Welcome back Suze Orman to the InvesDiva Movement, we are so privileged to have you
on. Our mission is to help at least one million moms, yeah girlfriend,
by the year 2025 the more the merrier and we are going to be including everybody else who
is supportive of our mission who can actually take benefit of what we have to offer. We could
not be more excited to have Suze Orman here today to talk about retirement planning. Suse
has been talking about this ultimate retirement guide that it's just so powerful but times have
changed since you had that show and I would love to hear your opinion about what
people need to be doing right now during these circumstances, during COVID and the pandemic and
the world being just chaotic and interest rates being all the good stuff. What should people do?
To answer that question accurately one has to know what people? how old are they? are they
working? are they unemployed? do they have are they married? or they have kids? what people?
you name one group of people that you want me to address, their ages and I'll tell you.
Great, so let's say a stay-at-home mom
whose husband is making around a hundred thousand dollars per year they have two kids and she hasn't
been working ever since she got pregnant which has been four years. What should she do?
First of all, it is really, really important to understand that when you are a stay at home mom
that is the hardest, hardest job career whatever you want to call it that anybody could ever do,
and the mere fact that somebody else is going out and making a hundred thousand dollars a year and
you're at home working 24 hours a day seven days a week and not making anything I think is absurd.
And I think that has to be um changed how does one change that every single one of you needs your own
savings account, your own emergency fund, your own retirement account, your own credit cards,
you need things in just your name and your name alone and a lot of times when the stay-at-home mom
isn't making any money she feels like I have to ask my husband or my spouse for money,
I have to ask, in the same way, I was saying you don't need to ask permission for anything
you need to sit down with your counterpart and you need to say I want money of my own.
I want some independence. So the first thing that I really want you to do
is if you if they're only making a hundred thousand dollars they qualify for a Roth ira
she qualifies as a non-working spouse she doesn't have to have earned income to have that
so the very first thing that should happen is she should absolutely get that money and fund
her Roth ira to the max which if she is still younger is six thousand dollars a year and invest
that money. She also needs to have an emergency fund of her own, I have had too many
financially abused women that had to leave their homes with absolutely nothing but a kid in one arm
their clothes on their back and take a taxi to a friend's house who had to pay for the
taxi and that's all they had because they did not take the steps while everything was great to make
sure that they would always be financially okay. Now where do you save money today I'm telling you
the very best place, in my opinion, is to take advantage of what I call the Ultimate Opportunity
Savings Account at Alliant Credit Union. Alliant Credit Union is one of the largest
online Credit Unions in the United States at least until the end of this year if you were to open up
an account go to myalliant.com. I do not make one penny from this by the way. All right go there and
sign up become a member it's a $5 fee and but they pay for it it's not going to cost you one penny
if you immediately within that first month put a hundred dollars a month in for the next 12 months
at the end of those 12 months Alliant will give you a hundred dollars that's a 16.7% return on
your money they're also however paying you a .55% interest rate, and if you go there and you do it
until starting September 13th all the way now until October 13th there will be
a sweepstake one person is going to win $10,000 one person is going to win $5,000 five people are
going to win $1,000 each simply if you open up an account at Alliant and you fund it. I don't
care if you fund it for fifty dollars whatev you're still qualified for the sweepstakes and
for every five people you can quote you can refer up to five people your name gets added again
into the sweepstakes. So so we're doing everything we can to pay people to save,
give them a good reason to save, and give them one of the highest interest rates out there.
So every one of you should have at least a 12-month emergency fund in your name,
in your name now you also have as a stay-at-home mother you have your retirement account going
as well and taking advantage of that. The next thing you have to do is you have to make sure
that your little two kids are protected because minors cannot inherit money so here you are mama
and something happens to you oh you have a life insurance policy on yourself
and let's just say you're a single mother now or you are with a spouse and both of you are
killed in a car crash it happens all the time everybody it happens and now you have all these
life insurance policies that are supposed to go to your kids who you've named as beneficiaries
because they're minors, that money now ends up going into a blocked account that they cannot
get until they're 18 years of age and if you're going to contest that somebody's got to go through
probate guard it's such a mess I can't even tell you. So years ago starting in about the year 2000
I created with my own personal trust lawyer what we call the Must Have Documents, every
single one of you needs to have A Will, A Living Revocable Trust an Advanced Directive, and Durable
Power of Attorney for health care and a Financial Power of Attorney. Now you can go to a lawyer and
you can get those documents from a lawyer they're going to charge you $2,500 to $5,000 for that, my
goal when i created my must-have documents was that every single person in the united
states deserves to have the best documents possible at a price every one of them can afford
and if you get it for one of you you should be able to share it with all your family members. If
you get it for yourself and now you have changes you should be able to update them for free,
you should be able to do all of that so I created the must-have documents over 10 or 15
million now have been sold and and if you go on my own website I think they're selling for $199
but if all of you go to Suzeorman.com/offer you can get it for $69. Again they're $2,500 worth
of state of the art documents created by my own trust lawyer they are good in all 50 states they
are fabulous they have incompet, it's the same documents if I were to go to my drawer right now
and show you my documents there would be the same documents because I created them on this
program. Because I change my mind almost every month who I'm leaving money to because somebody
pisses me off and they're out just like that I have to tell you they're out you have no idea how
many times I've changed it. So but I get to go back and change it over and over and over again
without having to go back to an attorney, something you all should take advantage of.
That is so amazing Suze, thank you so much for sharing this with us because
I know for one I know I'm the one like who's always talking about all these things
people get lazy I'm lazy we've been lazy for such a long time that even the thought
of having to go to these people like the financial advisor, the lawyer and that it just
gives people a headache is another thing especially as a stay-at-home mom to worry about so
thank you so much for this recommendation we're going to make sure that the link is below this
video. I'm going to obviously take advantage of this because you're absolutely right, I mean
things change who you want to leave your money to changes your opinion about people changes.
And it's not just about who you want to leave money to, you know it just makes me so mad that
many of these financial advisors say uh who cares about probate who cares about all that
just add your kid's names on his joint tenancy with right of survivorship or make it a pay on
death or a transfer on death account so that on death everything goes to your kids without probate
but what if you don't die what if all of a sudden you're in a car accident and you're incapacitated
and you're 35 years of age and you need to sell the house and even though you've left it to people
on transfer on death they can't help you. But in these documents, they have what's called an
incapacity clause so if something happens to you your spouse can sign for you if something
happens to your spouse or a friend whoever you do this with they can sign for each other,
that will save you going to court $5,000 get a conservatorship have you declared incompetent
crazy. Just do it, people, just do it and again you can share it with all your family
members and once you purchase it there's never an updating fee or anything again.
I'm doing my happy dance here this is so good. Suze, you are wonderful thank you so
much for this like really to the point on-point advice especially for women, stay-at-home moms,
and um is there anything that you want to add
for this particular stay-at-home mom that we had as an example today.
Yeah i do i want to say one other thing, which is you are not a bad mom if you cannot afford
to send and pay for your kids college education. When you are a stay-at-home mom and maybe you're
struggling whatever it may be not everybody has a spouse making a hundred thousand dollars a year
sometimes right now you're a stay-at-home single mom and you have to stay at home
because should you send your kids to school or should you not what should you do? and
so what's really important is to make sure that your kids understand at a very young age
very young age that the most important thing is saving money. That the most important thing is not
living beyond your means, but it's actually living below your needs and or and your wants and all of
those things and so so just don't sacrifice your own retirement your own savings account your own
everything just so you can put money in a 529 planner or however you're going to do it
so that your kids can go to school and not have any student loan debt. Oh please give me a break
right show them self-respect by moms you take care of yourselves first and then if you have a
12-month emergency fund you're fully funding your retirement accounts you have no other credit card
debt everything else is great your job is secure everything's going like it should be
right if you want to put some money in a 529 plan okay but if you don't have all of that you
just need to tell your kids from a very young age they're going to have to do it themselves.
I had it do it myself and look at me today my friends whose parents did it for them
well let's just say it didn't quite turn out as well for everybody else.
So so so true first of all who even knows what's going to happen to the education system in
in 20 years 18 years nobody knows what's gonna happen and you know what guys self-care is not
selfish. Suze said it, you have permission now to take care of yourself because Suze Orman said it.
Does that make sense? Suze you're amazing thank you so much for being on our show again everybody
who's viewing this on our channels, this was gold you can admit that so go ahead smash it,
share it with any moms in your life whether it's your sister your aunt your own mother your friends
this is helpful this is powerful share it before it's too late
and as always don't forget to Make Your Money Work For You I'll see you next time.