More of your live stream questions answered... @deletedmember How do I re-enter the market with $140,000 in cash. I left in March do I add it all back at the end of May or dollar cost average? My Response: I would probably start to dollar cost average come June or July and get it back into the market over a six-month period of time. @Carol I am disabled on Social Security and still waiting on stimulus. Thankfully I follow you so I’m not desperate but I know others are not so lucky. IRS doesn’t have any info for those of us on Social Security aside from “it’s coming”. Any idea why are most at risk or put at the bottom of the list to receive? My Response: I actually think that they’re trying their best. They were not set up to handle this on any level. But the checks are going out according to income levels with the lowest income level being first and then the next lowest income level and so on. I know it’s frustrating but just hang in there. @Ivailigurka Do I need to sets of documents if I’m not married with a 15-month-old? My Response: Yes you actually need a set of documents almost more than anybody, because minors cannot inherit money. So if something happens to you what’s going to happen to your 15-month-old? So hopefully you have term life insurance and other things in place to take care of the 15-month-old. The beneficiary of those assets should be the living revocable trust. And remember the Must-Have Documents is not just simply about who gets your money. They’re also about an advance directive and a durable power of attorney for healthcare which you need. Also, you need a Will because it’s in a Will that outlines who’s going to be the guardian of your child. So please do these documents. @sylviabahhur Can I use your trust kit if I have a special needs child? My Response: No. I’m sorry to say you need a special needs trust if you have a special needs child - so you have to set that up it’s a very very different document.@deletedmember18 I have moved my IRA into money markets for the short term good idea? My Response: That depends on when you moved your money into money markets how old you are and how much money were talking about and if it’s inside or outside of an IRA or other type of retirement account. If you have more than five or 10 years till you need this money I would start in a month or so to dollar cost average back into the markets. @Mr. Fox I have 25 more years before my state pension is available to me do you think it will still be there or should I roll it over now? My Response: If I had 25 years till I was going to get a pension I would probably do a rollover with it and then I would convert it little by little to a Roth IRA and then invest it and I have a feeling you would probably have far more money over 25 years if you did that then if you left it in a pension that could be underfunded.@deletedmemberel When you transfer your house to a revocable trust the house is owned by the trust so when you sell the house, any taxes owed are owed by the trust right? And you cannot claim mortgage interest payments on my tax return right? My Response: When you have a revocable living trust you and your trust really are one - so when you sell your house it’s you that owes the income tax on the trust. And because you and your trust are one you absolutely get to take the tax write off from the interest on your mortgage. When you create a revocable living trust you do not have to create a new tax return it’s all under your personal tax return so whoever you’re getting your information from, be very very careful for they don’t know what they’re talking about. @Carlacruz Suze I called my credit card company for them to lower my 15.99% APR and was told that was the lowest rate on the market what should I do? My Response: See if you can get a different credit card - the lowest interest rate is 0% - this person that you’re talking too does not know what they are talking about. Maybe the least interest rate that the company is willing to give you is 15% but if I were you I would call back and ask to speak to the supervisor. If they can’t help you and you have a good FICO score see if you could do a balance transfer to another credit card at 0% for 21 months. @Amy Passaro: Should we contact our 401k manager and have them change our portfolios right now based on what you just said? My Response: No Amy if you have five or 10 years or longer till you need this money just continue to dollar cost average into the market she will be just fine. @Rindell89 I have an inheritance to invest would you let us know when you think it’s a good time to put large amounts into the market. My Response: Yep I’ll try my best to do so I think that you’ll see things start to turn around here where you can start to go back in the market with larger sums of money around September.
Posted by Suze at 2020-05-09 16:56:43 UTC