The Pete the Planner® Show

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Ep. 129: Ed now has to make one full- and one part-time income work for five people. Jan 10, 2017

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M$D: 10/3/2026 Meet Ed Age: 38 Ed’s main concerns, in his words: In 18 months, we went from supporting two people on two full-time incomes to supporting five people on one. We now have 1 full-time and 1 part-time income. We have been able to save for retirement and pay off debt even after the income reduction, but are now having trouble deciding if it is okay to begin spending some of the money or if we should put more towards kids’ college and retirement. We also received some inheritance money recently, most of it was reinvested but we were wondering what to do with the rest of it.

Ep. 128: Fresh Starts Jan 05, 2017

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Topic: Fresh Starts Special Guest: Marc Williams, A.K.A. Mr. Kinetik, A.K.A. Mr. K This week I talk Fresh Starts for the new year with my friend Mark Williams. Financial goals—how do we make them and how do we keep them? I go over four ways to start your financial new year off on the right foot. Check out Mark on his Twitter, Bandcamp, or website.

Ep. 127: Dave is making over 100k but feels like he’s living on 30k. Jan 04, 2017

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M$D: N/A Meet Dave Age: 28 Dave’s main concerns, in his words: I am in medical sales and my wife is in procurement. Getting married next month. Share bank account. Combined, we make about $110k/year, but we always seem to have the same amount of money we had when we were single and making about $36k/year. Need to pay off credit card debt and save. I would also like to start investing or supplementing our income.

Ep. 126: Charity Dec 22, 2016

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Topic: Charity Special Guest: Steven Shattuck from Bloomerang.

Ep. 125: Renae just had a giant income increase and needs help budgeting Dec 21, 2016

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M$D: 7/11/2062 Meet Renae Age: 28 Renae’s main concerns, in her words: Took my time to get into college, graduated undergrads in graphic design in 2013. Got pregnant. Took any work possible. Landed a decent 30k salary/benefits job that I enjoy. Earned $7,800 additional in raises over 2 years. Went to grad school for nerdy tech/engineer stuff, and now have an offer for a role that would be 20k difference from my current rate.

Ep. 124: Essential Truths Dec 15, 2016

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The post Ep. 124: Essential Truths appeared first on Pete the Planner®.

Ep. 123: Judy is coming-off a divorce and has some work to do Dec 13, 2016

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M$D: 12/29/2037 Meet Judy

Ep. 122: Healthcare Dec 08, 2016

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Topic: Healthcare Special Guest: Paul Ashley from FirstPerson.

Ep. 121: Joey’s income went up and his margins shrunk Nov 15, 2016

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M$D: N/A Meet Joey Age: 26 Joey’s main concerns, in his words: I used to be a budgeting boss but now that I am the boss I’m a lifestyle creep – maybe. It felt easier to budget and handle money when our income was modest and followed a straight line. I need help thinking through how much money I should feel okay about spending. Should I save a certain percent or amount and then get a free pass to spend the rest on whatever I want? My income has grown significantly over the last few years and my wife quit her job in a field she didn’t like about a year ago. She is now pursuing a career in programming/web development but there isn’t a lot of pressure to get her income back in the mix. She had been making around $65-70k. I own an economic consulting business with a partner and my income has grown from $50k per yer a couple years ago to making $250k $250k $450k $300k in the last four years. I take a decent salary through out the year but after extra tax withholding and maxing out my 401k, I net about $2k per 26 pay periods. A big chunk of my money comes through a K-1 distribution that I take in the spring/summer of the following year. My money comes in lumps as Fiddy would say. Prior to the increase in income we were really disciplined and paid off over $80k in college loans (all of our debt except the house). During the first couple years of the higher incomes ($250k years) I was continuing to buy in to the business so between living expenses, income taxes, and payments to buy in, we didn’t feel like we were rolling in it – we were certainly comfortable but we were still really careful with our money and we hadn’t felt the income increase. Last year, after a lot of research and being patient, we bought a duplex with 25% down as an investment which has worked out well. We hired a property manager who takes care of keeping it leased and tenant issues. This year after my income jumped to $450k , we paid for some home improvements for my parents just cuz ($11k), paid off our house ($142k – house worth about $280k now), made some home improvements at the now paid-for house ($10k), bought a 2016 Mazda CX-5 SUV ($19.5k). We don’t have any debt (except $240k on the duplex investment property) and together we have about $250k in retirement. With no kids or plans for kids and a pretty stable high income, how should we look at budgeting? We’d like to continue real estate investing and potentially purchase a second home – I work from home so we are thinking of going 50-50 between TX and CA (I’m aware of the tax issue with working/living in CA). We like to travel and spend a good bit of money on travel. Can you show us a way forward Pete?

Ep. 120: Power Percentage Nov 14, 2016

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Topic: Power Percentage * Why we need it * How to calculate it * The scale * 10% and below – Eh * 11% to 20% – OK * 21% – 34% – Getting there * 35% and above – Perfect

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