Am I Being Selfish For Not Helping A Deadbeat Relative?
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In this heartfelt 25th-anniversary episode of 'Women & Money,' Suze Orman and Katie Torpey tackle a range of financial topics with their signature blend of wisdom, humor, and vulnerability. The episode opens with a touching reflection on their enduring partnership, celebrating two and a half decades of love and collaboration. The core of the episode centers on a powerful listener question about whether it’s selfish to refuse to financially support a destitute sibling, especially when one has sacrificed personal security to help family. Orman delivers a firm, compassionate answer: no, it’s not selfish—it’s essential to prioritize your own financial health. She emphasizes that women often say 'yes' out of fear of losing love, but true self-love means saying 'no' with clarity and honesty. The hosts also address tax-efficient investing, the dangers of annuities, the myth of 'unincorporated nonprofit associations' as a wealth shield, and the importance of Roth IRAs. Throughout, the message is clear: financial independence is not selfish—it’s necessary for long-term security and peace of mind.
Prioritize your own financial security before helping others, even family.
If you're perceived as wealthy but aren't, it's crucial to communicate your true financial reality.
Roth IRAs are a powerful tool for tax-free growth and should be prioritized when possible.
Avoid complex financial products like index-linked annuities—especially within tax-advantaged accounts.
Never trust schemes promising tax-free wealth protection without expert verification.
…and 3 more takeaways available in PodZeus
Celebrating 25 Years of Love and Legacy
“Sitting in your garage and talking. I knew it. Is that for you too? Yes. Wasn't that amazing? I think that's when we both knew.”
The Real Cost of Being a 'Savior' for Family
“You're going to say no in this case. However, I'm going to go back to what I was just saying. It is more important that you just don't say no, that you explain why you are saying no.”
Tax Efficiency: Mutual Funds vs. ETFs
Orman explains capital gain distributions in mutual funds, warns against buying them near year-end, and advocates for ETFs due to their greater tax efficiency.
Should You Keep Cash at Home?
The hosts discuss the risks and limits of storing physical cash at home, citing insurance caps and fire hazards, and recommend keeping under $500 in a secure location.
The Myth of 'Unincorporated Nonprofit Associations' (UNAs)
“Just don't do it. Is it though, however, a real legal structure? It is where two or more people are joined together for common nonprofit purposes. It's mainly adopted by churches, community groups, things like that, not by individuals.”
“People first, then money, then things and stay in love.”
“Just don't do it. Is it though, however, a real legal structure? It is where two or more people are joined together for common nonprofit purposes. It's mainly adopted by churches, community groups, things like that, not by individuals.”
“I'm going to reiterate again why a Roth is so important given what's happening with the war. given what's happening with inflation, given what's happening with our debt.”
Hosts
Suze Orman
person
Katie Torpey
person
Roth IRA
other
Kara Swisher
person
Unincorporated Nonprofit Association (UNA)
other
Pablo Escobar
person
Ultimate Scam Protection Program
product
Registered Index Linked Annuity (RILA)
other
401k
other
ETF
other
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