The Pete the Planner® Show

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Ep. 149: College Financial Literacy Apr 06, 2017

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This week, I talked with Phil Schuman, Director of Financial Literacy at Indiana University. Phil and I have been working together since last fall on a project to increase college financial literacy. The program, called Money Smarts U, is through Indiana University, but will eventually be available for other colleges to adopt and offer to their students. We’re pretty excited about the change this can bring in increasing the financial preparedness of recent college grads. When everything is said and done, there will be over 20 hours of content for students at various stages of financial literacy to learn the basics before they reach the real world. If you are a college student, have a current or future college student, or will be a college student eventually — basically anyone ever — this is an episode for you. We cover some common financial mistakes in college, ways people try to circumvent debt collectors (hint: you really can’t), and more. Check it out.

Ep. 148: CJ had a late start to his career, but his profession makes it less stressful than you’d think Apr 04, 2017

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M$D: October 10, 2041 Meet CJ. CJ’s main concerns, in his words: We are an early 30’s married couple that is looking to have kids soon. We have a house, but we are looking to upgrade that in the next few years as well. I got a late start to my career so I wasn’t able to really start saving for retirement until I was 30. I am on the tail end of student loans (about 5 years left) that I have from pursuing my MBA. We are finally saving how we want to, but are still not sure if it is enough for all of our needs. We each have a 401(K) and are putting 6% plus an employer 3% match. Combined gross income is around $125,000.

Ep. 147: Youth Sports Mar 30, 2017

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This week on PTPTV, I talk youth sports with Travis Dorsch. He’s got quite the title, are you ready? Dr. Travis Dorsch: Former Professional Football Player, Assistant Professor, Founding Director of the Families in Sport Lab in the Department of Family, Consumer, and Human Development at Utah State University. Yes, I do give him a hard time about how long this title is. To summarize: he studies the impact of youth sports on families. My primary approach to this topic has been financial. And no, I don’t mean betting on Joey’s little league team. That’s why it’s great for me to talk to someone like Travis to understand the impact of youth sports beyond the bank account. If you’re a parent with a kid who’s interested in youth sports, this episode is a must-listen. Travis and I discuss the message you send to your kids by spending money on youth sports, how to know if your child is really being enriched by their sport, yelling at refs, and a lot more. Check it out. Follow Travis on Twitter or check out Families in Sport.

Ep. 146: Cindy, recently divorced, is looking for a financial fresh start Mar 28, 2017

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M$D: June 10, 2036 Meet Cindy. Cindy’s main concerns, in her words: My husband and I are separated and the divorce will be final in a couple of months. He no longer lives in the house, so it’s just my income providing for us. We have two children ages 10 and 5. I make $68k yearly (net $4,200), 403B is $132K (my employer matches and I match at the highest rate monthly $292), life insurance ($250K) and employer ($68k), savings $1,650 ($300 monthly), credit card debt is $2,800, rent $1,200 and no more school loans. Then there are monthly expenses which amount to $1,680 (car payment, insurance, utilities, food, kids activities, premiums, etc.) My financial concerns are not having the three months expenses budgeted in case of an emergency, paying off THAT credit card (it’s killing me), and feeling like I can’t buy a new dress or a pair of shoes without feeling guilty. The guilty feeling comes into play because if I buy myself something, I know something is going to come up that I will need that dress/shoe money for. I live paycheck to paycheck and run out of money before next pay date (paid monthly), so I want to get out of that cycle. Even when my husband was in the picture, this was still the case. He was in debt and couldn’t contribute. Our money was always separate, so I never knew what his net was or personal expenses. Help me get on a plan so I can save and have some money to do whatever I want with. PLEASE.

Ep. 145: Rhonda needs to make a plan for retirement for herself and her employees Mar 21, 2017

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M$D: August 26, 2049 Meet Rhonda. Rhonda’s main concerns, in her words: My husband and I recently paid off our businesses. We have been investing all our money into them and not saving much for retirement. We now have quite a bit of money every month we would like to invest and save for our son’s college education. We want to make the smartest choices possible. We are debt free other than our home. I love your podcast and I would be grateful for the opportunity to talk with you. Thanks!

Ep. 144: Mailbag Mar 16, 2017

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On this episode of the Million Dollar Plan, I answer your questions. Do you want to send me some questions? Go ahead, hit me up at askpete@petetheplanner.com. Today I answer questions from Tim, Karen (spelled the way I think it should be spelled), and Barbara. I tackle a tricky question on investing and money markets. Karen wrote with some retirement questions and I have to deliver some bad news. And finally, I help Barbara plan for the future after the sale of her home. Intrigued? I was. At least intrigued enough to make a podcast. Check it out. Submit your questions, too.

Ep. 143: Jack tries to sell me some life insurance Mar 14, 2017

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M$D: May 13, 2064 Meet Jack. Jack’s main concerns, in his words: I make $1,900 a month net, I also make some commissions although I’m still new so not entirely sure how consistent that will be! So, I would like to plan for just the $1,900. I have about $3,000 in debts. I’m getting married in July. So my debt is the ring and honeymoon. My rent is $525 a month and I have around $100 for utilities. I have a ROTH IRA and I’m really worried that I won’t have enough for retirement due to lack of funding. Then also should we rent for a few years or try and get a home to build equity?

Ep. 142: Tatiana’s husband just lost his job, but their financial life is still looking up Mar 07, 2017

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M$D: October 28, 2027 Meet Tatiana. Tatiana’s main concerns, in her words: Hello Pete, Our goal is to be debt-free except for our house by November 2019 if not sooner! What can we invest in that will increase our net worth and minimize our tax liability while we are paying down debt or should we ignore that and just focus on the debt and just save min to 401k and HSA until then? Also very concerned that our ER savings is very small for our in income. When will we be millionaires? Ages: both 46 years old. Two adult children and three grandsons. 1 child in private college. Our pay went up substantially in the last 10 years. Both of us went to college late in life. And made lots of mistakes over and over again along the way! Including short sale of two homes 7 years ago. Facts and figures: * Husband income: $190,000 * Wife income: $78,000 * Monthly take home pay: $11,000 after taxes, ins, 401k, FSA, HSA and $600 a month to brokerage savings account. We are using a budget for the first time in our 27 years of married life and still are working out the kinks! Have maxed 401k’s, but would like to do just the matching amount for 1 year to pay down debt. My husband – 5%. Me – 6%. Retirement balance: $376k. ER Saving: $5,000 Mortgage: $325,000 (appraised at $410k). Refinanced at 20 year fixed @ 3.5%. Pay biweekly ($1,150) and a little over for a total of $2,300 a month. Term Life Insurance-due to renew in 2018! Husband – $500,000. Wife – $350,000 Cash flowing youngest daughter’s private college. This ends in May 2017!! Woot woot! This will free up $23,000 a year!! Debts besides the house and in order of our payoff focus: * Parent Plus Loan: $6,000 @ 7.2% and paying this first at $1,250 a month or more if possible. * Lazy Boy: $5,000 – zero interest $303.00 min. * Truck Loan: $20,700 @ 3.75% $670.00 * Leaf Loan: $27,000 @ zero % $450.00 * Stupid Loan- Promissory Note from HELOC for a home we don’t even own anymore! $38,000 @ 2% $400

Ep. 141: Power Percentage Part 2 Mar 02, 2017

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It’s time we talk about Power Percentage. Again. Ever since my podcast on this topic a few weeks ago, I’ve been receiving lots of questions. If you have no clue what a Power Percentage is, check out Episode 120 or watch the first episode of PTPTV. To summarize, it’s the best way to measure the health of your financial life. Ever. It’s a way to see how much of your income is being used to move you forward. Here are some of the questions I address: * What is and isn’t included in my power percentage? * Why isn’t transportation included in my power percentage? * What if I have no debt and no mortgage, how can I increase my power percentage? * What if my company has a pension plan rather than a 401(k)? Finally, I talk about how to make your Power Percentage go up TODAY. The goal is to keep this number increasing from year to year. The fastest way to move yourself up today is to increase your contribution to your employer’s 401k plan. It’s quick, it’s easy, and it can have a big impact on your both your Power Percentage and your future as a whole. Here’s the key, for your reference: * 10% and below – Eh * 11% to 20% – OK * 21% – 34% – Getting there * 35% and above – Perfect

Ep. 140: Rey recently inherited a whopping half million and needs to know where it should go. Feb 28, 2017

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M$D: September 29, 2026 Meet Rey. Rey’s main concerns, in her words: I wouldn’t normally be contacting you, but I have come upon a not-normal situation. I am a RN ($52k), my husband is a fire captain ($58k) and we have 3 boys ages 10, 8 and 8 (yes, twins). Recently, my brother passed away and I was left with approximately $510k in life insurance. I’m not sure what to do with it. I’d like to pretend I don’t have it and invest it for the long haul. I’ve been talking to a financial consultant, which only seems to make me unsure and confused with investing (index funds vs stock funds. managed active vs managed passive vs DIY). Other thoughts are to pay down some of our mortgage ($190k) or buy a cheaper home so we could put more money into 401/Roth/529 options (the dentist also recommended we save for braces x 3!). We own a rental (on accident) and break even with the mortgage. My husband has some credit card debt (I’m not sure exactly how much…). Cars are paid. School loans are mostly paid. Overall, I’m probably considered a “late-bloomer” in the financial world. My time as a raft guide and outdoor educator was super fun, but I didn’t start saving until I was closer to 31 years old. I have appx $70k in retirement, my husband has $80k. Ultimately this is a lot of money to me and I’d just like to make wise decisions with it. Any advice and ideas are appreciated! P.S. I’m a big hip-hop fan and appreciate the tunes in your podcast! 🙌🏻

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