EPISODE SUMMARY
Along with her many impressive achievements as a #1 New York Times bestselling author, magazine and online columnist, writer, and motivational speaker, Suze Orman is one of the top experts on personal finance in America. In part two of our interview with Suze, we spoke with her about living revokable trusts, finding the right financial advisor, and the best financial advice you should give to your children.
After concluding our previous discussion about the importance of not touching your social security until retirement, we asked Suze about the differences between wills and living revokable trusts. She explained to us that one of the most common mistakes people make is thinking that all they need is a will. A will is a document that says where your assets are to go in the event of your death, but if your assets do not have a beneficiary, they have to go through probate in most cases. Suze suggested transferring the names on your assets from a will to a living revokable trust instead, a move that removes probate fees and gives you the control to make any changes to your assets at any time. In the event that you’re incapacitated, you can include an incapacity clause in your living revokable trust to make sure that the right person takes care of you.
We also spoke to Suze about the importance of finding the right financial advisor. She emphasized to us just how important it is for women to be in control of their money, for it gives her power and ensures she knows what to do with money in the event of a spouse’s death or other crisis. On Suze’s podcast, Women & Money, she partnered with Alliant and created the ultimate opportunities savings account, an efficient way to save and make money without draining your bank account. Each month, you deposit $100 into the account, and after putting in the money for 12 consecutive months, you receive $100.
Finally, Suze gave us helpful advice on what lessons to share with our young adult children about money. Suze offers suggestions on this very topic in her bestselling book, Women & Money, and shared with us some vital information to help our children succeed financially. She told us that children listen less to what we say and instead mimic what we do. If we’re being irresponsible with our money, then our children are bound to follow in our footsteps. There are different ways to stop the cycle, one of which being showing children Suze’s 600 episode show The Suze Orman Show to educate them. Another way is by teaching them the keys to financial success: debt is bondage, know your FICO, put money away, and to always live below your means but within your wants. Having debt will keep you from achieving the financial goals you want, and it’s vital to pay off any funds you may have as quickly as you can. A FICO score, or credit score, are incredibly important, especially since 90% of creditors only take FICO scores. You have to ensure your children keep their FICO score at a 720 or above; anything lower will have them paying raised interest rates on mortgages, car loans, car insurance, and more. For putting money away, you need to teach your children about compounding interest and encourage them to start saving young. If at age 25, your child starts putting away $100 a month, by the time they’re 60, they’ll have a million dollars saved. If they start at age 30, they’ll only have $300,000 saved. With the money they currently have, it’s essential that adults at any age live below their means but within their needs. Just because you can afford something doesn’t mean you should buy it, and it’s important to ask yourself before every purchase if the item you want is something you need or simply something that will bring you temporary satisfaction. Learning not to spend money on unnecessary items will keep you financially secure, which is the goal of money itself.
Suze Orman
Suze has been called “a force in the world of personal finance” and a “one-woman financial advice power house” by USA today. A #1 New York Times bestselling author, magazine and online columnist, writer/producer, and one of the top motivational speakers in the world today, Orman is undeniably America’s most recognized expert on personal finance.
Orman was the contributing editor to “O” The Oprah Magazine for 16 years, the Costco Connection Magazine for over 18 years, and hosted the award winning Suze Orman Show, which aired every Saturday night on CNBC for 13 years. Over her television career Suze has accomplished that which no other television personality ever has before. Not only is she the single most successful fundraiser in the history of Public Television, but she has also garnered an unprecedented eight Gracie awards, more than anyone in the entire history of this prestigious award. The Gracies recognize the nation’s best radio, television, and cable programming for, by, and about women.
In this episode, we discuss…
- [0:01] Introduction
- [0:32] Guest Introduction
- [4:03] Start of Interview
- [7:54] Living Revokable Trusts
- [17:20] Finding the Right Financial Advisor
- [23:36] Financial Advice to Give Your Children
- [31:44] Closing Thoughts
- [33:02] Outro
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Useful Resources:
Suze’s Website I [http://www.suzeorman.com/]
The Suze Orman Show I [https://www.amazon.com/Suze-Orman-Show-Season-2015/dp/B0B5PKRVJX]
Suze’s Blog I [http://www.suzeorman.com/resources?#blogs]]
Suze’s Instagram I [https://www.instagram.com/therealsuzeorman/?hl=en]
Suze’s Twitter I [https://twitter.com/suzeormanshow]
Suze’s YouTube Channel I [https://www.youtube.com/@SuzeOrman/featured]
Women & Money Podcast
Women & Money I [http://www.suzeorman.com/podcast]
Suze’s Books
The Ultimate Retirement Guide for 50+ I [https://www.amazon.com/Ultimate-Retirement-Guide-50-Strategies/dp/140195992X/ref=sr_1_2]
You’ve Earned It, Don’t Lose It I [https://www.amazon.com/gp/product/1557043221/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=httpwwwsuze0d-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=1557043221&linkId=80ac2d25442a0cd347bc56c5d5de739f]
The 9 Steps to Financial Freedom I [https://www.amazon.com/gp/product/030734584X/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=httpwwwsuze0d-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=030734584X&linkId=f2464af3beb28256b602aa698011c06c]
The Adventures of Billy and Penny I [https://www.amazon.com/Adventures-Billy-Penny-Suze-Orman/dp/1401953042/ref=sr_1_1?ie=UTF8&qid=1484667515&sr=8-1&keywords=billy+and+penny]
Suze Orman’s Action Plan I [https://www.amazon.com/gp/product/0812981553/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=httpwwwsuze0d-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=0812981553&linkId=fb5ac6d06f508aca624c5bec502dba97]
Suze Orman’s Financial Guidebook I [https://www.amazon.com/gp/product/0307347303/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=httpwwwsuze0d-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=0307347303&linkId=2c3a8f1792c23207febd81fa3cc17159]
The Courage to be Rich I [https://www.amazon.com/gp/product/1573229067/ref=as_li_qf_sp_asin_il_tl?ie=UTF8&tag=httpwwwsuze0d-20&camp=1789&creative=9325&linkCode=as2&creativeASIN=1573229067&linkId=3b9cee9202d033a0c9604307b559da53]
The Road to Wealth I [https://www.amazon.com/Road-Wealth-Comprehensive-Guide-Money-Everything/dp/1573221813/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=1666220573&sr=8-1]
Can’t Get Enough? Find Us Here!
Website I [http://hotflashescooltopics.com/]
Mail I [[email protected]]
Instagram I [https://www.instagram.com/hotflashesandcooltopics/]
Twitter I [https://twitter.com/CoolFlashes]
YouTube I [https://www.youtube.com/@HotFlashesCoolTopics]
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Thanks for a GREAT interview. So much great information.
Thank you! We really enjoyed speaking with her.