Suze Orman's Women & Money (And Everyone Smart Enough To Listen)
Ask KT & Suze Anything: What is the Key to Be Successful?
Sep 19, 2024
In this engaging conversation, financial expert Suze Orman shares her wealth of knowledge on achieving success and financial security. She discusses essential tips for saving for young children and how to manage debt effectively. The importance of understanding retirement accounts, particularly Roth IRAs, comes into play. Suze also emphasizes financial literacy, especially for those facing significant debt, and offers strategies for smart savings tailored for grandchildren. Her advice is both practical and empowering!
31:40
Episode guests
AI Summary
AI Chapters
Episode notes
Podcast summary created with Snipd AI
Quick takeaways
- Consolidating multiple Roth IRA accounts can reduce fees significantly, allowing for more effective management of investments and greater returns.
- Addressing financial fears and seeking education empowers individuals to improve their financial habits and make informed decisions about saving and investing.
Deep dives
Roth IRA Considerations
Having multiple Roth IRA accounts can complicate investment management, and it's often more beneficial to consolidate them into a single high-quality account. In the case of an individual named Nola, maintaining a $500 Roth IRA with a $200 fee was deemed impractical since the fee constituted nearly 50% of her investment. It's advisable to consider reputable investment platforms like Fidelity or Schwab, which typically offer lower fees and no minimum account balances. Understanding the percentage of fees in relation to account size is crucial in making informed financial decisions.
Remember Everything You Learn from Podcasts
Save insights instantly, chat with episodes, and build lasting knowledge - all powered by AI.
