00:02
Peter Dunn
And we're live on the Pete the Planner show. It's been a roulette wheel of co hosts over the last several weeks. Sometimes we'll get Dame and Kristen. Sometimes we'll just get Kristen. And this week, to the delight of his mother, we get Dame. Hello, Dame.
00:20
Damian Dunn
I thought you were going to continue with that roulette metaphor and say we crapped out this week. Got Dame. I guess that'd be a craps metaphor.
00:28
Peter Dunn
It would be. Yeah.
00:29
Damian Dunn
Yeah. My gambling skills are top notch. I'm big in Vegas.
00:33
Peter Dunn
Boy, Kristen is, and she might be there right now. But Dame, you back from the Auburn Cord Duesenberg festival where you got to see people drive around in cars.
00:45
Damian Dunn
Yeah, very unique opportunity to see people drive cars. It was great.
00:49
Peter Dunn
Jameson makes it almost on time, actually. On time. Why are we busting chops, Jameson? How are Lincoln and the rest of the FAM? Hope everyone's well. What's weird is when Jameson started listening to this show, his now teen son was like a kid. This kid's like a man. Now, I don't want to say we raised his kid, but I feel like we did.
01:11
Damian Dunn
How many co hosts has Jameson gone through on this show?
01:14
Peter Dunn
You know what? That's a great question, Jameson. How many co hosts? Good morning, Big Rick. Swink. Hello, Andy.
01:21
Damian Dunn
Hello.
01:22
Peter Dunn
Good to be with you. They're on the east coast. I like the community we've built here. I really do.
01:30
Damian Dunn
Same. It's a nice little neighborhood. Familiarity and pithy comments.
01:36
Peter Dunn
It's great pithiness. Good day, Danza. Danza came up at the office the other day. Lincoln's a senior. He was named to the homecoming court, says Jameson, can we stack the ballot box and vote for Lincoln for homecoming court? So dame I was the prom king. I don't know if I ever told you this.
01:58
Damian Dunn
It seems like a big flex on a Friday, but congratulations.
02:02
Peter Dunn
Well, no, we're talking about homecoming court. I was just going to give you my experience as a prom king just in case Jameson needed to pass on some wisdom. Okay, let's have it.
02:10
Damian Dunn
Yeah. What is your number one tip for someone on the homecoming court?
02:15
Peter Dunn
It is. Well, actually, I was about to I probably shouldn't. It seems somehow important at the time, but it's not. And then the more distance you get from it seems utterly ridiculous. Which not to reign on the parade because you're a kid. It's great and it's fun. My girlfriend at the time was the queen, and so it's neat. But then you stop caring.
02:44
Damian Dunn
You've got your crown somewhere, don't you?
02:46
Peter Dunn
I do, actually. I did. Oh, you want to hear a story? Brian Penett joins us. So about ten years ago, 15 years ago, had a little mouse problem. Had a little mouse problem because we lived across from like a field, and so the field mice found their way into our home, into our basement. And so I, as a trapper and a keeper chose to trap and then not keep some of the mice that came into our home. And when we saw their droppings, what we found is an old box of memorabilia. Old box of memories had been perpetrated by said mice and had been living inside my prom king crown. So think about that. There was a mouse living like King Ralph in a prom king crown that then I threw away and it felt like that was the best thing to oh, look at this.
03:46
Peter Dunn
Caitlin Alanius joins us because Kristen's on vacation. How disappointed is Caitlin going to be in the show today?
03:55
Damian Dunn
There's a very high likelihood that Kristen is watching right now.
04:01
Peter Dunn
Jameson I love all this inside baseball. Dane, what did I say right before went to air today?
04:06
Damian Dunn
That you have something to do and you need to keep this tight.
04:09
Peter Dunn
Jameson notes link is very humble. Kind of embarrassed by it all. Yeah, I feel that. But still a lot cool that others thought of him enough to nominate him. He's a good kid. Exactly right. Dane, what do you think about the HoCo proposals the kids are doing these days?
04:26
Damian Dunn
You know about the HoCo proposals? Homecoming proposals. Is that we're cool enough that we're abbreviating homecoming now because we don't have that kind of time?
04:34
Peter Dunn
Well, I feel like I said I needed to move along expeditiously today. I believe we should not waste the time calling homecoming. We should call it HoCo.
04:43
Damian Dunn
I'm assuming these proposals are in the same vein of the proposals, just the overblown, incredibly planned mean.
04:53
Peter Dunn
I ask you this again in the moment, your kid what's? It just you're in the moment. It's fun. It's what people are doing. Do you look back is it like a tattoo? And you look back like, why do I have a Sigma Chi tattoo on my ankle? Do you look back and you're like, what? Brothers and bonds? Why is that on the small of my back? Is it the same thing?
05:12
Damian Dunn
I don't know. I mean, it seems like yeah, actually it probably will be something you look back on and go like, man, that was really outlandish.
05:21
Peter Dunn
Are you going to bring up in current events that the Queen of England was worth $500 million at her passing?
05:28
Damian Dunn
No.
05:29
Peter Dunn
Okay. All right. Let's start the show. Do you I just got it at slack that I read and it distracted me.
05:41
Damian Dunn
Rookie move.
05:43
Peter Dunn
Someday I will learn. Okay, here we go. Oh, by the way, well, I'll say it on the air. I'll say it on the air. Say it on the air in a positive way. Dan, please. Not ready. I have a new employer. As it relates to radio, our station got purchased by Radio One and so I signed my employment agreement this week with Radio One. No longer Emmas and so we are now. I am a Radio One employee and you are indentured servant.
06:19
Damian Dunn
Yeah. I was curious as to why there was no agreement that I had to sign. I mean, I'm here almost every week.
06:26
Peter Dunn
Yeah, you know what? I think it's because you missed last week and so we made a change.
06:29
Damian Dunn
You know what? That's fine.
06:31
Peter Dunn
I just pulled up my calculator to time the show. It's been a long week.
06:35
Damian Dunn
Let me know how that goes for you.
06:37
Peter Dunn
Okay. Well, it is. I just spelled 8008. Okay. Here we go. Three, two, one. This week on the Pete the planner show, we answer your money questions. Here's how the show works. You email us, askpete@petetheplanner.com that's, ask Pete@petetheplanner.com and we'll answer your question. Maybe by we I mean mulfre. Damian Dunn. No relation. Vice president of advice here at your money line. Hello, dame.
07:05
Damian Dunn
Hello, Pete.
07:06
Peter Dunn
Dame. I want to acknowledge that as this airs today on the air, it is the anniversary of September 11. And so, of course, our thoughts and respect with all the families and Americans affected by that tragic day. So can't let that go without passing. You know what I mean?
07:22
Damian Dunn
Yeah. It's a somber day of remembrance and something that won't soon be forgotten.
07:30
Peter Dunn
All right, Dane, we've got several topics for the day. The first is an email question that came in odly enough. Addressed to Kristen. So Kristen's not here. She is on what is she doing? Is she on a sabbatical? Is that what people call vacations now?
07:44
Damian Dunn
Last I knew, she was wrestling with a ceiling fan trying to get that working. So hopefully she has all of her limbs still left.
07:51
Peter Dunn
Yeah, if she doesn't also okay. Dear Kristen, I'm 48 year old married and the father of two preschoolers. Okay, I'm going to pause there. At this point in time, this could have been in her DMs. You know what mean? Like this could have been like some guy that's like, hey, I like you on the show.
08:07
Damian Dunn
I just wipe left.
08:08
Peter Dunn
Yeah. Okay. You know what? I'm going to keep reading it. I want you to think through the lens of this is some married guy hitting on Kristen and I want you to tell me when it goes off. The know guys are notoriously single. Guys will have a picture of them holding up bass on tinder and it's like I think ladies like this fish guys are terrible at reading. Okay. So here we go.
08:33
Damian Dunn
Start over.
08:33
Peter Dunn
Okay. I'm going to start over. And what are you going to say the second I've lost the interest of a young paramore, you'll know? Okay. Dear Kristen, I'm 48 year old, married and the father of two preschoolers.
08:47
Damian Dunn
There it is.
08:49
Peter Dunn
There absolutely is. I'm done. No, thank you. I spent 30s goofing around and also paying down student loans. Sounds like a good time.
09:01
Damian Dunn
Okay.
09:02
Peter Dunn
I'm finally out of debt as of four years ago and worried about my retirement. I recently left a low paying job for a better job and now make 120,000 American dollars. My wife makes 40,000 American dollars. We have two kids under the five years old. We have less than $100,000 in retirement savings, a $270,000 mortgage, and put $2,000 a child per year into 529. Okay. You getting a feel?
09:31
Damian Dunn
Yeah.
09:32
Peter Dunn
Okay. I need to start saving aggressively for retirement. I signed up for 10% contributions to traditional four hundred and one K at my new job, and we'll do another 5% or six K in a Roth IRA for a total of $16,000 for the year for the next 18 to 20 years. Can you pull up a calculator on that piece right there as I continue on? Yes. All right. My wife has a public if we'd done preshow planning like we don't do, we'd already have that calculation. You know what I mean?
10:02
Damian Dunn
That would be very professional.
10:03
Peter Dunn
My wife has a public pension, and I have ten years fully vested into a public pension as well. Although the monthly payment in 20 years for my pension would be only $1,500 in today's dollars, I look at $40,000 pay increase when I left public employment for my current job. I took a $40,000 pay increase when I left public employment for my current job. Am I on the right track to correct past mistakes? David, great question. I love this. And may I say, Dame, you don't have to react too much because I know you're actually doing work here. I'm struggling to see the mistakes. You're living life, man. Is it your fault we're 43 when you first had kids? I don't have a problem with that. And you worked in public service. Thank you. You had a pension. Okay. You didn't do anything wrong. It's just like don't beat yourself up.
11:03
Peter Dunn
However, you are asking the right question. How can you get on track? Dame, often around here, we express this idea that there's a copious amount of people around the age of 50 that are sort of starting from scratch, and how do you take the next 17 to 20 years to figure it out? So it's with that I feel like I've purchased you enough time to give us a number of what will Dave what will his nest egg look like at that time?
11:36
Damian Dunn
I think David's in better shape than he thinks if he's able to stick to the plan that he has laid out for us. Because there's even a little bit of information we don't know. There's no employer match listed there. So if there's any kind of match, that's just additional cash going in. But given the information we do know, we're starting from $100,000 starting point, roughly $18,000 a year is going to go into the 401 and or Roth 20 years. Almost $1.3 million.
12:09
Peter Dunn
Okay. And I'm going to say from a buying power perspective, we're going to cut that in half. It's going to look like, actually, let's do it this way. Can you do 1.3 times? What do you want? Three and a half percent. What are we doing here? You want to do three or three and a half? Because I'm not doing four.
12:29
Damian Dunn
Do three. Let's just be super conservative.
12:31
Peter Dunn
So we're trying to calculate the income that will be derived from that 1.3 million in today's dollars.
12:37
Damian Dunn
Is what you wanted that cut in half?
12:40
Peter Dunn
Well, just give me the straight number then we'll cut in half.
12:42
Damian Dunn
Okay.
12:43
Peter Dunn
1.3 million times 3% annually is well.
12:47
Damian Dunn
It helps if I remember how to run a calculator. There we go.
12:53
Peter Dunn
Okay. We'll call it 40 because I'm lazy. And so that means that's the equivalent of $20,000 of income. He's also got another $18,000 of income in today's dollars, which will feel like $9,000. So so far what we know is he's got $29,000 between his modest pension and his okay nest egg. So $29,000. His wife seems like she's got a more substantial pension and then they will theoretically both have Social Security. I don't know, dame feels like it all adds up to a reasonable I.
13:29
Damian Dunn
Mean, the mortgage seems reasonable for the situation they're in. They're doing a nice job preparing for college for their kids, so they hopefully won't feel any obligation to take on additional debt. Once those kids get to college, I think they're on the right track, figure out costs, come down maybe for them a little bit or maybe just roll off the books. They're not too far off.
13:57
Peter Dunn
I don't think so either. Sometimes when we look at these, we're like, well, if you catch a break, you're going to be okay. I don't think these people have to catch a break. And if they do, the break they have to catch is they don't take a beaten they just can't have this go a weird direction.
14:13
Damian Dunn
I thought you were telling them to avoid physical violence.
14:16
Peter Dunn
Well, yeah, you don't want that either. I'm okay with this. I will say the biggest threat some 13. Four, actually. I'm looking at the math here. Let's call it 14 years from now when my boy is 62, if they take on Parent Plus loans because they make a suboptimal college decision because they're not going to have enough in their five twenty nine s to fully pay for college, then the whole thing gets thrown away.
14:46
Damian Dunn
Yeah. And that just highlights the importance of needing to have that conversation early and often with your kids as they start to navigate through high school and think of college. Say, here is the situation that we are willing to fund. Make the best decision based off of that and be involved. Try and figure out exactly what that degree is going to get them and what that ROI on that degree based off of the cost you're going to pay for it is really going to come back to David.
15:14
Peter Dunn
Here's what you do right now. Walk into your living room and turn off cocoa melon and look your kids in the eyes and says, Daddy needs to talk to you, and then they know who knows where they are from a speech perspective. And you need to say, you're not ruining our Jr. And then and just walk out and take the remote with you. Is that what you're suggesting? By early and often. Dame yeah.
15:39
Damian Dunn
I think that sets the groundwork for some really tough conversations later.
15:43
Peter Dunn
Yeah, I think Kristen's out of this one, Dave.
15:46
Damian Dunn
Yeah, me, too.
15:48
Peter Dunn
Coming up after the break, we are going to revisit our 2022 stock picks. Who's winning, who's losing, and who's going to win the year end contest? All of that is next right here on the Pete the Planner show. Pete, the planner. All right, good.
16:08
Damian Dunn
Right, one down.
16:12
Peter Dunn
Well, wait till Kristen is caitlin going to text Kristen and be like, dame and Peter talking about people sliding into your DMs.
16:21
Damian Dunn
There's no way that she's not watching this right now. Unless she is totally bad.
16:27
Peter Dunn
You were off last week and you didn't watch, which you shouldn't. She's on her time off. I hope she's not watching.
16:34
Damian Dunn
How much do you want to bet? What should we wager between us? It's small. Cinnamon roll. Another cinnamon roll.
16:42
Peter Dunn
I will buy you a dozen donuts if she is watching right now, because.
16:49
Damian Dunn
I can't eat the dozen. I mean, I could, but I won't eat the dozen donuts.
16:53
Peter Dunn
You're arguing about what we're betting over. All right, Kristen, if you're listening right now, this is how it's settled. I'm sorry, kristen, if you're settled right now, here are your choices. You can comment in the stream. You can why do you do this, Kristen? It's your day off now. I owe this man a dozen. Donuts know.
17:16
Damian Dunn
Your co worker, Pete.
17:18
Peter Dunn
Oh, my gosh.
17:23
Damian Dunn
Kristen, let me know. Half a dozen goes to you. Let me know what you want. We'll make this work.
17:30
Peter Dunn
That's just terrible. Kristen very disappointed. I'm not. Dame, when you got in trouble as a kid, wasn't it the worst when your parents kept it cool and simply said, I'm so.
17:48
Damian Dunn
Mean. That trick does not work on my kids. They just shrug their shoulders like, yeah, that's just how we roll around here.
17:58
Peter Dunn
It works very well with Ted if know, acting up. And I'll be like, look, man, hey, I just got to let you know I'm just really disappointed in this. He just is, like, wells up. My co soccer coach, the head coach of the 13 year old girls soccer team. I coach. His phrase is, if a player does something that's not ideal out there, you are better than that. You are better than that. And that one stings. That one stings. Okay, like I said, you've got a hurry today, so let's move on. Oh, we're doing the stock picks. You got them ready? I'm just going to ask the question because I don't remember anything. I mean, you know this I got it. Okay. Three, two, one. Back on the pete the Planner show Roundabout last year believe in December of 21 or maybe January of 2022.
18:58
Peter Dunn
Damien Dunn, co host, and I chose Stock Picks for the year. We made a prediction of what we thought the individual equity of the year would be, what the worst equity of the year would be, and where we thought the S and P 500 index would end up for the year. Every few months, we revisit where we have been and where we are going, and today is that time. Dame. Let's take a look at who's right, who's wrong, and who is going to be crowned predictor of the year. That's not a trophy, is it? Predictor of the year.
19:39
Damian Dunn
Could be okay. Could be.
19:41
Peter Dunn
Okay, what do we got? I just was trying to make it sound official, and I was using words, and that's what I got.
19:45
Damian Dunn
Please note and this will become readily apparent really quick. This is not investment advice.
19:52
Peter Dunn
This is not investment oh, I don't like how you said, this will become apparent real quick.
19:57
Damian Dunn
Yeah. Pete, we picked winners. Do you remember who you picked as a winner?
20:01
Peter Dunn
Like Nick Cannon. This will become apparent real quick.
20:06
Damian Dunn
Pete, you picked Cushman Wakefield.
20:09
Peter Dunn
Oh, boy. Speaking of needing more real estate, that's a good Cannon joke, is it not a good Nick Cannon joke.
20:17
Damian Dunn
I don't know what it was referencing, but that's all right.
20:19
Peter Dunn
What?
20:23
Damian Dunn
They've had a rough year, Pete. Real estate commercial, at least for Cushman Wakefield's, been rough.
20:29
Peter Dunn
So I said it was going to be the best stock of the year.
20:31
Damian Dunn
Best stock of the year, no doubt. Shoe in. Can't lose.
20:36
Peter Dunn
I never said any of that. I've never said any of that. I just simply said I thought were somewhat near a bottom and I was going to let it rise. And where is it for the year, good sir?
20:47
Damian Dunn
It's gone down another 31.86% so far this year.
20:55
Peter Dunn
That's my boot stock.
20:56
Damian Dunn
Yeah. Not good investment advice. Yeah.
20:58
Peter Dunn
Okay. Well, never was advice. This is just a game.
21:02
Damian Dunn
I essentially cheated and picked Berkshire Hathaway.
21:06
Peter Dunn
That is cheating. You've chose a mutual fund, and I'm.
21:09
Damian Dunn
Down 4.6% for the year.
21:12
Peter Dunn
You shouldn't feel good about that. You know what? Listen, I'm disappointed, and you're better than that.
21:19
Damian Dunn
There were no stipulations when this whole exercise was proposed, so I played within the rules that were given to me, and I chose Berkshire Hathaway.
21:29
Peter Dunn
Yeah. I hope you're happy with yourself. Your mother and I are very disappointed.
21:33
Damian Dunn
Well, you know what? I'm kicking your butt.
21:34
Peter Dunn
So it's the your mother and I are very like that's where it's just like, oh, they got a whole group of people who are when your.
21:44
Damian Dunn
Parents give you that, oh, jeez.
21:46
Peter Dunn
There's going to be villagers with torches that are disappointed.
21:49
Damian Dunn
Just wait till you make your next Twitter update. Attention. I am very disappointed in child X. Yeah.
21:55
Peter Dunn
Okay, losers.
21:56
Damian Dunn
Next loser picks, not kids. Loser picks. Pete, you picked Amazon.
22:03
Peter Dunn
Okay.
22:05
Damian Dunn
Down for the year despite a stock split. Didn't they split?
22:10
Peter Dunn
They split, I think 20 to one.
22:13
Damian Dunn
Down 22.38%, down less than your winner.
22:19
Peter Dunn
Don't point that out.
22:21
Damian Dunn
I picked Twitter and thank you to someone very specific. They're only down 4.28% 4.28.
22:33
Peter Dunn
So I don't know how to feel about this. I picked a bigger loser. And you're not good at picking losers. But I can, right?
22:45
Damian Dunn
Both of our losers are doing better than our winners.
22:49
Peter Dunn
This does not matter. And I've pointed this out millions of times on the show, but when the whole Twitter news thing came down, I said, there is no way that is happening, and I will run the tape. I won't run the tape because I'm not taking the time to do it. But I said that a million times.
23:05
Damian Dunn
Yeah.
23:07
Peter Dunn
And in light of the bot thing and then the whistleblower, it's never happening. It's just not happening.
23:13
Damian Dunn
It seems highly unlikely there's just going to be more chaos and headlines and who knows? But it's not happening.
23:22
Peter Dunn
All right, now, where did we line up with the Standard and Pores 500 index?
23:27
Damian Dunn
Pete, if you will remember, both of us really wanted to pick a negative number, but thought we ought not just because couldn't do it seemed inappropriate.
23:37
Peter Dunn
But you know what? Isn't that ridiculous? That itself makes this segment worth your time because were so cajoled. Is that the word I want sure. Into thinking that, look, this thing only goes up. It's just going to go up a little bit less. But that's not how this works. We're dummies. Thanks for listening. Yeah.
23:59
Damian Dunn
We absolutely should have just gone with what we know to be reality instead of saying, you know what, we'll just be a little bit more modest in our gains. But if we had gone with our guts, we probably would have blown this too. Pete SP 500 is down 14.8% for the year right now.
24:18
Peter Dunn
And what did I predict?
24:21
Damian Dunn
Up seven, and I was up four.
24:26
Peter Dunn
Okay, so let's go through the winnings and losing. You won the winner. You lost the loser. But if you lost the loser, you win. Isn't like a double negative.
24:36
Damian Dunn
No. Because you were just trying to pick the you were shorting.
24:42
Peter Dunn
Yeah, that's right. Short pick of the year. You know what? I feel like if we would have called it the stock to short this year pick, that feels like investment advice.
24:51
Damian Dunn
Absolutely would have been investment advice.
24:53
Peter Dunn
So it's better to call it a loser. Yeah, let's just call it losers next time you're being like an insultive, disrespectful person and you see someone you're like, instead of calling them a loser, I would short you.
25:06
Damian Dunn
I'm going totally short you.
25:08
Peter Dunn
I would short that guy. Okay. And then you won the S and P 500 pick by being less wrong.
25:18
Damian Dunn
Correct. And for those of you playing along at home, it's been pretty much this way the whole year. I've won two out of three of these categories, so I am comfortably in the lead with this challenge and expect to win at the end of the year.
25:31
Peter Dunn
Okay, so that was the next question. Where does it go from ear. If I was in northern Ohio, I.
25:37
Damian Dunn
Would say from ear which one are we discussing? SP 500. Just for simplicity's sake. I think it's pretty flat. For the rest of the year.
25:51
Peter Dunn
Okay. So it's going to end around 14% down for the year.
25:54
Damian Dunn
Call it 15. Yeah.
25:55
Peter Dunn
Okay. Are you ready for mine? Yeah. I don't know if I'm ready for mine. I think it's going to claw back and end down four for the year. I think it's going to claw back, yes. I don't know why I think that. Because if you actually think about the rest of the year, my second favorite phrase on this show, not to get political. I think what's going to happen with the midterm elections is no matter what happens, it's going to be absolute chaos. Absolute chaos.
26:31
Damian Dunn
And that means the market is going to rebound.
26:34
Peter Dunn
Well, no, this is why I'm wrong. This is why I'm wrong. I'm telling you why my prediction is terrible. Okay, man, we got a minute left in the segment, and I'm going to grab my red yarn and start tying stuff up.
26:50
Damian Dunn
Are you ready? All right, let it go.
26:53
Peter Dunn
Whatever happens in the midterm and I don't have a prediction around that I think it's just going to be a dumpster. Right? Dumpster fire. But then here's what I think is going to happen. I think the Department of justice is going to wait until after the midterm election to charge former President Trump with whatever crimes they're going to charge him with. And so when that happens, then I think the chaos gets more chaotic, and I think that brings the market down further. And I just predicted that the market rises near the end of the year. I'm an idiot. Do you buy any of what I just said?
27:29
Damian Dunn
Maybe I'm going to have to check my drink over here for alcohol to really buy into some of it. But.
27:38
Peter Dunn
The mechanics you disagree with the mechanics? You think the midterms aren't going to be chaos?
27:43
Damian Dunn
No, they're absolutely going to be chaos.
27:45
Peter Dunn
Okay. Do you buy into the idea that if there's a prosecutor or whatever charges against President Trump, they will come after the minute?
27:52
Damian Dunn
Yes, I completely agree with that.
27:54
Peter Dunn
Okay. There we go. I mean, we agree.
27:56
Damian Dunn
Yes.
27:57
Peter Dunn
Lockstep or basically the same. Okay. Coming up after the break, if you enjoyed the last segment, boy, who knows what you'll think of the next one. I'm Pete the planner. This is the show, right? I mean, we can't spend a lot of time talking about this right now because I got to go. Sorry. Jeremiah. So you agree with what I just said?
28:25
Damian Dunn
Yeah, I'm not convinced there's going to be any charges.
28:29
Peter Dunn
Okay, dude, totally fair. I think this is a really interesting question, and it's funny, actually. Should current POTUS pardon former POTUS to save our 401 KS, I'll hang up and listen. That is hilarious. Interesting. Maybe you and I can have the discussion because I'd love to hear your thoughts. I don't want to spend the time on it right now, unfortunately, but I would love to hear your thoughts. I always love your thoughts on this stuff. Yeah, I mentioned my own thoughts because I don't know what I think. Okay, who cares? Topic your home investment. Subscription creep. Yeah, you know what? Let's do subscription creep.
29:09
Damian Dunn
Okay.
29:11
Peter Dunn
You think, what do you want to do? Home and investment. So lazy and old.
29:15
Damian Dunn
Totally. But it was out there, so I.
29:16
Peter Dunn
Thought I'd make note of three, two, one. Back on the Pizza Planner show, Dame, there's a new phenomenon going around, and no, it's not lifestyle creep. It is subscription creep, where you say, yeah, I'll pay that a month. It doesn't seem too bad, but then you say that a lot, and by the time you look up, you got three to $400 of, yeah, I can afford that every single month. And you find yourself struggling to meet your financial goals. How real do you think subscription creep is?
29:57
Damian Dunn
It's 100% real. I think everybody that's listening at some point has signed up for some free trial and then missed the cut off to shut something down, and all of a sudden you're three months into a subscription. You really hadn't planned on going out past the free trial, and it just becomes something you put on autopilot and you notice it really hasn't made that much difference in your monthly cash flow. And every once in a while, you like to watch whatever show pops up on your screen. You just ride it. And so all of a sudden, you're like, you said, $300 into subscriptions, and that's life.
30:33
Peter Dunn
All right, at the risk of people saying we're just going to hear about Peter's money on this show, Dame, I am willing to give you my best that I can recollect my subscription rundown. And you were to tell me if I am a subscription.
30:52
Damian Dunn
Okay.
30:53
Peter Dunn
Okay. So let's start with television. We have, okay? We've got Paramount plus so I can watch Champions League soccer. We have Peacock plus so I can watch English Premier League soccer. We've got Apple TV, so next year I can watch MLS soccer next year.
31:23
Damian Dunn
It's not even on right now. But it's next year.
31:25
Peter Dunn
But there's other things. I was just getting a little ted Lasso is not even on right now, but good point. We actually no joke. We actually purchased Apple TV originally so we could watch Ted Lasso. And then I think we have Disney Plus as a babysitter. Just put the kids in front of Moana. I don't know what's happening. I think that's the extent. I also have Sirius XM radio for my car. I have Pandora for the office. Okay. So I feel like that's my entertainment subscriptions. There 123-4567 so far. How are you feeling?
32:16
Damian Dunn
I think you could do a little bit better, maybe with a bundle with the Disney Hulu, ESPN Plus package, maybe consolidate those.
32:23
Peter Dunn
We also have ESPN Plus, so I can watch. Okay.
32:32
Damian Dunn
Are you not counting newspaper subscriptions in this category either?
32:37
Peter Dunn
No, I don't have newspaper subscriptions. I mean, I write for two newspapers, but I have a subscription to the Indianapolis Business Journal. But it's through work, right?
32:46
Damian Dunn
Athletic.
32:47
Peter Dunn
I do have the athletic. I do read the athletic. Okay, so, yeah, there's one there. Peloton membership.
32:55
Damian Dunn
Okay.
32:59
Peter Dunn
I feel like that's it until we move on to wine clubs. It gets a little awkward. You know what, though? Look, here's the thing. If you can't be honest, why be on the like, I'm not interested in people, like, trying to just it's just who I am, and so I'm okay with that. I don't have a country club membership. Thank you, Facebook user. I got a couple of wine clubs. Okay, so there we are. Those are my subscriptions. That's it.
33:34
Damian Dunn
Okay.
33:35
Peter Dunn
I'm probably forgetting, like, ten.
33:37
Damian Dunn
Yeah. I love to get Mrs. Planner's perspective on the other subscriptions.
33:41
Peter Dunn
That no, but that's pretty bad, I think. Am I a subscription creep?
33:50
Damian Dunn
I'm looking at the TV ones, and I'm wondering what that aggregates to versus just a normal cable subscription cost. Because if they add up to something close to what you would normally pay, then it's hard for me to say. That's creep. It's just you're getting your content through.
34:06
Peter Dunn
That's a good point.
34:07
Damian Dunn
Channel.
34:07
Peter Dunn
All right, so Hulu, I mean, that is actually our core one. It's probably $80 a month or something like that. Paramount. The rest of them are all, like, five or $6 a month. But how many are there? So that's another 42. Wait, seven times twelve. What's? That 84. So I'm probably 100 and 5160 a month in TV, and I don't even watch anything other than soccer.
34:30
Damian Dunn
That's a lot of dollars for TV. The XM. Pandora XM. I didn't know people even still did that.
34:40
Peter Dunn
It's serious. XM, it's the same company.
34:42
Damian Dunn
Okay, whatever. I didn't even realize people still subscribe to satellite radio.
34:49
Peter Dunn
I do, because I listen to Howard Stern, and you can also listen to Sirius FC, which is the soccer channel, of course.
34:58
Damian Dunn
I'm pretty sure there's probably a Stern podcast that you could just download the highlights every day.
35:02
Peter Dunn
Only if you're a subscriber to SiriusXM. But I think other than that but that's a lot. What other subscriptions could it be? I mean, people do things like Stitch Fix.
35:13
Damian Dunn
They'll do.
35:13
Peter Dunn
Like, those box subscriptions. What's the guy one? The guy centric one where you get, like, an axe and a coffee grinder. You know what I'm talking about?
35:20
Damian Dunn
Yeah, I do, but I can't think of the name of it. No free ads either you can subscribe to Doesn't Like DoorDash have a subscription or one of the.
35:33
Peter Dunn
Okay, so is yours better or worse than mine?
35:35
Damian Dunn
Oh, man. Maybe my homework this week will be to go through and figure out all of my subscriptions because there are some names on there that are very familiar to me and some that are just like, wow, I wouldn't have done that.
35:50
Peter Dunn
Yeah, no regrets. But I think this is a thing for people because it goes back into why buy now, pay later is a problem. It goes back to why credit cards are a problem. And it actually takes me back to being in high school when the Dell computer catalog first started coming out or the Gateway 2000 catalog started coming out, and it would say, hey, buy this laptop for $11 a month. And I remember as a kid who had a job thinking, well, I'm going to get three laptops because I can easily afford $333 a month. I can get three of these things. And I didn't do it. But that's how the brain works. Chunk it down.
36:27
Damian Dunn
The one that makes me scratch my head is that we've been offered to buy ink subscriptions for our printer. Do you get those for your home.
36:35
Peter Dunn
Ink subscriptions for a printer? No, because, like every home printer in America, ours just stops working every 18 months.
36:41
Damian Dunn
That's a good point.
36:42
Peter Dunn
Yeah. How is that the one piece of technology honestly, this is not a bit how is the home printer the one thing in the world that the tech world has not figured out how to make a good one?
36:58
Damian Dunn
They've easily figured it out. It's planned obsolescence. They just want you to buy something else, and they're going to charge you through the nose for ink unless you decide to pony up.
37:07
Peter Dunn
You are so right. But, I mean, I feel like a lot of the problems people have looked at and said, you know what? We've got a solution. But this one, they're just like, you know what? We're not going to create a solution.
37:17
Damian Dunn
Do you think there's a DIY printer fixit YouTube station somewhere? YouTube channel somewhere?
37:22
Peter Dunn
I think so. You'd have an inkling that there would be inkling. You're welcome. So where do you see when people call your money line? Does your team see a lot of subscription creep?
37:39
Damian Dunn
It's not always brought up as a common issue, but when it is, oh, boy, we're talking hundreds and hundreds of dollars of subscriptions just because it's convenience. Oh, Amazon. You didn't put Amazon Prime in there, did you?
37:55
Peter Dunn
But it's only, what, $99 a year?
37:57
Damian Dunn
I think it went up to, like.
37:58
Peter Dunn
120 whatever I would say of my subscriptions here, I think I detailed $200 to $250 of non wine subscriptions.
38:16
Damian Dunn
And you're comfortable with that number?
38:19
Peter Dunn
Yeah. Look, I'm not proud of the fact I've got 430 subscriptions, but I think if you look at the old, like you said, old cable packages. You look at a gym membership or something like that. It's not wild. And I would say we use them. I think that's the other point here.
38:39
Damian Dunn
That's the key.
38:40
Peter Dunn
If you don't, that becomes especially problematic.
38:44
Damian Dunn
Yeah. If they're just taking dollars out of your bank account, that's where it becomes a big issue.
38:50
Peter Dunn
Speaking of taking dollars out of your bank account, what biggest waste of money of the week is trying to take dollars out of your bank account is next right here on the Pete the Planner Show. I'm Pete the planner. That was clean. Like a bar of Dove soap.
39:06
Damian Dunn
99.797 point. I don't even remember what is Dove soap?
39:12
Peter Dunn
Dove soap?
39:14
Damian Dunn
Yeah. Didn't they always say they have the percentage for purity on Dove soap? Wasn't it 99.9, I assume.
39:23
Peter Dunn
All right, Dame, you're not putting Your Money line breaking news this week and the news update this week, are you?
39:31
Damian Dunn
No, I would not do that.
39:32
Peter Dunn
Yeah, it seems a bit on the nose, but congrats to you and your involvement with our big news this week here at Your Moneyline.
39:40
Damian Dunn
Yeah, you wouldn't notice that by the press release, but I'm happy to be.
39:44
Peter Dunn
A part of it. It's only the second time you brought it up.
39:48
Damian Dunn
It's great.
39:50
Peter Dunn
Oh, damn. You know what I will say to have that be a press release as opposed to an expose about the inner goings on of your organization? I will take a positive press release.
40:04
Damian Dunn
Yeah. Compared to some of the other stories we've seen recently, this is a much better side of the table to sit on.
40:11
Peter Dunn
That's right. All right, Dame. Biggest waste of money week. Here we go. Maybe I must removed it. That would have been hard. Three, two, one. This week's biggest waste of money of the week right here on the Pete the Planner show is sorry, everybody. The Porsche equipment roof tent. And I Dame Porsche, right?
40:39
Damian Dunn
Correct.
40:40
Peter Dunn
Okay. I mean, every part of me wants to say Porsche.
40:45
Damian Dunn
Go ahead, that's fine. Do whatever you want.
40:48
Peter Dunn
What do you say?
40:51
Damian Dunn
Porsche?
40:54
Peter Dunn
Porsche now has the perfect accessory for all the 911. And you would say 911, right? How I would say that? Let's start over. Porsche now has the perfect accessory for all the 911 safaris out there the Porsche equipment roof tent. The tent is enclosed in a hardshell case and is designed to be carried on the roof racks of the 911 macon Macan cayenne Panameran. When deployed, the tent sleeps two on a polyfoam mattress with quilted insulation, two side, and one roof window. A ladder telescopes out for entry and exit, while waterproof, zippers and rain cover keep the elements at bay. This tent is on sale now with deliveries starting in November of 2022. Dame, what do you think it cost to sleep on top of your Porsche?
42:01
Damian Dunn
Porsche is notorious for making everything an option. So seeing this is just really funny, but it is a glorious setup. I will say that this is a $12,500 option.
42:20
Peter Dunn
$12,500 is what you think it is. Dame I don't know what it costs, but I can tell you whatever it is a complete waste of money. Who wants to camp on top of a Porsche?
42:39
Damian Dunn
No, there's an entire instagram channel dedicated to somebody who drives theirs with a setup very similar to this around the United States and just camps on top.
42:49
Peter Dunn
Of their just I just think it's like, why would you do average? How many of these are they really going to sell? Could you step down from your porsche and you scratch your car? This doesn't make sense. I have a kia. I'm not sleeping on top of that.
43:07
Damian Dunn
You could throw one of these on top of one of the SUVs or the wagon that they've got, and it would make a little bit more sense. But it's a little aggressive to have it on top of a 911.
43:17
Peter Dunn
Dane, what's in the news this week?
43:19
Damian Dunn
One year ago today pete one year, el salvador became the first country to make bitcoin legal tender, an official currency alongside the US.
43:29
Peter Dunn
Dollar.
43:30
Damian Dunn
But laser eyed president of el salvador that I'm not going to try and pronounce his name. Sorry, Mr. President. Dream of el Salvadorians buying papusas with digital wallets isn't quite working out. At worst, the national experiment is being called a total failure. And at best, according to el salvador's former central bank chief carlos acevedo, no one really talks about bitcoin here anymore. It's been kind of forgotten altogether. The Salvadorian governments spent over $100 million of public funds on bitcoin since its adoption as legal tender, and it's still feeling bullish buying one and a half million dollars more of bitcoin in late June. But given bitcoin's price plunge since last fall, the value of its investment has crumbled by more than half, according to bloomberg. Pete, a little side note here. El salvador I did not know this. El salvador had a plan to build a tax free city on the side of a volcano where the restaurants, bars, and sports teams all pay homage to bitcoin.
44:34
Damian Dunn
Well, that's on hold. Those plans are now on hold. In order to build the city, the government plans to raise a billion dollars by selling bitcoin backed bonds. But the bond issuance keeps getting delayed for some reason.
44:46
Peter Dunn
Don't sleep on papusas, though. They're delicious. Have you ever had a papusa?
44:51
Damian Dunn
I don't believe I have.
44:53
Peter Dunn
Delicious. Delicious El Salvadorian treat. Yeah. That seems like an evil villain thing to do, is to build something on the side of a volcano.
45:04
Damian Dunn
Exactly. I had to go a long way to get there, but I thought the bitcoin background was important for the side of a volcano city.
45:13
Peter Dunn
Have we had a check in on bitcoin prices here recently?
45:17
Damian Dunn
No, we haven't. Last I checked, which was probably last week, it was under $20,000 per coin.
45:22
Peter Dunn
I noticed today was under or yesterday was under $19,000. To the moon.
45:29
Damian Dunn
Somewhere. To somewhere.
45:32
Peter Dunn
What else is in the news, Pete?
45:34
Damian Dunn
You remember the good old days when we really only complained about the prices of health care going up and not everything else around us?
45:42
Peter Dunn
Oh, yeah. I love that.
45:43
Damian Dunn
Good news. Premiums for many Affordable Care Act health insurance plans are set to rise sharply next year.
45:49
Peter Dunn
Really?
45:50
Damian Dunn
Consumers.
45:50
Peter Dunn
Yeah.
45:51
Damian Dunn
Consumers probably won't feel much impact because of enhanced federal subsidies, but small employers are likely to face the brunt of higher rates because they don't get similar help. Insurers on the ACA marketplaces are proposing median monthly premium increases of 10%, according to the Kaiser Family Foundation, which reviewed proposals made by 72 insurers in 13 states. But some insurers are seeking rate increases as high as 20%.
46:17
Peter Dunn
Dude, I got to be honest. 10% is not that bad. Your money line healthcare plan. You know, our increase this year, 5%.
46:27
Damian Dunn
Really must be the stellar health that we all share.
46:30
Peter Dunn
It's all of our financial health. I remember 16% being about the average what our household would experience when were on the ACA plans. Yeah, ten to 20. I mean, look, all things considered, not to be that guy, but that's not that bad.
46:50
Damian Dunn
You're that guy.
46:52
Peter Dunn
I totally am that guy. Can I bring up a news topic? Is this how this works? Do I have to clear this with somebody?
46:59
Damian Dunn
I would have liked to have proofed it before you did it, but we'll see how it does on live radio.
47:04
Peter Dunn
Big Rick Swink notes that the roof tent is $4,980. Not that bad, but all the same, who wants to sleep on a Porsche?
47:12
Damian Dunn
Thank you to our research department.
47:14
Peter Dunn
Thank you, Big Rick. Dame indiana says it's going to tax student loan forgiveness.
47:22
Damian Dunn
You want me to read it?
47:23
Peter Dunn
Yeah.
47:24
Damian Dunn
If you're one of the millions of Americans expecting student loan forgiveness, you won't owe federal taxes, but that doesn't mean you're off the hook at the state level. Indiana is the latest to confirm forgiveness will trigger state income taxes, and some borrowers may owe county levies on top of the state income tax. A provision from the American Rescue Plan of 2021 makes student loan forgiveness federally tax free through 2025. And state income taxes depend on whether and when there's state conformity with federal tax laws. In addition to Indiana, state level taxation may be possible in Mississippi, North Carolina, Arkansas, California, Minnesota, and Wisconsin, according to a preliminary analysis from the Tax Foundation.
48:06
Peter Dunn
So I did a couple of media interviews about this week, and I have mixed feelings. Like everything, I have mixed feelings because I appreciate nuance. Not ideal for some people, but if you said, hey, $322, or whatever it is to have $10,000 of student loans forgiven, you're going to take that bet, right? Are you going to take that deal? Yeah.
48:28
Damian Dunn
Or 600 and whatever the double of the $300 figure actually comes out to be for $20,000 in forgiveness. Yeah. I'm going to take that. Is it kind of a rude little poke to the ribs as you're going through this? Maybe, but okay. You're still getting rid of 10,000 $20,000 in student loan debt.
48:50
Peter Dunn
Here is something that I'm going to seem like I'm arguing both sides, and it has to do with my comments a couple of weeks ago that all the comparisons of student loan forgiveness to PPP loan forgiveness seem insincere at best. Okay. I've said that, and I'm on the record saying that. However, I will note that PPP loan forgiveness was not taxed at the state level, and I think that I have a little bit of a problem with the lack of consistency there.
49:24
Damian Dunn
Yeah, I could see how you could make that argument.
49:27
Peter Dunn
It's tough. I mean, look, hey, again, this is complicated stuff. You can have whatever emotions you want, but this is not binary. You can't go, well, this is right, and this is it's. It's tough, and it's with that we punt for the week. Speaking of punting, it's NFL opening weekend. Dame did not join the company fantasy football league.
49:48
Damian Dunn
I was asked, and then I never got the oh, that's awkward.
49:52
Peter Dunn
Uninvited. Thanks, everyone. Send you good vibes? Because good vibes are all that's in the budget. I'm Pete the planner. This is the Pete the Planner show. All right. Rick Swink is Bill's Mafia. Really?
50:05
Damian Dunn
And he's very happy.
50:07
Peter Dunn
Oh, man, they looked great last, like, really great.
50:14
Damian Dunn
All right.
50:14
Peter Dunn
Dame, anything? Oh. Do you want to give a Colts prediction, or do you care?
50:19
Damian Dunn
They will play football this year. I know very little about the season, what to expect this year.
50:25
Peter Dunn
Well, I know very little about cars.
50:27
Damian Dunn
Over 500. Over 500.
50:29
Peter Dunn
Okay. Speaking of over 500, the Queen of England's net worth was $500 million, and apparently, I think I want to say, like, I'm going to butcher that. A lot of it is real estate.
50:45
Damian Dunn
Yeah.
50:48
Peter Dunn
I don't have a lot of thoughts about the Queen that I really care to share. And respectfully, it's just like, I don't have to have an opinion about everything.
50:55
Damian Dunn
How often do you think she had to update her will?
51:00
Peter Dunn
It's kind of funny. She outlived everybody, so it's just like she outlived a bunch of people. She probably was in the will, and then she got a bunch of other people involved, and she's like, I don't like that person. They're out of the will. Dude, I'm way over my skis here. I have no idea. I've not watched the crown. You know what thoughts with all those people feel affected by this. That's all I got to say. Just not my jam.
51:30
Damian Dunn
I will cease my question line of questioning on what the Queen may or may not have been able to do with her assets.
51:37
Peter Dunn
Yeah, it's best we not tread no, for other reason. Because we don't know you and I don't know. I mean, look, we know. Everything else we talk about. That's it. I gotta go. Sorry. Jeremiah dame. Have a good week. Everybody else, stay getting money.
