The Pete the Planner® Show

Latest Episodes:

Ep. 421: The Jobs Report Is Here & I Was Wrong (Again!) Aug 10, 2021

Show notes

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete and Damian change it up with YouTube and Facebook Live with the killer ‘wide... Read More

Ep. 420: “Pete, Am I Investing Too Aggressively?” Aug 03, 2021

Show notes

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete is back from vacation and Dame’s AquaDunns are expected to do quite well in... Read More

Ep. 419: Dissecting the New Inflation & Social Security Rates Jul 20, 2021

Show notes

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete and Damian discuss what happens next week when Pete goes on vacation! What do... Read More

Ep. 418: What Do We Do If We Might Over-Fund Our 529? Jul 13, 2021

Show notes

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete hits the beep AGAIN and wonders if he’s a radio master by now after... Read More

Ep. 417: Should I Roll Over My Older 401(k)s? Jul 06, 2021

Show notes

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com This week on the Pete the Planner Show, Pete hits the beep AGAIN, also Damian chooses the order for the show. WHAAAAT?!

Ep. 390: A New Format & Our Weirdest Metaphor Ever! Dec 15, 2020

Show notes

QUESTIONS ABOUT MONEY? GET EXPERT ANSWERS. EMAIL US AT: ASKPETE@PETETHEPLANNER.COM

This week on the Pete the Planner Show, Pete and Damian have an amazing surprise for our show listeners! You will now be getting the full, raw, unedited podcast to hear even more Dunn-isms each week!

Show Notes:

Mailbag Question 1:

My wife and I are both 52 and have a done a mediocre job at saving for retirement. Based on every online calculator I’ve used, we’re falling short of our retirement goals and the goals are modest. Between our mortgage, car payments and kids’ college educations, we don’t have much left each month. What do you tell people who are scraping by now and headed toward a not-so-great retirement?”
Damian: You may have to shift your idea of what retirement looks like. The things you may have envisioned are likely going to have to change a bit.
Pete: When people look at retirement shortfalls, they come to the conclusion “I don’t have a lot of money.” Change that lens; instead of focusing on not having a lot, focus on eliminating the obligations which make retirement seem impossible.

Pete’s StoryTime:

“When the pandemic and recession hit, we volunteered our services to the city of Indianapolis to be able to help people who had been suffering. This guy and his wife were about 50 years old. She was staying at home, not working. He was in the hospitality industry. Last year was his best year ever, bringing in $130,000. This year, he will have made $65,000. They’re only going in the hole to the tune of $750 per month. They’re renters and want to buy a home, while staying in their good school district. They’ve saved a bit of a downpayment, and want to buy a $225,000 home. …. They had saved $100K as a downpayment and have $50K in an emergency fund. They don’t feel great about what they have saved for retirement …but they have about $250K saved for retirement. They want to stop renting, but they can’t afford a new house in their neighborhood, even with that downpayment. It’s a remarkable problem, their perspective. Is this not one of the most unusual crises you’ve ever heard of?“
Damian: They must have been pretty disciplined prior to this year. They’ve got decisions to make, with younger kids still in school. “How much are they going to want to contribute to their kids’ education?” Some of that savings could need to be redistributed to other areas on their life.
Pete: It’s fascinating; they’ve got four goals, but only three of them are possible. I hate to say this, but ‘college’ is at the complete end of the list here.

NO MORE SEGMENTS! There’s so much more in the full show!

Ep. 389: A Unique Stock Market Year-End Review! Dec 08, 2020

Show notes

QUESTIONS ABOUT MONEY? GET EXPERT ANSWERS. EMAIL US AT: ASKPETE@PETETHEPLANNER.COM

This week on the Pete the Planner Show, Pete and Damian welcome a special co-host: Pete’s daughter, Ollie!

No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Stock Market Year-End Review (a month early):

Back on March 23rd, Pete and Damian talked about the performance of the market. Neither predicted that things would recover and rally like it has.
Guessing Game: How has this stock done this year – is it: up, really up, or down, or really down?
Carnival Cruise Lines: (Olivia) Down; (Damian) Very down. – Actual: Very down.
Peloton: (Olivia) Up to really up; (Damian) Astronomically up. – Actual: Really up..
Delta Airlines: (Olivia) Down; (Damian) Down. – Actual: Really down.
ZOOM: (Olivia) Really up; (Damian) Really up. – Actual: Really down.
S&P 500: (Olivia) Really up; – Actual: up.

Mailbag Question:

“I like to think I’m very responsible with money. Other than mortgage ($308K), I have no debt. I make $216K salary + a bonus of about $75K per year. Cashflow is good and I max out my 401(k) with company match. I’ve got 3 kids, 17, 15, and 12 years old respectively. I have some college funds set up for them. Is it stupid to join a country club?“
Damian: I’m not unbiased. I grew up on a golf course. The one word that concerns us is “some.” IF the kids know what their future college expense responsible going to be, sure, join the club. Make memories!
Pete: Me too. I’m leaning yes on this. His cash flow is significant. They could basically cashflow college.

Ep. 388: Our Philosophies on Money, Explained! Sort Of. Dec 01, 2020

Show notes

HAVE A MONEY QUESTION? GET EXPERT ANSWERS. EMAIL US AT: ASKPETE@PETETHEPLANNER.COM

This week on the Pete the Planner Show, Pete and Damian get two of the shortest questions of 2020 …and then they get the longest email question in the history of the show.

Ep. 387: “Hold Tight. See How Things Play Out…” Nov 24, 2020

Show notes

HAVE A MONEY QUESTION? GET EXPERT ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COM

On this episode of the Pete the Planner Show, Peter and Damian remind everyone that the upcoming holidays are not cancelled; we just need to look at them differently, with safety being a priority. FEATURED CONVO: Will Student Loan Forgiveness plans continue with the new federal administration?

REMINDER: TryHEY MONEY, your new secret weapon for advice in your personal finances.

No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Mailbag Question 1:

“I’m in Indiana. What is a reasonable fee for a fee-only advisor? What services should I expect? I’ve seen $600 for a retirement readiness assessment, and I’ve seen $1200/year fees. What’s reasonable?”
Damian: Let’s compare this to the percentage of the assets managed. I’ve seen all the way up to 2%. This flat-fee idea is gaining traction. What to expect? It depends. A bigger portfolio or on-going relationship is likely going to cost more. Ask yourself ‘what do you need?’ The advisor should essentially keep you from doing something foolish in the long term.
Pete: There could be some real confusion here. $125 – $300 per hour sounds reasonable to talk through your financial strategies. Also, use Hey Money, for everything else once you’ve got your investments figured out. (Hint: Use the offer code “RADIO”)

Mailbag Question 2:

“My wife and I are plotting out our financial goals for 2021, but hit a snag on deciding our theme for the year. Our incomes are north of $350K, or about $17K per month. We both contribute more than 10% to our 401(k)s. We don’t have kids and live in a modest house. We have a savings account with $80K in it we kick into every month; it’s higher than normal. Our debt is our mortgage and med school loans. Should we use the excess cash and pay down our mortgage or invest into the S&P500?“
Damian: I think they should wait and keep doing what you’re doing. Watch the incoming administration. Especially with regard to student loans. Does your wife qualify for PSLF (Public Service Student Loan Forgiveness)?
Pete: I agree. They need more time. Maybe consider stopping saving so aggressively?

There’s a full, entertaining conversation in here! Get the full answers to this more — click PLAY below for the full show.

Ep. 386: Maturity Plays A Big Role In This… Nov 10, 2020

Show notes

HAVE A MONEY QUESTION? GET EXPERT ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COM

On this episode of the Pete the Planner Show, Peter and Damian tackle some serious relationship problems.

REMINDER: TryHEY MONEY, your new secret weapon for advice in your personal finances.

No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

Mailbag Question 1:

“I’m feeling I’ve been abused by my husband. He thinks a stay-at-home mom is a servant and I don’t need an allowance, and is constantly saying rude things to me about our financial problems.”
Pete: This hurts. So little is said, with words, but it says so much. The idea of an adult with an allowance still rubs me the wrong way.
Damian: Financial abuse often comes along with emotional of physical abuse and manipulation. These stories aren’t to be brushed under the rug. Peoples’ value and worth is not their income. She might need to find an advocate to help create an opening to work through this.

Mailbag Question 2:

“I believe you have a better chance of success when you know how to define success, which is to set a goal. How do you recommend people set goals when they’re doing it with someone else?“
Damian: Communication has to happen. Maybe even over multiple meetings. Start talking about where you’re at and what you want to accomplish. Give yourself a specific number to reach and within a specific time limit.
Pete: I’ll add “what it is you’re trying to accomplish.” It’s not enough to say, “I’d like less debt this year.” You need something like, “I’d like $350 less debt on my Best Buy card by December 6th of this year.” You’ve got to be able to measure it. Also, trust and vulnerability have to be there.
We built Hey Money so someone can guide you through this process to set financial goals together. (Hint: Use the offer code “RADIO”)