[00:00:00] All right. Welcome to the Pete, the planner show. Yeah. We're just starting an hour early this Friday, August, something, something. Kristen and Dame aren't even in the room yet. Kristen's here. Dame is not. And I decided to get started. Hello everybody. You're welcome for the early visual references here on the show.
Big news. I'll wait for Dame and Kristen to get here. Actually I'll add Kristen to the mix right now. Hello, Kristen. We'll wait for Dame to pop in. This is my fault, by the way, I had a faulty stream, which actually sounds In like a live stream is where I was going with that. You know what I mean? Yeah.
And it sounded a little too influencer esque to me. I didn't never accuse me of that. Like, sorry guys, we had an issue with the live stream. Oh yeah, that's true. You get that a lot. I watch his bourbon podcast sort of thing on YouTube and he always has trouble. Like he can't, I mean it's 'cause he is drunk like could be.
Yeah. Bourbon influencer is just like, it's just an [00:01:00] excuse. It quite literally is like, I'm going to drink and I want to write it off. Hey, I mean, do what works, I guess. I got a new shirt, Dame. I'm wearing a brand new shirt. Is that two in one week? I got a mystery box of shirts. A mystery box? A clothing brand I like had a sale on mystery box.
They give you six items and it is deeply discounted and you get it and you get what you get and you don't throw a fit. This is one of them. I like it except for it's a wrinkler. Oh, can you return any of the shirts? I'm very interested in this. Are you like fully committed to all six shirts? They're all close out final sale.
I like her. I like five of the six. One of them, it's just not my style. I'll probably still wear it. Hello, Chris. Daddy, we are in a hurry this morning. If Jeremiah a, isn't going to be here cause we're now early B if he's listening later, he's going to hate it. Cause we're trying to get done within 50 minutes [00:02:00] today.
I have to be on a zoom call. Zoom call in Houston, Texas is where I have to do today. I don't know if you've heard of Houston, Texas. Very important. Kristen, you restart the show. Who am I going to? Damn. Are we starting with the 2 percent thing? Oh, I thought we were starting with Dame's question. Oh, okay.
Okay, we'll go to Dame. In 3, 2, 1. This week on the Pete the Planner show, we answer your money questions. Here's how the show works. You email us askpete at petetheplanner. com That's askpete at petetheplanner. com And here's what will happen. Sometimes we'll answer your question on air. Sometimes we won't.
Don't take it personally, which is a weird thing to say to an audience that you're trying to endear yourself to. Speaking of endearing, Damien Dunn, no relation. Hello, Dam. Hello, Pete. And Kristen Alanius, who this week, as I was walking around the, your Moneyline headquarters, I'm scanning heads in our room where all our people are, and I see this abnormal head.[00:03:00]
And it was yours, Kristen. It was, yeah. You know, Damien over there is like, Hey, I'm looking, I'm seeing people. I know that had, I know that I just stop. I see this giant head and I'm like, I don't know this. It's Kristen. Yeah. I mean, it happens all the time. I'm sure in the office, all of a sudden people show up and you don't know who they are and hopefully they're on payroll.
Fair. Dame, there's a question this week that you are going to be the maestro, the Svengali of the question. Go ahead. Make sure. Maybe. All right. Hey, Kristen and company, my husband and I are in our forties, and we've recently inherited a significant amount of money this summer. While we prefer not to disclose the exact amount, it's substantial enough that we're uncertain about the best steps forward.
We have four children ranging from 18 to 10 years old. And while we'd like to set aside some of this money for their future, we're not necessarily looking to earmark it for college expenses. Up until now, we've been aggressive savers when it [00:04:00] comes to our retirement. But with this recent inheritance, we're feeling a little less confident in our overall financial knowledge.
We live within our means and avoid unnecessary debt, but we don't actively budget, which makes us unsure about how to strategically manage this windfall. We're reaching out to you because we're not sure what our next steps should be. And we greatly appreciate your advice on what factors we should consider in making the most out of this inheritance while securing our family's financial future.
Thank you for your time, your guidance that you can offer. Dean, is there any chance that this person is listening to this program? I'm trying to calibrate the how much fervor I bring. It's not out of the realm of possibility. OK, Kristen, while I calibrate, what do you got? I'm nervous. I feel like that means you have a hot take.
But there was a statement in there that struck me that felt to me like, Hey, we feel like we've been playing in the minor leagues and we've just been called up to the majors with this inheritance. [00:05:00] And I just first want to acknowledge that, which is that you can be doing a really great job managing what you have.
And then all of a sudden feel like. I am so out of my league here. I can't tell if what you just said is exactly what I was thinking or the complete opposite. What? Exactly. I'm my first thought Dame was this is what happens when resources come to the unresourceful.
Because they are so thrown off by this, they can't even speak of the dollar amount. You know, like the idea that like, Oh, it's a lot of money. I cannot tell you. What do I care? I mean, 10 million, 1 million, 100, 000. I'm a doctor. I've seen it all. But I mean, it's all subjective [00:06:00] way. You and I have seen some absurdly large figures in our, our day.
Not just looking in the mirror. I got it. All right. But what is significant to some people may not be to others. So did they inherit a hundred thousand dollars? Did they inherit 10 million? We don't know. We We don't know in this case, but I think we have to You know, at least acknowledge the fact that they are overwhelmed and they're not entirely sure what they should be doing in this in this particular instance.
But I think there's some reasonable advice we can give going forward. Maybe they're thrown off and overwhelmed because what if they thought there was the idea of an inheritance? But they just came into it in a time where they weren't planning for it. Maybe they thought, hey, college education for the kids, those sorts of things are on us.
But maybe the inheritance was like due to passing of parents [00:07:00] earlier than they expected. So it might not be like, a financial literacy concern. It could just be a function of we just didn't expect this to happen at this time. What if they're listening in the car with the kids right now and the kids don't know about the inheritance and they've already told the kids that college is on them and they don't want their kids to know that they could pay for it.
That's terrible. I, I think what this is really about is this flash idea that came to this couple that Oh my gosh, we might actually be able to retire right now. And they're so shocked and challenged by that, that they're having a crisis of what do we do? Is that a natural feeling? I think that's what this is about.
I had not even considered that. I'm an older man. And so I'm closer to death [00:08:00] or retirement, depending on how you look. I mean, retirement. Sorry. Yeah, I think this is a, if you combine the, I can't even speak of thy number with just the, The utter dismay. This person, it is they're, they are facing an immediate retirement decision if they really wanted to.
And with a 10 through 18 year old in the house or nine through 18 year old in the house, they can't even get their head around it because how do you contextualize that to kids that you're trying to raise? Like. It just, it actually blew up their financial life. I think that's what this is. So let's go with that.
Let's go on to the assumption. They inherited an amount of money. That means two people in their forties could retire right now with the lifestyle that they want. What should they be doing? Not retire. Why? Because. Just because you get a bunch of money because we're to say retire right now is to say you [00:09:00] don't get fulfillment out of your career and what you do.
And it is not important for children to see parents working. I think it's all too fresh. I mean, at least take a, a year or two to consider the longterm ramifications of don't lottery quit, you know, sorry. Hit the power ball. I'm out. Like I, they didn't make any sense that that would actually make this whole situation worse.
I think they have to go through, I don't want to say go to a career coach, but I think they have to go through this discovery, this inventory of what's important to them. And that's what, that's what this is about. Yeah. Give yourself a chance to actually live with the resources you not have available to you for a couple of years before making them your only source of income.
Correct. I don't disagree with that part of it, but the idea that like, You have to work. I do disagree with if they can say you have to work That's what I heard If they quit [00:10:00] working and moved into a volunteer a very regular volunteer role would that suffice? Well, I I hopefully I didn't say you have to work.
I I didn't I think a sudden retirement With a nine year old and, and, and malleable children. I assume they're malleable. I don't know. I have not met the children. And I don't even know how to evaluate malleability in children.
Or, or they could do like a sabbatical to finish raising their children. So they could be like the most involved parents ever. I don't know. And help their kids with activities and the sorts. And then they could go back into the workforce and post it on Instagram. So we can all marvel at their wisdom option.
Who should these people be talking to? What are you doing? Trying to move us along here? We can drag this into [00:11:00] another segment. So Pete can talk to a financial planner. I mean, I think you'd talk to a financial planner and you say, what was your goal prior to this coming in? And what they're going to say is I didn't have one.
Right. They, they, I think this is an, Oh, my retirement date moved from age 65 to age 42. This is my retirement age moved from, I never thought about it until I think I could retire right now. And that's where we're going to pause. And when we come back. We're gonna explore this a little bit more. Are the children malleable?
I don't know. We'll find out right here on the Pete the Planner Show. I'm Pete the Planner. Kristen, I'm half convinced you're on the wrong mic. I think you are too. Am I really? Yeah. Hit your mic. Well, it doesn't ever do this anyway. Hold on. How come you guys didn't know this in the pre show? Cause you were late.
True. I am.[00:12:00]
It's gonna take a second to warm up. I don't know why it does that. But can you hear me now? Quietly. We're getting there. What if I turn it up? Well, I mean, yeah. You just gotta work it out. Okay. Well, hold on. We're good. Are we good? Can you hear me? Much better. Ah, good deal. Quieter, but Pete can fix that in post.
My mic is turned, like, all the way up, and it is, Right here. So I don't know how to fix that part, but you guys are also very loud. Like I have my computer turned way down and in my ear, you are very loud. You yourself said you did some dongle remover removal earlier this week and you've had to redongle your system.
I know, but I had turned basically all the way up on my little keep going for real. You talking, you're, you're finally getting there. Pete doesn't have time for this. He has stuff to do, places to go, people to see. I have no social energy right now. I told you that [00:13:00] Kristen. Yesterday we had a one on one and I was like, can I go off cam?
I, my face hurts.
And then tell the people what you did. So then I put an avatar of a cow as an animated cow. And then we had a one on one. And then he just sat there and made faces with the animated cow. Cause it's cool. Like it, it, it, it. It does, yeah. Yeah. Oh, the cow is going moo.
I could, I, Kristen, this is what happens when I get to my end of my social rope, I, I go, I go silly. That's fair. Damn, I have to go to tailgate tonight. First high school football game of the season. My daughter is, leads cheers. There's a tailgate and I'm going to need some social energy. And you know what this means.
Yeah. Lubrication. What? A hat. That's what this is. [00:14:00] This means a hat. What? Will you have a name of high school cheer on it or just a general hat that you're not supporting your daughter with? I'm supporting her with my attendance and my, my hand clapping but I'm not wearing a hat. That says her name on it.
I'm wearing a hat because I don't want people to come up and be like, Oh, hi. Social energy. Oh, you want to try and disguise yourself a little bit is what you're saying. I don't know. I just want to, I want to be reported as suspicious is what I'm saying. All right. That's fine. Three, two. What are we doing?
What are we talking about? Continuing this, the segment. We were giving them advice. Back on the Pete, the planner show, the show that actually gives you Advice day before the break, we were dealing with a situation in which a couple in their forties received an unspeakably large inheritance. Which could have been 7, 000 because they were [00:15:00] so put off by how much this was.
They didn't give us a dollar amount. They've got four kids that are in their teens. They don't know what to do. And we, where we left off was go to a financial planner, which seems like the most obvious advice in the world. What would you add to that? I think there's another step. I think they absolutely need to talk to an estate attorney as soon as possible, because when they've got kids and their estate documents, even if they were in order pre prior, if it was a genuinely large amount of money and they already want to benefit the kids in the future, but not for college purposes, they need some structure.
They need to go talk to somebody who's going to make that happen in the way that they want, make sure that guardians are lined up just in case of worst case scenario, because as we all know, Pete. Things can go sideways when people die. A couple thoughts here. Yeah. I don't know why I'm constantly shocked when I find out people don't have a will or trust or estate planning documents, like really educated high income people.
But it [00:16:00] is, I'll give you a fake statistic. Kristen, you want to fake statistic? Sure. Only 27 percent of stable financial people have a will or estate documents. I'm not one of them. What do you think of the likelihood that 27 percent is the actual number, Pete? I mean, do you think you're really that far off?
No, I don't. I think it's shockingly low. It's Kristen? Well, I think it's even lower than that because the number of people that have these documents, but that are so outdated that do they even actually function as you would want them to? I think maybe it's higher than that, but do these documents actually execute on your wishes?
I bet it's lower than that. According to chat GPT, around 32 to 40 percent of us adults have a will. No way. Okay. So 27 to 32, first of all, let's just acknowledge what an amazing guest that was I just think about our organization, like [00:17:00] take, take the executive team. Okay. Take the executive team. Now, what percentage of those people, those people do you think have A willow truss.
Half. They seem Man. Don't name names. Don't name names. Higher than average, for sure, as far as a group of people. One. Am I counting you? Yeah, yeah, sometimes I'm here. One. Two. I'm saying 33 percent is the answer. Three.
I'm confident three people do. I'm confident that two people do. I'm confident that two people do. Now you have to ask. Should I just start calling them in one by one and be like, Hey, I need to see you? Yeah. Just hold the mic up and be like, we just need to ask you a question. Oh wait, hold on. Oh, we're getting live.
The executive team is weighing in from the other room. All right. Okay. All right. Let me ask if this person, cause this person that just said, I'm in doubt that this person has it. [00:18:00] We're being told. This is great radio. This is what we call inside baseball. Okay, I was wrong. It's at least 50%. All right.
Anyway, back to the advice. Dame, do you believe as Andy said in the live stream comments on Facebook live that just chilling out and not doing anything other than the estate planning stuff for six to 12 months is ever regretful. Does anyone ever come to the situation, make an immediate decision and go, boy, I'm glad I made that decision.
Or does anyone ever regret just waiting and kind of feeling it out? I'm sure there are people that will regret not doing something because hindsight's 2020 and they'll say, man, if we would have invested back then, or we would have gotten X, Y, Z taken care of, we would be so much further ahead. We would have benefited from this or that in the grand scheme of things.
Chances are, you're going to be just fine. Have a chance to take a deep breath, make sure that you are prepared for whatever's going to come next and get things lined up, get things structured, and then take your first steps as an end of this new [00:19:00] life that you've just found yourselves in through no fault of your own.
So, I don't know. I, I think you can take your time if you so choose, but you certainly shouldn't rush. I don't know if those, that actually makes sense when combined. Does it make sense to take your time, but don't rush? No, that makes sense. Makes sense. Yeah Kristen right now you inherit So much money you can't even give us a dollar amount right?
I love how distracted I am by that by the way You're you you quit you guys you and your partner you guys quitting jobs and in and Becoming influencers like what's happening? Absolutely not We're buying lots of land and lots of animals and I will work until I die. Jeez Dame right now Inheritance coming big so big that you can't I mean you can't even quantify it Even in euros, you and Mrs.
Advice, you guys are just tapping out on your careers. And yeah, no way. [00:20:00] If we were to tap out on our careers, we would find something else to dedicate time to. It wouldn't just become a sedentary lifestyle. But, but to my point is you're not instantly, I mean, you, you're not instantly done. Mrs. Advice is the careers it's intricate and she can't just be done.
Right. Yeah. Speaking of Mrs. Advice, that's another person that needs to be immediately part of the conversation with another that type of person. You need to don't call her specifically. But you need to be talking to. a tax professional because depending on this large amount of money that Pete can't get over, depending on how it's set up, if there could be serious tax implications and you there's strategy here.
So you need to talk to this CPA ideally to make sure that you're making good decisions for Now's tax situation, but potentially future ones. And Kristen [00:21:00] rockets to the top of the list of Mrs. Advice's favorite people on this show. I feel like I, I feel like I was already there. I once all right. So if for some reason I got a massive inheritance, it was so big, I couldn't even quantify it.
There's no way I just like, well, my life has changed forever. Goodbye, everyone. Here are the keys. You can, you can keep the Joe. Cause like, But it's different. I feel like when you're the leader of a company, I think it's different. That's why, but I don't think it's the same for me and Dane. I would want to know their jobs.
But Kristen, you yourself just said you're not peacing out. No, but that's just because I'm very type A and competitive.
I want to know their jobs. I would want to know their jobs. I would want to like, are they I don't know. Are they career oriented people or not? [00:22:00] I don't know. I don't know that it makes that big a deal to be honest with you I I think you could find fulfillment in in that professional sense outside of a structured Nine to five my ultimate point here, I think and then we move on.
I don't think They know who they are as financial entities, and that's where the challenge is. They've never taken the time to put their flag in the ground and say, this is this is our financial style. This is our financial goal. This and so because it's been such an afterthought, they're sort of shaken and they don't know what to do.
And I don't think anyone should be in this situation. I think no matter what your income is or how far away you feel from your retirement goals, you owe it to yourself to try to quantify things the best you can. Not just because maybe a giant inheritance that's so large you can't even speak if it's number is possible, but [00:23:00] because there's no advantage to not caring and there's no advantage to not knowing.
That's my take I do think that you are right on the head live Whether it's this couple or anybody else if you haven't sat down and thought about financial priorities recently or regularly You absolutely should that we have this concept of next dollar that we've discussed every once in a while And if you don't know where that next dollar would come from go to I should say You need to have a plan for that Day.
Mrs. Planner and I had the next dollar conversation last week. Really? Yes. Nice. It's real. All right, let's take a break. Coming up after the break, one of the biggest rules of thumb ever in the history of financial management, not only got tossed on its head this week, it got destroyed. That's next. I'm Pete, the planner.
It's a tease. I am constantly accused of teasing. Announcements in the art organization and I don't know whether that is warranted or not [00:24:00] What's it called when you accuse someone of something that they do when you accuse something of someone something of that they do the truth Interesting. Oh, so you're saying I do it.
Yeah, I just like excitement It's like do I look really blue Yes, it got darker midway through that segment. I think like the, the, the pink or purple almost like different. I don't guys. I don't know. I know nothing. Look at Rick's wink makes it in. I'm still rolling out of bed, Rick. And it was hard for me.
Okay. Also, I was right about that executive team member. So. They haven't updated it in a long time. Yeah. Okay. Okay. Okay. I'm still going with 33%. How many people are [00:25:00] on it now? Six. Is it? It's 50%. It's 50%. No. Okay. Here we go. Oh, the story. I got to set it up. I'll figure it out in three, two, one, back on the Pete, the planner show, dame the wall street journal, a publication, which I've tried to subscribe to digitally.
Three times and for whatever reason I can't what what? Yeah, I'm like take my money I want to read behind your paywall and I can't I don't know if it's something about my email address And I don't I've tried with three different email addresses. I cannot subscribe to the Wall Street Journal alas I have some free clicks and, and one of this free clicks was used on a story called a time honored strategy puts your retirement at risk of financial ruin.
The tried and true 60, 40 portfolio and [00:26:00] 4 percent withdrawal rate in retirement could lead to a catastrophic outcome if markets behave differently. Then in the past, Dame, I hardly wrote an entire book about this called mock retirement with the Monte Carlo simulations themselves in it. And the argument in this is if you take out 4%, you're in trouble and there is now a new King slash queen of percentages and it is nowhere near 4%.
No, it is not. Kristen, you're a young, when you think about your financial future, how much weight have you recently and, or. Historically put on 4 percent because Dame and I as olds, whether I'm going to use 4 percent or not, I still anchor to it. Do you, you both do? Yes. Zero percent. Wait, you withdraw 0 percent from your portfolio last forever.
Oh my gosh. You're really good. I don't think about it at all. I don't think about the 4 percent rule [00:27:00] at all. I don't use that in projections at all. I don't, I don't really care as much about the 4 percent rule at my age, to be honest. So if you're talking to somebody about retirement, What do you, how do you, what do you don't, don't be alarmed.
I still tell people about it to say that, you know, recommendations are to benchmark between three and 4 percent withdraw in retirement. Depending on how aggressive your investments are, you know, could change that picture life expectancy. The bottom line is we're dealing with so many variables that we can't know that the goal is to make.
as educated guesses as we possibly can. But as someone who has at least three decades until retirement, I'm not thinking about the 4 percent rule at all. Okay, Dame, let's think about when we were young. We were Kristen's age. [00:28:00] I still thought about the 4 percent rule. Did you? Yes. Maybe it's a generational thing.
It's. I guess more for me is just like I'm hitting the suggested goals for contributions and knowing that some of those contribution rates in line with when I might receive promotions or if I might take a step back, like I have no idea what balance could look like for me in retirement. And so I don't even think about distribution.
Maybe I should back that up. I don't think about distribution of my retirement assets at all. Really. So a couple of things there. What resonated with me a lot, what you said is I'm contributing what I should contribute and that alone should feel like something. So totally with you there. And here's the reverse of this.
Dame is I, and we're having this conversation. Here's where, here's where my mind's, my mind's going. And I'm wondering if you two are doing the same. I'm placing myself in [00:29:00] the year 2009, 2010, sitting in a conference room in an office park in Indianapolis across the table from someone that I've got 20 minutes to figure out whether they're financially stable or not.
This is the original. Financial speed dating is what began this organization. We all work for, and that's what I think of. I'm hearing a person's balance in my head. I do 4 percent off of what the projected balance will be at retirement. And then I'm going, they're either off track or all they're on track.
And that split second measurement is what led the rest of the conversation. But what Kristen just said is if they're putting in the right amount of money, That is also another way for me to just simply go, well, yeah, they're maxing out there, whatever. They're fine. That that's the lens of which I look at through is, is a person so crazy far off track that we need to work on that stuff, or at least at least in the ballpark, and that's where the 4 percent rule.
Has been practical for me contributions [00:30:00] don't tell the whole story though based on the overall income of the household true Sure, so the percentage that this thing spit out. What was it dame? It was something crazy. It's like two and two and a quarter essentially Oh, I thought it was a little bit more than that, but it's, it's in the mid twos, I think.
All right, I got 2. 26. Oh, my. All right, let's, okay. That's not a lot. No. So, Dame, if you've got two million dollars, let's say you've just inherited so much money that you can't even quantify it. These poor people. Well, they're not poor anymore. Oh, my. Let's say it's two million bucks. You And they're going to live off of this newfangled 2.
26%. Damn, it's 45, 000 a year. That's shocking. Yeah. Yeah. Shocking. I mean, 80, 000 is shocking to people. If you don't understand this, which is the 4 [00:31:00] percent just turns everything that we've known on our head on, on its head. Because you know, we all of our age had this bogey thing. If we can get to a million dollars, we're going to be okay.
And retirement right, wrong or different. That's always been this generic bogey that people of our generation have chased. And now you're finding out that if you get to a million dollars, you're going to be able to spend 25, 000 a year. Isn't this also a function of a different side to risk tolerance?
Because the quote from the article is that A retiree who wants no more than a one in 20 odds of quote, financial ruin, unquote, should withdraw just 2. 26 percent a year. Frankly, I'm comfortable with odds. Those odds are worse. I mean, one in 20. Okay. So Dame, this literally is the Monte Carlo chart. Hey, I just about to say, this is the [00:32:00] Monte Carlo chart for my book, which sounds obnoxious, but it, but it is, by the way, I'm not encouraging anyone to buy the book.
Don't buy it. Buy a good book. That's the whole point. I mean, Kristen, a 5 percent chance of failure in retirement is not a 5 percent chance that it's going to rain. It's the 5 percent chance that a plane crashes. You would knock it on a plane if there was a 5 percent chance it's going down. This isn't sprinkling on your suede.
This is 5 percent chance of absolute catastrophe. It's, you wouldn't do that. I, you hate flying. I hate the logistics of flying the actual flying part. I don't mind. I, I don't know, and maybe it's just because this is not a conversation I'm having in earnest just due to the stage of my career and the types of conversations we're generally having around here.
But I just have a hard time thinking that if I thought that I had reached the finish line and they were like, Oh, there's a 5 percent chance these assets aren't going to [00:33:00] make it long enough that I'm like, well, I'll work another year. Like, Transcribed by https: otter. ai I don't know. I would also point out that one of the big flaws of those Monte Carlo simulations is that it doesn't allow any room for adjustment, at least most of the Monte Carlo simulations.
So like if you see things aren't going well on your portfolio, you may pull things back. So you try and preserve those assets a little bit longer. If things are good, maybe you spend a little bit more. There's no room for human nature in it. Yeah. So right. Sell low, buy high. Right, Dan? Perfect. Yeah. Yeah.
Isn't the, Kristen hit us with a really haughty. I read the article a couple minutes ago because I haven't but Isn't this just about inflation? Isn't this whole story just about like the reason this is all off because inflation got wonky for a couple years? I don't know. I didn't actually read the article.
I just read Dame's quote. Dame, did you read the article? Yeah. Yeah, I did. Why aren't you leading the conversation? It [00:34:00] wasn't my job. Apparently it takes into like 20 different countries. It takes into all sorts of geopolitical risk as well, as well as markets return in those countries as well. So the U S has admittedly had a much better track record in those areas than some of these other countries.
They're just saying that. If everything is going to regress to the mean, things in the U S may look a little bit differently for those that are going to retire in the future. Speaking of regressing to the mean, we got to get a commercial break in. And so we'll do that and we'll come back with biggest waste of money of the week in the news.
Dame, do you have a bunch of great news stories for this week? A lot of sad news this week. Oh, really? Why would you do that anyway? Oh, Hey, here's how this tease goes. Kristen. Hey, if you come back after the break, we're going to make you sad. Next on the Pete, the planet show on Pete, the planner. See Dame, that's why a good tease matters.
I'm so I'm bluer than Papa Smurf here. It changed [00:35:00] again. Kristen, did you watch the Smurfs a lot as a kid or any? Not at all. Damn, I, I watched a lot of Smurfs. Really? I love the Smurfs. I never got into them all that much. When When 1950 is when we were, is that what you're asking? Yeah, just early eighties.
There was some car toons back in the day. Must see TV. So good. Saturday mornings, Kristen, you know, nothing about that. I, We were allowed to watch PBS. Really? So they were like, kids cartoons, but they were secretly educational and like, taught you things like empathy. Those of you in the comments post up your favorite cartoon from your childhood, especially if you're our age.
Thundercats was top of the list. Voltron, Thundercats. The Powerpuff Girls. No. What a nerd. What a nerd. We [00:36:00] did watch a lot of Cartoon Network when my mom wasn't home. Cartoon Network was Rebels. Came around when Dame and I were Taxpayers. Oh my god.
That's so bad. Muppet Babies was a great huh. I've never even heard of that. Muppet Babies? It's when Muppets Okay, so let me, let me, let me I'm gonna pitch Muppet Babies to you, Kristen. I'm sure I'm gonna be right on board. So Jim Henson created the Muppets. Kermit Frog. Yeah. Wait, Kermit, no, Kermit.
Have you ever seen an episode of The Muppet Show? Not an actual episode, no. I, I know some of the characters, but. So this is an animated series that has all of your favorite characters as infants. Talking infants, and they have the same quality of relationships they have as puppet adults. But they're babies.
People will love it. That's the show! Do you want to green light it? No. Ooh, Rick Swink loves Ninja Turtles. Scooby Doo. [00:37:00] Kristen, name all four Ninja Turtles. They have names? I thought they were just colors. Fraggle Rock. Jameson. I don't know if we're gonna count it. Not exactly a cartoon. It was like neither were the, well, I guess we didn't say the Muppet Show was a cartoon.
We said the Muppet Babies. Yeah. Tom and Jerry was good, too. All right. Can you name any Ninja Turtles? No, I, I seriously thought, because don't they all have a different color, like? Who's orange? I didn't know that they had names, to be honest. Dame? Raphael, Donatello, Michelangelo, and Leonardo. Nailed it. Do you know the, do you know the rat's name?
Master Splinter? Yes. Was April the girl? Yes. Okay. Let's do the next segment. This new shirt's not gonna iron itself. It's so wrinkly. Like, I'm, I'm gonna be covering my midriff like I'm covering a baby bump the [00:38:00] rest of the day. Ooh. Which normally people just think it's it's sort of a mild obesity in three two one This week's biggest waste of money of the week right here on the pete the planner show is The Whiskey Vault, a well curated spirits collection, can last forever and should be adequately protected.
The Whiskey Vault provides a high level of security for your most prized bottles, complete with solid steel plate construction, a bulletproof front window, An electronic lock system powered by a pin code and secured by three 25 millimeter vault door locking bolts and a tri spoke handle machined from aircraft aluminum so you can sleep easy knowing each drop is safe and sound.
Sitting on top of a dark, sinister, burnt teak cabinet, Or original tea cabinet. The vault itself holds up to 21 bottles of your most coveted [00:39:00] spirits. While the cabinet below also holds up the 21 bottles of daily sippers with space for glassware. Each whiskey vault is hand built to order and arrives individually numbered.
Sadly, all liquor shown is not included with the purchase name. Who's shooting at their whiskey? That's the first question. I mean, it depends on how much you drink. To rinse how many shots you have? Yeah. Kristen, do you have any special whiskey at your house? I have zero whiskey at my house. Really? Not a single bottle of whiskey at your house?
I, there might be a bottle of Jim Beam in the freezer. There has to be a, a, a handle, white label Jim Beam in your freezer, I guarantee it. I'll go look. I don't, I don't think anymore. There was, but I don't think anymore. Dame, you have a whiskey bottle or two at your [00:40:00] home? Allegedly. Do you feel like you need this level of protection for your whiskey?
Not particularly, but I don't hate it. I think it's pretty cool. It is pretty cool. All right, Kristen, what would you think the cost of this here whiskey vault is? It's going to be a waste of money because I don't know if this is where Dame, your head's going, but a real safe is not going to be able to sit on top of the base that we're looking at.
So it can't actually be that high of quality because it would, you know, Collapse. There's no way. 308 pounds, which is surprisingly a lot. On top of the base? Oh my. The whole thing is 308. What do you think it costs? It costs, it's bulletproof, it costs 5, 600. Dame? I will go with 2, 400. Kristen, but wow, 5, 500.
Look at me go. The only [00:41:00] whiskey non drinker in the group shows what we know. We've had too much whiskey day. And what's in the news this week that losing 10 leg NFL parlay is coming at the expense of investments in the stock market. New research shows, according to a July working paper, bears and bulls have become more inclined to bet on the bears and bulls since wagering on your phone was legalized in most States in the past six years for every dollar.
Put toward a sports bet, a household's net investments drop by 2, the study found. Since the Supreme Court overturned a federal law prohibiting sports betting in 2018, 38 states have legalized it. Americans spent 14 billion on sports wagers in January of 2024 alone, up from 1. 1 billion in 2020. In January of 2019, some of that money is not going into a Schwab account.
Researchers found two and two to three years that followed legalization of sports betting in a state net personal investments dropped by 14%. People in [00:42:00] monetary distress are particularly susceptible. The study says financially constrained households are diverting more funds from stock portfolios to sports bets than others, perhaps looking for a get rich quick solution that doesn't involve roaring kitty.
Quote, this finding underscores the potential for sports betting legalization to exacerbate financial vulnerability and hardship, according to the authors. Wow. I mean, you know how I feel about this. I, that was still shocking. Kristen, that's a big number. Yeah. And first I would say, if you are someone, there are resources available.
If this is something that you feel like you're struggling with and I don't want it to come off, I don't want our comments to come off as. It's lacking empathy or being judgmental, and I don't feel as strongly about it as the two of you do. I don't think I think that some I don't some sports betting. I really don't have a opinion on, but those statistics are jarring.
Yeah, [00:43:00] Kristen, this is interesting. Obviously around here, we like to hold empathy at the forefront of all situations. Mm hmm. And I, I don't believe I lack empathy for this, but I will say, I just generally think sportsman is just a really bad idea. I just, it's just like a really bad idea. But I'm, I, I'm, I'm going introspective here.
I'm wondering by saying that, am I lacking empathy for those that do it? I don't think I am, but I don't know. Dame, does this story like scare you straight? Have you stopped betting on the ponies? Just, just dogs now. No, speaking of dog, did you see that story? Then I don't know if this is in your news, that French actor that died last week, like this iconic, sultry French actor who died and in his will, he asked that his family euthanize his beloved dog and bury the dog with him and the family.
Declined to do it. How selfish. Exactly. That's what I was thinking. Because who would pay for [00:44:00] the euthanization, right? Sock rape, bleh. No, that's That's That's terrible. That's awful. Do you also Damn, I'm not checking your news. You see that Disney is now not using the defense of Second off. The person used a bought Disney plus subscription.
So now the place that people could sue them for whatever it is they may have done wrong. So that's what happens on a top 1 percent podcast. We talk about on the air and the lawyers run the other way. Dan, what else is in the news? The magnificent seven have been doing just fine since the market meltdown just a few weeks ago.
Surprising nobody in via has led the charge higher and earnings. are slated for next week. There's a strong chance that we see the semiconductor behemoth continue to power skyward, but it's not just the magnificent seven that are popping in August where holds wealth management partner and animal spirits.
Co host Michael Batnick recently noted that the NASDAQ enjoyed its [00:45:00] fastest 10 percent rally from correction territory ever. It usually takes an index or the index, an average of 32 days to rally from 10%. After sinking into correction territory, the way it did earlier this month, except this time, it only took eight days to rally back 10 percent team.
We've had Michael Batnick on the show before, haven't we? I, I don't think I was invited to that show. Well, it's like we Jimmy Doolin on last week. And I was like, Jimmy, you've been on this, right? And he was like, yes, I don't remember, but I'm pretty sure. I think we had Michael Bennett on the show.
Kristen, can we play a little prediction game here? We can, yes. Within the next few weeks, I believe the date might be mid September, former, September 25th actually, former President Trump is able to sell his stake, his substantial stake worth currently right now 2. 6 billion in [00:46:00] DJT stock, which we've talked about on this show.
Do you think prior to the election, Donald J. Trump sells? His stock in DJT. This is all or nothing. Yes. I, how about this? Does he sell at least half of his holdings between now and then? No. Kristen says no. Dame 0 percent chance. I disagree. I don't think he's going to, I disagree. I think he will, which I think is actually a bad idea for two different reasons.
I think he would be smarter to hold onto it because even if he doesn't win the election. He could get people to rally and bring the stock up further as sort of this anti thing and then make even more money. That's exactly why I don't think he'll sell. Do you want to bet on it? I don't, I don't bet. Why would he take a whole bunch of people off in his base two months before the election?[00:47:00]
I'm just saying. I just think it's going to happen. There's a lot of bad economic policy floating around from both parties right now. That would be a horrible one personal for him. Can I just say, and I said this to Dame before the show, or maybe I said to Kristen, I don't remember, you guys look the same to me.
I can't believe he, on his stump speeches, he's not told people to buy the stock. I just can't believe it. I feel like you would. Anyway, whatever. Dame, thanks so much for everything you do. Kristen, thank you so much for letting me say when I saw your head this week, it was abnormal. And for everyone else who's sending good vibes, because good vibes are all that's in the budget.
I'm Pete the Planner. This is Pete the Planner Show. 50 minutes exactly, or actually 48, 43. Ian, the show's over, man. Thanks for joining us. Yeah, thanks. Thanks for being here, Ian. We'll see you later. I, your, your arguments hold water on the DJT thing. I, I, I hear ya. Yeah, can you imagine the [00:48:00] stock price if he doesn't win and then it's like the political charge of like, yeah, this happened to us again.
And I just, I think there's too much upside in that scenario for him to sell before the election. Okay. Let's say that we, and we do have to go, but let's say that that's the case. Okay. For a second. I want to go to my final comments there that I think he will publicly prop up the stock. Like he'll talk about the way you can support us or someone will.
And I think he'll just end up getting in trouble for a stock manipulation. Do you think naturally people will just, no, that's true too. He even if he was elected president, he would be out of office before there would be resolution on that. Good times. Hey, we only got a few more months to deal with all this.
And then a few more months after that and then four years of whatever. [00:49:00] So, all right, Kristen, thank you. It was good seeing you this week. It was good to see you though. I didn't say that in person. Yeah, that was painful. Dame someday I will see you again. I've been asked when I'm going to be in the office next, maybe not by people that actually work in the office, but what I'm going to be down there.
And if I'm wearing this shirt, you'll notice me because it's very wrinkly. All right, everybody stay getting money.
