Peter Dunn: [00:00:00] It's a banking episode of, uh, the pizza planner show. Why do I say that? Well, hold on. Let me bring on Damon. Uh, Kristen. Hello, Christy. Hello, Damie. Hello, Petey. Anyone will call you Damie. No, we do now. Damie. Two things to note from a, uh, a banking perspective. Number one, I, what in the, who's getting, who is getting disciplined?
I'm shutting them down right now.
Damian Dunn: Who is getting fined? Was it the notification?
Peter Dunn: Yes!
Damian Dunn: It was
Peter Dunn: so loud, an angel got its wings. It was very loud.
Damian Dunn: What's wrong with
Peter Dunn: that?
Damian Dunn: Why can't angels get their wings?
Peter Dunn: A co worker and I, who runs our finance team, man of one, A young man looks very young. And I went to the bank yesterday to do some major banking things I had to [00:01:00] go because as the chief executive officer, I had to sign stuff, but I'm not involved.
I mean, I'm involved and I'm like, it's his thing. I'm just there. So Dame, the, the, the dynamic is this really young looking guy at our organization and me who could pass for someone's grandfather. So it's like grandson taking grandpa. To sell his annuities or his CD so he can buy annuities. Right? Like, like it just sets up terrible.
Right. And so we're walking in and I'm starting to make, like, I'm shuffling to make it look like I'm older. And every once in a while we're meeting with a banker and I'm like, why are CD rates like, it's just like this to make it uncomfortable for him. And, uh, it was really humbling to know that I really felt like my coworkers, grandfather in that situation.
Uh, what say you, Dave?
Damian Dunn: I mean, it only makes sense in the progression of the company. I mean, you've got a son, you might [00:02:00] as well have a grandchild. So the only question is, am I his father? Yeah. Yeah.
Peter Dunn: Yeah. I think so. Man. Uh, also just another quick banking update. You know what today I get to pay my mortgage today, so I'm pretty excited.
Enjoy that dumb, dumb sucker. Every time I pay the mortgage, I get this yellow receipt, and I, I was looking this weekend at home, uh, I have a stack of yellow receipts from all my payments, and I have to say, other than my grandfather's Pringles can, uh, piggy bank on my desk here, I think my stack of mortgage receipts might be my prized possession.
Damian Dunn: Okay, so, I mean, great, great point. Are you planning on handing that stack of receipts down?
Kristen Ahlenius: Don't do that to your kids.
Peter Dunn: Yeah, I'm teaching them a lesson.
Kristen Ahlenius: No, cause then they're gonna have to keep it forever. No. Who's
Peter Dunn: on time more between you two if I may switch the topic briefly? Who, who, who's, [00:03:00] you guys are about the same,
Damian Dunn: right?
It's pretty split. We both value punctuality. I, I don't think we're, I'm not
Kristen Ahlenius: late.
Damian Dunn: So
Peter Dunn: Ted drags his self slowly this morning to my car for carpool. I was eight minutes late for work and I was just, I was just like telling my guy, I was like, brother. What are you doing? Have you ever tried to teach anything to a 12 year old boy, Kristen?
God, thanks for not saying yes, because I didn't want to have to do the paperwork.
Hi guys.
All worked up today. Kristen, um, we will talk about in the next break. You have no heat in your home. I
Kristen Ahlenius: have no heat in my home.
Peter Dunn: What is the current temperature of your home?
Fifty two.
Peter Dunn: What do you usually keep your home at?
Come on.
Peter Dunn: That's a great question.
Sixty.
Peter Dunn: Oh, [00:04:00] throw a sweatshirt on. I mean. Boy, the ice queen.
Can we start calling you the ice queen? Sixty degrees. What do you keep it at in the summer?
Kristen Ahlenius: Like seventy four, five.
Peter Dunn: Uh, game, I'm trying to choose my words here, but I'm just gonna go for it. Are you that cheap?
Kristen Ahlenius: Really? Yeah. But also, you, I like to be cold when I sleep and I have two big dogs. Like, so to be cold when you sleep, you have to keep your house colder.
Peter Dunn: How about your, your partner? Oh, he
Kristen Ahlenius: does not care for it.
Peter Dunn: And you win?
Kristen Ahlenius: Well, yeah.
I pay the NIPSCO bill. I say, if you want more heat, pay the bill. And he says, I'll get a sweater.
Peter Dunn: Man, Dame, um, I'm learning a lot about Kristen on this show. [00:05:00]
Damian Dunn: What if he called you bluff? What if he said fine? I'm, I'm gonna, and what would you, what would you allow him to set it at?
Kristen Ahlenius: He could set it to whatever he wanted, but he wouldn't do that, because then he couldn't complain.
So.
Peter Dunn: This is the big talk around HQ this week is, uh, temperature at which people keep their house. We have one co worker, I think that keeps their house at like 78 or like 85. And it's like, what? I will not name names. All right, let's start the show. No one cares. What are we doing? What's this? And you want to do any of the social media one first?
I don't care. Is that your screenshot? Is that what you're talking about? Or let's just go in three, two, one this week on the Pete, the planet show. We answer your money questions. Here's how the show works. You email us. Ask Pete at Pete, the planner. com. That's asked P to Pete the planner to come. We will answer your question on the air.
Like. Maybe like we'll give you okay answers at best on the [00:06:00] air. Joining me is certified financial planner, Kristen Alenius and certified financial planner, Damian Dunn. Hello experts. Kristen, do you want to correct him?
Kristen Ahlenius: I was just going to say, do you want to correct him or do you want me to?
Damian Dunn: Okay, go ahead.
The CFP board is very particular about how you refer to yourself or how you are titled on things like, they're not going to come after you, Pete, because frankly, it doesn't matter if they do or not. They don't have any legal power over you. But if we were to do it. They would insist that we refer to ourselves as certified financial planner practitioners.
Peter Dunn: I hate everything. I told you when I had a securities license back in the day, I was on Studio B with Shepard Smith on Fox News. It was always a great show. I was a regular guest. And once he welcomed me as Personal financial [00:07:00] expert, Peter Dunn, and I got fined a thousand dollars by my broker dealer because personal finance expert was approved.
Personal financial expert was not approved and I hate everything. Anyway, on this week's show, uh, several things. Speaking of dumb game. Kristen, there are so many things on social media that that look like really cool, catchy rules of thumb for personal finance. And then when you dig into them a little deeper, they get real dumb real fast.
I saw one this week. And we're not naming names. We're not here to embarrass anybody. That's not the point. The point is be very careful what you see on social media as it relates to your financial decisions. And it was this chart, Kristen, that said, if this is your salary, this is the max you should spend on mortgage or rent.
Okay. Everyone loves something like this. Even here at your money line and Pete the planner, we, we, we have things like this. Ours are just good. [00:08:00] This one makes no sense. And so let's spend some time going over how silly this. Thing is did you get a look at it? Kristen?
Kristen Ahlenius: I did and um, apparently you've done research So I
Peter Dunn: did some math.
Kristen Ahlenius: I cannot wait to hear the conclusion that you've come to
Peter Dunn: do you Do you think we're gonna fundamentally different conclusion you and I oh, no Okay, Dame is a certified financial planner practitioner. Do you have a do you have a feeling that's mega wonky for you? Highly unlikely Peter. Okay. So the idea within the whatever this is It says anything more than what I recommend and you will not retire early or be work Optional sooner than traditional retirement age.
Okay, so this is this is suggesting if you spend any more than what this person says Then you will not and I will argue that his [00:09:00] limits are so bad That it's virtually impossible to retire on time at 67 virtually impossible if you follow this and so let's get after it. I'm going to start at 200, 000 because I think it's sort of a funny place to start.
He simply did, uh, what, what, what you might think. He said, I want 25 percent of gross income to go towards mortgage payment or rent. Kristen, you see this all the time, right?
Kristen Ahlenius: Yeah, for sure.
Peter Dunn: And, and banks to some degree, uh, that income ratio, but they operate under this as well.
Kristen Ahlenius: Yeah, they do, but a bank is gonna loan you more than that, for sure.
Peter Dunn: Dame, on the surface, 25, 000, er, 25, 000, 25 percent of 200, 000 is a mortgage payment or rent. On the surface, before we get into my mathematics, do you have a problem with this? 25%? Yeah. No, I have
Damian Dunn: no problem with 25%. Of gross. [00:10:00] Are you pushing me here?
Peter Dunn: Yeah, I am pushing you.
Damian Dunn: Of gross, uh, might, might have a problem of, of 25 percent of gross.
Peter Dunn: Okay, so here's the thing. If you put 15 percent of your paycheck into a 401k and you had average healthcare costs, your net paycheck in the state of Indiana would be 9, 034 a month. The, the person here says that you should pay no more than 4, 100 towards rent. Or mortgage if you make 200, 000 a year. Dame, that is 46 to 47 percent of a person's take home pay.
Why is that bad?
Damian Dunn: Oh, I don't know. I mean, there's other things that I like to do, like. Eat and travel, take care of my family. I, you are absolutely committing yourself to a huge chunk of your income going forward for [00:11:00] 15, 30 years, and you don't have the flexibility you're going to need in your income to be able to absorb.
You know, when life happens to all of us, it inevitably happens to all of us where unexpected stuff happens. I don't care even if you have a good emergency fund already saved because if you have to dip into it, spending half of your income on rent or mortgage is likely going to prevent you from replenishing that emergency fund should you need to dip into it.
This absolutely hamstrings you and you have to plan on everything going perfect, absolutely perfect for the rest of your life to have a shot at making it.
Peter Dunn: Kristen, I just really regret what I did in the last 10 seconds. I looked up this person.
Kristen Ahlenius: Oh no. Who gave this
Peter Dunn: advice. Have you looked this person up?
Kristen Ahlenius: I did not.
Peter Dunn: Fitness money and life coach. And the cover photo is this person with amazing abs. Like, really great abs. He is hot! But dumb. Um, because [00:12:00] Dame, not only will a person, if they follow this advice, not retire on time, this idea of early retirement, which is always this carrot of YOLO, uh, no way. There's, there's absolutely no chance.
Uh, Kristen, uh, 200, 000 income, 15%. So we're going to say 9, 000 a month of take home pay. What do you, you don't have to follow the, your money line 25%. What do you want the mortgage payment to be? If your take home pay is 9, 000 a month.
Kristen Ahlenius: I would start with 25%, but gentlemen, I'm not sure I'm as firm of a stance as the two of you do.
Peter Dunn: Really? You don't have the same hardcore curmudgeon stance as two hardcore curmudgeon elders?
Kristen Ahlenius: Believe it or not, no. And the reason is a concept that [00:13:00] we've talked about before, which is that 25 percent rule does not feel the same at 200, 000 a year as it does at the median household income of what is the median, like 73 ish.
So it's much more difficult when your median household income is lower because you have less margin.
Peter Dunn: Okay. So I agree with you actually. Uh, I shouldn't be surprised. You are a certified financial planner practitioner. Bingo. Uh, uh, uh, uh, uh, Here's why? It's cause of transportation. Honestly, that that that's what always justifies it for me is that if you're making 200, 000 a year, yeah, you can spend more on housing because you're likely to not spend a proportioned amount of 15 percent of your income on transportation.
You're making 100, 000 a year. 15 percent on transportation on that net, which is 4, 500 bucks. Is gonna be different. So Kristen, number, give me a number, 9, 000 a month of income, you make [00:14:00] 200 grand gross, what do you want the mortgage payment to be?
Kristen Ahlenius: I do want it to be 25%, but I'm not gonna be upset if it's 30 or 35 even.
Peter Dunn: So you want it to be 2, 250, I did the math.
Sure.
Peter Dunn: Damien?
Damian Dunn: Yeah, we talked. There's geographic anomalies in here that is going to change all of this as well. But if you can target 25 percent and then make a location specific adjustments, you're gonna be in much better shape.
Peter Dunn: Uh, before we go to break 30 seconds here, Kristen, let's go down to 100, 000 here for a second.
What we're basically saying taxes are a little different there, but 1, 100 a month towards mortgage payment or rent. If you make a hundred thousand dollars, that's that 25 percent rule. That's where it gets, it's where it gets very difficult. It does. The advice falls apart, but I also say on the other side of our boy here, uh, a hundred thousand dollars.
They, he says you can spend [00:15:00] 2, 000 a month on a mortgage and still retire early. Impossible. We'll come back after the break right here on the pizza planner. I'll tell you, as a content creator for the last 20 years, you feel so compelled to put out these tight, rememberable or some would say memorable, remember bubble ideas.
And you don't know the damage you're doing. 'cause this guy's got a massive following 'cause he's hot. This is why I'm glad aesthetically I'm a four because I think people will take me more seriously. Dame you too. I, I mean, well wait time out. Hold on. Cat's fired.
Damian Dunn: Just 'cause our last name is the same doesn't mean that we.
features.
Peter Dunn: Jeremy notes, uh, someone could get qualified up to 50 percent of gross income for a mortgage payment if they have no other [00:16:00] debt. Uh, this means 8, 300.
That's a lot. That's a lot. Can you imagine making 200 grand and getting approved for an 8, 000 mortgage? I mean, can I imagine getting approved for
Damian Dunn: it? Yeah. Because the banking industry is Not your friend, in this case.
Peter Dunn: Todd with some shots fired. Kristen obviously doesn't have to account for travel sports expense line in her budget.
Kristen Ahlenius: Exactly.
Peter Dunn: Yeah, I'm not kidding.
Kristen Ahlenius: I have so much more room to pay interest on my mortgage
Peter Dunn: right now. Uh, did I tell you? Ted Young Ted is playing in a legal Latino soccer league. Indoor soccer league. There's not a lot of English spoken. It's primarily Spanish. He doesn't know Spanish. Uh, and so he's just playing and trying to figure out things.
Uh, and it's really fun to watch. Uh, also, [00:17:00] it's, it's, it's, it's, it makes for a good Friday night. I'll tell you that. Good time.
Damian Dunn: I bet he's going to know certain Spanish things by the time this is over.
Peter Dunn: Yeah, that's, uh, he knows Vamos and, uh,
Damian Dunn: yeah.
Peter Dunn: It's not what I was thinking, but okay. What are we doing next?
It's your show.
Gosh, man, that was so much more passive aggressive than anyone realizes.
What?
Peter Dunn: Kristen, it isn't my show because when one of our co workers was, uh, in Wisconsin this week. Yes. He got fanboyed by one of your fanboys. He did, yeah. He's like, Kristen and Co, Kristen and Co. Like, yeah, you're a, we're a worldwide celebrity.
By the way, I was pulling some show stats to send to some people for some things of which I've continued to tease. I want to go top five states of our listeners. Top [00:18:00] five states of our listeners. Um, uh, other than Indiana, which is number one. Okay, so this is we're gonna hit the top six because Indiana doesn't count.
Okay, who thinks they know the next state? How about any of the states, not just number two? Okay, any of the next five states. What do you got?
Damian Dunn: Florida.
Peter Dunn: Oh, that falls right outside. That is, uh, actual seventh. Uh, so sorry, not Florida.
Damian Dunn: Chris,
Peter Dunn: you gotta make it quick, or this is gonna fall apart real, I mean, fast.
Kristen Ahlenius: It is. Either way. Um, Ohio.
Peter Dunn: Yes. That is number six on the list. Uh, fifth without Indiana. That is correct. Michigan? Ooh, doesn't make the top ten. Interesting. California. California is number two, or number one without Indiana. Which, you know, Dame is such a, a, a bastion of the liberal left that the [00:19:00] California contingent tunes in for him.
Damian Dunn: They know me. They know me and my other work and my, my discord channels. I mean, yeah. Oh,
Peter Dunn: dang, that's so funny. Uh, next. Illinois. Yep. That is, uh, number three or number two without Indiana.
Damian Dunn: Kentucky.
Peter Dunn: Ooh, no. Texas and then New York fill out the list. Sort of just the big states. Yeah, who would have thought?
Ohio, Florida, North Carolina, Virginia,
Damian Dunn: and Pennsylvania. Pennsylvania? So you're saying we could have a serious impact on future elections? You could, for sure.
Peter Dunn: All right, let's start the segment. I don't know what we're talking about in three, two, one. Back on the Pete the Planner show. Kristen, it occurs to me.
That you believe that if a family who has young people, young humans, who are part of their life, and these adults parent the young humans, and if they were to build a playroom [00:20:00] or something, Sorta, yeah. What's this, you were like, hey, if someone has a playroom, it costs a half a million dollars. What are you talking, what am I talking about?
Kristen Ahlenius: Yeah, I am talking about the way we make housing decisions. When you say, Hey, we need more space because of whether that's, you need a guest room or the kids need a playroom or you need an office, that opportunity cost of that extra room and how much does it really cost you over time is what we're talking about.
Peter Dunn: Okay. So you've just, uh, you're making some housing changes, correct?
Kristen Ahlenius: Correct.
Peter Dunn: So you are accounting for more people and that's why you bring this up. You need a playroom.
Kristen Ahlenius: No more animals. The house is no bigger.
Peter Dunn: Okay. Give us an example of this, Chris.
Kristen Ahlenius: Okay. So I decided to test my hypothesis and I pulled up a neighborhood in Indianapolis so that that [00:21:00] way, ideally these homes would be in similar price, similar offering.
And what I found was there was nearly a six figure difference In a three bedroom home over a four bedroom home,
Peter Dunn: is this earth shattering? Like what am I? Yeah, like okay, like what am I missing?
Kristen Ahlenius: But dame? Okay dame What did you say to me when I told you that that there was a six figure difference?
Damian Dunn: It was a long time ago. I don't know So this is going great. Yeah,
Kristen Ahlenius: it's awful Damien said to me no one's going to spend six grand Or 600, 000 plus, six figures, words are hard.
No one's going to spend six figures on a playroom. And I just fundamentally disagree with that because that's not how we're approaching those conversations. When you go to your realtor, you say, we need a four bedroom house and this is our price point that we're looking at. You're not saying, You're not looking at the cost per [00:22:00] bedroom.
Peter Dunn: That's probably true, but aren't you just going, Oh, hey, we got four or five kids. We gotta, we can't put them in drawers anymore because of how culture's changed. We need rooms. Isn't it that easy?
Kristen Ahlenius: I don't, why do they have to have their own rooms?
Peter Dunn: I don't know. So, So what we're saying is this is, you said a 500, 000 difference eventually or something like that?
Kristen Ahlenius: Yeah, it's half a million dollars. Because
Peter Dunn: of interest?
Kristen Ahlenius: Yeah, because of the interest paid in the, um, combined with if you invested those dollars in your 401k instead, the opportunity cost is half a million dollars.
Peter Dunn: This is interesting because let's say I have one more bedroom that I need in my house.
Right. What I think I'm hearing is instead of doing that, Theoretically, I'm paying 100, 000 less for the house because that bedroom doesn't [00:23:00] exist. I then take whatever savings that that generates and I invest it and I'm better off in the end by Not buying a room. I'm not using
Kristen Ahlenius: correct by half a million dollars in Indianapolis,
Damian Dunn: for instance.
I mean, let's say you've got two boys growing up. They don't each need their own bedroom because I think what you could do with that money, maybe it's not for retirement. Maybe you're saving for college expenses because when they go off and go to college, guess what? They're going to live in a dorm room with another person.
You might as well prep them for it. So what do you think your housing purchases? I think it's a very valid point. Really
Peter Dunn: interesting point. This is interesting. Okay. So, okay. So if we're talking like, this is a personal financial sometimes. So if we're saying, how do you make the best financial decisions, especially related to housing, Kristen, given that so many people are drawn to making terrible personal finance decisions around housing, you say, okay, we [00:24:00] have, uh, three kids, two kids.
And we want a three bedroom house that would be, uh, parents have one bedroom and then each of the kids have another bedroom if it's two boys day. I'm right to your example, correct? What Kristen? I think I'm hearing you say is in some circumstances by having a two bedroom house, it makes a massive difference.
Financial impact on that family for at least a couple of generations with that one simple choice and arguably that one Arguable inconvenience. Is that what i'm hearing?
Kristen Ahlenius: Absolutely, but I would take it a step further and say I'm, not even advocating for You don't give everyone the space they truly need, but it's that next step of like, well, we need a guest room or that's going to be used how often, or we need a dedicated space for an office that, okay, why couldn't the desk go in the basement?
I think it's [00:25:00] that really that I'm advocating for, which is that Extra space.
Peter Dunn: Dame. I think this is a Midwestern thing. I think of, I have some, uh, relatives who live, uh, in very expensive places and they, well, maybe it's not, they, they have exact, the number of bedrooms they need, they do not have extra because it would be unbelievably expensive.
And so they're sort of forced. Whereas if you live in a very affordable area, it feels like you've got more wiggle room there. That's interesting. I hadn't thought about it through that lens.
Damian Dunn: You know, we, I mean, I'm sure we've talked in the past about how the average American family has gotten smaller over the decades, and yet the houses continue to grow in square footage.
This goes right along with the conversation that Kristen's putting forth is that sometimes we just have too much room, more than we actually need. And are we? A product of, uh, the economic success that we've had in this country. Yeah, in [00:26:00] large part we are, but, uh, we also do it at our own peril, uh, long term financial peril as well.
So maybe go back and reconsider some of these purchases again before you make them in the future.
Peter Dunn: Yeah. Like success in space are somehow, uh, it feels like it's like a direct path, right?
Kristen Ahlenius: Yeah. And you know, there, we talked about some time ago that, um, on the show that I can't remember who it was. Some politicians said that buying a home is one of the greatest generational wealth building tools by buying less of it.
You want to talk about creating generational wealth, buy less house, use that money to make more money. And that's wealth that can be used. Passed down to your Children versus, Hey, Mom and Dad have to die so that we can get the equity that's locked up in this house.
Peter Dunn: I'm going to ask you guys something and I'm putting you on the spot.
So just know and [00:27:00] you can always punt as always, um, given your housing situation right now, Kristen, yours is a little complicated. Um, do you, do you want and do you want more space than you have? I'm going to start with Dame because Kristen's yours is kind of a weird question given where you're at. But Dame right now in the space that you have, do you want more space?
Damian Dunn: No, I, the only reason I hesitate is because we, we built the place that we're currently in. There's always, you know, like half a dozen things you wish you would have done differently. And there's a couple of things that would have led to more space, but we're fine with what we've got. Kristen,
Peter Dunn: can you even begin to answer the question or it's just a little weird for you right now?
Kristen Ahlenius: I have way too much space.
Peter Dunn: You have a two bedroom?
Kristen Ahlenius: I have a two bedroom condo and it is way too much space. It's a full basement, too. Yeah, and it's a full basement. I use a fraction of the space.
Peter Dunn: Here's one for [00:28:00] you. Again, it has to do with who's in your household, too. We have a One, two, three, five bedroom house with two children.
One of the bedrooms is in a basement and that is a full basement. It's 4, 000 square feet right now, probably a little too much space. Five years from now, way too much space, way too much space. And then I think ultimately what ends up happening is cause you don't want to make a change or, you know, again, change management.
You never, you just end up with too much space. Interesting. Thanks, Chris. What's the next, what are we doing after the break? Dame,
Damian Dunn: tease it. What are we
Peter Dunn: doing
Damian Dunn: after the break? You don't want to miss it. Tune back in as we talk about whatever we think of.
Peter Dunn: No, we got a question about an inheritance? Or, oh yeah.
Uh, tax, uh, stuff, inheritance, who knows? Oh, it's the best show in the world. Uh, I beat the planner. This is Pete playing a show. [00:29:00] Kristen, did that go the way you wanted it to go?
Kristen Ahlenius: Didn't start the way I wanted it to go.
Peter Dunn: Well, you put me in charge of starting it.
Kristen Ahlenius: Um, Jason, are you saying that you think I did or that I didn't share a
Peter Dunn: room?
Hold on, uh, okay, Jason says, Odds, Kristen didn't share rooms with a sibling growing up. Kristen, I always assumed you did share a room with Kaitlyn. Is that true?
Damian Dunn: You didn't?
No.
Damian Dunn: Wow. I would have bet you did.
Mm
Damian Dunn: mm. At least for a while.
Kristen Ahlenius: No. And we had an extra room. Oh.
Peter Dunn: Getting texts from my teenage daughter right now while she's supposed to be at school.
Um, so this is fun. What are these kids? She's telling me, she's telling me someone. Oh, she's just telling me there's a change in coaches at her school that she wanted to know. Okay, [00:30:00] uh, let's do this question. Uh, let's go because I have to do other things. Sorry, Jeremiah. There we go. Three, two, one. Back on the Pete the Planner show.
Dame, from time to time we do get questions on this show and I have one here in the inbox. Hi, Pete at all at all is, uh, Latin means and all I think, uh, long time listener, first time caller. My mother recently passed away and I will be inheriting her retirement accounts into an inherited IRA. Which needs to be withdrawn within 10 years.
She had already started her RMDs required minimum distributions So I know I will need to to always timeout Dame kind of timeout Yes as written. I just I have to tell you this is interesting writing as a writer So I need so I know I will need to comma Very rarely do [00:31:00] you see two and two next to each other, different forms separated by a comments.
It's actually lovely. I don't know why I'm bringing this up. The total amount in her accounts is around 330, 000. I hope to put 8, 000 in a Roth IRA each year, but I'm looking for ideas of how to offset my income taxes for this additional amount. Each year. Thank you, Dane. Before we get started, uh, email her.
So sorry for your loss of your mother. May her memory be a blessing, uh, but we can do our best to try to answer your question here. Dane, Dane, you have some experience, uh, in this area. Uh, so can, can you help us understand, uh, what's going on? Yeah. So, uh,
Damian Dunn: the writer, sorry, I was looking for a name just in case I missed it or you didn't read it, but, uh, mom passed away, had some inherited accounts.
Unfortunately, Uncle Sam says, you know what? I'm gonna require the taxes off of that money. Your mom's already making the required minimum distributions, but regardless, you're going to need to as well. RMDs have [00:32:00] actually changed a little bit over the last, what is it, three years when that law changed?
Potentially, Kristen? Twenty
Kristen Ahlenius: nine.
Damian Dunn: Who knows? Like it was last year was 1984 as far as I'm concerned. So, um, and the way it works super quick, uh, instruct on how requirement of distributions work. You take the ending balance of the account at the end of the year, you divide it by a factor found on a. Life table that actuaries put together divide the amount by the number and that's how much money you have to take out of the account The following year now, it could be a lump sum could be quarterly could be weekly However, you choose to do it Once upon a time you just took that essentially for the rest of your life Now the government forces you to take it out within 10 years.
So there are a couple different ways that you can potentially Manage how that taxable income that side of the taxable income because it won't be just in 330 divided by [00:33:00] 10. It'll be a different amount each and every year You can take more than the requirement of distribution, but you don't have to you have to take at least that much so looking for ideas on how to offset income taxes Each year.
So the easiest way, assuming you're still working, email her, jack up that employer retirement plan contribution. That is going to be the most straightforward way to do it. And if there's an HSA available to you based on your health insurance plan that you've got at work, absolutely do that. That is going to be the lowest hanging fruit you can possibly do it.
And if you can offset the amount that you contribute with the required minimum distribution, your income doesn't actually change. You're just diverting some of it back into a tax sheltered location at that point. So if you're looking for low hanging fruit. juice up how much you're going to contribute to traditional IRAs or retirement plans, not Roth IRAs.
Peter Dunn: All right. So I got to back up. [00:34:00] Sorry. I'm dumb. I'm not a certified financial planner practitioner like you two. I'm barely a, I don't know what I am. So I'm actually, you know, that's not worth a lot these days. Uh, Kristen. This is all a function of this was tax qualified money for another person. The mother received, uh, tax qualified status tax advantage for a very long time.
And like Dame said, Uncle Sam says, Great, sorry for loss. We got to get our money. We have to have tax revenue off of this. Uh, that is the basis of all of this, right?
Kristen Ahlenius: It is. They used to allow you to take that over your life as the beneficiary, often called like the stretch IRA, but now they say, we're going to need it sooner than that.
Peter Dunn: And Dame, not to get in government spending and taxation here with you. I kind of, I kind of get it. I kind of [00:35:00] get why they want it. We can say it's unfair if they waste the money. I kind of get from a tax revenue standpoint of why this exists. Um,
Damian Dunn: if we're being completely honest, I do too. I think it's, it's more than a reasonable.
For uh, the beneficiary to have an accelerated timetable to pay off quality pay out qualified assets that They didn't save at that point now if you want to get onto a different soapbox We're going to talk about the social security benefits that that person may have forgiven if they'd passed away before they started claiming social Security, but that's not the point of the question.
So I will dismount the soapbox. Okay get off
Peter Dunn: of
Damian Dunn: that one for now
Peter Dunn: So Kristen, this is difference of the person just had inherited a brokerage account with no tax qualified status, they may or may not owe taxes on the inheritance, depending on how it flowed through the estate. But the other side of that is they are not going to be required to liquidate or take withdrawals out of that account because it It [00:36:00] doesn't have a tax qualified status is not an inherited individual retirement account, right?
Kristen Ahlenius: Yeah, that's exactly right. So that's something to be thinking about when you are building wealth is if your goal is to leave money to heirs What are the implications of that?
Peter Dunn: Yeah, okay. Let's go a step further What what I think I'm hearing you say is if your goal is to leave money to heirs don't leave it to them in IRAs
Kristen Ahlenius: I mean,
Peter Dunn: if, if given the preference, Dame, no,
Damian Dunn: uh, I mean, yeah, given the preference.
Yeah. If, if you are concerned about the taxation of those dollars, then there are more efficient ways to do it. Put it in a Roth, put it in a regular old non qualified account and get stepped up basis or your, your heirs will get stepped up basis when you pass away, making the potential disposition of those funds very, very affordable for them.
Uh, the only way that they end up having to pay, um, a [00:37:00] lot, I guess, I don't even know if that's the right phrase to use, is if you leave it to them in a traditional IRA, 401k, 403b, something of that nature.
Peter Dunn: So, so where we went with this is to answer the question is how can this person simply just reduce their taxable income?
It's just the route you went. So this is, this question, uh, this answer I should say is the answer to, to many questions. And it's just simply how do you lower your taxable income, right? Cause you can't avoid the taxes on the inherited IRA by rule. You can, all you can do is lower your tax burden. And you started with.
Make a more of a contribution to your 401k, which is almost always. Pretty good option.
Damian Dunn: Yeah, I mean, there, I mean, if we have no idea how old the person is that the wrote in, uh, in this case, uh, I'm guessing they're younger than age 70 and a half, but I picked that out specifically because there might be, uh, an opportunity for QCDs, uh, out of the, the IRA, uh, this place.
So, so it even never even hits. [00:38:00] They're taxable income as a qualified charitable distribution, by the way, which is a nice little opportunity that people can make. They're taking requirement of distributions that don't need it. It's a easy way to potentially lower some taxable income.
Peter Dunn: All right. What are other quick ways to lower taxable income?
I'm going to guess you're going to say, all right, Kristen, we should have a guessing game of what Dame's going to say. I'm going to say maximize HSA contributions. Yes. I said that, uh, earlier. Yeah. Yeah. Well, I don't listen, but if I were to not listen, uh, what else?
Kristen Ahlenius: Well, I mean, taking this a step back, I mean, look at, I mean, I know it's kind of overwhelming, but look at a 1040 and look at the above the line deductions and just know what things are available.
I mean, just, or look at a schedule a, if you're going to itemize your deductions and just see what opportunities could be there based on your unique circumstances.
Peter Dunn: Yeah, so Dame, this is a, this is a challenge like anything a person [00:39:00] encounters in their personal finances. This is just a, uh, an encumbrance, something someone encounters, they've got to deal with and it just sort of happens.
It's not bad. It's not convenient. It's just, you got to do your best to lower your tax burden. Is it, it's that simple?
Damian Dunn: Yeah.
Peter Dunn: All right. It's just, uh, it's going to be
Damian Dunn: a very common event for us as people, uh, pass away that have IRAs and 401ks going forward.
Peter Dunn: Good times. Um, all right, coming up after the break, we got biggest waste of money of the week.
I feel pretty good about this one this week, but I also feel like I'm just calling now, Kristen's going to have a really good guess. And current events, a lot going on in the world. And maybe we'll find out if anyone in this show made a crypto investment after the crypto episode last week. We'll find out next.
I'm Pete the planner.
Um, actually let's do this in our in our show slack channel That is not on the air because I don't feel like I want to out people individually [00:40:00] here If you've made a crypto investment, but yes, if you haven't put no within the last 168 hours And then I'm not going to say who, I'm just going to say someone did or did not.
All right. Someone on the show has made a crypto investment after the crypto show last week, someone on the show. Now that being said, you should go listen to the show. Uh, if you miss that episode, number two, um, that is not investment advice just because. Two out of the three of us are certified financial planner, practitioners, CFPPs.
Uh, you should not take that as advice. Alright, let's keep it rockin We have a new employee coming in today that I gotta meet [00:41:00] after the show. Meet him on air, bring him on in. You
Damian Dunn: think, they're a college student, do you think I should do that? Yeah, one of the segments right after this last segment, bring him in, see how they do under pressure.
Kristen Ahlenius: Oh, that would be so mean. I would never have come back if you guys did that to me.
Peter Dunn: What do we think? Do you think I should bring in a college student in and just like, Hey, come on over YouTube
Damian Dunn: and tick tock and I mean, there's just a bigger social
grandpa, okay,
Peter Dunn: uh, let's do this. I didn't say. Oh. We are. You didn't say what?
I didn't say the TikTok. You didn't say the TikTok. Uh, duh duh. Here we go. In 3, 2, 1. This week's biggest waste of money of the week right here on the Pizza Planner show is the PPK Rubber Band gun gift set. The Walther PPK is an iconic gun, thanks in part to it being the preference [00:42:00] of one Bond, James Bond.
This gift set is built around a pair of hardwood PPKs, complete with walnut grips. The set also includes a squad of little green army men, like the ones you grew up with. to fire at when you're battling it out with friends. It all arrives packaged in a fitting U. S. military steel ammo can with 1, 500 plus rounds of ammo, which are just rubber bands because it's a rubber band gun.
So, all right. A wooden, shaped like a PPK. With a bunch of rubber bands. There are two of these. They come in a ten. Kristen, how much is this cost?
Kristen Ahlenius: I feel like the ammo can is gonna be the most expensive part of it. I don't know. Um, this is 48.
Peter Dunn: 48? Dame, how much is this wooden rubber band gun? [00:43:00]
Damian Dunn: I really planned on saying 49, but I won't do that.
So I will go. Um, I will go 29, 80,
Peter Dunn: 7999. Look, this is kind of neat. If you're like a gun enthusiast, I happen to not be a gun enthusiast. However, it's still kind of neat. Uh, not 80, Nate. Well, Dane, what was the move there? Why do you have to be a gun enthusiast to enjoy that? Uh, I'm saying, what I'm suggesting is the fact that it is a replica of a PPK, which is an iconic gun, you're going to enjoy it more as a gun enthusiast, as opposed.
Okay, let me just say what I'm saying here, but if I went to my, my bride, my, my, my partner, and I said, a PPK, what's a PPK? And she was, I have no idea what a PPK is that I'm saying a person like that is less likely to appreciate this than a person who knows. What different types of guns are
Kristen Ahlenius: also [00:44:00] because she's not a teenage boy.
That's who this is for.
Peter Dunn: Oh, sure. All of a sudden my wife's not a
Damian Dunn: teenage
Peter Dunn: boy. Dane, what's in the news?
Damian Dunn: It doesn't have to be a teenage boy. It could be somebody much younger. And I may or may not have had loads of rubber band guns, machine guns, even
Kristen Ahlenius: Okay, they're wonderful. They're wonderful.
Damian Dunn: Damn, Pete. There is a lot of news this week that is somewhat disheartening to be honest.
It's gonna be hard for us to avoid it, but I'm gonna do my very best. So I'm just giving you fair warning. Okay? I'll start with something that we can hopefully rally around a little bit. The Consumer Financial Protection Bureau on Thursday announced the final version of a rule limiting banks ability to charge overdraft fees.
It says the rule will save American consumers 5 billion annually. The regulator said that banks could opt to charge [00:45:00] 5 for overdrafts, a steep drop from the average fee of around this many dollars per transaction, 37, 35, 35, or limit the fee to an amount that covers the lender's costs or charge. Any fee while disclosing the interest rate of the loan while overdraft fees have been a lucrative line item for the industry generating 280 billion dollars in revenue since 2000 according to the cfpb Banks revenue from the service has been on the decline That's because lenders including jp morgan chase and bank of america have either reduced fees or limited the types of transactions that trigger them While some banks drop the fee altogether the cfpb rule applies to banks and credit unions with at least 10 billion in assets
Peter Dunn: I I have a terrible admission.
I'm really embarrassed what I'm about to say, and I'm actually kind of scared. I have mixed feelings about this. Okay, explain. Explain. I don't have a problem [00:46:00] with overdraft fees, and I mean, I don't mean like personally, I mean like philosophically.
Kristen Ahlenius: I have a problem with the amount, 35. is egregious.
Peter Dunn: Okay, so maybe this goes to the point of the story here is, so there is certainly an inconvenience.
Alarms go off when you overdraft. How much does that put out the banking institution? Like, what mechanism has to trigger, and to Dame's point, what is the cost of that? Um, and if you don't discourage it with a punitive fee, Then you would think the frequency would pick up, which then becomes even more problematic.
Kristen Ahlenius: Hmm, I don't think Freakonomics would agree with you on that.
Peter Dunn: What do they know? They're only prize winning economists. Only one of them.
Kristen Ahlenius: Well, so why can't [00:47:00] it just be like an interest rate equivalent to prime on the money that you overdrafted? Like that's what it costs to the bank or just to let people overdraft problem solved.
Peter Dunn: I think that's less empathetic because you're out and about and you've got an emergency expense and all you have is your debit card and you overdraft and you can't deal with the emergency.
Kristen Ahlenius: But I think the whole point of the legislation is to not take advantage of people in those compromised positions.
And what's better to just not let them overdraft the account.
Peter Dunn: Yeah, I know that I think they should be able to overdraft the account. And I feel like there should be a somewhat meaningful penalty for doing it. And by the way, I've had overdraft fees. I have, yeah. Judge me. I have not [00:48:00] recently, but, uh, at some point in my life, just cause of mismanagement, figure it out.
That's what I'm saying. It's like, it has to be a disincentive, but if it's five bucks. Damn, I'm not gonna go. It's like DoorDash. Like, if DoorDash is like a 7 delivery free and I'm starving, then that's not enough of a disincentive for me to act. If it was 35 bucks, I'm like, no, I'm not doing that.
Kristen Ahlenius: Disagree.
I think that we're, sorry, yes and. I think that where people are coming from is that It doesn't matter to someone who doesn't have the money if they have to spend the money. It's not fair to then charge them 35 because they don't have money. No, it's because of
Peter Dunn: okay. Okay. This is why I said I was afraid to bring this up in the moment that a person overdrafts.
that decision is not in isolation. It is not in a vacuum that that is the malfeasance or the mistake. It's the entire [00:49:00] money management process that leads to that. So we're not penalizing the moment and we're not trying to disincentive the moment. We're trying to say the way you are managing your finances is not good and we need to change that now.
The argument on their side is like, so why is the bank benefit from this? Like, that's a fair point. But I don't think the overdraft itself is the mistake. I think the mistake is, is, is way before that. Dame, you are a certified financial planner practitioner. I just learned this phrase today, so I'm going to keep going with it.
What do you think?
Damian Dunn: I'm torn. I tend to agree with you a little bit.
Peter Dunn: Boy,
Damian Dunn: but I mean, let's get away. Let's get away with me agreeing with you for a second, because you did say something that I've had a bit curious. And you said if you were out and about and you needed to fix a problem, why couldn't you use a debit card and [00:50:00] overdraft, but yet I do believe I was chastised roundly by saying you should travel with two credit cards in case one doesn't work.
You would rather somebody they know they don't have. In a debit account versus just having another credit card
Peter Dunn: as a backup. You are Kristen's argument. This I'll bring up Kristen. Kristen's we're talking about marginalized people.
Kristen Ahlenius: I am here.
Peter Dunn: Marginalized people may not have access to credit, especially two credit cards.
They've got access to one piece of plastic. Uh, maybe a daily pay debit card for that matter. Um, so I think my point is anyway, I win.
This is tough. Like, I mean, this is a tough one. Because here's the hard, the, here's the hard part. I, of course I have empathy for this situation, but it is the person's fault that overdrafts and it is not the actual [00:51:00] overdraft that is the problem. The problem is deeper than that. And the overdraft fee acts as a conduit to change.
And it's with that, I let no one else talk because this show is over. One last show, I think next week for the year in the meantime. It's any good vibes? Because good vibes are all that's in the budget. I'm Pete the Planner. This is Pete the Planner Show. Spicy! Do you Yeah, I guess I I guess we're I think with any fine It's like when the NFL When some guy in the NFL does something stupid and he gets fined And the league gets the money or the league donates the money.
Like, how does that work?
Damian Dunn: They usually don't need it, don't they? Or it goes to some charitable organization. I don't know if it's their charitable organization.
Peter Dunn: Roger Goodell Retirement Fund. Like, I think anytime a someone is [00:52:00] fined for anything, it is meant to be a disincentive. And so you could just argue, well, that well, that fine is just.
Uh, benefiting the organization, the governing body, you know, but it's like, you could make that argument about any fine ever. And so it's just because people don't like banks that, and like, why am I defending banks?
Damian Dunn: And that was one of the things that I would have loved to have brought up is that. Based on as much as I know of you for as long as I've known of you, the fact that you are defending banking is just wild.
What is wrong?
Peter Dunn: What? Anyway, Kristen you sold your house
Kristen Ahlenius: Verbally, yes.
Peter Dunn: You verbally sold your house. Correct. Auction style? Handshake. Um, can I ask questions and you can tell me to shove it if we have to? Yes. Um, did a sign go up in your [00:53:00] yard?
Kristen Ahlenius: No.
Peter Dunn: Okay. Man, you can tell me to punt sooner rather than later because the next one's harder than I thought it was going to be.
Kristen Ahlenius: Why not? Why didn't I put up a sign?
Peter Dunn: Yeah, why not bring more, more, uh, more, why not have Milkshake bring the boys to the yard, right? Like, let's have more buyers in the marketplace, no?
Kristen Ahlenius: I don't need strangers coming in and out of my house. I showed it one time, the couple liked it. I feel comfortable with the price.
Bada bing, bada boom.
Peter Dunn: Dave, can I ask you questions as her proxy? Because I'm starting to feel like I don't want to put her on the hot seat. I just have questions. Am I, am I answering as her? Oh, no, I don't think we want to do that. Uh, Kristen, by the way, none of these are judgment. That's just all curiosity, right?
Because obviously I trust you to make amazing financial decisions as you do for yourself and everyone here at your money. Uh, Dame. If, if there's one private sale, don't you always worry about the price of the [00:54:00] transactions, the right price because the market hasn't been set or how do you think about that?
Damian Dunn: Um, I mean, there's the side that's going to say you're going to try and maximize the value of the property. And there's also the other side that says, uh, a convenience and be just getting it done at this point and not having to worry about, uh, owning two properties at once. Potentially, which, um, I've done not intentionally, but it wasn't a fun process.
Peter Dunn: Kristen, does that the convenience and having it done? I gotta guess that's the big one.
Kristen Ahlenius: Yeah, absolutely. And we're not moving until the spring. Um, and I'm hoping for a very flexible move and they are not on any specific timeline. So that's worth a lot to me.
Peter Dunn: How did the real estate fees go?
Kristen Ahlenius: Well, you pay none when you sell it yourself.
I'm paying no real estate commissions to buy or to [00:55:00] sell gentlemen.
Peter Dunn: How did the buyer find you?
Kristen Ahlenius: The buyer found me because I am on the board of my HOA and
Damian Dunn: power
Peter Dunn: move
Kristen Ahlenius: the, uh,
Damian Dunn: she holds two positions.
Kristen Ahlenius: The vice president. Um, is moving, so she had to resign and someone who wanted her house but didn't get her house then wanted my house.
Peter Dunn: Dave, does this make Kristen a politician? I think so. Is it an elected position? No one else wanted to do it. I was voluntold. So Kristen is a politician. This entire time I thought we've been having good faith conversations about. Politics on the show, not knowing that you're a plant.
Damian Dunn: Yikes. What, what, uh, what would your campaign slogan be for your next election, Kristen?
That's a, that's an amazing question.
Kristen Ahlenius: I feel like it's better if you guys tell me what my campaign slogan is. Alaneas for all of [00:56:00] us.
Peter Dunn: Hmm. That's a pretty good first rip. Yeah.
Okay. In
Peter Dunn: Kristen's name. It was sort of a playoff fight in Christ's name. No, that's probably not good. Right? Number two is no good. Uh, uh, I don't know.
I like it. Kristen, have you, did you consider keeping this property and, and accumulating a little bit of a real estate portfolio?
Kristen Ahlenius: Yeah. Originally that was kind of my goal. I never moved here thinking that this was a long term goal. I don't. really want to live in town. And I do now, um, which is relative.
Pete would not say this is in town, but for me, this is in town. And, um, my original thought was, yeah, I wanted to have it be an investment property, but I really, really, really love this house. And emotionally, I don't want to deal with other people living in it and not potentially caring about it the way I do.
And when do we think you're going to move into the other place? [00:57:00] Um, hopefully before like Independence Day, because I want to have a party.
Peter Dunn: So what are you gonna, so you've just sold this house, when do you move out of this house?
Kristen Ahlenius: There's no date. How
Peter Dunn: do things go in the country here? Like I don't understand any, there's handshake deals, there's like 7 month delays.
Yeah.
Kristen Ahlenius: Yeah. What is going on? Nobody wants to move in the winter. We have to put up a fence for cows. We can't be moving in the winter. The couple that's moving here is retired. They don't want to move in the snow. Worked out well for everyone.
Peter Dunn: Dame, all we know is I will be purchasing a donkey for Kristen in 2025.
It's going to be beautiful. Pete. Actually, if I can get a deal, I'm buying a pair and they're Pete and Dame. I'm all in.
Kristen Ahlenius: Can one? I'm all in. Um,
Peter Dunn: be a girl?
Kristen Ahlenius: No. Oh, it'd be Pete. No, um, my, what do [00:58:00] you call it, my partner, um,
Peter Dunn: Your life partner.
Kristen Ahlenius: He requested that at least one be a working donkey. Well, that's
Peter Dunn: gonna be Dame.
I, I wanna be the leisure ass.
Kristen Ahlenius: Yeah, can you, uh, we can get a mini and an actual working donkey. And they can be Pete and Damien.
Peter Dunn: Dame, you should, you should have the working donkey named after you, right? I think so. Okay. And I'm more of a show pony. Like I'm either a show donkey, prancing around the barnyard.
Whoa! Hello! Can you, uh, this seems like a dumb question. You can't teach a donkey to talk, right? It's not like a parrot or a cockatoo or some sort. They go, like, can you get them to, like, do anything? Do lessons?
Kristen Ahlenius: Um, no, but
Peter Dunn: they are very vocal. So Shouldn't I be the more vocal donkey, though? Shouldn't, like, we should take this under consideration.
Yeah, that's true. That's true. Oh, the
Peter Dunn: college student's here. Should I pull her in?
Oh. Absolutely.
Peter Dunn: Introduce her to [00:59:00] the, introduce her to the, I feel like, I
Damian Dunn: feel like that wouldn't be great. She, uh, who's, uh, whose side of the business is she going to be under, uh, better Molly? I think he'd, I think he'd be okay with it.
I
Peter Dunn: know. I feel like I'd get a text. Learn talking to. Um, I'm so excited about this donkey. I've been researching it and Chris and I even sent you some goat prices last week.
Kristen Ahlenius: You did. You did. Um. And in the spirit of, in the spirit of the donkeys, um, I've also, uh, been, wait, it was requested that I ask you to look up like donkeys actually working to break cattle, um, Before you
Peter Dunn: like YouTube or do you mean like the prices of breaking donkeys?
Kristen Ahlenius: No, no, no. As in like YouTube of like when donkeys break cattle.
Peter Dunn: Oh, okay. I'll look at that. As long as you look at giraffe fights. They're wild. Oh my gosh. Do [01:00:00] you think these two donkeys, the show donkey and the working donkey could have a giraffe fight on your farm?
I don't know that they could. I mean.
Have
Peter Dunn: you seen a giraffe fight?
Yeah.
Peter Dunn: Oh, okay. Um, I think we've covered it all now, right? This has been the Farm Report on WIBC. Thanks for joining us. Oh, we're off the radio now. Like, we're literally, everyone is hung up. Uh, what are you, hang up a phone? Everyone's hung up. What a boomer. Everyone's like, I'm done listening.
I need to stay off this stupid phone now. Alright, here's my request. When we get Dame and Pete the donkeys, there's gotta be a photo shoot, right? Like, Damon, I gotta be right, can I, can I ride a mini donkey?
Kristen Ahlenius: Not a mini,
Peter Dunn: but if I stand over it and like I don't lower Myself on to the donkey. I guess it just depends on how tame they are.
Would it buck up? It might. Oh boy Dame, have you ever met a [01:01:00] donkey?
Damian Dunn: Some would say I might be talking never
Kristen Ahlenius: Don't do that cuz then he'll just never text you again.
Peter Dunn: Okay, so Andy brings something up and I'm gonna tease a little bit Okay, that's fair. Andy says, photoshoot and live podcast. There may be a live podcast in 2025.
And it could be from the farm.
Peter Dunn: Uh, but no, because you can't sell tickets to that. There's plenty of room. Oh, there are always a live podcast, but I'm saying like an in person podcast with a studio audience.
Damian Dunn: Are you going to sell tickets for your hay bale seats?
Kristen Ahlenius: Yes.
Peter Dunn: Do I have to feed the donkey, or can I just buy the donkey?
You can just buy the donkey. You don't have to come
Damian Dunn: up for chores every day, Pete. No, we'll take care.
Peter Dunn: Once a month, you will have to do chores. Will you, I think you should have a live donkey cam. Oh, you could.
Kristen Ahlenius: I could. Because I'm, we could get, yeah, like put a blink or a [01:02:00] ring cam just on the pasture so that you can check in.
Peter Dunn: Will this be the, like an indoor, like, I know, like Arnold Schwarzenegger, doesn't he have an indoor donkey? Will not be indoor. But you said it's like a little show pwn like right like you could just like walk in and broadcast with you, right? in my house But it's a fan house. I don't know how things work.
Do you even own shoes? Like what's that? What's going
Damian Dunn: on? This isn't like mr. Ed where there's like a split door and there's just yeah pops his head into the building everyone So our yes the Craig Ferguson showed you ever watch his late night show where he had his pony and the the side just stand in there Yeah.
Kristen Ahlenius: My dogs don't even want to participate in the show. The donkey is not going to be interested.
Peter Dunn: Your dogs do want to participate in the show. You're just a show hater. Uh, as a result. They're literally
Kristen Ahlenius: sleeping. They could. If
Peter Dunn: they knew I was here, they would be, pay attention. Okay. That's all I got. Um, stay getting money.
