00:00
Peter Dunn
It. Hello. Hello. Welcome to the Pete the Planner show. I'm your host, Pete the planner. Yeah, I just didn't want to do music this week, so we're not hello, everybody. It's Peter Dunn, Pete the Planner, host of the Pete the Planner show. Joining me as most of the time, Damian Dunn. No relation. Hello, Dame.
00:18
Damian Dunn
I am back. The national crisis is over.
00:21
Peter Dunn
What was the crisis? That you were on vacation?
00:23
Damian Dunn
Yeah, that I was on vacation.
00:25
Peter Dunn
What, you consider having someone do your job slightly better than you? A crisis?
00:29
Damian Dunn
Oh, no, it wasn't slightly better than me. It was definitely better. I am grateful that I was invited back to do the show.
00:36
Peter Dunn
I was being nice by saying slightly. Dame, good vacation. Are you recharged? Are you arrested?
00:43
Damian Dunn
Sure. You know what? Now that I think about it, I'm probably going to take next Friday off, too.
00:50
Peter Dunn
Yeah, that's right. You are. I might have to as well. Danza. Hello. Welcome to the show. Okay, Dame, we've got a lot of good stuff this week. We got a question from a new business owner guy and his partner. Life partner buying a business. Number two, we have a segment about do you need credit to get student loans? That's a good question. And then number three, are fast delivery businesses a harbinger of personal finances, troubles to come. I just want to say harbinger because I find it to be interesting. I want to mispronounce it so bad. Harbinger. D***. You want to just do the show? Are you good with just doing the show? I got a weird Friday.
01:35
Damian Dunn
I'm not sure what else we would do right now if we just didn't do the show.
01:38
Peter Dunn
Well, we could do some patter. Oh, book recommendation time.
01:42
Damian Dunn
What?
01:42
Peter Dunn
You interested in a book recommendation?
01:44
Damian Dunn
Sure.
01:46
Peter Dunn
Dave girls book. I told this during an all team meeting this week storyteller. I think it's what it's called? Unbelievable book. And I'm not a big Dave Grohl guy. I just don't care. Unbelievable book.
02:03
Damian Dunn
Anytime there's a video recommendation on YouTube that has to do with Dave telling a story, I immediately click on it because he is exceptionally talented and creative and can tell a story and does it very well. He's a lot of fun to listen to. So I can only imagine his book is fabulous as well.
02:23
Peter Dunn
And, you know, I'm an audiobook person and he reads the book, so it's him telling stories. And I don't want to ruin the book for you, but I will give you one element, and it doesn't ruin it. You'll get there anyway, but he just keeps telling stories. Where and Paul McCartney was over to our house. You realize that he and Paul McCartney are like, really good friends and it's something you maybe hadn't considered before.
02:53
Damian Dunn
Between this and the Beastie Boys book, which are you enjoying more?
02:57
Peter Dunn
Oh, that's a great question. That was one of the best audiobook experiences ever. That's tough. That's hard. Because that's like my childhood versus just a great storytelling. I love Beastie Boys more. I'll tell you, a good audiobook produced well, with the right talent reading it, the right production, it's pretty interesting. I got to quit saying I read, I listened to Seth Rogen's memoir, which I didn't find that interesting. Right. It was just a bunch of stoner stories, and I like Seth Rogen, but the production quality of that book was pretty interesting. They made some interesting creative choices there, which I liked. But that's the thing about memoirs. It only is as good as the taste of the person writing it.
03:44
Damian Dunn
True.
03:45
Peter Dunn
I read a criticism of Dave Grohl's book yesterday that said there was nothing special about the first 50 pages of stories, so I abandoned the book. Yeah, they were his childhood. There's nothing special about anyone's childhood. He's not telling Paul McCartney stories when he's eleven. Is there any worse than reviews that make no sense?
04:08
Damian Dunn
I mean, I think Anne Frank would disagree with that.
04:11
Peter Dunn
That's true. Jeez, that took a turn. All right, so that's true. It's true. Dave Grohl and Frank. It's all right there. Here. Let's start the show. Do you have your clock ready?
04:22
Damian Dunn
Yes.
04:23
Peter Dunn
I don't. Okay. In three, two, one. This week on the Pete the Planner show, we answer your money questions. Here's how the show works. You email us, askpete@peteeplanner.com that's, askpete at Pete Theplaner.com and we'll answer your question on the air. Damien Dunn, no relation whatsoever, joins me as always. Dame, hello. Hello, Pete, good to be with you. Back from vacation looking tanned and rested.
04:51
Damian Dunn
I would like to thank Kristen for filling in for me last week, doing a better job than I did, so she and I will have to talk about that in her review this year.
04:59
Peter Dunn
Preview for next week. Well, gail gold star. Gail is on co hosting next week, we believe. So dames back out. Here's the first question of the week. Dear Pete, my wife and I are going to buy a business soon and would like to increase our cash on hand for any unknowns that pop up or to have cash set aside in an opportunity fund to take advantage of deals that may present themselves. We could build the fund much quicker if we both stop contributing to our retirement accounts for the next twelve months. We're both in our early forty s and have done a great job saving up to this point. What do you think about pausing retirement contributions in order to put money into the business? All right, dame, I love questions like this because the conventional wisdom is, no, don't ever do it. But there's an exception to every rule.
05:51
Peter Dunn
And so if this person can check the boxes of the proper requirements, maybe they are the exception to the rule. Where do you begin to line up on something like this?
06:02
Damian Dunn
I think there was some good information that was shared in here as well. That they've done a nice job preparing for retirement up until this point. So we can assume, hopefully, that's true and they are on track, at least if not ahead of where they should be at this point. So much like you, Pete. The rule, typically, is you always got to keep money going into the retirement accounts. But when we're talking about a business, a small business, that is probably going to be an asset that is going to be used for them in the future as they retire, whether that's going to provide a stream of income for them in retirement or they're just going to sell it and walk away and enjoy life on an island somewhere, then well, they're kind of putting money into retirement at this point as well. Just maybe not in a traditional or maybe more expected way for their future needs.
06:55
Damian Dunn
So when I start to look at questions like this, I want to get a much better picture of the whole situation for them, see how they're doing with their retirement, and then also probably reassure them that it can work. It certainly can work. Now, you and I both know that small businesses fail frequently, so you have to take that in consideration. If you're not preparing for retirement by investing into a retirement plan of some sort and you're throwing it all at the business, if that business goes away and you walk away with nothing, there's some risk there. There is some genuine risk there. So you have to be realistic with yourself. Should you maybe split the difference? Save some money into a more traditional savings vehicle and then put some money into the business as well? Or maybe just take your time building up some cash for the business and figure that out as well.
07:46
Damian Dunn
But that's kind of where I'm at. Where are you?
07:48
Peter Dunn
At Pete. At its core, a retirement plan is an income generating asset at retirement. So do you have to only use your traditionally structured 401k retirement plan to produce that income? No, of course not. I mean, this isn't terribly different than having rental properties be a diversified income stream of retirement. A business. A well run business is an asset that can be sold like you mentioned, or can create perpetual income. On the surface, I don't think I have a problem with this. My concern would be someone's judgment of two things. Number one, we've done a great job as a very relative, subjective statement. Right. If the person knows what they're talking about. And they say they've done a great job. Great. If the person has no idea what they're talking about. And they say they've done a great job and they don't know what a great job is, not so great.
08:44
Peter Dunn
Second thing would be the type of business now, at the risk offending lots of people, some businesses aren't good businesses, just the industry. The Risk Associated With Starting A New business, just understanding the market share one can obtain from that business. But if it happens to be a business that the people are already involved in and maybe there's just an ownership change and they have an opportunity to become that owner, then yeah, I have no problem with that. But Dame, if it's like, hey, we're opening a balloon animal franchise in a strip mall, that we bought this franchise from a San Diego based balloon animal manufacturing company, it's like, well, don't stop the retirement plane contributions because you're not going to be able to retire.
09:31
Damian Dunn
Yeah, I think maybe I didn't do a very good job saying this when I was talking earlier, but there is a distinct difference between starting a business from scratch and buying an existing business as well. If you are taking over, as you said, an ownership capacity and basically continuing to guide an already existing and profitable business, probably less chance of something catastrophic happening rather than building something with your own two hands and sweat and blood and tears from the ground up. So make sure you're taking that into account as well. But the one thing I thought that if you really wanted to contribute to a retirement plan, do the match, make sure you're getting all the free money and then pour the rest into the business or that account that you've got set aside for whatever future needs you may need in the business.
10:24
Peter Dunn
I know that you and I like to answer questions based on nuance the person's in their 40s, they're not in their taking a year off in your 20s is worse than taking a year off in your 40s. But you could argue either side of that actually. But what is one year of contributions when they've already saved? Well, and then they can pick right back up, which then gets to the point of the road to the spooky place is paved with good intentions. If they say, well, we're going to take a break for twelve months, how often when someone says, hey, we're going to stop saving for twelve months, do they actually stop saving for twelve months? I got to anecdotally think that gets stretched to 18 to 24 months in most cases. Yeah.
11:09
Damian Dunn
And the other thing I like about this situation, this potential situation, is the individual is not stopping the saving and going to start putting it into their lifestyle. It's going to be going towards something else. So if the business doesn't work out that money is not already accounted for a lifestyle expense, at that point, they could very easily transition that back into a more traditional way of saving for retirement. So I think they've got some opportunities here. If they want to build up the cash in the business, maybe have some money on hand to buy another business in the future as well, then I think they could probably pull this off.
11:45
Peter Dunn
I think too, our friend CJ. McClenahan. Cjmcclanahan.com. He often says you've got to build every business to sell. Right. With the idea that you make decisions within the business to sell it. I don't know if it's that different when you actually consider selling the business as you buy it. Right. It's like, hey, we're making this decision to purchase this business with a sale of the business in the end, and I think that potentially could help you make better decisions. Yes, the business will become your income. You want to grow the business, but at some point, you want to have that capital appreciation translate into a gain of a sale at the end. So that would be the point there. So I would say, generally speaking, taking a year off of your retirement plan contributions, that money better be going somewhere interesting. Dame, let's switch this in a completely different direction with the minute we have left.
12:50
Peter Dunn
What if this said, I'm just tired and we'd like to travel the world with the $36,000 that we typically would put into a retirement account? Are you immediately dismissive of experience over building an asset?
13:05
Damian Dunn
How do you feel about working a year longer, Pete, so you can make sure you make up that contribution on the other side?
13:09
Peter Dunn
Yeah, because the business at least you could argue that you will find the value later on, then you get into the value of experience and mental health.
13:21
Damian Dunn
Sure.
13:22
Peter Dunn
Are we just telling everyone to take a year off their 401K contributions? Is that what this segment turned into?
13:27
Damian Dunn
No, we would never do that.
13:29
Peter Dunn
No, I would absolutely never do that. All right, dame. Coming up after the break, a question I've never heard anyone ask, but it's interesting. It's do you need credit to get student loans? Do I make my teens credit go up so they can get better student loan rates? All that is next on the Pete the Planner show. I'm Pete the planner. I started to feel like I was going soft there. I was like, yeah, go ahead, take a loan. Don't matter.
13:55
Damian Dunn
Who cares?
13:58
Peter Dunn
Weirdest thing you saw on vacation, Dame. Go.
14:07
Damian Dunn
I didn't see it, but it was relayed to me there was a gentleman that sat behind me a couple of rows one of the flights.
14:16
Peter Dunn
Oh, travel stories with Dame.
14:18
Damian Dunn
It's a very bad travel story. No, but poor gentleman had a robust beard, lots of arm tattoos, dark hat, dark glasses, and was apparently typing very angrily into the device that he had on his lap. And the people around him all noticed. The stewardesses, the flight attendants all noticed.
14:48
Peter Dunn
What year is this? Hey, Dame, get over here.
14:53
Damian Dunn
And nobody did a thing about it? I don't know.
15:00
Peter Dunn
That's the story.
15:01
Damian Dunn
Yeah, it was weird because he was making everybody very uncomfortable. You see all these viral videos of people exploding on airlines, and I think everybody was so nervous that was going to turn into one of those situations that they just let him be.
15:17
Peter Dunn
Dame, I'm not here to evaluate the quality of your stories.
15:19
Damian Dunn
No, that was not a good one.
15:21
Peter Dunn
But I will note that was not a great story.
15:23
Damian Dunn
It wasn't? Absolutely.
15:24
Peter Dunn
It went nowhere.
15:25
Damian Dunn
No, it didn't. I mean, I can adjust it and tell you that the guy was arrested and drugged off the plane.
15:34
Peter Dunn
I don't want to put you in your place with a matching story, but I also have a story to share. Should I share it after the next segment?
15:43
Damian Dunn
Sure.
15:44
Peter Dunn
It's not a travel story, but it has taken me to a strange place, if you will. All right, ready to go in three, two, one. Dame, do you ever wonder how in the world 18 year old kids, adults that was condescending. Dame, do you ever wonder how in the world 18 year old kids, adults that was condescending. Are given tens of thousands, if not hundreds of thousands of dollars with no job, no income or assets to pursue an education, with just no assurance that they're going to be able to repay those loans? You ever think about how ridiculous that is? That a grown person with 25 years in the business world or in whatever world, can't get approved for a place to live or a new business loan, but some kid who is influenced by influencers can get money hand over fist? Have you ever thought about that?
16:45
Damian Dunn
Yeah. It's one of life's greatest mysteries, kind of is.
16:49
Peter Dunn
I mean, that's the point of government subsidized loan programs, right, is to make money readily available. We got an interesting question from signed anxious parent or could be pronounced anxious parent. My question is about credit scores. As our kids enter their teenage years, college is in our mind. We have been saving aggressively in the last few years and are on track to have about half of the total cost of attendance for an in state public university for each kid. That's solid congrats. We think it is. Much as we'll be able to contribute and expect them to finance the rest through work, grants and loans. Given that loans will be an element, does it make sense to think about their credit scores so they get good rates? Is there a good way to help our teens jumpstart their scores before college? We want to avoid having to co sign a loan.
17:40
Peter Dunn
Thank you. And anxious parent. Dame, I've never been asked this question and doing this for a lot. Have you ever been asked this question? You get asked questions a lot? I haven't. It's a pretty simple answer. Your kid doesn't have a credit score, nor does it matter if they go to apply for student loans because it's a federal loan with a fixed rate. The only way credit scores are involved would be your credit scores. The parent, if they max out the number of student loans they can take on, and then the Parent Plus loan gets involved. Now, Dame, my understanding, and I kind of wish Kristen was here all over again. There can be a variable rate on those parent loans based on the parents credit. Is that your understanding or am I misunderstanding this? And you want to text Kristen immediately?
18:33
Damian Dunn
I believe that's right. But I'm sure she's probably listening and will send us a message if we are grossly wrong.
18:39
Peter Dunn
Because I had a friend who didn't have the best financial background and he told me once what his interest rate was on the loan he was borrowing for kids college and it was wild. And I was like, wow, that's a terrible interest rate. So short answers your kids. That's the crazy part. It's a Ninja loan. No income, no job or assets. N-I-N-J-A. No income, no job or assets. Meaning the credit doesn't matter. It's a free credit free loan in the sense that it just simply doesn't matter. However, paying back that loan is what will establish that young adult's credit line going forward. Dame, do you think it'd be helpful if there was some sort of credit scoring system for teens?
19:29
Damian Dunn
No, not at all. Can you imagine the games that teens would try and play to get their credit scores ramped up?
19:46
Peter Dunn
Yeah, it's interesting. The first credit line I ever had do you remember the first credit line you ever had?
19:55
Damian Dunn
Sure do.
19:56
Peter Dunn
Bally's. Total Fitness.
19:58
Damian Dunn
Really?
19:59
Peter Dunn
When I was 18, my business law teacher at Pike High School, Droosh, as we call him, he told us how we could go actually when we're 17 and sign up for this fitness membership and then use it, pay for it. But if we ever didn't want to use it again and we could just get out of the contract and when they went to try to charge us, we'd be like, hey, were minors. You can't have a minor sign a contract. So this is what was being taught at Pike High School in the mid ninety s. And so I did that, but then I ended up paying off the membership or whatever. But my first credit line was some stupid 17 year old thing, which was a bad decision. And that's why you can't have credit scores for teens.
20:53
Damian Dunn
I had friends that did something similar with do you remember Columbia House Records?
20:57
Peter Dunn
Oh yeah, I knew that was coming.
20:58
Damian Dunn
Yeah, you get your twelve free CDs for a penny and then not ever do anything else and just, hey, you can't charge me because I'm 16 when I'm doing this, so whatever. Thanks for the free CDs.
21:12
Peter Dunn
Did you ever have a store credit card? Do you remember what your first ours was? Tier One Imports.
21:16
Damian Dunn
You mean as a first card or just a store card in general?
21:20
Peter Dunn
Store card. So Mrs. Planner and I got married very early. We got married a month after we graduated college. And that summer we're trying to furnish this condo we bought. I guess my first credit line was a mortgage then in that regard, and went to Peer One Imports to buy a bunch of ratan furniture and potpourri, apparently. And so every time I look at my credit report now on my annual check@annualcreditreport.com, I see that we had that credit report at Pier One Imports in the summer of 2000 that we promptly.
21:51
Damian Dunn
Closed, I think our first store card, and maybe only store card, honestly, was Cole's.
22:01
Peter Dunn
Really?
22:01
Damian Dunn
Yeah.
22:04
Peter Dunn
See.
22:04
Damian Dunn
Now I'm curious. I may have to go back and check that out. I think Cole's is our only one, though.
22:09
Peter Dunn
I think the bigger point here is that when you're in your late teens or early 20s no offense, people in their late teens or early 20s, you just don't have the wisdom to make really wise consumer decisions. And yeah, I am painting that with a very broad stroke. But you know what? It's true. Damien and I tend to know a lot about money. We have a pretty good head on our collective shoulders. We did dumb things in our early twenty s and late teens. So that is why there's no credit scoring system. And plus, I have to also admit it levels the playing field, too. If you've got someone from a family of not many means, they can still qualify for student aid with the same interest rates, as opposed to a family that maybe can nurture someone's credit score along. And so it does level the playing field, which I think is a really good thing.
23:06
Damian Dunn
I do have an update on the Parent Plus Loan credit score question.
23:10
Peter Dunn
Okay, breaking news. Peter Dunn is about to be proven.
23:14
Damian Dunn
Wrong on the radio via team member Lisa.
23:18
Peter Dunn
Oh boy.
23:19
Damian Dunn
The question is, can I still receive Parent Plus Loan if I have an adverse credit history? Answer a credit check will be performed during the application process. If you have an adverse credit history, you may still receive Parent Plus loans through one of these two options. One, obtaining an endorser who does not have an adverse credit history, or documenting to the satisfaction of the US. Department of Education that there are extenuating circumstances relating to your adverse credit history.
23:45
Peter Dunn
But do you have a higher interest rate, is the question. So, wait, so far I'm not wrong?
23:52
Damian Dunn
Well, no, you are not wrong.
23:55
Peter Dunn
So far I'm not wrong. Which is good. I mean, it's nice to be a financial expert and not be wrong from time to time. Dame there was an article in the Word. I sent it to everyone this week. I think it was maybe even The New York Times. Anyway, it was about how getting a new cell phone will ruin your retirement account. Like always getting the hottest, latest cell phone. And it was like an extension of the old trope don't buy Starbucks or Avocado toast. Here's the thing, really. Financially stable middle aged people love to tell young people not to buy things, right? And you could argue that's what we do, but I would argue that is not what we do. I find it incredibly insincere to constantly pump out articles telling people not to buy coffee or cell phones or video games or avocado toast, because I think, generally speaking, the media doesn't understand the financial realities of people in that situation.
24:56
Peter Dunn
Is that fair to say?
24:57
Damian Dunn
Yeah, I think that's very fair to say.
25:01
Peter Dunn
Friend of the show. Jordan just notes extenuating the circumstance is bureaucratic speak for nope. So true. Oh, dame. It's break time. We'll be back right after this. Oh, my gosh. I almost missed a break for the first time in a long time.
25:18
Damian Dunn
I was trying to set you up so you could just have a nice little run into the break, and you got all enamored with Jordan's comment, which is a great comment. Same interest rate, by the way.
25:29
Peter Dunn
So I was wrong.
25:31
Damian Dunn
Yes.
25:35
Peter Dunn
Okay. You want my story? It's uncomfortable.
25:44
Damian Dunn
Those are the best.
25:46
Peter Dunn
Okay, everybody, gather around. So this past week, I did the commercial shoot, the television commercial shoot for College Choice five to Nine, which is the Indiana 529 College Savings Plan. Right? So I do the shoots, I do radio commercials, and once a year for the last several years, five years, six years, I don't know. I do an in studio camera shoot, two prompter, read my lines. Pete the planner here. It's college like that, right? So that's what I do. Danza notes in Facebook Live. Does Pete have comfortable stories? I think not. That's true. And so I love working with this group. It's an agency out of Evansville that produces them. And of course, there's the Indiana Education Savings Authority, and we have a good relationship. I go there. I just do my job. I think I believe in the plan. That's why I do it.
26:42
Peter Dunn
And so I'm talking to my friend who runs the advertising agency, and he says, because of the changing nature of what 529s can be used for, we're really exploring a lot of different things. I can't get too deep into this part of it, but basically you can use a 529 for an apprenticeship or high school or all sorts of things. So to call it a college savings account at some point in time is misrepresentative of what it can be really used for. So they're exploring some different things. I don't know if I'm allowed to say any of this. God, now this is really bad. Anyway, it doesn't matter. It makes sense. Just a podcast. No one listens to it. And so he's like, well, also, it's worth noting that we decided to go ahead and do some research on you of like, do people know who you are?
27:32
Peter Dunn
Do they like you? And do they trust you? So here's the thing, everybody I get it. I get it. I don't want to know. I don't want to know if people like me or trust me. I get why I should know, but I didn't ask for that. And I know there's value in that. That costs a lot of money to do those surveys. So if the results come back and they're good, then we can certainly capitalize on them. But if they're bad, it's like, hey, man, I don't want to know. I'm currently off of social media because I don't like just the general judgment of everything. So my awkward story to Dame is there is currently, as we sit here today, right now, a study going on as to whether I'm trustworthy and likable. That makes me uncomfortable.
28:25
Damian Dunn
They didn't have the numbers. They said they were going to do some research. Is that right?
28:33
Peter Dunn
They're doing the research. The numbers will come in mid November, and I think maybe we can have them presented live on the show. Do you want to do that?
28:42
Damian Dunn
Yes. Have them sent to me or Oz, and then have Oz send them to me.
28:47
Peter Dunn
No, here's what we're doing. Here's what we're doing. Veto. We're going to have the head of this agency on the show, and he's going to give us the results live on the show. That way, if I'm fired, everyone can be part of it. So I have to say this, and this is true, and I told him this, and I get this. When you have a gig, like an endorsement deal or a radio show or a newspaper column, whatever they end. They will always end. And it always is this public ending. And so people always know that it went away from you. So I've been comfortable with the idea that things go away for a long time. When the indie star stopped running my column because they fired a bunch of reporters and ended a bunch of freelance gigs, I didn't take it personally. Now, I thought it was incredibly unprofessional how they handled it, but I don't really want to tell that story on the air.
29:53
Peter Dunn
But I wasn't upset they ended my column. I will feel the same way when USA Today ends my column. I will feel the same way when IBJ ends my column. I will feel the same way when Network Indiana says, we no longer want to run your radio show on all of these stations. I will feel the same way because that is part of it. But there is something about a survey that's asking if people like me that somehow feels worse.
30:17
Damian Dunn
I'm really curious to who the demo.
30:20
Peter Dunn
Is that they're all 92 counties of Indiana. They're asking people in all 92 counties. I don't know the economic or the age demo, but I do know they're.
30:29
Damian Dunn
Asking all around, do you know how many what the sample number is going to be?
30:34
Peter Dunn
Inevitably, they're going to call someone from Marion County and it's going to be like a girl I dated in high school, but you do not trust him. It's going to be one of those. So anyway, mid November on this show, my man Randy is going to be on the show, and he's going to tell me if I'm fired or not. I might be in trouble just for talking about this past segment. We may have to delete this. This may never make the podcast, but.
31:01
Damian Dunn
It'Ll live on the Internet forever.
31:03
Peter Dunn
All right, let's start the segment. I'm so upset. You know what if I can take it to a different area here real quick, and I'm going to try to keep it together. I just want to share what's on my mind. So transitioning off of that very awkward story. My grandma passed away this week. Grandma Dunn, matriarch of the Dunn family in Speedway, Indiana, passed away on Wednesday night, just under 90 years old. I tell stories about her and my grandpa all the time when I'm on stage or here on the show, or I've written about them in the past. So it's a tough week. And what I find the most remarkable about my grandma, it always comes back to in the late 60s, my grandpa suffered from a lot of mental health challenges. At the time, they didn't know what PTSD was, but he fought in World War II and was stranded on a beach in Iwojima overnight with I might get choked over talking about this with a soldier friend of his, and it just messes with you, right?
32:12
Peter Dunn
And so he got home and went back to work at GM. Just couldn't keep it together, right? So my grandma raised everybody, right? She raised everybody, including him, during those tough times. So that's what I think about. I don't know why I brought this up, because I knew this would happen.
32:33
Damian Dunn
What's wrong with me now you've got a pringles can that you always have for memories, the sweet memory, because you know what? When I went to my grandpa Dunn's house, he had just a giant pile of coins inside of a cabinet. And I always knew that if I opened the door, there would be more metal there than I thought I would ever see in one place in my life.
32:54
Peter Dunn
Something about Dunmen saving money. So what is remarkable, of course, about my grandpa's coins, there's this note from my grandma when my grandpa passed away, and it says, For Peter. So now I've got the bank for my grandpa, and I've got the note from my grandma. And I never really realized until this moment that got the note from Grandma.
33:19
Damian Dunn
Do you know how many cups of coffee you could have bought without if you'd invested it?
33:24
Peter Dunn
Susie, Orman's just shaking her head at me right now, could have bought a jacket. Thanks for all the kind words on the chat, everybody. Just like my grandfather and my father, I have a quick tear trigger when I talk about family. Like, I just like, I will the joke at, like, holiday times around the Dunn family when my grandpa would say a prayer. Is he's like, how many words can we get into this before he's a sobbing mess? Right? The worst part is he's praying, thanking God for this family, and everyone just laughing at him because he's cried so much, became this horrible joke. But it was like all the grandkid jerks like me that were like, Grandpa's crying, and it's like he's crying because he likes you. But then if he realized, he probably doesn't, right? Because we all turned out like me.
34:18
Damian Dunn
You need to make sure you send that clip off to the research agency. That'll probably boost your score a few points with people liking you.
34:25
Peter Dunn
Oh, man. What's going to happen?
34:31
Damian Dunn
I don't know. It's going to be amazing, though.
34:34
Peter Dunn
It's not going to help my imposter syndrome, that's for sure.
34:38
Damian Dunn
Not one bit.
34:41
Peter Dunn
I don't trust people that don't suffer from imposter syndrome, frankly. Which reminds me, dame, do you ever suffer from imposter syndrome?
34:50
Damian Dunn
Every day.
34:51
Peter Dunn
Okay, good. Dan's has a story.
34:53
Damian Dunn
Good.
34:54
Peter Dunn
Well, I mean, good, because that means I trust you, Dan's. A notes. When my dad died, he had a ton of coins in his pockets. A friend brought a roll of quarters for his pocket in his casket. Later, I counted up in his change and had exactly $10 in quarters doing it with his other coins along with his other coins. It's amazing. I love stories like that. I really do. All right, how do we move on from this? Okay, sorry, everybody. Life is life. What are we talking about next?
35:33
Damian Dunn
You put it down there.
35:34
Peter Dunn
It was kind of distracted by my own emotions.
35:37
Damian Dunn
Please hold. I'll tell you what we're talking about.
35:40
Peter Dunn
Sorry, everybody. Podcast listeners are like, we don't care. We don't want emotions. We're just trying to get to work.
35:48
Damian Dunn
Fast delivery.
35:49
Peter Dunn
Oh, yeah. In three, two, one. Back on the Pizza Planner show. Dame, I read an article in the New York Times this week that one of the hottest moving sectors in the world in terms of hot industries. Fast delivery. There's companies popping up all over the place that allow you to get anything delivered to you in 510, 15 minutes. This all started out, of course, like DoorDash or Uber eats, but now it's transitioned into what seem like Amazon style warehouses not run by Amazon, that don't have a retail storefront, but they're called ghost stores, where you order online and then someone rides their bicycle to you with that item, and you have it, like, in 10 minutes. And it's called fast delivery. It is a thing in Manhattan and the other boroughs. And the question becomes, based on how other cities are spread out, is it possible in a place like central Indiana, are we going to get these ghost stores where if I need Qtips are to me like that?
37:04
Peter Dunn
So what do you think, Dame? Do you think the hotness will being able to order anything and having it within 10 minutes, other than getting in your car and driving to go get it.
37:15
Damian Dunn
I think it's going to be really tough in most of the United States to be able to pull that off, at least to have it done in a cost effective way. Because when I read that article that you had shared with me on this very thing, I kept waiting for the hammer to drop the cost of the service. And there was one point did you read all the way through Pete, where it shared what gopuff charges? Yeah, they make money by advertising as well, along with their deliveries. But it's a dollar 95 an order. That's it. That's all it would cost you if you placed an order with them to get your stuff within 30 minutes or less. A dollar 95.
37:55
Peter Dunn
So I'm not a big environmentalist. I'm just not. I feel like now I have to say things that make me seem like I care. We recycle. I don't waste. I don't unnecessarily punitively waste things. However, one of the first things that came to mind here was what is going to be the environmental impact of people getting exactly what they need in 10 minutes to this volume? Especially when you consider how Cryptocurrency bitcoin specifically has such a horrific environmental impact, yet it's the hotness for a lot of people. How do you get your head around that?
38:34
Damian Dunn
Well, I mean, if stuff's being delivered on bicycles, it's going to prevent somebody from getting in a car potentially and driving somewhere. But if we're talking major metropolitan areas, there probably aren't going to be a lot of car trips anyway for that.
38:46
Peter Dunn
Are you going with the expansion beyond New York then? Also, it's not like there's enough stores that they can get anywhere in New York on a bicycle in ten or 20 minutes. There has to be a motorized vehicle of some sort.
39:02
Damian Dunn
Scooter little vespa.
39:04
Peter Dunn
Oh, boy, that's annoying. I think the other element to this too, though, there is something smart here, minus the delivery element, and it's the ghost store concept. I think one of the smartest things to have come around in the last few years is this concept of a ghost Kitchen. Ghost Kitchen is a restaurant you can't go to that all it does is make food for deliveries. And I think that is one of the smartest things ever. Cluster Truck is a locally based company that does this. Their food's good, right? It's not for me to say whether, oh, the food's amazing. It's fine, it's delicious. But the bigger issue is that they don't have a ton of overhead to compete with other restaurants that are delivering. And since they have their own delivery technology and mechanism, they don't have to share fees so they can build their profitability right into the food pricing.
40:00
Peter Dunn
And it makes so much sense. And so Dame, I think when I read this story about all these fast delivery options in New York I really took away. People are trying to compete with Amazon, which essentially is a giant ghost store, and they're trying to do it on a more micro level. And that's what I think is interesting.
40:21
Damian Dunn
I just don't know how this translates to my corner of the state, northeast Indiana. I mean, we don't have shoes. Yeah, shoes. But Uber? We don't have Uber in my county. Arguably we should, but we don't. We have some DoorDash, but not nearly to the extent that you would see in even moderate sized cities indiana. So I don't know how this plays out. I think people are perfectly happy driving to the store and having their groceries pushed out to their car and done that way. So this is not a well thought out thought, which I'm about to express here, which is what we call the Pete the Planner show.
41:14
Peter Dunn
So this is not a well thought out thought, which I'm about to express here, which is what we call the Pizza Planner show.
41:20
Damian Dunn
Normal?
41:20
Peter Dunn
Yeah. Just how we do the show. But if you think about how commerce began, where people were manufacturing the things they needed, and then from a specialization standpoint, it made sense that some pioneer guy's not making his own stuff, just trade and commerce became a thing, and it sort of escalated this idea of convenience and specialization. It just kept growing and growing. Are we really getting to the point that it is necessary that you have something in 10 minutes that you order off of the Internet that you otherwise could have gone and purchased yourself? And of course, people will say, well, what if you're not mobile and you can't get around? This industry will not succeed because it only serves people who can't get around. This will succeed because people are unwilling to get in their car and drive to the CVS on the corner and then come back.
42:21
Peter Dunn
And that's where it's like, are we getting so lazy that our entire economy is going to succeed based on our laziness? I know I'm oversimplifying it, but, man, it certainly feels that way.
42:35
Damian Dunn
I mean, I could see how this would be a godsend for stay at home parents who you've got a sick kid and you're trying to take care of two others, and you just really don't have time to go to the store to pick up whatever you need. Maybe you just used your last diaper and what are you going to do? You can't pack everybody up and go because maybe you just can't leave the house for whatever reason. If you could have another packaged diapers on your doorstep in 15 minutes, yeah, I'm all in for that. But there's so many this whole concept makes me think about impulse control and people. Is this going to exacerbate existing issues? I know that's a big word. I was surprised, too, if I had a pantry filled with really unhealthy food that I could get anytime, I wanted, I'd probably eat it.
43:32
Damian Dunn
But if I also had the ability to have whatever I wanted dropped at my doorstep in 15 to 30 minutes, I could see how I'd make some purchases that I would later regret.
43:44
Peter Dunn
I also feel like this is really stoking the fires of everyone being a shut in. Maybe I'm jaded because I'm currently in our headquarters here in an office building of which most of our colleagues are still working remotely for safety reasons. And I'm thankful for that because I am a proponent of their safety. But it does feel like we're just getting further and further to this point where people don't want to leave their homes. People are redoing their homes. People are creating different spaces in their homes so they don't have to leave their homes. And I do again, realize that's out of a sense of practicality during a global pandemic, but it now starts to feel like it's going to extend beyond that, where we are all just there's. Like a Pixar movie that depicts no, I can't think of it basically people not leaving their homes, never getting out of a chair because everything is brought to them.
44:44
Peter Dunn
I can't think of it which is not helpful when you're live broadcasting a radio show.
44:48
Damian Dunn
Well, if you think about what people's lives are, they get in their car, in their garage, they drive to work, they have a very small group of interactions, probably there. Then they drive home, drive into the garage, close the door, and they don't leave. We are very capable of spending time on our own little castles. And when that garage door goes down, it's like pulling the bridge up on the moat. And we just don't interact with anybody in our communities and build those relationships that I think a lot of people really wish still existed.
45:20
Peter Dunn
Well, it's time to pull the bridge up on this moat to hear from some advertisers coming up after the break. Biggest waste of money of the week right here on The Pete the Planner Show. Not beat the planner. That's a you. Everyone says it was Wally. I thought it was Wally. See, but Jordan makes my point. Here, look at this. I just spent $15 on an indoor watering can being delivered by Amazon in 24 hours. Yeah.
45:49
Damian Dunn
What are you going to use to water your indoor plants?
45:53
Peter Dunn
Again, I'm not cutting on Jordan at all. I'm not Mr. Environmentalist at all. But think about if people get daily Amazon shipments, which, trust me, some of my neighbors look like their kids are building forts out of cardboard on their porch every single day. Doesn't that put a strain on the global supply chain?
46:17
Damian Dunn
No, I think it's just me. You're cutting a link out, really. I mean, all that stuff would be going somewhere else, most likely, and then we would be driving to it.
46:27
Peter Dunn
But let's say I'm going to Target and I'm filling up a cart full of stuff and it's the stuff that over the course of a week I might need. But if you're in this on demand sort of purchase mindset, then you just order what you need. But that process of constantly having things delivered and supplied, it just seems environmentally abhorrent.
46:49
Damian Dunn
Yeah, I mean you're moving the entire economy to a just in time system and there are only so many efficiencies that can be made before you start spending more energy getting the stuff that we want to the end user than if you have a centralized location to pick it up.
47:07
Peter Dunn
I would guess that's why I got a 3D printer. I make everything.
47:12
Damian Dunn
What you do is you buy a 3D printer, then you make a 3D printer out of the 3D printer and then you basically have inception. Beyond that you just keep making and then you sell those 3D printers and you're a millionaire.
47:25
Peter Dunn
I just had a mortal sin that I always refused to do, but I just did it on there. Committed a moral sin. I just received an email with a really ambiguous subject line that the email was going to be really good or it was going to be really bad, but it was one or the other. Like I knew I can't give any more details, but I knew whatever was about to read was going to be great or it was going to be horrible. And I clicked on it and had it been horrible it would have ruined the rest of the show. Okay, it was good, fortunately, but it would have ruined the show and you can't do that. You cannot click on an ambiguously subject lined email during a broadcast. Bad idea.
48:12
Damian Dunn
Can't wait for you to not tell me what that was all.
48:14
Peter Dunn
I'll tell you what it is. Matt notes. My neighbor drives a Tesla with a license plate that says no gas and they get deliveries four to six times a week. Half garages full of empty boxes. They work from home and have for years. Yeah, thanks for saving all that gas, Matt's neighbor. I must call the person a gas hole, but that seemed inappropriate.
48:38
Damian Dunn
Probably.
48:42
Peter Dunn
It's a weird week, man. Okay. Oh, biggest waste of money. I have a good one this week.
48:49
Damian Dunn
Good, we're all excited.
48:53
Peter Dunn
Here we go. A weird show still tears. My eyes kind of crusting over. I was telling Dane before the show that this is eye moisture season for me. There's something about the weather change and the allergens that are in the air that every time of year, this time of year, every year my eyes just constantly water and so I walk around with just discharging eyes. Okay, in three, two, one. This week's biggest waste of money of the week right here on the Peter Plenty show is that's Peter Plenty paranormal reserve vodka. October is spooky season, a time for scary movies, costumes and vodka Haradan. Paranormal reserve is a limited run of 60 bottles distilled from organic corn and clocking in at 44% ABV. The stats aren't what make it special, however. Each bottle has been aged for seven days inside of one of America's most haunted houses.
50:00
Peter Dunn
The Conjuring house, the Villisca Axe Murder house that's Quaint and the Trans Allegheny Lunatic Asylum are all represent. That seems insensitive. If I'm being there's. A place called the Lunatic Asylum, it's.
50:17
Damian Dunn
Not still in business PC.
50:19
Peter Dunn
It just still seems not very PC. Each with its own history. That's nearly as disturbing as the thought of drinking this spirit straight. Every bottle is hand numbered and arrives in a wooden case with an authenticity document, a history of the house where it was aged, a leather neck tag, and cloth gloves for handling. How much do you think it is?
50:46
Damian Dunn
One $200?
50:48
Peter Dunn
No, 100 and 4140. Okay, so I'm not a big ghost guy, but there was that old motel or hotel off of 65 just north of Lafayette. Do you remember? That was, like, abandoned. They've recently torn it down in the last year and a half, but it definitely was the spookiest thing, and you could not pay me enough money to stay there overnight because it looked haunted. Dane, would you have any concerns about drinking paranormal vodka?
51:15
Damian Dunn
Other than the fact that I spent way too much money on it? No.
51:20
Peter Dunn
If we had a bottle of this vodka and I was like, hey, let's do vodka shots, you wouldn't think I'm about to ghost myself or something.
51:29
Damian Dunn
No, I would question your judgment for doing vodka shots, but no, I would have zero concern with okay.
51:35
Peter Dunn
I'm not a vodka guy at all. I just don't care about it. I don't know. I have to admit, I don't know. I feel a little weird about drinking ghost vodka.
51:44
Damian Dunn
I don't know, just because it spent the night for a little while.
51:48
Peter Dunn
I don't believe in ghosts, but I.
51:49
Damian Dunn
Also what's your problem?
51:51
Peter Dunn
I did a little scary, a little spooky. Do you like scary movies?
51:54
Damian Dunn
What if this was released in April? Would you feel the same way or is it just the whole season?
51:59
Peter Dunn
It is spooky season. No, I would feel the same way. It would freak me out.
52:02
Damian Dunn
Okay. I think they're missing an opportunity to they said a wooden box. It should be a casket.
52:09
Peter Dunn
I was thinking the same thing.
52:11
Damian Dunn
I don't know how they're maybe it is, but you would think they would put that in the release.
52:17
Peter Dunn
Dame, what's in the news this week?
52:19
Damian Dunn
Well, let's continue this theme somewhat. An exceptionally rare bottle of champagne is headed to auction. Christie's London will auction a collection of vintage champagne from and this is the string where I'm going to make a lot of people very upset by my pronunciation.
52:35
Peter Dunn
Oh, boy.
52:36
Damian Dunn
Perrier Joue on December 2. And third among the is it Cuvies? C-U-V-E-E-S. Is that a wine or something? What was it?
52:46
Peter Dunn
Q west.
52:47
Damian Dunn
C-U-V-E-E-S. Whatever stands 1874. Vintage perrier, Jewette brute, whatever that is. Expected to fetch up to $20,000. The bottle has slept for 147 years in the cellars of Pierre Juice in France's famed Whatever region that comes with a tour, tasting and a meal prepared by a three star Michelin chef in an overnight stay in the 19th century masal bell and the champagne house that was responsible for the brand. The vintage last came under the gavel at Christie's in 1888 and it smashed records and became the most expensive champagne ever sold until 1967.
53:39
Peter Dunn
Do you like champagne?
53:40
Damian Dunn
No, not really.
53:43
Peter Dunn
I love champagne. Good champagne. I'd love it. Good champagne.
53:47
Damian Dunn
I hate all the makings of a letdown to me.
53:50
Peter Dunn
Well, the show.
53:52
Damian Dunn
Well, among other things. But what would your expectations be for sampling 147 year old champagne? Pete?
54:03
Peter Dunn
Yeah, my mind goes, like, how much money would you have to justify buying that experience?
54:10
Damian Dunn
Let's just say it was a gift.
54:12
Peter Dunn
Okay? Oh, man, that'd be great. I would not be disappointed, no matter what it tastes like.
54:20
Damian Dunn
Really?
54:21
Peter Dunn
Yeah. I wouldn't care, because it's the whole idea here's where I think about really old wine and we really jumped the shark of pretentiousness this week.
54:30
Damian Dunn
Just wait.
54:32
Peter Dunn
I like this idea that when was it bottled? 18 what? This was set away by someone in 1874, and I like to think about what was going on in that person's life in 1874 and our connection in the year 2021, when someone gifts this to me, is like that passage of time, this idea that two people are connected by that is charming to me and pretentious.
55:01
Damian Dunn
I agree. I think that is an amazing thing to contemplate when you would be lifting a glass. But it's got to taste good to enjoy it, though. I mean, you could read a book from 1874 and have that connection.
55:20
Peter Dunn
That's true.
55:21
Damian Dunn
I mean, it's carbonated fermented grape juice. It could taste horrible.
55:25
Peter Dunn
What else is in the news this week?
55:27
Damian Dunn
All right, let's see. I won that argument. Imagine it's October of 2020 and you've got a cool $35,000 kicking around that you want to invest. Well, the conservative choice would be what we say usually put it in a low fee ETF and let it ride. However, one year later, your reward for being such a disciplined investor in a booming market probably would have been about ten grand. Added to your net worth would have been pragmatic. But what's the fun in that? Meanwhile, had you managed to get your hands on a highly coveted Rolex Daytona, the initial $35,000 would be worth nearly $48,000. $3,000 better than investing in the market. Rolex is so hot right now, says Paul Altieri, the CEO of world renowned Bob's Watches, which is the largest reseller of pre owned Rolexes.
56:19
Peter Dunn
Where'd you get your watch? Bob's Watches. Oh, sounds classy.
56:23
Damian Dunn
Here's the thing. Beat Rolex for those of you playing along on the live stream, guess how many watches Rolex makes a year? I'm going to try and find something else to talk about for about 30 seconds. We'll get back to that.
56:36
Peter Dunn
Yeah, because when you told me this earlier in our show pre production meeting, I was shocked.
56:42
Damian Dunn
Yeah. Shocked. The luxury pre owned watch market is currently worth about $20 billion in the world right now. And it's set to be the industry's fastest growing retail segment, topping 29 billion by 2025.
56:58
Peter Dunn
So we had one guest in the live chat. It was Rick Swank. Hello, Rick.
57:03
Damian Dunn
Thanks for playing along.
57:04
Peter Dunn
2432 watches is what he believes Rolex makes a year. And his guess is interesting because it speaks to exclusivity. What do you think?
57:17
Damian Dunn
Just off. Just off. Rolex makes 800,000 watches a year and.
57:23
Peter Dunn
The average price is $11,000 per watch. Who is buying $800,000? And they said they can't keep up with demand.
57:32
Damian Dunn
Yes.
57:33
Peter Dunn
Who is buying 800,000 Rolex? I mean, no one is buying all of them, but who are all these people that are spending on average $11,000.
57:42
Damian Dunn
On a Rolex on a new one? And if they can't get their hands, they'll go spend three times that amount for Daytonas on the used market. That's insane.
57:52
Peter Dunn
I am a very obnoxious person. I have very obnoxious habits over the years. And hobbies, I was a watch guy at one point in time. I never aspired to own a Rolex, and I'm really glad I kicked my watch guy habit because it just seemed very ridiculous. But the idea that 800,000 people a year buy a Rolex and there's not enough of them to go around is just honestly mind numbing.
58:18
Damian Dunn
That was the biggest surprise of that entire article.
58:21
Peter Dunn
One last story, sir.
58:24
Damian Dunn
I was not prepared for that child tax credit, the enhanced child tax credit. They've been trying to work this into the deal. One of the bills that's been going on in Congress looks like it might get cut down to one year instead of five years. So the enhanced child tax credit might not be around with us too much longer.
58:43
Peter Dunn
Well, there you go. That means our guests would be wrong. So thanks for being here this week. If you want to listen to that, go to find wherever you get your podcast and search the Pete the Planner show and you will find it sending you good vibes, because good vibes are all that's in the budget. Especially in the podcast. If you want to listen to that, go to find wherever you get your podcast and search the Pizza Planner show and you will find it sending you good vibes, because good vibes are all that's in the budget. I'm Pete the Planner and this is the Pete the Planner show. I almost hit stop broadcast. No. What an adventure. So, Dame, as soon as we get off the air here, I'll tell you about the email. That's it, everybody. Thank you for being with us. Mid November, maybe we'll have the person on from the ad agency to see how unlikable I am.
59:29
Peter Dunn
Yeah. And you got to hear stories of Grandma done. So I'm going to have a BLT. Her house always smelled like bacon. Like, you'd go over there and she was from Florida, but she had, like, a Southern bell Florida thing tour. And she'd be like, oh, sweetie, can I get you a BLT? Like, you could short order, cook, order a BLT at any time at Grandma Dunn's house. And then she, of course, made sweet tea all the time.
59:52
Damian Dunn
That was your Southern bell accent.
59:54
Peter Dunn
Look, there's a lot going on. I don't have time to do voice stuff, okay? All right, everybody. Dame, stick around. Everyone else, as always, stay getting money.
