00:03
Peter Dunn
And we're live on the Pete the planner show, first week of the NBA season. Oh, people in my household are excited. Young Ted is asking to stay up at night. He's getting up early to watch sports center. All is well in the world as large men collide into each other and throw a little round object into a steel hoop. No one cares. Peter Dunn here. Damian Dunn here. And Kristen Ahlenius here on the Peter Planner show. Hello, everybody.
00:32
Kristen Ahlenius
Hello.
00:32
Damian Dunn
Hello.
00:33
Peter Dunn
How about that little take on basketball?
00:38
Damian Dunn
I feel bad for Ted because I remember when I was passionate about sports roughly his age, and it took me a long time to figure out that regular season really matters very little. And you're only getting a fraction of their effort during those times.
00:53
Peter Dunn
But you only figure that out as an adult, right. As a kid, you just enjoy it. I just remember when were kids, it felt like every game was bulls, hawks on WGN or TBS. And it was amazing back in the.
01:07
Damian Dunn
Good old days when fans could see all the games one station.
01:11
Kristen Ahlenius
Oh, boy.
01:13
Peter Dunn
Andy says hello in the Facebook live chat. Great to see us back. She missed us last week. Yes. I family trip to New York City, so got to show the kids Manhattan and good times. Good times had by all. It's amazing how you can buy a three dollar hot dog on the street that gives your son as much glee as the rest of the entire trip.
01:34
Damian Dunn
Really?
01:35
Peter Dunn
Oh, Ted loves street meat.
01:37
Damian Dunn
Was that his first experience with street meat?
01:41
Peter Dunn
First New York Street meat. Anyway, big rick swink says good morning. Well, good morning, big Rick Swink. Okay, here's what we got on the show today. And Damian made this executive decision based on his really catchy title. Damian, what is the show's topic today? Wait, I want to watch all the viewers flee. Okay. Go ahead, Dame. All right.
02:00
Damian Dunn
Well, first and foremost, we have the obligatory update on student loan forgiveness that Kristen will get us up to speed on very shortly. And then we're going to talk about huge insurance mistakes that you may hopefully may not be making.
02:19
Peter Dunn
Fantastic. Danza and J. O, say hello in the chat. J. O, I'm looking at an email you sent me yesterday. I think it was yesterday about the Minnesota timberwolves and wine. All right, I'm going to read it later.
02:33
Damian Dunn
And wine.
02:34
Peter Dunn
Well, it's an interesting story, actually. J. O's brothers isama ye at a really nice restaurant in Minneapolis, and so a lot of the NBA players come into his restaurant, and NBA players are really into wine these days, and so he's often serving wine and suggesting wine to NBA players. So it's sort of a strange thing.
02:56
Damian Dunn
We need to know the biggest wine tab he's seen.
03:01
Peter Dunn
I think I know the answer to that, but I don't remember because you know how I am. Good morning, Chris. Good to see you. Jameson, look at him. The Internet still works down in Texas. That's good. But since it's going to get colder down there, will the power grid still work? Good times. That was Aqua. Greg makes it the podcast. Listeners are just like, let's move on to Joe Rogan or something, because I'm just reading everyone's comments. Rochelle says hello. Greg Gardner up in HQ two right now. Rudy Gobert's fit with the T Wolves this year. Okay, now he's really trying to make it NBA chat, but that's all right. Okay, let's do a show. I'm going to get my timer here. I got plenty of time for everybody today. My girls soccer team lost last night, though, so a little upset. Three one. Tough game against Circle City.
03:53
Peter Dunn
We lost. The girls are learning how disappointment works. Fantastic. In three, two, one. This week on The Pete the Planner Show, we answer your money questions. Here's how the show works. You email us, ask, Pete, askpete@petetheplanner.com that's, askpete@petetheplanner.com. And what will happen is this. If we feel like answering the question and you did, in fact email us, we'll do it here on the show, this very syndicated radio show. Speaking of syndicated, Kristen Ahlenius joins us, as does Damian Dunn. Hello, people.
04:35
Damian Dunn
Hi.
04:36
Peter Dunn
I don't know. I didn't have anything there. So we're going to do a quick student loan update because we do have some actual moving pieces. So we'll do that. Kristen, of course, will give that update and then it's the insurance edition of the show. I also admit I was on the Indianapolis Business Journal podcast, which comes out later next week or something, and it was also an insurance topic. Here's my feeling on insurance. Let's just have a very big, bold conversation about once a year, no more. And the good part about this conversation is no one on our show sells insurance. That's always the best time to learn about insurance because you're not feeling like someone is going to try to sell you insurance. And it's with that we go to our student loan update. Kristen Alanius, there is movement in President Biden's executive order to forgive student loans in Moss.
05:28
Peter Dunn
Please describe.
05:29
Kristen Ahlenius
Yeah, the application's open. So we've been talking about student loan forgiveness for nearly two months now. The original announcement came out late August, so the application is live. If you go to the StudentAid gov website, you can find it. It's very simple, just your basic information and then you actually don't have to provide proof of income or anything. You are subject to audit. So make sure you're being truthful about whether or not you qualify for loan forgiveness. I think the only other thing to note at this point is that the application could be closed from time to time as the department is making updates, I assume with the logistics on the back end. Well, actually, that might be it. It's a beta version, so it's subject to closure. So if you hear this and you go there and the application is closed, don't worry, you haven't missed the window.
06:20
Kristen Ahlenius
You have until December 31 of next year, actually, to apply.
06:24
Peter Dunn
Yeah. So, Kristen, I've been wanting to ask this question two things. Number one, do you have to apply to get student loan forgiveness?
06:32
Kristen Ahlenius
If you're someone who doesn't have your income information on file, meaning you didn't fill out the previous year's FAFSA, and you want student loan forgiveness, you do have to apply. If you're someone who might be subject to automatic forgiveness, meaning your income information was already on file from an income driven repayment plan application or from that FAFSA, then you actually have to opt out. And at this point, that said that it's going to be with your servicer. I haven't seen the logistics for how you can opt out if you're someone who doesn't want student loan forgiveness.
07:07
Peter Dunn
Damian, you're hearing what I'm hearing? Everyone should just go ahead and apply?
07:11
Damian Dunn
Absolutely. Yeah. I don't see any reason were they going to give you two credits on this? Are you going to forgive you twice? I doubt it.
07:19
Peter Dunn
I've seen stranger things. Okay. Not the show, anyway. All right, dame, insurance mistakes. There's a lot of them. People make them on a regular basis. People freeze up when insurance is brought up, especially cocktail parties. So let's go through various types of insurance and where people make mistakes. Now, Kristen, anytime we do segments like this, I don't know about you, but I always like to make sure that we're not feeling judgy, because some people are going to have made these mistakes, and we don't want them to feel ostracized. We just want to point out that maybe there's a different way. Is that how you approach these things?
07:53
Kristen Ahlenius
And I would imagine that some of the life insurance topics that we're going to talk about, they live in a privileged space. Sometimes certain types of insurance are just not affordable. And so if you're someone who hears a type of insurance that we might talk about and you feel that it's out of reach, we don't want you to feel shame for that either. But we want you to understand what your options might be should you find yourself in a position where these extra options are affordable.
08:20
Peter Dunn
Yeah, dummies. I'm just kidding. I'm totally kidding. All right, Dame, where shall we begin?
08:28
Damian Dunn
Since Kristen kind of opened the door to life insurance, let's start there. The first major mistake somebody could potentially have is not having the right amount of life insurance.
08:38
Peter Dunn
That is my biggest beef, by the way. Ted, my ten year old told me a joke the other day. He said, if two vegans are arguing, can you really even call it a beef? Yeah, I think he probably stole it. It feels stolen. Yeah, but yeah, that's a big problem if you don't have the right amount of life insurance.
08:57
Damian Dunn
That is a huge issue indeed. Obviously, if the life insurance is on you and you pass away, move on to earlier than anticipated and your beneficiaries are left trying to figure out how to put ends together, you want to make sure that they're set. And if you undershoot by who knows how much, it's going to be even more stressful for them. Now, I've personally never had somebody come to me down the road and say, you know what, losing dad was really tough, but man, when he left us too much life insurance, we had no idea what to do. No, I don't think there's a possibility of having too much life insurance, but you sure as heck can have too little life insurance.
09:40
Peter Dunn
Now, Kristen, you are a content creator on both TikTok and professionally in your real life. But I mean, TikTok is for pleasure. Your work life is professional. That's the distinction. Yeah, right.
09:56
Kristen Ahlenius
Yeah. Are you calling my TikTok out right now?
09:59
Peter Dunn
Oh, I've never seen your TikTok. Do you have a TikTok? I just assume you do because you don't understand my jokes.
10:04
Kristen Ahlenius
Well, it was just really coincidental because I very recently have a TikTok, so I thought that was your cryptic way of telling me that you had been creeping.
10:12
Peter Dunn
No, I don't even have TikTok on my phone and I am a creep just to really anyway, here's my question. Kristen, you're a content creator, sometimes as a content creator, we do things like, we say, the worst types of insurance you can have. And when we do that, what ends up happening is we tell people to get a certain type of insurance and then they don't end up with the right amount of insurance because they can only afford a certain amount. How important do you think face amount is versus type of insurance, Kristen?
10:47
Kristen Ahlenius
I would say that it's way more important because it determines the affordability most of the time. So I would say knowing how much you need to have and we just talked a lot about having the right amount, but we didn't say really, like, we didn't even give a blanket recommendation. So I don't know if we want to dive into that.
11:07
Peter Dunn
Briefly because dame's got like a dame has a higher list of insurance mistakes here. I'll say what I said on the IBJ podcast and rules of thumb, they can get messy and vague, but I think if you have survivors, if you have a family, if you have dependents, ten X is a great place to start the conversation. You're going to go up and down from that, but ten times your income, I think, is a good place to start. Dame Z, I mean, you do this a lot more than I do. Do you feel differently?
11:36
Damian Dunn
No. Ten times is, like you said, the rule of thumb, and it may or may not apply. And I would highly suggest you sit down and do a much deeper dive on what the needs actually are for your circumstances. But if you want a place to start, if you take over whatever your annual income is, multiply it by ten, you're going to be probably in the ballpark. And I know there's a lot of people thinking, well, it's way too much. There's no way we would need that. We could easily pay off the mortgage and fund college. It's not I'm just going to tell you now, ten times your income is not too much.
12:09
Peter Dunn
Yeah, the old insurance saying is the face is a lot, the income is not. That's what the kids say in the insurance biz. Kristen, clearly no one has sat down with you and tried to sell you life insurance.
12:23
Kristen Ahlenius
I don't allow people to sit me down to try and sell me life insurance. Usually, I'm anomaly. I feel I don't feel like I have an extra need for life insurance, so I'm not going to have that conversation now.
12:39
Peter Dunn
Dame, here's what we got to do. We've got to arrange as a work requirement for Kristen. Yeah. No, it's one of your KPIs for the fourth quarter is to have a full life insurance needs analysis for the professional life insurance person, and we have to record it and we have to have a close up of your face so we can see you not have a poker face during the entire conversation.
13:04
Damian Dunn
Yeah, we're going to set this up in the conference room at work, and we're going to have them come in the Glass conference. Absolutely. We will sit and commentate from outside the room.
13:12
Peter Dunn
And it's with that, we take a break. Coming back, more insurance mistakes. How to avoid them and how to avoid them. I'm Pete the planner. Legendary outro, I will say J O just gave us some answers about wine here. She said she knows of a $28,000 dinner bill for 21 people. A bunch of it was wine. Yeah, that makes sense. I can see that brian pinkens makes it in the house. Brian, I have your shirt, by the way. I officially have your shirt. It's right over there. It's not his shirt. It's a shirt that I got for him. Yeah.
13:52
Damian Dunn
I got to tell you, that's not what I envisioned Brian looking like.
13:55
Peter Dunn
That's his daughter. Oh, stop it. Ashley AG here at the office wants to go look at Kristen's TikTok account. Are you giving that publicly here for the fives of people that listen to the show?
14:09
Kristen Ahlenius
I mean, that wasn't really the plan. I didn't really want anybody that followers it's fine.
14:17
Peter Dunn
What is it?
14:20
Kristen Ahlenius
Well, it was my name, but I.
14:22
Peter Dunn
Think it's no one can spell that.
14:24
Kristen Ahlenius
Miscellaneous money.
14:26
Peter Dunn
Oh, it's financially related, of course. Can I pull up TikTok on a desktop?
14:33
Kristen Ahlenius
Don't.
14:35
Peter Dunn
I think this is what we're doing, Christy. Miscellaneous. Oh, you can pull it up.
14:44
Kristen Ahlenius
It's like brand spanking new. I don't even really understand how TikTok works.
14:48
Peter Dunn
Have you posted any videos? Have you posted videos?
14:52
Kristen Ahlenius
Yeah, there's like five maybe.
14:54
Peter Dunn
Oh, boy. Oh, boy.
14:57
Damian Dunn
I found her.
14:58
Peter Dunn
You did?
14:59
Kristen Ahlenius
Yeah. Excellent. Nice. Thank you.
15:03
Peter Dunn
Okay. I'm just checking. Ever. Oh, there we go. I always like that picture of you. That's a good picture. Oh, look at it. There we go. Those even look great. We're not going to play them on the air unless we do.
15:15
Kristen Ahlenius
No.
15:18
Peter Dunn
Dame, we talked about having Ollie run the TikTok account for the office here this summer, but if Kristen gets good enough, then she can run it for us.
15:28
Damian Dunn
I think I'm going to have to go through a complete compliance audit on TikToks now.
15:33
Peter Dunn
Can I ask a boomer question here to you, Kristen?
15:35
Kristen Ahlenius
Sure.
15:37
Peter Dunn
You've got 58 followers, and one of your videos has 435 views.
15:46
Kristen Ahlenius
I don't know how that works.
15:49
Peter Dunn
Now, I want to look up my daughter's.
15:51
Damian Dunn
She's got 59 followers. Now.
15:53
Peter Dunn
I just followed wait, you have TikTok?
15:57
Damian Dunn
Yeah, I have zero video. I use it to make sure that I'm trying to get a consistent feed of certain content.
16:08
Kristen Ahlenius
I've had a TikTok for a long time, but I've just never posted anything on it.
16:14
Peter Dunn
All right, we got to stop talking about this. This is going to turn into a show I wouldn't want to listen to again. Oh, AG is following you now. He got 60. Okay, Dame coming back with more insurance mistakes. More than one? All right. Back on the Pete the Planner show. Back on the Pizza Planner show. Oh, you've gotten lucky. You've tuned into the show on Insurance Week. Now all the dials turn to something else. Now, once a year or so, you should just think about insurance. And the good news is, none of the people on this show sell life insurance or any other type of insurance. So the message you're going to hear today is not, hey, give us a call on Monday and we'll take a look at your insurance needs. No, we're going to arm you with the right information so you can have an appropriate, calm, comfortable conversation about insurance.
17:10
Peter Dunn
Every time I see the word comfortable, it reminds me of my favorite set up to a joke. It's like someone has been injured, and the paramedics come and they put a blanket on the person, and the person's, like, in serious trauma, and they say, oh, are you comfortable? And the person says, I make a nice living. It's a funny joke to me, and I'm glad I brought it up. Okay, Dame, that's a good joke, right?
17:38
Kristen Ahlenius
It's great.
17:39
Damian Dunn
The full setup and delivery would have made it more than it was, but I can see why it would be funny.
17:44
Peter Dunn
Yes, it's a joke concept because you'd have to wrap it in a anyway, Dane, what are some other insurance mistakes that people make?
17:52
Damian Dunn
Speaking about people being injured and hurt? I really think not having disability insurance, especially if your household depends on your income is a huge yeah.
18:06
Peter Dunn
Yeah. How are you feeling about that?
18:09
Kristen Ahlenius
Kristen I think it depends on, to Dame's point, how dependent your household is on your income. Is there ability in your household for someone else to maybe pick up an income? Are you a two person household? One person works. And then what do I want to say? How specialized is what you do? So how difficult might it be for you to pick up a competitive wage? People always use, like, a brain surgeon as the example, and if you hurt your hand, you're out of your career. And where do you find a competitive wage to that, based on your training? So I think what you do has as much and who's in your household, I think is what really you should weigh here.
18:56
Peter Dunn
Yeah. Dame I'll say this in my childhood, my dad's best friend passed away early and had life insurance, but he was disabled for several years prior to him passing away. And it was his disability insurance that allowed their one income household with four kids to persist. And so he had, I guess, what people would call a good insurance program from disability to life. But I agree. I think disability is probably you want to talk about being underinsured or uninsured? I think disability is at the top of the list, how people find themselves.
19:35
Damian Dunn
If we want to get back to Kristen's point a little bit, the doctor or the surgeon, that's often used as an example. But there are different types of disability insurance. There's own occupation, there's any occupation. So if you want to be very specific, if you can't do what you do, you get your own OC, then that disability policy would kick in, but then it becomes any OCcupation that is similar to what you do or in your field. If you can't do anything in that range, then the policy kicks in. So you can look at different types of coverage for different types of costs and try and figure out what makes the most sense for you and your family, because disability can make a huge difference in how a family functions. And especially if you're in a profession where either you're making a lot of money or you have a significant risk of injury, you probably want to consider disability insurance right up there alongside life insurance.
20:32
Peter Dunn
Kristen if you want to sound cool at a party, you would say own AK or any the. That's the jargon.
20:43
Kristen Ahlenius
Yep.
20:45
Peter Dunn
Dame other insurance mistakes.
20:47
Damian Dunn
Yeah. This actually kind of dovetails really nicely into disability, not understanding long term care.
20:54
Peter Dunn
You know, it is the newest of the insurances. It is a very new concept. People didn't live as long back in the day. With medical advances, to some degree, people hang on for years. That's a gross way to describe life. Boy someone else talk for a few minutes.
21:21
Kristen Ahlenius
I will be vulnerable. We talked about that a lot last week or two weeks ago. I will be vulnerable in saying that if you are someone who is thinking about having a conversation about long term care and you feel very overwhelmed and you feel like you don't understand it, I am a financial expert and I'm there with you. I find the industry to be very difficult to navigate. I find the terminology to be difficult to navigate. And we're also talking about a topic that's very uncomfortable. So please don't let that be the reason why you don't explore the option is because you feel intimidated by the long term care insurance industry.
21:59
Peter Dunn
Dame rule of thumb for you when you hit around 50 years old is maybe when you should start kicking the tires a bit.
22:05
Damian Dunn
Yeah. And you're going to want to look around at policies that you own. A lot of employers will provide some coverage for long term care. But I look at this as the same as life insurance. I think this is something best if you own it yourself. That way it follows you wherever you go.
22:21
Peter Dunn
Yeah. Long term care again, since it's so new, companies mispriced policies throughout the early two thousand s. And so what that meant was they had to really raise premiums. Some companies went out of business. It was a disaster. It is a disaster. So there's new fangled as a voice for you. Long term care policies now including asset based long term care, which I happen to like. It's the idea of you set $100,000. Again, we're talking about people who are of a certain age who theoretically should have this sorts of money, $100,000 aside, and it acts as a lever that then can activate life insurance or long term care insurance or simply grow and then you can take it out later. So asset based long term care is a reasonable thing to do. Yeah.
23:12
Damian Dunn
Long term care is really interesting in and of itself because folks who have lots and lots of money are probably going to self insure for long term care. They have that option available to them. Folks who don't have much, if any money are going to get help from the government in this area. They're probably not going to like their experience, but that's their option. So long term care becomes really kind of a middle class coverage and it's middle class plus because long term care expenses can get astronomical really fast.
23:46
Peter Dunn
I got to say that it's important for us to put some numbers to this because when you say lots and lots of money, you're talking about tens of millions of dollars, not millions of dollars. Because if you have two to $3 million at retirement, you need long term care because you will spin through pretty fast. I mean, you're talking about $80 to $100,000 a year right now, if not more, to care for a person in a facility or at home for twelve months. And you're talking about less than $50,000 would get you medicaid eligible, something in that range. So that's a pretty big range. More than 50,000, less than two or 3 million. You should absolutely have long term care.
24:35
Damian Dunn
And then if we want to have the really uncomfortable conversation in this area, if your parents are getting up there, you may want to consider talking to them about long term care insurance if they are still of the age where it can be found affordably. Because needing to take care of a parent long term can be very challenging and really uncomfortable for all parties involved. So this is a coverage that could potentially make a very trying time a little bit easier.
25:07
Peter Dunn
Congrats for entering uncomfortable territory. Good job, Dame.
25:12
Damian Dunn
You're welcome.
25:12
Peter Dunn
You made it fully in. I guess I'll say this and here's the tough part, and we've already sort of said this one way. The second you start getting these conditions you get when you get in your fifty s and sixty s and seventy s, not only does long term care get expensive, it can get impossible to secure. I mean, you will be turned down, declined, straight up. So, boy, this was a fun time. Why don't we talk about insurance more like dave, what's the because we have a rule once a year, I'll say, this was Dame's idea. Kristen, was it not?
25:47
Kristen Ahlenius
I might have supported it. I'm sorry.
25:49
Peter Dunn
More of that right after the break. I'm Pete the planner.
25:55
Damian Dunn
Boy, I don't care what you say. This is a good show. Very helpful for the people.
26:01
Peter Dunn
Dane brought me a bottle of whiskey the other day and it was incredibly high. My it still is. I don't mean it past tenses, though. I drank it all. I opened it last night and had a small pour to commiserate the three one loss to Circle City FC for my 13 year old girl soccer team. And boy, the reason he gave it to me is because he didn't want it because it was like over 120 proof. It still burns right now.
26:38
Damian Dunn
It was a bottle that I could get my hands on. It was kind of a private offering and I thought, you know what, I'm not going to drink that, but somebody will. And I wanted to just buy it, so I bought it and then gifted it and now I get to listen to Pete complain about how hot it is.
26:57
Peter Dunn
It is all right. So do we have more of these? Can the insurance mistakes get a little.
27:08
Damian Dunn
Yeah, making mistakes always fun when it comes to insurance. Yeah, we can do a little bit lighter conversation around some of this.
27:17
Peter Dunn
Can you get us a car insurance? Are you going to get into like bodily injury, death and dismemberment?
27:26
Kristen Ahlenius
The next three aren't that well.
27:28
Peter Dunn
You've got this list.
27:32
Damian Dunn
Not everybody likes to jump into shows unprepared.
27:34
Peter Dunn
Pete I'm trying to push Kristen to be unprepared so that she can get better at being unprepared. Just let it go.
27:46
Kristen Ahlenius
Let it.
27:50
Peter Dunn
Okay, okay. You guys sharing secrets? Let's get back into the show. So oh, Pete doesn't know what we're talking about. Three, two, one. Back on the Pete the Planner show. It's the insurance edition of the show. Don't turn the station. Here's the thing. Once a year or so, you just got to think about it. You do. Kristen, how often are you supposed to change your batteries and your smoke detector? It's like, every so often, right?
28:17
Kristen Ahlenius
I think when the time changes right.
28:20
Damian Dunn
It'S roughly every six months is how.
28:22
Peter Dunn
Often you're supposed to we change ours every ten years or so. Damn. I cannot tell you the last time I changed a battery in a smoke detector. I wait for the chirp in the middle of the night, tell you a.
28:36
Kristen Ahlenius
Story at the break.
28:38
Peter Dunn
Sure. Yes. Damian, insurance mistakes. Damon, insurance mistakes. So far, we've covered really sad things, and now we're on to funny ones. What else do you got?
28:48
Damian Dunn
How about potentially money saving mistakes? Corrections? Nobody knows.
28:55
Peter Dunn
Spit it out. What is it?
28:57
Damian Dunn
Setting your deductibles too low?
28:59
Peter Dunn
Yeah, that's a good one. That's a really good this is a good one. I'm glad you bring this up. Please help the people understand why they're blowing money on premiums that they don't need to blow.
29:09
Damian Dunn
Yeah. So if you decide you're going to set your deductible on the lower side, that means you're pushing more of that risk onto the company, and they're going to charge you accordingly for it. They're going to charge you more and more money for your premiums. However, if you say, you know what, I've got some money. Set aside an emergency fund, and I'm going to take some of that risk back on myself, and I'm going to crank that deductible up to $1,000 for auto policy, you're going to notice some differences in the premiums that you're paying, because you are assuming more of that risk of coverage. So make sure that if you've got your emergency fund set aside and you're willing to dip into it for a car accident, I would consider that an emergency that you could dip into. Make sure your premiums are set at the right place so you can pay as little as possible to the insurance company on annual basis.
30:02
Peter Dunn
Very common mistake. Kristen, did you know this one?
30:05
Kristen Ahlenius
Yes. I think we have to be careful, though, because I think that sometimes you see the lower premium and you're like, oh, I can scrape together the 500 or the 750 or the $1,000, but there has to be follow through there, because then if you find yourself in an emergency and you haven't set the money aside, we've not done ourselves any favor. So, yes, reevaluate this, but make sure that you follow through on your intention when you set that deductible.
30:35
Peter Dunn
Yeah, I mean, if you've got an emergency fund. That's got more than $5,000 in it, you should absolutely don't say absolutely, Dame. I feel like are you going to write me up for compliance issues next week? You should strongly consider having your deductible be $1,000. If you have $5,000 saved and it remains saved, it's not saved because you got a tax refund. It will be unsaved within the next few months. But a permanently saved $5,000 or more, your car insurance deductible should be at least $1,000, correct?
31:14
Damian Dunn
I think so. Once you get beyond $1,000, the savings seems like it kind of starts dropping off a little faster than it does that initial jump. But yeah, look at your own situation. Believe in yourself that money is going to be there if you absolutely need it and set it accordingly. Save yourself some money.
31:33
Peter Dunn
I would also say from a loyalty standpoint, with certain carriers, they start to chip away at your deductible for you. If you're with them for a long time, you don't have accidents and maybe you had $1,000 deductible, they waive it or take care of it for you. And that's good to know, too. This is one of those things that people just don't naturally learn. Car insurance, homeowners insurance, renters insurance is stuff we all have or we all should have and no one ever tells you anything about it. But you can help yourself out quite a bit here.
32:04
Damian Dunn
Absolutely.
32:05
Peter Dunn
Can I guess the next mistake? Because I feel like based on the one you just gave, I know the next one.
32:10
Damian Dunn
Sure.
32:12
Peter Dunn
Not having your home and auto at the same place, that's down the list.
32:16
Damian Dunn
But bundling is one of the mistakes that I think people miss.
32:21
Peter Dunn
Big mistake. Big mistake. If you've got your homeowners insurance one place and your car insurance somewhere else because there's generally at least a 20% discount for having them together. Kristen, you knew this.
32:34
Kristen Ahlenius
Yeah.
32:35
Peter Dunn
Are your car insurance and your condo insurance at the same place?
32:39
Kristen Ahlenius
They are. And that can be a tricky thing because not everybody will insure a condo. And the other thing too is we just mentioned that everybody has these policies or should have these policies. If you're driving, you should have auto insurance. I think that something to note is that when you are buying a new car or you're securing a loan for a house, it feels like that process is so rushed and you don't have time to learn about it as you go. And then it becomes kind of this distant thought, well, I secured the insurance, it's probably fine. Maybe take some time to circle back with that when the dust settles a little bit.
33:17
Peter Dunn
Dame, how long have you been with the current insurance carrier you're with?
33:21
Damian Dunn
I think I am just over two and a half, maybe three years at this point with this current carrier, I've at wow.
33:31
Peter Dunn
So you have an independent agent or do you have independent yeah, I've got an independent agent.
33:36
Damian Dunn
That will. I usually call and remind them it's time to start shopping it and see what other deals are out there. But that's actually another mistake, is that you don't actively look for other insurance that might be more affordable or give you better coverage for the same money every two to three years.
33:54
Peter Dunn
I purposefully make that mistake. And it's not that I'm a super loyal guy. It's that I'm very happy with the carrier I have, and I've had them for ten years, and I just don't, like, puttsing with all of that. I'm being dumb, right? This would take me 30 minutes at the most, and I could potentially save 15% by calling Geico. No, I can't do that. They're not paying us. I'm just totally making this up. Boy, this is bad. Greg notes on Facebook Live. I learned to shop every two to three years from the Your Money Life, Your 20s book. Hey, Kristen, who's the author of that book? You, Greg. Dame, what's the other mistakes on your Insurance mistakes list?
34:48
Damian Dunn
Let's go back to the well for this one. Pete. Traditional normal ish. I guess you would call health insurance versus using a high deductible health plan.
34:57
Peter Dunn
And an if, and this is always the rub if you're healthy and you don't use a lot of medical care, if you're really more of a wellness person and you still go to your annual checkup or whatever, probably should consider high deductible plan with an HSA. It's a lot more efficient. You won't find yourself saying, oh, I paid $12,000 for one doctor's appointment this year. Do you feel similar? Dame, I know your views on health insurance. I know you feel similar. Yeah.
35:33
Damian Dunn
You've got to make sure that you are structured, set up financially for a big event if it happens. But if you or your family are relatively healthy and you have the ability to save a few bucks in premiums and then save some cash into an HSA, one of our favorite products ever of all time yeah, I think it absolutely makes sense for the right person.
35:57
Peter Dunn
Kristen, this is a privileged comment. This is the privileged mistake, because you have to be healthy to take advantage of this, right?
36:06
Kristen Ahlenius
And then the other thing is to Dame's point is, you have to be able to save a little bit because your out of pocket costs might be a little bit higher because it's a high deductible plan. Again, you might have to come out of pocket more. So you have to use that HSA alongside your plan to feel like you're getting the benefits, I think, and, yeah, absolutely a privileged conversation.
36:31
Peter Dunn
Oh, Dame, you and your privileged conversations. We got about a minute left. Do you have another tip?
36:36
Damian Dunn
Yeah, I'm going to skip the flood insurance because it seems like it might be a little too soon to talk about that.
36:40
Peter Dunn
Get on the nose.
36:43
Damian Dunn
Not having an umbrella policy.
36:45
Peter Dunn
Agreed.
36:46
Damian Dunn
They are super cheap. They cover all sorts of extra liability if you cause a serious car or boating accident or your dog bites somebody or worse. I guess if you have certain breeds of dogs, there's all sorts of reasons that an umbrella policy for a couple hundred bucks, for a million dollars in coverage, it just makes sense.
37:07
Peter Dunn
I'm just sitting here thinking, I probably have many of these tips and some of the books I've written, but the way my brain works, I've completely forgotten. Like, Greg bringing this up is both funny and like, oh, my gosh, I can't believe, like, I don't know. But Kristen again, kristen's a content creator. You put stuff out there and it's your past. It's strange, right?
37:29
Kristen Ahlenius
Yeah, that's for sure.
37:31
Peter Dunn
All right. Coming up after the break, the biggest waste of money of the week. And my stomach is a little unsettled today. And so as I read this one, it is going to get worse. I'm Pete the planner. It's weird.
37:45
Damian Dunn
It is weird. I saw it.
37:47
Peter Dunn
Oh, I was hoping you wouldn't see it. Greg's busting my chops. Oh, that's so true. By the way, Greg may have a new person at their house this weekend.
37:59
Damian Dunn
Domestic help.
38:02
Peter Dunn
Well, with all the money he saves on car insurance, no. New kid baby.
38:15
Damian Dunn
Very exciting. Do we have your moneyline? Swag and working on it.
38:21
Peter Dunn
We got babies all over this place.
38:24
Damian Dunn
All right.
38:25
Peter Dunn
This place is swimming in babies. It's not great.
38:30
Kristen Ahlenius
You're on a roll, man.
38:32
Peter Dunn
I have just awkward couple days. Damn. I feel like I owe the world deeper admission of guilt as it relates to being a travel sport parent.
38:52
Damian Dunn
I remember way back when I heard a podcast with you, he kicked for Purdue.
38:59
Peter Dunn
Travis Dorch. Dorch.
39:01
Damian Dunn
That's right.
39:02
Peter Dunn
Yeah, played for the yeah.
39:04
Damian Dunn
Really? Talking about the pitfalls of travel sports and how you really didn't see the value in it and how your kids are never going to do travel sports. Look at us now. Here we are. Because I listened to that podcast and I nodded right along with you.
39:22
Peter Dunn
Well, here's two things. I had about a 45 minutes conversation last night about a gymnastics leotard and then next Friday, I'm driving 5 hours to a soccer tournament with Ted. I have become this person and it's humbling.
39:44
Damian Dunn
We talked about the suit that my daughter is going to get for her 13th birthday. If you're not into swimming, you don't know this, but there are certain kinds of suits that you can buy that reduce the friction in the water and they are very expensive and they only last for about ten or twelve races.
40:10
Peter Dunn
Yeah. So Kristen, let damon, I hit this point home a little bit more for you. I'm going to tell you the next 30 hours of my life after post work tonight, we'll take Ted to soccer and we'll take Ollie to gymnastics tomorrow. Ollie has a soccer game. Ted has a soccer game. And then Ted has a basketball game tomorrow night and this is who we've become.
40:40
Damian Dunn
Yeah.
40:42
Kristen Ahlenius
Riveting, I'll have a ranch water for you.
40:52
Damian Dunn
You can just put it on a new TikTok Pete and get some followers.
40:55
Peter Dunn
Yeah. Kristen, what are you doing? Like, give me some, like, what's a young, single, fun person do on a Saturday?
41:05
Kristen Ahlenius
I'm not I actually I think I'm going to power wash my house because it's going to be really nice. So this was a bad weekend to use that as an example.
41:14
Peter Dunn
Wow. Power washing your house.
41:17
Kristen Ahlenius
It's supposed to beautiful. It's supposed to be like, the last good weekend. My house needs it.
41:21
Peter Dunn
Do you do a TikTok on power washing your house?
41:23
Kristen Ahlenius
No.
41:24
Peter Dunn
Hey, guys, do you always saving money? Yeah, saving money. Okay, let's do biggest waste of money of the week so that I don't know. I've had no caffeine today either.
41:37
Kristen Ahlenius
Same.
41:38
Peter Dunn
The whiskey was so hot in my stomach that I feel like I poured coffee into it.
41:44
Damian Dunn
Still turning over.
41:45
Peter Dunn
Yeah. Oh, my gosh. This is the latest. I haven't had coffee in a day in a decade.
41:51
Damian Dunn
Life hack. Just have a shot of that whiskey the night before and you're good to.
41:54
Kristen Ahlenius
This week's biggest waste of money of the week right here on the pete the lanner show is oh, it's so gross.
42:00
Peter Dunn
Three, two, one. This week's biggest waste of money of the week right here on the pizza planner show is oh, it's so gross. It is the nog Appalachian sipping cream. The holidays can be a stressful time. Eggnog is an acceptable holiday stress reliever for many. And now Kellogg's is teaming up with Tennessee based sugarlands distillery company on a unique version, egonog Appalachian sipping cream. With how I'm feeling? This is not great. Is an eggo inspired eggnog liqueur, developed to be good on its own, but is made to pair with eggo thick and fluffy waffles in case things have gone so far off the rails that a breakfast tipple is in order. Flavors of cream, rum, cinnamon and nutmeg provide a holiday friendly palate that also works great in cocktails like the peppermint white Russian drunk caramel apple and the aptly named Christmas breakfast. So, Dame, it is 20% alcohol by volume, 40 proof.
43:22
Peter Dunn
So nothing you would gift your boss. Here's the thing, guys. I don't know how much this costs. I have no idea. But it's a giant waste of money. I have no idea.
43:36
Damian Dunn
Drizle that over some waffles with whipped cream. Maybe there's something there to it. I don't know.
43:43
Kristen Ahlenius
Okay. Can I be honest?
43:45
Damian Dunn
You've got a case of it in your garage.
43:48
Kristen Ahlenius
I would drink it. I like eggnog. What's wrong with this?
43:55
Peter Dunn
Never had eggnog.
43:57
Damian Dunn
Me either.
43:58
Kristen Ahlenius
Then how do you know you won't like it?
44:02
Peter Dunn
Because it's called you're. You young and fun and you've had eggnog. And Dame and I are old crotchety fellas and we haven't had eggnog.
44:13
Kristen Ahlenius
I'm old on the inside.
44:17
Peter Dunn
Dame, what's in the news this week?
44:21
Damian Dunn
Speaking of weird combinations, McDonald's will sell krispy Kreme Donuts in select restaurants. Later this month, for the first time starting October 26, the fast food giant will sell Krispy Kreme Donuts at nine locations in the Louisville, Kentucky area as part of a test. McDonald's said this test will help learn more about how teaming up with Krispy Kreme would affect its operations. The test comes as consumers have been cutting back on restaurant visits as soaring inflation pressures budgets to get customers back into restaurants, chains have been experimenting with new menu items and promotions.
44:54
Peter Dunn
I used to love a Krispy Kreme Donut. I feel like that ship has sailed for me, though. I don't know. I mean, that's convenient, though. You just get into McDonald's, you get them at gas stations. Why can't you get them at a McDonald's?
45:06
Damian Dunn
Yeah, they're going know, deliver fresh donuts every morning and then just stop by and pick up the individual or six pack of your choice.
45:16
Peter Dunn
The other day, I had no food in me, and I was scrambling. So I went to the Arby's by our office, and I wanted to order one of those market fresh sandwiches. They convince you're eating healthy, but it's still like 800 calories or something like that. It's whatever. And I looked at the value meal for that market fresh sandwich is $11. And I felt like Kristen at Subway, I didn't order it. I just ordered the sandwich, which was whatever. But that's a lot, right?
45:40
Kristen Ahlenius
See?
45:41
Damian Dunn
Yeah. Value Meals are getting out of hand right now.
45:46
Peter Dunn
Not so much value dame. I guess the dollar menu is not even a thing anymore, right?
45:50
Damian Dunn
Can't so much. Yeah, I think they've changed them to value menus now instead of, dame.
45:56
Peter Dunn
How many Junior bacon cheeseburgers Jbcs from Wendy's can you eat in one setting?
46:00
Damian Dunn
Oh, I've never tried. I bet it'd be a copious amount.
46:03
Peter Dunn
Yeah, I mean, I used to be able to take care of a few. What else is in the news?
46:08
Damian Dunn
Pete? This story is directed towards Kristen. Can we talk Taylor Swift for a moment, please?
46:15
Peter Dunn
I'm going to just take a break. How about it?
46:17
Damian Dunn
Swift dropped her 10th original studio album, midnights bright and early this morning at midnight. Let's not focus on the music, though, Pete. You might come back in. We're not talking about the music. She came up with a marketing strategy that I've never heard of before. I want to know if you think it's genius or something a little less noble. She announced that she's going to have four separate vinyl editions of the new album, each with different covers. So it's the same song.
46:45
Peter Dunn
Sorry?
46:45
Damian Dunn
Same songs, different covers. Those albums can then be put together to form a clock so Diehard Swifties can buy all of them, which cost $30 apiece. It's the most expensive way to buy her music and then a $49 kit on top of it to turn the albums into a working wall clock. Now, Kristen is a bit of a TSwizzle fan. She also features vinyl album covers in the background on that shelf of her shot. My question to you, Kristen, is will your albums and clock kit be arrive in time for next week's show?
47:20
Kristen Ahlenius
They will not arrive in time. I have already listened to the whole Midnight's album. It came out like 9 hours ago.
47:30
Peter Dunn
She was late to the show today.
47:32
Kristen Ahlenius
My thing is that newer vinyl, I don't want to sound like I'm a hipster, but newer vinyl is not as good. So I don't feel that compelled here.
47:42
Peter Dunn
Boy, that's aggressive. I will say this, I am not a hater. So she's just not to my taste. Like, I don't listen to that music. She's very talented. I did learn last night her estimated net worth is $400 million. Dan.
48:00
Damian Dunn
I would have guessed it to be higher, actually.
48:03
Peter Dunn
That's a lot of money.
48:04
Damian Dunn
That's a lot of money. But I mean, when you sell four versions of the same twelve songs there you go. And a $49 kit to turn those into wall art. I think I'm figuring out how she's amassed that personal fortune.
48:19
Peter Dunn
I happened to be at the pitch meeting when this album was like the concept of the clock was being discovered and I have to tell you, the pitches were all over the place. At one point it was going to be a toaster, another one was going to be a chemical toilet. Like you put all the albums together, another one, you put them all together and it made a conference room credenza. And then the final one I remember hearing in the pitch meeting, I was there with Taylor Swift and the swizzle was it was going to be a TikTok frame and so I'm glad they chose the clock.
49:11
Damian Dunn
I was there for this pitch of Midnights, but I didn't have the time.
49:16
Peter Dunn
For oh, you can't do.
49:22
Damian Dunn
Was it was no worse than what Pete just did and it took way less fair. It was better because it was just more compact.
49:32
Peter Dunn
Are you comfortable? No, but I make a good living. What else is in the news?
49:37
Damian Dunn
College enrollment dropped for the third consecutive school year after the start of the Pandemic dashing. Universities hopes that post COVID rebounds were going to be at hand. The rate of decline has slowed this fall with college enrollment dropping 1.1% since last autumn. Over the first two years of the COVID-19 Pandemic, enrollment fell about six and a half percent. However, there are some categories that are doing better.
50:01
Peter Dunn
Pete?
50:01
Damian Dunn
Online universities, enrollment is going up. Historically black colleges, the enrollment is going up.
50:09
Peter Dunn
That's awesome. Have online universities have the price come down or are they still charging top dollar for online universities?
50:18
Damian Dunn
I think it's more the prices are still elevated, kristen, for online, my tuition went up.
50:25
Kristen Ahlenius
Like what would that be? Like 20%, what credit hour I think is what it went up for this academic year. It was hefty.
50:34
Peter Dunn
You should shop it every three to four years.
50:38
Kristen Ahlenius
Kind of committed to the program now, man.
50:41
Damian Dunn
I will point out that when it comes to going to college, a significant number of Americans just don't feel the juice is worth the squeeze. 46% of parents hope their child pursues something other than a four year degree after high school, according to a Gallup poll.
50:55
Peter Dunn
Yeah, I'm writing this world now of thinking about what my kids want to do, and it's transitioned from I want to be a blue cow to an actual profession, because your kids, when they're.
51:06
Damian Dunn
Young, are like, I want to be a tree.
51:07
Peter Dunn
And it's like, okay, Gary, be quiet. You can't be a tree. Yeah. So it's weird. It's like you want to pour into their interests, but you also get nervous if their interests don't feel like they need to go to college. So then you're like, well, let's do something different. I don't know, Dame. Are you guys into that yet?
51:27
Damian Dunn
We haven't had quite that detailed of conversations yet, but it sits there in the back of your mind, all the know, having some money set aside and is it actually going to get used?
51:37
Peter Dunn
All right, everybody, that's the show. Insurance edition once a year. Send you good vibes, because good vibes are all that's in the budget. We're Kristen, Dame and Pete on the show. You didn't do the jazz hands, Christy.
51:50
Kristen Ahlenius
Sorry.
51:51
Peter Dunn
Dame did.
51:51
Kristen Ahlenius
I didn't have any caffeine today.
51:53
Peter Dunn
He didn't either. Did you have a diet Coke this morning? Nope.
51:56
Kristen Ahlenius
Yeah, but dame doesn't ever. That's the issue, is I'm, like, going through, like, a caffeine withdrawal right now.
52:03
Peter Dunn
Yeah, I'm this sticky spot. I got a lunch here in, like, an hour, and it's like, okay, well, do I have a coffee? Don't I'm in a bad spot. I feel like I should be like Jesse Spano and take caffeine pills or something.
52:14
Damian Dunn
I'm so excited.
52:16
Peter Dunn
Kristen adopio.
52:18
Kristen Ahlenius
No.
52:22
Peter Dunn
Dame didn't understand your coffee reference, and you didn't understand his saved by the bell reference, so I think it's time we end the show.
52:29
Kristen Ahlenius
Saved by the bell.
52:30
Peter Dunn
Yeah. Caffeine pills. Jesse Spanos.
52:33
Damian Dunn
I'm so excited. Yeah.
52:35
Peter Dunn
So and for that, we're going to make people look at you for the remainder of the show. That is your punishment.
52:41
Kristen Ahlenius
That's their punishment.
52:42
Peter Dunn
Oh, stop game. What do you got planned this weekend? Any swim?
52:47
Damian Dunn
Chasing kids? The first short course swim meets of the season this weekend.
52:52
Peter Dunn
Kristen had a question. When you say short course, does that just mean a 50 meters pool or 25 meters? What makes it short course?
52:59
Damian Dunn
25 50 meters. Pools are Olympic size.
53:03
Peter Dunn
Okay, well, long course. Kristen, you knew this, right?
53:07
Kristen Ahlenius
No, I mean, I knew what an Olympic pool was, but I didn't know that. I thought the others were just, like, standard pools.
53:13
Peter Dunn
All right, before we go, I want to see how many followers miscellaneous money is up to. So go to TikTok. You want to follow miscellaneous money. Miscellaneous? I got to spell it?
53:29
Kristen Ahlenius
Yeah. Good luck.
53:30
Damian Dunn
It's only showing 59, so that means.
53:35
Kristen Ahlenius
Somebody said I'm out.
53:37
Peter Dunn
Oh, there it is.
53:39
Damian Dunn
She's not popular. She's too popular now.
53:43
Peter Dunn
I kind of want to play one of these on the show.
53:45
Kristen Ahlenius
Please don't.
53:46
Peter Dunn
I won't.
53:47
Kristen Ahlenius
Thank God.
53:48
Peter Dunn
I so want to. I don't know what it is. I won't, though. Can I watch them on my mean?
53:56
Kristen Ahlenius
Yeah.
53:57
Peter Dunn
Here's what I appreciate what to do. Yeah, everyone else does. They're great. They're PSLF. They're student loan forgiveness. You're out there trying to help people. I appreciate that.
54:07
Kristen Ahlenius
Yeah, that's the goal.
54:09
Peter Dunn
Yeah.
54:09
Kristen Ahlenius
That's the mean. Why do we do any of it? Right? It's to help people better about money. And like I said, we talked about vulnerability at reunion, and I was like, you know what? Just do it.
54:23
Peter Dunn
Oh, my gosh. I do see some profanity here on.
54:26
Kristen Ahlenius
The profile, I swear, at the end of every video.
54:30
Peter Dunn
Oh, you do?
54:31
Kristen Ahlenius
Yeah.
54:32
Peter Dunn
So I couldn't play it on the show anyway.
54:34
Kristen Ahlenius
Oh, that's a good point. Don't play it on the show.
54:36
Damian Dunn
You get the podcast.
54:39
Kristen Ahlenius
On it.
54:40
Peter Dunn
Yeah, I don't want to do extra work, so wait, seriously, when you do these, you're like, I want to tell you what oh, I love it.
54:49
Kristen Ahlenius
No, my outro is just the same most of the time, and I swear.
54:55
Damian Dunn
Wow. I like her catchphrase better than yours. That already I don't even know what it is.
55:03
Peter Dunn
All right, well, stay getting money. Feels arcane at this point yet. That's what I'm about to drop on everybody. Kristen, Dame, have a good weekend. Everybody else, stay getting money.
