00:13
Peter Dunn
Somehow I will never get that intro right. Hello, everyone. It's Peter Dunn, host of the Pete the Planner show. So at the very beginning of this intro, there's this beep that I always miss and you got to like, there it is. And I always miss it. Hello. Welcome back to the program special Thursday livestream as our offices are closed for June 10 tomorrow. Since it's a Saturday, we're recognizing it and celebrating it and commemorating it tomorrow here at the Pete the Planner world headquarters. Joining me, as always is Damian Dunn. Hello, Dame.
00:48
Damian Dunn
Hi, Pete.
00:49
Peter Dunn
Danza is shocked that it is a show happening on a Thursday, not the Friday. Sorry, Danza. Closed federal holiday coming soon. Tomorrow dame show. Today. We've got a great email question, one that you and I really like. Oh, we just do a mic test for you. Because last week was a little low, I had to do a lot of editing and post. Makes me not a happy. Say some things and let people in the comments. Facebook Live. YouTube Live. Let us know if Dame's levels are close to mine. Go ahead, Dame.
01:21
Damian Dunn
It's important that you let us know soon so I don't have to keep talking. Dan's, I know that you're here, at least unless you've left already thinking it's Thursday and you've got other things to do and it's not Friday.
01:32
Peter Dunn
Oh, sounds good. Let's roll. All right, Jeremiah. Thank you. That's all we needed. That's all we needed. All right, Dame, ready to start the show? Yes. I'm not. Okay. Dustin says it sounds good, and Debbie says you sound good too.
01:50
Damian Dunn
Appreciate it, everybody.
01:51
Peter Dunn
Thanks. Like everybody. All right, in three, two, one. This week on The Pete the planner Show, we answer your money questions. Here is how the show works. You email us askpete at petetheplanner.com that's askpete@petetheplaner.com. Damian Dunn joins me. As always, Dame, I wish I would have cleared my throat before I started the segment. Now I've got that little tickle that I will either wait for the next nine minutes and 20 seconds or I'll hit mute. How are you, Dame?
02:19
Damian Dunn
It's going to be fun to watch you struggle with that for the next nine minutes.
02:24
Peter Dunn
Boy, good times, dame, here is the first question of the day. It comes to us from I don't know the name on it. Okay. Well, anyway, this person email us askpete@petetheplanner.com. Interested in your thoughts on when to start buying long term care insurance? My financial planner has encouraged me and my husband to buy long term care insurance. I just turned 51 and he is 48 going for that younger man. The price went up significantly when I turned 50. We are both pretty healthy, but my husband is a tall guy, regular back and knee issues, tall man disease. He likes to joke. For me to care for him if his health significantly declined would be no joke. I would need help and I don't want to blow my entire retirement savings on care. This is not a small investment for both of us. The cost is about 10,000 American dollars per year.
03:22
Peter Dunn
This includes an inflation protection of 3% per year and benefit of 7500 a year and $380,000 max lifetime benefit. The quality and cost of long term care facilities is a great concern to me, but my husband thinks it is too soon to start buying this insurance. I know it's a gamble, but in terms of risk versus price, not sure where the best age is to buy it. I completely trust my financial advisors, but they are in the business of selling this, not sure what to do. $10,000 per year is a lot. What do you think, Dame? I just will note there was an error in this. There has to be an error in this because I believe it's. She could be he. I don't know. This person notes that this 3% per year and the benefit of $7,500 a year, my gut tells me it's either $7,500 a month or $75,000 a year are the guesses there.
04:21
Peter Dunn
I mean, it could be either.
04:22
Damian Dunn
I would go with $7,500 a month because that equates out to 250 a day, which if you look for what an average private room is going to cost at most good facilities, that gets you in the ballpark depending on what part of the country you live in. So I'm guessing it meant to be $7,500 a month. And that might be a little surprising to some people listening that it's actually that expensive and it can actually get a lot more.
04:47
Peter Dunn
Let's rewind Dame give people the Dame notes version of what in the world is long term care insurance?
04:53
Damian Dunn
Long term care if something happens to you where you or a loved one that they cannot take care of themselves or there's a period of rehab that has to happen, this sort of insurance will cover those expenses depending on how you purchase it and set it up for an extended period of time. And the hope is that it allows you to keep all of the other hard earned assets that you've set aside going to those purposes. So if you've got a nice retirement account set aside and then something tragic happens or unfortunate happens that you have to go into a facility for a little while or maybe an extended period, you're not going to end up spending every penny that you have on long term care at that point. This insurance is meant to mitigate those expenses for you and your family.
05:44
Peter Dunn
Some people call it nursing home insurance, people call it assisted living insurance. I will note when you talk about well, something goes wrong, it doesn't necessarily matter what happens, what goes wrong physically. It's that you can't complete a series of what are called ADL's activities of daily living, such as bathing yourself, feeding yourself, clothing yourself, transferring yourself, things like that.
06:12
Damian Dunn
Yeah, transferring, getting out of bed and into a wheelchair or out of bed, period, anything like that.
06:19
Peter Dunn
All right, so let's get to the question. There's a couple other quick elements here that worth visiting this person, this emailer is suggesting or talking about a very traditional long term care policy where it's not asset based long term care, right? There are two types. There's I guess what we're calling traditional long term care insurance, which has a monthly or annual premium. You pay into it and then you use it if you need it, blah, blah, but there's no cash back or anything like that. Then there is the new fangled, asset based long term care, which is sort of a hybrid. It can act as life insurance, it can act as annuity product, it can act as an investment vehicle, and it can act as long term care insurance as well. And so a financial advisor should know the differences between the two and which is right for you.
07:12
Peter Dunn
And so I guess we'll start here. Dame, do you think 50 years old is an appropriate age to begin to look at long term care coverage?
07:20
Damian Dunn
I think it's probably a smidge early. I think you're okay waiting another decade, probably around age 60 for both of you. It's kind of a sweet spot for this purchase, especially if you're going with the traditional long term care. If you're going to look at asset based, there are other factors to take into consideration there just because of how it's structured and what it actually means. But I don't want to downplay the fact that long term care insurance could be very beneficial for especially certain folks in their 50s or maybe even younger. There was a car accident that required somebody to be in a facility for a longer period of time. Fantastic use for long term care at that point as well. So it's one of those things that you buy and hope you never ever have to use. But typically around 60 to 65 actually is what some of the most recent studies are showing.
08:20
Peter Dunn
Yeah, I definitely don't disagree with you. However, I will note that long term care insurance is medically underwritten, meaning they try to understand what your family history is, what your back and knee complications maybe are things that could affect your ability to transfer and be mobile. And so if this person is naturally predisposed to have back and knee issues because, well, they're at all, it could be argued that you could recommend it now. Because if those issues become worse and you start to get into knee replacement and back surgeries and those sorts of things, then the cost goes significantly up because you're a bigger risk to those companies. I'll also note at one period of time, and I'm not super up on long term care insurance anymore in terms of the trends other than asset based long term care. There was a short period of time in which you could have a ten year paid up policy that you essentially could take a decade of making the premium payments, and then you'd be done making premium payments, and it would last you forever.
09:28
Peter Dunn
So, Dame, it's sort of Allah whole life insurance, permanent life insurance, how you can have paid up coverage. I like that idea of just taking ten years to own it during your working years, because theoretically, your income is higher during that last decade of your work career. So I don't know, I'm a little on the fence for these folks because that tall guy situation, that's a really good piece of info they shared with us. I also don't think that the advisor is doing anything wrong whatsoever. An advisor is meant to poke holes in your situation at Dame, if they're trying to get someone to buy something the cheapest it will ever be. That's a good recommendation, no?
10:08
Damian Dunn
Typically, if you are working with an advisor who holds themselves out as a fiduciary, then that should give you a great deal of confidence, especially when it comes to making recommendations like this. They're doing it for your best interest and take it or leave it, whether or not you actually make the purchase. But they're making you aware of a very real risk that some people are going to face. So be happy that this came up with your advisor and make the purchase on its merits for your situation.
10:37
Peter Dunn
I would also discuss with your advisor asset based long term care.
10:40
Damian Dunn
Absolutely.
10:41
Peter Dunn
Because, of course, email or I don't know, their financial situation, but depending on a few factors, that could be a better way to go, especially if you're younger, you can continue to grow your money. You can use it for different purposes, not just long term care, because maybe you get lucky and you're not someone that ends up in a long term care facility that needs to pay for. So, Dame, let's do this. Coming up after the break, I have a giant Maya culpa. I've been saying one thing for over a decade. Today I'm going to take the other side. All that is next right here on the Pizza Planner show. I'm pizza planner. I'll be honest, that was an incredible tease. An incredible tease.
11:22
Damian Dunn
I know. I'll hang on through the break to see what you say.
11:24
Peter Dunn
Oh, my gosh. Wow, that was good. When I was a financial advisor back in the day, which I guess, theoretically, that period of time ended in 2012, for point of reference, I used to sell long term care insurance as part of a financial plan. Did you ever get involved with that?
11:43
Damian Dunn
Tangentially? I don't think I ever might have. Yes, but we presented long term care for sure.
11:52
Peter Dunn
I can't say that word, tangentially. Yeah, I'm not even going to try. It's like R-U-R-A-L-I cannot say that word either.
12:02
Damian Dunn
Oral?
12:03
Peter Dunn
No, oral. R-U-R-A-L. Rural. Yeah, I can say oral. I just choose not to.
12:12
Damian Dunn
I thought it was I don't know.
12:14
Peter Dunn
Nobody can't say either of those words. I used to not be able to say Massachusetts, but I can say that now, so I really say it as much as I can.
12:20
Damian Dunn
Just I have way too many problems with Arnold Palmer.
12:23
Peter Dunn
Oh, really? Arnold Palmer? That's pretty easy.
12:26
Damian Dunn
I don't know why, but my tongue starts to get tied up every time I say it.
12:29
Peter Dunn
I recorded a new commercial for Indiana's 529 plan today, and there was a part of the read. I want to pull it up here. I'm going to read it. Free commercial. Indiana, I did my read for you this morning, but there was a phrase in here, and I was like, I can't say it. It's at the end. It says, for more information, go to collegechoicedirect.com plans. Read the disclosure booklet carefully before investing.
12:54
Damian Dunn
Disclosure disclosure booklet carefully.
12:57
Peter Dunn
Okay, so for more information, go to collegechoicedirect.com plans. Read the disclosure booklet carefully before investing. It's so hard. Okay. No one cares. Are you ready for this whole bit of wizardry?
13:16
Damian Dunn
Yeah, I'm waiting to hear the apology.
13:20
Peter Dunn
Three, two, one. Back on the Pizza Planner show. You know, Dame, have you ever known me to be wrong?
13:29
Damian Dunn
No.
13:32
Peter Dunn
Well, it turns out every once in a while I'm wrong. I'll say something that I think is right, that I have a hot take on, and then time passes, I gain a little perspective, and then I have to go, yeah, I was wrong about that. Today is one of those days. I was very critical of the youth travel sports industry industrial complex. Within the last decade, some people really rallied around my message of it can be a giant waste of money. Others, including particular family members of mine who happen to run travel sports empires, were like, are you really thinking this through? And I was like, of course I'm thinking this through. I'm a financial genius. Dame, today I want to make the argument why youth travel sports is not a giant waste of money, but it's actually a reasonable thing to do.
14:33
Damian Dunn
Oh, boy.
14:36
Peter Dunn
There's going to be some rules, though, so we have to make a way through it. First, a disclosure. Dame, I played youth travel sports same. I played AAU basketball, which I don't even know how much it cost to play, but I don't think it was that much. It may have been $100. It wasn't a lot. And we didn't travel that much. We didn't really even travel out of state because the Nationals were indianapolis, and that's when we won them. Did you do anything other than travel? What do you do?
15:07
Damian Dunn
Basketball and baseball.
15:08
Peter Dunn
Okay. No major costs.
15:11
Damian Dunn
I mean, we had reversible jerseys for basketball. I mean, how expensive could that have been?
15:16
Peter Dunn
Did I ever tell you the name of my basketball team for oh, you know this, right? I had to have told the Pistols, close the Gunslingers.
15:25
Damian Dunn
Gunslingers.
15:26
Peter Dunn
So were an inner city basketball team called the Gunslingers, and probably wouldn't you know how the Washington Bullets are now? The Washington Wizards? Yeah. The Gunslingers probably would not be the name of our team moving forward.
15:44
Damian Dunn
No, I don't see how that would fit in today's environment.
15:50
Peter Dunn
However, I do have a really slick satin starter jack that says gunslingers on the back.
15:55
Damian Dunn
You still have that?
15:56
Peter Dunn
I have it. It's at my house right now.
15:58
Damian Dunn
Why is it not hanging on the wall behind you for this story?
16:00
Peter Dunn
That's a really good question. All right, so Dame, here's the thing. I made the argument years ago that too many parents how anecdotal is that too many parents bet on youth travel sports as a means to get their kids a free college education. And while that's arguably true anecdotally, I'm not so sure now that my life is in the throes of youth travel sports that's the motivation for a vast majority of the families involved.
16:35
Damian Dunn
Interesting, my family is still traveling around, chasing our kids and hauling them everywhere. I have to agree with you, especially for the sports that my kids participate in, because I don't think there are tons and tons of scholarships that are handed out for that particular sport. So I think folks are doing it for the right reasons. Air quote right reasons.
17:01
Peter Dunn
Yeah, I mean, there's some other elements to here, too, and I made reference to it. I don't want to disclose too much, but I have a family member who arguably is one of the greatest amateur coaches or coaches of an amateur sports program ever. If you know, then you know and you agree. If you don't know, you're like, that can't be true. Trust me, it's true. It's true. And he was partially responsible for millions of dollars worth of scholarships for kids, millions of dollars at some of the best schools in the country. So that's a thing. However, I would also argue in the last ten years, what has happened with youth travel sports is there was a crossover point from when you and I were into it, and then it became a means to get exposure. And I feel like now there's a new form of that, which is just an activity people do with no expectations that their kids are going to get exposure to anything other than they learn to play on a team.
18:04
Peter Dunn
They learn to win, they learn to lose. They learn to deal with people they don't like, whatever. They learn to deal with adversity, which is sort of the life our family has chosen to live with as it relates to youth travel sports. So I think if you can afford it, which is the biggest disclaimer in the history of disclaimers, it's a reasonable thing to do. I used to measure it. D***. I used to say, well, people who couldn't afford it do it. In lieu of saving for college. And I think that's a mistake and I still would argue that's somewhat true, but I just don't know where the line is now.
18:42
Damian Dunn
Are you telling me that you don't think that your kids can learn how to win, lose, compete on a local level?
18:49
Peter Dunn
No, actually I don't. I used to think that. I don't think that now.
18:55
Damian Dunn
Interesting. So why are travel sports such a better ground for those lessons than just local leagues?
19:05
Peter Dunn
All right, so let's say your kid's pretty decent. Sure. Okay. They're going to do really well in a local rec program.
19:14
Damian Dunn
Sure.
19:14
Peter Dunn
Right. They're going to do really well. They'll win a little, lose they'll score or whatever. Right. I don't think it's until you get your head stomped in, until you really learn what it is to get better. I think it's hard to take a really low ceiling that is rec sports. If this is the sort of parenting you're going with and saying you need to get better because it's easy for a kid to go, well, I'm already the best in the league, or I'm already one of the best in the league. And then you take them into an experience where they just are devastated. Well, I like that.
19:49
Damian Dunn
So we're talking about subjecting kids to potentially crushing their dreams in hopes that they get a better resolve mentally for future endeavors in life, right?
20:01
Peter Dunn
Yes.
20:01
Damian Dunn
Okay.
20:02
Peter Dunn
Yeah. It's funny. My kids are very different from each other. One constantly just he'll talk about training, he's like, I got to get better. And the other one is like, I'm good, and she's fine. Right? She's good. But I just love the dynamics of youth travel sports is to teach you about sort of ambition and life and hard lessons and disappointment and fairness and more importantly, the lack thereof. I also haven't learned that youth travel parents, youth travel sports parents are a pretty large manifestation of who that person is in general, of how they interact with other fans and other kids and their own kids and coaches. I find that to be interesting too.
21:03
Damian Dunn
I would like to disagree with you on so many points. Unfortunately, I don't think I can. My family just experienced this in the last twelve months were involved in a travelish league.
21:17
Peter Dunn
Do you actually disagree or you just want to disagree but you can't?
21:21
Damian Dunn
I really want to, but I agree that if your child is towards the top of the pack locally, that they're not going to get the same lessons out of athletics that they otherwise could. In the case in point, my family went from our kids being at the top, very top in some instances, to being very solidly middle of the pack in other league that went to. And now you get to see how do they handle that? Do they decide they want to keep getting better or are they like, you know what, I've got half a dozen things I'd rather be doing, and channel their energy and their emotions in some other way. So I like challenging my kids. And if nothing else, that's what travel sports can be. It can be a way to refine their competitiveness as well as resilience to struggles and how do they handle them.
22:18
Peter Dunn
Yeah, I almost feel like we go two segments with this, but we've got other things to do here. I'll just say this. My dad was always a proponent of making sure that I was the worst player on the team because it gave you a path forward. Sometimes that was easier than others. All right, dame. Coming up after the break, more of the Pete the Planner show. We're coming back with oh, public service student loan, forgiveness. That's next. I'm Pete the planner. Jeremiah notes many options for competition. Could be school sports, four H, or travel sports doesn't have to break the bank balance is the key. I agree. And the other element to this, too, is we're talking sports, but it very well could be travel dance, it could be travel painting.
23:08
Damian Dunn
Spelunking. I don't know.
23:11
Peter Dunn
I do find competition, though, to be the primary element here.
23:15
Damian Dunn
Absolutely.
23:15
Peter Dunn
Like, getting better, losing, winning gracefully, those sorts of things.
23:22
Damian Dunn
Sure. Seeing how hard work pays off. If you've been working one specific thing, having it actually all come together in the heat of competition is incredibly gratifying.
23:34
Peter Dunn
Yeah. I always, like with my kids sports teams at the beginning of the season. Just seeing the kid who improved the most through the year, not my kids. Whether they did or not, I don't know. I'm saying, like, other kids on the team who maybe struggled at the very beginning, but they just got so much better. I always enjoy that.
23:48
Damian Dunn
Do you think there are big competitions for spelling bees that you travel to? Not like the Scripps National Spelling bee, but do they have other ones that you would travel to, like, around the country for different things? Like I'm the Utah state champ at spelling bee, but I'm actually from Nebraska.
24:14
Peter Dunn
I don't know, barely spell Utah. Bill Notes in my day, travel baseball was getting on your bike with your glove hanging on the handlebars and pedaling over to another neighbor. But totally true. And I used to have like one of the hot takes that I think I wrote in USA Today a few years ago was and it's so apropos now that I have a twelve year old instead of driving a mile to the local fields which our local fields are a mile from my house. You drive across several states, driving by several other twelve year olds to play a specific group of twelve year olds. And while I still think that's somewhat funny or on the nose or whatever, it is true. Not that we don't travel different states, but you do travel around a state to play a level of competition that I think has deeper lessons than what you can get in the local field.
25:02
Damian Dunn
Part of me still pines very much for exactly what Bill's talking about here. I used to listen to my dad talk about sandlot baseball and the movie the sand lot specifically, where you'd have different neighborhoods of kids show up to play other neighborhoods of kids, and baseball was my thing. I loved baseball. Still do. And part of me wishes it were all still that simple. But with flagging participation in many sports from different demographics, you may have to travel a little bit, unfortunately, to be able to get some competition. So, unfortunately, I think this is just a symptom of where we're at.
25:46
Peter Dunn
Dame, you ready for the next segment?
25:48
Damian Dunn
Yes.
25:49
Peter Dunn
Three, two back on the Pete the Planner show. Dame, earlier this week, one of the best things that's happened to me in a very long time happened. The queen of the desert made her away a pilgrimage here to the pizza Planner world headquarters in central Indiana. So we got to see Kristen from our team, from your team, I should say, was in the office. All three of us got to hang out and chat, and she blew my mind on a topic that we're talking about here next. So let's continue another few seconds of praise. She's remarkable, especially on this topic.
26:25
Damian Dunn
I really appreciate that you, a, recognized that, and b, didn't have her on to talk about this.
26:32
Peter Dunn
Yeah, I was just thinking I was like, boy, is there anything more masculine than talking about how much a woman knows about something and then not having her on to talk about it? Yeah. I am the king of good judgment. Dame. What am I doing? That's real dumb, isn't it?
26:55
Damian Dunn
Well, we're a minute into it now, so let's keep going.
26:59
Peter Dunn
Oh, man. Okay. Actually, we don't need to go as deep as she goes on this to understand what is going on, because it's a really complicated topic. There is a program called public service loan forgiveness. PSLF. It gets student loans forgiven in numerous circumstances for people who work for the government or for whether it be state, local, or federal, for not for profit schools or hospitals or not for profit charitable organizations, any 501 c three, even churches. Now, starting July 1, if things go the way we think they'll go. So, Dame, this is to say, the hot talk in this world is all about student loan forgiveness. Even so, this week, as $500 million of student loans were forgiven through the ITT technical institute for profit school scandal. Whatever. But, Dame, there is a giant program that people misuse, or I should say misapply for.
28:07
Peter Dunn
That's a brilliant program if you know what you're doing, and more people should take advantage of it.
28:11
Damian Dunn
Absolutely. PSLF is a huge opportunity for folks in what are oftentimes not very high paying professions to have a path to have their loans forgiven within, I'll say, ten years, but 120 payments for their service to the community. And what we found is typically that people are confused on how to go about doing that, making sure they are up to date on qualifying for it. We suggest doing that on annual basis. And if you play your cars right or actually just do what you're supposed to do, then 120 payments later, you can have a potentially very large chunk of money forgiven and you get on with your life and reallocate that money to some other very needy, deserving part of your finances. And rainbows appear and unicorns fly over them. And it's a great thing.
29:06
Peter Dunn
It's not an insignificant amount. Oftentimes it is thousands, if not tens of thousands of dollars that can be forgiven. There are a few levers to this that I just wanted to cover today in the hopes that someone listening wins. Someone listening says, you know what, I'm going to go for this. Here are the primary elements that we need to talk about. Number one, again, you have to work in public service, which you can say it a lot of different ways. You have to work for a not for profit, a 501, a governmental agency, things like firemen and policemen and hospital workers at not for profit hospitals, and teachers and anyone who works for a school system, all these sorts of things. Dame, am I missing another major repair?
29:55
Damian Dunn
No. What you want to keep in mind is it's not about the profession, it's about who you work for. So as the Queen likes to say, the janitor and the teacher that work at the same school have the ability to have their loans forgiven. So keep that in mind. Don't think that maybe because you don't work in a certain field that's not it. Don't pay attention to that. Pay attention about who you are working for that'll tell you.
30:23
Peter Dunn
And you must work full time. That's an important aspect of this.
30:27
Damian Dunn
Yeah, full time it's at least 30 hours or whatever your employer designates as full time. So that can be a little tricky, but that can be straightened out pretty.
30:38
Peter Dunn
Quickly with HR and the type of payment plan you're on matters too. Actually, I'll back up one. Generally speaking, these are going to be public loans, federal loans as opposed to private loans with banks. So Dame, what we're talking about getting forgiven are federal student loans.
30:56
Damian Dunn
In most cases, direct federal loans. In this case, there are a couple of federal loans that are still out there that don't qualify unless they have been consolidated into a direct federal loan. So that's important. If you have a private loan, sorry, those don't qualify. If you have a very specific type of federal loan, that's not going to qualify either. But a vast majority of loans that your students are probably starting out with or that you. May still have, they very well might qualify.
31:24
Peter Dunn
The type of payment repayment plan you're currently on also matters. Now, if you're on like a standard ten year repayment plan, well, I've got some weird news for you. Number 110 years is 120 months, 120 payments, and your balance will be zero. Will be zero. So it doesn't count. But what a lot of people who are in these sorts of professions where they go towards something like IBR, an income based repayment that oddly enough, doesn't necessarily have a loan paid off in a particular period of time, it's just really set to, hey, we know you're not making that much air quotes. Pay us a little bit. And if you do that for 120 months, dame some people still have huge balances after those 120 months are up. And if they play their cards right and take advantage of this program, that is what goes away.
32:17
Damian Dunn
Absolutely. This is a very important concept to make sure that you understand you have to be on the right payment plan. And if you are, and you make those 120 payments, which don't have to be consecutive, by the way, so if you miss one month payment or you're late one, that doesn't blow the whole program up, just doesn't count towards your 120 payments. So get those payments in and you're well on your way under the correct payment plan.
32:45
Peter Dunn
So here's where it goes wrong. First off, there is a lot of sort of cultural sensitivity about this that these are bad and that they are a scam or it's not a scam. Like many things, people just do it wrong. And so the success rate for this program as of right now is still really low. But that's not indicative of the health of the program. It's oftentimes people who do qualify, it's just human error. They fill out things wrong. There are rejections for good reasons, for bad reasons. So Damon requires a person to fill out their portion of the paperwork correctly, and this is where it also goes wrong. It requires their employer or past employer to fill out paperwork correctly, and it goes wrong there a lot of times.
33:36
Damian Dunn
Yeah. And this is why we suggest doing this on annual basis. That way you know where you stand at any one given point in time, fill it out as needed, and call us, set up an appointment with I don't want to feel like I'm selling us, but I guess I technically am. Call hey money, and we'll make sure that you understand what's going on, but you get your side filled out, which is pretty darn straightforward. Take it to the employer, let them get their side filled out, which once they've done one, it'll be very similar for everybody else, and submit that thing. And as long as you've got the right boxes checked, they'll tell you, yes, you're well on your way, or yes, you've qualified and you know exactly where you're at. It's a beautiful thing.
34:21
Peter Dunn
Yeah. In fact, if this is something, if you're in public service and you want help, go to Callhaymoney.com, sign up, and some of my team will walk you through it. One other note before we go to the break, Dame. The other weird part of this program, great part of this program is if you have Parent Plus loans on your student, but you're the payer with one little tweak, you can also qualify for Public Service Loan forgiveness if you the payer. The parent also work for a service organization, if you will.
34:55
Damian Dunn
Yes. Goes back to the type of loan you've got and to make sure that you are complying with the standards of the program. So you make this one little change and all of a sudden your employment with your employer can qualify you to have your students loans forgiven.
35:10
Peter Dunn
I was watching Kristen sort of give us the lowdown on this week. The queen of the desert and now the queen of the Midwest for now. And I just kept thinking, I don't know anything as well as she knows this, and it's arguably not the thing that she knows best. How's that even possible? But she wasn't here today because we mansplained it. All right, Dame coming about for the break, guam and the news. I'm Pete the Planer and this is the show. How do we have a segment about this and didn't even invite her on? I mean, that is embarrassing.
35:37
Damian Dunn
She's even in the same time zone right now. It would have been super easy to make this happen.
35:42
Peter Dunn
You think she's watching right now?
35:44
Damian Dunn
Yeah.
35:46
Peter Dunn
Kristen, if you're watching right now, slack one of us and call us a dummy. I mean, if you do me, probably.
35:54
Damian Dunn
Slack Pete and call him the dummy.
35:57
Peter Dunn
You can he is a dummy. All right, so Dame, I wish more people took advantage of that program. I really do.
36:05
Damian Dunn
Yeah. It can be daunting a little bit, or just intimidating, I guess I should say, because once you've done one of those forms and done it correctly, it becomes way less intimidating and you're able to get those things taken care of, get it to HR. Once they've done a couple of them, they know exactly what's going on and it becomes a really quick process. And that's it. You know where you're at. You do that, as we suggest on a twelve month basis, and before you know it, you are staring loan forgiveness square in the face, ready to move on with your life.
36:42
Peter Dunn
You ready for the next segment?
36:45
Damian Dunn
Hang on, let me get my news stories up so you don't have to surprise me this time.
36:49
Peter Dunn
Yes. Because I surprised you. Because every fourth segment we do something different.
36:53
Damian Dunn
I never know how long you're going to ramble Pete.
36:55
Peter Dunn
That's fair. That's fair. This week's, biggest waste of money of the week right here on the Pete the Planar show is Slate Chocolate milk. Chocolate milk built better that's slate. With 20 grams of quality protein and 0 gram of added sugar. This is all natural, keto friendly, lactose free, and is the perfect breakfast boost post workout or healthy snack to keep you moving throughout the day. Source from 30 family owned farms, this modern upgrade on chocolate milk is available in chocolate, dark chocolate and espresso chocolate, which has 150 milligrams of caffeine. Slate comes in 100% recyclable aluminum cans, or as the British would say, aluminium cans that can be stored in your cabinet for months. But for the best, most refreshing taste chug it cold dame. You can get yourself a tall can of slate chocolate milk. Lactose free, mind you, for $3 a can.
38:06
Peter Dunn
And you're thinking, well, Pete, why is this a waste of money? This actually seems like a pretty reasonable thing. And I would argue if you look in the fridge here at the Pizza Planet world headquarters, there is a protein shake, albeit with 30 grams of protein, that is chocolate and java flavored. That is also around $3. But I think fancy chocolate milk just seems wasteful. I mean, grab the nestle or what's the Hershey's syrup and put it in the milk and be quiet.
38:32
Damian Dunn
Yeah, I don't think there's anything wrong with regular chocolate milk.
38:35
Peter Dunn
Right?
38:36
Damian Dunn
Wasn't there a study, or maybe many studies that showed that chocolate milk is a great recovery drink after an athletic event because it's got a nice little mix of protein and sugars and whatnot to get you back up and going.
38:50
Peter Dunn
Occasionally a marathon or Mrs. Planner will pull out the chocolate milk very rarely if she's training for a marathon or something. But not everything has to be fancified for a while. You'd hear those commercials for really nice socks, like Bombas, and you'd think, why mess with socks? And then you put on a pair of Bombas and you're like, that's why they mess with socks? Because my feet felt hugged. I don't need designer chocolate milk. I mean, Hershey syrup is as iconic as anything in this country. And just put it in regular milk and what it cost you?
39:24
Damian Dunn
Here's the thing. That's not even chocolate milk. It's dairy free. It's not chocolate milk, it's chocolate something.
39:30
Peter Dunn
It's lactose free. It's still dairy. By the way, Danza may have just earned her spot as Listener of the Year. Once again, Krav MAGA with a chocolate milk chaser. Oh, my gosh. Dane, what's in the news this week?
39:47
Damian Dunn
Well, we've got some breaking news, Pete, that was going to be a surprise for you. A middle aged man in the Midwest opened a Robin Hood account and bought some crypto. Do you want to guess who that middle aged man is?
40:01
Peter Dunn
You.
40:02
Damian Dunn
Yeah. I finally did it, Pete. I opened a Robin Hood account and bought some crypto.
40:08
Peter Dunn
Is it April Fool's Day?
40:09
Damian Dunn
No. I don't know why, but I figured, is it Joe? No, I did.
40:16
Peter Dunn
No, you didn't.
40:18
Damian Dunn
I will send you a screenshot of my account with my incredibly small amount of crypto. That's to prove it.
40:25
Peter Dunn
I hope your employment review is coming.
40:26
Damian Dunn
Up soon so I can brag about the great returns I'm getting on all of my crypto.
40:33
Peter Dunn
Is this just you to tell me that you did this or is this part of a news story?
40:36
Damian Dunn
No, this is just so I could update you because I think I teased that I was going to do that, like, three months ago and I never did. And I finally got around to it because, like I said, we've bagged on Robin Hood quite a bit. I finally felt compelled to get an account to test the experience for myself and see if there was anything to this craze of using Robin Hood there shouldn't be and just give it a try. And then I figured, why not compound that lunacy by buying crypto right now?
41:07
Peter Dunn
Now I'm going to feel responsible for paying for your kids college education here soon.
41:11
Damian Dunn
Okay, I'll buy more crypto if that means you're going to take on more of the burden for that.
41:16
Peter Dunn
What's actually in the real news this.
41:18
Damian Dunn
Week, retail sales fell 1.3% in May, which may not seem that important or interesting until you consider how it reflects major changes in the post COVID economy. Is this a bad sign? Not really. People are paying less for things like sweatpants and more for experiences like things that you shouldn't do in sweatpants. This is the opposite of what happened during the pandemic where people could really only buy sweatpants. To illustrate the point, restaurant sales have eclipsed grocery sales for the first time since March of last year. So retail sales down, but not a big deal.
41:56
Peter Dunn
Pete, I did see I sent it to you this week that we talked recently about how lumber prices were skyrocketing. Turns out they turned on their heel and went the other way. And they are falling very quickly, which.
42:10
Damian Dunn
Is a good thing if Reddit convinced you to invest in lumber last month, we have some bad news. Lumber Futures posted their biggest weekly drop ever last week and continued to decline this week. Now at less than $1,000 per thousand board feet, prices are down almost 41% since May's, record high.
42:29
Peter Dunn
I love when a segment comes together like I did not expect you to just say what you just said. It's funny, reddit sometimes doesn't know what it's doing. Oh, we're not talking about that anymore, Reddit.
42:42
Damian Dunn
Maybe we could talk about that.
42:44
Peter Dunn
Well, isn't it interesting that prices were flying up? Flying up? I better buy this fence now because it's only going to get more expensive. I better buy this house now because it's only going to get more expensive. A market will find its level. Water finds its level. Markets find its level, and that's how it works. But in the midst of it never feels like that does it. It never feels like it's going to come back down. But what was the decrease in lumber from the peak? That seems like a lot of percent.
43:14
Damian Dunn
Yeah, I was driving to an appointment this morning and some poor gentleman was stopped along the edge of the highway because there had been a number of two by fours that came out of the back of his truck, just scattered all across the highway. And I thought, man, that's a retirement fund that's just laying there. But then I remembered this story and I thought, it's just a vacation. Now at this point.
43:33
Peter Dunn
Can I ask you a personal question?
43:34
Damian Dunn
Sure.
43:35
Peter Dunn
Do you have just spare wood somewhere at your house? Just like some lumber? There's our lumber.
43:43
Damian Dunn
I've got some scraps of stuff that were big enough and straight enough that I didn't really just want to burn. So I've got some stuff sitting around.
43:52
Peter Dunn
I've got some very little lumber. And I just feel like sometimes I'm always trying to be a little bit more manly. I feel like if I had just like a little lumber pile in my house or like in my garage, it'd be like a good thing to do.
44:07
Damian Dunn
I think you'd probably have to get a real hammer to use with it too. Not your wife's little pink handled hammer.
44:12
Peter Dunn
Wow. She's going to be mad at you.
44:15
Damian Dunn
She can use it all she wants. Lord.
44:17
Peter Dunn
Anything else in the news?
44:19
Damian Dunn
The average age of a vehicle operating in the United States has risen to 12.1 years.
44:24
Peter Dunn
Pete, let's go.
44:26
Damian Dunn
Over the past year, the average rose from 11.9. And in 2019, research showed the average age was 11.82. Decades ago, the average age of US cars on the road was just Pete guessing game six, 9.6 years.
44:41
Peter Dunn
So up until June of 2019, we had a 2004 and a 2008. Now we have a 2008 and a 2019 way in.
44:52
Damian Dunn
Where are you at 2014 and a 2016. But the 16 recently replaced a 2008.
45:02
Peter Dunn
Yeah, I will say there are so many oh my gosh, what am I doing? What am I about to say? There are so many new safety features out there that it's almost worth it to get rid of like a 2003 and make sure that you don't run over anybody or back into anybody. You've got side airbags, you've got curtains that come down and protect your eyelashes, all sorts of things. Am I right?
45:37
Damian Dunn
Sure.
45:39
Peter Dunn
I got real awkward.
45:42
Damian Dunn
Yeah.
45:42
Peter Dunn
We got an email this week and I'm going to try to hit it next week. I wanted to dig into it. I just didn't have time this week. Did I send it to you about the woman that thinks she was listening in one of our affiliates indiana. She thinks her husband was taking advantage of with an actual Nigerian scam before he passed away. It's like a sad situation. I want to look into it. I'm being serious. And we're going to take a look at it next week. People have a joke about, oh, Nigerian friends emailed me, but there were real victims to these things, right. And so I'm going to try to dig into it a little bit this week and find out more. And we will talk about fraud next week, and especially with all the hacking and ransomware and things going on in our world right now, we will take a financial look at that.
46:28
Peter Dunn
Dame, thanks for being on the show this week. I appreciate it.
46:31
Damian Dunn
Thanks for having me again. Sorry.
46:32
Peter Dunn
Kristen all right, everybody else, I'm seeing good vibes because good vibes are all that's in the budget. I'm Pete the Planner, and this was the show.
46:43
Damian Dunn
I have a story about a Nigerian scam, if the folks would like to hear it. Yes, they would.
46:51
Peter Dunn
Go ahead.
46:51
Damian Dunn
Do you have a moment?
46:54
Peter Dunn
I've got all the time in the world for you, buddy.
46:57
Damian Dunn
I'll make it short.
46:58
Peter Dunn
I forgot to say stay getting oh, I say stay getting money at the end. Okay, I'm sorry, I got distracted. Go right ahead.
47:03
Damian Dunn
When I got into the industry, I was working for older gentleman. Sorry, I just had you in my mind doing the voice, the older gentleman voice, and that's nothing like that.
47:18
Peter Dunn
What's the older gentleman voice? Like my old guy voice?
47:22
Damian Dunn
Yeah.
47:23
Peter Dunn
Why would I do that?
47:24
Damian Dunn
As soon as I said an old guy, it was the voice I remember. No, the one with the high pitch with a little no, don't worry about it. Anyway, he got one of those emails, nigerian scam emails, and he followed up on it because he wasn't sure he thought it was legit. He just thought it was his good fortune that somebody contacted him out of the blue, that there was somebody that had millions of dollars overseas. It turned out the guy that sent it to him was local to us.
47:54
Peter Dunn
Really?
47:55
Damian Dunn
Yeah. Like legit local. Like they met and talked face to face.
48:01
Peter Dunn
Was there fisticuffs?
48:03
Damian Dunn
No. And he could have he had a cup of coffee in the NFL when he was younger, played for a couple different very well known teams. And so he finally told me about this. I've got to get my passport renewed because I'm going to have to go overseas. And I said, Hold on, we're going to check into this a little bit. And so I got him squared away, and he was a very embarrassed b, very upset to the point that he called the local FBI office and had them meet this guy at the next meeting. And the guy was allowed to stand up and leave, but they made him aware that they knew who he was and everything that he was doing.
48:49
Peter Dunn
But at least you didn't tell thousands of people this story on a podcast radio show.
48:53
Damian Dunn
Nobody knows who I worked for.
48:54
Peter Dunn
Oh, good point. Couldn't they go to LinkedIn?
48:57
Damian Dunn
No, because it's not on there.
48:59
Peter Dunn
Okay. Speaking of Nigerians, did you happen to watch the US women's National Team play Nigeria last night in a friendly I did not. Nigeria played well. I used that Nigeria. And that's what made me think of I had a recent Nigerian experience who won US 20. But it was a good game.
49:17
Damian Dunn
Good game.
49:19
Peter Dunn
Gigi, anything else? No. Yeah, oddly enough, I'm the manager of a youth travel sports program that I have to do some managerial duties, so I've got to go.
49:33
Damian Dunn
I don't know if I realized it was a travel team.
49:36
Peter Dunn
You didn't, really.
49:37
Damian Dunn
I just thought it was a local team.
49:39
Peter Dunn
No, EP programs don't have managers. They just what's happened to me? What other hot take will I completely change course on?
49:51
Damian Dunn
That's a really good question.
49:52
Peter Dunn
That's a great question.
49:56
Damian Dunn
What did you feel really passionate about a few years ago?
49:59
Peter Dunn
Reese's? Peanut butter cups. But still there.
50:02
Damian Dunn
Yeah. Well, we can agree on the abomination of the peanut butter cups. The one that's I'm not even try it. No, I'm not either.
50:09
Peter Dunn
Or the white chocolate ones. White chocolate and peanut butter? No, thank you.
50:13
Damian Dunn
No, I do enjoy white chocolate chip cookies. Those are, I think, superior to regular.
50:20
Peter Dunn
Chocolate chip cookies, but we can agree to disagree on that. All right, so for next week, let's think about what maybe we'll do a segment on my hottest financial takes of all time and how they've all fallen apart.
50:33
Damian Dunn
At Petetheplanner.com all right, Dan. Ask Pete. At Pete theplanner.com all right, Dan.
50:42
Peter Dunn
I might have to record some videos or Oz is going to punch me in the face. Krav McGah style.
50:46
Damian Dunn
I want to see that. She didn't even ask for lessons, but I think she's got natural talent.
50:51
Peter Dunn
All right, Dame, thanks for your contribution. Everybody else, thanks for sticking around this long on a special Thursday edition. And remember, stay getting money.
