The Pete the Planner® Show

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**The Pete the Planner® Show**

Discussing money can be emotionally charged, but not here on the Pete the Planner® Show where Personal Finance Expert, former comedian, and author Peter Dunn breaks down personal finance with humor, practical advice, and real-life scenarios to help you make smarter money moves. Pete and his co-hosts Kristen and Damian lead a guilt-free discussion of budgeting, investing, retirement planning, and any number of other topics meant to help you thrive in the present and future. Part of the IBJ Media Podcast Network.

Latest Episodes:

Ep. 380: How Much You Should Have Saved for Retirement Sep 29, 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 remember they don’t speak Spanish!

Don’t forget!HEY MONEY is your new secret weapon for advice in your personal finances.

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

Show Notes:

Main Question:

“How much should I have saved based on how old I am in relation to my retirement portfolio?“
Damian: This is a very common question; especially the younger a person is. They’re more focused on a benchmark or guideline to see where they are on “track.”
Based on an article by Michael Batnik responding to a Fidelity infographic, at Age 30, Fidelity says you should have the equivalent of 1 year’s income in your retirement plan.
At Age 40: you should have 3x your current income set aside in retirement funds.
At Age 50: you should have 6x your current income set aside in retirement funds to know that you are on track.
At Age 60: you should have 8x your current income set aside in retirement funds.
At Age 67: you should have 10x your current income set aside in retirement funds.

Follow Up:

“Michael Batnik didn’t believe this was realistic until looking at the data. He found that this is actually realistic if you start in your early 20s. Also, this falls apart if you have huge pay jumps through the years, largely due to lifestyle creep.

Tune in for the featured segment. The segments in this episode are INTERESTING. It’s pretty different from many of our educations. Click PLAY below for the full show.

Ep. 380: How Much You Should Have Saved for Retirement Sep 29, 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 remember they don’t speak Spanish! Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances. No... Read More

Ep. 379: The Economic Chaos Coming This Holiday Season Sep 22, 2020

Show notes

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

On this episode of the Pete the Planner Show, Peter and Damian realize that the show is so good, we’ve got return visitors! There are actually people who have emailed us back!

Don’t forget!HEY MONEY is your new secret weapon for advice in your personal finances.

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

Show Notes:

Question 1:

“I was previously featured on episode 291. I bought a home in New Jersey for $148,000 with $1110 monthly payment on the $114K mortgage at 2.75%. My other expenses come to $400 per month. I’m making $47,000 per year, hoping to increase my income in the future. My Roth IRA is up to $34K now, and my student loans are down to $11K at 3%. A 1-year emergency fund is about $20K to me, so what do I do with that money?“
Pete: She lives well within her means and is incredibly stable. What should she do? With relief options available, wiping out student loan debt wouldn’t be the highest item on my list.
Damian: She’s got some opportunities as this point. with nearly two years of savings sitting there waiting. She could get rid of student loans entirely. She could max out funding retirement accounts. And she’s not in a rush, not even being 30 years old yet.

Question 2:

“Bryan here again…my girlfriend and I, both 26, currently lease an 700 sq. ft. apartment in Westchester, NY for $2600 per month. For our next place, I’ll be working from home more due to COVID-19. We want more space now, so I see our options as rent a 2 BR apartment for $3K per month, but hearing of a possibly disastrous rental market coming. Or purchase a townhome, running at least $750K with 15% down, and 3% interest, for a monthly fee of about $4K per month. I’m hesitant to commit due to other homeownership costs and our short-term interest in a house. What do you two think?“
Damian: I would not want to be tied into an interest-only mortgage with all that’s coming. Renting is the only answer here.
Pete: I hate interest-only mortgages with a passion. Ask the landlord for a month-to-month agreement for added flexibility.

Tune in for the featured segment. The light-hearted conversation about the serious topic of finances never stops! Click PLAY below for the full show.

Ep. 379: The Economic Chaos Coming This Holiday Season Sep 22, 2020

Show notes

Have a question? Get some expert answers. Email us: askpete@petetheplanner.com On this episode of the Pete the Planner Show, Peter and Damian realize that the show is so good, we’ve got return visitors! There are actually people who have emailed us back!... Read More

Ep. 378: The Greatest Segment in the History of Our Show?! Sep 15, 2020

Show notes

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

On this episode of the Pete the Planner Show, Pete and Damian, use 3/4 of the show to tell and answer ONE question and cover the greatest segment in the history of this show.

Don’t forget!HEY MONEY is your new secret weapon for advice in your personal finances.

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

Show Notes:

Question 1:

“I’ve got an unusual conundrum. On a previous show, you said that a landscape artist shouldn’t aggressively pay off his mortgage during a pandemic. What if you already had the cash to do so? My wife and I bought our home 11 years ago with <10% down, 30-year mortgage, for more than half our take-home pay. We purchased a home we loved, in a location we loved, for a payment we could (barely) afford. Since, we’ve refinanced to a 3.15%, 15-year mortgage, which consumes about 30% of our net income. The balance is about $179K with a home value of $600K. During the last 10 years, we’ve saved and put about $650K into retirement vehicles, $55K in HSA, $60K into our kids’ 529 plans, and over $200K in savings and taxable brokerage accounts, and $25K emergency fund. We make about $180K/year and have no other debt. I’ve lost short, midterm faith in the markets – expecting a significant correction coming in the next 3-5 years. If we paid off our mortgage, we could boost our monthly brokerage account investment from $1K to $2800. I’ve thought this through. Should we liquidate some of our savings? What to do?“
Damian: There’s a compelling argument to sell off some securities and pay it off. There would also be some tax/capital gains consequences. Considering that, with the new free money each month, that could do so many things.
Pate: What, to the dollar, would be the tax bill for liquidating $179K from the $200K available? By freeing up that roughly 30% of their income each month, would they avoid lifestyle creep? What is the riskier move: pay it off and “outsmart the market” or ride out the 3.15% mortgage?
There’s so, so much more more on this deep conversation. Check out the full show to walk through it all with our hosts!

The Greatest Segment in the History of Our Show!

You’ve got to hear this to believe it. Seriously.

Click PLAY below for the full show!

Ep. 378: The Greatest Segment in the History of Our Show?! Sep 15, 2020

Show notes

Have a question? Get some expert answers. Email us: askpete@petetheplanner.com On this episode of the Pete the Planner Show, Pete and Damian, use 3/4 of the show to tell and answer ONE question and cover the greatest segment in the history of... Read More

Ep. 377: Pressing Reset on Our Financial Sensibilities Sep 09, 2020

Show notes

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

On this episode of the Pete the Planner Show, Peter and VP of Advice, Damian, answer a question, Pete gets personal, and the economic recession and COVID-19 pandemic are not over as the CDC makes an unprecedented move on housing.

Don’t forget!HEY MONEY is your new secret weapon for advice in your personal finances.

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

Show Notes:

Question 1:

I switched jobs and I have a retirement account from my last job with a financial company. My new job also uses the same company. I got a call from them asking me to rollover my old account into an IRA with them, but it makes more sense to me to take my old account and put it into my new 401(k) account. Does it really matter?“
Pete: I’m upset. Institutional fees are generally lower than individual fees. This is likely a money grab. Go with the new 401(k).
Damian: “Maybe.” Let’s look at the fees of the transaction and all of the investment options.
For more on this and tips to look out for from Pete, check out the full show!

Story Time!

“My Grandpa Dunn, as a child of the Great Depression, learned to make do with what they had and nothing more. He was a very sensible, prudent person. He went on to fight in WWII, was stranded on a beach overnight, had to find their way to a ship, etc. He taught me about money, saving his coins in a Pringles can. His generation would laugh at a “Never Satisfied” bumper sticker. I think there’s a sensibility reckoning as it relates to materialism and consumerism. Our financial habits have gotten worse year after year. I’m not sure we can come back from our addition to a comfortable lifestyle and regain that prudence his generation once had. What do you think, Damian?“
Damian: I hope you’re right, thinking we will change. Most of us have very comfortable lifestyles we’re raising kids in. My kids are going to have an expected lifestyle where they graduate from college. The chances are probably lower than they should be that they’re not going to have a period of struggle where they worry about putting food on the table. We try to solve our kids’ problems. I don’t let my kids struggle enough…
Pete: I think we have to press reset on our financial sensibilities.

Click PLAY below for the full show!

Ep. 377: Pressing Reset on Our Financial Sensibilities Sep 09, 2020

Show notes

Have a question? Get some expert answers. Email us: askpete@petetheplanner.com On this episode of the Pete the Planner Show, Peter and VP of Advice, Damian, answer a question, Pete gets personal, and the economic recession and COVID-19 pandemic are not over as... Read More

Ep. 376: Shoring Up Finances In The Economic Downturn Sep 01, 2020

Show notes

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

People are feeling the pain all over. Peter and Damian discuss stories of the current reality onset by the strange mix of the economic recession and COVID-19 pandemic.

Don’t forget!HEY MONEY is your new secret weapon for advice in your personal finances.

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

Show Notes:

Story Time!

Article: “Survey: Many in United States Shoring Up Finances Amid Downturn.”It’s the paradox of a pandemic that has crushed the U.S. economy: 12.9 million lost jobs and a dangerous rash of businesses closing, yet the personal finances of many Americans have remained strong—and in some ways have even improved. A new poll…finds that 45% of Americans say they’re setting aside more money than usual. 26% are paying down debt faster than they were before the coronavirus pandemic. In total, about half of Americans say they’ve either saved more or paid down debt since the outbreak began. Kent Sullivan, a landscape painter from Orlando, Florida, has been making extra mortgage payments.“
Pete: There is a right way and a wrong way to do it. You don’t get flexibility by making extra mortgage payments during a pandemic. Paying off your mortgage quickly doesn’t always make sense.
Damian: “What’s this guy’s emergency fund look like?” He’s an older gentleman, if he’s got the cash flow, maybe there’s a reason to do this going into retirement, IF the emergency fund is there.

Student Loan Refinancing:

“Both my wife and I lost our jobs when the pandemic hit. We previously had a household income of $165k. I’ve been able to get a job for $15 per hour while I look for jobs more consistent with my skills and experience. My wife is coordinating our kids’ virtual learning so it’s difficult for her to find work. I’m also going to look into a second job on nights or weekends. We might have to dip into our retirement savings or we won’t be able to make our mortgage payments. Are we crazy for doing that? I want to make sure I’m thinking clearly.“
Pete: I’m sorry, John, that you’re going through this. Don’t feel the pressure to let this moment in history to define your character. But the fact that he’s willing to do whatever it takes to care for his family demonstrates his character. The CARES Act makes this a much less risky move.
Damian: We’ve made it almost taboo to withdraw from retirement accounts for any reason other than retirement. In this case, you’re forced to look at the resources that you’ve got.

Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!

Ep. 376: Shoring Up Finances In The Economic Downturn Sep 01, 2020

Show notes

Have a question? Get answers. Email us: askpete@petetheplanner.com People are feeling the pain all over. Peter and Damian discuss stories of the current reality onset by the strange mix of the economic recession and COVID-19 pandemic. Don’t forget! HEY MONEY is your... Read More

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