# One Simple Change That Could Add $860,000 to Your Retirement | Suze Orman Show Full Episode

## Метаданные

- **Канал:** Suze Orman's Official Channel
- **YouTube:** https://www.youtube.com/watch?v=TM1SQ0GxfQo
- **Источник:** https://ekstraktznaniy.ru/video/34981

## Транскрипт

### Segment 1 (00:00 - 05:00) []

Now on the Suze Orman Show Want more in retirement? It's one easy change Sounds simple Well, I have to tell you, it is Also It's really upsetting to always have to look for work A reality check for a reality TV casting director The longer a person's unemployed, the more they start second guessing themselves You have to make a decision And you ask, Suze, Can I Afford It? And I just want a little taste of why we're coupon clipping and saving everything we can And then you're going to come back and you won't be stressed anymore because you spent all this money and you still are coupon clipping Hi, everybody I'm Suze Orman and you are watching The Suze Orman Show How would you like to have extra money for retirement and probably be healthier at the same time? All it takes, everybody, is for you to start taking your lunch to work Sounds simple? Well, I have to tell you, it is If you were to take your lunch to work instead of going out or ordering, you'd probably save $5 a day Now to save that $5 a day, five days a week, every month You'd have an extra $100 a month Now, if you invest that $100 a month in a Roth IRA and you were to get an annual average rate of return of 11% is what you could get, by the way, over a 40 year period of time Because if you were 25 now, by the time you reach 65, do you know you would have $860,000? And the reason you would have that much money is that's the magic of compounding Let's get smart and make some easy changes And that's just one So you can have the money you need when you need it Now let's make a house call Hi, Suze, I'm Heather I'm 27 years old, and I need your help getting my finances in order I do casting for unscripted television That's really something I love doing I love interviewing Even though this is my fifth year in television I've had a lot of starts and stops It's really upsetting to always have to look for work The longer a person's unemployed, the more they start second guessing themselves And at least that's what I do I second guess myself and my worth I freak out about retirement The nature of the industry that I'm in is such that there is no company that supports any kind of retirement compensation plan My fiancé and I just got engaged He got down on one knee and told me how much he loves me, and that he doesn't want to spend another day without me And will I marry him Outside of my fiancé being a fantastic partner It's also really lucky that he works with me to, I don't know, float my portion of the rent All the other bills I pay independently But it makes me feel like a child I'm embarrassed that I can't pull my own weight Do I walk around with, like, shame and guilt because I don't feel like a full person Want some treats? I was watching a segment on Suze’s show You are asking Suze Orman if you can spend $1,500 on a custom mermaid tail There was a 28 year old, asking if she can buy a particular item Her investments in retirement were astronomical to me You are approved So in a panic, I reached out to Suze Suze, with my unstable paychecks and uncertainty in my job how can I begin to build my retirement and savings and become financially independent? So, Heather, tell me, really, why did you come here and what is it because there's all kinds of issues we've got going on here What is the main thing that you want to know from me tonight? Suze, I'm at a crossroads With my inconsistent paychecks and the unstable nature of my work I need to know now how to manage my finances, how to grow my savings, grow investments, my retirement, and plan for the future And is this something so we can talk about all that But to be able to talk about money and how you do that, we have to make an assumption that you're making money So is this where you want to stay as a casting director, or are you also confused about that? The only reason that I'm confused about staying in this business is because I never know when the next job is going to come And I'd like to find something, or I'd like to build something more stable and more permanent All right, so first of all

### Segment 2 (05:00 - 10:00) [5:00]

I want you to listen to me Everything in life is not stable Even if you think you have a regular paycheck, all of a sudden, the company closes down You don't have a paycheck anymore Stability comes from within When you are strong and you can hold yourself up, not when others are holding you up And I have this gut feeling that you don't dig as deep as you need to dig, because your now fiancé has been holding you up, somebody else and when somebody else holds you up, your financial muscles don't develop and you're not as financially strong as you need to be So you don't try as hard as you have to try When you're out there by yourself and you have nobody to count on It's just amazing what somebody can do So I think, first of all, you have to make a decision And the decision is, what is it that Heather wants to do in her life, regardless of the pay Forget about the money This is where, at the age of 27, what do you want to spend at this moment in time the rest of your life doing? Suze, if I was independently wealthy, I would continue working in reality TV casting And so But don't you understand? You are making money the primary focus of what you do you not hear me say people first, then money, then things? If you do what you love and you make those that you are dependent on a paycheck for, dependent upon you, then the more companies you work for when they get another production, when they get something, they are going to come back and they're going to go, oh, remember Heather? She was so extraordinary We're going to go back to her So right now, maybe you've worked for one, 2 or 3 companies or whatever it may be Once you've worked for 20 or 30, 40 different companies, you will have more work on your table than you know what to do with, and then you will become independently wealthy But here's the real bottom line you are in an industry that is very difficult So tonight I'm going to do something very unusual I've called in another expert to help you Now, Colby Gaines is a top producer in the nonfiction TV world He is one of the creative geniuses behind hits like Pawn Stars and American Restoration You, my dear Heather, have worked for him in the past, and Suze Orman show watchers may also recognize him from early days How do you say show me the money in Sweden? You wanna take a guess? No no no All right, go ahead No Go ahead You have a question for me? No Are you sure? Sounded like you did Now, that was 2005 Colby is now the executive producer and founder of Backroads Entertainment Colby, as someone who knows Heather's work better than anybody Give her some direction as to what she should do Well, I mean, first of all, congratulations on your engagement to Richard Thank you very much, Colby We, so, I mean, I think the thing here is that the business of reality TV is changing. It's maturing And the roles within reality TV are changing They're involving a lot And when anyone who have had a lot of employees, they'll come to me and they'll say, you know what? I'm, you know, I'm good at this, or I want to be that And, you know, we'll try to send them in a direction of like, if they think they're good at casting but they're producing, we try to push them in the direction of, of casting and help them out In your case, I think, you know, you're good at casting You work for me and I know you're really good at it Unfortunately, the vertical of casting within reality TV has changed a lot And in fact, it's changed so much now that most of the companies end up hiring, instead of hiring a casting director full time, they're they'll hire a lower level, almost an entry level person who is gregarious, who's patient, who learns the process of casting and obviously save a lot of money in the process I mean, part of it, there's external factors Networks are paying less for reality shows And that's pushing down on production companies, making us all look for ways to save But unfortunately, I think your situation is one where, you're great at casting It's just that piece of the puzzle is changing so much My advice would be for you, if you're open to it, to consider producing as well I mean, the degree from casting to moving over into producing in reality is not that far You're good with people You're good with story, which is how you cast to begin with Casting is the lifeblood of reality TV And to take that small degree turn, you know, you become multi-skilled

### Segment 3 (10:00 - 15:00) [10:00]

you become much more hirable And you're never worried about, well, what's the next casting job? It's what's the next producing job? What's, you know, you open yourselves up People open themselves up to a number of jobs So, Heather, you hear Colby tell you that nobody is greater in this field than Colby, which is why he's sitting here When you hear him say that, how does that make you feel? I completely understand And what's great is I do have, I have segment producing experience So Heather, that's your advice from Colby, one of the best in the industry But from me, I want to tell you just a little bit about your finances And since you had that question as well, I get it I get that it's difficult You make 3000 one month, you make nothing the next month You need to know that currently you're making $3,184 a month on average Your expenses are 1795 a month So on the months that you make more than 1795, you just need to take that money and put it aside in a savings account So for the months that you make nothing, you have the money to pay your bills and you should be just fine If you do that to make you feel financially stronger however, I want you to take money and pay off your credit card debt I want you to factor in at least $458 a month to put into your Roth IRA I want you to stop feeling embarrassed or guilty that your husband-to-be pays more for the rent than you Who cares? It's how it is He makes more money than you Not a big deal If you can just dig deep and become the financial warrior that you are meant to be I am telling you, you can get your way through this producing battleground that's out there and rise to the top Got that? Yeah Thank you, Suze And Colby I'm going to continue to talk to you, and all of you can watch online to see what it is that I'm going to be asking Colby Hi Suze, it's Heather I just wanted to send you an update Thanks so much for your advice You really read me like a book I took it to heart and am now looking for a job in either producing or casting and projecting a positive and can do attitude On the wedding front, we're starting to look at venues and I promise we won't spend too much money Thanks again for everything Next Student loan debt with no end in sight I see friends and my boyfriend’s paid off their loans I want to travel, I want to do things I want to have a new pair of shoes You worry me. You worry me Want to know why you worry me? And later you ask Suze Can I afford it? We’ve always really liked new Jeeps We think it would be a lot of fun to have one They have $11,000 that they owe on a new car, but he wants to spend $16,000 on a 30 year old car Whatever it is Okay, keep going. Go on JD, go on Welcome back to the Suze Orman Show Lindsay in Rhode Island Go for it Hi, Suze Thanks for taking my call I'm so excited to talk to you Me, too, you Lindsay What do you need to know? All right, well, I have, I'm calling to tell you that I have a mix of federal, private, and smart option student loans totaling about $50,000 I'm paying $600 a month on this, and I basically, I feel like I have financial cancer, and I don't see the end in sight How this is going to go away I see friends and my boyfriend’s paid off their loans I want to travel. I want to do things I want to have a new pair of shoes I just want to have a savings account and know what's the smartest way for me to start tackling this? You worry me. You're worry me Want to know why you worry me? You said you want to have a pair of shoes Then savings account Don't you hear me say money then things You want things, then money Here's the bottom line, however Stop comparing yourself to your boyfriend, to your friends You don't know their situation really Where did they get that money? How much did they have? How much are they earning? It's you and you alone Now the question is this Have you consolidated your federal loans? And that's what I'm looking into right now All right So you are to consolidate your federal loans When it comes to your private student loans you are to make that your number one priority, to throw all your money at the private student loans and just get rid of them, because the private student loans can go up to any interest rate they want to take you at But the real thing is just change your attitude Just know you're going to work hard You'll make more money, you'll be okay And the student loans are just a matter of fact part of your life Don't let them financially strangle you Get rid of that cancer by just figuring out a way to pay them off

### Segment 4 (15:00 - 20:00) [15:00]

sooner, and buying shoes is not the way to do it Let's go to Cindy in New York You are on the Suze Orman show Hi, Suze How are you? I'm fabulous girlfriend What can I do for you tonight? So my mom is turning 60 this year, and she has nothing saved for retirement as investments And she does have some cash savings She's always been really independent, and she's worked hard, but she's a realtor now, and her income's really inconsistent And she definitely falls prey to pyramid schemes, like, she sold vitamins, and now she's selling beauty products And I know she works really hard, but it's really upsetting and, like, anxiety inducing for me to watch her go through this and I'm scared about her future And are you scared about her future, or your future? having to support your mother which will affect your future? Both honestly Here's the thing You know, Cindy, is that we are getting more calls from kids like you so worried about their parents Now, I have to say, the baby boomer generation really got hit hard by what happened in 2008, 2007 and so forth But you have to have faith that at the age of 60, even though it sounds old to you, that was three years ago for me I'm here to tell you, you're still young at heart You still have energy, and you still have time to turn this situation around Because most people today, Cindy, whether you know it or not, they're going to have to work till 67, 70 or longer to be able to retire So as long as you see your mom going for it, trying and not being foolish with her money, not spending things that she shouldn't be spending her money on, then have faith in her and that the two of you can work this out together Trust me, she wants to make it more for herself, because she never wants you to be able to have to take care of her That's - mother never wants that So just have a little faith in her Keep talking with her and just hope for the best But plan for the worst You know, my last caller, Cindy, mentioned that she was worried about her mom because she falls prey to these pyramid schemes So I just want to talk about pyramids for a second here You know, there are a lot of opportunities out there where somebody will come to you and they'll say, come up with $3,000, buy all this stuff, start to sell it, get people and recruit them to sell under you And you could make just a fortune It is very, very difficult for those things to ever really come true everybody it's hard enough to be responsible for your own work ethics, let alone everybody under you who needs to sell stuff for you to make money So if you ever want to try something like that, okay But only if you don't have to come up with more than 10 or $15 to get something or to get the product If you are wanting and needing money and you have to come up with 500 or $1000 to get product to see if it works I'm just here to tell you don't even bother Up next, you can't afford to miss Can I afford it? I've always wanted a Porsche, and this is my dream car It's about $61,000 It's not like you could buy a used Porsche It's got to be a brand new Porsche Is that correct? You and your partner want to go on a Disney tour? And I'm going to ask you in German, Suze Kann ich leisten? Can I afford it? What do you want to buy? Adventures by Disney Vacation Hawaiian holiday CJ Jeep Wrangler It is that time once again This is where you call in You tell me what it is that you want to buy And I tell you if you can afford it or not Are you ready? Let's begin Chad, ooh look I can see you, Chad What do you want to buy? Thank you so much for taking my call My partner and I love Disney So for my 40th birthday next summer, we want to take a nine day, eight night Adventures by Disney vacation that goes to Germany, Austria, and the Czech Republic It's a guided tour And you go through Prague, the Bavarian Alps, Salzburg and Vienna And $11,000 at the age of 40 Chad you and your partner want to go on a Disney tour right? I got this one Yes ma’am All right, sir, it's very simple Show me the money All right Well, our combined take home income is 9166 a month Our expenses are 4232 a month We have 119,000 left on our 30 year fixed mortgage, at a rate of 4. 75 In liquid savings We have 173,000

### Segment 5 (20:00 - 25:00) [20:00]

84,000 in investments and 149,000 in retirement We have no student loan debt, no credit card debt And I'm going to ask you in German, Suze Kann ich leisten? can I afford it? You are approved Oh good! So it's like, you know I'm looking at this going, oh my God, he's got a lot of money I don't even need to ask you where you're going to get it from because you have enough Happy 40th birthday boyfriend All right Desiree, what do you want to buy? Hi, Suze Love your show Thank you I've always wanted a Porsche, and this is my dream car It's about $61,000 I see, I'm looking at $61,000 And you want a 2015 Porsche? It's not like you could buy a used Porsche It's got to be a brand new Porsche. Is that correct? Correct. Girlfriend, here's all I can say Show me the money Our take home is 9204 a month combined Our expenses are $5,821 We have no debt We own our home outright In savings we have 176,000 liquid, 113,000 in investments and 1. 024 million in retirement And how are you going to pay for this? Well, we're thinking about $30,000 from liquid and finance it for 31,000 at 2% in 36 months Can we afford it? Can you afford it, girlfriend? You are approved because you absolutely can afford it but why don't you just pay for it outright? Why leave all that money in a money market account at 1% and just pay for it outright and go have a good time? Carly, what do you want to buy? Hi, Suze My husband and I want to take a Hawaiian holiday for about $3,500 Eight days in Maui We have just been through a lot, and are super burned out My husband wants to, wait another 5 or 6 years until we have six months worth of expenses and a whole bunch more money saved And I just want a little taste of why we're coupon clipping and saving everything we can Yeah So you think that you're going to go away You're going to have eight days of absolute glorious weather Everything's going to be great And then you're going to come back and you won't be stressed anymore because you spent all this money and you're still our coupon clipping All right, girlfriend, show me the money Okay, Suze So our take home is 6810 combined And that includes some rental income Our expenses are 6325 a month For our debt, we owe 237,000 And on a 30 year fixed for our primary home and 165,000. Also a 30 year fixed on our rental And then we have $21,000 for my car loan and $10,000 in student loan For savings, we have 29,000 in liquid, 12,000 in investments, 97,000 in retirement and 3400 in two different <unintelligible> And then how are you going to pay for this? Well, I was planning on using our cash liquid savings And like you, Suze, I believe people first, money then things And this is very much a people's vacation I just want a chance to celebrate each other and how far we've come And, plus, Suze, I've lost 97 pounds recently And girlfriend, I want to be sitting on the beach in my bikini, drink in hand, watching my husband ride those waves You know, I have to tell you, Carly, in your particular situation, financially speaking, I would absolutely deny you because you have credit card debt You have student loan debt, you don't have an eight month emergency fund And my fear is that if you go away and you do this, you'll be okay for that time, but then you'll come back and you'll have even more pressure because you don't have the money to pay for it But I'm going to give you an on hold Things have happened to you, emotionally speaking, that you didn't mention your son Your child passed away recently And that's a big emotional stress So if you really feel that this is what you need to do it, go ahead and do it, girlfriend But financially speaking, you really can't afford it But I am putting you on hold for you to think about it deeply And if you still want to do it, go ahead and do it All right, J D, what do you want to buy?

### Segment 6 (25:00 - 30:00) [25:00]

Hi Suze my wife and I want to buy a late 1980s CJ Jeep Wrangler The cost is around $16,000 We always really like these jeeps We think it would be a lot of fun to have one And, with proper care and maintenance, we really don't see it decreasing in value due to its classic nature You want to spend $16,000 on a car that's how many years old? A lot Around 30 Yeah. Oh, yeah, really? That's a lot $16,000 on a car that's Oh, show me the money All right Our take home combined income is $10,493 That surprised me I didn't think you're going to have that much income That surprised me. Okay, go on Our expenses are 6166 a month Yep We have a few mortgages Including some rental properties Our primary is 298,000 or I'm sorry, 289,000 at a 30 year fixed And then we have two at 62,000 and 51,000, also both on 30 year fixed mortgages And then we have 11,000 remaining on a newer car that we had Wait, did you all notice how JD just said on a newer car? They have a new car, too, all right They have $11,000 that they owe on a new car, but he wants to spend $60,000 on a 30 year old car Whatever it is Okay? Keep going. Go on, JD, go on We have $33,000 in liquid savings 9000 in investments, and $86,000 in retirement And how are you going to pay for this? We found a company that'll give us the loan in full at 4% Oh perfect thing for you to do Spend 4% with money that's in your liquid account, making 1%, 4% non-tax deductible and that's And you're probably going to finance it over what, five years? How many years? JD? 4 to 5, yeah 4 to 5. You are so denied You are denied because you don't have enough money in your emergency fund You're not maxing out your retirement accounts or doing everything that you should do Are you kidding? No way Debbie, what do you want to buy? Hi, Suze Thanks for having me on the show I am interested in getting your opinion with regards to buying my wife a custom platinum wedding ring Unfortunately, I bought one for her at our ten year anniversary and it is lost We're not sure how that happened, but it happened You didn't have insurance to replace it, did you? I did not. No So we just put $5,000 down the drain somewhere So you want to surprise her? Does she know you're going to give this to her or is this is a surprise? No, she does not know. It's a surprise All right, sweetheart, $5,000 for it That's more than I spent on KT's wedding ring Just so you know. Anyway, okay, show me the money Well, you know, it has to be custom because I can't buy it off the shelf She needs an 11 and 3/4 so that's the only way I can get it As far as our take home pay, we our take home pay is about 8725 a month combined Great Our expenses are about 8166, which includes our rent Yep In debt, we have 27,000 in two car loans My student loan is about 96,000 You still owe $96,000 of a student loan debt at the age of 42 Keep going Yes, because four years ago, I went back to graduate school All right Jessica owes 32 in student loans And we have about 3000 in credit card debt, but we tend to pay that off every month or every other month, depending on what happens Yep And in savings We have about 28,000 liquid and about 41,000 in retirement You know, normally, Debbie, at this point I would be saying to you, how are you going to pay it? But at this point, I'm going to say to you, you are denied You have a ring of debt around you, girlfriend You don't have enough money in an emergency fund You don't have enough money in retirement She's just going to have to wait with that memory of what she lost Sorry Want to be part of the can I afford it segment? All you have to do is go to my website, Suze Orman dot com and oh yes, you will find the information that you need to know there to come and play with me right here And when we choose you to be on the air, look at what you get Something that you can't buy at any price A t shirt with my decision on it just for you Next Is it driving you crazy, making no interest on your emergency fund? Is there any other investment vehicle I could consider to put that emergency funds in? What you might consider doing is this

### Segment 7 (30:00 - 35:00) [30:00]

And later, Jack asks Suze, how are we doing? If I were going to give you a grade here is the grade I would give you. You ready? Yeah You sure? Yeah? Yeah, all right I would give you an... okay. That’s why I asked if you were ready Welcome back everybody Don't you like it when you see me standing somewhere different than behind my desk? Well, I am in the control room at CNBC headquarters Want to be part of the Suze Orman show Take a look at your screen You can either send in an email Why not join me on Facebook? You never know what I'm going to post there Or if you send in a tweet and put hashtag Ask Suze, it comes to us right here And if we choose it, your tweet will be on the air Let's see what's trending right now we have at the cloud X Considering your rule of three year car loans, what are your thoughts on the 20/5/10 rule? For those of you who may not know, I have this rule that if you're going to buy a car, any car, you need to never finance it over longer than a three year period of time If you can't afford the payments in a three year period of time, that's your indication that you are buying too much of a car The 20/5/10 rule is you put 20% down, you make it a payment of five years, but you never use more than 10% of your income Listen, everybody has their own formulas I'm going to stick to my three year rule It is just plain. It is just simple You never know Maybe 10% of your income is a whole lot of money, and you're still buying too much of a car because your expenses are so much So it's about expenses, not income Got that everybody? All right, let's see what else is trending at RE Kelly How do you define investments versus retirement Investments are things where you buy stocks You buy bonds outside of a retirement account Remember, all retirement accounts have maximum amounts of money that you can put in So whether it's a 401K, a TSP, whether it's a Simple an IRA, a Roth, whatever it is, those are all retirement investing And none of those retirement accounts should ever be touched until retirement Investments are outside of retirement accounts where you're investing for your future that you can touch anytime you want because you don't have any restrictions on them Those are the difference between the two We are going on webcam We are going all the way to Colorado So Eric, what do you need to know tonight? Hi Suze So I've taken your advice for years and I have my eight months of emergency funds However, it drives me a little crazy to know what savings accounts return on my investment Is there any other investment vehicle I could consider to put that emergency funds in? I have to tell you, Eric, I get what you're talking about because interest rates are so low right now, but it does not make sense when interest rates are this low to lock in to a CD, a Treasury just doesn't make sense So really know there's nothing else you can do But what you might consider doing is this taking up to $5,500 of your emergency fund and funding your Roth IRA with it if you want to, and leaving it safe and sound in there, because then you don't really have to pay taxes on the money But I have to tell you, if you're young enough which you are, you're only 39 Is that correct? That's what my producers are telling me You might be better off being aggressive in your Roth IRA, rather than keeping it safe and sound So don't let it drive you crazy boyfriend Just be happy that you have it Sorry about that All right, everybody, let's go back to the studio And here's what's coming up next We are exhausted And they want to retire sooner than later I want you simply to get your expenses down But your income up so you can retire And later, test your money smarts in Suze's pop money quiz Welcome back to the Suze Orman Show And here we are We're going to corral all of you into communicating with me one way or the other And maybe this hat will do it Jeff, you have a little <unintelligible> Yeehaw! Yes I'm telling ya... What do you think? I think It's great All right, there we are We kind of match a little bit Welcome back to the Suze Orman Show Hi, Suze My partner and I are both 53 We really missed our family, so we decided to move from Florida to California to be closer to them However, with the move and getting new job, we are exhausted and starting to think about retiring sooner

### Segment 8 (35:00 - 40:00) [35:00]

than later Our goal to retire in seven years when we're 60, we want to continue to travel and know that when we get up in the morning, today is ours. Suze, how are we doing? You're just exhausted are you Jack? Yes, I am Suze Good evening It's an honor to speak with you Thank you Just exhausted all right, let's see if we can get you to retire in seven years at 60 If you were going to give yourself a grade, doing exactly what you are doing right now for the next seven years, do you think that you and Curtis are going to be able to retire? What grade would you give yourself? I would probably give us a C plus All right, boyfriend, let's show everybody what you've got going for yourself And then I will give you my grade Currently you have about $724,000 in retirement, $117,000 in an emergency fund, $8,000 in investments You do have property, however, three condos worth about $1 million But you do owe about $370,000 on those two of the three properties because one you own outright, you have consumer debt of about $89,000 So here you are at the ages of 53, and you have a net worth of $1. 4 million Not bad if you ask me Next, hyour take home currently is 10,850 After taxes, monthly expenses are $6,320 So you do have excess of $4,530 a month It just kind of sits there That builds up right now, your emergency fund, which is why you have so much money in there So given all that, if I were going to give you a grade, here is the grade I would give you ready? Yes You sure? Yes Yeah I would give you an F Okay All right. That's why I asked you if you were ready But let me tell you why Seven years from now, you are going to be 60 7 years from now If you just keep doing everything you're doing right now Really, I have a goal for you of income that you're going to need because your expenses are going to be about $8,000 a month Remember, currently your expenses are $6,300 a month, but seven years from now, your mortgages are not going to be paid off You're going to have to start paying for all your insurances and everything yourself So you're going to need about $8,000 after taxes every single month However, if you look at your assets and look at what you have in retirement, you're only going to get about $3,500 a month after taxes So therefore we're about $4,500 a month short That is why I gave you an F, but don't you worry, boyfriend, because here is your way to an A Are you ready to start taking notes? Absolutely All right So I want you simply to get your expenses down, but your income up so you can retire So all I want you to do is work till you are 62 I just need two more years to accomplish that So you're going to work till 62, but because you also want to I need you to get married because there are advantages to getting married And I'll tell you about that in a second I also want you to get a will and a trust, and I want you to do that right now Now, to get your expenses down, I want you to refinance the condos that you have, because they're going to go on forever and ever and refinance them to a seven year fixed rate mortgage All you're going to have to come up with is an extra $2,500 a month to have those paid off in seven years And you have that money because as we saw, you have $4,500 a month in excess Now to get your income up, I want you to invest that extra $2,000 a month that you have Besides that 2500 for the next nine years, until you are 62 At that point, your expenses are going to drop to only $5,500 a month And if we do everything the way that we're doing it, your after tax income will be $5,700 a month at the age of 62 Great Now you've been married and you've been married for longer than ten years if you do it right now. Got that? So now what are we going to have happening for all of you? You're going to claim Social Security at 67, Curtis

### Segment 9 (40:00 - 42:00) [40:00]

is going to claim Social Security, but suspend his and claim half of yours, which he can do because you're married at the age of 70, Curtis will stop taking half of yours and take 100% of his So here's what your life's going to look like At 67, your income is going to be $8,300 a month after taxes At the age of 70, your income is going to be $9,780 a month and I think you will be doing just great Up next, one more thing Suze wants you to know Being wealthy first isn't the key It's time to test your money smarts in a Suze Pop Money quiz Which of the following is true about co-signing A credit card application? A it helps increase your credit score B you become legally responsible for making the payments C it increases the credit limit on your own card at the same lender D it gives you more credit history, so improves your chances of getting a future loan The answer after the break Before the break, I asked which of the following is true about co-signing a credit card application? The answer is B you become legally responsible for making the payments That's almost a wrap for us here on the Suze Orman Show But before we go, there's still one more thing I want you to know Earlier tonight, my one on one guest was Heather, who really, at the age of 27, she's caught in the crossroads What should she do? She said a line while we were interviewing her That really has stuck with me Suze, if I was independently wealthy, I would continue working in reality TV casting I want all of you to get if you do what you really love and you are really great at it and you give it all the energy in the world, then one day you will be independently wealthy Being wealthy first isn't the key It's doing what you love and doing it better than anybody else Do you hear me? Now you know So until next week, there's really only one thing that I want you to remember when it comes to your money And it is this People first, then money, then things Now you stay safe Bye bye, everybody