00:02
Peter Dunn
Two things are happening at the Pete the planner, your money line world headquarters today. Number one, the office next to my studio is being painted so I could be overcome with fumes at any point in time. And Kristen and Dame would have to take over the show. And number two, a vendor dropped off a giant box of crumble cookies yes. Yesterday. And so it smells like sugar and paint in here. Welcome to the Pete the planner show. Hello. It's my friends sugar and paint. Hey, sugar, he's talking to you.
00:39
Damian Dunn
I guess for HR purposes, we better hope he is.
00:41
Peter Dunn
And hello, paint.
00:43
Kristen Ahlenius
Hello.
00:45
Peter Dunn
That was a trick. It was a trick. I saw both of you in person this week.
00:50
Kristen Ahlenius
True.
00:50
Damian Dunn
I'm just thinking I'm concerned for the office crumble cookies today. You had some delicious rise and roll donut holes earlier this week. I mean, this is not setting a great trend.
01:02
Peter Dunn
Jameson makes it in to the live stream. I saw Jameson's son Lincoln turn 19 this week. Dame. Can you believe that?
01:12
Damian Dunn
No, I feel very old really quick.
01:15
Peter Dunn
I do. Like longtime listener. Happy birthday, young man. Danza fire Andy. Hello. Big rick swink. Hello. All right, so there was no show last week, and I think you're owed an explanation. Kristen, were you going to be on last week? Yeah, you were, right?
01:34
Kristen Ahlenius
Yeah.
01:35
Peter Dunn
I arrived at our offices and I did not feel well on Friday morning. And then within about a half hour of being here, I went way downhill, texted these two people here, and I went home and just collapsed for the rest of the day. I got like a 24 hours bug. It was terrible. And our other coworker, Ben got it too. So no show last week because I was not doing well. But I'm fine now.
02:04
Damian Dunn
That's all that really matters. You're fine. You're here, you're back, you rallied.
02:07
Peter Dunn
Yeah, now I'm filling myself with baked goods. Kristen, you were in Texas this week.
02:12
Kristen Ahlenius
Yeah, I was. I was in Houston.
02:14
Peter Dunn
Was it nice to be back?
02:15
Kristen Ahlenius
Very nice. It was 94 degrees at 05:00 a.m. Yesterday when we left Houston. No, landing indiana was really refreshing.
02:24
Peter Dunn
Yeah. It says no one ever but it.
02:27
Damian Dunn
Was a dry heat, right?
02:28
Kristen Ahlenius
No, I'm just like, oh, my.
02:32
Peter Dunn
We are going to have a special Thursday episode next week, by the way, 10:00 a.m. Eastern, right? Is that when we do the show?
02:41
Kristen Ahlenius
Yes.
02:42
Peter Dunn
Okay.
02:43
Damian Dunn
There we go.
02:43
Peter Dunn
I'm going to take a couple of days off, go recharge. Okay. The show this week is going to be, what, a couple emails and a newspaper column, right?
02:53
Damian Dunn
Yeah, I think so. And of course a bomb and news.
03:00
Peter Dunn
Kristen, you haven't been on the show since.
03:05
Kristen Ahlenius
May. Yeah, it has been a while, though. That's fair.
03:10
Peter Dunn
Yeah, it has. Okay, let's start the show. Let's see if we can find any energy today.
03:15
Kristen Ahlenius
Doubtful.
03:16
Peter Dunn
Three, two, one. This week on the pete the planner show. We answer your money questions. Here's how the show works. You can email us. Askpete@petetheplanner.com that's, askpete@petetheplanner.com and we'll answer your question. That's how it works. There's other people that work here on this show. One is Kristen Ahlenius. Hello, Kristen.
03:37
Kristen Ahlenius
Hello, Pete.
03:39
Peter Dunn
And one is Damian Dunn, who, from my understanding, was once kicked out of a 9th grade basketball practice because of something he did during a jump ball drill. And listeners of the show wonder if you remember what it is. All right. So dame. Hello. Welcome to the show.
03:56
Damian Dunn
Hey, Pete. Yes, I do remember. Moving on.
03:59
Peter Dunn
Okay. All right, so we've got an email askPete@petetheplanner.com that came in this week about rollovers 401 KS. Hello, Pete. Pete and Kristen, wait a second. I'm looking into the possibility of doing a direct transfer rollover from a previous employer's retirement plan into my current employer's plan. The old plan has more than three times the amount of what the balance is in my current plan, just due to longevity. Are there big pros and cons of rolling over funds is the main advantage of consolidating plans for convenience of managing one account, having funds in one place, et cetera. I assume it's okay to leave it where it's at. Income retirement time three to four years away. Just have the two accounts to withdraw from. Thanks, Vic. Well, here's what you can do. Just call us on Monday and we'll set you up with an IRA here at the Pizza Platter.
04:55
Peter Dunn
No, that's not how this show works. We're actually going to answer your question. It doesn't require you to call us or do business with us. Dame, pretty common question. And I think what trips people up is moving a big account into a small account. I think that's why it feels confusing.
05:11
Damian Dunn
Yeah, there's really nothing wrong with doing this, but there are certain things you want to pay attention to. What's the fund selection look like in both of the accounts? Maybe you have access to some funds in the old account at your old employer that you really like that you don't have access to in the new one. You want to take that into consideration. You also want to think about the expenses that are wrapped into both of those accounts that are being offered to you. Are you paying more at one versus the other if that's the case? Well, you want to try and keep most of your funds at the least expensive of those two accounts. They're going to function the same. It's not like you're going to lose out on a match or anything like that with your new employer if you keep it separately or if you combine accounts, you get a bigger match.
05:54
Damian Dunn
That doesn't happen that way. It's based off of contribution. So this is really more of an administrative decision in my estimation. You may disagree, but this comes down to can you track both accounts if you decide to keep them separate? Or are you better off for either financial or just organizational reasons to combine?
06:16
Peter Dunn
Both.
06:17
Damian Dunn
What do you two think?
06:18
Peter Dunn
Kristen is there go deeper beyond fees and performance?
06:23
Kristen Ahlenius
I don't think so. Maybe the only other thing that I would mention, which would be that it's easier for you don't have to keep track of two. And I don't think Dane touched on that unless I totally missed it.
06:37
Peter Dunn
He did. You missed it. Hey, can I play Diablo's advocate here for a second? Wouldn't it be more prudent to roll that over not into the company plan, but into a separate IRA, so then you have more flexibility and options than going to the limited menu that is your current employer's 401K menu?
06:59
Damian Dunn
Kristen, I hogged and jeopardized the first answer. Why don't you answer that one?
07:05
Kristen Ahlenius
I don't know if I totally agree. Just when I think about behavior, when it comes to persons behavior, which is why I touched on what Dame had already mentioned, is just because it was my point I wanted to make. I'm a huge advocate for keeping it all together just because it doesn't take up additional bandwidth. So I think that even when presented with that option, I might lean toward rolling it into the same account because it just eliminates another account that someone.
07:31
Peter Dunn
Has to keep track of beyond that. Dame, to Kristen's point, which was your point, I think of this idea that at distribution, you're going to have to do two sets of distribution paperwork, you're going to have to get two monthly income streams, and it seems like a complete waste of time.
07:52
Damian Dunn
I want to make sure that we're clear on this because it could be a little confusing for listeners. For RMDs, for required minimum distributions, when you have IRAs, let's say you have three IRAs for whatever reason, spread out all over, maybe a couple of different vendors, you can take all of the calculated RMD from one account, one IRA account with 401 KS. That's not the case. If you have two different 401K accounts, when you retire, you have to take a required minimum distribution from each of those. Now, if you were to roll both of those 401 KS into 1401K or one IRA, you've simplified the tracking process and it's much easier to meet the requirements of a required minimum distribution. So, yeah, again, administratively, this is another concern that you have to take into consideration. That's great wordsmithing.
08:44
Peter Dunn
Wait a second, kristen, he's suggesting that's a consideration you have to take into consideration. Yeah.
08:50
Kristen Ahlenius
What about the fact that the emailer said that retirement is three to four years away? Do you just wait at this point if you're going to retire, just make one decision in three to four years?
09:03
Peter Dunn
Yeah.
09:03
Damian Dunn
If you don't have a financial advisor lined up, this is certainly going to be a conversation that you have with that person when you get ready to retire. So you might end up transferring an account and leaving it there for two, three years before you actually make another transfer into another kind of account. Not that moving into an IRA is always the right answer.
09:24
Peter Dunn
This always makes me think when someone leaves a job that they haven't been to for a very long time and it's a small 401K balance, how often people just cash it out because it feels insignificant. Back in the day when I used to do this, I saw it all the time. People are just like, It's $1,700. I'm just going to cash it out. And theory nothing about that makes sense. Literally nothing about it. They find a problem to solve with an amount of money that creates another problem. It's very weird.
09:59
Damian Dunn
There are rules now that if your balance is under a certain amount and you leave work with that employer, they either do one of two things. If it's under, I believe, $1,000, they cash it out and send you a check. And if it's under $5,000, they essentially kick it out of the plan and put it into an IRA. So I may be off on those numbers, but if it's a smaller balance, you may not have a whole lot of say in what happens.
10:26
Peter Dunn
Kristen, how many different retirement account do you have with various let me ask you differently. How many companies do you have a retirement account with?
10:39
Kristen Ahlenius
Two, but I'm working on making that one.
10:42
Peter Dunn
Okay. Dame, how many companies do you have retirement accounts with?
10:46
Damian Dunn
Two.
10:48
Peter Dunn
Does that include Mrs. Advice?
10:51
Damian Dunn
Yes.
10:52
Peter Dunn
Nice. Okay. My answer is less ideal. There's a lot I'm not saying there's a lot of money. There's just a lot of different company. Like, I'd say five or six.
11:08
Damian Dunn
I answer this if you don't want to. Does one person have oversight of all of those accounts other than you and Mrs. Planner?
11:16
Peter Dunn
No, just me. Which is dumb, because in the event that these paint fumes coming through the bottom of the studio door take me out like they feel like they're going to, then Mrs. Planner would have to go to the Pete's Dead binder and track down all the things, which is still a pain in the neck. It'd be much easier if she could just access the one account. Yeah, I'm an idiot, so be sure to take your financial advice from me, an idiot. All right, so to Vic's question. Dame, roll it over.
11:49
Damian Dunn
I'd hit the pause button on the rollover.
11:52
Peter Dunn
Kristen, roll it over.
11:54
Kristen Ahlenius
I would pause for retirement.
11:56
Peter Dunn
Peter, roll it over. I'm sorry. Everyone has turned the station. There are people all over central Indiana in their cars driving to Crumble Cookies right now, which I think are closed on Sundays, and they're upset that I'm using that voice. Dame, coming up on the show yet this week, we've got a question about long term care insurance, a small question about investing in company stock. I'm going to talk through my column. The one question you should ask your financial advisor so they can criticize you to great detail by design. All that's next right here on the Pete the Planner show. I'm Pete the planner. I'm feeling incredibly low. Feeling I feel like I've never done this before.
12:50
Damian Dunn
Do you want me to tell you the story that got me kicked out of a 9th grade basketball practice now that we're off the air?
12:56
Peter Dunn
Oh, you bet your shorts I do.
12:57
Damian Dunn
Actually, it has something to do with shorts.
12:59
Peter Dunn
Yeah, you somebody.
13:01
Damian Dunn
Yeah, it was a jump ball drill, Pete. You play basketball, the jump ball, and it goes away and you chase it down, and then it becomes a loose ball drill after that, and you jump on. It just exactly what teenage boys want to do. So we line up and you always gauge who you're going to be jumping against and what strategy you might be able to employ. And I see who I'm going to jump against. I recognize that there may be a better option, which is as they jump, I hold onto their shorts and they go down to their ankles. Sure enough, worked out just as planned. Everybody falls on the floor laughing, except, of course, for the kid who was depant. And the coach kicked me out. And come to find out, I have a conversation with him years later, and he said it was the funniest thing he'd ever seen in a practice, but he couldn't let me get away with it.
13:54
Damian Dunn
It was well done.
13:55
Peter Dunn
I'm not going to turn into the media these days. I'm not going to do that. But don't you get the feeling like if that happened today, it would be like the lead story on the local newscast and it very possibly very possible.
14:08
Damian Dunn
There could have been lawsuits? Yeah, probably.
14:11
Peter Dunn
I'm not that way. Right. Just so you know, I'm not that way that it's like, can't get away with anything. It's not me. But I also have to admit something that benign, just a little bit of tomfoolery. Seems like it would be news these days.
14:24
Damian Dunn
I don't think a coach would find it nearly as funny these days as he secretly did back then.
14:30
Peter Dunn
Isn't perspective interesting? Because if we're telling this story of, hey, Kristen, I know this guy that removed a middle school boy's pants in high school. High school boy's pants.
14:44
Damian Dunn
Thank you.
14:45
Peter Dunn
It's a different story if you say it that way.
14:48
Kristen Ahlenius
Yeah. Context matters.
14:50
Peter Dunn
Yeah. This is going to go terrible. It might be the worst show we ever do.
14:57
Damian Dunn
Worse than our 500th anniversary show or 500th episode show.
15:00
Peter Dunn
That was terrible. I don't know. I think it's because I got here too early today, so my caffeine peaks hit at a different time.
15:11
Damian Dunn
I'm putting this in your HR file. We're going to have a conversation.
15:14
Peter Dunn
You're the one that's removing teenage pants.
15:20
Kristen Ahlenius
Context.
15:21
Peter Dunn
Okay. This is going to go poorly. Let's do the rest of the show. Boy, every podcaster. Here's what I want you to do right now. I don't even know what to say. Here we go. Three, two, one. Back on the Pete the Planner show. One day, this will go down as the greatest show we've ever recorded on July 14 of 2023. Dear Pete, I've been researching long term care insurance options. I'm a 58 year old female with no major health issues. Dame, are you interested in the rest of the email? Yes. My parents had long term care insurance, and it was a blessing to have options when needing extended care for them. My Fiduciary recommends making a one time payment of $50,000 right now to a company. Dame, how many timeouts do I get?
16:18
Damian Dunn
Two per show.
16:19
Peter Dunn
Okay. Can I have one right now?
16:21
Damian Dunn
Full or 2020?
16:22
Peter Dunn
Okay, full. Kristen, how often have you heard someone use Fiduciary in that way in the way that we just heard it?
16:35
Kristen Ahlenius
I definitely this person has either really done their homework or the person they're talking to has just exclusively used that word. I'm not sure which one, but one of those two is true.
16:47
Peter Dunn
So, Dame, here's the other element that we're going to get into with this email. It doesn't sound like a Fiduciary.
16:55
Damian Dunn
Yeah, I'm curious a little bit, but I'm thinking the same as Kristen. The person she's working with has either done a fabulous job of marketing themselves or it's a legit, researched option. And our emailer is on top of many things. Maybe it's the same person that her parents worked with.
17:17
Peter Dunn
I don't know. Okay, so I'm going to reread that sentence because I think how it blends into the next sentence has me thinking how the wheels are turning here. My Fiduciary recommends making a one time payment of $50,000 right now to a company to purchase long term care insurance. The company would then invest the $50,000, and that is what would be used for coverage. By the way, I have $50,000 to invest, but I'm just not sure this is the best route to take. The concept is new to me versus the much more familiar annual premium payments starting around age 60. I'd love to hear your thoughts on whether lump sum one time payment is more or less favorable than the annual premium payments. Thanks, Diane. Okay.
18:08
Damian Dunn
Does this sound like a hybrid life insurance policy to you, Pete?
18:11
Peter Dunn
No, it's asset based long term care. It's asset based long term care, which I like, actually. I mean, here's what's going to happen. I actually love asset based long term care. I think it makes a lot of sense. But I got some major issues with the context of what's happening here. Kristen, am I off base to suggest that this may not necessarily be a Fiduciary?
18:36
Kristen Ahlenius
Context does matter, so we could certainly not have all of the information. But given what we do know, I don't think that you're off base by.
18:46
Peter Dunn
The way, there's nothing wrong with long term care. And if you have a Fiduciary and they suggest long term care, even this asset based long term care, which I love, there isn't necessarily anything wrong with that, but something doesn't seem right about this.
19:02
Damian Dunn
Did you use the emailer's name at the end? Did you read it?
19:05
Peter Dunn
Or did you just say, and she lives at 3462 Ferguson Lane in Pittsburgh, Indiana? No, I just Diane.
19:13
Damian Dunn
Diane, if you are listening to this and I don't know if it's in your best interest yet, if you are, if you could email us back with.
19:21
Peter Dunn
Is that a Fiduciary joke?
19:22
Damian Dunn
Yes.
19:26
Peter Dunn
That was funny.
19:28
Damian Dunn
If you could email us back with, like, two more paragraphs of just a little bit more context of maybe the overall financial situation, that would give me a lot more confidence in how to answer this question, because as a friend always says, the answer is, it depends.
19:44
Peter Dunn
Kristen here's what I think here is I want to know how much money more than the $50,000 she has? Because I'm concerned with the lack of context around I have $50,000 to invest. Is it only $50,000 to invest? That concerns me.
20:04
Kristen Ahlenius
Yeah, it concerns me, too. Is it, I have the $50,000 in a 401K somewhere or an old IRA somewhere and I can use it technically, or is it, I have $50,000 that I've saved explicitly for this purpose, and now I'm just trying to weigh the best route to spend those dollars or invest those dollars. I don't know. I think it matters. And to Dame's point, I would love to have more context here.
20:26
Damian Dunn
Yeah, I'm working with my Fiduciary. I have 50 grand to it. Maybe she's got investable assets of multimillions of dollars. And it's like, hey, should I stroke this check? This is the decision I'm trying to face because I'm much more comfortable and familiar with the monthly or annual premiums that I would pay for a traditional long term care policy. This is a new concept to me, and it sounds like it maybe hasn't been completely explained or thoroughly explained to her satisfaction.
20:58
Peter Dunn
Kristen typically in these situations, don't we say, okay, how much cash flow does this person have now and into retirement? And then you weigh that against how many assets the person has, and then what those assets are doing for them. And usually what happens is, oh, tons of cash flow, not a lot of assets. Do the premium payments or not a lot of cash flow, ton of assets. Okay, do the asset based long term care. Is that an oversimplification or is that the way she should look at this?
21:26
Kristen Ahlenius
I don't think it's an oversimplification. I think it's totally fair. If everything is just as it seems, which one did the two of you pick? The one time payment or the annual or monthly premium payments?
21:41
Damian Dunn
If it's the scenario I have built in my head, it's the one time check, but I don't know. I just don't know enough.
21:50
Peter Dunn
What's funny about this situation that we've found ourselves in, friends, is that so often we get emails and it's what's not said, where we're able to fill in the gaps and sort of figure it out. I don't know why this one's so perplexing. I think the use of the term fiduciary threw us off so bad because it's just like, no one just says, oh, my advisor. They don't just say my fiduciary. No one says that. So it's confusing.
22:21
Damian Dunn
My interest is piqued.
22:23
Peter Dunn
I want to know. Jamara okay, so anyway, I have no problem with asset based long term care whatsoever. I don't know if 50,000 is enough to put into an asset based long term care product. I always assume sort of like the core level you wanted to look at was, like, $100,000. And so that makes me nervous, because if it's going to be adequate coverage, $50,000 wouldn't necessarily accomplish what you're trying to accomplish. And so therefore oh, here we go. It's getting there. Therefore, I think it's dame. It's one of those situations in which it's not a Fiduciary recommendation because it is the way to get the most commission. Yeah. Shots fired.
23:11
Damian Dunn
Yikes.
23:13
Peter Dunn
Because they would get less commission, hypothetically, on a monthly premium payment than they would a $50,000 lump sum, because they're going to get in life insurance. It's called target premium. And they get compensated off of target premium. I'm not sure what the long term care equivalent is. And so that's why this is just not making sense to me.
23:34
Kristen Ahlenius
Tell us, Diane. We have to know.
23:36
Peter Dunn
Oh, we have to know. I also feel like this is a newspaper reader as opposed to a podcast listener, which is always tough because I don't cross pollinate. They're not going to get both of them.
23:52
Damian Dunn
Can you just make, like, the last two sentences of your next column? P. S. Diane, please email with more details.
23:58
Peter Dunn
It'd be like a craigslist. Like, what are those called when you chance encounters or something like that, where.
24:05
Kristen Ahlenius
You'Re like missed encounters.
24:07
Peter Dunn
Missed encounters. You brushed my clavicle in the fruit aisle with your elbow.
24:14
Damian Dunn
I don't know anything about those. What are you talking about?
24:16
Peter Dunn
I just have to say, and maybe we'll hit this during the break. I almost didn't say clavicle and dame. I don't even like and type what I was about to say because I was just in this don't. No one will ever know what I was about to say because we work for the same company, and that is a violation. All right, here's what we're going to do. We're going to hose off a little bit. We're going to come back. Kristen I was interviewing some people this week for a job opening our company, and there was this question that interviewees were asking the interviewer me on a consistent basis. And it got me thinking, is this the question you should ask your financial advisor. We'll discuss that next on the Pete the Planner show. I'm Pete the planner. Dame, I can't believe the word that came to my mind.
25:06
Peter Dunn
I'm not kidding. Oh, my gosh.
25:09
Damian Dunn
It's the fumes, Pete. It's the fumes. You're in a hostile work environment right now.
25:15
Peter Dunn
I can't put that word in.
25:16
Damian Dunn
Slack just means the next two segments are primed to be amazing.
25:21
Peter Dunn
Here's what I'm going to do.
25:23
Damian Dunn
Okay. All right.
25:25
Peter Dunn
I'm going to Google, and then I'm going to send you a link to what I was going to say. So I'm not actually typing to you what I was going to say, and I just want to see your reaction. I want to hear your reaction. Here it is. That almost came out of my mouth. I mean, the word.
25:53
Damian Dunn
That would have taken that conversation in a different direction.
25:56
Peter Dunn
How uncomfortable was that? Sorry, Kristen.
25:58
Kristen Ahlenius
That's fine.
25:59
Peter Dunn
It may not be. I don't know. That's the thing. Check my email inbox later today. Your sister says this is a weird show. I agree. Like, I don't know.
26:09
Kristen Ahlenius
Sorry, Caitlin. I tried to get Caitlin to write in. She had a legitimate question for the show.
26:14
Damian Dunn
Do you know what the question is?
26:16
Kristen Ahlenius
Yeah.
26:17
Peter Dunn
Well, can you ask it? Can you change your name to, like, Schmlightland? Hey, email from the listener. Schmateland.
26:25
Damian Dunn
Caitlin spelled differently.
26:27
Kristen Ahlenius
I can put it in the channel for next week. It's a good question.
26:30
Peter Dunn
Okay.
26:31
Damian Dunn
But it definitely won't be Caitlin.
26:33
Peter Dunn
It won't be question.
26:35
Kristen Ahlenius
Well, she already decided, so I told her that I was going to put it on the show anyway, so she even made the decision.
26:41
Peter Dunn
Let's play a game where we criticize her decision.
26:44
Kristen Ahlenius
Perfect.
26:46
Peter Dunn
I like it. Next Thursday, 10:00 a.m.. It's a new show called was Caitlin wrong?
26:54
Kristen Ahlenius
Yes.
26:56
Peter Dunn
Oh, she was? Don't ruin it. We're going to ruin it. We'll lose a listener next Thursday, and you're going to lose a sister. Okay. Whoa. Jameson said the show just started skipping. Repeating like a broken record skipping. He had to leave and come back to the stream. It was bonkers.
27:18
Damian Dunn
That's a Facebook problem.
27:20
Peter Dunn
Oh, sure, blame meta. Kristen, did you see the picture of Mark Zuckerberg with his shirt off next to two other MMA fighters this week?
27:29
Damian Dunn
Yeah. No, I know I'm not Kristen, but yeah, I did.
27:33
Peter Dunn
Wow. I did, too. He was ripped.
27:36
Damian Dunn
Yeah.
27:37
Kristen Ahlenius
Really?
27:37
Peter Dunn
I was impressed.
27:38
Damian Dunn
He's put in some work.
27:40
Peter Dunn
I mean, where does he find the time and money to do mean when.
27:43
Damian Dunn
He just eats, like, fruit and soy? I mean, what are you going to do?
27:47
Peter Dunn
Wow. Everyone else had the same problem on the stream.
27:50
Kristen Ahlenius
Oh, no.
27:51
Peter Dunn
Dame. If our audio is messed up for this show, I'm going to fist fight someone.
27:56
Damian Dunn
Sorry, Ben.
28:00
Peter Dunn
I could win.
28:01
Damian Dunn
If you had to pick somebody in the office right now, who would it be?
28:04
Peter Dunn
That I'm going to fist fight? Yeah, well, there's no one here that I could actually win against.
28:08
Kristen Ahlenius
I know Gigi's really tired, so that might be a good.
28:14
Peter Dunn
I wouldn't fight Gigi. She's delightful, right? So I know I can't beat up anybody. All right. Except Ben. OK, here we go. The most show thing ever. Jason says I let it keep skipping for the 15 seconds because just in case it was a bit that's funny. That's really we've gaslighted people that badly.
28:46
Damian Dunn
We got a really nice compliment from a financial professional on Twitter a couple of weeks ago. And it's times like these that I wonder if he questions his ability to judge content and character.
28:59
Peter Dunn
Oh, Jameson. Wait, hold on, pete and repeat. Boo.
29:06
Kristen Ahlenius
I loved it.
29:10
Peter Dunn
I can't say a lot about this. Danza asked a question about a family Olympics that may or may not have occurred, and I cannot comment on that. Thank you. Good day. That's all I can say. That's all I can say. Okay, let's do my column in three, two I have to get that Google search off my phone. So I just went to start the clock, and I see an image of the Google search.
29:44
Damian Dunn
Did it pop up an image? I'm sure it popped up an image.
29:47
Peter Dunn
When you look like a steer.
29:49
Damian Dunn
I didn't click through. I just looked at the word because it was highlighted in the link that you sent me.
29:54
Peter Dunn
Three, two, one in a second. Back on the Pete the Planner show dame. I wrote a newspaper column this past morning in which I drew off an experience I've had interviewing people for an open position at our company this week. So I don't know how if you know how job interviews work, Kristen, but here's what happens. At least here in the first 30 minutes, it was a 30 minutes screener sort of interview. You learn about the person's background, and then with, like, seven ish minutes to go, like, okay, well, I've had you in front of the firing squad. Why don't you take your turn asking me a few questions? I say it like that, and everyone feels real charmed and entertained. And three or four times this week, people would say, okay, after hearing about me and looking at my resume, what gives you pause about hiring me to fill this position?
30:54
Peter Dunn
And I'm like, okay, I like this question because I happen to be in a very candid, transparent mindset these days. And so I would just tell them. I'm like, well, here's the thing. You don't have experience doing this. I'm a little worried about this. I think you're inexperienced about this. And so I don't know if it's, like, a way to trick me into saying, well, nothing. I think you should start tomorrow. But what I ended up doing was like, well, hey, this sort of stinks, and you're not so good at and anyway, so I started thinking about it. I'm like, wouldn't it be amazing, Kristen, if you went to your financial. Planner and you said after they put together a plan and you say okay, what gives you pause about my ability to accomplish and succeed at this plan? Wouldn't that be interesting?
31:38
Kristen Ahlenius
Be very interesting. What if you change the word my to our?
31:43
Peter Dunn
Well, I like my but I will hear the our argument. But here's why I like my. I think so often a client and arguably a financial advisor think it's the factors and the levers of chance, inflation, rate of return, the economy. But what if the premise of those variables is off a person's willingness to take risk or that they need 11% to accomplish the plan and then that itself is something you can't deliver on? Does that change your perspective or you still think it's our?
32:21
Kristen Ahlenius
I think it could be both. I like both.
32:27
Peter Dunn
Yeah. Dame I think why this is a hard thing is because, and I like it's because I don't think advisors are naturally wired to want to criticize their clients because they don't want to lose their clients so they're not going to be highly critical.
32:46
Damian Dunn
It does provide a unique opportunity for a financial advisor to be very direct and very critical. I would argue that this should be a part of a regular conversation with a client. If you're trying to maximize the relationship and ensure that you are going to get to a reasonable outcome or expected outcome instead of shooting for some pie in the sky that you may not really have a shot at. Yeah, absolutely. But I also think it really depends on when this question is asked. If it's asked after a number of meetings and a financial plan has been created, hopefully the planner has done a great job constructing things around reality and not hopes and dreams at that point. And the outcome is what can be reasonably expected. Now, if they've baked in some assumptions, this is the time to talk about it, like working to X point or certain return targets.
33:47
Damian Dunn
We could have those conversations, but hopefully the end result of the plan is not going to be too far off of what could be reasonably expected.
33:56
Peter Dunn
Kristen, you're our behavior expert around here. What if the question was are you seeing any patterns of behavior, decision making which if left unchallenged, could compromise our plan?
34:08
Kristen Ahlenius
I love that because I think when someone sits in front of a financial professional, they're trying to be the best version of themselves as a client. So if you force me to be honest and say maybe I'm someone who has a tendency to want to be more conservative in downturns in the market, we all know what that does to the long term potential of a financial plan. Force me to be honest about that because that makes me a better client and that makes our relationship better. Professional to client.
34:37
Peter Dunn
Dame kristen just said something that I've never ever considered and it's so true. People are on their best behavior when they're sitting in front of their financial professional. It's like you see a cop running radar gun and your foot just goes off the accelerator. All of a sudden your behavior is modified based on the situation in front of you. I'm buying what she's saying. Are you buying it?
35:04
Damian Dunn
Million percent. Nobody wants to look, I should say it takes a very confident person to be able to walk into a meeting like that and just tell it like it is because you're going to hedge. I think a lot of people experience a similar thing when they go to a doctor or some other professional. They're going to skew the responses a little bit towards making them look a little bit better. Even if it's to their detriment long term. They want to feel okay or more acceptable about what's going on in their lives in the moment.
35:42
Peter Dunn
Kristen financial advisors love to compare themselves to medical professionals. They love it. They absolutely love it. Which then has me thinking, wouldn't this also be an amazing question to ask your physician at a wellness visit? What gives you pause about my ability to stay healthy? And you've got to want to hear the answer, too, that's the idea of candor and transparency is you've got to want well, the fact that you're carrying 63 extra pounds, Peter, isn't not really helpful. Right? You got to want to hear it.
36:18
Kristen Ahlenius
Yeah, you have to want to hear it. And then you also have to be prepared to be vulnerable to learn about things that you probably don't understand. That's why you're seeking out a professional. If you knew everything there was to know about financial planning, investing, et cetera, you wouldn't need that person, especially if your behavior was in check. So you also have to be prepared for that vulnerability and be prepared to learn.
36:39
Peter Dunn
Yeah.
36:39
Damian Dunn
Somebody who asks that question, I feel like is already prepared to do the work. They know that there's potentially something that's out there that could trip them up and they need somebody else to point it out for. They can't see with that experience and that clarity and that perspective on what that may be. And if there is something out there, tell me what it is. What could that be? Or can I provide some more detail into what you have identified to see if it really is that issue that you've highlighted?
37:09
Peter Dunn
What if, though, back to the original premise of people at job interviews asking this question. They ask it because they see it's a good question to ask, but then they aren't actually the sort of person that can handle that level of intense feedback. That occurred to me as I unloaded on a young man earlier this week. When he asked the question, I didn't unload on him. I was very kind, but I was very honest. The situation we're talking about with financial advisors and doctors, there's no list of questions that you go into other than my column that says, go do that. But on a job interview, if that's not your actual mindset but you ask it because it's a good question to ask because it makes you look good, that could actually backfire on your mentality. No. Yeah.
37:54
Damian Dunn
Not only your mentality, but also if there was any question from the person you were interviewing with, and they just started mentioning things and they're like, oh, yeah, and this too, and that, too, and it could snowball. Any chance, any marginal chance you might have had might snowball into, like, yeah, you need some work, kid.
38:11
Peter Dunn
The thing was, Kristen, I interviewed, I don't ten people asked this week. Four or five asked the question.
38:19
Kristen Ahlenius
There's a social media influence there somewhere. There's this woman, Amy, on TikTok. I think her name is Amy. She leads HR at a global company, and she provides questions like that. That question came from an influencer.
38:31
Peter Dunn
I love it. I do, too. I think it's great. Taking feedback and not being defensive is such a life work skill that I don't think I had for a very long time. I'm not sure I still have it.
38:52
Damian Dunn
I don't think I have it yet.
38:54
Kristen Ahlenius
I don't have it.
38:57
Peter Dunn
I don't know. Kristen I'll say damn. I'm not acknowledging or not acknowledging you one way or the other. Kristen, I've had a conversation with you that I think you think that way. You absolutely think that way.
39:11
Kristen Ahlenius
I think it takes me a minute to get there. I don't think it's my gut reaction, but I think if you try, anybody can get there.
39:18
Peter Dunn
All right. Yeah.
39:19
Damian Dunn
It takes her a minute. It takes me two days.
39:22
Peter Dunn
Dame does not like surprises. Everybody. Surprise. Jump ball. Okay, so coming up after the break, biggest waste of money of the week in the news. All that's next right here on the Pete the Planner show. Pete the Planner la. Yeah. I don't know. I found it to be very interesting interviewing people I've not interviewed. I know we've hired 30 people in the last year. Whatever. All told, it feels like. So I've interviewed a lot of people, but I don't know, it's just this round. They're very consistent.
40:04
Damian Dunn
Strange social media. It's out there.
40:10
Peter Dunn
Are you on? Threads dame.
40:12
Damian Dunn
Nope.
40:13
Peter Dunn
Kristen?
40:14
Kristen Ahlenius
Yeah.
40:16
Peter Dunn
Are we threaded, like, good eyebrows, you and I?
40:21
Kristen Ahlenius
I'm pretty sure that you requested to follow me. I haven't gone through to follow anyone. I haven't done anything with it. But you were on the platform before me and it gave people the option to just follow everyone that they follow on Instagram, and I think you did that and I didn't.
40:40
Damian Dunn
You're on threads.
40:42
Peter Dunn
Me?
40:42
Damian Dunn
Yes.
40:43
Peter Dunn
Yeah.
40:44
Damian Dunn
Why?
40:45
Peter Dunn
I don't know.
40:47
Damian Dunn
You don't even use the social media you have.
40:50
Peter Dunn
I don't know, dad. I'm sorry.
40:53
Kristen Ahlenius
Kristen.
40:54
Peter Dunn
I didn't like how you said you requested to follow me. That made me I feel so bad about myself now.
41:01
Kristen Ahlenius
Oh, I'm sorry. That's just how it's set up. That wasn't a slight at you specifically.
41:06
Peter Dunn
It was like it's just like follow your instagram. People like, sure, what am I going to sit here and just choose young women to follow? Because you've made me seem like there's going to be a documentary about me or something.
41:20
Kristen Ahlenius
No, that's just how threads works.
41:22
Damian Dunn
At least somebody didn't intimate that you were removing teenage pants on a show. This top 1% podcast.
41:29
Peter Dunn
Top 1%.
41:31
Kristen Ahlenius
Maybe not anymore.
41:33
Peter Dunn
No, we're locked in. That's the point.
41:37
Damian Dunn
As long as we keep showing up, we stay.
41:40
Peter Dunn
That's the beauty of it all. We can never lose top 1% because so many terrible podcasts come out on a regular basis that fail.
41:51
Kristen Ahlenius
It's unbelievable.
41:52
Peter Dunn
It's like the greatest thing that's ever happened. All I did was not die.
41:59
Damian Dunn
Just keep hitting the record button.
42:01
Peter Dunn
Just put them out there. It's just content. Okay, I'm going to keep going here. The show's gotten a little better.
42:13
Kristen Ahlenius
A little.
42:15
Peter Dunn
Wow.
42:16
Damian Dunn
I think it's been a lot better.
42:18
Kristen Ahlenius
Really?
42:18
Peter Dunn
Kristen, is there something that I've said on the show that gives you pause about my ability to have a successful career?
42:28
Kristen Ahlenius
Not anything specific. I just feel like the vibe is off today and I think I am a large contributor to that. And I just want to be clear that I am a huge contributor to the vibe being off today.
42:39
Peter Dunn
Jeremiah says he was looking for the live stream on threads. Jeremiah, first off, I got to go here shortly, but I looked to see if we could live stream on threads. You can't do it yet with StreamYard, which is how we stream the show. But I'm going to dame, ready for this? I'm going to no longer stream on Twitter as soon as I can stream on if I in the spirit of transparency, I need to tell you why.
43:09
Damian Dunn
I already know why.
43:10
Kristen Ahlenius
We know why.
43:11
Peter Dunn
Okay. I want to contribute to the failure of Twitter. I know. And here's the problem with me saying this. I know people have jobs. They can go work somewhere else, they'll be fine. And you're like, oh, but investors will lose money. Nope. Just one. Just one. Good day. Oh, wait, sorry. Is that a little harsh?
43:35
Damian Dunn
I can't wait to see you drive a Tesla someday.
43:38
Peter Dunn
I'm never going to drive a Tesla.
43:41
Damian Dunn
I can't wait to see Mrs. Planner drive a Tesla.
43:46
Peter Dunn
You dare since speak her name on the air.
43:49
Damian Dunn
I didn't say her name.
43:50
Peter Dunn
Okay, here we go. Three, two, one. This week's biggest waste of money of the week right here on the pizza. Planner show is pulling it up. Everybody just relax. Calm down. The erwork space time blade clock erwork takes hoat horlageri to the next level with its did I say that wrong?
44:19
Damian Dunn
Dame, I can see the word that you said. I'm not sure if it was pronounced.
44:25
Peter Dunn
Right or not or lagerie horlagery. Anyway, to the next level with its space time blade. The Swiss watchmaker partners with Dalibor Farney. Bless you. To build a clock manifested from our Sci-Fi fantasies. It tells time on a saber like glass column displaying hours, minutes, seconds, and kilometers, or kilometers with glowing numerals. The dial is held up by a sculptured bronze pedestal standing nearly 4ft tall. Kristen, this looks like a lightsaber. I mean, it just looks like right?
45:08
Kristen Ahlenius
Yes. And it looks like an industrial take.
45:12
Damian Dunn
On a lightsaber steampunk, kind of.
45:19
Kristen Ahlenius
Four foot tall, right?
45:21
Peter Dunn
Yes. Like a small child. Kristen, how much does the Erwer spacetime blade clock cost?
45:29
Kristen Ahlenius
Does it cost $900?
45:33
Peter Dunn
$900 is one guess. Damon?
45:38
Damian Dunn
I'm going to go with $23,000.
45:42
Peter Dunn
That's a big difference. That is a big difference. Okay, now here's what we're going to do. Kristen, back to you. Do you want to stick closer to yours or do you want to go closer to dame's guess closer to mine.
45:59
Kristen Ahlenius
Prices.
45:59
Peter Dunn
Right.
46:00
Kristen Ahlenius
Rules.
46:00
Peter Dunn
Okay.
46:01
Damian Dunn
Nobody?
46:01
Peter Dunn
The answer is $52,000.
46:05
Kristen Ahlenius
Oh, my word.
46:07
Peter Dunn
More than 900 in most countries. Dame, what's in the news this week?
46:14
Damian Dunn
The Biden administration announced on Friday check local listings for day. It would automatically forgive $39 billion in student debt for just over 800,000 borrowers. The relief is a result of fixes of the student loan system's income driven repayment plans. And under those repayment plans, borrowers get any remaining debt canceled by the government after they've made payments for 20 years or 25 years, depending on when they borrowed and their loan type and loan plan type. Sorry, I can read. In the past, payments that should have moved a borrower closer to being debt free were not accounted for, according to the Biden administration. To bring people over the line forgiveness, the biden administration counted payments for borrowers who'd paused their payments in certain deferments and forbearances and those who'd made partial or late payments, the Education department will notify eligible borrowers in the coming days.
47:09
Peter Dunn
All right, so basically people who've been paying on their loans for 20 to 25 years are having their loans forgiven.
47:16
Damian Dunn
Yes.
47:17
Peter Dunn
I have no problem with this. None. Dame.
47:27
Damian Dunn
In practice, in concept, I have no problem with it. One of the things I hate is stuff that always moves. We're just tweaking rules and we're trying to find ways to do an end around on this whole deal. I want some consensus on it. I want people to agree on it, and I want something to happen once and for all instead of just kind of chipping away and being cute with some of these things. If this literally should have happened, fine, have at it. And this is just one more reason for us to be upset at the government because they screwed something up and made people drag this out longer than they should have. But, man, this just feels yuck.
48:07
Peter Dunn
I both agree with you and disagree with you. I agree that I don't like the end around I don't feel like this one is an end around. I did feel like last week or two weeks ago when we did the infamous Supreme Court ruling stream. Man, a lot of bad shows recently. Anyway, I felt like the idea right after that, they're like, oh, we're going to go through the Department of Education now and have them that is an end around, right? That's the same thing, end around. I think that is where I'm like, this seems targeted to not voters, and it doesn't feel targeted to the youngs. It feels targeted to people who are in deep distress 2025 years into a career still burdened by student loans. So that's why I totally agree with you. I just don't think this is the end around.
48:58
Damian Dunn
Yeah, maybe just like I said, if it was originally set up to where these payments should have been counted towards forgiveness, then absolutely get your act together and give people credit for what they should have had it for. But if you're now changing the rules and say, you know what, we can count those towards forgiveness, that just feels I don't know, like I said, just come to a solution and get this over with so we can stop talking about it every other week.
49:26
Peter Dunn
What else is in the news?
49:29
Damian Dunn
Bank of America slapped with a $250,000,000 fine for junk fees. That's right. Regulators penalized the US's second biggest bank for a series of consumer abuses, including Pete opening credit card accounts without consent, charging overdraft fees twice and improperly withholding credit card rewards. These fines are part of the CFPB, that's Consumer Financial Protection Bureau and their war against junk fees, overdraft charges, stuff like that. This added hundreds of millions of dollars to Bank, America's top line between 2018 and 2022. This all happened recently. You'd think they would have learned their lesson from somebody named Wells Fargo.
50:13
Peter Dunn
Kristen, do you think $7 billion settlement, $250,000,000 fine to bank of America, do you think that's going to affect my stock pick of bank of America this year?
50:25
Kristen Ahlenius
It wasn't doing well before, so maybe it's just all a moot point.
50:29
Peter Dunn
Actually, let's take a look at bank of America. When did that news come out? This week. Right, Dame?
50:40
Damian Dunn
Yes.
50:41
Peter Dunn
Okay, so let's see, one week, five days. What has it done? You know, it came out yesterday.
50:52
Damian Dunn
Do you think this week? I'm not sure when.
50:56
Peter Dunn
It's not too bad. Maybe the 250 was priced in. You never know. Sure, it's down 11% on the year, but whatever. What else is in the news?
51:09
Damian Dunn
US. Online sales during Amazon's Prime Day shopping event rose 6.1% to $12.7 billion from last year. As inflation hit, Americans hunted for discounts on the ecommerce platform. Shoppers spent 6.3 billion alone on the second day of the big sale as deep discounts on products such as toys and appliances drew customers in who have otherwise cut their nonessential purchases due to rising prices. Amazon said that over the two day event, prime members bought more than 375,000,000 items worldwide and saved more than two and a half billion on several deals, making it the biggest Prime Day ever. I want to say I ordered, you know, the little circle batteries that come, like, for 2032s?
51:57
Peter Dunn
Yeah.
51:58
Damian Dunn
I ordered a two pack because I needed to replace key fob batteries. They came in a box the size of a shoebox.
52:08
Kristen Ahlenius
There's a reason for it.
52:09
Peter Dunn
Not a padded envelope.
52:10
Damian Dunn
No, a shoebox.
52:14
Peter Dunn
Kristen amazon was originally a that's all they and but to prove the model until they grew things out. And at the time when they came out, I wasn't a book buyer. I didn't read a lot of books. Now they sell everything, and all I do is read anymore. So the last five purchases I've personally made on Amazon are all individual books. Book buyer kristen or are you using Amazon for the fashion?
52:42
Kristen Ahlenius
I use Amazon for literally everything, but my Prime Day purchase was a new oh, wow.
52:49
Peter Dunn
That was meta. And I dealt main threads.
52:52
Damian Dunn
Did you get the Kind that you can write on? Doesn't Amazon have one that you can write on now?
52:56
Kristen Ahlenius
They have one, but I just wanted it strictly for reading.
53:00
Peter Dunn
Yeah. Fantastic. All right, everybody, the show is over. It's done. I mean, in a few seconds here. But listen, next week on the show, here's what we're doing. If you listen to the live stream, it's going to be on Thursday, 10:00 a.m., when we're recording for the weekend, folks. It's just going to be on the weekend. Nothing to see here. It's all the same. Kristen, thank you for your just vast contributions today.
53:25
Kristen Ahlenius
Yeah, you're welcome.
53:26
Peter Dunn
Dame, thanks so much for all of the energy you brought to the show.
53:29
Damian Dunn
I tried to.
53:30
Peter Dunn
The rest of you sending good vibes, because good vibes are all that's in the budget. I'm Pete the planner. This is the Pete the Planner show.
53:38
Damian Dunn
All right. It looks like people are putting in their Prime Day purchases. Go right ahead, fill up the thread. We'll judge you accordingly.
53:45
Peter Dunn
Christine. You bought a kindle. Dane bought two thousand and thirty two S. I bought nothing. Actually, I bought a book this morning, but Prime Day was a couple of days ago. What's going to happen next? Like, literally in our days? Because, I mean, I'm going to need some calories or something here.
54:04
Damian Dunn
Kristen and I have a fabulous phone call scheduled with our head of product in just a little while who's angling for his own appearance on our show. For a crypto corner.
54:15
Peter Dunn
Here's the promise I made to our friend. If Crypto hits, Bitcoin hits $100,000 a coin, he can be on the show. And he was very excited about that wager because he's a believer. Yeah. And I said, there's a better chance that I am dead prior to Bitcoin hitting $100,000, which would make his appearance on the show. Not possible.
54:50
Damian Dunn
You're not leaving the show to Kristen and I?
54:52
Peter Dunn
I don't know.
54:53
Kristen Ahlenius
We'll see the planner show.
54:56
Peter Dunn
Okay, let's do that. This is very real. This is not a game. This is life. Kristen, right now, what's more likely? Okay, bitcoin hits $100,000 per coin first or I'm dead. What is more likely the latter? I'm dead. Damian. Damian. I love calling you Damian. I don't know why.
55:26
Damian Dunn
I love call Dame Damon and then Damien, in that order, is totally that you choose for me.
55:34
Peter Dunn
I get so uncomfortable calling you Damien. So uncomfortable it makes my skin crawl. Dame, more likely, bitcoin $100,000 per coin or I'm dead. What's going to happen?
55:50
Damian Dunn
First, I am going to lobby that we put a Bitcoin logo on your tombstone because we'll just put the date that it hits $100,000. Beside that so that have your dates and then Bitcoin $100,000 date just to be recognized forever.
56:06
Peter Dunn
I will be so dead by the time Bitcoin hits 100,000. It's fine, because then I won't have to hear people talk about it. Took the easy way out.
56:18
Damian Dunn
The extreme but easy way.
56:20
Peter Dunn
All right. This was something, right?
56:23
Damian Dunn
Rick agrees. I should just go for Andrew.
56:25
Peter Dunn
Yeah. I called you dad earlier in the show, which was actually a reference to your name. Damian. Andrew Dunn. Yeah. Okay, kristen, I can tell you want to go.
56:35
Kristen Ahlenius
It's fine.
56:36
Peter Dunn
She was bed. I want to go, too. All right, kristen, thank you for your efforts today. I wasn't joking. I appreciate it. I know it's biz travel can take it out of you.
56:45
Kristen Ahlenius
Well, thank you for that.
56:47
Peter Dunn
All right, Dame, you have no excuse. Nope. All right, see? Everybody stay getting money.
