00:00
Peter Dunn
Well, welcome to the Pete the Planner show. Hello, everybody. Yeah, 1 minute late. 1 minute late for someone who hates being late. Why? Because I was showing today's special guest a little secret file that's exciting to us. Damian Dunn does not join us today. He is on vacation. Every once in a while, we give people time off to do things. So in his ed, we have the one and only Kristen Ahlenius. Join us from your Money Line team. Kristen, back by popular demand. People love you. Used to be the queen of the desert. You have moved from the desert. We're trying to find a new name for you. We will take all recommendations and ideas for that in the chat box. Welcome to the show, Kristen.
00:45
Kristen Ahlenius
Hello. I'm so glad to be back. It's been so long.
00:48
Peter Dunn
Yeah. So Jameson says hello from Texas. And you are in Texas. So did you feel like the Texas spirit happened right there?
00:56
Kristen Ahlenius
Absolutely. I use you all frequently now. Absolutely. My vernacular is totally different.
01:02
Peter Dunn
That is really good to hear. All right, so, Kristen, here is what's on the show today. Of course, you are a senior financial concierge at Your Money Line and Hey, Money, I was doing something with people's job titles the other day and I realized that you are a senior financial concierge. Yes. Lee says he likes what Damien did with his hair. And so today on the show, Kristen, were talking about someone emailed me and said that they've recently tried to separate from their adult son in terms of finances, but the adult son says it's impossible to find a job right now. So you and I are going to weigh in on that. Well, good day, Jeremy. Hello. Segment two are colleges purposefully running up the tab on parents as it relates to parent plus loans? There was an article in the I believe it was the Wall Street Journal.
01:55
Peter Dunn
No one knows for sure about the said topic, and so we're going to explore that and then we may do an investing while in debt situation. So, Kristen, before we get started here, how long has it been since you've been on the show?
02:09
Kristen Ahlenius
So I actually looked back last night because I was afraid you were going to ask me. I haven't been on the show since July of last year of 20. Yeah.
02:18
Peter Dunn
Wait, it's been over a year.
02:20
Kristen Ahlenius
It's been over a year.
02:21
Peter Dunn
What's been going on?
02:23
Kristen Ahlenius
Well, I moved twice.
02:24
Peter Dunn
Yeah, that's true.
02:25
Kristen Ahlenius
So there's that.
02:28
Peter Dunn
Okay, Kristen, and you're coming back to Indy for Reunion, our annual convention formerly known as Peter Khan. We've rebranded it to Reunion for all sorts of purposes. We still call it Peter Khan around.
02:43
Kristen Ahlenius
The offices, but we say, I like Peter Khan.
02:45
Peter Dunn
Yeah, I know it's a little self indulgent, but Peter Khan was a good time. All right, let's get started. Do you have a clock ready to set? Our first segment is nine minutes and 22 seconds.
02:58
Kristen Ahlenius
Yes.
02:59
Peter Dunn
Okay, here we go. What are we talking about? I got to get that email ready. This is what happens. I don't get things ready. You're familiar with the show. Here we go. This is a long question. This could be so long, I don't know. Here we go. In three, two, one. This week on The Pete the Planner show, we answer your money questions. Here's how the show works. You email us. Askpete@petetheplanner.com that's. Askpete@petetheplanner.com, and here's what might happen. We might answer your question here on this syndicated radio show. We may answer your question in a newspaper column, or we may just ignore it, and it will sit there in a lonely crevasse. Joining me, as not so often, is Kristen Ahlenius, senior financial concierge at Your Money Line and Hey Money, sitting in for Damian Dunn this week. Hello, Kristen.
03:56
Kristen Ahlenius
Hello. Hello.
03:58
Peter Dunn
People will remember you who've listened to the show for a long time. As queen of the desert, you have since moved on from Yuma, Arizona.
04:04
Kristen Ahlenius
Correct.
04:04
Peter Dunn
So you are queen of Texas.
04:07
Kristen Ahlenius
You know what? It's a lot of pressure, but I think I can handle it. Yeah.
04:12
Peter Dunn
Okay. Thanks for being here, by the way. So Kristen's a beloved member of our team. All of our people who she serves on a regular basis love her very much. So, in fact, I was just looking through some comments that came in overnight, and I'm going to read one that just came in overnight. When was this? Which tells you what time I go to bed. Kristen was caring and supportive, showed us a path forward out of some financial frustration and made sure we had resources for steps along the way. We're excited to continue working with her on short and longer term goals. Do you ever get sick of hearing how great you are?
04:47
Kristen Ahlenius
No.
04:47
Peter Dunn
Okay, perfect.
04:48
Kristen Ahlenius
It's a little self indulgent, but that's okay.
04:50
Peter Dunn
All right. So I have a really long email that came in, and I don't think I should read the whole thing because it's really long, but let me summarize. I wrote a column several years ago in the USA Today, and it was about parents and adult children separating their finances, like giving recent graduates a timeline of when they should consider moving out and being fully financially independent. And so this family did that. It caused some conflict, as is understandable. And so the bigger issue is this. And here's the question in the email. Kristen, my question is, recognizing that you wrote that article several years ago before the pandemic, would your advice change any because of it now? And instead of immediately cutting an adult child off financially because of an argument, would it have been better for my husband to give our son a six month deadline instead?
05:48
Peter Dunn
My husband thinks that our son, at age 27, needs a lesson in tough love right now. So my husband is not really struggling with cutting off my son financially, and he believes this is just what needs to grow up and get a taste of the real world. My son feels that it's a tough time to find a job right now. I have summarized the email. It is from a lady from North Carolina. Kristen, a lot going on. Obviously we don't know the whole story, but let's start with the phrase is it hard for someone to find a job?
06:23
Kristen Ahlenius
Right now, I really want to give the son the benefit of the doubt, but from what we see and from what I hear from my peers or my friends or people I know or people we work with, it doesn't seem to be difficult. Maybe not the job he wants, but a job. I don't know that I agree that it's hard.
06:48
Peter Dunn
I would agree with that. Right. So there's this ideal that it's pretty easy at this point to find a an hour job, which is going to pay you about $30,000 a year. And I'm talking, by the way, respectfully, I'm talking very lowest hanging fruit. Is it hard? Yeah. Is it manual labor? Sometimes. But one of the silver linings of this period of time, if there are two, I believe these to be the two of COVID-19. Kristen, I believe, number one, I believe that wages are going to go up, which I think is fantastic. I think you're going to see minimum wage hit that $15 an hour range, which is great. And the second one, of course, is not related to this, but still very important. I think the focus on people's mental health will persist. Right. People will be able to talk about not being okay, and I think that's a very healthy thing.
07:43
Peter Dunn
Kristen, the relationships between parents and their adult children can often be difficult. When you talk to people that call us, do you sort of have a rule of thumb that you walk through? Do you like a timeline of having people become financially independent? And has that been affected by the pandemic?
08:03
Kristen Ahlenius
So yes and no. It kind of depends on how we got here. If the child is really trying and they can't make ends meet, let's figure out a way to progressively stand them on their own. 2ft. But in this case, which we didn't get to hear all the details in the email, but you and I know that the son isn't putting forth it doesn't seem anyway, that he's putting forth a lot of effort. So I don't necessarily think this six month extension timeline that we're talking about benefits anyone because it seems like he already knows that he should be standing on his own. 2ft. He's just not.
08:41
Peter Dunn
So, yeah, there's some additional context that is certainly worth noting. He has over $18,000 saved from jobs that he has worked while living at home and is very cautious about spending any of his money. So that's a financial lesson he has absorbed. Like us, he also has zero debt, and unlike a lot of college graduates, has no student loans. Since he got a full scholarship to college, unless he finds a job soon, he'll be forced to spend his savings, which he hates doing. So with that additional context, you've got a guy that is very stable financially, no debt, and since he has no job, to say he's got three months expenses is absurd. He's got infinite number of months of expenses because he has no expenses. He's got to get out.
09:26
Kristen Ahlenius
I know, and I was trying to think of this question through the lens of a parent because I don't have any kids. And do I think that I could truly boot my child out of the metaphorical nest? I don't know. I think parents would like to think that they can. But I think the most important thing, in my opinion, for the parents in this case is you have to prepare for the conversation that's coming down the pipeline. You've already had this conversation, and in my opinion, the conversation that happens next is if you really do cut him off and he blows through his savings in six months, are you going to keep to this? We're not helping him plan, or are you going to help him? And if you are, how does that benefit anyone in this six month interim?
10:20
Peter Dunn
Every time you think you have a financial problem with a family member, just realize that money has nothing to do with it. Right. That's sort of my theory. It's like, this has nothing to do with money. Like, money is a resource that's involved in the conversation, but it has nothing to do with money. I would also suggest this. He's 27. If you want to talk about the years now, this is going to sound very rude. You want to talk about the years wasted, no retirement savings. And as you know, Kristen, age 22, 23, the most important years to save for retirement, because that money will grow forever as you talk to some of our younger callers and participants that call your money line and hey, money. Do you feel like that's something that people naturally know, that 22 to 23 is the time to save for retirement?
11:10
Peter Dunn
Or is that something you have to teach them?
11:12
Kristen Ahlenius
I definitely think it's something that has to be taught because life tends to happen several milestones at a time. And when you're starting a new job and maybe you have to get a new car and you might be living in a more expensive area than where you went to school, it's so easy to say, oh, well, I'll start my retirement later. And I think that's a more common approach that people bring to us is, well, I'm going to get there. I will. And it's like, I believe you, but it might take longer than you think, and we can't compromise in respect to time.
11:44
Peter Dunn
Now, I am currently in a situation which I'm not working out as much as I used to because I've been very busy and I've made lots of excuses for myself, which is typically why I have to work out in the mornings because every minute that ticks by in the day, the excuses pile on. I know you are a huge fitness freak. Do you like to work out in the morning or afternoons because of the same concept?
12:07
Kristen Ahlenius
I'm exactly the same way. If I put my workout off to the end of the day, which I'm doing 75 hard right now, so there's no excuse. You have to do it. But if I put my workout off, it's not going to happen.
12:18
Peter Dunn
The queen of Texas always has some sort of really intense regimen she's going through. I wish you guys knew her because she loves to really challenge herself. And I'm talking about you like you're not here, Kristen. Let's do this. Let's take a break. Coming back after the break, colleges are running up the tab on parents parent plus loans. Is it a trend? Is it strategic? All that's next on the Pete the Planner show. I'm Pete the Planner. I like how I'm talking about you like you're not here. You guys, she loves to work on.
12:50
Kristen Ahlenius
She's so smart.
12:51
Peter Dunn
I almost brought up your fur babies, too.
12:54
Kristen Ahlenius
I'm trying to figure out the lighting situation in here because the problem is that when the sun is not behind the clouds, it's going to blind me because it's coming right in my window.
13:06
Peter Dunn
Sounds like the queen of Texas isn't quite the queen of Texas yet.
13:09
Kristen Ahlenius
No, not so much.
13:11
Peter Dunn
I don't know if you want to call yourself the queen of Texas. Now that I really think about it.
13:14
Kristen Ahlenius
There's a lot there that's a lot of pressure.
13:17
Peter Dunn
What was the congressperson? K. Well, you're not from Texas, so you wouldn't know. Yeah, never mind. You can't be the queen of Texas. You're just basically the queen of Indiana who lives in Texas. Yeah. Well, okay, I need to find that article. Here it is. All right, everybody.
13:43
Kristen Ahlenius
I should probably pull it up because I was going to quote it and I should probably not misquote it.
13:48
Peter Dunn
Yeah, that would not be ideal. Yeah. Dame will be back next week. He and his family went two different places. K. Bailey Hutchinson. That's right. Danza. Kristen, you, of course, listen to the show and watch the show from time to time. You know the celebrity that is danza DeLuna, listener, of course.
14:06
Kristen Ahlenius
Absolutely.
14:08
Peter Dunn
Of course. Jameson's. All time listener, by the way. All listener of the all time Jameson in Texas. Okay, here we go. Ready to get started? 923 on this clock. You guys are learning about how radio segments work on this episode. You give me the ready to go sign. I don't know what it is. I touch your eye, your left eye.
14:33
Kristen Ahlenius
I feel like hookum has to be like my new thing, right?
14:37
Peter Dunn
That's a bit on the nose. I feel like if you did that, it'd be forced.
14:41
Kristen Ahlenius
Okay.
14:41
Peter Dunn
Tuche, didn't you go to Purdue?
14:43
Kristen Ahlenius
Yeah.
14:43
Peter Dunn
I don't think you can do a hookham if you went to Purdue. Spoiler up, right?
14:48
Kristen Ahlenius
Yeah, but once you go to your first longhorn game, it's just different.
14:52
Peter Dunn
Was Matthew McConaughey there?
14:54
Kristen Ahlenius
I don't know if he's been there since we've been there. People act like he's there, though. All gas, no breaks.
15:01
Peter Dunn
Every game, all gas, no breaks. What does that mean? I'm an older fellow.
15:06
Kristen Ahlenius
Something he said one time.
15:08
Peter Dunn
I think I'm so out of, like, pop culture. I'll tell you this, though. This morning, your coworker Oz, who's the greatest?
15:16
Kristen Ahlenius
Yes.
15:16
Peter Dunn
She and I were slacking this morning and I said something to the effect of real g's move in silence. And she said, like, lasagna right to complete the Little Wayne line. And the fact that Osmo's Little Wayne lyrics has me tickled. And it was immediate. Like, that's how good she is.
15:31
Kristen Ahlenius
That's fantastic. I wouldn't have gotten it.
15:34
Peter Dunn
Yeah, well, I didn't expect her to get it, but she did. All right. Three, two, one. Back on the Pete the Planner show during the break, talking Lil Wayne lyrics. I know that's going to resonate with none of you. Okay, so Kristen Ahlenius joins us from the Your Money lLne team senior financial concierge, filling in for Damian Dunn, who's on vacation this week. Kristen, you are actually our student. Loans are at Your Money Line. You are in many respects. There's an article this week that came out in, I believe they called the Wall Street Journal, how Baylor steered lower income parents to debt they couldn't afford. The Texas University and some other wealthy colleges guided families into no limit Parent Plus loans, leaving them with onerous payments. I will never get it all paid off, says one parent. Kristen, here's the thing. Some of the wealthiest us.
16:30
Peter Dunn
Colleges are steering parents towards these no limit federal loans to cover the rising tuition costs, leaving many poor and middle class families with debts they can't repay. So if you would, Kristen, can you help us understand the general funding mechanism of college A student? I mean, this way?
16:48
Kristen Ahlenius
Sure.
16:49
Peter Dunn
No money is saved. No money is saved. Let's say Ali is going to school. She's clearly not getting a scholarship. So what happens first?
17:00
Kristen Ahlenius
So, ideally, the parent and the student complete the FAFSA and then that determines what's called the expected family contribution. This is really complicated calculation that determines how much the government expects your family to pay for school. And then the school takes the cost of attendance, which is provided by them, which includes tuition, room and board, some miscellaneous fees and things, and they subtract that from what they expect your family to contribute. And then whatever that difference is first becomes available to the student in the form of need based aid. But that caps pretty quickly. And then anything after that usually becomes the obligation of the parent once the student has used all of whatever aid is available to them. And that's how parents fall into the trap of Parent Plus loans. Is there's a funding gap there between what's offered by the Department of Education for the student and the parent can pick up the remainder of that tab?
18:03
Peter Dunn
So here's how I see it going down. Tell me if I'm wrong, as you should. Student goes to school, they take on student loans. They cap out maybe sophomore early junior year in order for the student to continue to go to school. There. The school comes and says, all right, look, you don't have a finished degree. You can't borrow any more money. Your parents are now going to have to borrow money, and they can borrow an unlimited amount of money. And if they don't do it, you got to leave. That's more or less what happens.
18:36
Kristen Ahlenius
More or less, there's annual limit for the student and an aggregate limit, so that could happen along the way as well. But yes, exactly. It's like you're standing at the Bursar's office and they're going to drop all your child's classes unless you figure out a way to pay. And Parent Plus loans fly in as this savior in this space. And a lot of the time, I don't think parents really understand the gravity of that decision.
19:02
Peter Dunn
Unfortunately, a lot of times, parents, when they have nothing safe for college, we talk about this on this show all the time, and you're like, well, we're going to have to borrow. What's it matter what we're going to have to borrow anyway? We might as well borrow whatever we have to borrow. I see that happening, especially somewhere like Baylor, which is so incredibly expensive that the student's student loans cap hit so quickly that you're just guaranteed copious amounts of Parent Plus loans to the tune of in some cases. This woman, Trina Savarin, a 53 year old public school administrator in Texas says she owns owes $231,000 in federal student loans, of which at least $65,000 of Parent Plus loans which came from sending her daughter to Baylor and at least $74,000 in plus loans for her son's college costs and loans from her own 2015 master's degree, which were arguably also funded with plus loan program, the Grad Plus loans.
20:01
Peter Dunn
Unlimited loans with the plus program because they assume parents who have an income, job and assets are good for it.
20:11
Kristen Ahlenius
Unfortunately, yes.
20:14
Peter Dunn
That's wild. The other criticism within this article is that somewhere like Baylor has one of the worst repayments rates for these types of federal loans among private schools with at least a $1 billion endowment. So the other issue with college costs is these schools have these giant endowments, and sometimes they are not used to curb the cost of college. And even if they are based on tuition, if there's a huge default rate amongst that college and university, it can speak to something much deeper. So, Kristen, I will put it to you and you have to have the perfect answer. What is a parent to do if they're in this situation? Is the answer. Just don't go to a really expensive school? Yes, that's what I thought.
21:04
Kristen Ahlenius
But see, I'm trying really hard to check my bias because let me be clear, baylor is just the placeholder here. There are so many schools that fall into this category, and I have a problem with this across the board. This is something I'm really passionate about. So it was dangerous that you brought me on the show for this topic, but I did some preshow prep, I told you before we started, and hopefully I'm invited back, hopefully that can't prep for this show. But I wanted to know because in my head I was thinking, is Baylor worth the extra dollars? And in my head, immediately I was like, no. And I'm like, well, is that true? Is that true? If we look at the facts and there are eight schools in Texas that Forbes ranks higher than Baylor, and of those eight, five cost less and they have higher median salaries.
22:00
Kristen Ahlenius
So Baylor and an M actually both rank higher than or I'm sorry, an M and UT rank higher than Baylor, and they are half the price.
22:12
Peter Dunn
So this is fascinating, right? Because of course there are certain degree programs possibly at Baylor. I'm just assuming again Baylor is the placeholder here. You are exactly right about that. There are certain degree programs at any institution, especially expensive institutions, where it can make sense. There's the connections, there's the network, there's the quality of professorship, which is not a word, but if you're in general studies, if you're going to find yourself and you don't know what you're going to do, if you're going to study something even like an education degree where you know what your salary is going to be coming out. It makes close to no sense to go to a high priced university.
22:48
Kristen Ahlenius
No. And the best part about the way that Forbes ranks universities is that they actually show their ten year median salary as well. And Baylor doesn't win there either. Texas A and M, UT, Trinity and Texas Tech all have a higher ten year median than Baylor.
23:08
Peter Dunn
Now, I know you're recently in Texas, but I believe Trinity is in the San Antonio area. Do you know that to be correct?
23:13
Kristen Ahlenius
I think that's true. It's private, too, actually, and it's less expensive. So that was a good example too, because they're both private schools.
23:21
Peter Dunn
Parents owe $103.6 billion in Parent Plus loans, which Congress uncapped in the 90s. Taxpayers bear the losses if the loans aren't repaid, defaults don't hurt colleges, which get the money up front. And that is another big issue, is that the colleges have no skin in the game because they're getting paid up front. If Baylor has a high default rate, what does Baylor really care.
23:51
Kristen Ahlenius
I don't know that they do.
23:54
Peter Dunn
Okay, so to transition this conversation a hair, obviously there's a lot of talk about student loan forgiveness in the last 18 months, and not just public service loan forgiveness, but just general loan forgiveness. And let's for a moment say that happens. I was more convinced it would happen within the last six months than I am sort of going forward. I don't know how you feel exactly, but let's say it happens. I'm not so convinced Parent Plus loans are going to be at the top of that list, are do you?
24:25
Kristen Ahlenius
I don't think so either. And I think it's because to this point, parent plus loans haven't really led the headlines. I think that's kind of why we're seeing some of these changes in respect to PSLF is because even though slightly misleading, PSLF is just the headlines are horrible in respect to the program. And I think that's why we finally saw some change and for the most part, we don't hear that.
24:53
Peter Dunn
Let's pick that conversation up after the break here on the Pete the Planner Show, talking student loans with the Queen of Texas. All right. That's me cutting you off at the end there in time to make the segment, but it works. All right. Chris says this is probably something that should be more of a one one conversation because there are so many variables to talk about. I do agree that anytime we attempt to give mass advice, it's tough because there are so many variables. It is virtually impossible to reasonably talk about something this big without getting too deep into generalities. You're right, Chris, about that. I do have to admit, though, there are some universities that just simply do not care.
25:43
Kristen Ahlenius
And it becomes really clear, like with that software that we're using now, how some colleges cost way more than they're worth. Do we say what that software is or no?
25:58
Peter Dunn
Yeah, go ahead.
25:59
Kristen Ahlenius
Just in the use of college aid pro. I mean, using that shows what it's going to cost and how long it's going to take to pay it off. I mean, six figures in Parent Plus loans spread out over 25 years. That's half the median mortgage payment until you die.
26:17
Peter Dunn
So I know there was not a McAllister's deli in Yuma, Arizona, where you live, but is there one in Texas where you live?
26:24
Kristen Ahlenius
Honestly, I haven't looked 75 hard, but there's an abundance of places to eat and every place has tacos. So I've momentarily forgotten about McAllisters.
26:39
Peter Dunn
Yeah. When every time you're back indiana to the headquarters here or your own home, I know that you seek out the McAllisters. Okay.
26:48
Kristen Ahlenius
Absolutely.
26:49
Peter Dunn
So here's what I recommend. Let's come back. Do you have further thoughts? You did a bunch of research. Do you have further thoughts on this? Because then we can move on to the investing and debt question. What do you think, Paul? You're in charge.
27:00
Kristen Ahlenius
Oh, I am. I do like Jameson's comment about brand value. I think that's interesting.
27:05
Peter Dunn
All right. Jameson says brand value. He said in quotes, and I can just see the finger air quotes that he was doing as he typed it of college names is interesting. Baylor is one of those that carries cache in Texas and just don't see it when comparing real metrics like Kristen shared. I agree. Right? I mean, outside of Texas, I think of Baylor and I think it's a great school, but I don't think of Baylor as like the Ivy League of the state of Texas. Right. But I did talk about it a couple of months ago. I went down to Texas Christian University TCU in Fort Worth, and it's incredible. It's an incredible university. So now I think of it a little differently. I don't know, Kristen. I have to shoot a television commercial on Monday for the Indiana State 529 plan. It's that time of year where I shoot the holiday commercial and I have to tell you a couple of thoughts that are on my mind.
28:03
Peter Dunn
Number one, on Monday of this past week, I'd realized that on Sunday I had worn a hat backwards outside during my daughter's soccer game, which meant I had a half dome of a burn mark in my forehead, which I'm now has gone away a week later. I'm very glad about that. Number two, my workouts have fallen off a little bit in the last month and by a little bit I mean they have fallen off. And so now I'm very self conscious about the ring of fat around my chin and I look like a Shakespearean character of obesity. Number three, a couple of years ago they shot it against a green screen and unbeknownst to me, put me in a snow globe in post. I'm superimposed inside of a snow globe and only snows falling to me. And I didn't know this. I don't ask to see the commercials.
28:56
Peter Dunn
I respectfully. I don't care, right? I don't do my job. I don't need to see it. I'm not that much of a diva. My family and I were at a local Mexican restaurant, el Verdeo, 106 in Scienceville Road. They have television. I am eating tacos day carnesada and I'm going to put the taco in my mouth. I look up on this television screen and there is my bald head in a snowball television ahead of me and it was very uncomfortable. Very uncomfortable.
29:26
Kristen Ahlenius
Really quickly, I can do you one better because Mr. Kristen has to get his new ID picture today. And two weeks ago at the Texas game, he burnt like a lobster because he is very pale and burnt like a lobster. Didn't wear sunscreen, except that in his picture he cannot have a beard, which he currently does. So he's going to be like, why? We'll see how bad it is. And they're not great. I mean, no one ever looks. At their driver's license or, like, a government ID, and they're like, that's a really good picture, so maybe it won't be so bad.
30:11
Peter Dunn
But in your personal life, do you call him Mr. Kristen? No, that'd be amazing. Tom asks. Hi, Tom. Good to see you. Do you feel like part of the issue? By the way, speaking of driver's license, I think Tom is a friend of mine posted a picture of his new driver's license the other day online. Wow. Looked like a serial killer. Do you feel like part of the issue is that grads who responsibly paid off their expensive student loans are reluctant to let the generations that follow off the hook as punishment for not 529 in their college costs in pre higher ed years? That's a fascinating question. Okay, I want to read that again because that is fascinating. Do you feel like part of the issue is that grads who responsibly paid off their expensive student loans are reluctant to let the generations that follow off the hook as a punishment for not preparing?
31:04
Peter Dunn
I feel like there's some of that, but I'm not a close the door behind me sort of guy. So is society in general?
31:14
Kristen Ahlenius
Yes, I think a lot of people feel that way, and I have to check myself, too, because just because I may have made certain decisions doesn't mean that other people were in a position to make similar decisions. But I hear that from people. They're like, I'm not paying for my kids school. I paid for my school. And it's like.
31:39
Peter Dunn
My thought is sort of along that track. My parents paid for my education. Haley Joel Osman and Kevin Spacey taught us you got to pay it forward. It's a movie. Pay it forward with Kevin. I'm paying it forward. Right. By paying for my kids college. So I'm curious. Obviously, you don't have kids. You have fur kids. Fur babies. Did you pay for their obedience school, or did you make them take out loans?
32:08
Kristen Ahlenius
Yeah, definitely paid for their obedience school, but they have rent here where we live, so I told the oldest one that she's got to let people take her on a walk or something.
32:19
Peter Dunn
I did like your excitement this week. We had a team meeting. We're just talking about what's going on that's good in our lives. And you mentioned that you got to take them to your CrossFit gym, and they were very excited by that.
32:29
Kristen Ahlenius
Yeah. We also learned that our oldest dog doesn't like other dogs named Odin. Doesn't matter the breed, but named Odin. She's just not a fan.
32:37
Peter Dunn
I've never met a dog named Odin. It must be a big thing.
32:40
Kristen Ahlenius
Now it's a Texas thing. You wouldn't get it, Pete.
32:43
Peter Dunn
Oh, boy. Are you going to move to every state and then just tell us how embedded you are into that culture over years?
32:51
Kristen Ahlenius
I would love to do that, but I don't think Mr. Kristen's work I don't think it works that way when he's done with school. I think it's like you stay put after this kind of thing.
33:02
Peter Dunn
So I'm not clear on the answer. Are we going to go back to more college discussion when we start to show up again, or are we moving on? What do you think?
33:09
Kristen Ahlenius
I don't know. There's definitely enough content to go back to the college discussion, but are people tired of it?
33:15
Peter Dunn
Where would you begin the conversation? Where do you want to go with it?
33:19
Kristen Ahlenius
As a matter I like the college thing, but I'm biased.
33:24
Peter Dunn
All right.
33:25
Kristen Ahlenius
I don't want to be in charge.
33:27
Peter Dunn
I don't want to be in charge. My stupid names on this. You know what? I got in the office early this morning, and I was going to change the graphics to scratch out dame and have Kristen written over the top of it, and it was going to be like, hey, look at this. And then the effort that it would have taken to do that were just a little much for me. But I will tell you, Oz, our wonderful coworker, got back. I got to zoom in on this, everybody. So Costco has this cold brew, kirkland signature cold brew, and it's got a little jaguar on it. And we named the jaguar Miguel.
34:01
Kristen Ahlenius
Nice.
34:02
Peter Dunn
And so Oz and I are crazy about Miguel. He does great things for us. It's 100% Colombian cold brew coffee, and Miguel has been a big part of my day.
34:11
Kristen Ahlenius
Nice. I'm glad to hear it.
34:12
Peter Dunn
Oh, man, it's delicious. Okay, where are we? Okay, you know what? We're going to the investing question. Why? Because this has been sitting in my inbox since September 17.
34:23
Kristen Ahlenius
Okay.
34:24
Peter Dunn
Yeah, this isn't that bad. I mean, truth be told. Here we go. In three, two, one. Back on the Pete the Planner show. Queen of Texas joins us. Kristen Alanius, senior financial concierge at your Moneyline in hey, money returned to the show since the first time since July of 2020. She told me that's how long it's been since she's been on the show. Hello, Kristen.
34:49
Kristen Ahlenius
Hello.
34:51
Peter Dunn
Okay. Dear Pete. Oh. It says, Hi, Peter. Yeah. Do you call me Pete or Peter? Kristen?
34:59
Kristen Ahlenius
Pete, for sure.
35:00
Peter Dunn
Yeah. I don't care what people call me, but it is funny what people choose to call me. I got home from work the other day, and Sarah, Mrs. Planner, who calls me Peter all the time, called me Pete, and I was very confused.
35:15
Kristen Ahlenius
Sure.
35:16
Peter Dunn
I felt like something was going on. Hi, Peter. I'm currently reading through your book, your Money Life. Your 20s available or all good books are sold. I just finished a section on debt and found it very useful. I'm a recent college grad, paying off student loans and a car loan. The interest rates on both loans are relatively low, both under 2.5% and totaling just under 25,000 American dollars. I'm currently using the momentum method to pay off my debt. And by the way, for those that don't know, momentum method is where you pay minimum balance on all of your debts except the lowest balance debt, and then you attack that one, and when that one is at a zero balance, then you hit the next lowest debt as opposed to attacking the highest interest rate debt. Back to the email. The debate I'm having with myself is whether or not I should be investing in a Roth IRA while I am paying off these loans.
36:06
Peter Dunn
I'm currently putting an extra $1,000 a month towards debt, so contributing to a Roth would effectively cut that amount in half. It's the opportunity cost of investing now versus being in debt for three more years than I have to be. Is there a direction you tend to lean in these situations? Being so young with low interest rate debt? I'm thinking I might go ahead and start investing now. Thanks so much. Micah, what do you think, queen of Texas?
36:32
Kristen Ahlenius
I think Micah should invest. I don't always say that because I don't always trust someone to have because it takes a certain level of discipline to be able to kind of balance. But if you can't get that time back and Micah has quite a bit of cash flow available, I think Micah has to open the Roth IRA 100% agree.
36:57
Peter Dunn
Let's look at a couple of numbers here. Okay, sure. Every once in a while, I do make this about numbers. Interest rate 2.5%, Kristen 2.5%.
37:08
Kristen Ahlenius
Yeah. Unless Micah is a really risk adverse investor, the math is really hard to.
37:17
Peter Dunn
Argue against, let's say, and we're going to pick a rate of return. Like, no one hold us to it. This isn't a matter of, like, call me on Monday and I'll fix you up with a fixed rate of no, this is just we're projecting a long term, 45 year rate of return. Long term, I'm going to say 8%. Are you going to hang up and not be on the show anymore? Are you okay with that?
37:38
Kristen Ahlenius
No, we're good.
37:40
Peter Dunn
All right. 8% and historical numbers would tell us that is very feasible. So much so that you could arguably get 8% from a 60 40 portfolio, 60% stocks, 40% bonds over a 45 year period, as opposed to 100% stock portfolio, which will likely pay more than 8% annually. I digress. So what I like to do in these situations is to say, okay, what's your interest rate? It's two and a half percent. What would you likely be earning on the other side in terms of return? The spread between 8% and two and a half percent, all things being considered, would lead you towards putting your money in something that could get you 8%, even though you're paying two and a half percent to do that.
38:26
Kristen Ahlenius
Yes, absolutely. Unless there's some mitigating circumstance that we're not aware of, I think it's really hard to argue against opening the roth or funding a Roth if he already has one.
38:40
Peter Dunn
We talked earlier in the show about how the most important financial years of your life are your first financial years. The first time you have income is when you can make the biggest difference. And it really is just how math works, how compound interest works. That is why I consistently find myself cursing myself both under and over my breath from ages 22 to 28, because I was not as aggressive with my investing as I should have been. Not in terms of what to invest in, but how much to invest. And that period, that six year period I can't believe I'm going to say this. My net worth would be double what it is right now. Double. Why? Because that six year period is another doubling period.
39:31
Kristen Ahlenius
Right. The rule of 72.
39:35
Peter Dunn
I'm going to get sick. I think this is also a great example of a it's not an all or nothing situation. He can do both as his cash flow becomes more interesting, as his income increases, as he catches a break here or there, as he gets a tax refund, then there's that mechanism to sort of increase contributions and do those sorts of things. I will note he does not make mention of a retirement plan at work. I'm curious what you think about that. When you see a young professional not even mention their retirement plan at work, do you just assume they don't have one, or do they assume they're dismissive of it?
40:20
Kristen Ahlenius
In this case, I almost want to say I think he's dismissive of it like, oh, I already have this, just because he's asking a little bit more of an advanced or involved question in respect to his financial wellness. So I'd like to think that he's already taking advantage of that, but maybe not.
40:36
Peter Dunn
Okay, so I find a Roth IRA to be probably one of the more flexible, beneficial investments there are out there because of how the different rules work with it. It is primarily meant for retirement. It will provide tax free withdrawals at retirement post 59 and a half. There's some other ways to get money out of it, a lot of ways to get money out of it prior to 59 and a half. Kristen how do you balance, when you talk to people on our line, how do you balance the flexibility of a Roth IRA with the importance of leaving it alone?
41:16
Kristen Ahlenius
That's really tough, because when people see this, I don't generally lead with the fact that it's flexible. And I tend to not offer that up as a rule because I think when we already have in our minds that a vehicle can be a safety net, a specific savings account, a Roth IRA, whatever it might be. I think you're just already more inclined to break that glass in case of emergency, even if it might not be. So I try really hard to not lead with that and instead lead with the Roth is let's look at both sides of this tax equation. We don't know what taxes will be like. That's one of my biggest things is when I retire, I have no idea what taxes are going to be like. So maybe let's play both sides of this fence. Let's have some assets that are a little bit more under your control, for better or worse.
42:07
Kristen Ahlenius
Usually what I lead with.
42:09
Peter Dunn
I felt like when you said that, you were basically saying, pete, I'm 20 years younger than you. And that's why I'm going to say it this way.
42:16
Kristen Ahlenius
I'm not 20 years younger than you.
42:18
Peter Dunn
Close enough. Closer to 20 than it is. Ten.
42:22
Kristen Ahlenius
Yes.
42:26
Peter Dunn
It's interesting. Anytime we give guidance, I've given guidance in the last 20 some years, you do have to take into account human nature and I think that's why we just do it differently around here. There's a lot of technical advice, but for us, practical advice is so much better because we know if you tell someone, oh, you can take what you put out, you can take out what you put into a Roth RA with no issues. They will and it will hurt them.
42:56
Kristen Ahlenius
Absolutely. And your financial wellness doesn't happen in this perfect vacuum either. So giving broad financial advice can sometimes be a dangerous thing anyway. And in this case, I'm more of an advocate for, hey, let's focus on the Roth IRA but with a few different variables that might not have been my answer.
43:16
Peter Dunn
Kristen, since Kristen is here, by the way, occasionally I'm just going to read glowing reviews of her from your Moneyline users. This one came in on October 13. Kristen has been wonderful the last few times I've reached out regarding refinancing our mortgage. Having access to her and others has really been invaluable as we navigate these big financial decisions. Thank you. It never gets old, does it?
43:37
Kristen Ahlenius
No. And the people we work with are so great, too. Like both of those reviews that you read, both stellar conversations because the pints are so awesome.
43:46
Peter Dunn
I love it. All right, so let's do this. This is going to be the toughest part of the show. Dame's not here. We're doing biggest waste of money of the week. He usually does current events. This time I'm going to read the current events and you're going to make witty, funny comments that will entertain us all for months to come. All that is next right here on the Pete the Planner show. Special guest star queen of Texas, Kristen Ahlenius joins us, senior financial concierge at your Moneyline. I'm Pete the Planner and this is the show. I read all those things because I was just killing time.
44:19
Kristen Ahlenius
At first I was like, wait, I thought this was 940.
44:22
Peter Dunn
Yeah, it was. It was just bad radio. Are any of our affiliates up where you grew up? In Indiana? Where did you grow up?
44:31
Kristen Ahlenius
So the one Knox affiliate, right. Is not that far from where I'm from, and I have family from there.
44:39
Peter Dunn
We'll shout them out on the next segment. Will you tell your family you're doing this, or is that not, like, a thing?
44:46
Kristen Ahlenius
My mom will know because I usually talk to my mom before work. I'm one of those kids that bugs my mom every day, so my mom will know, but I probably won't advertise it.
44:59
Peter Dunn
That's okay. That's quite all right. I can't find the list. That's all right. Oz will probably slag it to me because that's how she does. But anyway all right, I got to get ready for biggest waste of money of the week. Okay, here we go. Oh, my gosh. It's so nerve wracking. Now I'm missing Dame, right? He does some of the heavy lifting. Okay. Can I tell a story?
45:26
Kristen Ahlenius
Of course.
45:28
Peter Dunn
Kristen, are you a car gal?
45:32
Kristen Ahlenius
Sort of more than my husband.
45:35
Peter Dunn
Okay, so Mr. Kristen is not a car gal?
45:38
Kristen Ahlenius
No.
45:39
Peter Dunn
Okay. And why do you call your because Dame is a car guy. We know this, correct?
45:43
Kristen Ahlenius
Yes.
45:44
Peter Dunn
So why would you consider yourself a car gal?
45:47
Kristen Ahlenius
Because I know vehicles. I want in different phases of my life, and I'm more familiar with vehicles than most people are, I think. But, yeah, Mr. Kristen wouldn't know the difference between a Toyota and a Tesla. Wouldn't know.
46:03
Peter Dunn
So I'm more in line with Mr. Kristen in that regard. I have a nice SUV, but I don't care. It's just fine. Right. Not a status thing for me. Practical. So I go to my friend's house the other day to pick up my daughter from a boy girl party, which in itself, I was very nervous, other than, of course I trust the family. They're great. But middle school boys are not someone to mess with if you're a middle school girl, because they're very smelly. Right?
46:37
Kristen Ahlenius
Right.
46:38
Peter Dunn
So I go to pick up my daughter's party, but my buddy's like, hey, just come over early. We'll hang out. I was like, I'll be there. So my friend happens to have done well, and I'm really underselling sort of his situation. Maybe we'll talk about that off the air. But anyway, I get there, and my guy happens to be a car guy, like a pretty big car guy. And he gets there. He's like, hey, come with me. And this is one of my friends, and anytime he says, Come with me, whatever happens next is magical. It just is this, like, person is the sort of person that whatever you're with this person, it's amazing. So I was like, okay. And we go, and he opens this garage door. He has several different garages, and he opens this garage door, which I hadn't seen this one, and within there is a Lamborghini.
47:25
Peter Dunn
And he says to me, Get in. And I'm like, no, I don't want to get in. He's like, no, get in. So I go. And I get in the passenger. He's like, no, get in the driver's side. I was like, I don't want to get in the driver's side. So I get in the driver's side. He's like, start it up. And I was like, okay, well and I was like, I don't know how to do that. It's like NASA. I'm like, our friend Jeremy, the pilot who's always listening to I didn't know what button to press. So he starts. He's like, just put your foot on the brake. Okay? So it roars up, and it sounds like Miguel on my Costco cold brew can. It's just firing up to start your day. He's like, all right, let's go for a ride. And I'm like, no interest in this whatsoever.
48:06
Peter Dunn
He's like dan. He's like, you got to and I was like, I don't want to. So we go on like this three or four mile ride in his Lamborghini with me driving.
48:17
Kristen Ahlenius
Loved it.
48:18
Peter Dunn
I hated it. I hated every moment of it. Because the whole time I was doing the math, right, I was going, if this goes poorly, I will work forever. It was nerve wracking. And we got back to his house, and I was like, hey, man, can you pull this in the garage? He's like, no, cars are meant to be driven. Just go right ahead. And I was like, what? So that's my story of not enjoying would you like driving Lamborghini?
48:47
Kristen Ahlenius
I'm anxious person by nature, so I would struggle, I think, but yes.
48:58
Peter Dunn
I did not. And I know Dame was good, but he's not heard the story because he's on vacation. I didn't want to bother him, but he has not heard the story. He will be freaking out because he would clearly want to drive it and then jump out and do Kraft MAGA.
49:09
Kristen Ahlenius
On anyone that yeah, exactly.
49:13
Peter Dunn
All right, we should start the show. Okay. So much going on. So much going on. Ready? Here we go. Three, two this week's biggest waste of money of the week right here on the pizza planar show is, by the way, joining us this week special guest, kristen Alanius, the fine senior financial concierge at your moneyline and hey money. Sitting in for Damien Dunn who is on vacation, the RollsRoyce, celerette cigar and whiskey box is this week's biggest waste of money of the week. RollsRoyce is now offering its ultra luxury experience outside the doors of its iconic automobiles with the Celarette cigar and whiskey box. The Celarette is made from polished aluminum and covered in Havana leather with a fold up serving tray covered in obsidian AOS open pour veneer inlaid with the Spirit of Ecstasy, which is also the name of my garage band in high school.
50:09
Peter Dunn
Spirit of Ecstasy. Underneath the tray is four hand blown lowball glasses etched with the double R logo. At one end is a cigar humidor lined in Spanish cedarwood with a hegrometer and cigar cutter by St. Dupont Paris. At the other end is a case restoring the drink of the evening. Kristen, if you were going to buy Mr. Kristen a Rolls Royce Celarette cigar and whiskey box that you're seeing pictured here on Our Livestream, what would you pay for? What would you be asked to pay for it?
50:47
Kristen Ahlenius
I'm so bad at this. Is it four digits? No, it's more than that.
50:53
Peter Dunn
Yes, ma'am.
50:56
Kristen Ahlenius
Oh, my I don't even have is it 25?
51:01
Peter Dunn
It is 55,000.
51:03
Kristen Ahlenius
Oh, my God.
51:07
Peter Dunn
Now, the best part about this, of course, is how they got to 239 at the back end of 55,000. Seems like there's a story to it. But look, it's a box that holds whiskey, glasses and cigars. Kristen, if you're going to have whiskey and cigars, do you really need a $55,000 box?
51:27
Kristen Ahlenius
I don't think so, but I spend money on things that other people might not appreciate. So maybe I just don't get it. I don't know.
51:36
Peter Dunn
I just want to know what all those things are now. But now we are on to the news. Peter, what's in the news this week? For people who regularly listen to the show? They know that Damien does this part. So we're switching up this week. This will be the roughest part of the show because I have to do his job. Let's see how hard it is to do well. Pete traders phone up gambling helplines as game like broker apps spread. This report from the Financial Times FT.com. Helplines of gambling addiction recovery groups have been ringing with a new kind of caller day traders. The rise of mobile brokerage applications outfitted with prompts animations rewards and digital flourishes have brought the feel of investing platforms closer to online sports betting and gambling. The US Security and Exchange Commission is now examining the extent to which brokers and investment advisors digital engagement practices, including so called gamification, assist or undermined small investors.
52:32
Peter Dunn
A public comment period that closed on Friday drew more than 2000 submissions. Kristen, is it surprising to you that there are online traders who have gambling addictions?
52:47
Kristen Ahlenius
Those were literally going to be my words. My words were going to be is anyone surprised by this?
52:54
Peter Dunn
Because I'm not at all. For two years, how online gambling, online trading has morphed into this beast of bad habits. So this is not at all surprising.
53:10
Kristen Ahlenius
No. The gamification of investing. We saw this, like you said two years ago. Two plus years ago.
53:19
Peter Dunn
You don't have to answer this, right. I used to day trade in college, right? I day traded all through college, occasionally went to class, made a lot of money. A lot of money. By college kids standards, maybe not a lot of money in my life today. And I thought it was great and it was fun. I don't do that at all anymore. I don't actively trade. I do realize that sort of the modern version of what I've just described when I was 22 is probably cryptocurrency. I'm curious, as you've grown, to learn about money and of course, be an expert in the financial world like you are today, what's been your experience with sort of the urge to do those sorts of things? Is that something you talk about?
54:04
Kristen Ahlenius
So I absolutely have one of the accounts that we talk about that we hate so much. But several years ago, Mr. Kristen and I decided on an amount of money that I was going to put in the account, and it was just its own thing. And for me, because I used to be an advisor and I'm not now. We're in a counseling role. We don't give investment advice. It was really more, for me, a way to stay in tune to the conversation a little bit, because when you step out of that world, it becomes really hard to just even to be familiar in any way. So that's really what it was more about for me and my friends, because I'm a millennial, love to ask me questions about my Robin Hood account and I'm just like, Absolutely not. That's not what we're here for. You can do your own thing.
54:56
Peter Dunn
Well, Damien's got a Robin Hood account, too, for what it's worth. I know jim Kramer launches the CNBC Investing Club with a focus on building long term wealth. CNBC and Jim Kramer announced a couple of weeks ago that they're creating an investing club to help people build long term wealth. And in the coming weeks, they'll start sending regular emails letting you know, the consumer know what they're seeing in the market so they can make the investors can make smart decisions with their future. Kristen when you think of long term investing, I'm guessing Jim Kramer is the first name that comes to the top of the list.
55:33
Kristen Ahlenius
Absolutely. Here's my thing. If someone is using a trading platform, most of them show you the analyst picks anyway. So why do I need that separately when I a trader? Not me specifically, but when you're looking at the app and you click on a specific company, it tells you what the analyst reports are like. Why do I need someone else to tell me that it's already right there?
55:58
Peter Dunn
Because they're building a brand. Kristen well, building a brand.
56:02
Kristen Ahlenius
Good luck to them.
56:03
Peter Dunn
Retail sales unexpectedly gain in September as consumers keep spending. Retail sales for the month of September increased 0.7% against the Dow Jones estimate for a decline of 0.2%, excluding auto related sales. Compared to a year ago, sales consumer spending was up 13.9%. Okay, so I'm going to ask you an impossible question. I want you to think back to how you were feeling in September of 2020 about the world, the economy, everything. Do you feel 14% better about the economy than you did September of 2020? And if so, do your feelings, are they reflected in your consumerism?
56:50
Kristen Ahlenius
So this is hard because when I was on the show last July, I think you asked me how I felt about how worried I was about the economy, and I was like, I'm not because I think people I felt like people were just still spending. But my situation is very different from what it was, and I'm trying to not take that into consideration because I don't feel like I feel as confident, but I think maybe that's just because my life circumstances have changed a little bit. Because when I think about the people I know and the people around me, I don't know that 14% is fair, but I think that people feel like people that I know feel okay. Do you agree with that or no?
57:31
Peter Dunn
I think no one's looking ahead at what could go wrong or what could go more right. That is to say, I think people are making decisions in isolation and they're spending pretty wildly. I think that continues from housing to cars. But this article goes on to really talk about how people are buying goods, and there's not as many services like the service industry. People aren't just going to get a massage. People aren't going to get their hair done all the time, and I'm never going to get my hair done. But it really is a goods based economy, and all the demand is in. Goods and demand for services have not picked up.
58:11
Kristen Ahlenius
That's really interesting. I feel like here it's the opposite. Like you can't get into anywhere. If you think you want a massage or a haircut, there's a huge waiting list. But I also know that I'm living in kind of a weird market, too.
58:26
Peter Dunn
Queen of Texas, ladies and gentlemen. All right, Kristen. So as we wrap up here, let's not make it another year and three months until we do this again, okay? So you'll join us again. We have not scared you off.
58:40
Kristen Ahlenius
Absolutely.
58:41
Peter Dunn
Okay, well, good. Maybe I'll just have to bring you on air and read all your positive comments that people leave about you. So it's with that I send you good vibes, my friend Kristen, because good vibes are all that's in the budget. Dame is back next week, and yes, that is a threat to you, the listener. Thanks, everybody. It's Pete the Planner show. Pete the planner. There you go. Did that go fast or slow for you?
59:06
Kristen Ahlenius
I feel like that was quick the whole show. Oh, yeah.
59:10
Peter Dunn
Really good. That means it went well.
59:13
Kristen Ahlenius
Yeah. Well, the thing is, I had about 17 other thoughts on Baylor, though, so I was, like, chomping at the bit.
59:28
Peter Dunn
I will read this one about Gail that came in your wonderful coworker, Gail. I saw this one. I was looking through your comments, Gail. Did I read this on the radio the other day? I don't think I did. Gail has led a change in our lives in a matter of not even two months. She's easy to talk to because the. Conversation is always open, positive, helpful. She's just so darn smart. Since we started, we've made a pretty decent impact on our debt and we are not fearful for the future. And it was a miracle she was the person who answered when I called. We are incredibly grateful to Gail. And here's to the future. Come on.
01:00:03
Kristen Ahlenius
I love that. Open, positive and helpful. That is literally gold star gale.
01:00:08
Peter Dunn
It is open, positive and helpful. I have to say, the mechanism we've set up to get feedback on the work that you and your coworkers do is the greatest. And I know it comes to me, right? And the team gets to see it, but it is like my favorite part of what we do.
01:00:21
Kristen Ahlenius
Yeah, it's really nice. And I will also say one of the really fun things about getting the feedback is when someone's like, we're so happy that Kristen answered the phone, or we're so happy that it was Damien. And it's like, I just want to tell people, especially when it's about me, I'm like, you have no idea. Everyone is like me or better than me. Everyone's great.
01:00:45
Peter Dunn
Yeah, it is funny. And again, I comb through these comments all the time. It's never what you think from the outside perspective. It would never be what you think. A financial counseling session comment would be like. It's never about numbers. It's never about numbers. It's never about getting wealthy. It's always something more qualitative. And that's what I think is so great about it.
01:01:11
Kristen Ahlenius
Absolutely.
01:01:12
Peter Dunn
Anyway, anything else you want to say? Oh, Dame just sent me a message, so Dame's watching right now.
01:01:18
Kristen Ahlenius
Watch out, Damien.
01:01:19
Peter Dunn
He says he would have absolutely driven the Lambo and he's not all surprised that I had a four mile pucker experience. Right. All right, well, my stomach's growling, which means Miguel needs some friends in my stomach, so I'm going to go. Kristen, thank you very much. Tell Mr. Kristen hello and sorry about his beard. Picture it and we'll see you here indianapolis in just a month. A month from today.
01:01:46
Kristen Ahlenius
Absolutely.
01:01:49
Peter Dunn
All right, thanks, everybody. Stay getting money.
