, SHOULD THEY TAP
INTO THEIR 401 (K)s, THEIR
RETIREMENT ACCOUNTS?
RETIREMENT ACCOUNTS? >> HERE IS WHAT PEOPLE DON’T
UNDERSTAND.
UNDERSTAND. WHEN IT COMES TO RETIREMENT
ACCOUNTS, THEY ARE PROTECTED
AGAINST BANKRUPTCY.
AGAINST BANKRUPTCY. SO AL, IF YOU HAVE A LOT OF
MONEY IN YOUR ACCOUNT AND YOU
DON’T HAVE ANY CASH, ALL RIGHT.
BUT IF ALL YOU HAVE TO YOUR NAME
IS IN A RETIREMENT ACCOUNT AND
YOU’RE GOING TO USE THIS MONEY
UP IN THE NEXT MONTH OR SO AND
THEN YOU’RE GOING TO END UP
POSSIBLY CLAIMING BANKRUPTCY
WHEN THIS GOES ON, DO NOT DO
THAT.
THAT. IT WILL BE ONE OF THE BIGGEST
MISTAKES YOU’VE EVER MADE.
>> ALWAYS GREAT ADVICE, SUZE.
HOPEFULLY YOU’LL COME BACK
DEPENDING HOW LONG THIS IS GOING
AND ANSWER SOME MORE QUESTIONS
FOR US.
FOR US. IT’S SUCH TERRIFIC ADVICE AND WE
ALL NEED IT.
SUZE ORMAN, THANK YOU SO MUCH.