00:12
Peter Dunn
Oh, we're back. Refreshed. We are well groomed. Hello, everyone. It's the Pete the planner show. Dame, I almost forgot the name of the show just then and there. I really did. I don't actually know why, but I almost forgot the name of the show.
00:26
Damian Dunn
If you had to come up with an alternative name for this show, what would it be?
00:31
Peter Dunn
Funny money. That's a little laughs and graphs. What would you call it?
00:41
Damian Dunn
Moving on.
00:42
Peter Dunn
Two bald men or a podcast?
00:45
Damian Dunn
There you go.
00:47
Peter Dunn
Hey, everybody. Welcome back to the show. We took last week off. Why? Because Dame was on vacation. I promised to do a solo show, and then I said, I don't want to. I mean, it really wasn't any more difficult than that. It's like, hey, I'll take a week off. So thanks, Dame, for inspiring my absolute laziness.
01:03
Damian Dunn
It's not that our audience doesn't matter to you. It's just you needed a little break.
01:10
Peter Dunn
Need a little me time. Little me time. Dame, how was your vacation? Best donut you had on vacation. What was it?
01:17
Damian Dunn
It was called a vanilla cream pillow, and it was absolutely delicious from a little shop called the Donut fryer and Friar, spelled as in, like, the religious fryer.
01:28
Peter Dunn
Did you do the duck donuts down in Hilton Head?
01:31
Damian Dunn
It was closed, Pete. It closed as in it said temporarily because they were having a hard time finding enough staff to run it, so it was no longer serving donuts, and I thought my vacation would be tremendously worse until we found the next donut shop in another place.
01:53
Peter Dunn
I have a hot take about duck donuts. Do you want to hear it?
01:55
Damian Dunn
Yeah.
01:56
Peter Dunn
It seems critical, but it might be. And by the way, I don't want to salt the wounds of a donut shop that is currently shuttered because they can't find staff. However, here are my thoughts about duck donuts. They're delicious. They're absolutely delicious. But it is one of the most high maintenance ordering experiences in all of the land of consumerism. It's like, okay, now, what icing do you want on this donut and what topping do? It's like, just give me some donuts, bro. That's all I want. I don't want to have to put together a menu which you have to perform over a 15 minutes period. Just give me donuts. That's how I feel.
02:30
Damian Dunn
Last time were there, they actually had tickets that you would fill out for everything that you wanted and put it in there and out. Your donuts would come a few minutes later, and they were worth the wait and the effort, in my estimation.
02:45
Peter Dunn
You want to do a financial radio show?
02:48
Damian Dunn
If that's our only option, yeah.
02:51
Peter Dunn
Sometimes it's like, we could just get on here and blabber, but then we risk getting bad comments on itunes about our podcast, which, you know, really upsets me.
02:59
Damian Dunn
Whatever.
03:00
Peter Dunn
I don't care. Clearly used to upset me. I just don't even care that's a good thing. All right. Three, two, one. This week on The Pete the Planner Show, we answer your money questions. Here's how the show works. You email us, askpeat@peteeplanner.com that's, ask Pete@peteplanner.com. And here's what we'll do. I don't know. I mean, sometimes we just delete them. Other times, we answer the questions on the show. By we, I mean me and Damien Dunn, no relation, vice president of advice at your Moneyline and hey Money. Hello, Dame.
03:32
Damian Dunn
Hello, Pete.
03:33
Peter Dunn
All right, Dame, this week on the show, we've got three things we're dealing with. Number one is a personal financial question that I'm submitting to the show about my own personal finances. It's a real world scenario. It is not made up, it is true, and I need your guidance. Topic number two is, what's the deal with all these colleges and universities forgiving student debt? There's a lot of context you need when you hear or read those stories. And so we're going to provide that context in the second segment. And finally, Dame, in the third segment, we are going to talk about financial optimism, financial pessimism, and financial realism, how your life's outlook impacts your financial life, and, of course, the biggest waste of money of the week. And news. Dame, I have a financial question for you that I need your expertise on.
04:27
Damian Dunn
Go ahead, call her. I'm listening.
04:29
Peter Dunn
My trusted mortgage person, Advisor professional. Sure. She emailed me. She said, Pete, I listen to the show. She does listen to the show. So. Hello, Jeannie. She said, hey, we've got lower interest rates right now. We've got a special two and a half percent on a 15 year mortgage. Okay? So, you know, Dame, I have a 15 year mortgage. I am six years into that son of a gun. And so if I went to a 15 year mortgage, it's important to, of course, acknowledge that I would be restarting a mortgage right now. The interesting thing that's happened in the last six years is I have aggressively paid down my balance by the nature of a 15 year mortgage. So it's not like I would just be getting a half percent lower on the original loan value that I had. I'm getting a half percent lower on a substantially reduced balance because I've been paying off my mortgage.
05:24
Peter Dunn
The result, my friend, is there would be roughly an $800 a month difference on this new mortgage that's being proposed, as opposed to my current mortgage, which has nine years left to go. So, Dame, here's what I'm thinking about doing. And I'm 95% there. I'm thinking about doing it, then paying the exact same amount, thus increasing my payment by around $800 a month towards principal. And by my math, not only does that save me $18,000 interest over the next nine years, but it also allows me to pay off my mortgage roughly six months early. And this is heading towards a period of time in which my son would be going into college, and that extra six months before he got there, I could use to accumulate some additional cash. And plus that cash flow would be nice and free by the time he got there.
06:26
Peter Dunn
So beat that idea up. Dame.
06:32
Damian Dunn
When I was alerted that this might be a question yesterday, I started thinking about why would somebody do this for six months difference. I think the obvious answer for me is, does that time period line up with a better or bigger use for that money? In your case, yes, it does. If that's the case, I think it makes a lot of sense, even though you're going to go through some hassle of doing all the mortgage stuff and on and on, and it's only going to save six months, but it's going to save a big amount of interest, that's for sure. But it does free up some cash for a bigger event in your life as well, a little bit earlier. So even though it seems like a hassle to save six months, I wouldn't have any problem with this one.
07:22
Peter Dunn
I'm with you here because I've talked about on the show before, from a broad stroke perspective, our strategy was to have our mortgage paid off by the time our kids are in college. Right? That is our broad stroke strategy. However, when you start to get down to the details of this thing, if that's your strategy, why not do it six months sooner? Accumulate a little extra ammo there. Of course, like you said, the pain in the neck that it is to do a refi. No matter how great my trusted mortgage professional is, it's still a giant pain in the neck to do all of that stuff. But Dame, we're not talking about saving six months and $18,000 over 30 years from now. We're not talking about saving $18,000 and six months 15 years from now. We're talking about doing it eight and a half years from now.
08:15
Peter Dunn
Let me tell you, that's going to go fast. And when you put it in those terms, it totally feels worth it.
08:23
Damian Dunn
Yeah, that timetable is ridiculously short for you to be able to recover that much interest cost and six months of time, percentage wise, that seems to make a lot of sense. And as far as the hassle of going through a refinance, I mean, the kids are home from school now. It's summertime. They can gather some documents and get it in order and send it over.
08:48
Peter Dunn
Yeah, I will tell you, I will make you privy to a conversation Mrs. Planner and I had about this very topic just the other day is this idea that I said to her, well, besides, it gives us $800 of cushion. For some reason, we didn't want to make that additional payment. We wouldn't have to in a particular month. And she said, Is something wrong? And I was like, no. She's like, Never in our lives. Have you ever given yourself that sort of wiggle room so there's no way you would actually do that? And I was like, yeah, you're right. I don't actually know why I said that. Because Dame, there is a 0% chance that I would let myself off the hook in a tight month. Because the second you do that conduit is open and the bad ideas flow through that conduit.
09:34
Damian Dunn
And it's interesting that you said that because when we have people that are contemplating similar type strategies of what you're doing and they could say, well, if we don't have the money, we could just drop back to the standard payment, typically we say, yeah, that is a benefit. But you always have to couch it with that very real possibility that all of a sudden you just found $800 or $500 or whatever the situation may be to use towards whatever you want in your month to month financial life. And all of a sudden that huge advantage, that reason that you were doing this whole thing in the first place. Cracks start to appear in the armor and you start to put yourself up to being just totally exposed on the whole process and the whole thought and meaning behind it in the first place. So is it an option?
10:24
Damian Dunn
Yeah, absolutely it's an option. And it could be really valuable if you absolutely need it. And you've got to be able to say no a whole lot of times before you have to say yes.
10:34
Peter Dunn
I totally agree. Yeah, it's one of those things where we do give people that option. We're like. Oh, of course, the times get tough. But once you do it, you break that seal and all it takes is the worst thing is if you pull back, that payment for a not so good reason, and then anything theoretically better than that not so good reason is reason enough to not pay an extra $800 a month. At that point I will say, you know this and you're part of this. Many of our coworkers like to mock me as it relates to my mortgage because I physically drive to the mortgage bank and pay via check every single month. I have never mailed in a payment. I've never made an online payment for my mortgage because I love the feeling. I just love the physical manifestation of owning more of my home, if you will.
11:30
Peter Dunn
I like the idea of getting the receipt, seeing what the current balance is. I have a whole stack of those receipts and I look from each month and I see it sort of like a flywheel escalating and it tickles me to no end. And boy, do you all like to make fun of me for that. And I simply don't care because it gives me great joy.
11:48
Damian Dunn
Even over the last year you were able to do that.
11:50
Peter Dunn
Of course, now I use the drive through though, so now I'm using a tube to make my payment. I love mean, it is sort of one of my favorite things of the minutiae in my life.
12:06
Damian Dunn
Everybody's got their things.
12:08
Peter Dunn
Everyone does have their things. Speaking of things, Dame coming up after the break. There's a thing right now. And that thing is colleges and universities announcing at graduation they're forgiving the students'debts. Kinda. So we're going to talk about what's going on there. All that is next on the Pizza Planner show. I'm Pete the planner. Man, that almost was like a really good tease to end. Hello, Jameson. Good to be with you. Our friend. I missed you. I've taken a couple weeks off, maybe. I don't know. Dame has. Everybody has. Hello, everybody. So dame. I'm going to do that. But it is a giant pain in the to do all that bad.
12:52
Damian Dunn
It's not that bad.
12:53
Peter Dunn
I got a lot of stuff going on. Danza says staff ridicule is the fuel that keeps the PTP machine going. Sometimes it does. And that's why I'm so glad we're back in the offices, because I feel like it's just the camaraderie that you can have with people in person and everyone's back to making fun of me, which is great. And you can do it over zoom. It just feels mean spirited to mock a person over zoom, right?
13:16
Damian Dunn
Yeah. It doesn't have the same effect on slack or zoom or anything like that. You got to be able to look the person in the eyes or just ignore them but say it loud enough that you know they hear it.
13:29
Peter Dunn
All right, special shout out to gold star Gail for helping us with this next segment. She sent over an article last night. Would she do that or was it Kristen GSG? She always sends the stories that are on Apple news, you know what I mean? So then my Apple news has to open.
13:47
Damian Dunn
Yeah.
13:47
Peter Dunn
I'm not complaining. Gail did seem like a complaint. All right, you ready?
13:54
Damian Dunn
Yeah.
13:55
Peter Dunn
In three, two, one. Back on the Pizza Planner show. Damien Dunn Listen, sir, I sent you an article earlier this week with eyebrow raised firmly that said small college, small university, whatever, in Ohio forgives student debts to the tune of like $250 to $300,000. Right. It was not a significant amount of debt to forgive for an entire graduating class, and so it had us digging. First of all, the university is called Wilbur Force, I believe is the name of the university. Wilbur Force university, historically black university in Ohio announced it would be canceling over $375,000 in student debt. And Dame, there was a video where the speaker at the podium, maybe the commencement speaker, the college president, I don't know. I should know these things. Makes the announcement. And as you can imagine, as you would too, the students, the graduates lost their mind, were dancing high five and screaming.
15:02
Peter Dunn
Yes, it was a beautiful moment, and we're not critical of that beautiful moment, but there's a lot more details to it and this is now a trend. Elizabeth City State University is also forgiving student debts. Dartmouth College announced this week that it would be an alignment student loans altogether for families earning $125,000 per year or less. And Delaware State is also forgiving over $700,000 in student loan debt to at least 200 students facing hardships. So why and how is this happening and what's the catch? Dame here's the thing. It has to do with COVID-19. Yes, kind of wild. Yeah.
15:49
Damian Dunn
The federal government ferry went around to some universities and sprinkled some cash on them and said this money has to be used on behalf or in the benefit of the students. And some of these smaller universities, Wilburforce and some of the others that you have mentioned, are deciding to take it upon themselves to eliminate some of the monies that are owed by the students so they can graduate, so they can get transcripts and their diplomas and all that good stuff and move on. Now, the clip that you referred to, the graduation ceremony, they don't necessarily phrase it that way, and I'm concerned, and I'm sure was cleared up quickly thereafter, that the fees that are being eliminated are just what the students owe to the university or the college. In that case, they're not wiping out federal student loans or private student loans. No, it's a much smaller amount.
16:51
Damian Dunn
It's probably going to come up to $1,000 a student or a couple of student, which I'm not belittling. That's a significant amount. However, when you hear somebody say that they're going to eliminate student loans, I think we all have one specific thing in mind at that point, and that's a much larger dollar figure for most people.
17:11
Peter Dunn
Yeah. So it's not like the student debt. They're saying student debt to the college, which is not the amount you borrowed from the federal government or from a local lending institution. So if you borrowed $30,000 in student loans or $60,000 in student loans, those aren't being forgiven. It's the fees and fines and debt you have to the university itself, which is somewhat common, but in small pieces in some instances here, we're talking about parking fines. I went to Hanover College in southern Indiana, and the big joke is that you constantly get parking tickets there because you put on what are called your Hanover flashers. That's where you pull your car up anywhere on campus, put on your hazard lights, do whatever you're going to do, and then come back to your car and claim that you're putting on your Hanover Flashers and you can't get a ticket.
18:05
Peter Dunn
But you did get a ticket and then people couldn't get their college transcripts because they had so much money in parking fines. That's part of what is being forgiven. And again, it sounds like we're being critical of this and I don't really think I am. I think I just want people to understand that if you're in a commencement address and the speaker says, we're forgiving your student debt to the university, don't jump as high because you may still have $80,000 of student loan debt that you owe. And it just seems insincere to phrase it the way people are phrasing it.
18:37
Damian Dunn
Yeah, I think I sent a follow up on that with the average student debt coming out of that particular institution was mid 20,000, if I remember correct. And if you're that average student or student has the average debt, I should say, and you hear the way it was phrased, you're probably having some different expectations than what's actually going to come to fruition. Again, good on the college for using those funds to benefit the students in that way. Phrasing is always important, though.
19:07
Peter Dunn
Another element to this that I think is interesting is part of the Recovery American Rescue Plan, the $1.9 trillion relief package that President Biden signed into law in March. Like you said, this money has to be spent to use it or lose it. There's something similar going on, oddly enough, at my kids school. I don't know the specific details, which I should, but for a significant portion of this past year, school lunch was free because of the rescue plans that were going on. And again, I don't know the specifics, and I feel like that even extends into early next year where for anyone, student lunch was free, and it's because they have to spend the money they got in stimulus funds. It always reminded me when at the end of a business year, the end of, let's say end of December, you hear people say that run particular departments, particular companies, oh, I got to make sure to spend my budget before the end of the year.
20:17
Peter Dunn
And it's because if they don't spend their budget, not only will they lose that money, but they will also get a lower budget in the next year because they didn't use all their money. And I've always thought that doesn't make sense, even though that sometimes people are buying our services with that leftover budget money. I've never felt like it makes sense.
20:35
Damian Dunn
I agree. I'm sure there are plenty of accountants that would argue otherwise. That does make perfect sense. However, I just don't see finances working that way in my head, because you and I are tied into personal finances. If we don't spend something, it doesn't mysteriously disappear. It's there for the next purpose or the next reason or the next goal that we need to accumulate. Business finances are very different critters than personal finances.
21:04
Peter Dunn
Yeah, I agree. I would like to say I think it is really great and appropriately progressive that schools are looking at ways to unburden these students from student debts. So kudos to all of the universities and colleges we mentioned, including Dartmouth, Elizabeth City State University, wilbur Forest, Delaware State, and others, because Dame, for me this means there is a trend towards colleges understanding that they are creating some pretty big burdens and it's not sustainable.
21:40
Damian Dunn
Wouldn't that be great if colleges started to show a greater understanding of what they were asking of families, students and their families to attend those institutions? They provide high quality educations and prepare those individuals for life beyond the walls of that school. But, man, there is a high cost to attending that a lot of families just aren't prepared for at this point. Now, there are some great deals to be had out there for school, for different families in all sorts of situations, but it's really hard to find it. Sometimes you've got to really know what you're looking for and how to go about finding those opportunities.
22:20
Peter Dunn
You and I had a meeting this morning about a similar topic for something within our business, and were talking about there's data that shows you, based on your area of study at a particular university, that you can find what the average income for those graduates are when they get out. And then you can compare that to the student loan debt that it takes to earn that degree. And wow, that's incredibly valuable data that 98% of parents and students never seek.
22:54
Damian Dunn
Wouldn't that be amazing if schools had to send that information out based on your declared major? If you have one when you enrolled in that school and how much they think you're going to have to borrow to get out of there, that'd be eye opening.
23:07
Peter Dunn
All right, so let's do this after the break. Coming back, are you an optimist, a pessimist, or a realist when it comes to your financial life? And based on your answer, how will that affect your financial life going forward? I'm Pete the planner. And that's what's next. That's what's next. It's a weird outro. What's wrong with me?
23:26
Damian Dunn
Dame that'll sound like a nice little catchphrase that you'd start working in. It's better than stay getting cash or whatever.
23:32
Peter Dunn
Stay getting money is an amazing catchphrase. I said at the end of a team meeting on Wednesday, I was really.
23:39
Damian Dunn
Hoping you were not going to say you said it at the end of a webinar.
23:43
Peter Dunn
Oh, no. I was nervous about that college segment because I'm not being critical, but I think details matter and I don't know, I felt really bad when I watched that video clip and people were going nuts.
24:03
Damian Dunn
Yeah. There's nothing to be ashamed of by those schools forgiving those amounts of money by any stretch. But like you said, I think the message was lost in communication between the person who was saying it and the ears that were receiving it, and the expectations weren't going to be met. So all good on the schools that are taking it on themselves to use the monies in this way. Please be careful with how you communicate it.
24:36
Peter Dunn
It's like using a coupon that says, buy one, get one free. And then the asterisk says, of equal or lesser value. Just so you know, the second item has to be of equal or lesser value. Important detail. Dame, let's do this. Let's evaluate our life's outlook and how that impacts our finances. That's what we're doing right now. In three, two, one. Back on the Pizza Planner show. Dame, let's explore how your life's outlook, whether you're an optimist, a pessimist, or a realist, could impact your finances. So let's strip away the financial aspect of it right here and let's you and I do the best we can to self evaluate our life's outlook. Dane, when you look at life in just in general, don't get too detailed here. Do you view that your outlook is generally one of an optimist, one of a pessimist, or one of a realist?
25:37
Peter Dunn
How do you typically look at life in general?
25:42
Damian Dunn
If I say I'm a pessimist, but I believe that's realism. Does that count?
25:47
Peter Dunn
It's funny. This morning, I was getting ready for this workday, and I knew were going to have this conversation, and I tried to figure out what you would say, and that's pretty much exactly what I thought you would say. Man.
26:02
Damian Dunn
Am I that predictable?
26:03
Peter Dunn
Well, I feel like I know you very well, and I also know where the second part of this conversation will go. But I have to agree with your own self assessment of yourself that's your outlook.
26:13
Damian Dunn
So I have a very good self awareness. Is that what you're telling me?
26:19
Peter Dunn
Yes. So I would say this. I am generally an optimist who hedges towards the side of realism. Right. If it's a spectrum optimism, realism, pessimism I think you are a pessimist that hedges towards realism, and I'm an optimist that heads towards realism, which has made for some really interesting conversations between you and I over the years on a number of topics. Yeah, actually, we joked about it a few weeks ago. This is part of the reason you take self defense courses, right, and I don't, is it not?
27:05
Damian Dunn
Yeah, I think that's a really good example of this concept.
27:11
Peter Dunn
Yeah. Okay. So let's extend this to our financial lives and how you think your financial life will go and then how you act based on that. I will jump in and start here. I am 100% a realist dead in the center, and I'm curious as to what you think you are.
27:35
Damian Dunn
I would say I'm probably a realist. I think my Mrs. Planner is probably laughing and saying that I'm not.
27:47
Peter Dunn
She's saying you're a pessimist with that, too.
27:49
Damian Dunn
I bet she is.
27:50
Peter Dunn
So here's where I'm going with this. I think if you don't check yourself, if a person does not check themselves when you transition from your life outlook to your financial outlook, you can very easily ignore mathematics. I'm a realist because my own financial plan depends on math. That's it. And if I'm not on track towards something I don't care what my feeling is, because the math tells me what to do. And I find that oftentimes, if a person is an optimist, here's what they won't do. They won't buy life insurance. They won't have the proper amount in emergency fund. They will buy very speculative investments that mathematically don't make a lot of sense over the long term. Or if you're a pessimist, you never get into the market. You just got a lot of money in cash. You don't experience life. You don't go and spend your money or find opportunity that exists because you always assume whatever kind of looks like opportunity, that it's not really an opportunity and it would never work out for you.
29:05
Peter Dunn
So that's why I feel like I'm on this quest to create realists when it comes to people's financial lives. Does that make sense?
29:13
Damian Dunn
Yeah, totally. There's an interesting comment in our feed right now from Levi that says, I want no part of an optimistic financial planner. I have to agree, because we hear those on at least at one point, we would hear those in our channels. When you were a financial planner, Pete, you get market outlooks, and typically there'd always be things are going to be good next year, and the five year outlook is great and fantastic. And rarely in the professional side of things was anybody ever going to lean towards, no, things are going to stink next year. You just had this always rosy, glasses, tinted type of perspective that was being pushed out to financial planners. In my experience. I think most financial planners are more realistic, more realists, because if you're going to hook up your wagon to a pessimist, you're asking for a lot of indigestion if you're going to work with them professionally.
30:15
Damian Dunn
So I think you're right. I think realists need to dominate this marketplace and then individually be real with yourself and figure it out. Either, as you say, all the time, either you're on track or you're not, and you have to come to terms with that. Are you going to be able to fix that or correct it and get yourself on the track? Or are you going to have to figure out some other way to adjust expectations and goals to meet that?
30:42
Peter Dunn
Yeah, see, I like that. You just agreed with my point, and I'm going to agree with your point of view. Agreeing with my point? Yeah, right. If you find out you're on track or off track, your reaction to that tells you whether you're an optimist, a pessimist, or a realist. If you're a realist, you do something about it to change it. If you're an optimist, you go, it'll work itself out. If it's a pessimist, you're like, well, that's just the way it is, and that doesn't work. I know we're dealing with behavior, and I know we're dealing with emotion, and I know we're dealing with simply a resource. It's math, and this is. Not to say it's not hard, it's very difficult. But this is what I would hope people would understand. Now I know and Dame, we talked about it again before the show in our pre production meeting.
31:33
Peter Dunn
There is a moratorium on this show on a particular topic that we've talked way too much about recently. And so I'm not going to say the words, but I want to talk about it cryptically. There's a certain type of investing going on right now that people are really into and people love to talk about and tweet about and all sorts of things. That goes beyond optimism. It is financial optimism in the purest and grossest form because there's not a lot of sensibility to it. And see, I think that's what makes me so frustrated is that you've got people that could otherwise create some structure they could put in the work and they could still get to a reasonable outcome, but they're just choosing blind optimism towards something that they don't understand. I think that's the summation of my feelings for the topic we're not talking about.
32:29
Damian Dunn
I won't mention anything, but I do have a question for you. In the time we have remaining a certain type of person, let's say that they are reluctant to do anything financial, basically a head and sand type of person. They don't want to evaluate anything, no net worth calculation, no power percentage, no anything. They're certainly not realists. Would you tend to label them as optimists or pessimists or Depends? Yeah, I hate Depends as the answer there, but I think you're right.
33:07
Peter Dunn
Yeah. Levi, who is always so good to be part of our Facebook livestream on Fridays at noon Eastern Notes, I guess I'll just work forever is Pessimistic folks looking at underfunded retirement accounts. And that is 100% the truth. Those are the two the bumpers for me. I guess I'll just work forever's one. And the other side of that, the other end of the spectrum is it'll work itself out. It actually won't. That sounds like pessimism. No, that is realism. And that's where I get frustrated about this sort of stuff because we're not trying to shame people to do anything. It's just there's so much fluff in the media and social media and culturally just having an honest conversation with people to say, look, you can't beat math, bro. You can't beat math. And that's what this is about, I think.
33:59
Damian Dunn
I guess I'll just work forever could be a very realist statement, depending on the age of the person that's making it.
34:06
Peter Dunn
You know what? That is fair. Yeah. Maybe that's the ultimate point here, is you can still save yourself from that phrase up until a certain point and then it just goes over the cliff. Man guess who's a dunny downer today? We are. All right, dame coming up after the break, biggest waste of money of the week. It's a good one, I think. I think you're going to like it. I really do. And then, of course, current events in which we will not talk about the subject of the things we're not talking about. All that is next right here on the Pete the Planner show. I'm Pete the planner. All right. I feel like we've done a pretty good job not talking about the topic we're not talking about.
34:49
Damian Dunn
Yeah, I don't think that topic needs any discussion because that topic has been played out, and too many other people are talking about that topic.
34:55
Peter Dunn
There are a couple of things I wanted to talk about with it, but I'm not. Okay. Next. Oh, biggest waste of money of the week in the news. You got your current events pulled up?
35:05
Damian Dunn
Of course. I think it's my first show.
35:11
Peter Dunn
Yes. Okay. Danza says I come from pessimist. I'm a realist but lean towards optimism to counter my origins. You know what, man? There's a lot of truth in that. The outlook of the people who raised you and yeah, that's interesting. Now I'm trying to think of how I would view those around me. Mrs. Planner tends to she would admit this. She tends to more have your sensibility around sort of pessimism.
35:40
Damian Dunn
I would have guessed that.
35:42
Peter Dunn
Yeah. I would think your Mrs. Planner would slightly be somewhat in that range, too. Yeah. Maybe optimists are just dumb people. Like, maybe I'm dumb and that makes me an optimist.
35:56
Damian Dunn
You know what? I will recant that. I think it depends on the topic for a lot of people.
36:00
Peter Dunn
Sure. That's why that general outlook versus finance versus, like, health or spirituality or whatever, right?
36:06
Damian Dunn
Yeah.
36:07
Peter Dunn
Interesting. Okay, you ready to go? Yes, I am. In three, two hold on a second. In three, two, one. This week's biggest waste of money of the week right here on the Pete the Planner show is every week we have a bomb. Biggest waste of money. It is generally consumer product in which, if you bought it, probably wasting your money. This week is the Spy RAtwo water gun. When the Spyro One appeared on Kickstarter in 2018, it set a new standard for water guns with bullets of fluid and a digital readout of how many shots remained. The SPYRA Two. What did I call it? The spy rat Woe. But it's actually SPYRA Two because I can't read. Oh, boy, what a moment. The Spirit Two builds upon the same basic design. It can hold 22 semiautomatic blasts of water per fill with a range of 30ft.
37:15
Peter Dunn
A three second hold of the trigger releases a 46 foot blast, and it will automatically refill in just 12 seconds. When dipped into a water source. The rechargeable battery of the SPYRA Two lasts for 90 refills or a total of 2000 blasts. Dame, do you ever want to take a guess of how much the Spy Rat Woe water gun costs?
37:44
Damian Dunn
I am going to say $169. Oh, man.
37:54
Peter Dunn
Is that not one of your finest guesses ever on this show.
37:57
Damian Dunn
That's a good one.
37:58
Peter Dunn
That's fantastic. Good on you, sir. Okay, here's the thing. I get it. But who is this for? It's for, like, fraternity guys, is who this is for.
38:11
Damian Dunn
Lake Bros. Fraternity guys?
38:13
Peter Dunn
Lake bros. Yeah. But get me wrong. Both your TD and my TD, our young sons would love this, but neither you or I would spend $159 on a spy rat woe water gun.
38:28
Damian Dunn
No. No spy rat woes in my house. Not even the first one.
38:32
Peter Dunn
The good news about this, and I do have it on our live stream right now, I have a picture of it, at least. It doesn't look like a realistic gun that can cause sort of community issues.
38:42
Damian Dunn
Looks like a gun out of Halo.
38:44
Peter Dunn
Sure. Dame. What's in the news this week?
38:48
Damian Dunn
Pete? A story near and dear to my heart and kind of a callback to an earlier conversation. Krispy Kreme filed to go public this week under the ticker symbol D-N-U-T which is beautiful. Consider this a comeback tour, because when the 83 year old chain first went public in 2000, it filed for bankruptcy just five years later. That was back when Carbs became public enemy number one, you may recall.
39:16
Peter Dunn
I do remember it was the Atkins craze that killed the donut shop.
39:21
Damian Dunn
Yeah. But after being battered and fried, krispy Kreme was picked up by a European investing firm, jab holdings, and glazed back to glory. Some notable stats from Krispy Kreme's SEC filing. US. Sales grew 17% in its last fiscal year. Net revenue jumped 23% year over year, which I think is fabulous. The chain expanded its footprint from just over 6000 Krispy Kreme selling locations to 8275 last year. A lot of need for donuts in the pandemic. And 64% of all Krispy Kreme donuts sold are the glazed kind because that's the best flavor.
39:59
Peter Dunn
I know you love donuts more than just about anything. They're a ten out of ten for you in terms of food, pleasure. Where do you rate a really good New York bagel?
40:11
Damian Dunn
Why bother with a New York bagel when you could have a doughnut?
40:14
Peter Dunn
They are sort of like sad donuts.
40:16
Damian Dunn
Yeah.
40:16
Peter Dunn
I love a good New York bagel, though. I mean, donuts for me, are also a ten. A good New York bagel is also a ten, if done right.
40:25
Damian Dunn
I'm not as cultured as you in central Indiana. I'm up somewhere else.
40:31
Peter Dunn
So my son used to love pudding when he was a kid, and then he was introduced to yogurt, which he started calling sour pudding. And I think it was the funniest thing in the world.
40:41
Damian Dunn
That's awesome.
40:43
Peter Dunn
It is sour pudding. It's like, yeah, yogurt is sour pudding.
40:46
Damian Dunn
It's perfect.
40:47
Peter Dunn
It is beautiful. What else is in the news?
40:50
Damian Dunn
Let's talk about three stats to illustrate the travel industry's rebound. Pete?
40:55
Peter Dunn
Okay.
40:55
Damian Dunn
American Airlines expects 47 of its top 50 corporate accounts to start traveling again this year in a promising sign for business travel, per the Wall Street Journal think that's reasonable? TSA screened nearly 2 million passengers at US. Airports on the Friday before Memorial Day, the most since the pandemic began. And Hilton's CEO said that Saturday night of Memorial Day weekend was the busiest hotel's events in the COVID area. 93% of all its rooms were occupied.
41:25
Peter Dunn
I miss a good early morning frisking at a random airport.
41:31
Damian Dunn
Yeah. Somebody's hands that are still cold.
41:33
Peter Dunn
Yeah. Here's the thing. Sometimes I'll just leave stuff in my pockets just so you ensure they're frisking. And the best part about a good frisking these days, in the modern era of frisking, is that you get the back of the hand and they somehow think that's not as intimate as the palm of their hand and they will still frisk you. And it's just a nice bit of warmth when you're on the road away from your family.
41:57
Damian Dunn
Yeah.
41:57
Peter Dunn
I can't tell whether I'm joking or not right now. I think that's where I've just come.
42:01
Damian Dunn
To terms with that. You've got a little while before you have to come face to face with that situation again, though.
42:06
Peter Dunn
I am on a plane July 17.
42:09
Damian Dunn
Oh. I guess I didn't realize it was that soon.
42:13
Peter Dunn
I've been meaning to ask you so I don't remember when this was. It was within the last year. You and I said what we're looking forward to, and I think you said 4 July weekend. This was a while ago. You were like, I'm going to be watching Top Gun Two at a movie theater. And then I was like, man, you know what? I cannot wait to see that movie. Do you know if it's coming out on the 4 July weekend or not?
42:36
Damian Dunn
I think it got pushed back again. I'm not 100% sure. But we will certainly have our research department get on that right after the show.
42:44
Peter Dunn
We absolutely will. Yeah. Dame lots of flights coming up starting July and then sort of nonstop through the end of the year, I guess. You and I haven't even talked about that.
42:54
Damian Dunn
What if you could watch Top Gun Two on your flight?
42:57
Peter Dunn
I would have to know if there's any crash scenes. I was on a flight once and someone was watching castaway the horrible scene with the crash, the FedEx plane crashes. Tom Hanks and right in front of me is watching this, like, on an iPad. And you can't take your eyes off of it, but it's a crashing plane. When you're on a plane, it's like, I don't want to watch that.
43:22
Damian Dunn
Yeah, you don't watch Jaws when you're out in the middle of the ocean.
43:25
Peter Dunn
Yeah, right. Just watch like, Boogie Nights or something more appropriate for a flight.
43:29
Damian Dunn
Totally.
43:30
Peter Dunn
Yes.
43:31
Damian Dunn
One more travel story here. United Airlines plans to buy 15 supersonic planes being developed by Boom technology, hoping to resurrect high speed flights more than two decades after the method of travel was grounded. Pete, would you fly on a supersonic plane if you could afford it?
43:52
Peter Dunn
Jeez, I don't know why I wouldn't, but I would also have to have a need to get somewhere in a know they're for transatlantic flights, primarily.
44:04
Damian Dunn
Right. Concord was incredibly loud and incredibly cramped, and so they tried to make you satisfied with the whole experience by giving you great food while you were on board, which I think would appeal to you. But, yeah, the speed and the cost, I think a one way ticket right before they shut down was like around six grand to get across the Atlantic for some destinations, which seems like a lot of money.
44:31
Peter Dunn
Livestream viewer Matt R tells us not only is Top Gun coming out November 19 now, but he also makes the very important point of who's going to fly on a plane called Boom. This plane was manufactured by Crash Industries in conjunction with oh, no. Why would you do that?
44:54
Damian Dunn
By the way? Boom Technology has not built any of these planes and they hope to have a scaled down version in the air possibly by the end of this year.
45:03
Peter Dunn
I have to say, as a former business traveler who will likely travel a lot, again, one of the pleasures of for me after a long day is sitting on a plane, maybe enjoying maybe a cocktail or something like that. Well, maybe even sitting in first class because I have enough points to do that or I have enough status or whatever. I think those experiences are sort of out the window right now because there's not a lot of food or drink service at all. And several airlines have suspended alcohol altogether because of people slapping each other in the teeth.
45:38
Damian Dunn
Yep. Some people ruin it for the rest of us.
45:41
Peter Dunn
Oh, go figure. It sounds like that's how it's always been. All right, dame, that's all we have time for this week. Thank you for your efforts. I've got a business development meeting with the team. We brought in pizzas, some Zah. I'm going to go do that now. Sending good vibes because good vibes are all that's in the budget. I'm Pete the planner. That's Damien Dunn. I am done with the show. I had bad timing there.
46:07
Damian Dunn
I actually had a real financial news story that I should have. Oh, should we just do a special for podcast?
46:15
Peter Dunn
Yes, but hold on. Levi says speaking of travel, Pete, did you see my message that your podcast was Mrs. A listener's choice of soundtrack to Hawai's most scenic drive? No, I did not. I'm off social media, so unless you got that to me via Skywriting, I have no idea. But thank you, Levi.
46:31
Damian Dunn
Yeah, I'll make this short. Ally Financial said Wednesday that it is ending overdraft fees entirely on all of its bank products, becoming the first large US. Bank to end overdraft fees across its entire business.
46:42
Peter Dunn
I think it's great.
46:44
Damian Dunn
Yeah. Overdraft fees, by the way, predominantly impact black and latino households, which are a big reason of why a lot of households choose to be unbanked. And so they're hoping to draw people into a more traditional banking structure by making it a little bit more accessible and less of a penalizable situation. Them penalizable? Well, I was going to go with penal, but I thought that might not.
47:11
Peter Dunn
Be a great oh, never go with penal on this show, Dane. That's all we have time for. So hey, everybody, just want to let you know we appreciate you listening. Sorry were gone last week. Actually, not that sorry, but we're back. We'll keep doing it. And remember, stay getting money.
