Suze Orman, Women & Money Podcast | Coupa Insp!re19

Suze Orman, Women & Money Podcast | Coupa Insp!re19


>>Narrator: From the Cosmopolitan Hotel in Las Vegas, Nevada, it’s theCube, covering Coupa Inspire 2019. Brought to you by Coupa.>>Welcome to theCube! Lisa Martin at Coupa Inspire
on the ground in Las Vegas, and I’m super super
super excited to welcome Suze Orman to theCube! Suze, host of the Women and Money podcast.>>Suze: How much money have you lost?>>Lisa: Oprah’s friends. Oh, I don’t gamble.>>Oh yeah, girlfriend!>>Lisa: No way!
>>Suze: I know.>>I do spend too much
money on Starbucks every day and I felt I needed to
confess that to you.>>Oh God!>>But I know–>>Really?>>A million dollars in forty years, I’m going to curb my habits, Suze.>>All right, there we go, all right!>>Confessing it to you on camera.>>You have been forgiven (laughs).>>Oh thank you! So love listening to your podcast, watched your show on CNBC for a long time, Women and Money, is something that, obviously as a woman in technology, is really imperative to me and something that really
captures my attention, because the pay gap is so obvious, has been for so long, but one of the things that
always think when I hear you give advice, whether
you’re at a tech conference like we are now, or anywhere else, is so much of it is common sense that as humans, we just don’t want to hear because it’s easy to ignore it.>>It’s, here’s the thing, is that women in particular have
so much on their plate, most of them have their
parents they’re taking care of, their husband or their spouse, their children, and they’re
bringing in an income. So they don’t have a second to breathe. They can’t, like (imitating garbled chaotic noise) all the way around. And the truth is, their husbands
don’t know anything more about money than they do. Men are financial fakers,
I’ve always said that. So women are really, they want to know more, but they’re really overloaded right now. So you got to give it to them in a way that they can digest it when they can.>>One of the things, being in software and
tech now for 14 years, you know, when you’re in a room,
whatever meeting you’re in, you think, “I didn’t understand that.” But you think, “I don’t want to be the one to ask a stupid question,” so you don’t ask, and it’s
sort of the same thing in the financial situation. Somebody might be
explaining something to you, and it’s happened to me
recently, and I’m like, “I don’t understand it.” But then I default, “Well,
they’re the expert.”>>Suze: No.
>>Lisa: And you’re saying,>>”No, trust your guts.”>>No, you have got to trust yourself more than you trust others. You know when I was seeing clients, you know what I used to do? First of all, it was mandatory
that if you were married, you came in with your spouse. Now it was normally, back then,
a male and a female, okay? Now, I’m like, greatest thing
is it’s a woman and a woman or a man and a man, but that’s another thing. And the woman would go to the bathroom, because our meetings were long, and while she was at the bathroom, I would say the most complicated
strategy to her husband that made no sense on any level. And I would say, “Do you understand this?” “I do.” I go, “So you know, if
you do this and then this, this will be the result?” “Got it.” “Okay.” His wife would come back and sit down, and I would then say to him, “All right, explain to your wife what I just explained to you.” And he couldn’t do it. So then the conversation was, “Why did you pretend
to understand something that there was nothing
to understand about?” What is that? So you really have to
say, “I don’t get it.” And here’s the thing: money is so easy. Money is not complicated. It really is not. Wall Street wants you to
think it’s complicated, so that you go ahead and
hire a financial advisor, a bank– You can do this. You can do this. But everybody is so afraid of it, they’re they just, you know, and they don’t want to deal with it because they’re so afraid.>>Or even if we do take
that step and start working with a financial planner, there’s that, I call it ‘conscious incompetence’. “They know what they’re doing.”>>Suze: They don’t.>>”I’m going to let them handle it.”>>Suze: They don’t,
they don’t, they don’t. I would not work with a financial advisor that wasn’t at least 15 years into it.>>Lisa: Fifteen? Okay!>>Fifteen, because the past ten years the market’s gone straight up. You could have been a monkey and made money in the stock
market the past ten years. You want somebody who went
through the recession, who’s been through it all. And they’ve seen the
ups, they’ve the downs, and now they can keep their calm. Don’t give me a ten year track record. Give me a twenty year track record. Give me a 15 year. Start with the year that
the markets crashed, and how did you do? So if you don’t have an advisor that has been through all of that, danger! Number two, if they talk to
you about an insurance product, universal life, whole life,
variable life insurance, I’m here to tell you, that is– don’t ever ever mix
insurance and investments. You want to buy life
insurance policy, fine. Buy a term life insurance policy. Do not buy an insurance policy
that’s also an investment. Crazy out there! Crazy!>>I just heard your
podcast on Women and Money, just the other day
about mistakes to avoid, so of course I listened to it. I was shocked. You were saying nurses
and teachers are too–>>Suze: Are targeted.>>Lisa: Yes.
>>Suze: Nurses.>>And there was this
one woman who invested, I think it was like,
seventy-five bucks a month, for–>>Twenty years.>>And only made $4000!>>Yeah, and it’s, I had
one yesterday that wrote in, that has been doing $200 a month for twenty years, and they have no money. They have like, it’s– Anyway, just, here’s the thing. If you don’t know what to do, let me tell you what not to do. Do not buy a whole life,
universal, or variable life insurance policy. Do not buy a variable annuity
within a retirement account. Do not buy loaded mutual funds that have a letter A or B on it. Just those few things alone, great.>>So, getting back to women
and money, women and technology, you know, like I mentioned
a minute ago, the pay gap. We all know it. How do we, how do women,
how do you advise us to to find that inner
voice, to find that power to ask for the better job, the promotion, the better opportunities. How do we find that?>>You have to make those that you are dependent on a paycheck for dependent upon you. When I started the Suze
Orman Show at CNBC, all right, so 2001, they offered me, it was like, “I’m not doing this show
and signing for five years for whatever this little
amount of money is.” And since I didn’t need
money, it was like, “I’ll do it for free.” I did that show the very first year, and I did not make one penny.
>>Lisa: Really?>>In one year, it became
the number one show on CNBC of all CNBC-produced shows. Now, CNBC needed me. Now, CNBC paid me what I wanted. Not what I needed, what I wanted. And I got what I wanted because I came from a place of power. So women, we have to put
ourselves in a position where you’re powerful with your own money. And when you’re powerful, and
you don’t need that pay raise, you don’t need that job promotion, you want it, but you don’t need it, you’ll get it because they need you. So when you make somebody
dependent upon you, you become valuable to them. And if they don’t value
you, then get out of there.>>That’s great advice, because oftentimes people will think, “Well they can just replace me.” Or we think,
>>Suze: So then let them.>>”I’m not replaceable.” So then, okay
>>Suze: Then let them.>>What if that happens? What do I do?>>You have to be always
prepared that that can happen. Because that can happen
if there’s a downsizing, if there’s a downturn in the economy. That’s why I always say, an eight month emergency
fund, don’t have any debt, put yourself in a situation
that if anything were to happen, you get sick, you’re in a car accident, and you can’t work, that it’s okay. It’s okay! When you come from that place, then magic starts to happen. When you come from a place of, “Oh please, when was my paycheck? Is it in another two days? I need it. It’s another two days!” So that– Keep a car forever. You know, I have a car that’s
now going on eight years old. I keep my cars 10 to 13 years. I don’t get a new car just because I can! I don’t, what is that about? It’s so, live below your
means but within your needs. Only purchase needs, not wants, and get as much save
pleasure out of saving as you do spending. Those three things alone will
absolutely change your life.>>So, we’re at a tech conference. Let’s talk about tech and how do we, we’re bombarded with ads all the time, we’re on Instagram, and there’s, “Oh, there’s that cute
dress I wanted.” Click! And I don’t have any
accountability for it because all I did was tap something. I didn’t see that transaction
going to my bank account. How do you see technology,
how do we utilize it for actually getting better control over our own financial freedom
and not letting it–>>I never ever, because I’m
on the internet all the time. If an ad comes in, I
immediately turn it off. I never click on an ad
that has come to me. I only purchase things, and I
can purchase anything I want, but I only purchase things that
I go after and I look at it. Then I put it in the cart. And I don’t buy it.>>Lisa: You think about it.>>And I think about, did I really want it, was it an impulse? Whatever. But you know what I found out,
when I put it in the cart, a day later, I get something from them with a discount code. So if I just waited, I’m
going to get it for cheaper. And so, I always thought
because it’s so easy, put it in your cart, and
just wait a day or two before you push, yet you won’t
even remember it’s there.>>Right, well it’s a
little bit of self-control. I think that’s just that opening up to, and Oprah’s other friend, I
know you’re friends with Oprah, Brene Brown taught me
vulnerability is awesome! It’s not weakness! It’s the courage to say
to your financial planner, “I don’t get this.” Or, to your point, if this person doesn’t have
fifteen years experience, and they haven’t been through
the tumults of the economy, “I’m sorry, I’m sure
you’re a great person. I need to go somewhere else
because this is my money for the rest of my life!”>>You know there’s a law
that I live by, which is, “It’s better to do nothing than something you do not understand.” Now I apply it to other things in life, like I’m really into being
a boat captain and fishing, but I don’t go places in my boat that I don’t understand
how the waters work, where the ledges are. I don’t venture out because I
don’t want to get in trouble. So it’s better to do nothing than something you do not understand, and just do something
else that you understand.>>And again, one of the things I love about your advice,
Suze, is it’s so simple. But I think as a society, we’re
so governed by technology. It’s our alarm clock in the morning, the first thing we do is
check email or Instagram, or something on .com, we’re
listening to podcasts. It’s so easy to have a
shoppable moment anywhere. Yes, it’s probably just as easy–>>And it’s going to be a whole lot easier as time and artificial intelligence and everything takes over,
it’s going to be really easy. So the question is, “Do you want to have things,
or do you want to have money? What do you want?”>>Yeah, because you say, what is it?>>People first–>>Both: People first,
then money, then things.>>Lisa: Tell me about that.>>The reason that I did
that, it’s a long story as to how that came about, but when I said, “People
first,” I always meant women. Meant you. Do not put everybody else in front of you. Don’t go buying gifts for all
your friends and everybody when you have absolutely no money. Put yourself first for once. Next is money. You want more money in your bank account than things that you have in your closet. So make your priorities. Those are your priorities. Put yourself first, then your money, and then if you have
those things together, then if you want to buy things, okay.>>I love it. “People first, then money, then things.” So you’ve been doing this for so long, and before we went live I was asking you, “How do you not clunk
people’s heads together because sometimes it’s like, ‘What!'” But you’re saying these are
the same problems that persist over and over because people don’t know.>>Well, two things. It shows you that money’s
not that complicated. That people still ask the same questions over and over again. There aren’t all these little gadgets and these little widgets and these things. It’s usually Roth 401(k),
traditional 401(k)? Roth IRA, 401(k)? Credit card debt first or student loans? Saving, they’re the same
over and over again. And but each question, to that person, is the most important question
in the world to that person. And that one person is important to me. Because if I can save or help one person change their life, that one person can go on and change this whole world. Never know who that one person’s
going to turn out and be. And so, I mean, if I think back on it, Fred Hasbrook, who is
the man who gave me money when I worked at the>>Both: Buttercup Bakery!>>Lisa: Which isn’t there anymore.>>And that one man who gave me $2000 with all these other people that took– He, those actions, to me, created me. And I’ve changed millions
of lives with people, with the information
that I’ve given people. They actually changed their own life. But, so one action can
change a whole world>>I love that.>>You never know who that person will be.
>>Lisa: You don’t. You never know. Well Suze, when are we going
to do our next show together? This has been so much fun!>>I don’t know, we
have to come back here! It seems I’m, have you,
where are you out of?>>Palo Alto, California.>>Palo Alto, well we come back there.>>Lisa: All right! All right!
>>Suze: We come back there.>>Well good, I’ll say I’ll look forward to our next show together, Suze.>>You got it, Lise. Thank
you, sweetheart, bye bye.>>Been a pleasure, thank you. For Suze Orman, I am Lisa Martin. Thank you for watching
theCube at Coupa Inspire 19! (upbeat techno music)

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