00:01
Peter Dunn
Oh, that's right. You've made it all the way back to the Pete the Planner show. It's a great pleasure of yours to have met our acquaintance once again. By we, this time, I mean the whole crew. Kristen's back from her sabbatical. Dame's always here, except when he's not, including a couple weeks ago and next week. Hi, Kristen.
00:24
Kristen Ahlenius
Hello, Pete.
00:25
Peter Dunn
It's good to see you. And of course, since this is a podcast, not a lot of other people can see you, so let me paint the picture. Kristen now has a background in her shot. She's got her new home set up, which includes a bookshelf with, I believe, a college degree and a bottle of whiskey. Is that correct?
00:45
Damian Dunn
Yeah.
00:46
Kristen Ahlenius
And two books. There's two books on the bookshelf.
00:48
Peter Dunn
What are the books?
00:50
Kristen Ahlenius
Freakonomics and the success principles.
00:55
Peter Dunn
Yes. Read them both. Dame has a painted buffalo behind him, maybe a bison. I don't know the specifics. And is wearing your money line shirt. All right, so we've painted the picture. Guys, this week, what's on the show? Kristen, what are we doing this week?
01:11
Kristen Ahlenius
We could talk about the book loaded, damien, read it. I'm reading it. It's about money, psychology and behavior.
01:19
Peter Dunn
Okay, well, that's what we're dame, right before went to air here, kristen had an idea about how does a person supposed to survive one income to create their own household prior to the age of 30. So I think we're going to have an open discussion around that as well. Dame, you're on vacation next week?
01:42
Damian Dunn
All week.
01:44
Peter Dunn
Staycation. Gocation. What are you doing?
01:46
Damian Dunn
Gocation. Traveling south a little ways.
01:50
Peter Dunn
Is that what they call it?
01:52
Damian Dunn
No, you said staycation, so I said gocation.
01:56
Peter Dunn
I will say to you all that I was in Orlando this week on business, and on the way home, we hit a storm in the plane. And it was one of those where the plane dropped by, like, 50ft suddenly, and people who completely buckled in gave one of those bounces. You could see some people bounce higher than others. And so I'm in this moment, I'm thinking, okay, I could die today. And then I got upset because I looked over and the guy next to me had his shoes and socks off, and I thought, look, I might die in a plane crash, but I don't want to die next to him. And then I felt bad because that feels dark.
02:33
Kristen Ahlenius
Gross.
02:36
Peter Dunn
He was gross. He had toe jam, I think he had toe jam. That's what I could see. I don't have that good of vision.
02:42
Damian Dunn
Though, so it could have been a smudge on your glasses.
02:45
Peter Dunn
It could have been a smudge on my glasses. Could have been someone's spittle from when we all bounced out of our seats. All right, I hate to tell our friend Jeremiah, but not a lot of time today, so we're going to have to wrap this thing up. I've got an event in Houston via the Internet and T -55 minutes So t -55 minutes in Houston. You see, there was like a shuttle launch thing. I got it. It was actually unintended. Caitlin says hello.
03:15
Damian Dunn
You're wasting time, Pete.
03:16
Peter Dunn
Oh, Sorry. I'm not ready. Can I say something real quick? My neighbor has three teens. One is a young man, and then they have two older teens. And every morning one of the teens leaves at 05:30 a.m and double honks her horn.
03:37
Kristen Ahlenius
Nice.
03:37
Peter Dunn
And she leaves. And it wakes me up every day at 530. And I don't want to confront a young teen woman, but I don't know if I should say this on there, but I've Googled arson. I don't know what to do. I haven't Googled arson. I don't know what to do. How am I supposed to have a breakthrough conversation with someone that thinks it's a good idea to double honk every single day at 05:30 A.m.?
04:08
Damian Dunn
I talked to the parents. Probably instead of approaching a young woman.
04:11
Peter Dunn
About this, here's one thing I'm thinking about putting on dark clothes.
04:16
Kristen Ahlenius
Don't scare her.
04:18
Peter Dunn
I was I was just going to approach her at night at 05:30 a.m before she honks from a corner of darkness. And I could just say listen, before.
04:28
Damian Dunn
You decide to honk your horn again.
04:29
Peter Dunn
I want you to think twice. Is that a good idea?
04:34
Kristen Ahlenius
How's that different from what I told you to not do?
04:36
Peter Dunn
Okay. I'm Sorry. Okay, here we go. Show Starts. Three, two, one. This week on The Pete the Planner Show. We're here to answer your money questions. Here's how the show works. You email us. Askpete@petetheplanner.com that's. Ask Pete@petetheplanner.com, and we will answer your questions. It's Amazing. We don't even say, hey, call us on Monday and we'll sell you some stuff. That's not what we do. That's not how our show works. By our overemphasis on the Ou and R. I welcome the show. Damian Dunn. We share a namesake. We do not share a bloodline. Hello, Damian.
05:11
Damian Dunn
Hello, Pete.
05:12
Peter Dunn
And miscellaneous herself. Kristen Ahlenius, director of education here at your money line. Hello, Kristen.
05:18
Kristen Ahlenius
Hello, Pete.
05:19
Peter Dunn
Damien. I'd be remiss if I didn't mention your title because we don't want to say he just works here. Damon is the vice president of Advice here at Your Moneyline, and I am simply the host of this show. Kristen on the show this week, we've got a couple of different topics. You are reading a book called Loaded. Dame has read the book loaded. So we're going to have a discussion point around that. And then we also want to talk about how feasible, honestly, in the modern era, is it to have a single income household under the age of 30 in which you're self sustaining? So we're going to hit those topics. Dame. Where do you want to start? I mean, I'm going to put you in charge of this. Where do you want to start? Wow.
05:55
Damian Dunn
You know what? Let's Start with a conversation on feasibility of single income households.
06:01
Peter Dunn
So, Kristen, you brought this up. What are you like, where are we going with this?
06:08
Kristen Ahlenius
I saw this question posed on the Internet. It was like, how do you have a single income household if you're under 30? And I started to think to myself about how many people do I know that are under the age of 30 that are living by themselves? They're the only income source. And I don't know that many people that fit that bill. And so then I got to thinking, I'm like, so what's the answer? And is it do you have to have two incomes in your house? Is it you have to have a partner that you share finances with? Or is it you have to have roommates? I think the answer is maybe.
06:47
Peter Dunn
So I have a question. I guess I'll pose it to Dame. Dame. The way I start to think about this, isn't it as easy as to say it's just about the amount of income that's coming in, not the number of incomes coming in?
06:59
Damian Dunn
Yeah. You could very easily have a successful, comfortable, stable, single family house or sorry, single income household. But I think the challenge becomes, especially as you are a new graduate, either from high school or college, income may not be exactly what you want it to be, and you're balancing a whole bunch of different needs, whether that's rent or car payment or student loan repayments. Check local listings for repayment dates starting soon in an area near you. You've got a whole bunch of competing issues that need dollars. And then you've got to figure out how to fill in the gaps with everything else and have some semblance of a social life. And that can get really challenging for a lot of people.
07:44
Peter Dunn
Yeah. Kristen, I'm curious how much your perspective on this is I was going to say tainted, but that sounds really negative influenced by the student loan conundrum.
07:57
Kristen Ahlenius
I don't know how much it is just because we haven't been in repayment for so long, it almost feels like I don't know about the two of you, but I feel so far removed from student loan payment. It feels like it's been a really long time since that's been the issue that plagues someone's barrier to entry. I think more than that, right now the conversation is housing is unaffordable. And I feel like that student loan conversation is a back burner item, for better or worse. I'm not saying it should be, but it just feels like it's been so long since we've talked about it.
08:27
Peter Dunn
Okay, so I'm going to plead guilty to ignorance because I didn't even consider that this conversation was actually about housing affordability. My head was going towards the other expenses in a person's life and the starting incomes of a household. But Kristen, to your point with what's happened with not only interest rates but the housing market, renters are up against it as it relates to rising rents. So that's the premise of this whole thing is housing prices are possibly the reason?
09:02
Kristen Ahlenius
I think it could be that. And also, for the last couple of years, I bought a house in this ridiculous what did we call it, tulip mania housing market. And I purchased a house still within what I would consider to be a reasonable place, but I wanted to be far below where I ended up from a monthly payment perspective. But I could not even compete at the price point that I wanted because I was not an all cash buyer. So how is someone supposed to live below their means if below their means, their competition is, hey, I'm going to give you a 10% increase in what you're asking and I'm going to give you all cash. You just can't compete with that.
09:44
Peter Dunn
I feel like the most practical thing I'm hearing here, Damian, is the argument as to why it's completely okay to move back in with your parents post college if that's where you end your education.
09:55
Damian Dunn
That's kind of where it sounds like it's leading. It makes me want to start building a little mother in law suite that will soon turn into children suites.
10:06
Peter Dunn
Yeah, it's interesting here, right, with this topic, because, again, if I'm being honest, which I tend to like, to be honest, I was Mr. Tough Guy around, push them from the nest and let them fly away. It is my personal strategy up until this point in my life. But as I lay sleepless in bed last night, it hit me that my daughter is five years younger than her mother was when her mother and I met. Right. And so you start to see this time tick by and you're like, okay, well, maybe this isn't going to go as tidy as I thought, even with all my planning. Kristen, I'm curious totally off the top of your head, which you love out of ten people, ten youngs under the age of 30, what's a reasonable amount of youngs that is feasible for them to actually succeed at creating their own household?
11:05
Peter Dunn
Single. I was married at 22. I had to lock it down. I wasn't getting any better looking.
11:13
Kristen Ahlenius
Well, not to throw like a wrench in this, but last week the two of you talked about how you wish you had saved more before you were 30 and you don't want to give up quality of life. So where can we find that margin to save more? And is it by giving yourself some time, assuming the situation is, like, healthy and everything, to live with your parents when you're an adult, if your parents are able to do that and you feel comfortable with that and you can super fund some long term savings and save for a down payment for a house. Maybe I might make the argument that the number should be there should be more people maybe considering this as an option. I don't like that. That's our reality, though.
11:57
Peter Dunn
I just feel like there's no plan at, like Damian, I think about this. The socially acceptable thing, still culturally acceptable thing is to go out on your own. It's still somewhat shameful for you to move back in with your parents or even get a roommate. But I think ultimately what we're talking about here is that there's just no I was going to say there's no national plan for this. There shouldn't be a national plan for this, but there's no sort of movement towards something that is reasonable here, I have to say.
12:27
Damian Dunn
I went out and Googled the apartment complex where my wife and I lived right after we got married to see what rents were now for. Essentially the apartment that we had, it's doubled in the last 19 years. So it's gone from 700. Well, it's not quite doubled. It was 700 ish. Now it's twelve to 1300 ish for a one bedroom, 700 square foot apartment.
12:53
Peter Dunn
Well, now I've got to look up where I live. Mrs. Planner and I bought our condo right out of college for $106,000.
13:04
Damian Dunn
What was your HOA?
13:06
Peter Dunn
That's a good question. Like $300 a month or something like that. Stupid. It is now worth $229,000 some what's the math on that? 22 years later? So completely unaffordable. I mean, there's no way. And interest rates are actually climbing back to where they were. Our interest rate was 8%. So we're quickly approaching that. So let's do this. We're going to take a break. We're going to settle down. We're going towel off and we're going to come back. Kristen and Dame, they've been reading a book called Loaded and it's got a lot of thoughts about is it okay to make a mistake when you know you're making a financial mistake and various thoughts around that behavioral finance. So that's what we're talking about next right here on The Pete the Planner Show. We will not shame you if you live at home with your parents. Just make sure you're chipping in for food all.
14:00
Peter Dunn
Is this is next on the Pete the Planner Show. I'm Pete the planner. Did I describe what the next segment is, appropriately, or did I butcher it?
14:07
Damian Dunn
He kind of blended a couple of ideas in there, but that's all right. We'll get there.
14:13
Kristen Ahlenius
Do we want to start with the quote or do you want to start with Dame? Your question.
14:26
Damian Dunn
Loaded was your suggestion to me. So you choose how you want to approach this book.
14:31
Kristen Ahlenius
I don't care.
14:32
Peter Dunn
It sounds to me like Kristen's coming back from the break and just tripping us off here.
14:36
Damian Dunn
I think that's what it is.
14:37
Kristen Ahlenius
No, please don't.
14:40
Damian Dunn
Welcome back to the Pete the Planner show. This is Kristen joined by there you go.
14:44
Peter Dunn
But see, Dame's out next week, so it's just you and me. What if I take ill and you've.
14:48
Damian Dunn
Got a solo show.
14:50
Peter Dunn
Oh, my gosh. The miscellaneous show.
14:52
Kristen Ahlenius
Oh, my.
14:56
Peter Dunn
Okay, we're going to test that name coming back from the break. We're changing the name of the show for the rest of the day. You need your own radio show. No, forget podcasts.
15:07
Damian Dunn
Go bigger.
15:07
Peter Dunn
Go to a radio show where no one listens.
15:11
Damian Dunn
Can I be a sidekick on the miscellaneous show, too?
15:14
Peter Dunn
Yeah, you're a sidekick on the miscellaneous show. I didn't get asked to participate. Right. That's sort of just like the role I'll play, yet I will bully my way. Miscellaneous show. I'm going to pass it to you quickly, Christy, and then I want you to take it from there. Are we good?
15:39
Kristen Ahlenius
I guess.
15:40
Peter Dunn
Well, no, I guess I don't even did you guys did no. Prep. I'm keeping the lights on, and that's saying something, because the power out was out at our office yesterday. So keeping on the lights on, I've failed at that too. So with that, we start a segment in three, two, one. Kristen Ahlenius, co host of the Pete the planner show, and Damian Dunn join me now. Kristen Alanius, co host of the Pete the planner show, and Damien Dunn join me now. Kristen, you've been reading a book called loaded. Are you reading it for pleasure? Are you reading it? You how do you bridge that gap?
16:17
Kristen Ahlenius
It's probably for professional consumption, but I also enjoy reading it, and I read it in my free time, so I think that just makes me a nerd.
16:28
Peter Dunn
Out of the respect of the author dame, I feel like we should give the author's name on the air in case people want to find it. Do either of you, by a raise of an eyebrow, have the name of the author? Yeah.
16:38
Damian Dunn
Sarah Newcomb.
16:39
Peter Dunn
Yeah, Sarah Newcomb. Can you spell that, please?
16:42
Damian Dunn
N-E-W-C-O-M-B.
16:46
Peter Dunn
Excellent. The kids had an author come to their school just yesterday, and at the dinner table, they were so excited to be in the presence of an author once again. I pointed out that they sit by one every day, and of course, they reminded me that no one wants to read my book. So please read Sarah Newcomb's book. Loaded. Help us understand, Kristen, the premise of this book and why it is so interesting to you, and why here on the miscellaneous show, does it warrant conversation?
17:13
Kristen Ahlenius
The book, like, a lot of the other things that I'm passionate about, is really about money psychology and money scripts and what molds us into our feelings and thoughts about money. And I started full disclosure, damien's read the whole book. I have not read the whole book, but when there was something that stood out to me in the very beginning of the book, and the quote is, if you don't pay attention to money, it will rule your life. And I kind of, like, sat back in my chair and I just thought to myself, how true is that? And then the author goes on to say that by avoiding money, I was choosing to continue the familiar pattern of lack and financial anxiety, and I just think that there's so much to unpack there.
17:59
Peter Dunn
Yeah, it's one of those things, Dame, that you have to care about so you can eventually not have to care about it. Is that the gist?
18:07
Damian Dunn
Yeah, it's this weird, complex issue that we all face, and the more you care about it, the less you can care about it is essentially where it gets to. And once you get those behaviors and habits set up and ingrained into your daily life, then chances are it's not going to be much of an issue for you because you're going to be in a pretty stable situation.
18:30
Peter Dunn
Yeah. Kristen, this feels so much to me like the way I think about credit. You have to care about it early, so then it's not a problem for you. I feel like that's the perfect manifestation for it.
18:42
Kristen Ahlenius
Yeah, I think that's totally true. And the author then continues she goes on to unpack why? And something else she said toward the beginning of the book that I wanted to kind of get both of your anecdotal opinions on. She makes the claim that it's commonish knowledge that wealth does not span more than three generations, that the first generation earns it, the second generation spends it, and then there's nothing left for the third generation. And I kind of struggled with that a little bit, I think.
19:17
Peter Dunn
Well, Dame, let's put the old anecdotal test to it. What have you witnessed? That seems about right, as far as I'm concerned.
19:26
Damian Dunn
Yeah, it's not too far off. I think the second generation has a better shot at maintaining it, at least maintaining it if not building it, because they have a closer tie to the origination of the wealth. But then that third generation comes by and usually doesn't have the wherewithal or the discipline to do what it takes to make that wealth, at least a significant amount of that wealth, make it to a fourth generation, and by the time the fourth generation rolls around, it's very rare for that to continue to transfer beyond that.
20:01
Peter Dunn
If you're just joining us here on the Pete the Planner show, it's a very special miscellaneous episode. Today. We're trying a new brand for the show. It's called the miscellaneous show. Kristen Alanius is one of our hosts, and she is a miss, so it's miscellaneous. It's a good joke. Kristen it's interesting. Every time we have this type of conversation, the one we had in the previous segment, it's hard for me now not to go straight to man. Financial literacy in our country is abysmal.
20:33
Kristen Ahlenius
It's not good. It's not good. Just the myths that you see on. I know last week were griping or you two were griping about social media.
20:42
Peter Dunn
What?
20:42
Kristen Ahlenius
No. Yes. I was away for one week, and it turned into the old man gripe about social media show? No, it couldn't have been. But just the myths that you see on social media and access to knowledge is sometimes so wonderful, but can also be a hindrance because there's so much bad advice out there. But then back to this generational thing and pulling from the book, I think that her claim is that because we don't pass on good money psychology, that could be why wealth doesn't span generations. And that brings us all the way back to when were talking about if you think you're going to leave an inheritance, should you be having conversations with your kids about it? If were having more conversations about money, more real conversations about money, could wealth span generations or can it just not be fixed?
21:35
Peter Dunn
Yeah, Dame, I keep thinking the same person that sensibly built this wealth raised the people that are inheriting the wealth. So shouldn't there be this natural congruency where the person can maintain the wealth? You would think so.
21:50
Damian Dunn
You'd like to think so, but that's not the case. I mean, I don't have to go far to see how divergent behaviors and attitudes and beliefs towards money can be. Because my kids I don't want to say they're on the polar opposite end of spectrums, but one of them sees money as something to be spent readily, freely, without much discretion. And the other one is much more disciplined and would like to save and continue to build her own net worth. And it's amazing. They hear the same conversations, they see the same stuff, but they take it in two completely different ways.
22:32
Peter Dunn
Now, in spring term of my junior year in college, senior year in college, actually, I took gender communications, and I wrote a paper about how gender communications can get awkward at times. So every day I went to Clarksville, Indiana, and I sat at a hooters, and I took notes as men interacted with their hooters waitresses. This is true. This is a true story. And I wrote a paper on it. And so since I have all this background on gender communication and gender studies, I gained a lot of weight that month. I want to bring up a very awkward point, and a good point, actually. I think it is possible now that there are many more women in the workforce earning significant dollars, that this idea of inheritance being wasted away could lessen, I think, the prudence of women earning more money, I think that could actually shift this behavior.
23:33
Peter Dunn
Does anyone care to react to gender scholar Peter Dunn on this?
23:43
Kristen Ahlenius
I would probably agree with that because I just made the claim earlier this week that I think that millennial women are changing the way that collectively we think and speak and converse about money, and hopefully that's for the better. I want to believe in biasly my people. So, yeah, I agree.
24:04
Peter Dunn
Well, Dame even look at sort of the financial experts out there not that financial experts really control the ethos of the financial world, but a lot of the experts that I like to follow and I find interesting are this man this sounds creepy. Are young women. Right? I think that newfound sensibility, that different perspective, can maybe lead to different outcomes when it comes to things like inheritances.
24:28
Damian Dunn
Yeah. Female planners. Women planners are really successful, and if we're talking about specifically investments, they tend to have better results than their male counterparts. So it's very possible that women are going to have a significant influence in where the financial future of the individual in this country goes. I'm not sure a month at Hooters gives you quite the credibility to make a claim on this, but I would be interested in how many free wings you got while you were there.
24:58
Peter Dunn
I had hair at the time. There was this one guy that came in every other day and in the atrium, I don't know, foyer. I don't know what it's called as he's going through, he would take his wedding ring off and put it in his pocket. I wrote about him. Coming up after the break, no more observations about gender, but more about money on Pete the Planner. True story. The priest at my wedding, Mrs. Planner and I's wedding told that story to the congregation. And that's nice. My wife's grandparents found that to be jarring.
25:36
Damian Dunn
Jarring.
25:39
Peter Dunn
That was a mennonite joke because they did a lot of canning and jarring of fruits and vegetables. It's a mean. If you knew them, you'd be like, wow, that one was yeah. Deep cut.
25:53
Damian Dunn
I think it's still a stretch.
25:55
Peter Dunn
My daughter asked me she wants me to help her with a school project in which she has to make a YouTube video. And she said she goes, have you seen modern day YouTube videos? And I was like, yeah. In fact, I'll create one tomorrow at 10:00 a.m. An hour long one. Kristen, she inadvertently threw you under the bus. She said, not by name. She goes, not like a boomer YouTube video, but like a modern one with mean dame. And I could arguably be called Boomers. Kristen, you've never been called a boomer. But now you have. Oh, Ollie, you precocious little lady. Dame donuts on spring break. Or I guess it's not spring, fall break. You do some special donuts for yourself?
26:45
Damian Dunn
I don't know. Maybe.
26:48
Peter Dunn
I don't know. I owe you a dozen. Based on Kristen cheating and probably letting you know she was watching the show two weeks ago when she was on staycation.
26:57
Damian Dunn
Well, we're splitting them. She's going to get six, and I'm going to get six.
27:01
Peter Dunn
Hey, guys, I'm not going to be on the show, I think October 14 maybe. So I think we're going to do a best of or I might just turn the keys over the castle to you two peoples.
27:11
Damian Dunn
We can discuss for we shall discuss.
27:14
Peter Dunn
All right. Is there enough meat on the bone left of loaded, especially as it relates to mistakes that are you know, there are mistakes we can do that, right?
27:21
Damian Dunn
Yeah. The question that I had was, is a financial mistake always a mistake? And the example was someone buys a house they objectively can't afford, but they end up walking away.
27:30
Peter Dunn
I like that.
27:31
Damian Dunn
50 grand in equity after 18 months because of a ridiculous housing market.
27:36
Peter Dunn
All right, can you just bring us back? Yeah, sure. Okay. You give me a little head nod, a little touch of your nose, and then we'll be ready to go. Okay. It looks like a yes. It's a baseball thing. The baseball thing.
27:47
Damian Dunn
I give you the indicator first, and then that's right.
27:51
Peter Dunn
Okay. In three, two, one.
27:55
Damian Dunn
This is Damian Dunn, vice president of advice at Your Moneyline. This is Damien Dunn, vice president of advice at Your Moneyline. Joined with Peter Dunn, CEO of Your Moneyline.
28:05
Peter Dunn
Hey, Pete. A little much. Hi, how are you? I don't keep titles out of this for me. I think it gets awkward.
28:10
Damian Dunn
You've earned that.
28:11
Peter Dunn
No, no. Thank you very much. Just call me the planner and who's actually not a financial planner anymore, which is the great irony of this whole darn thing.
28:20
Damian Dunn
And I've already screwed this up because it was actually welcome back to the miscellaneous show.
28:25
Peter Dunn
Joined by Kristen Ahlenius, director of Education at Your Moneyline.
28:25
Damian Dunn
Joined by Kristen Alanius, director of Education at Your Moneyline. Kristen, a thought occurred to me earlier this and that thought was, is a financial mistake always a mistake? Here's something for you to chew on. If someone buys a house that they objectively can't afford but they turn around and sell it, 18 ish months later, the last 18 months, and they walk away with $50,000 of equity, was that mistake still a mistake?
29:00
Kristen Ahlenius
I do not I think Pete likes this question. I don't like this question. I don't. Because the first place that my mind goes to is, what did you sacrifice in the interim to be able to afford something that was unobjectively, that wasn't objectively affordable? So were you contributing less to retirement? Was your mental health in jeopardy because you maybe felt like you couldn't make those payments? Yeah, Damian, here's where I would go with this, and I can't believe I'm saying this.
29:37
Peter Dunn
Yeah, Damien, here's where I would go with this, and I can't believe I'm saying this. Isn't it just a calculated I mean, isn't it I would note sometimes people take terrible calculated risks. They calculate the risk, but I think they underestimate the risk, and they still come out on top. But ultimately, it still is just a calculated risk.
29:58
Damian Dunn
That's where I ended up with it, actually, this morning was, is it nothing more than just a horribly calculated risk at that point? Because I'm thinking about my example buying a house that you objectively can't afford if you know you can't afford it going into it, but you're going to try and. Take advantage of a housing market, then it's a risk, right? It's only a mistake if it doesn't work out. At that point, it's a risk. And I'm wondering how many other things that we could find in somebody's financial life that might fall into a potential category like this.
30:38
Peter Dunn
Oh, I like this because my first thought was I try to put an everyday life metaphor. And Kristen, I thought, okay, well, let's say I'm texting and driving. Isn't that some level of a calculated risk other than the fact that there's no payoff? Right. So what is interesting about a financial calculated risk is that theoretically there is a great payday that comes of it. So, Kristen, let's say you don't buy term life insurance, and the term and life insurance you didn't buy would have covered you for 20 years. You didn't die within the 20 years, and it was a calculated risk because you're like, I don't plan on dying. Like people love to say when they don't want to buy life insurance. Was that a mistake?
31:28
Kristen Ahlenius
Well, hopefully if you decide not to do something like that, it's because you've weighed a need. Just because you decide to not do something, it could just because there isn't a need. There. Full disclosure, I don't have any intention of buying additional life insurance. There's no need. There no one is financially dependent on me except for my dogs. Sorry, Caitlin. So, I mean, she would get my dogs in the event that something happened to me, but I don't know that I would call that a calculated risk. I think it would be that I determined there wasn't a need. I think there's a difference.
32:07
Peter Dunn
Okay. Interesting dame as a person with someone depending on your income, other than the local Subway sandwich shop. That was a cut at Kristen, actually. Yeah, no problem, anytime. Do you view that differently? Because I view that differently. I'm assuming the person has a need and they're just choosing not to buy it. Is that the same example of buying a house you can't afford and then benefiting from it?
32:32
Damian Dunn
I think life insurance is a little bit different because there are a number of factors that could change over that 20 year time period, anywhere from a family situation to health situation, where you may need insurance in the future, but all of a sudden you are rendered uninsurable. So I think there's always a need for some level of life insurance, but I've heard worse excuses to not do something.
33:00
Peter Dunn
How can we not talk about things like crypto or meme stocks or just day trading in this regard? I mean, aren't those calculated risks that are often miscalculated that may work out, and was it a mistake to do it that way?
33:14
Damian Dunn
I don't even think they're miscalculated risks. I don't think people view them as risks at all. They are just bought into lockstock and barrel and to the moon because that's the only place this goes.
33:24
Kristen Ahlenius
That's exactly what I was thinking, is, like, can it be a calculated risk if there wasn't a proactive thought process involved? And I'm not sure that there is one.
33:37
Peter Dunn
Okay, so I go back to you said, give me some examples of this. I got a million of them. Let's say, Kristen, that you bought your home on a three one Arm adjustable rate mortgage, and when the three year period is up, there was no interest rate increase. Calculated risk, that wasn't a mistake or what?
33:56
Kristen Ahlenius
That I would more be on the side of that's a calculated risk? Because I would assume that you would have to sit down with your lender and know these are your options if this happens. This is your financial reality. There has to be some level of objective affordability across the board. I think that's a calculated risk.
34:15
Peter Dunn
Dan, you see that differently.
34:17
Damian Dunn
Not really, because your plans could be wildly different. Maybe you're not sure you're going to stay in that house and you're going to potentially move across the country, and so you don't necessarily want to lock into a higher interest rate. So you go with a three one or a five one or whatever it may be, and then you reevaluate at that point once you know what your plans are a little bit better.
34:36
Peter Dunn
You know what's interesting, Dame, is we had our topic last week. One of our topics was regret. And when you start to classify something as a mistake, it's pretty interesting, right? Because you can say, that was a mistake, I won't do it again, or you can say, that was a mistake. It ruined my life. I can't get over this mentally. Kristen, as we sort of began to discover this idea and this topic today of if you take a calculated risk, it pays off, was it a mistake? What's the other side of this look like where you get burned on a calculated risk? How much should you learn from it versus how much should you dwell in it?
35:16
Kristen Ahlenius
Well, I think that you have to dwell just a little bit, because I think that if we don't feel the impacts of the decisions we make, they don't carry as much weight. But you do. You'll have to find a way to say that. The other reality, too, is that you're likely never going to be able to replicate that same financial decision exactly as you did. Your income could be different. Your household size could be different. We could be at a different place from a global economics. Like, it's very unlikely that you will find yourself in the exact same position or that you could have known exactly where you sat when we consider all those factors, too. So you have to give yourself a little bit of grace as well.
35:56
Peter Dunn
Yeah. Dame, as we put a bow on this here today, and again, we talked about regret last week. I have no problem viewing my past decisions that didn't work out as a mistake. And I hate to be the failure champion here. I think sometimes it's okay. Isn't that the whole point of this conversation, sometimes a mistake, isn't it's? Okay, yeah. I wouldn't have done it that way again if I had a chance to do it over, but I don't think it has to get so hardcore and binary as that was a mistake or that wasn't a mistake.
36:29
Damian Dunn
No, I mean, we ideally learn from other people's mistakes, but we're bound to make them ourselves. And as long as you're learning from them fantastic, hopefully it doesn't absolutely scorch your earth and you're able to recover from it. But I think the other part is we're so reluctant to show any sign of failure and call anything a mistake that's going to drive our view and perspective of some of these decisions we make.
36:53
Peter Dunn
As Rochelle says in the live stream right now, every decision is time bound. Boy, is that not true? And applicable to every single area of our lives, including my decision to have a second bowl of chili last night. All right, well, no, I just seemed like too much food, and I was trying to wrap up the segment, and it sort of fell on an absence of laughter. Let's move on. All right, coming up after the break you guys froze me out on that on purpose, and I don't appreciate it. Coming up after the break with that fake laughter, biggest waste of money of the week, and the news right here on The Planner show. Yeah, pete the planner. You guys, I have something I need to admit to you that may explain this entire show. Damien has a hint to this based on the first email he received from me this morning.
37:49
Peter Dunn
I woke up at midnight last night after going to bed at ten, and I couldn't go back to sleep, so I've been up since midnight just working so I don't have the brain capacity that I might normally have.
38:04
Kristen Ahlenius
I wasn't even sleeping yet.
38:07
Peter Dunn
Well, look, I'm not one of the young you're out watching those modern YouTube.
38:11
Damian Dunn
Videos where's Miguel to save you.
38:15
Peter Dunn
Well, here's the thing to get some work done in the middle of the night, around 02:00 A.m., I made a pot of coffee and I started drinking coffee. Then I had a coffee meeting this morning at eight, so if I have any more coffee, I may collapse on the field of the 13 year old girls soccer game and coaching side at 06:00 P.m.. Okay. Yeah. I always tell people within our organization, please do not send emails at ridiculous times. It sets a weird tone. And yet I'm firing off executive emails at 04:00 A.m. This morning.
38:44
Damian Dunn
You know you can schedule those to send, right?
38:47
Peter Dunn
Yeah, I didn't want to figure that out at 04:00 A.m.. But you know what? I will say this. I can write really well, at that hour of the day, which is a good thing, no one cares about any of this. Let's move on. Let's move on. Biggest waste of money of the week. I actually found one while were talking here. I was listening, don't get me wrong. Okay, so I need to share it. You guys say something witty while I pull this up here.
39:15
Damian Dunn
I love it when he does that. The pressure to just come up with something witty. I need a list of dad jokes that I can just say when he needs to step away for a moment. That'd be fabulous.
39:26
Peter Dunn
I don't think you guys understand the number of times when someone says, oh, you're a comedian. Tell me a joke. And no comedian just has a joke loaded up, ready to go, especially a former comedian.
39:39
Damian Dunn
One of the steps in a job that I had prior to joining your illustrious organization included an interview with a psychologist. And at one point, he leans across the table and goes, tell me something started I just started laughing at him.
39:59
Peter Dunn
I think that's the only reaction you could have.
40:03
Damian Dunn
That's impossible.
40:06
Peter Dunn
Dame, you remember that story I promised to tell you that I said I wouldn't tell you on the air?
40:11
Damian Dunn
Are you going to tell me on the air?
40:12
Peter Dunn
I'm going to tell you on the air, but I'm going to alter it a little bit so that I can tell it on the air. I was in an Uber in Orlando. Sorry, Chris. I'll change that view.
40:21
Kristen Ahlenius
Thank you.
40:22
Peter Dunn
I was in an Uber in Orlando on I don't know what day, tuesday, maybe. And I'm going to my hotel, and the driver, very friendly man. I don't think his accent he had an accent to suggest that maybe he wasn't domestically born here or he certainly was raised in a community that has an accent, which any, plays into the story a little bit, just from a cultural standpoint. So we're riding along. He's listening to some great music, and his phone rings, and the caller ID pops up on the dash so I can see it. And it says baby number one is the actual caller ID. It says baby number one. And so it's a woman on speakerphone who picks up who has a similar accident, and she is pregnant. She's telling him about how things are not going well. And he said, I'm not going to do the accent because that seems incredibly offensive.
41:26
Peter Dunn
He said, you have a terrible attitude. And as Ziglar says, tough times don't last, but tough people do. And then she said several choice words, both in English with an accent and then another language. I didn't know the profanity in that language, but I could sense the profanity in that language. And she said, you know what? Forget you and forget your Ziglar, and then hung up. And then he just shook his head, and he said, she needs to read more. And I was like, this is the strangest moment of my life, sir. And five stars. Five stars.
42:13
Kristen Ahlenius
I was just going to ask, did you give him two stars?
42:16
Peter Dunn
Five stars for this content on the radio? Are you kidding me?
42:24
Damian Dunn
You get some of the best interactions. I mean, the hotel bar story from a few years ago, this I don't.
42:33
Peter Dunn
Know, it just happens around me. The zig. I tried to take something away from that is that if I was ever talking to a woman who was with child, I would not quote self help books to her. That's my takeaway.
42:52
Kristen Ahlenius
Yeah, probably not the move. Yeah.
42:55
Peter Dunn
And of course, the question that everyone is wondering is, was there a caller ID. That said baby number two? There had to because to be a number one, you have to have a number two.
43:09
Damian Dunn
Unless it was his first and he's just really happy about it and he.
43:12
Peter Dunn
Just well, with an attitude like that, there's not going to be a second with her.
43:16
Damian Dunn
Yeah.
43:18
Peter Dunn
Oh, my gosh. Okay. Damn. I'm actually feel better that I told you that story on the air because I could leave out a lot of the details.
43:25
Damian Dunn
Yeah, that was probably the better choice, honestly.
43:28
Peter Dunn
Okay. And it's with that we must continue quickly. I got to go. Jeremiah so let's do the show in three biggest waste of money of the week. Three, two, one. This week's biggest waste of money of the week right here on the Pete the planner show is the 50 cent escape knife. Paranoia or good planning? Whatever the reason, the 50 cent escape knife is a unique and potentially life saving piece of kit timeout. I love the use of kit as a singular noun or is it actually a grouping? Kit? Do you ever talk that way? This is my kit.
44:13
Damian Dunn
No, but kit is a familiar term. If anybody spent much time riding road bicycles, that's fair.
44:21
Peter Dunn
During a search. Coins are the most overlooked items on a person, making this perfect for either carrying or pre placement. A Japanese circular steel blade is housed in a case made from a split 50 cent piece, the real official US. Currency, and is capable of cutting through rope, zip ties or other nonmetallic materials. The two halves are securely held together with a rubber oring in a channel around the coin's perimeter, with the coin itself providing a solid grip. Kristen, I will start with you. First off, do you think this is a waste of money or do you need to guess a price before you come to that conclusion?
45:06
Kristen Ahlenius
I think I would need to know a price. This is very MacGyver. I'm almost into it.
45:13
Peter Dunn
Okay, dame, where are you at?
45:16
Damian Dunn
I'm going to go with big Rick Swink's suggestion 1999. But if you act now, you'll get two for the price of one.
45:24
Peter Dunn
Yeah. Brian pinkens guesses on the live stream. 150 american dollars. And the answer is $40 for a 50 cent piece that can cut zip ties. Dame this begs the question before we get to the news, have you ever been zip tied?
45:42
Damian Dunn
No comment.
45:44
Peter Dunn
Kristen, have you ever been zip tied? No. All right. And no, I've not been zip tied. I am too boring to ever have been zip tied. Dame what's in the news this week?
45:59
Damian Dunn
Pete there are plenty of modern YouTube videos that can show you how to escape from zip ties, by the way, just in case you ever want to learn that skill.
46:07
Peter Dunn
Okay. Noted.
46:09
Damian Dunn
With his 60th dinger of the season, tuesday night, yankee slugger Aaron Judge is on pace to break the long standing American League home run record in the next few games. And if you happen to catch one of those home runs, you could be on pace to finally afford a house. Given judges lack of performance enhancing drug controversy and his popularity among baseball fans, experts are estimating that his 61st home run ball could fetch anywhere from $250,000 to more than $2 million at auction. His 62nd and record breaking bomb shot homer moonshot. Whatever. It's some really bad copywriting. I should have edited that. That's totally on me. I apologize. Has an estimated value of between half a million and $5 million. For that reason, Yankees tickets prices have ballooned to $960 on StubHub, with some eclipsing $4,000 on the secondary market.
47:08
Kristen Ahlenius
Dave wait a minute.
47:09
Peter Dunn
Okay, Kristen's got a question.
47:12
Kristen Ahlenius
The ticket prices are going up because people hope that they'll be the one that catches the maybe 61st home run for a ball that might be worth.
47:25
Peter Dunn
Okay, calculated risk, which could be a mistake.
47:28
Kristen Ahlenius
Yeah, right. Finding regret.
47:31
Peter Dunn
Here's the question that obviously is going through most people's minds, and it's just you and me. So I think you just need to focus on me and don't worry about anybody else. Let's say you're there and the ball comes to your area and there is a scrum, and there is an eight year old girl who has the ball almost in her grasp. Do you shove the girl and take.
47:57
Damian Dunn
The ball almost in her I mean, give me a little bit more definition on this.
48:02
Peter Dunn
Very small hands barely fit around the.
48:06
Damian Dunn
Like she's got fingers on, but they're very small. And her no, I'm not stealing a baseball from an eight year old. Even if it's worth half a million dollars?
48:15
Peter Dunn
Kristen nodded yes.
48:17
Kristen Ahlenius
I don't might it might be mine.
48:22
Peter Dunn
All right, well, Damien, I'm just making a note in the HR file to not let you volunteer. Oh, actually, you said yes. It's Kristen. It's Kristen that I have to worry about her HR file.
48:31
Damian Dunn
Sorry.
48:32
Peter Dunn
Forgot. Dame what else is in the news this week?
48:36
Damian Dunn
Pete, did you watch Thursday Night Football on Amazon this week?
48:40
Peter Dunn
I did. And there's a special stats view where they do the next gen stats overlaid the entire game. And they'll show the receivers routes as they're running them, so you can see the shape of the routes and to give stats on the side. Sarah pardon me. Mrs. Planner suggested that it was the greatest thing that ever happened to me, and I concurred a little too quickly.
49:03
Damian Dunn
Well, there was another big difference about that broadcast, Pete. There were zero. Beer commercials. Like TV networks, amazon bans ads that promote alcohol in several countries, including the United States. But an NFL telecast without beer ads is like a wedding reception without the song Shout. Of the $60 million that beer companies spent on TV ads in the past two weeks, 70% was directed to NFL programming. 60 million the beer companies spent on TV ads, 70% was directed to NFL programming.
49:38
Peter Dunn
Please tell me you wrote that line yourself.
49:40
Kristen Ahlenius
I was just going to ask. Was that your copy?
49:42
Damian Dunn
No. I wish it was, but it wasn't.
49:44
Peter Dunn
So my dad, at every wedding, family wedding I've ever been to, where he's there, that song comes on, he comes off as a wallflower, comes off the wall, gets to the dance floor, he's a little bit softer, and he does this whole thing. And my sister and Mrs. Planner love it. And it is like he just loses his mind during that song. And so that was very funny. Yeah. Beer commercials during football games seems ubiquitous. Yeah.
50:13
Damian Dunn
I'm not sure I even would have noticed it myself, but now that I know it, if I watch next week, it's something I'm certainly going to be paying attention to. Trying to figure out what's taking all the ad space.
50:27
Peter Dunn
Kristen doesn't care. Well, she's a whiskey drinker. Just look on the shelf behind her. That's the thing.
50:32
Damian Dunn
She's not a whiskey drinker.
50:34
Kristen Ahlenius
You cannot drink this bottle.
50:36
Peter Dunn
Oh, you can drink that bottle?
50:38
Kristen Ahlenius
No.
50:39
Peter Dunn
Why? Will you share the significance of the booze you have in your shot?
50:44
Kristen Ahlenius
It was a limited run. You can't see it, but it's from when the Cubs won the World Series.
50:50
Peter Dunn
Wow. Okay.
50:51
Damian Dunn
Are you going to sell it on a secondary market some year?
50:53
Kristen Ahlenius
Absolutely not.
50:54
Peter Dunn
It's just too precious to keep.
50:56
Damian Dunn
Just keep the empty bottle.
50:58
Kristen Ahlenius
No.
50:59
Peter Dunn
That's why I'm on the show. Just for looks. Dame. What else is in the news?
51:04
Damian Dunn
FedEx set up plans to start raising shipping rates by an average of 6.9% across most of its services starting in January as the delivery giant copes with a global slowdown in business. The rate increase is higher than previous years and comes days after the company slashed its profit and sales forecast. FedEx and rival Ups raised shipping rates by an average of 5.9% for 2022, the first time in eight years that either had strayed above 4.9%. The average number of packages FedEx handled daily in the quarter ending August 31 fell 11% from the prior year and the third straight quarter of declines. Pete, should we really be surprised that they're sending fewer packages now? Than they were a year ago.
51:49
Peter Dunn
No, it doesn't seem that surprising, because people can get out and about and make their own purchases. I got to admit. First of all, I don't spend that much time thinking about packages and the cost of having a package arrive at your home. But this all makes sense with the cost of jet fuel inflation and the fact that people well, I guess I just reversed my decision there. It doesn't make sense to me.
52:16
Damian Dunn
Yeah. So I don't know how to feel about it. I know costco is killing it. Their revenue went up 15% over the prior year. They're doing okay. So it's feast or famine, it seems like, in the markets these days, feast or famine.
52:32
Peter Dunn
Dame, before we go, little known fact. This studio desk that I am broadcasting on I think is worth roughly $250. However, I have personally valued it at over $25,000. And so I've started going through different possessions and property of mine and just inflated the values of them, because seems like it's a thing to do these days. So it's pretty exciting.
52:57
Damian Dunn
I agree.
52:58
Peter Dunn
Yeah, absolutely. Well, Kristen, welcome back to the show. Glad you're here. The first miscellaneous program was a great success. Next week, it is just miscellaneous and myself as Dame gets a little r and R. Okay. Sending good vibes, because good vibes are all that's in the budget. I'm Pete the planner. This is the Pete the planner show. Okay, everybody. Dame.
53:22
Damian Dunn
Yeah?
53:22
Peter Dunn
You want to say anything before you go? Because you're not going to see the people for two weeks. Those people aren't going to see you, I guess.
53:28
Damian Dunn
Be kind and take care of someone.
53:31
Peter Dunn
It's lovely. Kristen. You can't beat that. Do you want to say something worse than, yep. There it no. Okay. All right, I gotta go. I'm needed in Houston, Texas, to be a fiber internet, so best of luck with your lives. Both my co hosts and those listening stay getting money. All.
