00:14
Peter Dunn
Good day. Good day. Good day, everyone. It's peter Dunn. Pete the Planner. I'm here live, ready to proceed. I am not a cat. Joining me, as always on the program is Damien Dunn. Damien, I assume you saw the viral video this week in which the lawyer had to explain away that he was, in fact, not a cat. Not a cat.
00:37
Damian Dunn
I, for one, was really glad that he clarified that, because I was questioning there for a little bit.
00:43
Peter Dunn
Yeah, that was one of the funnier things I've seen in a very long time. I watched it several times and laughed aloud.
00:49
Damian Dunn
That doesn't surprise me at all.
00:52
Peter Dunn
All right, dame, lots on the show this current, you know how I get obsessed about financial concepts and topics, and so the one that I'm currently obsessed with is how our relationships with money evolve. And I think sometimes people don't realize that they evolve or that they should evolve, and so they find themselves trapped. So what you and I are going to do on the show today when we begin recording the radio show, is we are going to talk about our own personal financial journeys. Then we are going to talk about the kerfuffle that personal finance expert Dave Ramsey decided to unleash on the Twitterverse this week.
01:37
Damian Dunn
Thought that was he who shall not be named.
01:39
Peter Dunn
Oh, yeah. My issue is maybe we'll have this talk now. I don't have an issue with Dave Ramsey. I really don't. I completely disagree with what he said, and we're going to give our perspective, but I like to think if I disagree with someone, I don't need to throw them under the bus. I can just disagree with their words. I think, Damien, you and I try to operate on that level.
02:02
Damian Dunn
Absolutely. Dave has helped countless number of families fix their financial lives, and that is to be commended, let alone he has said some things that are a little off putting, but his overall results for the mass majority of people have been pretty darn good.
02:18
Peter Dunn
That's actually how I lost weight. I went off putting.
02:21
Damian Dunn
Off putting. Very nice.
02:24
Peter Dunn
All right. And then finally, biggest waste of money of the week and the news. So hello, everyone on Facebook Live and YouTube Live. A lot of regulars, Nick, and all time greatest listener, jameson, listener of the urdanza. Jameson down in Texas getting the Midwestern frigid down there, man. Dame, do you think I should go with the cat the entire show?
02:49
Damian Dunn
I don't know. There's a likelihood that at some point I will just not be able to take it anymore and laugh for unforeseeable reasons in the middle of a segment. And I don't know if you want that to happen.
03:01
Peter Dunn
For those listeners on the podcast, I currently have a cat's face superimposed over my face on the video feed, so I'm going to stick with it. I like sticking with a bit past when it's funny because that's when it gets funny for the person who's levying the bit. Hello, Betty. Betty's bit. What's that? New community, Betty, she was talking about it on Clubhouse. What is clubhouse. People are into the clubhouse. Betty is a proponent of this new social media thing called clubhouse, which is essentially a conference call or something.
03:31
Damian Dunn
Yeah, were not invited, which doesn't surprise anybody.
03:35
Peter Dunn
I did get an invite to Clubhouse. I have just not taken anyone up on it yet. Wow. Yeah, I don't have time. Okay, Dan, let's start the show. You ready?
03:43
Damian Dunn
Yeah.
03:44
Peter Dunn
Three, two, one. This week on The Pete the Planner Show, we answer your meowney questions. Here's how the show works. You email us, askpete@peteplanner.com that's, askpete@peteplanner.com, and we will do our best to answer your questions. This week, I'm joined by the one and only vice president of advice at your Moneyline and hey Money, Damien Dunn. Hello, Dame. Good morning, pete good morning to you, dame on the show this week, with our extensive pre production meetings, we've decided to in. Segment one, we will talk about your journey with money, your relationship, how it has evolved over the years. Segment two, we will talk about how my relationship with money has evolved and will continue to evolve over the years. Segment three, we're going to talk about criticism that has been levied by personal finance expert Dave Ramsey to those who say they need a stimulus payment.
04:46
Peter Dunn
So he says that if you need a stimulus payment, then you probably likely have major issues, including mental health issues and all sorts of other things. So we will talk about that idea. And then finally, biggest waste of money a week and the news. Dame so, I wrote a column in the Indianapolis Business Journal this week that talked about this idea that sometimes we don't realize that our goals for ourselves change, especially in relationship to money. So I'm not going to give you my full story, but I need to give people some context so we know where to go with this. For a lot of people, when they think about their financial lives and what their major goals are, wealth ends up being the primary aim. And that makes sense, right? Dave? Sure. I mean, the idea that money is the primary resource that we're dealing with, when you talk about money, it's not surprising that wealth would be the primary goal.
05:44
Peter Dunn
So I've been there. Wealth has been a goal of mine is no longer a goal. It hasn't been for about a decade. Then I get into this idea of flexibility, because to me, flexibility is when you have both money and actual time. Because if you have wealth, then you have to spend money to save time or buy time. But if you have flexibility, you got both and you can deploy them as needed. Well, recently I've noticed my relationship has evolved even further, and I will get into that in the next segment. But first you dame. Dame, let's begin here. Know you're not an adult yet. I don't know. When did you consider yourself adult? Maybe let's just honestly start there.
06:28
Damian Dunn
Probably when I was out and on my own. So post college age time, I think you're almost expected to make some mistakes, certainly while you're in that transitional time from 18 to 22, and then even more after that point. But the stakes are pretty darn low for most people between 18 and 22.
06:49
Peter Dunn
And if you had to at that time, let's say 22, you're like, okay, I've got an income coming in. What was the point of that income? Was it to establish a lifestyle? Did you have any sort of bigger goals, whether they were gross goals or healthy goals? What were you thinking early on?
07:06
Damian Dunn
At that point, I was knee deep and saving money as quickly as I could.
07:13
Peter Dunn
Really?
07:13
Damian Dunn
Yeah, I really was. I was still fortunate enough to have a very affordable cost of living at that point, and I was stashing away a large amount of every paycheck at that point. I didn't have car expense, and living expenses were pretty darn low. So it was go to work, come home, hang out with some buds after work, and just repeat, wake up and repeat the next day.
07:43
Peter Dunn
And by the way, the reason we're doing this today is because I don't think enough people look back at how their relationship with money has evolved, and so therefore, they don't see the opportunity in front of them just for some context. So we're talking about age 22 for you. What year did the other Mrs. Dunn come into your life in terms of marriage?
08:04
Damian Dunn
When we got married or when I met her?
08:06
Peter Dunn
Married. Okay, so you've still got two, three years before all this is happening. Okay. So, Dame, your main goal was to store money away. Saver or investor? At that point, my friend, saver.
08:20
Damian Dunn
It was entirely, at that point, just saving account because I was saving for down payment for a house at some point and then just trying to stash up some cash outside of that. I often wonder if I put some of that into the market instead of just the saving account, how things would have been different in the long run. Probably not that much, because I ended up using almost all the money I had saved for various goals along the way. So I'm perfectly content with the decision to put it into a saving account versus a non qualified retail account.
08:54
Peter Dunn
You know what, that is fascinating to me in a really good way, like this idea that's a really healthy thing for a young person to do is to first get addicted to saving, right? I mean, yes, perfectly. In a perfect world, you get addicted to investing. But getting addicted to saving is elementary. You were doing consumption based goals. You were saving money to then spend the money on something which is a really healthy thing that a lot of people never get to because they get to consumption before saving for the consumption. Yeah.
09:28
Damian Dunn
And Pete, you and I, our youth was probably influenced greatly by the households that we grew up in. Both of our dads were business owners, and so I'm not sure how much you were exposed to that process, but my dad had this really unique system of taking care of business. It was called the kitchen table, where everything was just kind of strewn about and everything happened there. Budgeting, payroll, paying bills, everything happened there. So every time I walked through that room in our house, I had an insight or a glimpse into what it took to run a business and then also to manage a financial life as well. So this wasn't some secret to me. I remember going him taking me down to sit in a meeting with his financial planner when I was still in middle school. So these sorts of concepts were just part of my normal, everyday life.
10:28
Damian Dunn
So I'm very blessed for that exposure and knowing what a good financial life looks like from the start.
10:35
Peter Dunn
Let's jump very far ahead, because, of course, I've lost track of time. Dame at what point did it significantly shift where your financial priorities changed? Obviously, marriage is going to do that. Was it kids or when did you transition into caring about investing as opposed to saving and consuming?
10:52
Damian Dunn
It was probably with the first real job that I had, where I had access to a retirement plan and got to get some free money from the employer with that company match and pay attention to where things were going there. So that would have been still early 20s, early to mid twenty s. And along with that came all sorts of other responsibilities. We had some student loans that we had to get taken care of, so that adds a layer of complexity to everything. So trying to figure out what a blended financial life looks like with two people and some new responsibilities, it would definitely be early to mid 20s is when things started to get turned on.
11:30
Peter Dunn
How old were you when you were the most liberal with your spending? Liberal in the sense that you were just spending a lot of money and it didn't bother you?
11:39
Damian Dunn
Man, I feel like I ebb and flow in and out of that still today, almost, because there are still times that I will just absolutely step back and go, what was I thinking? Why in the world did I spend money on that? There are still some purchases that I can't believe I made. I paid the price for them, too, literally and figuratively. I don't know. It seems like it's not something that I've ever completely gotten out of, but thankfully, those times in my life are getting further and further apart.
12:10
Peter Dunn
Let's go here. Where are you on the spectrum right now? I'm going to force you to assign percentages to two concepts. One, your success will come with either, A, not needing a Lot Of money, or B, your Success Will Come with Having a Lot of money. So how do you assign those percentages of your current thinking at age 43? What is your current level of thinking.
12:33
Damian Dunn
For future like retirement age?
12:36
Peter Dunn
Successful retirement.
12:39
Damian Dunn
It's really interesting because we're Going to run out of time. I'm going to say 50 and be a total cop out on that answer.
12:47
Peter Dunn
Oh, my God. Why do you do this to me?
12:50
Damian Dunn
Because it's fun.
12:51
Peter Dunn
Coming up after the break, we're going to make Damien at least go one percentage, one direction or the other. And I want you to think during the break. Is your plan based on not needing a lot of money, or is it based on having a lot of money? We'll talk about Damien. We'll talk about me next. Right here on the Pete the Planner show. I'm Pete The Planner jameson with the joke of the day. The split screen looks like a cat burglar. That's really funny, actually. Danza with a shot, too. Today on Pizza Planner. Let's talk about KitcoIn. That's pretty good. That's not planner sam says, if you like a subject, do you purr? I don't know what that means. Pete the purrr. Lots of cat jokes, everybody. Lots of cat jokes. Okay. Oh, elgato del de niro. That's pretty good, Nick. I like that.
13:43
Peter Dunn
Okay, Dame, did that go okay for you?
13:47
Damian Dunn
Yeah, it was way less painful than I thought it was going to be.
13:58
Peter Dunn
All right, so, yeah, here we oh, someone has a question. Hello. That HSA question from last week was just the tip of the iceberg. It's my favorite retirement investment vehicle right now behind the company Match on a 401K. Best part of the HSA is that you don't have to take the withdrawal from the account when you incur a qualified expense. So you can incur a qualified expense in 2021, pay for it out of pocket, then take the withdrawal 20 years later in retirement. Just so as long as you have the Hdhcp, the high deductible health care plan, and the HSA in the year, that qualified expense. Absolutely. And I will say, Dame, we got that email from another really smart person this week, and that is absolutely true. But, Dame, you are somewhat convinced, based on our pre production meeting, that might be a loophole that may eventually.
14:44
Damian Dunn
Be I just I can't see that sticking around too long. It's well known and it's perfectly legal to do this, but I think there's going to have to be some sunset on it eventually in the future to have people start keeping receipts from stuff that happens this year and using them 2025 years down the road. I think there's got to have to be a limit drawn on it in the future. And I don't know when it's going to be, but it's going to happen. I just don't see how there's going to be a way around it.
15:15
Peter Dunn
Mrs. Dunn says his real issue is that the Duns are equally split between one of us wanting to not need a lot of money and one of us wanting to have a lot of money. Dave, do you care to comment on your wife's comment?
15:26
Damian Dunn
No. If you want to wait a minute, I'll just go drag her out here and she can do the next segment.
15:31
Peter Dunn
We don't want the show to get good. I like it is. Okay, let's just start the segment in three, two, one. Back on the Pete the Planner Show, talking about how our financial relationships evolve not with people, but with money itself. Like, how do our views of money change as we mature or get experience and age and wisdom? So we're starting with Damien Dunn, co host of the show. Dame says as of right now, he believes that 50% of his focus for financial success involves him not needing a lot of money, and 50% of his idea and goal for financial success involves him having a lot of money. Dame, that's not going to fly for me. Pick a side, bro.
16:19
Damian Dunn
Here's why I'm settling on that. Okay. There are some large expenses in our lives right now, mortgage. We've got some other stuff going on that doesn't need to be discussed here. But I know eventually those expenses go away because that's just how they're structured and what our plans are for them. So, in theory, we're going to need a lot less money in the future. But, man, I like to plan as if we're going to need it anyway.
16:46
Peter Dunn
You know what? I'm with you. And I think as we start to creep into my views on money and how they've changed, I'm excited to weigh in on that particular thought. But that should probably come at the end. Dame, do you want to add anything else that you find pertinent that you want to share in terms of how your financial life has evolved and your thoughts have evolved prior to moving on?
17:05
Damian Dunn
I think I've had a pretty tame evolution of this type of perspective. So I don't know if it resonates, really with too many people, but if you are in my shoes, it's okay that this is how you feel, because not everybody needs some story that's going to knock people's socks off when they come around to the success part of the story because it's not for everybody. But, man, those stories are fun to hear.
17:37
Peter Dunn
Yeah. No, I agree. So my financial journey really started in high school. I started just doing some pretty standard Roth IRA style investing. I had a budy whose dad was a stockbroker and he got me interested investing, and so I did that. But that's real sort of passive investing, even though some of those investments were actively managed funds. Then when I got to college, I was day trading a lot. I didn't go to class a lot. This shouldn't surprise most of you. I day traded and I made some money. So enter into the adult world 22, and my goal was to find a high paying job so I could establish a lifestyle that I wanted. I had a very nice childhood, teen years. My family was sort of upper middle class, and I wanted to replicate that lifestyle. So that was going pretty well. My wife was a teacher.
18:32
Peter Dunn
I was a young financial advisor. And then, Dame, around 25, 26, my financial views took a really wicked gross turn that I will freely disclose to you today.
18:44
Damian Dunn
Well, please expand on that.
18:46
Peter Dunn
So things were going well, and for some reason, in my mind, it made sense to me that my next goal, my next financial goal and I believe Dame, I've shared this with you in the past is that I just simply wanted to make more money than my dad had earned at the height of his career, which was still ongoing at the time. And in retrospect, and actually not too far retrospect, even after I had that idea. That's a terrible human's viewpoint that is not consistent with my character, and I regret it. But I'm also willing to admit that I trivialized my father's life's work by saying I just simply want to make more than him, like it was some sort of stupid contest. So that was a bad place. I mean, that's a bad place. That's 26 probably. It was the sort of time where I would just go to an obnoxious steakhouse because I could go to an obnoxious steakhouse.
19:45
Peter Dunn
If you look at the pictures from the time, you can see that I went to an obnoxious steakhouse quite often. And then I don't know what snapped. My 2007 had a really good year in business, and I just decided to just turn it on a little bit. So I was 28. So I put the question out on Twitter this past week of like, when did your financial life click? And for me, it was 28. I began saving more money, began investing with some purpose, and the materialism started fading at that point, right, that, hey, make a lot of money so you can spend money and not worry about it, began to fade. And of course, I've had blips with that over the last, let's call it 15 years, but nothing like I was experiencing in 26, 27, where I was just getting it and spending it.
20:37
Peter Dunn
I regret 22 to 28 more than anything.
20:40
Damian Dunn
I'm curious, I think you've discussed how your passion for what you do now really got turned on. And I'm curious if some of your interactions with your clients at that time really started to turn the tide for you. What you were witnessing and discussing with them made you realize that the lifestyle you were living wasn't what you really wanted to be doing and needed to make some changes.
21:09
Peter Dunn
It was the exact same time. So Pete the Planner became a thing in 2005 ish. So I was about 27 and I was talking to people. I was really studying money, researching how people spent money. And then I had to look inward. And then it became that moment in my career where if I was going to have any sort of platform and it was a pretty small platform at the time because it was a blog that my mom read. I was terrified of hypocrisy, right? I didn't want to say one thing and do another. So my life improved because I took interest in wanting to teach people how to do better things, but I myself hadn't been doing the things I wanted to do. So that just continued to know. This concept actually bleeds into our next segment, which is sort of this really aggressive advice that Dave Ramsey gave this past week on Fox News about if you need a stimulus payment, then your financial life's a wreck.
22:01
Peter Dunn
Anyway, this is odd and it sounds a little out of hand, but I used to give really aggressive advice early. And again, I didn't have a giant platform. Still don't. I used to give really aggressive, if you don't do this, you did real, like, put it on a billboard, that sort of stuff. And I've totally just mellowed because I realized that my real tough takes were simply based on my own personal silver spoon experience. And I didn't see that people had different realities, sometimes based in things like systemic racism and poverty. And so that whole hardcore tough guy lunchbox, it just has faded almost to the point where I'm merely a shell of my 28 year old cocky self. Which is to say something, because I'm still rather self assured.
22:53
Damian Dunn
So you're 15 years into the Pete the Planner experiment ish if you could go back and tell your self 15 years ago, one bit of advice, what would it be?
23:05
Peter Dunn
I would choke myself. First of all, this is a great question, Dave. A couple of things. One, I do extend myself grace, and I'm not a regretful guy. I'm just not. It is what it is. I've learned from it. And I also hate when people say it is what it is. But I'm so upset at myself from 22 to 27 for not investing more money. And it's not because I would have millions and millions and millions of dollars, although that's arguably true based on wasted opportunity. It's just that I guess now what I do is to try to prevent people from making that exact same mistake. And so maybe that's my penance. I'm not sure. The other thing I regret is having some of those hardcore approaches that real tough guy takes, telling people how to parent their kids about money. I didn't have kids.
24:00
Peter Dunn
Right. It's just maturity sort of grows from there. Where I'm at now, though, where I'm at now, I used to aspire to have wealth, then I aspired to have flexibility, which is money and time. Now I'm at a completely different place. I understand that there's a currency in the concept of attention. What I pay attention to, how I garner attention from others and understanding that balance. And the currency of if I pay attention to this, then I can't pay attention to that. If I don't get that under control in terms of what I think is really important, then all the money and time in the world are going to be pointless and I will just completely waste them on things that don't warrant my attention. So my current focus is making sure that I'm spinning that currency of attention and replenishing it in a very healthy way.
24:53
Peter Dunn
And that's a deep concept. As I go to break. Coming up after the break, we're going to talk about why if you need a stimulus check, there ain't nothing wrong with you. I'm Pete the Planner and this is the show. Boy, I just went real deep and then just shut it down.
25:05
Damian Dunn
Yeah, that was a roller coaster of emotions right there.
25:08
Peter Dunn
Dan's asked a question that is worth it. Are you drinking? A Coors light dame. What is what's wrong with me?
25:21
Damian Dunn
What is wrong with you?
25:23
Peter Dunn
Hold on. Matt just says, is that our budy Matt Rosene? Do you think it could be. I hope it is. If it is Matt Rosene, and this is getting real creepy because now people are going to Google him. Matt Rosene is one of the nicest people on the planet. Like, truly one of my favorite people. He and I have been several places together. We were at a church in where in the world were we?
25:48
Damian Dunn
I want to say it's not Matt Rosine.
25:50
Peter Dunn
It isn't. Oh, I'm still telling the story about Matt Rosin. Well, Matt R, I'm sure you're great. We were in some church in Tennessee or North Carolina or something like that. And I was speaking and he was there from the organization I was speaking for, and there was like a potluck lunch or something, so we put on aprons and we served everyone lunch. And it's like there's really weird turn of events and I'm telling a story that no one cares about. Okay, so Danza asked reminds me of the time my dad told us the story about how he used to laugh in calculus in high school. And then we all just looked at him. We're like. Great story, dad. And now I'm him. Danza wants to know what's the update on last week's show in which there was an all out war in my home during the recording of the show.
26:34
Peter Dunn
The players in that drama were olivia Dunn, my daughter Ollie, eleven, my son Theodore, Teddy, he was eight, and Mrs. Planner, who is simply a bystander and I will not give her age. And dame here's what happened? My daughter took a blanket from my son or took a quilt or something, or the remote control or something like that. So my son stood up and as hard as he could, he kicked her square in the knee. She screamed as though someone had murdered her. And the rest is radio. Yes. Okay, let's talk about Dave Ramsey on the radio. Now.
27:19
Damian Dunn
You want to, I suppose.
27:24
Peter Dunn
Did you answer that question?
27:26
Damian Dunn
Yeah, I guess we can.
27:28
Peter Dunn
And by the way, we're not talking about Dave Ramsey. We're talking about what Dave Ramsey said.
27:31
Damian Dunn
Okay. That's better.
27:32
Peter Dunn
Okay. Yeah. Three, two, one. And I just messed up the segment less America. Why do I get So to hold on. I'm sure the other Matt R is nice, too. You know what I mean?
27:53
Damian Dunn
What if he was nicer than Matt Rosine?
27:55
Peter Dunn
It's impossible. Three, two, one. Back on the Pete the Planner show. Here's what I urge you to do this week. Just take a long look at your financial journey. Look at how you used to think about money in your late teens, how those thoughts and ideas came to you. Did you see your parents financial stress? Were your parents sort of laid back? How did it form and then how did it mature into your late twenty s and thirty s and just explore, like, is your goal to have a lot of money or is your goal to not need a lot of money? Which then dame, I never answered that question for myself. I have been in the not need a lot of money camp for quite some time, right? I still am in that camp. I'm probably still 70% in that camp, and I don't view myself a greedy person by any means.
28:40
Peter Dunn
However, I will say this. The closer you get to retirement and the more your numbers that you have begin to have a shot at the goals you formed a long time ago, it's interesting. I'm not saying I'm money hungry. I'll just say this now that some of my goals actually are in focus. I don't want to spend money. Like, I literally don't want to spend any money. My Apple Watch is sort of messed up, and I know I need to replace it's, like 300 and $5400, whatever. And I need data when I work out because that's the reason I work out not to stay healthy, because I love data and I'm not getting the data I want. But, damn, I can't pull the trigger because I'm investing as much money as I can right now.
29:25
Damian Dunn
I'm curious. Is Mrs. Planner on board with these goals and your approach to them?
29:31
Peter Dunn
It's a really great question. We spend money differently. We spend money independently. We're at a point we've been married over 20 years. I don't seek permission or anything to spend money, nor does she. So I guess what I'm saying is my. Consumer habits are currently not impacting her in any way, shape or form. But we're both enthused about our progress towards our retirement goals. Is that fair?
30:00
Damian Dunn
I mean, is she on the page with not needing a lot of money for retirement?
30:03
Peter Dunn
Oh, yeah, totally. But again, our house will be paid off, our kids college will be funded. We'll have no other bills. So I would estimate we will need two thirds to about two thirds, maybe 60% of what we earn now in retirement, which, if those are your percentages, those numbers work.
30:25
Damian Dunn
Yeah, I think that's a really interesting question for people to have to try and grapple with as they start to face retirement is how much of your income do you need? How dependent are you on that income? Which is why you've developed a few of the metrics that you have. But, man, if you can get that down to 70, 60%, you're going to be in really good shape.
30:46
Peter Dunn
Yeah, that's a great point, because it's not even about sacrifice. It's not about living frugally. It's just that, no, you just don't need the habit doesn't exist. You don't need the money. Like, if my house is paid off, if the copious amounts of money we're saving for college isn't needed to save anymore, then we don't really have that many bills or habits. Sure, we're going to form new ones, we're going to have new interests. We're going to want to take falconry lessons or things like that, but all right, Dave. Speaking of money, this past week on Fox News, personal finance guru Dave Ramsay suggested that if you need $600, or $1,400 for that matter, in the form of a stimulus payment, that he doesn't believe in stimulus because those people have other things wrong with their lives. And so that became really quite the quagmire for him as people reacted to that.
31:40
Peter Dunn
Before we give our comments on that, if you even choose to give your comments on the dame, I'll just say this my goal here is not to vilify Dave Ramsay. I don't particularly care one way or the other. I simply want to react to those comments. And the reason is because I feel completely opposite about that if a person, if $600 or $1,400 or whatever helps them, there's nothing wrong with them. It's just the amount of money they needed to solve the issue in front of them. And so many people, 25% to 30% of our population, lost significant income this year. They got behind on bills, they owed family members money, they owed their landlords money, they had medical bills. And so if 600 or 1400 or for a total of $2,000 helps you, why would you say that something is systemically wrong with a person in the midst of the worst economy in 100 years?
32:30
Peter Dunn
I simply don't understand that thinking.
32:33
Damian Dunn
I think he probably conveyed what he was trying to say really poorly. At least that's my hope. If I'm trying to extend him some grace. There's a huge difference between somebody and their finances in a lot of cases. And if somebody's finances could benefit from $600 or $1,400 or $2,000, whatever the case may be, okay, there's nothing wrong with that. Lots of people's finances could benefit from that. That doesn't mean there's something wrong with you as an individual. And that was not clear by how he said that structure or said that sentence crime. There's a point in time in Dave's life when he could have benefited from 600 or 1400 or $2,000. So I'm hoping he just chose his words very poorly. But even if he didn't, or even if he said exactly what he wanted to, we have to start separating somebody's finances from who they are and their value as a person.
33:29
Damian Dunn
And I think that's a message that, if he would have crafted would have come together a lot better and been received very well.
33:36
Peter Dunn
Yeah, your net worth and your self worth are not the same thing. And I think the lack of empathy for people who are struggling is one thing that really bothers me. But the other thing is when those people ask for help because they admit or come to terms with the fact that they're struggling and they want to do something about it, then we insult them. I think whether we're talking about money or we're talking about mental health or we're talking about how people feel different politically and they feel marginalized if someone is hurting and then they ask for help, why are we distancing ourselves from the people who need help? All of us have needed help with something. The mere fact that Dave Ramsey has filed for bankruptcy means that he leveraged something available to him through the government. I just don't.
34:34
Damian Dunn
Mean we're if we're going to start this train going down, the mean that's one of the things I think that we really need to work on in this country is being willing to extend an olive branch to people. Social media is absolutely crushing that on a day in, day out basis. And the sensationalism that we see presented to us online and in the news and in print is not doing us any favors as individuals and as communities in this country. So if you have a chance to be that little bit of hope or that spark of joy for somebody if they are struggling, please do it. Don't look at all the things that you disagree with. Look at them as a human and see how you can help them get out of whatever rut they are in.
35:21
Peter Dunn
Every time that Sarah and I had, mrs. Planner and I had this conversation the other day, were at a basketball game, teddy's basketball game, and there's this know, as a younger person, I would have described him as sort of out of know, the kid who was sort of a bad apple. The kids ate. And I think we're so quick to see how someone's different and then just put them in that category. And as a younger person, absolutely I did as a young adult, I bet I was like, well, I'm doing fine. They're not. You get it together, Billy. It's not that easy. Because everything it took for me to have my stuff together from a financial perspective was a byproduct of my upbringing and the opportunity given to me and the grace extended to me. And so all of a sudden, we're to a place where we're closing the door behind.
36:13
Peter Dunn
Like, my issue with what Dave said is that he had someone take a chance on him, the bankruptcy court, and now he wants to shut the door of opportunity behind him by saying, oh, well, this government money, you got another problem. You clearly have mental health issues. It was stunning. And again, who cares what I think about him? It doesn't even matter. I don't think of anything. I just disagree with those comments wholeheartedly.
36:43
Damian Dunn
Yeah, I agree. I don't know if there's really much of value that I can add to it, but be kind to each other. Everybody just take a deep breath and look for the things that bring us together.
36:55
Peter Dunn
We'll end on a positive note. I'm very thankful for the millions of people he has helped, and I hope he's not lost the opportunity to help millions more by disenfranchising people based on the wealth gap that exists in this country. So anyway, coming up after the break day biggest waste of money of the week. You know what? I'm going to go on my latest pedestal and tell you about a product that I want this week. Not one that's a waste of money, but something that I want, and it is obnoxious. And you can all laugh at me and say, oh, little kitty. All right, so, dame, that's what's up. That's next right here on the Pete the Planner show. Damien Dunn is here also, as he often is. I have a cat face on digitally on Facebook Live. You have to see it to believe it.
37:38
Peter Dunn
I'm Pete the Planner and this is the show that's a weird way to hit the post is to really drag it out there at the end.
37:44
Damian Dunn
That's all right. I didn't do you any favors.
37:46
Peter Dunn
Date dame. As you can imagine, you and I actually have this conversation a lot. I get the Dave question. I used to get it a lot more. I've spoken at large events and maybe questions and like, some random dude at the back of the room will be like, how are you different than Dave Ramsey? And people ask me and it's like out of always. I used to struggle with that question because I wanted to have the level of influence that Dave has. But I don't understand the point of me having a take on him other than the words the other day. I happen to disagree with. Although the weird part about the clip, if you listen to the whole clip, and you really should what I send you, Dame? I said I agree pretty much with what he said up to minute 142, where he just lost everybody.
38:39
Damian Dunn
Here's the thing. A good financial idea or concept is good regardless of who says, like, there are tons and tons of things that Dave Espouses and believes in that we would be in lockstep with, because it's a solid concept. But like many people, like all of us, he is fallible and slips up every once in a while and doesn't necessarily come off as well as he probably intends.
39:14
Peter Dunn
That yeah, this is not us throwing the baby out with the bathwater. Anyway, let's move on. Dame, you ready for the biggest waste of money of the week? I know. I know. You're excited.
39:23
Damian Dunn
Yeah. But I'm not sure my Zencaster is ready to go.
39:26
Peter Dunn
Okay. I know. I'm resetting it. I was buying. You know, Todd actually makes a really good point here on Facebook Live before we go to our segment, he said the question also came on the tails of a student loan forgiveness question, which gets him fired up, probably. Look, we've talked about that topic on the show. I think what's different is, Dame, you and I both disagree with $50,000 being forgiven on student loans. We agree with each other, but we disagree with the idea that's a good idea.
40:08
Damian Dunn
Right.
40:08
Peter Dunn
And I think we relatively both agree with the idea that $10,000 of student loan forgiveness would be okay. Right. I'm not against it. I'll say that I think it's tone. I think it's about delivering because it just seems like you're I don't know.
40:26
Damian Dunn
The $10,000 I would be more acceptable towards. I still think there's some moral hazard issues that would have to be factored into somewhat on that. But there are people who could benefit from some student loan forgiveness because it's the right thing to do.
40:45
Peter Dunn
Based on that segment, though, I do agree with the idea that it would not stimulate the economy. Right now, there's just zero chance. Not going to happen. Number two, to do it without fixing the rising cost of college is also pointless because we're back in the same situation. Six.
41:00
Damian Dunn
Exactly. That's one of my biggest concerns with just mass forgiveness, is that we'll find ourselves back here before you know it.
41:07
Peter Dunn
Three, two, one. This week's biggest waste of money of the week right here on the Pizza Planner show is Pure Fish curated seafood boxes. After 17 years of exclusively supplying fine dining restaurants and Michelin starred chefs, purefish is bringing their sushi grade sustainable seafood to your home. Pure Fish offers a curated collection of center cut seafood that is prepped, portioned, and packaged in completely recyclable oven safe trays and delivered directly to you. The high quality seafood boxes have previously not been available to the public, and arrive ready to go from the fridge to your fork in under 15 minutes. Plus, proceeds from the sale of each box are donated to the Ocean Cleanup Project and nonprofit organization that cleans up plastics and waste from our oceans and rivers. So, Dame, what you would get with one order of pure fish? An order includes two trays of Arctic sustainable salmon, two trays of sky steelhead ocean trout, one tray of Arctic char, one tray of saltwater striped bass, one tray of Caribbean kobia, one tray of wild Santa Barbara black cod.
42:29
Peter Dunn
And the cost of all that is 275. Or $250, I should say. Dame, that is a lot of money. But if you've had really good seafood and you constantly are buying, like, weird farm raised salmon, no offense, farmers of salmon, it starts to get old. And I got to say, I'm not actually going to buy this, but, man, that sounds really delicious.
42:53
Damian Dunn
First of all, was this womb influenced by your cat filter digital face? Because if it was, that was some killer planning on your part.
43:02
Peter Dunn
I have to admit, it was mere coincidence. Wow.
43:08
Damian Dunn
Anyway, no. There's no way I'm paying 200 and some dollars for shipped fish to me. That just doesn't seem right. Go catch some blue. Gill pete Fry it up, have a good time.
43:19
Peter Dunn
But listen to how many pieces of fish there are. Okay? There's two, four, 6810.
43:24
Damian Dunn
Twelve, counting with Pete.
43:27
Peter Dunn
Okay, so $250 for 16 servings of fish. Let's figure out the math on this math on the radio. Math on the radio. $15 per piece of fish. $15.63 per piece of fish for the highest quality fish you can get. I don't know, Dame.
43:47
Damian Dunn
What's a serving of fish? Like 4oz?
43:51
Peter Dunn
Well, that's a good question. That's a really good question. I would say probably five to 6oz. That's a great question, Dame.
44:00
Damian Dunn
That's not a meal, it's a snack.
44:02
Peter Dunn
Man, now I got to find it. Yeah, that's true. There it is. 6oz. 6oz.
44:09
Damian Dunn
I'm not convinced.
44:10
Peter Dunn
What's in the news this week?
44:11
Damian Dunn
Dave, you ready for the biggest? There's no way that's true of the week. Pete?
44:16
Peter Dunn
Yeah, please.
44:17
Damian Dunn
Over a quarter of American adults say they bought GameStop or another viral stock in January, according to a new survey from Yahoo. Finance and the Harris poll. Using a representative sample size of 1089 Americans, the survey found that GameStop wasn't actually the most popular stock from a how many people bought it? Standpoint. While 9% of Americans bought at least one share of GameStop, according to the poll, 10% bought a share of AMC Entertainment GameStop. I know.
44:48
Peter Dunn
No way. No way.
44:52
Damian Dunn
Unless this poll was conducted on Reddit or Twitter, there's no way 28% of Americans bought one of these stocks.
45:00
Peter Dunn
Okay, here's what we want to do right now. The next four people say bought it or didn't buy it on Facebook Live. YouTube Live. We stream the show every Friday at noon Eastern. People can comment be part of the show. Right now, you either bought it or didn't buy it. We're going to take the first four. We're doing our own poll. So let's see it. Did you buy it or do you did not buy it. And in the meantime, Dame, maybe this is disclosure time. I did not buy GameStop or any of those Meme stocks. Did you?
45:28
Damian Dunn
No. I didn't even get around to opening my Robin Hood account like I told everybody I was going to a couple of weeks ago.
45:33
Peter Dunn
Okay, so we have five people responding so far, anne Jameson, Danza Tim and Mary Lou. And none of them bought it. That's 0%. And our people are geniuses.
45:40
Damian Dunn
Yeah, I would say I think we might be a little biased in our listenership here at this point, but no, it doesn't surprise me that anybody.
45:52
Peter Dunn
But now I'm laughing at Daniel. But, Daniel, I'm not laughing at in fact, we I'm laughing at you. I'm sorry. I didn't mean to he said I bought it, lost money, slightly embarrassed about it. You know what?
46:05
Damian Dunn
But it's the picture in that makes it really funny.
46:10
Peter Dunn
Yeah.
46:11
Damian Dunn
Anyway.
46:12
Peter Dunn
Sorry I laughed, Daniel. It's not my style.
46:15
Damian Dunn
Wait. Go ahead, Dave. Shares of a handful of cannabis stocks surged earlier this week, the newest set of targets from the Reddit trading community betting on the federal legalization of the plant. Under new Democratic administration, shares of Tilray soared 50%, bringing the stock's year to date gain to more than 670%. Canopy Growth rose 6%, adding to its 110% rally this year. Afria, adding to its 280% gain this year popped 10% and Aurora Cannabis rose 20%, bring its year to date rise to more than 120%. Pete, none of these stocks had the common decency to rise 420% this year.
46:58
Peter Dunn
Either way, it sounds like they're at an all time high. I'll tell you this, I made the prediction last March that Meowana would be a I stole that joke from Danza. Meowawana would be big going forward because I think local governments, state governments are going to need to raise tax revenue and they can do it by legalizing cannabis, marijuana, whatever, and get that tax revenue. So the idea that Reddit is sort of stoking the fires of this is insignificant to but and I'm not giving you investment advice, but yeah, I would be bullish on marijuana stocks if that was my thing.
47:37
Damian Dunn
Pete, last state in the union to legalize marijuana. Who's it going to be?
47:44
Peter Dunn
Maybe I'm in the state of denial, but I got to go with Indiana.
47:47
Damian Dunn
I think you might be right.
47:48
Peter Dunn
I mean, you couldn't buy beer on Sunday two or three years ago.
47:53
Damian Dunn
Supermarket chain Kroger is giving $100 to workers who get a COVID-19 vaccination, joining a growing list of US retailers incentivizing employees to get inoculated against the novel Coronavirus as soon as possible. Pete, is this a good use of company funds?
48:09
Peter Dunn
Yes.
48:13
Damian Dunn
Okay. All right.
48:14
Peter Dunn
By the way, I'm not giving you $100 if you get vaccinated.
48:18
Damian Dunn
Fair enough.
48:20
Peter Dunn
That's a good question, though, Dame, isn't it? Do you think it's a good use of company funds?
48:24
Damian Dunn
I'm not sure. I don't want to see companies incentivize employees to do something that they may not otherwise do. In this particular case, obviously, they already do that with 401 KS and 403 b's with the match. So this isn't new territory that they're trying to encroach on here. But the health issue with vaccines, especially this particular one, who's got some politics around it, I'm not sure I'm on board with this use at this point.
48:59
Peter Dunn
You think there's politics around the vaccine?
49:01
Damian Dunn
I've heard some rumblings on clubhouse.
49:06
Peter Dunn
Yeah, I'll take it from a labor standpoint, if the company believes by having people vaccinated, they'll have fewer people out sick and that helps the bottom line of the organization, then of course it makes sense to incentivize that behavior. So from that perspective, I have no issue with it whatsoever. Last story, Dame. What do you got?
49:29
Damian Dunn
Bank of New York Mellon, the nation's oldest bank, is making the leap into the market for cryptocurrencies. The custody bank said Thursday it will hold transfer and issue Bitcoin and other cryptocurrencies on behalf of its asset management clients, which makes sense. Pete, do you know why they're doing this? At least? It's my cynical opinion.
49:47
Peter Dunn
I've chosen not to be cynical anymore, but go ahead.
49:50
Damian Dunn
So they can charge a fee to hold those cryptocurrency.
49:53
Peter Dunn
Oh, just the AUM situation.
49:55
Damian Dunn
Be my bet.
49:57
Peter Dunn
So wait a second. So if it skyrockets, then AUM skyrockets. Imagine that. You know what, man? You are smart.
50:07
Damian Dunn
Anyway, in the time, bank of New York Mellon will allow those digital assets to pass through the same published plumbing used by managers other more traditional holdings, from Treasuries to technology stocks, using a platform that is now in prototype. Pete, this is going to be more commonplace as cryptocurrencies sweep the land.
50:27
Peter Dunn
I get that crypto question a lot, and I've gotten a lot over the last five or six years, and I still contend I understand it, but I personally don't understand it enough to invest in and everything else I'm invested in, I understand, and I just leave it at that. That's all. Send you good vibes. Because good vibes are all that's in the budget. I'm Pete the planner. Goodbye from Yow. Goodbye from Yow.
50:56
Damian Dunn
I heard it.
51:02
Peter Dunn
I'm glad that I stuck with this. Go ahead. Sorry.
51:05
Damian Dunn
I'm sorry, everybody.
51:06
Peter Dunn
No, we're into the quickly. Yeah. Oh. Goodbye, everybody. You're very oh. Without Phil. Dave gives me dame gives me a chuckle. An lol once a week, and it's usually the last segment today was a call back to the clubhouse. You know what? That was good, Dame.
51:26
Damian Dunn
Thanks. It's subtle, but I appreciate people that pick up on it.
51:31
Peter Dunn
Yeah. Daniel says goodbye. Have a great weekend, everyone. Don't buy GameStop, everybody. Thanks. Be good to each other. If you see someone struggling, ask yourself why and don't blame them. Try to help if you can. That's my Mr. Rogers thing of the week. Goodbye, everybody.
