Emergency Fund, Financial Independence, Must Have Documents, Trust, Will
October 17, 2021
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On this podcast, Suze relates stories from two listeners, who have contrasting opinions about what it really means to hope for the best and prepare for the worst.
October 17th, 2021. Now today's podcast is kind of a combination of a Suze school in a Suze story. Because we can learn from other people's stories and what's going on in their life, because they're not just stories, they're all about the happenings of what can go wrong in somebody's life. And even though I know, I'm sure especially today, you would love if I did a podcast on the market going up last week, Bitcoin crossing $60,000 and so on and so forth. No, because it's not just about money. The biggest mistake you can ever make in life really has nothing to do per se with how you invest. It's how you protect your life, your assets, your investments and everything once you've made them and you have them. But so many of you think nothing will ever go wrong in your life, you don't need to protect yourself. So henceforth the Suze stories today. This came in from a woman by the name of Michelle, approximately maybe two weeks ago and it goes like this. Hello, Suze and KT, I have a question. This may sound kind of harsh, but it is a good question. I have to tell you when I read that line, I went, yeah, you go girl, let me hear it. She goes on to say, I told my boyfriend about the Must Have Documents and how I thought it was a great idea. I explained to him that how you can make changes any time you want, now or in the future no matter what. He mentioned how much older you are than us. I am 43 years old. And what happens if God forbid you pass away? Put a pin in that for a second, before I go on. Okay. I just have to say of course I'm gonna pass away. You're gonna pass away. It's not if you're going to die, it's when you're going to die. And it's just a fact of life. The thing that we all have to plan for is we don't know when illness, death or any of that is going to come and land on our doorsteps. So, you have to prepare for it no matter what. All right. But here's why he's saying, what happens if God forbid I pass away. He thinks that the offer for the Must Have Documents which by the way. The must have documents if you don't know are $2500 worth a state-of-the-art documents: a will, living revocable trust, advanced directive, durable Power of Attorney for healthcare, blah, blah, blah, blah. And you can get them simply by going to suzeorman.com/offer, and currently purchase again $2,500 worth of state-of-the-art documents for $69. But that is not the point of this email. But I always have to remember that many of you are listening for the very first time. So, I have to bring you up to date. So, I'll go back for a second. He mentioned how much older you are than us. I am 43 years old. And what happens if God forbid you pass away? He thinks that the offer that comes with the must have documents, which is 24-hour customer support and service that you can change the documents at any time, you can upgrade them at any time. May not be around if you're not around. Okay, first of all, before I go on, of course they'll go on. They're not dependent on me. They're all automated, they’re with a company. They will absolutely go on for you know, a long, long, long time, years to come. So, they're not housed with Suze Orman. They're housed and absolutely supported by 800 numbers in a whole group of people. So number one, you don't have to worry about it. Let me go back to the email. So, he's saying right that he likes the service but they may not be around if I'm not around. So, he is telling me we are young and don't need to worry about this right now. Yeah, he's 43. Not so young, just so you know, right? But when you're young you think you don't have to worry about it. So, you don't attend to the things that you need to attend to today, because you think nothing could ever happen to you. So, that really got me. Now, Michelle went on, the email goes on and it talks about how she's still going to worry about it and everything. But she just wanted to hear what I had to say about it. So Michelle, are you ready to listen? I can sit here and I can tell you that things can go wrong and everything like that. But now I would like to read to all of you another email that I got just two days after I got Michelle's email. Alright everybody, sit back and I want you to just listen closely to one person's life and I want you to think as you're listening to this story, why is it this person? I'm not, you could it happen to you? Could it happen to somebody you love? What makes you think that nothing could ever go wrong in your life? I just want you to think about it as I read this story to you. It starts out and says, dear Suze and KT, KT, I know you like short messages and this is not one, but I hope that if you read it, you will understand the reason for the length. I remember watching you on Oprah when I was a younger girl. I was thrilled a few years ago to discover you had started a podcast. I've consumed every episode you've released and although I still have a lot to learn, the knowledge I've gained from you has helped me feel more financially secure. Thank you. I am 38, but at the age of 33 now before I go on, she says I am 38, Michelle who wrote me was 43. Got that? Still young, they don't have to worry about it. According to her boyfriend. I am 38, but at the age of 33 I was in seemingly exceptional health, running numerous half marathons, exceptional numbers when I got my annual physical and eating healthy. But then I started experiencing symptoms that after a long journey filled with hospital stays, doctor visits numerous tests and finally a brain biopsy that they could only do through surgical means, led to a diagnosis of a rare disease in my brain. The surgery and disease left me with cognitive and physical impairments that resulted in months upon months of speech occupational and physical therapy. During that time, I had taken medical leave from work and I was working hard to get in shape to go back to work. Six months after the brain surgery, while my doctors were still trying to get my treatment right and two weeks before my medical leave was set to expire, I had a stroke caused by the disease that left me unable to return to work. Thankfully, I had previously signed up for the long-term disability at work and when the stroke occurred that kicked in and eventually the long-term disability insurance helped me request SSDI which I was granted. My physical impairments seemed to be permanent. I have not been able to work. But thankfully my SSDI, and for those of you who don't know that social security disability income, okay. I have not been able to work, b, but thankfully my SSDI and long-term disability helped me out financially,, though my income isn't nearly as much as it was before. And I have an amazing husband of almost 15 years who has been by my side throughout all of this. He works, so between his salary and my SSDI we have enough income. My husband truly is my rock. He's been by my side every step of the way and he's gracefully and lovingly cared for me during my lowest and ugliest moments. Then at the end of 2020, my husband, who's the same age as me, was hospitalized twice and eventually received a diagnosis of a rare cancer. He started an oral chemotherapy drug a few months ago and we're still learning a lot about what his diagnosis means. The type of cancer he has, along with the genetic mutations they found means that a prognosis for him is difficult. There is no cure and he definitely will need treatment for the rest of his life. We just don't know if that means a few more decades or not. My health is currently stable with the treatment I'm on but there's a possibility I will decline in health again. Prior to 2020, I had already considered the possibility of having a shorter lifespan. But this past year has forced me to think about something I've never wanted to. The possibility of my husband having a shorter lifespan as well or even worse, the possibility of my outliving him. In April 2021, we finally saved enough for a 12-month emergency fund, we also have our Must Have Documents, and we have no other debts besides our mortgage with about $250,000 left. She then goes on and she says, my main questions are around how we should financially prepare for a future, where we are hoping for the best but planning for the worst. Now, the reason I wanted to read that email, in contrast with the first email is that you cannot think that you are too young and that you don't need to make sure everything is in order. But the point of this is, what can we all learn from these two emails? If anybody ever says to you, we're too young, we don't have to worry about that right now. Can you just shake some sense into them? You are not to even think that what they're saying matters, because they are coming from a place of such denial. That could have an incredible effect on the rest of your life and you don't want that to happen. So therefore, if you're in a situation, somebody doesn't want to do it, who cares if they don't want to do it? You do it, you take the steps that you need to take today to protect your tomorrows. Because one thing for certain in life is that every one of our tomorrows is absolutely uncertain. Now, I'm sure at this point many of you are thinking all right Suze, give us a list. Give us a list of everything that we should do to make sure that today we really can take the actions to protect our tomorrows. But would that list really do you any good? Would it really? Or would you just find another reason to procrastinate to postpone? Because so many of you write me so many of you write me and you know what you say to me? You say I've listened to you for years. I watched your T.V. show. I read all 10 of your books, I've listened to every podcast and then you tell me about the situation that you're in that could absolutely have been prevented. It doesn't do you any good to listen to this podcast. It doesn't do you any good to listen to T.V. shows or read my books, if you do not do that which I am asking you to do. So, in today's podcast? The real question at hand is what would you do if that email that I read to you was your life? Your life. What would you do? Because you need to have an answer to that question. You need to know of all the possibilities that could go on in your life. That if they happened, you had an answer of what you would do. Henceforth the name of today's podcast, which is what would you do? And if you do not have an answer to the question of what would you do if your spouse died? What would you do if your spouse got ill? What would you do if you got ill and couldn't work anymore or if you died? Even with your children, what would you do? And you have got to have an answer and then you have got to take the time to make sure, that whatever it is that you would do, that you do it. It's so upsetting to me because even with people that I know and I'm close to. Especially my one friend who have now been friends with for over, oh my god, like 50 years, you know, I've been talking to her and I've been saying please I need you to sell your condominium, I need you to move into a situation where medically you can be taken care of. She's also 70. She's been having problems. She's been having little strokes and it was like, no Suze, I'm afraid to sell my condo, I'm afraid I don't want to do this. I don't want to do that. Well, a few weeks ago, right, a friend found her on her floor in her condo. She was in a coma for at least a week. She doesn't really have very good brain function anymore, and all these things. And now, who's going to do it for her? Who's going to be able to sell the property for her? Who's going to help her get herself into a situation where she's in a home of some kind that she can be taken care of? Who? But do you know how many years I've asked her, to please we've got to do this now. We're running out of time. No, she was afraid so. You cannot let fear stop you from creating the must have documents because you don't want that to happen to you. You don't ever want to have to use those documents. You have to not let other things be more important than what you need to do. So, the question is, what would you do if? And I want every single one of you to fill in those ifs, because if you don't have a solution to every one of those ifs, I am not asking you, I am begging you to make sure that whatever it is you need to do. You do it today. All right. That is the podcast. See you on Thursday.
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