The Pete the Planner® Show

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Ep. 119: Monica is your financial role model Nov 08, 2016

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M$D: 8/5/2028 Meet Monica Age: 26 Monica’s main concerns, in her words: My income isn’t crazy high (active duty military), but I’m able to save and invest 50-60% of my take-home pay depending on the month, while feeling that I live a pretty high quality life. I have a somewhat closeted goal of being financially independent by 35. I say somewhat closeted, because if I reveal that goal to 99.9% of people, I’m hit with all the reasons why that’s impossible. I’ve done the math, the retirement calculators, and have briefly ran my plan and the numbers a by financial counselor who said I’m doing what it takes to make that goal. I feel like I’m ahead of most Americans, but that’s only because most Americans choose to do nothing when it comes to financial planning. I’m curious if I’m really tracking toward my goal, are there some things I should be doing (or am forgetting to do) since I’m fairly new to the financial independent (“early retirement”) game?

Ep. 118: Patience Nov 04, 2016

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Topic: Patience * Housing Patience * Until you have a downpayment * Until you prove you can save money * Until you have an emergency fund * Until you can afford the 15 yr mortgage * Until you can afford a house which you’ll be able to sell later * Until you can buy a house which doesn’t prevent you from spending any money. * Market Patience * “Should I change my investments, the market isn’t having a very good year” * Your contributions are the key. * Manipulation * Risk Tolerance * A snapshot of your portfolio is rarely helpful * Fear sets-in, you make mistakes * Wrong forms of Patience * Waiting to invest * Waiting to budget * Waiting to save * Waiting to decide * Waiting to care Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here Audio Player

Ep. 117: Tony wants to be able to shut it down at 40. Can he? Nov 01, 2016

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M$D: 7/31/2026 Meet Tony Age: 28 Tony’s main concerns, in his words: I’m 28, my wife is 26. We have a 16-month-old son. Our main goal is to have enough money where I can semi-retire at 40 (or earlier), if I want, and work part-time/full-time for my father’s company. We earn about $110,000 a year and have $94,000 in retirement savings. Right now we are saving almost $3,000 per month for retirement ($2036.44 per month into my 403b (including 9.5 % match), and maxing out both of our Roth IRA’s ($916.67 per month). My wife anticipates continuing to work after age 40, but I’d like to be in a place where money doesn’t matter and be able to help out the family business on a full time or part time manner at age 40, or before. Our second goal is to make sure my sons college is taken care of. Currently we have $5,000 saved on a 529 account and anticipate adding $2,500 per year. My wife’s parents will likely help out or offer to pay for all of it, but I’d like to have at least 1/2 saved in the 529 by the time he’s ready for college and cash flow the rest, if necessary. If he doesn’t need it the money, I’d like to help fund part of my twin nieces college. Our final goal is to buy a reasonably priced home within the next 12 months. Our current home is worth about $150,000 and we owe $109,000. I’d like to purchase a house around $200,000 with 20% down on a 15 year fixed. We have $5,000 saved in addition to our equity, and I anticipate having $10,000 saved by the end of the year for a potential summer 2017 move. Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here Audio Player

Ep. 116: Emails Oct 31, 2016

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Topic: This week, I answer your emails. Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here

Ep. 115: Malcolm is a doctor and is about to get paid Oct 25, 2016

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M$D: 4/14/2051 Meet Malcolm Age: 28 Malcolm’s main concerns, in his words: I’m a little over a year out of medical school, doing a three year residency training program. I have about $312,000 in student debt, and make about $50,000 a year until I graduate in about two years, at which point I will make between $200,000 and $250,000 per year. My girlfriend is a graphic designer without student debt, making about $55,000 per year. I’ve heard a lot about the Public Service Loan Forgiveness program, and a lot of my colleagues are banking on it, but I’m afraid there will be some big restrictions on it by the time I’d be eligible to take advantage of it. I’m considering paying the minimums until I graduate, then paying ~$6,000 per month to get rid of it in a few years, but don’t know if it makes sense to be that aggressive. Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here

Ep. 114: Action Oct 25, 2016

Show notes

Topic: Action What we cover: * How to get out of a financial rut and get your motivation up * The importance of doing something * Why action is the key to a successful financial life * What is the financial equivalent of a FitBit? * The emergency isn’t when something happens, the emergency is generally the result of your reaction to an event Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here

Ep. 114: Action Oct 21, 2016

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Topic: Action What we cover: * How proactive activity leads to a successful life and how reaction leads to regret. Subscribe on iTunes | Subscribe on Stitcher Want to be a guest on the The Million Dollar Plan podcast? Apply Here

Ep. 113: Steve is a public defender who doesn’t get frisked Oct 12, 2016

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M$D: 6/17/1945 Meet Steve Age: 28 Steve’s main concerns, in his words: Hello. I am a 28 year old guy who works as a Public Defender. I am in a long term relationship that will lead to an engagement very soon (ring is already purchased), and my future-fiancee is currently in a 2 year masters program. I’ve recently paid of all consumer debt, but still have ~$83,000 in student loan debt from law school that I am not attacking because I am participating in the Public Service Loan Forgiveness plan. As someone who loves paying off debt, this is a struggle for me, but (I think) it is the right move for me to make. As I’m planning to marry the gal in grad school, I will assume her debt. Her debt is under $20,000 but owed to her father. I’m sure he would be nice and forgive it, but we would like to be honorable and pay it back. I’m currently about to have three months saved for an Emergency Fund and am trying to get my 2016 Roth IRA fully funded. I am also putting $50 per paycheck in a traditional 401k type fund (the government employee version). Also, I have about $300,000 in life insurance through my employment that costs ~10 per paycheck, which I think is a great deal. I’d love to be on the podcast because I’d like to know if what I am doing makes sense to The Experts. With a wedding to save for and a marriage to grow soon after that, I’d like to have as little money pain as possible heading forward. Thanks!

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