Peter Dunn: [00:00:00] I was just telling Dame that in, in my free time, I do love listening to other podcasts. I listen to a lot of like professionally produced podcasts with sound effects and clean sound and production and music. And, and I think to myself, as it relates to our show, yeah, you don't need to, you don't really need to do that.
Dame you kind of agree, right? It's like what the beauties in the rawness is, is I believe someone once said,
Damian Dunn: Yeah, I don't, I don't know if it's that much better of an experience for people if we spend all the extra time and effort and money to get it super clean and produced versus just the kind of garage feel that we've got,
Peter Dunn: you know, something we've not talked about on the show in a really long time is advertisers and why we don't have them and why we don't pursue them.
Look, I, I get that some people's podcasts are an income stream for them. They are this or that or others. And arguably ours could be if we want it to be, but is it any worse when you're really vibe in and all of a sudden they're like, and we'll be right [00:01:00] back. And then there's like, I had Clorox and it's just like this wall.
And then you're just hitting the 32nd skip button and then you go too far. And then you go to the 15 second back button. And I just don't want to do that to people.
Damian Dunn: I would love for us to pursue this. and have draft kings approach us as a potential advertiser.
Peter Dunn: I will say very early on in not only this podcast, but in the business I'm about to talk about, hims approached me.
This is when hims came out with a, I think their main jam at that time was hair loss. Then they moved on to other stuff, other things.
Damian Dunn (2): Yeah.
Peter Dunn: Speaking of other things, Dame new swag alert. Hello, Quincy. Swag. New swag alert. Are you ready? I do. I don't think I know about this. Do you definitely do not know about this?
Okay. There's actually several pieces of swag in my office right now that you don't know about, but this one relates to this here program. Oh, oh, Jen's on the podcast today. [00:02:00] Hey Jen, how's it going? She's oh, she's listening to the live stream. And big Rick Swink comes over the top rope with a good morning as always.
All right, Dame. Oh, look at that. Good vibes are all that's in the budget. Your money line tote. Does that match the wall? Yes. I, cause yeah, nice. It's a tote, you know, you go to these HR things and whatnot. Morning Rev. You go to these things and you're, you're handing out like, oh, here's some hand sanitizer with a logo on it.
And, and our team, our marketing team is like, what about these lovely totes, you know, good vibes or all that's, all that's in the budget is sort of, it's, it's our show thing and it, when you're in HR and you don't have a lot of actual resources to get your job done, sometimes good vibes are all that's in your budget.
So we sort of blended them together and it worked out nice. Kristen's not here. I don't know if you noticed that. Wait, never mind. She is not here. PTO. Good for her. Dame. [00:03:00] Yeah? I'm taking a PTO day next week. No, you're not. Yes, I am. What day? Monday. Really? Yeah. Is that a special day? Is it a what? Is it a special day?
I mean, aren't all days special? That's true. No, I just have been on the verge of burnout. I've been looking at my calendar of when I can do it. And next week I'm flying on Tuesday night, flying to San Diego, speaking Wednesday morning, Wednesday afternoon I'm flying to Boston. In a meeting all day Thursday and then flying home Friday morning.
So it's as Danza says, it's a cheer dad recovery day for me. I'll take it. All right, Dan, we've got a great show for you today. I think so. Maybe. I'm on a podcast run here recently. I was on one last week, our good friend, Paul Ashley. I think it comes out today. It's called the work dad podcast. Huh? I wasn't aware of Paul had a podcast.
Yeah, it's brand new. I'll send you a link. That's on the IBJ [00:04:00] podcast this week. I was on another podcast this week. I don't remember the name of, unfortunately, which I feel really bad about. And then I have another one next week, I think. Oh, look at that. Neil J. Brown. Hey. I like that is he's in the live stream.
He's gives the the side eye emoji. But really why I'm keeping this up here is because in his avatar is a picture of him with his shirt off and his hairy manly chest. Guest of the show. Former guest. Former guest of the show. Neil J. Brown's going to keep it up there for a while. Big Rick Swink says, does anyone else think of trucks or tractors when PTO gets mentioned?
Yeah. I don't even know what that means.
Damian Dunn (2): Oh, okay.
Peter Dunn: Can you help me? Probably not.
Damian Dunn: Do you know what it means? Yeah. Power takeoff PTO. Really? Yeah. It's how you engage implements. It's the mechanics. Yeah.
Peter Dunn: Did you know that PTO stands for per paid time off, not personal time off? [00:05:00] Yeah. You didn't know that? I had no idea.
It's like a week ago. I run an entire organization.
Okay. Let's, what are we going to do here? Oh, we we ran through this.
Damian Dunn: We didn't talk about order that we want to attack these. So do you want to, I like the first question,
Peter Dunn: The, the radio show question that's in the channel. Okay. Cause I feel like that could go to possibly potentially kind of wish we got Kristen's perspective on this, but Hey, you too, but you know what?
She chose to be off today. We can only play with
Damian Dunn: the players that
Peter Dunn: show up to the
Damian Dunn: game. You know what? I have a feeling she's. comments if we say something that is wildly out of line. Oh, good. Well, she should just preemptively calm down.
Peter Dunn: Hey, Lee. Had to see Leela a couple weeks ago. That was nice. Alright.
Let's I'm, I'm feeling as I'm sort of running the Levers behind the curtain here. I'm feeling exceptionally Forgetful about how this process works. Like [00:06:00] I'm like wonderful. I don't know sometimes it happens and it's a caffeine thing and three two One this week on the Pete the planter show answer your money questions.
Here's how the show works You email us ask Pete at Pete the planter comm but you know now that I say that out loud Dame Hello Dame's my co host I say this out loud. I'm like, here's our radio show. Email us. It's kind of a, you mix communication. It's like we're, we're verbally here. We're asking you us to send you, send us the written word.
And then we verbally communicate back to you for 15 years. I've just realized what a dumb concept. Are you advocating for live phone calls again? No, he'll never do that again. Cause I don't want to hear anyone else. We got a question coming in this week that is a doozy. And it's one that when I was a financial planner used to deal with all the time, all the time.
And it's, it's [00:07:00] really interesting. So let's get into it. Dear Kristen and co for those listening maybe for the first time, the show's called the Pete, the planner show, but we kind of call it the Kristen and co show because Kristen, our other co host is the star of the show, but she happens to be on PTO.
Which is paid time off. I am a female, 34 years old, and I'm in the middle of a divorce and we're working on a settlement. We don't have any children or big financial complications. Timeout granted. Damn. I like how children and financial complications are sort of interchangeable there.
Damian Dunn: Yeah, if it would have been and or financial complications, I think that would have been a little bit more directly to the point, but I appreciated it.
So
Peter Dunn: I'm hoping we don't needlessly drag things out. My ex has agreed to split everything with me, fitty fitty, which I think is fair based on what we both contributed to our relationship, financially speaking. Can I get another [00:08:00] timeout? Yeah,
Damian Dunn: that one, that one hit a little. What did you notice about that wording?
Peter Dunn: He agreed to split everything with me. And then the financially speaking, what are you reading into this? This is that I don't know. There's a weird turn of phrase there that there's something not being said yet. Maybe it's yet to come.
Damian Dunn: To me that felt a little bit like somebody had more of the responsibilities.
Around the house, like maybe took care of a majority of the details of their life, potentially maybe similar incomes, but the balance of duties may not have been quite as equitable.
Peter Dunn: My share of the equity in the house, as well as a few other assets will be sent to me in a quadro. QDRO dam. You'll have to explain that in a moment.
I'd like to use some of that money to pay off some credit card bills that have accumulated, then use the remaining amount as a down payment on a house in 12 to 18 months. [00:09:00] I'm not skirted of numbers and money, but by no means an expert either. Do you have any concerns or advice based on what I've shared?
My attorney is preliminarily checked off on the agreement, but I have a meeting with her next week to discuss details. Thanks, J. D. J. D. Vance is the name I have. So many concerns here. Wonderful. I mean an entire show's worth of concerns here. Why don't we start with quadro? Cause I think that's going to help people understand my
Damian Dunn: concerns.
Q D R O qualified domestic relations orders. A lot of words to say. Basically the department of labor is going to allow somebody to take money out of a qualified retirement plan for one K four or three B, whatever it may be and transfer it to somebody who doesn't own the property. person. In this case, it's the ex or soon to be ex spouse and put it into their own retirement account without incurring any kind of penalties or [00:10:00] taxes.
We're doing that.
Peter Dunn: So this is, this is interesting because what has likely happened or maybe happened, you tell me, Dan, is that the, the assets were totaled up, right? They were like, okay, what is the total? What are the total assets here in various categories, qualified assets, such as retirement accounts, non qualified assets, such as brokerage accounts or savings accounts, and even real estate equity.
Sure. But when I'm here, when I'm reading. Is it will all be sent through the retirement account that it's not unusual, but I don't love that.
Damian Dunn: No, not at all. I mean, this is a big red flag unless there's some appropriate waiting of the assets that are coming over because as you are picking up on Pete, if we split, let's just use around, let's use there's a hundred grand of, of equity and everything, and they're going to split it 50, 50 Ex husband gets [00:11:00] 50, 000, ex wife gets 50, 000.
If the husband is paying that 50, 000 out of his 401k to the wife, she's not getting 50, 000. Not anywhere close to it. So if that's the true situation where they want to be made whole at a 50, 50 rate, he's going to have to give her more than 50, 000 to make sure they account for the taxes and potential penalty that she needs to take out for whatever she's going to use it for, whether it's a house or who knows, but there is a way to get money out of the quadro.
process without incurring a penalty. If you take it directly as a distribution from the Quadro to your bank account, you pay income tax on it, but that's also going to cause other major income tax issues for you as well. So ideally you're able to just receive this money and use it as needed or for whatever purposes you want, but you don't want that clock running either.
And as far as the penalty [00:12:00] goes on this, and you want to make sure that you're getting. Everything that you've settled for 50, 000 in taxable income is not the same as a 50, 000 check just deposited in your account.
Peter Dunn: There's a lot going on here because there's also the idea and your fake numbers you use are perfectly fine to continue on that.
Let's say there was a hundred thousand dollars of assets there. Well, let's say she had 20, 000 in, in her 401k. And so that goes to the total, which must be split. So then she's actually getting less of his. His is not split 50 50 per se. And then you've got the equity in the house and they're all bundled up in this.
financial vehicle that has the same liquidity. It's, it's a very hairy situation that I think will put her at a disadvantage and both from a retirement standpoint, a housing standpoint, a tax standpoint, like I don't.
Damian Dunn: [00:13:00] By the way, I want to make clear that neither you or I are saying receiving retirement assets are a bad thing in a divorce settlement, especially if you don't anticipate being able to contribute at a high level towards a retirement account in the future, you want to make sure you've got money set aside for your future.
But if you're going to need those dollars to do Thank you. Other things live off of, put a down payment on a house. This is not the ideal vehicle to receive those dollars. And you might need to go back to the negotiating table because. I mean, if you need money for a down payment on a house, Pete, okay, maybe your ex has to refinance the house as part of a divorce.
It sucks. You know, it's, it's really tough to go through these things, but you can't put yourself at a disadvantage for all the effort and that you went through in this marriage and trying to plan your, the rest of your, your life.
Peter Dunn: How about, okay, now I'm making stuff up, but this is the nature of not knowing all the details.[00:14:00]
So let's say they're both on the mortgage. Your point, he has to refinance her off the mortgage,
Damian Dunn: which I would assume they're, they're both on the mortgage. I, I don't have any reason to think that they aren't, and it's most, most common that they would be, but yeah, he's probably going to have to refinance anyway.
At a higher rate, theoretically, we would assume. Yeah.
Peter Dunn: And I mean, I guess if there's equity, he could do a cash out refi. But instead of doing that, because that's also that impacts the rate too. Then he's just saying, well, let's just do it all through the quadro. Yeah. I mean,
Damian Dunn: he's made a very
Peter Dunn: man,
Damian Dunn: I advantageous offer
Peter Dunn: from his, his perspective.
I hate to say this and I, I, man, I'm, I'll probably regret it. But I feel like he's getting better advice than, than she's
Damian Dunn: getting. The fact that her, she mentioned that her attorney has preliminarily checked off on the agreement [00:15:00] makes me concerned. All right. Well,
Peter Dunn: I need to calm down. I wish Kristen was here.
She would have a really good perspective on this. But you're fine. All right. Coming up after the break do people have too much confidence in their home as a retirement asset? That's next on the pizza planet show. I'm Pete the planner. That's the next segment we're doing. Yeah. Dame. There's so much that I want to know about this, you know, should we take a call from one of our board members live on the air?
Sure. No, I don't think that's good.
I, it depends on the board member. Oh, he's a great dude. I he's, he would actually be a really good guest on the radio. Interesting guy. All right.
You have a fun week, Dame. Work fun week at work. Do you fun? I know you're remote. Can you have fun when you're remote? Do you have like a nerf hoop?
Damian Dunn: I've got a backyard. What do you do in that backyard? Walk dogs chip [00:16:00] golf balls around chase wildlife, look for
Peter Dunn: snakes, look for snakes. How many times a year do you see a snake on your estate?
At least half a dozen. Why wasn't expecting
Damian Dunn: that?
Peter Dunn: Why not? I don't know, I, I was sort of, I thought you said one. What varieties? Just little gardener snakes. Any, any ones that you're like, Oh, he's, she's a,
Damian Dunn: a beast. No, I mean, I mean dead ones that every once in a while that accidentally get cut up by mowers that we didn't see in the grass, but, you live a completely different life than I live. If we see him slithering around, we'll try and chase him down and catch him. But don't they take care of the mice? Yeah, we don't try and kill them, we just catch them and, and, you know, hold them up, like, look what we got! What in the world? Is that what, is that what people do?
Some people? Oh my [00:17:00] god.
Peter Dunn: If I saw a snake in my yard, I would call the Carmel police. Well, actually truth, I was fishing once Ted was with me. Oh, Kristen Kristen's in the chat. Get out of here. Hey, there's Ziggy. So I was fishing and there's like netting in the bottom of retention pond sometimes to keep the soil in place.
It was sort of come up on the edge in this water snake was stuck in the netting. And I used a knife that I had in my pocket because I take a knife when I fish and I save this snake's life with my bare hands. I was the most first responder thing I've ever done. I don't want to take credit on those sorts of days where we honor those first responders because I don't want to steal valor.
But I saved that snake's life. So an animal
Damian Dunn: that was in distress that could have bitten you [00:18:00] selfless. You freed from certain death. I'm a selfless person. I
Peter Dunn: don't know. Anyway, how'd we get
Damian Dunn: here? That should be the name of the show. E. T. I was do I have fun at work? I have a backyard. That's where it all started.
Okay.
Peter Dunn: Okay. We went to the Indianapolis Indians baseball game as a team this week for the local folks. That was a good time. Have a few beers, have a hot dog or two. Yeah. A few beers or two and a hot dog. A few beers or two. So three or two beers. In three, two, one back on the Pete, the planner show Dame.
So there was an article that came out this week via CNBC that talked about. How homeowners may, let me say that word in its entirety and not skip several of the letters, homeowners may be overconfident in their [00:19:00] retirement readiness. And this is according to one economist, Angie Chen, a senior research economist and assistant director of savings research at the center for retirement research at Boston college.
Oh my gosh. Does she get on an airplane to fly her title across the city? It's so long. Her title appears
Damian Dunn: below the fold on her business card.
Peter Dunn: Holy cow. So here's some stats. Let me read through this. And, and I fundamentally disagree with. The conclusion because there's nothing better than having an actual economist put their life's work into a conclusion and then have a dummy like me going, I don't know, because that's what's about to happen.
Okay. All right. Here's the, are you ready for the data? I got to read a little bit here. And then I'm not as good a reader as you are a boot 37 percent of polled workers, about 37 percent of polled workers, poll workers, polled workers, [00:20:00] Including those with part or full time jobs or who are self employed or business owners say they are ahead of schedule seven.
Okay. So pause. I got a cough though,
Damian Dunn: too. So maybe you should say something. Well, I didn't even time out. It was what we're learning here, folks, is why do we let Pete read anything? 37
Peter Dunn: percent say they're ahead of schedule for saving for retirement. Right now, I'm saying there's no way.
Damian Dunn: No, I don't think so.
Peter Dunn: Because you've got part time workers in here as well.
Damian Dunn: Yeah.
Peter Dunn: No way. No. Dame, what percentage of people are ahead of schedule for saving for retirement? Five, maybe. Yeah, I would say five to seven. If Kristen were here, she'd give us a better number, but I think it's five to seven, 7 percent say they're on schedule or wait a second.
This is the [00:21:00] so weird. Okay. I'm going to read it again. Cause it's a weird thing. 37 percent of poll workers say they are ahead of schedule 7 percent or on schedule 30 percent in the retirement savings, according to your, your money retirement survey. Does that make any
Damian Dunn: sense? I mean, I, if part time workers are involved, I don't know, but basically it's saying a slightly higher percentage of people think they are ahead of schedule than what we just said.
And. A large percent of people think they are on schedule, which I don't know that that seems a little aggressive
Peter Dunn: of those who said they were ahead or on schedule. 42 percent of those people saying early start in retirement savings. Help them get ahead. Okay, by the way, that should be absolutely. At least other factors that contributed to their readiness included having little or no debt.
38 percent of people said that totally there and home equity or ownership 37%. But [00:22:00] then it goes on the articles to say homeowners are actually more likely to be overconfident in their retirement readiness. There's a lot of misconception in terms of how people as. assess whether they are ahead or not in retirement.
This is according to the economist, Angie Chen. She's saying that people who are homeowners have too much confidence in their retirement plans. Here's where I, it's just, why am I disagree? I'm not disagreeing. Here's my perspective. I'm not looking. If part of your retirement plan is to not have a house payment, it's one of the best ways to have actual retirement, not like confidence, but retirement sustainability.
So I struggle to understand. How a homeowner, someone who's actively paying a mortgage, I feel like she's suggesting or this article is suggesting that it's the equity of the home that gives people confidence when I think [00:23:00] it's just the absence of a payment that gives people confidence.
Damian Dunn: Yeah, and I, I find it really odd because I think earlier in the piece you mentioned something about You know, being debt free or maybe it was just mortgage free on the whole.
Maybe I misunderstood that, but you're exactly right. I'm having no mortgage payment going into retirement or shortly after you retire, you know, the timing of that can be a little. Who knows, but if you can have that biggest expense taken away from your needs in your retirement plan, that's a huge, huge benefit.
I don't think most, I don't think, again, my experience, I don't think most people are looking at their house as a way to fund their retirement. I, I just don't think so.
Peter Dunn: Yeah, the article goes on and says in order to better assess retirement readiness, quote, it's important to not just consider the value of your home, but also how much you borrowed, said Chen.
Damian Dunn (2): Okay.
Peter Dunn: For example, if you bought a 500, 000 house, but still owe 400, 000 on it, [00:24:00] your equity is really 100, 000. Tapping that equity isn't always cheap and there can be risk to bar and it gives, see, this is, this is why I disagree with this idea. This is not about the equity. Like I got a ton of equity in my house.
I don't care. I'm just getting closer to paying it off and then I won't have the obligation, which it, you know, not that I don't want everyone to do my math on the air here, but like I will need significantly less income when my mortgage just paid off. And so like the idea that I'm going to do something with the equity, I'm not going to do something with the equity.
I'm just not going to have a payment. Yeah, I
Damian Dunn: don't Again, I, I just don't see how people are, and you and I have talked about this a number of times over the years about how people perceive their financial position, especially when it comes to illiquid assets that we're not planning on selling for anything other than just, we're just going to use them, house, car, whatever it is.
House is a roof over your head. I'm more concerned about the [00:25:00] payment that it's taking up in your, the monthly expense that it's costing you in retirement than I am about the equity that you have in your house. So ideally you'd never have to tap into that for any needs in retirement. And if you choose to downsize and you have a little bit of money sent back to you, the closing table, great.
What are we going to use it for? But. Ideally, if you're planning on planning or your retirement, it's not going to be for living expenses. At least I hope not.
Peter Dunn: Well, yeah, there's two other elements here that I'm just considering. On the fly, go figure number one in the end, which is always a, well, he's a good thought reverse mortgage taps that equity.
And then really in the end passing on that equity. To someone else as their tool of wealth creation is an element here. So sure. I either, I don't understand the study, which is probably a 95 percent chance, [00:26:00] or I just fundamentally disagree with the conclusion
Damian Dunn: drawn in the study. I would love to see the data underneath it.
Like what were the exact questions that were asked to the people who, to the pulled workers in this case, because I would love to know, is there something in the wording that could have potentially led people to answer one way or the other? Or maybe we're just not, like you said, maybe we just don't understand it thoroughly enough.
It's almost
Peter Dunn: poll worker season. It is. Some would say it's always poll worker season. Some would. Damn. Thinking out loud here. Thinking out loud here. Let's say I've got the average American household income. Okay. So I'm going to, I'm going to, I'm going to Google this on the fly. I think
Damian Dunn: it's like 68, 000. I I'll have the median income in the fourth segment.
So.
Peter Dunn: Oh, okay. Oh, average household income is one Oh five while the median, what in 2022, the average household income in the United States [00:27:00] was 105, 000 while the median household income was 74, 000. Okay. So I'm thinking of the median here and you're probably going to have a different number. So I'm sorry for ruining your segment.
Yes. Let's say a person in that scenario pays off their mortgage. Their payment is likely to be about a thousand dollars a month. I would say in that range, right? At least. They're also in retirement, going to get social security depending on their age and how much you want to believe that this whole system can continue.
But here's the best part. We've got to take a break. That's right. It's commercial time. I'm going to come back and I'm going to share this very cogent thought with you. And then we'll move on from there because that's what we do right here on the Pete the Planner show. I'm Pete the Planner. Really just thrilled with
Damian Dunn: the catch I made there.
I saw you look down. I was like, Oh, I hope he's looking at a clock, not his calculator.
Peter Dunn: You know where I'm going with this, right? I think so. Let's go on the comments here. Eric says pay rent for 30 years, no equity, ongoing rental costs, pay March 30 years [00:28:00] equity, only pay maintenance tax.
Damian Dunn (2): Right.
Peter Dunn: Game everything in my
Damian Dunn: home's breaking right now. Are you, is it to that point where all the appliances that were installed or just saying no moss?
No, it's dumber than that.
Peter Dunn: It's actually, we've already been through that. Like we've, we've, we've replaced every appliance in there for 17 years. I don't, I don't look old enough to be a homeowner. I, I Thank you . By the way, my face is getting fuller. I noticed about a month ago that I look like I'm storing food for the winter.
I don't know. I'm thinking maybe I stopped live streaming. Hmm. That'd be fun. You know what I mean? Yeah. Just turn it off my camera.
Damian Dunn: Yeah, just a very artistic photo picture on pattern. Yeah. We'll just
Peter Dunn: do this. You
Damian Dunn: know what I mean?
Peter Dunn: That would be
Damian Dunn: Kristen
Peter Dunn: when she
Damian Dunn: comes
Peter Dunn: back. Here's what's breaking in my house now.
Stupid stuff. So in my garage. There are [00:29:00] blinds. I have two windows in my garage and they both have, I don't know what they're called plantation blinds at which I feel really uncomfortable saying that. I don't know. That's what they're called.
Damian Dunn: Sure.
Peter Dunn: It's what, who did this?
Damian Dunn: Maybe in Carmel. It's
Peter Dunn: not, it's not funny.
It's really funny. So last year about this time, come home a day, some mechanism, some plastic mechanism in the blinds, just. Broken. The whole thing fell. So then I had to go buy a new set of blinds that we don't use. We don't ever tug on them. They're just there melting then. Oh, Matt, Pete's Chen's predicting a bad winter.
That's amazing. This week, the other set of blinds just. Collapsed. Then last week, a plastic [00:30:00] valve coming off of our water heater that deals with our humidifier, a plastic valve, a hole just was in it. And it's just spraying it's a, it's an inanimate valve that no one's cranking on and it just goes
Damian Dunn: happening.
It should just skip the blinds and tinted the windows so nobody could look in there and you wouldn't have to worry about it melting in the future.
Peter Dunn: I think we got a squirrel in our attic too? What? Yeah.
Damian Dunn: But it's not a chipmunk. Oh, I think it's a squirrel. Did they finally find their way back to to your neighborhood?
To your cul de sac? I was
Peter Dunn: dealing
Damian Dunn: with,
Peter Dunn: does anyone know any real, like, Handy people that can do all this stuff. I mean, Is that, am I supposed to be doing that? That's what, that's what your face has been saying this entire diatribe here. I mean, you can interpret it however you want. [00:31:00] Oh, man. All right, let's do this.
Calming down. The
Damian Dunn: comments are a little strange right now. Yeah, it's the first time we've had one of those.
Peter Dunn: We found a drowned squirrel in our guest toilet once. Jameson, quit telling us about spring break.
Okay. I just read my email. What are you doing? I can't help it. I'm an idiot. I feel like you should discipline me at some point for how dumb I am.
Damian Dunn: Let me clear that with with HR and then we'll, we'll figure something out. So stupid. Okay. And
Peter Dunn: three, Oh, so I'm practicing self love. Sorry. You know what?
Just maybe sometimes you don't make the best choices. Oh
Damian Dunn: boy. Oh boy. How do we block people? Can you block people? I don't know. I'm trying to block. For those of you listening on the podcast, be glad you're listening on the podcast and not watching a live stream today. All right. I [00:32:00] just banned and deleted a comment.
That's never happened on our show. Which is kind of surprising. That was not fun. No. Apologize to all of those in the live stream. Well, some people saw it. Some people didn't. Oh,
Peter Dunn: okay. Yeah, I hate that. Okay. Sorry, everybody. We're. I'd be like, Oh, we're professionals. Like someone's, it's like, it's ugliness. No one wants that.
It's just so stupid. Okay. And I'm thrown and we're back in three, two, one back on the Pete, the planner show. All right. So Dame for the break, here's what I was saying. The median household income is like 80, 000 ish. Pay off that mortgage. If social security is still around and it will be, and it will be, they're able to recreate their work income.
And by eliminating their biggest expense have a sustainable lifestyle
Damian Dunn: [00:33:00] likely Yeah, you're cutting out the biggest expense You're getting a higher percentage of your income replaced by the social security calculation than somebody who makes Significantly more than that So you should be pretty close to being able to make ends meet.
I'm not saying it's going to be super comfortable, but you should be able to have a lot of your necessities taken care of on a month to month basis. And any of the saving that you've done on your own outside of that should help you be a little bit more comfortable. I'm going to make a big statement,
Peter Dunn: big statement waiting.
My hope for middle America, which is not middle earth. You know, I think it's different. Is home man is this, is the idea that they can have their income replaced because their incomes at a certain level that social security does most of the work.
Damian Dunn: You know what I mean? Yeah, ideally, that would be wonderful.
Especially if you're a two income household, you've got a fair shot [00:34:00] at doing something like that. You know, relying on Social Security isn't something that I would advise anybody. Yes, it's going to be there. Even if Social Security goes bankrupt, and I know we've talked about this a few times on the show over the years, and I'll make sure that I say it again, because This is what the numbers say.
It's not just me standing on a soapbox saying, don't worry about it. But the numbers say that if social security goes air quote bankrupt, you'll still receive 75 to 80 percent of your predicted benefit. Is it a hundred percent? Everything that you were promised you were going to get? No, but that's a heck of a lot better than nothing.
So there will be something there for you when you retire. How much might be a little bit of a debatable topic, but count on something. And if you want to plan without it, if you want to craft your retirement without calculating for social security, even better than it's just gravy. But if you need it, if you depend on social security and retirement, don't [00:35:00] be too concerned that there's not going to be anything for you.
Peter Dunn: Damon, my
Damian Dunn: business
Peter Dunn: column last week, I waxed poetic about my sincere and aggressive need for a hobby. When I'm at work, I think about work. When I'm not at work and I'm not with my family, I think about work and while that seems sustainable, it's not not healthy, not great. I need something to distract me outside my own kids activities.
And so I sort of wax poetic about trying to find a new hobby. I'll share a couple lines with it to kind of set the table. But what I really want to talk about now is how much should an adult adult. really in spend. I won't say invest because that's a little gross. Spend on a hobby when it's really a mint an exercise and preserving mental health.
Okay.
Damian Dunn (2): Okay.
Peter Dunn: Okay. That's a good direction. We're gonna go. I have to read you my favorite lines because That's the obnoxious writer in [00:36:00] me. Yeah. I write my obsessive thoughts about work. Haven't always been there over the last several years. I've dabbled in various hobbies, which have been the distraction.
I look for, for instance, during the depths of COVID times, I became obsessed with road cycling. It made for interesting tan lines and I was a slender as this Midwestern carcass can get. Alas, I don't have the time to commit to cycling right now. I was hooked on fishing for years. But then fishing hooked me twice and painful trips to the ER have me reluctant to face additional
Damian Dunn (2): trebles
Peter Dunn: Trebles, okay.
I'm just now I'm just reading my comment. They're like a complete narcissist game Do you have a hobby right now? Like straight up do you and me to two men? Do you have a hobby right now? Yeah, can you talk about it on the air?
Damian Dunn: It's expensive one
Peter Dunn: cars
Damian Dunn: That's one of them. Golf would be the other one.
Peter Dunn: Are you playing a lot of [00:37:00] golf?
Damian Dunn: Yeah, I find that this year I was either going to try and get better at it or just basically put the clubs away. So
Peter Dunn: that's awesome.
Damian Dunn: It's going all right. Yeah, I've I've enjoyed it. Got to spend a lot of time outdoors this year and I'm actually getting better at it. So. That doesn't bode well for my wallet.
Peter Dunn: Here's the weird thing about me. I actually don't have that much time for a hobby, so it's gotta be something that you and I were talking actually before the show, before I went to air, I need something I can think about. It's what I was writing about this and are my readers and our listeners are always so kind to.
to email back and several people were like, Oh, you need Jesus. It's like, well, fair, fair perspective. What do you think for a person who's trying to save for their retirement, trying to deal with an [00:38:00] expensive stage in life with older kids, trying to save for college? Like I don't feel like I can indulge in an expensive habit besides the fact that The one I have now, bourbon, is both expensive and
Damian Dunn: incredibly damaging to the liver.
I, I think the other one you said, cooking, while on the, on the face of it, seems like it could be a really reasonable approach. I, I would, I am not a chef, never pretended to be one, barely proficient in a kitchen. But I would think there are all sorts of things, you know, tools, gadgets stuff that you could actually end up spending money on.
And a cooking hobby that would be maybe not as costly as some of these other things that we've talked about, but wouldn't exactly be cost neutral.
Peter Dunn: No, I mean, when I make a nice meal, I go to the fresh market and I spend way too much money on delicious ingredients for delicious food. I think I know the answer and it's the one my lovely partner has [00:39:00] been sharing with me for almost 30 years.
I just need to get a pair of running shoes.
Damian Dunn: Yeah. But you're not going to think about running when you're not running. I try, I do everything to not think about running if I'm not running. Okay. So I hear you there,
Peter Dunn: but this is where I extend it. I feel like, first of all, if I'm out exercising and I'm in nature, which is a great season or I'm, I'm like, I'm decompressing.
Like it's, it's re it's very good. It's good for stress. Here's the other thing. I would start to feel physical improvements that then make me take more pride in ancillary fitness and nutrition things. And so then I become obsessed with data. You, you know, me very well. Once I'm hooked on the data. I'm going to annoy everyone involved.
Literally everyone hates me at that point. So I'm thinking I'll start tracking times. I'll be in a team media, like everybody, [00:40:00] let's just start a little icebreaker. What's the fastest five K you've run as a 46 year old. He will absolutely do this by the way. Gosh, I'm looking at my chin right now. I think I just found my answer.
I think I need to start. I need to do something fitness related, but then I keep hearing that people, our age. Mhm. That it's not about cardio. It's about lifting. If you want to age well, you know, yeah, I
Damian Dunn: think there has to be some element of resistance training. When
Peter Dunn: you think about your hobbies and AKA I've come to say as a someone in the middle aged who we both are, sorry, your hobbies are your mental health.
Damian Dunn: Sure.
Peter Dunn: Maybe. Yeah.
Damian Dunn: Yeah. I mean, I've started working out again. I know everybody can tell. But it was actually, it turned in very quickly to a, let's try and, Make this body capable of going another 47 years instead of What it [00:41:00] would have been 20 years ago, my perspective and my goals have changed completely on what health, both physically and mentally look like on a day in day out basis.
At this point, Rick
Peter Dunn: Swinks is in the live stream. Go rock Pete, which I thought was another person trolling our live stream. But it turns out rocking is something it's lifting for folks who hate to lift and cardio for those who hate cardio. Rocking is the way to go. I'm, I will be Googling later. Can I Google rocket work?
I think you'll like it. Absolutely. Really? I think you'll like it. And big rig swing. Always, always walking around with a heavy backpack. Oh, you mean being a business owner? Okay. Let's do this. Dame felt that here's what we're gonna do. We're going to take a break. I'm going to calm down. I'm going to go find my ruck.
I would look like such a nerd rucking around West Carmel. Come back with Biggest Waste of Money in the News. I'm [00:42:00] Pete the Planner. So for those that saw me get thrown again earlier in the segment, we had another troll on YouTube Live come through and just start posting hateful things that I had to delete on the fly because they were spelling out terrible things.
Rocking I'm kind of, I'm
Damian Dunn: kind
Peter Dunn: of into this.
Damian Dunn: I think you would like the Concept of rocking.
Peter Dunn: Rocking? I feel the jokes just all sorts of turns of phrase. You know it. Peter Rocker. You know? You like it? So what do I google rocking and then like I
Damian Dunn: get the gear? They've got, I mean, you could technically use just about any backpack you want but they have specially made backpacks and then weights that go in those backpacks.
How do you know about this? Is there country rocking? I've looked into it. I'm a rucker. I've considered rucking for a long time. [00:43:00] I've eaten at a Fuddruckers. It's close. Kind of.
Peter Dunn: Not really. Did you ever eat at Fuddruckers? I think once. I think it's a place where you order your burger and then you just like, you go down the bar and dress it with your own stuff.
I think maybe Maybe I didn't if that's what, if that's the concept. What? Rick Swink! I'm gonna ruck a half marathon here in a couple weeks.
Damian Dunn: How much like I know how much a half marathon is, but what's the what are you carrying in there?
Peter Dunn: Do you like carry like do you do you put like certain specific weights in or do you just like whatever's in the garage?
It's like got some tackle. They've got like a
Damian Dunn: hose plates that you can put in there. So they stay tight but the people some people I think I've seen people carry like sandbags and whatnot, but I've seen there's a person I follow on Twitter who does these hikes out West and like full kit. He was in the military and so he basically loads up gear like he was still what he carried when he was still active duty and they go on [00:44:00] 15 mile hikes on the weekend.
Okay. I'm. My friend Jay
Peter Dunn: says he loves Darius Rucker. Mm hmm. So who knew, you know, just a hootie joke there. Dame, I feel actually I'm kind of excited about this. This seems like a good idea.
Damian Dunn: I, I think it was something you would really dig and then lose interest in, in eight months like everything else.
Yeah,
Peter Dunn: you know, cause here's the thing during my son's soccer practices that are every room, right? I got 90 minutes. I got, I actually got like a two hours to do whatever I want. I can just rock around the clock.
Damian Dunn: Yeah. Rock, rock around.
Peter Dunn: Yeah. Rock and roll. And, and I can just think of rocking jokes. Man,
Damian Dunn: think of the angles you could have in your columns.
Peter Dunn: Yeah, I am limited to being a father rucker,
Damian Dunn: you
Peter Dunn: know? Right. Let's move on. It occurs to me I have like a series of serious business meetings in about 30 minutes. And [00:45:00] I'm, I'm indulging in ruck humor. It's alright, they'll appreciate it. Ruck daddy,
Damian Dunn: I like that, yeah. Ooh, you can get customized license plates.
Thanks.
Peter Dunn: Do you believe that a higher percentage of Tesla owners than normal car owners have vanity plates? Because from where I'm from, it's always like, Jimmy Neutron! It's just like some, it's watts! Watts up! And it's like, okay, I get it.
Damian Dunn: Gas, lol.
Peter Dunn: Yeah. Yeah, totally. It's like Thanks, fossil fuels. It would be really hard to condense that
Damian Dunn: onto a license plate.
There's no way. Rick Swank
Peter Dunn: just says he's a forerunner and forerucker on the tag. Love it. Rick. I feel like an oh, Rick is there a special rocking handshake? Damn, I feel like [00:46:00] here's okay. Here's where I'm at. Then we got to move up. I'm like, I feel like I, I've been waiting to be inspired and bit by something for like three weeks on this is why I wrote the column because my column is about me, me alone.
I feel excited. It happened right here. Glad we all got to witness it. Here's what's going to happen though. I'm going to be rocking all over this country. I'm going to get hit by a car and it's going to be Rick's fault.
Damian Dunn: Twist of fate. Rick hits you with his forehead.
Peter Dunn: Should've seen it coming from one record to another. Okay. Let's do a show. Doo doo doo. Okay, man. This is a wild waste of money. I'm pretty excited. I got to set it up though. Hold on. Nope. That's not it guys. I'm out of sorts today. Like those crazy comments got me just thrown.
It just like forces your thinking down a different [00:47:00] path. It's hard. Boy.
Oh, here it is. Okay. And three, two, one this week's biggest waste of money of the week, right here on the Pete, the planner show is. The dang hat first emerging as a less offensive euphemism for a certain curse word Dang is the beauty of language a single expression with a mercurial meaning that changes based on context It's also perfect to put on a hat this high quality snap back headgear from the brand communal cowboy comes emblazoned with the word in heavy embroidery over a camo pattern dang Dame You Dame has the same effect.
Damn it. That was Dame it. So name of my fantasy football team. Oh, that's right. I stole that joke and didn't even realize [00:48:00] it. Dame, what would you pay for? Well, What is once required to pay for a dang hat? I mean sold out by the way, you can't actually even buy it
Damian Dunn: sold out. I bet I could have somebody make it For way less than I could have bought it.
I mean, this is gonna be like a I mean, it's not even like a high quality hat. It looks I miss 40 bucks
Peter Dunn: 40 on the nose
Damian Dunn: Yeah, you
Peter Dunn: win much. You did it. You know like 30 bucks. You know, all hats are crazy. Expand Goldman talking about hats. You want to talk about good radio? Yeah. Man, hats are expensive now.
Damian Dunn: Dame! What's in the news this week? Pete, I've got so many different kinds of stories today. Do you want, like, actual current events news? Do you want stories that you're gonna shake your head and you're like, That's kinda genius? I only have one preference. Okay. No cats and dogs stories. [00:49:00] An alleged scammer has been arrested under suspicion that he used AI to create a wild number of fake bands and fake music to go with them, and faking untold streams with more bots to earn millions in ill gotten revenue.
Is this illegal?
In a press release, the Department of Justice announced that investigators have arrested 52 year old North Carolina man Michael Smith, who has been charged with a purportedly seven year scheme that involved using his real life music skills to make more than 10 million in royalties. Is this illegal?
Peter Dunn: Look, I
Damian Dunn: don't, I'm pretty black and white, a little bit of a boy scout. I'm struggling to see the crime here. Here's what he was charged with. Okay. Indicted on three counts involving money laundering and wire fraud. The Charlotte area man faces a maximum of 20 years per charge. Well, that seems bad. Yeah.
And there's plenty of other information here, but I mean,
Peter Dunn: it's, you understand the gist of it. So it's interesting, right? Because is that like, [00:50:00] A genius idea or is it a genius crime? And the, the line seems thin.
Damian Dunn: How much of music is digitally produced these days anyway, I, I, I'm not throwing shade at artists who, that's how they, they come up with the, the music that they use over their lyrics or whatever it is, it's worth of the music doesn't seem like that's the problem here. It's probably more of the fact. That he created fake listens, maybe,
Peter Dunn: maybe before we move on to the next news story, I'm creating my own news story in what was bound to happen and almost happened on the air last week on this show.
Big Lots, my stock pick of the year for the worst performing stock officially won by filing for bankruptcy. And so it went all the way down to zero in sharing this news with you. Hold on. Dame's got something he's about to say, but let me just say this. I take [00:51:00] no joy and pleasure with people having job loss or job insecurity, but I was right.
Dame, tell me why
Damian Dunn: apparently I'm wrong. As part of his chapter 11 filing, Big Lots agreed to sell its business to a private equity firm, Nexus Capital Management for about, did you see the number? No. 760 million consisting of 2. 5 million in cash plus its remaining debt and liabilities, court records show.
The company, which runs more than 1300 stores across 48 states, is one of the country's largest closeout retailers and specializes in offering bargain basement pricing on all things home. It brought in about 4. 7 billion in revenue in fiscal 2023, but sales have consistently fallen after pandemic era demand for home furnishings dropped.
And a press release and court filings. Big Lots said it would operate its business normally, but it started the process of closing nearly 300 stores so it can fix its balance sheet and reduce costs. Well,
Peter Dunn: so still goes to zero. I still win. I like [00:52:00] that, but I also, you never want to dance on the graves of others.
A little much.
Damian Dunn: Dame, what else is in the news? I am really torn with the story here. I will do one that is not really financially related, but I think is something that you and I can turn into a financially related story because it's very interesting. A billionaire and a private astronaut walk into a bar, but the bar is outer space and they're making history.
Tech entrepreneur, Jared Isaacman and SpaceX engineer, Sarah Gillis completed the first commercial spacewalk yesterday morning before most of us had even brushed our teeth. You and I grew up in an era where space travel via the space shuttle was It seemed like every launch was on TV and we watched it all the time.
We saw some really unfortunate things happen on live TV as well. I myself and I believe you as well were fascinated with the concept of space and potentially going there someday If you could pay to go to space and do a spacewalk, would you [00:53:00] you could afford it? Let's say the number is reasonable You could afford it.
Would
Peter Dunn: you do it? See, this is the saddest part of me. Like, this is, this is, you're, something's getting exposed here. When you and I were growing up, and we'd watch Space Camp, the greatest movie ever, where kids end up in space accidentally because they're at NASA's Space Camp, that's all I wanted to do. And I was like, yeah, I'm gonna go to space and I'm gonna get back.
Now, Because I'm risk averse and I feel like there's too much riding on my shoulders and my health, not enough to eat better. I'd probably say no. What about you? I
Damian Dunn: don't know. I, I want to say I would be on that rocket in a heartbeat, but I don't, I get nervous climbing tall ladders these days, let alone flying to space and sticking my head out at 20 some thousand miles an hour.
Yeah, I used to want to skydive. [00:54:00] But I don't want to do that anymore, you know, they were 870 miles above earth. Pete, that's three times the distance of the international space station. That is
Peter Dunn: so they made it back. Are they? Are they stranded or they make it back? No, I think they made it back. This was a SpaceX rocket and some awful twist of fate.
I feel like I'd hyper age by doing that and come back and I'd look 90 already acting 90, but I'd act in slash 12, but I'd come back and he'd be hyper age. Like Benjamin buttons, you've watched
Damian Dunn: too many movies. What else is the news? 0. That's the amount that Deerfield Academy, one of the most prestigious U.
S. boarding schools, plans to charge any admitted U. S. student whose family earns less than this per year. Oh lord. Prestigious boarding school. 100, 000? 150, 000 a year. The Massachusetts [00:55:00] school charges this per year for tuition and other fees to live on campus. 40, 000? No, 74, 500. What are we doing? I don't know.
Some elite prep schools are offering free rides like colleges do in an effort to diversify their student populations, exposing wealthier pupils to peers from other backgrounds. That is one of the ickiest things I think I've read in a long time. All right, we've got a minute left in the show. What's the name of the place?
Deerfield Academy. It's in Massachusetts. I'm doing Famous Alum. Mm, good idea.
Peter Dunn: Ah, oh boy. This took a, this took a quick lap. Oh, Wow, King Abdullah II Al Hussein of Jordan. Okay. Commissioner of the FCC Federal, or pardon me, Robert [00:56:00] McDowell. Okay. I'm trying to I'm looking as fast as I can to try to see add Milton Sands admiral in the U S Navy.
Prince Hussein Aga Khan. Second son of Aga Khan, the fourth Prince Ali bin Hussein. Yeah. So there seems to be a, an elite institution. We'll just go that route. All right, Dame, I got to go. Yeah, I got stuff to do. So I'm sending good vibes. Cause good vibes are all that's in the budget. I'm Pete Planner.
This is Pete Planner.
I'm looking through Wikipedia, looking for big names, but nothing's jumping out. There's, there's gotta be just like a massive name out of there. You're like, Oh, but these are probably all the people that are like pulling the puppet strings around the world that actually are the powerful people. That's where this is going.
That's not incredibly conspiracy theorist of me. Did we just switch bodies? The water's warm. Why is it warm? Because everything's heating. [00:57:00] No, I can't find a single person that you and I would really know on here. That's how elite it is. Is big, big Rick swings still around? What kind of shoes do you wear for rocking?
Do you wear like a trail running shoe? Do you wear a
Damian Dunn: boot? I think so. It depends. I think there's some people that wear like high top boots. Military style boots, but I think there's a lot of folks that wear a little military boots rucking around be awesome.
Peter Dunn: I would feel like such a poser
Damian Dunn: Sling a nerf gun over your back like a tasteful pump.
Probably not the best choice
Peter Dunn: I don't know dame. I feel like my day's about to turn into something I'm glad I was
Damian Dunn: here
Peter Dunn: for
Damian Dunn: a good part. It's a better part of it.
Peter Dunn: Yeah. All right. Well, Hey hit them straight. That's what people who play golf, you say that to them. I didn't know you were playing that much golf.
I'm excited for you. Yeah. Everybody else stay getting money.
