00:01
Peter Dunn
And now the show is back for another week of money. I'll stop singing intro songs when I stop feeling so lazy, but today I sing again to start the show. That's it. It was going somewhere, and then it stopped. Hi, Dame.
00:26
Damian Dunn
You know how we always wanted a mute? Sorry. A cough button?
00:29
Peter Dunn
Sure. Yeah.
00:31
Damian Dunn
Could we get some auto Tune?
00:33
Peter Dunn
I don't know. I was a child actor musical theater person back in the day.
00:40
Damian Dunn
What was your big production?
00:42
Peter Dunn
A Christmas Carol. I was Tiny Tim, but I was a husky second grader, though, so, like, behind the scenes. This is pre fat shaming. They called me Tubby Tim. That's true.
00:59
Damian Dunn
What was the age range of the cast here?
01:02
Peter Dunn
No, this was, like, professional theater. This was, like, literally professional theater.
01:06
Damian Dunn
You didn't have adults calling you Tubby Dim?
01:08
Peter Dunn
No, I did. It was 1984 or five. So you could be like, hey, fats, that was 1984. Yeah, and I wasn't that husky. But I'll just say this. I played youth football, and I wasn't allowed to run the football. And so anyone who's played youth football knows that. I mean, that an X on my helmet, because I was alignment hello, everybody. It's a Pete the Planner experience. Dame, how are you this week?
01:40
Damian Dunn
I am ready to go.
01:43
Peter Dunn
I have been on this caffeine superhighway recently where I've got it dialed in yesterday, though I pushed the limits a hair too far. A 02:00 p.m. Giant cold brew. Bad idea.
01:59
Damian Dunn
Was that the thing from the fridge? Miguel? Yeah, Miguel. That's what I miguel.
02:05
Peter Dunn
So anyway, here's what we got on the show this week. Why Washington won't fix student loan student debt plans that overload families. We're going to talk about that. It's an article from the Wall Street Journal. You're a daily reader of the Wall Street Journal, right?
02:19
Damian Dunn
Yes, I am.
02:21
Peter Dunn
I read The New York Times, not necessarily for economic news, and certainly not for opinion news. Here's the thing, I love the Times, but I never read their columns. Like I never read their opinion sections. I just have no interest in them. And sometimes, of course, they do have different sides of issues. I don't care about any of them. I just want to read the news because I need to do good reporting.
02:41
Damian Dunn
Okay, so you're not necessarily just going there to reread the AP posts. You're going there for their reporting. The journalists that are still employed by the Times.
02:52
Peter Dunn
No. They've a lot of good ones. Yes, but I have no interest in the opinion columns. That being said, I am an opinion columnist in other publications. That's super weird. Super weird. Anyway? Wall Street Journal. We're going to talk about that? We got some great emails this week, people. Emails that ask Pete@peteeplanner.com. So I think we've got an inheritance question, right?
03:18
Damian Dunn
Yes.
03:19
Peter Dunn
And then the other one were going to do is, my employer doesn't have a good 401K question.
03:25
Damian Dunn
Yes. Awesome.
03:26
Peter Dunn
Anything you want to cover before we get this party started?
03:29
Damian Dunn
Don't you have something you have to do after the show, which is going to make you want to speed through this?
03:34
Peter Dunn
Hey, guys, we got to get this done fast. I have lunch today with one of my favorite people on the entire planet.
03:41
Damian Dunn
You don't want to tell us who that is?
03:43
Peter Dunn
My friend Adam. My friend Adam.
03:45
Damian Dunn
You better say it's. Mrs. Planner.
03:48
Peter Dunn
No, I said one of my favorite people on the planet. He's on the list. Okay, we don't snuggle like Mrs. Planner and I used to. Okay, let's get started in three, two, one. This week on The Pete the Planner Show, we answer your money questions. Here's how this lovely radio show works. You email us askpete@petetheplanner.com that's askpete@petetheplanner.com. And boy, you did that this week. We've got a ton of emails to work our way through. Joining me, as always, co host of The Pete the Planner Experience, Damian Dunn. Same last name, no relation, vice president of advice at your money line, Dame. Good day.
04:29
Damian Dunn
Good day.
04:30
Peter Dunn
Pete, earlier this week you sent me an article from The Wall Street Journal. Do you think someone's tried to come up with, like, this is the Main Street Journal. Someone had to have has a blog or, like, a pamphlet called The Main Street Journal. Right?
04:46
Damian Dunn
There has to be.
04:48
Peter Dunn
Has to be low hanging fruit. The article is entitled or is it entitled or titled? Titled why washington won't fix student debt plans. That overload families. If you step back from time to time and you look at really horrendous issues in our world, in our country, and you think, man, if we really wanted to fix that, we probably could. And then the weird, nasty question comes right behind that is, wait, do these people actually want to fix this? And that was the question being asked about the student loan crisis. And the article goes on to make five really interesting points as to why this isn't really being addressed. And Dame, you and I are not we've talked about this topic a lot, but what we're not necessarily talking about right now is wiping out student loan debt. We're talking about preventing new student loan debt, right?
05:46
Damian Dunn
Yeah, totally. I mean, this is a fairly unique problem because the people who really care about it the most are people who are currently saddled with the debt that they took out, and they see the need for changes to be made. However, parents who have kids that want to go to school, they want to send their kids to school, don't want these changes to be made because this is their emergency exit. This is how they're going to make it happen. They want to make sure that money is there and available so they can send Junior off to college to get that education that maybe they didn't have or they think he may be entitled to. So it's a really complicated issue that we're facing and then on top of it, we've got a government who really doesn't want to do anything about it.
06:28
Peter Dunn
Yeah, I do have to say a couple of things. One, we actually noted this last week, we don't set out to be cynical. We're not setting out to be cynical, but we are trying to examine some of the issues behind the scenes. I would also note we are also not going to oversimplify this issue. As you just said, this is really complicated because in some respects solving the current student debt problem, people with current balances makes it worse for people to come. That's the weird part about this. You can't solve one of the problems and have that solution solve the other problem because there's two distinct problems. There's people who already have debt and the amount of debt people don't have that they will have and how problematic that can be to their lives. So let's begin examining this Wall Street Journal article. Dame, what are the primary reasons?
07:22
Peter Dunn
Let's start with number one, the number one reason why Congress isn't doing anything to prevent the oodles and oodles of student loan debt yet to come.
07:33
Damian Dunn
I feel like this should be a Letterman Top Five or Top Ten list instead, but we don't have Paul here, so we won't go that far. Sure, changes are a hard sell. People, as we just discussed, who need to take this money out don't want anything to change because solutions come in two flavors. Either they're going to cap the amount of money that people can borrow or they're going to tighten the requirements needed to borrow that cash for folks who need it. Neither of those things are acceptable or appetizing to them. So if the government wants to say, yeah, this is probably in your best interest, nobody wants to hear it because that's how they were planning on paying for school.
08:11
Peter Dunn
Yeah, this is in your best interest thing turns out doesn't fly even if it is theoretically in a person's best interest. I would also note, though, this is and let's remove the government aspects of this. I believe in 2005 and 2006, this is what got so many people in trouble from a housing perspective, is that the housing industry stopped making that judgment of this is not in your best interest. And by the way, me saying not in your best interest as it relates to housing is not a mortgage joke. But you know what I mean. Like underwriting requirements just went away and we're like, you shouldn't do this, but yeah, go ahead and do this. It's not for us to say what's in your best interest.
08:56
Damian Dunn
I think President Obama might have actually had some suggestions or a bill kind of drafted up to say, okay, this is how we're going to change that. And they were going to tighten the requirements considerably. And I got smacked down pretty quick because Congress wasn't going to do anything with it.
09:11
Peter Dunn
I know we're not talking about housing, but this is like a hot button issue for me personally, not in my personal life, but of what I care about. I've long contended that the push for home ownership, which is cheered on by the government, is really self serving, with very little examination of the ills of homeownership and how it makes it harder for other people. And so it's one of those moral hazards where there's no actual risk in it that the government is willing to accept for itself by constantly pushing the importance of homeownership.
09:51
Damian Dunn
Speaking of the government making self serving decisions yes. Reason number two.
09:55
Peter Dunn
Okay. Reason number one is, by the way, two reasons, and both of them are mind numbing. Right. The idea that if you cap how much a person can borrow or tighten their requirements, that people aren't interested in that, but that would be a solution.
10:09
Damian Dunn
Yeah. Reason two. The plus loans have historically been money makers for the government somewhere between one and $4 billion a year. If they were to cancel the plus program entirely or make some changes to it would well, what most people would consider a significant dent in revenue. However, the government, what's, a few billion here and there?
10:30
Peter Dunn
If the government just put money in crypto or NFTs, they'd be fine. We should explain that was a joke. We should explain that we just said plus loans and we gave no context to that. This article really is about the plus program, which is primarily for grad students. And so anytime you further your degree, you get an advanced degree beyond your undergraduate degree, a bachelor's degree. There's this weird escalation of, well, this is definitely going to increase my income because now I'm smarter or whatever, I have more skills and knowledge, and so it becomes this escalation of commitment to that degree and to the borrowing, and that's why this gets so ugly. But to your point, that plus program is a money maker and that's why the government is not looking to shut it down with two minutes left because I talked too much. What else do we have?
11:20
Damian Dunn
Universities are going to fight these changes. Obviously, if somebody's going to turn off the spigot to unlimited funding, they're not going to like it.
11:28
Peter Dunn
I think that actually might be the main reason, because the universities so depend on this blank check around education. And I know we have clients that are in this space and so hopefully none of them are angry by that. But it does happen economically to be true. The fact that there are student loans available is what allows college costs to continue to rise.
11:54
Damian Dunn
Yeah. Entirely. If they knew they were only going to be able to get X number of dollars out of the vast majority of their students, you might see things change a little bit. Reason number four, borrowers aren't often who Congress expected, so we see numbers and numbers of folks going into grad school getting advanced degrees. And even if they come out with a very good degree, sometimes their debt can be two, three times more than what their annual salary is. And that is a very tricky place to be in.
12:25
Peter Dunn
Yeah. That's Andrew policy sometimes doesn't match the people it's intended to serve. I think we've learned that with the stimulus more than anything.
12:31
Damian Dunn
Yeah, totally.
12:32
Peter Dunn
What else? Number five, reason that we aren't seeing changes in the student loan problem.
12:38
Damian Dunn
Congress doesn't think it's important enough.
12:42
Peter Dunn
I will say in this one, there's a lot going on, a lot of plates spinning, a lot of plates have hit the floor. I buy this one, though. I buy the idea. It's actually a reasonable excuse because there's a lot of other urgent things. I do think this is a big problem, but I think when you compare it to all the other fish to fry, so to speak, it's not that big of a problem.
13:07
Damian Dunn
Yeah. This, in theory, could be solved at home with the right amount of conversations.
13:11
Peter Dunn
Let's talk something else after the break. We're talking about what to do with an inheritance from an investment perspective. That's an email that someone sent to ask Pete at pete theplunter.com. We'll be back right after this. Okay. See, the coffee is, like, at a good level, you know what I mean?
13:28
Damian Dunn
I think you're riding the wave right now. I think you're doing well.
13:31
Peter Dunn
I was on a recruiting call yesterday afternoon.
13:36
Damian Dunn
Who are you going to go play for?
13:38
Peter Dunn
Probably LSU now, you know what I mean? That was my Brian Kelly, by the way. Okay. No, were growing here at these headquarters and so I was on a recruiting call yesterday and I realized I told you about that cold brew I had at two. It was at full force at 515. And I feel like the other end of the headset, the other person on the other end of the phone, I felt like there was smoke coming out of their phone because I was just like which is always fun when you're thinking about joining someone.
14:15
Damian Dunn
Do we have a glass door account? Because I'm hoping not.
14:18
Peter Dunn
I think we do.
14:19
Damian Dunn
Do we?
14:19
Peter Dunn
Yeah, we do. A couple of people left stuff on there. Glass door is weird for me. You want to talk about this?
14:26
Damian Dunn
Sure.
14:27
Peter Dunn
Glass door is weird for me because people go and of course, glass door has a lot of different functions, but one of them is just to check an employer if it's like a reasonable place to work. Right. And I get it. I mean, in the Yelp review culture we all live in, I get it. As an employer, I find it can be incredibly unfair. And I will say we have very positive reviews on ours. Like, no one has messed with us, but all it takes is one person who had a bad experience and maybe the bad experience was 1000% their fault. And then it blows up a lot of really hard. And that stinks because and I know people have to consider that when reading those reviews, but I've read reviews of friends, companies, that I happen to know those companies rather intimately for various reasons, and they are not representative of reality.
15:21
Damian Dunn
It's a double edged sword, man. I think in today's day and age, you almost have to encourage it to have one and people to participate, but, man, you have no control over that.
15:31
Peter Dunn
This made me think of like, YouTube has done away with dislikes or at least listing the dislikes, right? And at first I was like, yeah, okay. I say that as a content creator that I'm like, if someone randomly gives us a dislike for whatever reason, you could see it. You're like, oh, it's like when we used to get itunes reviews. We may get itunes reviews. I have not looked in two since the pandemic. What do I really care? I don't need that sort of negativity in my life. But then I started thinking this week about the YouTube reviews. You ever search, like how to fix a flappy corker in a toilet or something? And then you find yourself on a crappy video, but then you look and it's like 3000 dislikes and you're like, oh, I should have avoided that. You can't avoid crappy how to videos now.
16:20
Damian Dunn
Did you really talk about toilet and crappy in the same sense?
16:24
Peter Dunn
I come from a plumbing family game, all right? I have more plumbing jokes than anyone. It was my entire childhood through 20 years old. My entire life was plumbing.
16:38
Damian Dunn
I'd like your best five minutes of plumbing material sometime.
16:43
Peter Dunn
Jameson, listener, all time best listener, right? Is that what we called him? What was his title?
16:49
Damian Dunn
I'm sure he'll tell us.
16:52
Peter Dunn
Drives me crazy. That part of Glass Door Yelp business models is to shake down businesses and offer to use bad reviews or take bad reviews down if the business pays. Yeah, that stinks. That does stink. Can we go down a weird rabbit hole for a second?
17:09
Damian Dunn
We're already got 1ft in the hole. Let's go.
17:13
Peter Dunn
All right. I wasn't going to do this, but now I have to do this. You've taken me to a dark place, people. Oh, Jameson says he's got the Chip Maxwell lifetime listener achievement award. That's true. He does. All right, so, Dame, you know I hate Yelp reviews like nothing else other than I love very critical McDonald's Yelp reviews. You can spend hours being entertained by those anywho. And I also don't like when people say any who. So I'm sorry I just said that one of my favorite restaurants in the area of which I live is a certain place that I'm not going to mention. It doesn't matter. I have a few different restaurants I like this one. I like the staff. I like the owner. I like the chef. I like them all. And no, it's not friend of the show, Neil. Okay, it's not that.
18:03
Peter Dunn
Well, so were there the other night, and I was making reservations, and I happened to look on their open table reviews, just like, oh, the reviews. Five star reviews. So they're five out of five stars. But last week, someone left a horrible review, and so I read the horrible review, and it made me so irrationally mad that it ruined two days. Okay, now here's what's going to happen next. What I'm about to share with you will also make you irrationally mad, or you will question why I'm so irrationally mad.
18:38
Damian Dunn
Are you going to read it dramatically like you were the person that wrote it?
18:41
Peter Dunn
No, because it could get really misogynistic if I did.
18:47
Damian Dunn
Okay, all right.
18:48
Peter Dunn
I'm just being honest. Okay. This is from a person we have dined at, whatever, many times in the past, but the experiences we had on this particular day were dismal from the outset. The restaurant manager, who was also the hostess who seated us, was very sarcastic and unpleasant. When I requested a different table than the one she initially showed us, she said that we would have no hope of talking at the new table because of the noise level. I said I didn't feel that would be a problem and that I really preferred to sit at the new table. She didn't reply, but her body language indicated that she was unhappy and that I wanted to sit at the new table. I'm going to pause here sometimes. I have asked for a different table. I'm just going to be honest. Not at this restaurant necessarily, but I have asked for a different table.
19:35
Peter Dunn
If it's a horrible like, you're right next to the kid. Like, yeah, I've asked for a different table, but I have no expectation that were requestedly granted, especially in COVID times when they have a lot more to take into account than my dissatisfaction tables. I'm just going to put that there. Do you agree or disagree by that?
19:53
Damian Dunn
I think that's a very reasonable outlook.
19:55
Peter Dunn
Then it took our food an hour to arrive after we ordered it. Meanwhile, service at our table was minimal, and we had to flag down the waiter whenever we wanted something. When the food finally arrived, I mentioned to the delivering server that we would need some compensation for our hour long wait. The server did not reply. I'm pausing again. You are not entitled to compensation if your food took too long to get out. And I get that. That's sort of culturally where we've gone down this path of, like, hey, comp my appetizer or Give comp my martini or whatever, I will continue, because this is where it gets crazy. At the conclusion of the meal, I went to find the manager and I asked her for some compensation for our weight. She immediately became very nasty and in no uncertain terms said that our table had been treating the weight staff like dirt.
20:47
Peter Dunn
Okay, I'm going to pause again. Based on what you've heard so far, it's conceivable that this person has treated the weight staff like dirt, is it not?
20:54
Damian Dunn
Oh, yeah. They're not going to come out and say everything that they've done or said.
20:57
Peter Dunn
I denied that because we had been more than polite with the wait staff. She said there's no way we're going to get compensation and that the restaurant owner then joined in to rudely repeatedly deny us compensation. Another of my dinner companions went over to the owner to plead our case, whereupon the owner used foul language to deny us any compensation. So now they're ganging up on the owner, another person in their party, to demand compensation. Anyway, it goes on. This drove me insane. Am I crazy for having that driving me insane or am I just too close because I like the people?
21:37
Damian Dunn
I think you would have been right to have been upset by that, but two days. Two days. Pete, I think you might be a little too close to the fire on this one.
21:47
Peter Dunn
Also, it's worth noting I am very stressed right now.
21:52
Damian Dunn
Anything can send me over the edge. Are you going to go back and leave white staff a very generous tip?
21:58
Peter Dunn
Already did it.
21:59
Damian Dunn
Apologize?
22:00
Peter Dunn
Already did it. Already done.
22:04
Damian Dunn
Did you apologize on behalf of other no.
22:07
Peter Dunn
Because that's a good question. I thought it would stress them out to even realize that it was out there.
22:16
Damian Dunn
Sure.
22:18
Peter Dunn
I don't know what's wrong with me. Are you ready for this one? Yeah, I do have to get going. All right. Three, two back on the Pete the planner show, answering your money questions. askpete@petetheplanner.com wherever you're listening to this show, whatever affiliate you're listening to the show, thanks for listening. Hope you're having a good holiday season. Hope you're enjoying Wassel or candy canes holiday canes. I don't know. Dear Pete. Oh, hello, Pete and Damian is what the email starts out. Damian, you got a little bit of love there, buddy.
22:52
Damian Dunn
That's nice.
22:53
Peter Dunn
I love your show. I'm a 57 year old African American divorcee with two adult daughters. I'm in oh, wait. Ages 21 and 19. Both are in college. My oldest is graduating in May and she secured a job with a major company in her field of study in her dream location, california. She is coming out. Wait, do you think only old guys like me say California? Isn't it like a dad thing?
23:20
Damian Dunn
It's very possible. I think that's a generational thing.
23:23
Peter Dunn
She's coming out of college debt free. That's fantastic. I mean, if people just want to honestly send us emails here and say, my kids coming out of college debt free all day long, do it. AskPete@peterplanner.com. We will celebrate you my youngest is in private school in Washington, DC. That's fairly expensive, but she will also come out debt free. Come on. I always try to impart to them the practical wisdom you and Dame share on the show. Now, this is like, I mean, watch out, Jameson, we may have the new listener of the year here. Yes, they both have inherited $25,000 from the grandparents estate. They cannot have the money until they are 35 years old, which turns out, because I paid attention in school, that's also the year or the age you can become President of the United States, which these people seem like they're on track.
24:10
Peter Dunn
Here's my question. What is the best investment strategy to grow this money for them? I would like them to use this money as the cornerstone of their retirement nest egg. I'm looking at a 40 to 50 year investment horizon. I'm fairly risk tolerant given the time horizon. Thank you. Also, is this the type of advice that is given at hey Money? A good question. Hey Money, of course, is our consumer service where we help people solve financial problems. Actually, truth be told, Dame, this is not something we would answer at hey Money.
24:37
Damian Dunn
No, because it's going to get really close to specific investment advice. So we could talk in generalities, but we couldn't get super specific.
24:44
Peter Dunn
She says do not use her last name and I will not use her last name. I won't even use her first name because it's actually a unique first name. So I'm not going to do that either because I'm not trying to out anybody. Man, what a great mom.
24:58
Damian Dunn
Totally.
24:59
Peter Dunn
Can we start there? Yeah.
25:01
Damian Dunn
They've done a lot of stuff right, getting their kids through school debt free. She wants to use this inheritance to really just solidify their future before they even really get started with their future. So good on them.
25:14
Peter Dunn
Do you ever think as an adult, you do the right thing and you do it because it's the right thing to do and you benefit from it, but it's still nice for an outside person to fully acknowledge what you've done and not because you need your ego stroke, but it's just validation. And so in this situation, I look at this, I'm like, hey, friend, I'm not going to say your name. You did it. You did it. This is what I want to do. You've done what I want to do. And I appreciate that. Okay, here's what I don't understand. They can't access the inheritance until they're 20 or 35 years old. Is she insinuating that she can control how it's invested now?
25:57
Damian Dunn
If she's the trustee, she might be able to.
26:01
Peter Dunn
Okay, so the kids are, she said, 21 and 19. So we got some time until they actually get access to the money. But as the mom says here, she would love this to be a cornerstone for years to come. How do you begin to look at this. How do you begin to break this down?
26:20
Damian Dunn
I would use this as a tremendous teaching opportunity. It sounds like they've already had a number of those growing up, but I would just use this to take the next step. I would get them involved with some sort of financial professional, even if it's just for one initial meeting, to have somebody sit across the table from them and explain to them what it means to leave this money alone. And what it will look like by the time they get ready to retire and how that will help them not only once they get to retirement, but along the way as well, because it may free up cash here and there for them and various times when they're trying to accomplish other goals. It's a tremendously unique situation that the vast majority of us won't ever have to deal with. But if it's used correctly, it could spill over for generations to come with this kind of guidance.
27:13
Peter Dunn
Okay, let's go to my favorite thing to do called how many times is this going to double if done correctly, go for it. How many times is this going to double? There is a rule investing. It's a concept, but it's actually called the rule of 72. And the way the rule of 72 works is that you take the rate of return you earn on an investment and you divide that number by 72. Or you take 72 and divide by the number of your rate of return, and then that will tell you how many years it takes to double your money. Okay. The average rate of return that we like to use in scenarios like this, maybe I shouldn't say we dame, but I like 8%. Are you okay with that?
27:51
Damian Dunn
Yeah, let's do it. Although you may see articles in the now and not too distant future that say you should expect less in the future, but let's just use eight.
27:59
Peter Dunn
You know what's weird is that's a different topic, which I actually would like to talk about at some point remind me, because the current returns have it trending much higher than that. Much higher than that. But anyway, 8%. So how many times conceivably in this person's adult life can their money double by getting 8%? So we do is you go 72 divided by eight, and of course we know the answer is nine. It takes nine years to double their money. How many doubling periods does this person have in their life? Well, I would say at least five. I would say they at least have 45 years to invest their money. Do you agree with that?
28:40
Damian Dunn
Yes. Math checks out.
28:41
Peter Dunn
Okay, so this is the fun part. 25,000 turns into $50,000 in about nine years. Okay? 50 turns into 100 after another nine years. 100 turns into 200. 200 turns into 400. 400 turns into 800 after the final doubling period. So what we're suggesting is if. You play your cards right and actually, you don't even have to be that right. We're talking about average rates of return here. We're not talking about I was the first investor in IBM. No, you don't have to do that. You just have to be average. And that $25,000 bequeathment is a bequeathment something.
29:31
Damian Dunn
Yes.
29:32
Peter Dunn
Okay. Turns into $800,000 per daughter. Did she have two daughters? Two, yes, two daughters. That's $1.6 million.
29:43
Damian Dunn
Yeah. They're going to really appreciate that when it comes time to retire.
29:48
Peter Dunn
Okay. So I'm going to stop being an old man for a second, but only like 30 seconds. Would it make any sense to go like, 20,000 in something standard, like an index fund, and then the other $5,000 in something wild like crypto? I doubt that they're going to within the trust they're going to have the ability to do that, but maybe they will.
30:07
Damian Dunn
They could.
30:10
Peter Dunn
45 years of crypto just seems stupid, though, if I'm being honest.
30:14
Damian Dunn
I have no concept of what that's going to be. If you listen to one camp, they're going to say you're going to be a quadrillionaire by the time you get ready to retire if you put money into any kind of crypto. But goodness, I kind of would be a little bit more conservative and stick with the waters you're familiar with.
30:36
Peter Dunn
Yeah. If you think that, like, you have an $800,000 head start on your retirement, that's really kind of nice. Yeah.
30:43
Damian Dunn
You've got plenty of time to do some stuff that interests you with your investment money going forward. Use this as the backstop. Don't get crazy with it. Just go with it. Let it grow, let it do its work. And then use your own money to.
31:00
Peter Dunn
Experiment a little bit with the Chipmaxwell Lifetime Listener Award. Jameson, who is following along right now on our Facebook livestream, just noted that you got to make sure you don't lose that crypto key in that 45 year period. And boy, is that not true.
31:15
Damian Dunn
What I would also say is that you may have to be very conscious of the Prudent man rule for investing these funds. So make sure you're not going to invest it in anything or somebody else isn't going to invest it in something that one of the kids may look at down the road and say, why in the world did you do that? And I think I might sue.
31:36
Peter Dunn
I think you meant the Prudent person rule. Coming up after the break, a question about a terrible four hundred and one k of work. Should it change your strategy? All. That it's. Next on The Pete the Planner Show. I'm Pete the planner. We do got to get through this. I've got important stuff.
31:53
Damian Dunn
Of course you do. You're an important person.
31:54
Peter Dunn
I don't know about that. I feel like we'd cut down on the number of stories were telling.
31:59
Damian Dunn
Between segments until today.
32:01
Peter Dunn
Until today. I mean, you have a favorite restaurant up in the area of which you live, right?
32:08
Damian Dunn
I do.
32:08
Peter Dunn
And do you know the people?
32:10
Damian Dunn
Yes, I do.
32:11
Peter Dunn
Okay. If you read that review about those people, would it infuriate you?
32:16
Damian Dunn
I would be upset and a little heartbroken. I don't know if it would infuriate me. I wouldn't be looking to go curb stomp anybody.
32:27
Peter Dunn
But what if you don't sleep very well these days and drink too much coffee?
32:32
Damian Dunn
I would be righteously angry.
32:34
Peter Dunn
There we go. I just got to keep bending until you agree.
32:39
Damian Dunn
I'm leadable. I know what you're trying to get at.
32:42
Peter Dunn
Yeah, I love it. All right, here we go. Let's do the next question, which is, yeah, I like that. 401k, no match, high fees question. It's a really good question. I'm anxious to see what you say. Jameson. Just note, Jameson is like part of the show today. You want to get in here, buddy? I assume you added your own amazing review to put balance back into the universe. That's a great question and of course I did. But they don't need it. That's the most ridiculous thing. It's out of five stars and they have five stars. This is just such a stupid review.
33:19
Damian Dunn
You could go in there and pose as a wait staff and say, here's our side of the story.
33:23
Peter Dunn
I'll also note in talking to my friends in the restaurant business, which explains why I am still a little bit husky. I've had several restaurant friends say, like, there's a lot of momentum to want them to leave the industry simply based on the attitude of the diner these days. And it is ugly. I guess, to be fair and to be somewhat empathetic, people have been through a lot. It's almost like the flyer, the people who are freaking out, punching flight attendants. It's the same vibe, right? I get we're sort of feeling like caged animals and I feel like certainly people are not feeling respected in some way, shape or form. But the discourse continues to get uglier.
34:05
Damian Dunn
I think you're going to see a lot of folks in customer facing jobs and roles are going to start pulling the rip cord and saying, I'm out.
34:17
Peter Dunn
We have a friend, coworker who has a friend who started up a therapy service for flight attendants and we want to have her on to talk about it. We were talking about the other day and we say we're going to have her on. We got to have her on. I also have to know and I got to get back to Joe from Stacking. Benjamins, joe Sehai has a new book coming out, so we're going to have him on the show in the coming weeks. I just have not emailed him back. So, Joe, I know you're not listening to the show, but if you were, I promise you I'm emailing you back. New book coming out through penguin. And you know what? We're going to have him on, but let's go ahead and talk about it. It's called Stacked your Super Serious Guide to Modern Money Management.
34:58
Peter Dunn
It's coming out december 28. I will absolutely have him on the show. I just have to return his email.
35:04
Damian Dunn
Did you get an advanced copy?
35:06
Peter Dunn
He said he's going to send me one. I just haven't answered his email.
35:08
Damian Dunn
It would probably best if we each got one so we could ask intelligent questions.
35:12
Peter Dunn
I'm not interested intelligent questions, Joe. If you guys don't listen to Stacking Benjamin, you should. Joe is sort of an OG of what we do and we appreciate him. And plus, he's another bald guy that looks exactly like us. Good times. All right, here we go. You ready? Three, two back on the Pete the Planner show. All right, Dame, we got another question coming in. It says Peter. Oh, my gosh. My wife email, maybe. People ask me all the time, should they call me Pete or Peter? And I say, I don't care, but anytime someone chooses Peter, it's jarring. But I don't care. But it is.
35:57
Damian Dunn
Like, it doesn't happen very often, though, does it?
36:02
Peter Dunn
It's just random. Like, here's the weird thing. Like, I don't mind Pete. I actually like Pete, but I don't like when people call me Pete. Done. It drives me insane. I don't like the syncopation. I just don't like the sound.
36:13
Damian Dunn
I think you told me that with one of the first couple of times we met.
36:16
Peter Dunn
Really?
36:17
Damian Dunn
Yeah.
36:17
Peter Dunn
That's a weird thing to lead with.
36:20
Damian Dunn
That's what I thought.
36:21
Peter Dunn
Right. Anyway, peter hi, sir. I hope you are well. Question 32 years old, married, filing jointly, no children. Oh, man, that must be nice. I mean, cool. 2021 gross income will be about 205,000 American dollars. In 2021. We did the following. We maxed out both 401 KS, pre tax. Oh, my gosh. Sorry, I just got distracted. Rick I know this makes for bad radio, but we stream this. And so I love you, radio listener, but there's something really live happening between Rick and I right now. Rick notes on a page. So, not a fan of Peter the Planner? Dame, have ever told you the Peter the Planner story?
37:09
Damian Dunn
No.
37:11
Peter Dunn
So when I began the Pete the Planner brand and that sounds gross, does that not sound just, like, real too much?
37:19
Damian Dunn
Yeah.
37:19
Peter Dunn
In 2005, it was just like a nickname. It was a blog. But then I started talking to some. They're like, hey, you need to consider intellectual property as it relates to this. And so I'm like, okay, so you do what's called a knockout search to some degree. You say, well, hey, does anyone else use this or that? And no one used pete the planner. But soon thereafter, a man out in California began using Peter the Planner. He was trying to do a similar thing. And so there was this Asian man in California going by Peter the Planner. There's this bald looking Midwesterner named Pete the Planner. And so there was like this moment in time in which it was like, what's going to happen next? And we all know what happens next. No one's ever heard of Peter the Planner. But that's why I don't go by Peter the Planner, because it's probably copyrighted French.
38:16
Damian Dunn
Somebody else took it.
38:17
Peter Dunn
It's true. So, continuing on maxed out, both 401 KS pre tax, four one KS maxed out. Both Roth IRAs wife has access to HSA that we maxed out. We put about $20,000 into our brokerage account. Man, I'm loving this dame. My wife's 401K is great. Good match, low fees, index funds, the three Musketeers.
38:42
Damian Dunn
There you go.
38:43
Peter Dunn
Good match, low fees and index funds. My employer 401K is pretty bad. No match and high fees. Currently in a target date fund with a 1.55% expense ratio, and it's up 12% year to date. Another fund which I'm interested in is at about 22% year to date. As I type, my 401K does not offer any low cost index funds, and the 1.55% is the lowest expense ratio available. So my question for 2022, do I max my 401K out or I just invest in a taxable brokerage account? We will max out. My wife's. Four. One K HSA and both Roth Rays. Is the tax advantage in my four one K worth it for the fees and to underperform the market. I appreciate it. Stay getting money, Eric. Okay, I have conflicting thoughts from being honest. What do you think?
39:39
Damian Dunn
I am somewhat conflicted, but I think there is a very reasonable answer going forward.
39:44
Peter Dunn
Okay, what is it?
39:47
Damian Dunn
We'll get to that in the next segment.
39:48
Peter Dunn
No, I know. Was that you stalling?
39:53
Damian Dunn
No. Okay, first of all, power percentage. This guy's got a good one.
39:58
Peter Dunn
Oh, yeah, he does have a great power percentage.
40:00
Damian Dunn
So what we've got here, there's a little bit more information that was provided to Pete and I that we're not going to share across the airwaves or the Internet waves or whatever.
40:10
Peter Dunn
Pete, you're definitely stalling.
40:12
Damian Dunn
No, what we know is they've got a nice little nest egg 401K. They're building up some other balances and other qualified accounts, brokerage accounts well on its way. And they're 32 years old. I think if they can stay on this track and kids are not in their future, he absolutely contributes to a brokerage account instead of his four hundred and one K to bridge an early retirement for the two of them.
40:39
Peter Dunn
Okay, this is interesting. Can we be point counterpoint? Sure. There's other ways this problem can be solved. There really is. By the way, I like your solution. I don't disagree with your solution. I would just like to offer a different point. What if he goes to his employer and is like, hey, I like working here a lot. A lot of us do. We like the free cheese in the break room. I don't know. You got to make some stuff. I got to bottom up the old S sandwich, if you will, and then you say, but something problematic here. If I went and worked our competitor, someone down the street, this would be the impact from the end game of my retirement account. This was just normal stuff, and I'm not making these numbers up. This is true. I pay 1% or more with an underperforming situation, and you're not even matching.
41:35
Peter Dunn
So I'm not asking for a match necessarily, but what I am asking for potentially, is for you to make a different decision with who our retirement plan is through. Now, Dame, I am a breaking character there. I am an employer. I don't know if you know this.
41:53
Damian Dunn
Yes, I do know that.
41:54
Peter Dunn
Okay. And while maybe I can't increase the match, it is conceivable that you find a better option for your people to invest in. That's just several hours of work. But is it worth it if it keeps people happy, absolutely.
42:10
Damian Dunn
If nothing else, the investment committee should be looking at all the options that are available to them. And what I think is probably occurring is the company wants the employees to foot a bunch of the expenses on this, and so they're capturing some of that inside of the fee charges as well, or the investment charges as well. So there may be a solution. And the other thing I think about, he's 32 years old. I am much more concerned with maintaining the habit of saving at this point, whether it's in a 401K or a brokerage account, because the likelihood of him staying with this company for the rest of his career probably pretty small. But as long as he's got that built into his savings, he goes to that next job. They've got a great 401K, no problem.
42:52
Peter Dunn
Great point.
42:52
Damian Dunn
Puts it into the 401K.
42:54
Peter Dunn
Great point. Now, Eric, email us back and tell us who you work for and how big the company is, because we don't do that. I mean, we don't sell for that. I want to know, because I'm curious, because here's what's possible. You work for a really small company, and they don't have the leverage. They can't buy in bulk, so to speak, and so you get bad fees. Dame, if we're being transparent here, we had a somewhat high priced 401K within the last few years, and we have made a change to a lower priced four hundred and one K, a lower expense ratio. Four hundred and one K. And what do we have, 1213 people right now?
43:26
Damian Dunn
Yeah.
43:27
Peter Dunn
So it's possible. This is so interesting. This is why if someone says, oh, we have a 401K, it tells you nothing. Right. As an employer of employers, we got a 401K. Okay, what's the match? What's the fee? What are the investment performance? That's what matters. His wife, clearly the employer has thought of this. Now I get it. As a business owner, I got so many things I got to deal with. I'm not complaining, I'm just telling you there's a lot to deal with and so you got to figure out what to focus on. But in this time of the great resignation, if you're not focused on helping people maximize their financial future, well, get ready for posting some job listings because that's what's going to happen. I'm not threatening because I don't work for you. And by you I mean this sort of made up person I'm speaking to right now.
44:27
Peter Dunn
Right? Dame.
44:29
Damian Dunn
Yeah. This could be a deal breaker for a lot of people.
44:33
Peter Dunn
I wrote a column. God, man, I'm terrible at time. A couple of years ago I had a buddy who was choosing between two jobs, like two story. We were at a bar, of course that's not that unbelievable. And we're talking and he was like, yeah, the one match is this and the other match is that. Dame it was like a 10% match and a 1% match. He's like really one of the fence about these jobs. I'm like, what's wrong with you? It was wild. Anyway, coming up after the break biggest waste of money of the week. And this is a classic. This week's, biggest waste of money. I feel like one of the other versions of this has been the biggest waste of money of the week. And sometime in the last twelve years you'll hear what it is next right here on the Pizza Planner show.
45:15
Peter Dunn
On pizza planner. My mouth stopped working those last 15 seconds. I was flubbing words.
45:20
Damian Dunn
You got through it.
45:24
Peter Dunn
I mean, you can't look, as an employer, I 100% make mistakes. I 100% miss opportunities to make this place a better place to work. And sometimes I view what someone thinks makes a place better differently than they do. So therefore I do not invest time, energy or money into fixing it, honestly. But this one seems like it's really going to hurt that employer if they don't figure this out.
45:58
Damian Dunn
It certainly could. I do want to give the benefit of the doubt though. It could be a small company and the owner is just not inclined in this area. Might have been sold a 401K from totally somebody and said, hey, this is how we can minimize your costs on that side. And this was the package that they were presented with. And he thought, yeah, it sounds great. Or she said, sounds great, put the name on the line and hey, we've got a 401K now. Fantastic. To your point that you made earlier, maybe the best course of action is just having a very candid conversation, saying, listen, this is where we're at. This is what we're facing, and it's not great. And you're going to end up losing some people if things don't change or disincentivizing them to come work for you in the first place.
46:47
Peter Dunn
Yeah, exactly. This is not adversarial. Right? You're not saying your boss is a terrible person. You're not saying that they don't care about you. You're saying it is not on their radar for whatever reason. Which is why I want Eric and Go to maybe have a reasonable conversation about that, because arguably five years ago, seriously, ten years ago, this is what it was, and there's no way to fix it. There's just been change in the industry, and you can get a much less expensive retirement plan for even smaller companies. Yeah, the other weird thing is no, we won't get that's a little too inside baseball. Never mind.
47:25
Damian Dunn
Okay.
47:25
Peter Dunn
I must got weird. You must heard the story of two playing Tony. You don't want to know. I got to see friend of the show Phil Schumann this week.
47:36
Damian Dunn
Phil? I miss Phil.
47:38
Peter Dunn
Phil's the best friend of the show. At what? He's the executive director of financial wellness at Indiana University.
47:45
Damian Dunn
His title needs two business cards.
47:48
Peter Dunn
He's the best. He says hello.
47:50
Damian Dunn
I'm sure.
47:51
Peter Dunn
I mean, he doesn't care enough to actually reach out to you to say hello, but he told me hello.
47:54
Damian Dunn
Hasn't texted me in forever.
47:57
Peter Dunn
Okay, let's do the show. Okay, I got to go. I got a lot of important things that are more important than all of you. Okay, here we go. In three, two, one. This week's biggest waste of money of the week right here on the Pete the Planar show is the Caviar 2G iPhone 13 Pro. For its new limited edition iPhone 13 Pro, caviar is going back to the beginning. The design is a tribute to the very first iPhone 2G from 2007, featuring an aviation titanium case with a fragment from the OG motherboard in the center of the Apple logo. It's engraved with a circuit board motif, and at the bottom, a black PBD coating is laser etched with founder Steve Jobs signature. To accompany its release, caviar has also created a nickel plated brass and silver alloy bust of Steve Jobs. The eight inch tall piece depicts the visionary with a double gold plated Apple logo placed on his chest like a pulsating heart.
49:05
Peter Dunn
It's mounted on a marble stand and limited to 999 examples. The Caviar 2G iPhone 13 Pro is limited to just 19 pieces. Dame, how much do you think the Caviar 2G iPhone 13 Pro costs?
49:24
Damian Dunn
How much do you think they had to pay for licensing to be able to use Steve Jobs signature?
49:30
Peter Dunn
I had a professor in college named Steve Job.
49:34
Damian Dunn
Really?
49:34
Peter Dunn
And so every time I see Steve Jobs, I read Steve Jobs, and I have to tell my mouth to say something different. Steve Jobs was a professor, an English professor at Hanover College, a liberal arts school in Southern Indiana. I went to school, and he had a way when he would be lecturing, as he would try to find his words, he would close his eyes lightly, just like, lower his lids as he's trying to really summon the words. I once slipped out of the classroom. Why? His eyes were closed. Undetected. True story. How much do you think that costs?
50:10
Damian Dunn
See?
50:15
Peter Dunn
And the sad part about it is, and we all know this to be true, the second the iPhone 14 comes out, all of a sudden, the battery life starts to struggle.
50:26
Damian Dunn
I don't know what you're talking about.
50:28
Peter Dunn
Whatever, dame, what's in the news this week?
50:31
Damian Dunn
Pete, have you ever wondered how your income stacks up against your neighbors?
50:35
Peter Dunn
Yes, actually, I have. Okay, maybe I shouldn't admit to that, but I absolutely have.
50:40
Damian Dunn
New data analysis by Go banking rates shows how much you need to make to be considered rich in 50 US. Cities. The site used us. Census Bureau income data to determine the salary household needs to earn to be in the city's top 20% of earners, which is what they define as rich.
50:58
Peter Dunn
So you did look up Indianapolis, didn't you?
51:00
Damian Dunn
Of course I did.
51:01
Peter Dunn
Okay. How much money? So it's income or is it assets?
51:05
Damian Dunn
Income.
51:06
Peter Dunn
Which actually begs the other question, like, what do you consider to be wealthy, having a lot of money via income or having a lot of income? Assets. Right. Money via asset. Anyway, so give us Indianapolis.
51:21
Damian Dunn
You don't want to play a guessing game here?
51:22
Peter Dunn
Oh, yeah, I do want to play a guessing game. Okay, so I'm guessing. How much?
51:27
Damian Dunn
So that very first salary to creep into the top 20%.
51:31
Peter Dunn
Okay. The top 20% of where you live. Indianapolis, Indiana. I don't want to flex on it. I'm good. I'm good to go.
51:46
Damian Dunn
Top 5%.
51:49
Peter Dunn
Okay. Top 5%. Oh, I was going to guess 325.
51:59
Damian Dunn
Well, you should have.
52:00
Peter Dunn
Hey, do you have Dallas pulled up by any chance?
52:01
Damian Dunn
I don't. This was all copied and pasted into a doc for me.
52:05
Peter Dunn
Okay. What's the name of the survey again? So, James, I'm going to go look it up.
52:09
Damian Dunn
It's. Analysis by go. Banking rates. You know what? How about I put it into the thread on Facebook after we're finished?
52:16
Peter Dunn
Awesome. What else is in the news?
52:19
Damian Dunn
Well, huge rent increases are hitting tenants across the US. Who saw that coming, including a handful of areas, among them, Phoenix, Tampa, Boise, Idaho, where the median jumped nearly 20% in the last year, according to analysis conducted by the Urban Institute. Pete? Are you surprised by this?
52:37
Peter Dunn
No, not at all. I actually buy our conversation last week as one of the reasons why and what last week? We talked about how the student loan relief ends here in the next couple of months, and the idea that, in an interesting way, stoked the economy, that it allowed people to go get more and better and all those sorts of things. You got to think that idea bled into housing. People were putting more money into their mortgage payments or rent payments. And so, yeah, I 100% buy that. And I would also note that it's going to get worse because of the Eviction moratorium, but yeah, I buy that.
53:21
Damian Dunn
Yeah. Americans are applying for credit cards at a rate not seen since before the Pandemic. Close to 27% of US consumers said in October alone that they had applied for a new credit card wait, sorry. In October? In the past twelve months. Some from October. It's bad copy. Bad copy.
53:41
Peter Dunn
Wait, okay. I would also wait. Okay, that's not as bad as what the copy indicated, but 27% in the last twelve months. A quarter of Americans have applied for a credit card in the last year.
53:53
Damian Dunn
According to the Federal Reserve Bank of New York. That is correct.
53:57
Peter Dunn
Okay, Dame, we're going to do it. Have you applied for a credit card in the last twelve months from October backwards?
54:05
Damian Dunn
No.
54:06
Peter Dunn
Neither have I. Okay, so there's 50% of people who have not.
54:09
Damian Dunn
Story is completely false, based on our very small sample.
54:13
Peter Dunn
Facebook Live let us know right now. We're just taking the first four people because this is how scientific surveys work, right, Dame?
54:20
Damian Dunn
Totally.
54:21
Peter Dunn
Have you applied for a credit card from October of 2021 back to, I guess, September of November, whatever. A year back? No. For Jameson. So there is 75% have not. The next person that weighs in, Rick, says no. Stupid survey. We win.
54:39
Damian Dunn
Government doesn't know what they're talking about.
54:40
Peter Dunn
I don't think this is how this works.
54:42
Damian Dunn
I think it is.
54:43
Peter Dunn
Now, for our show, Daniel says no as well. So look. That's 500%.
54:51
Damian Dunn
That's amazing math.
54:53
Peter Dunn
Yeah, it's Friday. I run out of math on Wednesday nights.
54:56
Damian Dunn
Everyone knows that's Fair Swiss watchmaker Patek Philippe is releasing 170 limited edition versions of its famous Nautilus reference 5711. In partnership with Tiffany. It's retailing for a cool $52,635 if you can get your hands one. If you do, you could resell it for more next year. It'll be retiring. Patek Philippe will be retiring that watch at the end of next year. Pete is this a biggest waste of money?
55:26
Peter Dunn
Candidate I almost chose it this week. I saw that story earlier this week. It almost was there. I will note this, though. I get into weird Internet rabbit holes, especially on YouTube. I got into a state watch repair, like fine pieces that have been run over by cars. And then watchmakers, they have these micro cameras and they show you like a 45 minutes video of how they repair it. I told you at one point in time I was a watch guy, but it was more of a status thing at that stage of my life. Not about the mechanics of it all, but watching these videos. Whoa, whoa. Mind blowing. Like 100 year old watches that are unbelievable.
56:07
Damian Dunn
I saw somebody do a Zippo restoration on YouTube, and you wouldn't think it'd be anything all that interesting about it, but the way it was shot and what they did, it was amazing.
56:19
Peter Dunn
My current YouTube obsession is a musician. His nickname is Loop Daddy.
56:26
Damian Dunn
Sounds intriguing.
56:27
Peter Dunn
Look it up. It will blow your mind. It gets mildly inappropriate. So there's your warning. Don't show around your kids. It is one of the most impressive artistic acts I've ever seen in my life. Loop Daddy. Look it up. Watch it, consume it. Freak out about it.
56:44
Damian Dunn
Quick story.
56:45
Peter Dunn
Yeah?
56:46
Damian Dunn
Just one week after President Biden tapped, it'd be two weeks now because this was a story from last week tapped into oil reserves to help the global shortage. A Canadian group has announced it will dip into its emergency supply of maple syrup to try and keep up with global demand. According to multiple reports pete, we are on the verge of a maple syrup shortage.
57:02
Peter Dunn
Are you saying the supply was tapped?
57:04
Damian Dunn
Yes. It's exactly where I was going with that.
57:07
Peter Dunn
Did I steal your joke?
57:08
Damian Dunn
No, that's fine. It was hanging out there, waiting to be used.
57:11
Peter Dunn
Sticky situation, man.
57:13
Damian Dunn
Yeah.
57:14
Peter Dunn
Well, it's time to leave. Dame. What's the show scheduled for the holiday. Like? If you have questions, emails, askpete@petetheplanner.com. We're going to have a show, but it's not going to be live streamed. Same with New Year's week. We'll figure it out. Everyone will be fine.
57:32
Damian Dunn
Stay tuned.
57:33
Peter Dunn
Awesome. Okay, everybody, thanks for being here this week. If you have questions, emails, ask Pete@peteeplanner.com. Always follow 10:00 a.m eastern. YouTube live. Facebook live. Twitter live. Sending good vibes. Good vibes. Are all that's in the budget? I'm Pete the planner. This is a Pete the Planner show. I started the outro. Oh. I have an update.
57:56
Damian Dunn
You do?
57:57
Peter Dunn
I have an update.
57:58
Damian Dunn
On what?
58:00
Peter Dunn
Whether I'm getting fired. What, from doing ads?
58:06
Damian Dunn
That's right.
58:08
Peter Dunn
I don't know if I'm supposed to share any of this. I might still be getting fired. The recommendation is that I'm not getting fired, but no one has to accept the recommendation to keep me, so I do commercials for college savings. Why? Because I want you to save your kids college education. I don't want them to have student loan debt. Yeah. Rick this was supposed to be done live, but then I got scared that if I asked the I was only going to have it done live if I was getting fired. Rick right. Dam isn't that what I said?
58:38
Damian Dunn
No. I thought were going to read the results. Read them to you.
58:43
Peter Dunn
I didn't want to put my guy in that spot. But anyway, what was interesting, man, I don't know if I should do that now. I really am. Okay. I'll be as vague as I can. First of all, they ask, do you have a positive view of Pizza Planner? Neutral or negative? I don't know what's good? I really don't know what's good. All I think about is, like, presidential approval ratings.
59:09
Damian Dunn
Right?
59:10
Peter Dunn
Okay, I will just say this, actually, I don't know the highest presidential approval rating of all time. I feel like I should look it up. Let's look it up.
59:18
Damian Dunn
It's got to be Reagan in that second election. I mean, he won 49 states.
59:28
Peter Dunn
Here it is. Okay, here we go. Johnson, 78%.
59:35
Damian Dunn
Really?
59:36
Peter Dunn
Kennedy, 72%.
59:38
Damian Dunn
Okay, camelot.
59:41
Peter Dunn
Wait, I did it wrong. I went the wrong route. I went the wrong way. Okay, big surprise. I was wrong. Okay, let's read this round. Okay, here we go. People love this show, don't they?
59:55
Damian Dunn
Yeah, it's what people tune into the podcast for.
59:58
Peter Dunn
Highest approval order. Man, this graph stinks. What's happening? Why does it only go from I can't even read it just stupid.
01:00:08
Damian Dunn
It's a good time.
01:00:10
Peter Dunn
Let's just go back like the last ten and see what their highest approval was. Biden's highest approval rating was 57. Trump's, 49. Obama, 67. W, 90. Wow, that's probably right after September 11. It actually was. It was ten days after September 11. That was going to be my guess. Clinton, 73. HW, 89. Regan, I'm sorry, 74.
01:00:39
Damian Dunn
Really?
01:00:40
Peter Dunn
Yeah, you were wrong. Carter, 74. Ford, 73. Nixon, 66. Johnson, 79. Kennedy, 83. Eisenhower, 81. Truman, 87. FDR, 83. Okay, so the winner there was W right after September 11. And I'm not dismissive of that because I remember watching him stand on the rubble, and he was just like, wow, okay. And then throwing out the first pitch and strike in the middle like I was riding a bald eagle that night. You know what I mean? My approval I try to keep it straight sometimes I can't. My approval rating was really high. It was high. It was really high. I don't want to give it because I'll tell you later, but it was higher than Clinton's, higher than Obama's, higher than Biden's, higher than Reagan's, and higher than Carter's.
01:01:34
Damian Dunn
Congratulations.
01:01:35
Peter Dunn
So that was good. Whatever. The other thing they asked, and this is where I've got to watch it, they just asked generally, before they asked that question, they said, who is the spokesperson for this? Just general awareness. We put this out here. Do you know what's going on? So people guessed me, right? Guessed me. People were asked. That's good. That's good awareness at work. The other guesses on the list, though, were wild.
01:02:05
Damian Dunn
Was it a multiple choice quiz?
01:02:07
Peter Dunn
No, they just had to say who it was. It was just like fill in the blank. It was a voice survey, I think, or something. Dude, I'll send it to you because it's crazy. Mrs. Planner was laughing.
01:02:21
Damian Dunn
I can hardly wait.
01:02:22
