00:02
Peter Dunn
All right. Another week of the Pete the Planner show. I'm your host, Peter Dunn. Pete, the planner. Joining me as co host this week is Theodore Patrick Dunn, tito Buckets, ted Dunn himself. Ted, hello.
00:17
Ted Dunn
Hello.
00:17
Peter Dunn
It is good to be with you. Thanks for being on the show with us this week.
00:21
Ted Dunn
Good to be with you, too.
00:23
Peter Dunn
That's very kind. Also, Uncle Dame is with us, too. Hello, Dame.
00:27
Damian Dunn
Hey, Tito.
00:28
Ted Dunn
Hi.
00:30
Peter Dunn
So, Dame, you made it back to the show Joe Sal Sehai co hosted last week. How scared were you that your job was in jeopardy?
00:37
Damian Dunn
I had to quit watching halfway through because I was a little nervous, but then I realized that it wouldn't have done any good if I was on the show anyway because I would have basically been watching a tennis match of conversation between the two of you and wouldn't have had anything to say.
00:52
Peter Dunn
Well, Dame, this is our final live show of the year. We're not doing a show next week, and so we brought Ted. Ted asked to come in, so we're going to do some random basketball segments. The people are saying hello. Blake. Hello. Good day. Danza, the friend of ours, she says hello. She says, Tito, can you show the people your I know this is, by the way, a podcast, so it's sort of hard. We're doing a visual here, but can you hold your ring, your championship ring that you just won from basketball up to the screen here? There you go. It is a giant ring. It is bigger than any class ring I've ever seen in my life. And he won it for a fourth grade basketball league.
01:33
Ted Dunn
Yeah.
01:33
Peter Dunn
How many points do you think you average this season, Ted? 3.83.8 points per game. That's a pretty good guess. Right? So later in the show, you're going to give us your top five NBA sleepers, the guys that you know about that other people don't know about, right?
01:51
Ted Dunn
Yes.
01:52
Peter Dunn
Okay, so at various times during the show, you're just going to give us tips on basketball, right?
01:57
Ted Dunn
No.
02:00
Peter Dunn
Okay. I took your voice down. Okay, good. Dame, here's what we're doing on the show this week. We are talking top three ways to start your financial year, right? So we'll do that. We are also talking about what sort of personality traits does a person need in order to generally make good financial decisions. Do you think that's the way we're saying that?
02:23
Damian Dunn
If it's how we're saying it now, it'll probably change between now and the time we actually do the segment.
02:27
Peter Dunn
So it's not your first show. You're saying yes, then we've got to talk about it. And I know we talk about it a lot, but the fact that President Biden just extended the student loan situation were in a meeting yesterday, and you were, like, breaking news, and you sent it across, and your team was sitting across. I'm going to go out on a limb here and say this is going to become incredibly problematic. The problem is now getting worse. So we will talk about that. And, of course, biggest waste of money and the news. So that's what we're doing this week. So, Ted, so far, this is the show before the show. I'm about to start a radio show here in a couple of minutes. This is like the podcast livestream, and then the show starts. So what is happening right now? Right now will not be on the radio.
03:15
Peter Dunn
Okay, but people are seeing this, and people on the podcast are craig P. Anderson's here. Every time we bring up student loans, he pops up like he's Jiminy Cricket or something. Hello, Jameson. You're indianapolis, home for the holidays. That's fantastic. Usually from Texas. Craig wants to know if you can give ted, Craig Peterson wants to know if you can give your classic touchdown. Remember when the Colts score and you were a little baby and I took a gift of you doing a touchdown.
03:51
Ted Dunn
Oh, yeah.
03:52
Peter Dunn
Can you do that?
03:53
Ted Dunn
Wait, what?
03:54
Peter Dunn
Okay, so that's not going well. All right, so, Ted, I can tell that you're going to make the show fantastic. You know what? When you have good food and all you do is just add a little bit of seasoning, just a little bit of seasoning, I think today you might be that little bit of seasoning.
04:08
Ted Dunn
Okay.
04:09
Peter Dunn
Yeah, exactly.
04:10
Ted Dunn
Yeah.
04:13
Peter Dunn
Dame Regret hasn't set in yet, but it's on the way. All right, everybody, let's start the show. What are we going to start with? Can we start with the student loan thing?
04:21
Damian Dunn
Sure, let's do it. Let's get it out of the way.
04:23
Peter Dunn
Is it April?
04:24
Damian Dunn
No, it got extended 90 days. It's out to May, if I remember correctly.
04:28
Peter Dunn
Okay.
04:33
Damian Dunn
February 1 and May 1.
04:34
Peter Dunn
Okay, here we go. Oh, I got to set my clock here. All right, here we go, ted, this has got to go to 9 minutes and 22 seconds. Okay. So if you get to a point where you're talking and this is getting close to 9 minutes and 22 seconds, stop talking and pass it back to me. Okay.
04:58
Ted Dunn
Okay.
04:59
Peter Dunn
All right. Don't start it yet, because if you started, the show starts, and we're not ready. Okay. You want to start it. As soon as you hit that, the radio show starts. So you tell me when you're going to do it. You hit it, the radio show starts.
05:11
Ted Dunn
Oh, yeah.
05:12
Peter Dunn
Okay. Are you about ready?
05:14
Ted Dunn
Yeah. Three, two, one.
05:17
Peter Dunn
This week on The Pete the Planner Show, we answer your money questions. Here's how the show works. You email us, askpete@petetheplanner.com that's, askpete@petetheplanner.com, and we will do our I was going to say we'll do our best to answer it. We may or may not answer it, but that's not the point. We are glad to be with you. Every week here. We talk about your financial lives, about what's going on in the economy and why we I mean, of course, my friend, my coworker, the person that I share last name with, but actually not a bloodline, Damian Dunn. Hello, Dame.
05:50
Damian Dunn
Hello, Pete.
05:51
Peter Dunn
Good to have you back this week. This is our last show of 2021, so we will see how our stock picks are doing right before we call it a year and then make new picks the next time we're live on the show. And a special guest joining us this week is Mr. Tito Buckets himself, my nine year old fourth grade son, Ted Dunn. Hello, Ted.
06:11
Ted Dunn
Hello.
06:12
Peter Dunn
It's good to be with you. You have been on the show before, have you not?
06:15
Ted Dunn
I think so.
06:17
Peter Dunn
Oh, excellent. It was such a loving memory. You store it deep within your soul and your heart.
06:21
Ted Dunn
Oh, it was when I interviewed my toys.
06:24
Peter Dunn
You interviewed your toys on the radio show?
06:26
Ted Dunn
Yeah.
06:26
Peter Dunn
That sounds like great radio. All right, dame. So it is a bonanza of Dunn's today here on the show, dame Dunn, Tito Buckets Dunn, and Peter Dunn. All right. So, Dame, this week President Biden announced student loans are once again on pause. Like, people do not have to make student loan payments for another 90 days. That was set to expire at the end of January. Student loan payments are going to be due in February. And I don't get this at all. I do not understand why this is happening now. I will know 89% of people, and you were right about that, about 89% of people say they are not ready for student loan payments to start back up. And I think to some degree, that is when the decision how the decision was made. I just completely disagree with this.
07:15
Damian Dunn
Is it really that surprising, though, Pete? Are you really shocked that it got extended? One more time, and I say one more time, tongue planted firmly in cheek, because now you're going to be in May and well, gosh, that's getting kind of close to the elections, Pete. It's not right around the corner, but you can see them from there. And what are the chances that they don't get pushed again in May?
07:39
Peter Dunn
I don't know about that. It is very possible. I will say I am surprised, but not shocked. I thought that given inflation and given lots of other situations going on, that now was the time to do it, despite the fact that it would be very hard. It is also worth noting, Dame, that you and I need to say that we are both not making student loan payments. We are not people directly affected by this. And I have no problem with people getting support, especially when we're in the midst of one of the worst economies ever. We are not in the midst of one of the worst economies ever. I am more in support for extending the child tax credit, advanced child tax credit, than I am for pausing the student loan payments because I think this is just going to make the problem worse and worse.
08:33
Damian Dunn
If you go on Twitter and look at the announcement on President Biden's page, you will see that people are appreciative of the extension but are very upset in the same sentence because he has not forgiven the student loans. In my opinion, if you get these extended out to May, there's no way that you're going to let them start being paid again before an election. And people, they will at least placate them if you can't forgive the loans or if you can't get Congress to forgive the loans, because that's the President's stance is he thinks this should come from Congress whether or not he has the authority to do it or not. But he is going to extend it again because there's no way you're going to let that sit in the public conscience before an election where your party is probably going to lose some seats just because that's what happens in a midterm election for a time like this.
09:39
Damian Dunn
Am I surprised just like you? No, I'm not surprised. I'm not even well, maybe surprised, not shocked. And I agree there's a ton of money sitting out there floating around in the economy right now. This would have been a reasonable thing to do. We've extended it three or four times at this point. If we can start taking some of that money off the table and having it redirected into other obligations in people's budgets, that's great.
10:06
Peter Dunn
I don't disagree with you on the political side of things as it relates to this. I'm limiting my comments from that. Right. I'm more concerned. I just think it was a horrible decision. It was a bad decision absent the politics involved. Yeah, I buy what you're saying, totally. But I think the criticism from the public needs to not be about the politics but needs to be about the timing. Think about it this way. If you had to choose a perfect time to restart these, it's now. It is literally now. Any moment later makes this harder. And then you almost have to ask the question in a serious way and again, try to ignore politics. What does 90 days actually accomplish? Nothing is accomplished in 90 days by waiting 90 more days. It's not like employment is going to improve. Employment is unbelievable right now. So I don't understand it at all.
11:09
Peter Dunn
And people from the stimulus payments and advanced child tax credits, that money will then be dried up 90 days from this extension. It truly is the perfect time to restart payments, which was an accident. It was accidentally the perfect time, and now it's purposefully a really bad time. And that's what I don't understand. Yeah.
11:34
Damian Dunn
From a personal finance standpoint, this is pretty tough. I guess the one thing that you could potentially have working in a lot of people's favors are the likelihood of a tax refund coming right around the time they'll get kicked back in to people's budgets. So they might have a little bit of cash to help ease that transition from not making payments for two years over two years at that point until now. But you're right. If you look around what most people are, the environments most people find themselves in I'm not talking about the really tough cases of individuals, but for most people, you should be prepared to start making those payments. You should have been expecting to make those payments. And if you're not, then you've got a 90 day reprieve, and I suggest that you get to it.
12:28
Peter Dunn
Well, Dame, here's what else I'm concerned about with this situation is if it is punted again, isn't that fair to say? One of the main struggles of our economy right now is inflation. And part of the reason is there's so much cash flow going back into the economy that consumer demand is running wild, supply is still behind. And so I felt in sort of a weird diabolical way that starting student loan payments back up, slowed down the speed of inflation a little bit. No?
13:01
Damian Dunn
Yeah. In theory, that money that would normally be spent on student loans isn't going into people's savings accounts and isn't going into their retirement funds. It's being spent in other ways. Hopefully, it's being used in really beneficial ways, paying down debt, other debts that you may have or strengthen an emergency fund or whatever the case may be. But a lot of that's just being absorbed into your lifestyle. You and I both know that I.
13:29
Peter Dunn
Want to make another point, because I feel like I don't want this segment to come off of like that. I think it's a waste of taxpayer dollars, because that's not even my point. My point is this is harmful to the people who have student loans. That's my point. This is about behavior and habits, and this is the prime time to reignite those payments, which will help. If you wait 90 more days or wait beyond that, the problem gets worse, and it will be harder to wean yourself off that increased cash flow. So that's not my concern. I mean, that is my concern. My concern is not the politics of it. My concern is not the tax implications of it, although I acknowledge both of those things are problematic. I think the bigger issue is how this will impact the student loan person in general. Ted, you did a great job in this segment.
14:22
Peter Dunn
What do you think about all of this?
14:26
Ted Dunn
I don't know.
14:27
Peter Dunn
Awesome. With that, after the break, the three best money moves to start your financial year right here on the Pete the Planner show. I'm Pete the planner. Ted, he really nailed it, that segment. Bro. How are you feeling?
14:40
Ted Dunn
Good.
14:41
Peter Dunn
Yeah? You're welcome to play games on my phone if you want.
14:43
Ted Dunn
Oh, yeah. That's why I give you listening.
14:46
Peter Dunn
Yeah. People still listening? Yeah. Okay, so we're going to do that a couple more times. You did great. Dame, any tips for Ted here? Well, yeah, when you have a ring this heavy, ted, are you ready to hear Ted's ring hit the table?
15:02
Damian Dunn
Yes. Is that classified as a weapon if you wear that?
15:10
Peter Dunn
Yeah. I mean, if he wore this to school, it would not get past the metal of detectors. Hey, look, Ted. There's cousin John. He says this show needs more guns. Well, now he's on it.
15:18
Damian Dunn
Bring it.
15:20
Peter Dunn
Good man. Of course, we always have to take Craig's comments when we talk about student loans. Well done. Craig says, well, that makes me feel good about ourselves. It's also crazy regressive as many people who can't afford the payments aren't required to. Aren't required to. Okay, I'm a good reader. Craig, what do you think?
15:39
Damian Dunn
Craig, I know you don't have any crystal ball, but do the payments get pushed back after the May 1 deadline or coming up on the May 1 deadline, or is this the final push? I know I read your previous comment, and you pointed out the White House didn't say it was the last time, but I am curious if you think it is the last time or not.
16:00
Peter Dunn
Yeah, I want to make a point, Dame. I think if this is a political ploy and honestly, I don't really care whether it is or not, but let's say it is, it's going to backfire. Because what's going to happen is people are going to say, we'll just forgive it, and they're not going to forgive the loans. They're just going to keep pushing back the need to pay for them. And so people are going to say, well, this isn't even helping. We want them forgiven. So that's going to backfire. And you'll just have people stay home from the polls, in my opinion.
16:32
Damian Dunn
I could see that.
16:35
Peter Dunn
All right, you ready to start another segment here, Ted?
16:38
Damian Dunn
Are we doing the three moves? Is that what it was?
16:41
Peter Dunn
Okay, so Craig says I'm a cynic, so I think they keep extending. It takes the pressure off the forgive student loan discussion, which is right de facto, they are forgiving them without the tax hit to borrowers of forgiveness. Right. There you go. All right. I do have to admit I get uncomfortable with that conversation for a few different reasons. Number one, I do think it's political, but I don't think that's the bad part about it. I'd prefer people not play politics with their economy. Right. But I think the bad part is for the actual borrower that this will negatively impact decades of their life because they're not going to get forgiven. They will not get forgiven. We're just going to keep kicking the can down the road, which is pretty sad, and it's going to impact people, and people are going to think they're winning, but they're not.
17:36
Peter Dunn
And that's what bothers me.
17:38
Damian Dunn
Yeah. Of all the things that people can play politics with. It's really sad that it comes down to education in this case. And it highlights the bigger problem that the cost of education really is. And the entire time that this will they get forgiven? Should we extend the deadline? The whole time that conversation is going on, nothing is being done to solve the actual root of the problem.
18:05
Peter Dunn
Yeah, it's funny. I don't think student loans will be forgiven, but I also don't necessarily have a problem with that. I actually have a bigger problem with the insincere nature of just moving the target every 90 days. That's weird. Like, I have less of a problem with $50,000 person of student loans being wiped out than I do punting every 90 days. I don't even know what that says about me other than probably I'm bad at math, but that's how I feel. All right, Ted, are you ready for another segment?
18:39
Ted Dunn
Yes, I am.
18:40
Peter Dunn
Okay. Do you want to do your top five NBA sleepers now or after the next segment?
18:46
Ted Dunn
I haven't thought of them.
18:47
Peter Dunn
Okay, well, I want you to think of that during the segment here, okay?
18:52
Ted Dunn
Okay.
18:52
Damian Dunn
Are you telling me he prepares for the show like his dad?
18:56
Peter Dunn
So you're not prepared?
18:57
Ted Dunn
Well, I am. I have two.
18:59
Peter Dunn
Okay, who are the two?
19:01
Ted Dunn
Alpin Shay goon. And who Alpern Shaygoon? He's a rookie.
19:06
Peter Dunn
Alpern Shaygoon is not an NBA Shangoon. Shane Goon.
19:10
Ted Dunn
Yes.
19:11
Peter Dunn
Who does he play for?
19:12
Ted Dunn
Rockets. Search him up right now.
19:14
Peter Dunn
Search him up. How do you even begin to spell Alpert? Shane Goon.
19:18
Ted Dunn
E. I mean Alpe.
19:23
Peter Dunn
Okay.
19:24
Ted Dunn
R. Okay.
19:25
Peter Dunn
N. Oh, Alpern Shangoon, I said there.
19:29
Damian Dunn
Can'T be too many of them on the Internet, Pete.
19:31
Peter Dunn
He's a Turkish basketball player. He's six foot ten. He's 19 years old. How do you know Alpern Sin Goon?
19:37
Ted Dunn
He's good. He was the Turkish League MVP and he's really good right now.
19:44
Peter Dunn
Dame, did you know about this gentleman?
19:46
Ted Dunn
He might be coming up as one of the better players. Oh, I have three now.
19:50
Peter Dunn
Okay, who else?
19:51
Ted Dunn
Franz Wagner.
19:53
Peter Dunn
Franz Wagner?
19:54
Ted Dunn
Yes.
19:54
Peter Dunn
See? German, maybe. Teddy, is this like your team is there it is. Franz Wagner, German basketball player. There he is. He plays for the who's?
20:05
Ted Dunn
He played for magic.
20:06
Peter Dunn
Okay, magic. And who's your third sleeper? Franz Wagner, by the way, is from Berlin, Germany. Dame yeah.
20:14
Ted Dunn
Darius Garland.
20:17
Peter Dunn
Darius Garland? That sounds uniquely American.
20:21
Damian Dunn
Tis the season.
20:23
Peter Dunn
Uncle Dame's. Funny. Darius Garland from the calves. Darius canard garland from Gary, Indiana.
20:30
Damian Dunn
All right.
20:30
Ted Dunn
Oh, wait, I might do him as my player.
20:35
Peter Dunn
What do you mean?
20:37
Ted Dunn
My player? For young Hoosiers.
20:42
Peter Dunn
Oh, ted gets to be a Hoosier legend, a celebrity, and dresses that Hoosier for a school project coming up in the spring. By the way, in the Chat right now, what famous Hoosier should Ted be for his project? He's leaning toward Oscar Robertson. Right.
21:01
Damian Dunn
Good one.
21:01
Peter Dunn
Yeah, I'm pushing for tamika catchings. Okay. Primarily because she would actually show up and be there as he is her. So I think that'd be great. All right, so let's start the show.
21:18
Ted Dunn
I'll keep thinking of other players.
21:20
Peter Dunn
Okay, bro, you may turn your mic off for this next segment or leave it on.
21:23
Ted Dunn
Leave it on.
21:24
Peter Dunn
All right, in three, two, one. Back on the Pete the Planner show. Dame, it turns out the new year is upon us very soon, and we want people to start their year off right. So you and I have come up with three smart money moves to make sure that this year is just marginally better than last year. And I think that begins with one very simple exercise, and that is taking a very long, hard look at your employee benefits. And instead of waiting until open enrollment in the fall, you get into your retirement plan of work now because the retirement levels have changed, because arguably you've got a pay increase because of cost of living. Get in there, take a look at what the projections show within your retirement account and ask yourself the really critical question, am I okay with this current path? Because if I am not okay with this current path and you know the current path is the path that it is, you got to do something about it.
22:36
Peter Dunn
Or you are culpable and you are responsible for that. I was getting really heated. What do you think?
22:45
Damian Dunn
Wow, your finger pointing and everything. Gosh switch to decaf. No. Employee benefits are often, often criminally underused. If you don't understand everything that's going on, it is really worth your time to sit down and flip through everything. Get updated materials from HR if you have to, and just understand, even if there's nothing really major that you need to change, maybe it's changing some health plan types if something new is offered, maybe it's looking at any new investment options that are in the company 401. Just real general, basic stuff. We're not talking about making major shifts in stuff like this. Usually it's going to be little things, little atomic changes if you're going to go with the James Clear phraseology there. But a minor change can pay off big time down the road. So it really pays off to sit down and spend some time on this.
23:50
Peter Dunn
What about the annual rebalance? Okay, so I will have to make a note. Within the last week or so, I rebalanced one of my portfolios because something was doing so well that it became at one point, it was 20% of my portfolio, and then it became 70% of my portfolio. That's how well it was doing. So I dialed that back. This is a good time of year to say, okay, have I gotten out of balance? Why? When something goes from 20% of a portfolio to 70%, why is that bad?
24:31
Damian Dunn
It's just so big, you can't know it. You've got way too much of your assets allocated to one individual investment, which can go very poorly. However, that also means that other things may be not performing quite as well. And if you can take some of the money off of the table and buy while those other investments are less expensive, when things normalize, you're going to come out in the head because you'll have more money in some of the temporarily worse performing investments. So being overweighted in one individual equity or one individual fund or whatever the case may be for your situation doesn't typically pay off in the long run. You want to make sure that you've got a rebalanced portfolio. And in fact, most 401 KS offer an opportunity to automatically rebalance. So if you are not doing that inside of your 401K plan, look and see if it's an option and see if you can have it rebalance automatically once or twice a year.
25:29
Peter Dunn
Dame second smart money move to start 22 off on the right foot is a household financial meeting. It's a pretty obvious one. I like a SWOT analysis because I never took an NBA course. That's MBA ted not NBA. You know what NBA stands for, right, Ted?
25:49
Ted Dunn
National Basketball League.
25:53
Peter Dunn
National Basketball League. NBA.
25:56
Ted Dunn
Oh, association.
25:57
Peter Dunn
Right. And do you know what MBA stands for? National Basketball national Basketball Association.
26:03
Damian Dunn
That is correct.
26:05
Peter Dunn
All right. So anyway, Dame, a SWAT analysis strengths, weaknesses, opportunities, and threats. Look at your financial life and say, all right, what's going well for us? Where do we struggle? What could go well and then what could hurt us? I think taking 30 minutes to start your year to put some purpose to your financial year is something that I don't know, I'm going to make up a number 95% of people don't. Do you think it would help?
26:36
Damian Dunn
Totally. Communication is going to make your financial life, if not markedly better, at least marginally better. And mine, in my head, if you were going to throw to me, was going to be set some goals, which this goes right along with a SWOT analysis. You got to make sure you know what your family is trying to accomplish this year and how you're going to get there. So if everybody's working towards the same handful of ideas or goals, things are going to go a heck of a lot better.
27:06
Peter Dunn
And finally, the number three move to make sure that you are on the right foot. It's not about setting goals. It's about looking at your checking account more critically. I think we talked on the show recently about how people use financial tools, convenience tools, technology to better their financial lives. But so often we are not critical enough about the flows in and out of our checking accounts and how they can improve and how by relying on these crutches of a cushion or a buffer or margin or whatever you want to call it, I think that becomes problematic. So dame I love in January. Every year that I am a nerd, I love to look at how money has regularly flown in and out of our checking account, because then I can make specific changes based on the patterns we see.
28:02
Damian Dunn
Yeah. If you have even what you would consider a boring financial life, sitting down and looking at what your cash is actually doing can be really insightful. And if you haven't done that in a while, this is a great time to do it. You can maybe help plan for some expenses. Whether they're fun expenses, whether there's maintenance type expenses that are coming up later in the year, you have a really good idea of how that's going to impact your month to month financial life. And when those things occur or you get to actually do them, if it's a positive expense or something that you've been reaching for, all the better.
28:42
Peter Dunn
You just made a point. That is always true. The more boring you are financially, the better you are financially. And that's just the truth. No one wants to hear it. People want to tell you about their hot stock picks and how much their crypto has gone up. The more boring you are, the better your financial life will be. And that is the absolute truth. It's the absolute truth. I have softened on my position on crypto this year 100%. Ted, you are playing a video game with sound live on a radio show. You want to rethink that decision? What do you think? You've gone mute. Okay, well, at least you are mute now. Mute your game. All right. Just sniffing into the puppy on the show. Ted, this is a good idea for you to come on the show today. What do you think?
29:39
Ted Dunn
Yeah.
29:40
Peter Dunn
You rethinking it?
29:42
Ted Dunn
Yeah.
29:42
Peter Dunn
Same. Okay. Damon, anything you want to add to the list?
29:47
Damian Dunn
No, I think those are three great things. If people take the time to do those, they will be surprised at the difference that their financial life could have. And again, we're not talking about making huge momentous changes. Make small changes, the small changes that seem like they may not really amount to anything, but if you make enough small changes, they will definitely have an impact on your financial life.
30:13
Peter Dunn
Score your financial year of 2021 one to ten in terms of your household. D***. Just quickly, before we go to break, what do you think? How was it? Ten was a great year. One was not a good year. I will start. I'll get myself, all things considered, an eight or a nine, but it's not because massive amounts of money came in. I just think things fell the way I wanted. How about you?
30:37
Damian Dunn
Seven and three quarters.
30:38
Peter Dunn
All right. Hey, we'll take it. Coming up after the break, what personality traits do you need to consistently make good financial decisions? That's next on the Pete the Planner show. I'm Pete the planner. All. Right, ted, you want to say anything to the audience here? Sorry. It's all right. You've just ruined people's financial lives.
31:01
Ted Dunn
I know.
31:02
Peter Dunn
People are not going to have bath towels now. Kleenexes okay. Hey, let's continue with sleepers. NBA sleepers. Let's think of something.
31:17
Ted Dunn
One more.
31:17
Peter Dunn
Okay. Who else do you have?
31:19
Ted Dunn
Dejante Murray.
31:20
Peter Dunn
Dejante Murray.
31:23
Ted Dunn
He's a really good defender.
31:26
Peter Dunn
Dejante Murray. Here he is. He plays for the spurs. He's 25 and went to University of Washington. Deshante Murray. Dame, have you heard of any of these people?
31:39
Damian Dunn
No.
31:40
Ted Dunn
Good.
31:43
Peter Dunn
One more. Give us one more. You got to round out your five. Who is your favorite player in the NBA?
31:50
Ted Dunn
Kawhi's Hurt. So John Morant.
31:53
Peter Dunn
John Morant. Yeah. Who's your game, your basketball game the most? Like, out on the court if someone overwatched? Tito Buckets out on the floor.
32:00
Ted Dunn
Mix of John Stockton. AI.
32:03
Peter Dunn
He's a mix. That's a pretty good combination. Also, you cannot have two more polar opposite people in the world than AI. Alan Iverson and John Stockton. Theodore? Yeah. You know what I would say? You're like a TJ. McConnell out there. You get a lot of 50 balls. You're the smallest guy out there, but you'll consistently get seven, eight rebounds a game.
32:31
Damian Dunn
Nice.
32:32
Peter Dunn
Yeah. Got a lot of heart. You're like your mom. Small but mighty.
32:38
Ted Dunn
True.
32:39
Peter Dunn
All right, Ted, what do you want for Christmas? Is that worth noting? The big man. Santa. What do you want to bring you a lot?
32:47
Ted Dunn
Jerseys.
32:48
Peter Dunn
Jerseys. Who are you wearing today? Okay. Your headphones are going to fly off. He's going to go on the screen. Everyone on the podcast is really loving this. Ted's going full screen. The de. Kimbi Mutumbo, Denver Nuggets Jersey. From what year is that? There you go. All right, Ted. Ted, you're going to play for the Carmel Greyhound someday. Anything?
33:15
Ted Dunn
Yes.
33:15
Peter Dunn
All right, sit back down. Okay. This was a good decision. Mrs. Planer said, Are you sure this is a good idea? And I said yes. Yeah, it's a great idea to have him around. Okay, Dame, you ready for personality traits that make for.
33:33
Damian Dunn
Not until I get a finger wag from Ted. He's got the jersey on. He's got it. There we go.
33:41
Peter Dunn
Okay, let's do this. By the way, my day today is this morning. I'm hanging out with Ted. We're doing radio, taking my daughter Ollie to a Japanese market this afternoon so she can buy supplies for recipes she's seen on TikTok. And then Mrs. Planner and I are going to dinner tonight. So it is the perfect day.
33:59
Ted Dunn
Oh, why does Ollie have to babysitting.
34:01
Peter Dunn
And then Ollie's babysitting Ted tonight?
34:04
Ted Dunn
You didn't tell me that.
34:06
Peter Dunn
All right, we'll work this out later, son. Okay. All right. Three, two, one. Back on the Pete the Planner show. Dame, you and I had a conversation yesterday, actually, about personalities and how there are certain personality traits that you observe in your daily work that if a person possesses these personality traits, you are almost certain that their financial life will beautiful. And so what I love to do, it's not like we can all change our personalities. But it is interesting to think if you got the guts of these personality traits to pull off your financial dreams. So let's do that. Let's explore some personality traits that we think are conducive to financial success. Does that seem fair?
35:01
Damian Dunn
Yeah, let's do that.
35:02
Peter Dunn
All right, so maybe we'll go back and forth. Action. Here you shall begin. You may choose the very first personality trait. What do you got?
35:10
Damian Dunn
I think you won't be surprised at all based on what I do for a living and the sorts of individuals that we talk to. But if you can be coachable, that is going to make a huge difference in your financial life. If you've got linked up with somebody who knows what's going on, whether it's a mentor or an advisor or whatever the case may be. If you are willing to listen and apply what they are telling you. The Tricks that they have picked up along the way or what they may perceive as a good course of action for you if you can rely or at least apply somebody else's wisdom to your situation who's maybe seen a thing or two. It's going to work out really well for you.
35:54
Peter Dunn
All right, I like that. I will raise you a doesn't have a get quick rich mentality. I think of the people I've coached over the years. What I get nervous about is when I sense that shortcut. What it's hard to explain is people don't realize the get rich quick mentality is a bad thing. That's the weird awareness that comes with it or lack of awareness that comes with it. If you constantly think getting rich and doing it as fast as possible is your goal, you don't realize the fallacy in that.
36:40
Damian Dunn
Yeah, it rarely works out. And of course, you always see the stories of when it does work out. You don't see the just chaff scattered along the side of the road of the people who have tried and failed miserably when it comes to quick get rich quick schemes.
37:00
Peter Dunn
By the way, I do have one friend who has that mentality, who's really good at it. He is unbelievable. I was talking to Mrs. Planner about it last night. It's just like there's certain people that could pull it off. He's one of them. And it's really odd. I mean, it's just a really odd thing. But he is certainly in the minority because I can name 30 other dudes or women for that matter, that have tried and are failing at it miserably.
37:28
Damian Dunn
And that's exactly it. There are some people who can just create money from nothing. They are incredibly talented. Whether it's a personality type or connections or whatever the case may be, they can make it happen. Most of the people who think they can make it happen are fooling themselves and they are creating more problems than it's worth, than just doing it the old fashioned way and just putting the work in.
37:55
Peter Dunn
All right, next for you. Next, personality trait that is primed for a good financial situation.
38:01
Damian Dunn
I think it actually strikes a middle ground between the two of what were just talking, and I think it's being humble as well. You are not thinking that you deserve X, Y and Z.
38:13
Peter Dunn
No.
38:14
Damian Dunn
You are going to go out there and apply yourself to make sure that you achieve the goals that you've got, whether that's hard work or whether that's extra study or time of making extra time for those that you care about in your life. Being humble enough to say that there are things that are more important than what I'm doing or what I'm attempting to do that is really valuable because we all need to make sure we understand that we are but a cog in this crazy thing we call life. And yes, hard work can be rewarded, but we shouldn't be afforded any special treatment for what we've got going on.
38:57
Peter Dunn
All right, personality trait number four. This is mine, as in I have this trait, but this is the one I'm naming. The ability to look beyond the next year or two. I think so often people will say they're thinking long term about retirement and they'll make moves for that. But when it comes to big decisions they make now, they tend to make them in the right now and not make them with the forethought of the next 2345 years. Which is a funny way of saying maybe there's a job opportunity out there that involves a pay cut. And you're like, I don't want to take a pay cut. But by taking that pay cut, you set yourself up for more stability and more opportunity. This is one for years that I've felt really strongly about is there's nothing wrong with taking a pay cut under the right circumstances.
39:51
Peter Dunn
And the reason sometimes people's pay is high compared to other opportunities is because there's less upside to that opportunity and you can actually get blinded. You can be put to sleep by your own focus on your high income. And so I think the lack of myopathy is one of my personality traits now. It's to you, Dan. What do you think?
40:15
Damian Dunn
I'm curious about the timing of that potential trait. Knowing that I've got annual review coming up and knowing you're talking about pay cuts.
40:24
Peter Dunn
Well, no. Yes.
40:29
Damian Dunn
Mine was actually going to be somewhat similar to that. It's patience, having the ability to not feel like you always have to be making a move, doing something at this exact moment. What am I doing? It's okay to sit and wait and let things kind of unfold in front of you before you make that decision. Sometimes we talk about these treadmill moments in people's lives where you just have to keep doing what you're doing, let the plan work itself out or let the funds build up, and then you can move on to that next step. It's not always a, this week I'm doing this, next week I'm doing that. And by the end of the month, I'll have X, Y and Z accomplished. It's not always that way. Sometimes it takes a while for things to play out the way that you had envisioned them, and that's okay.
41:19
Damian Dunn
You have to be patient.
41:22
Peter Dunn
Dame I wonder the next one I have is going to sound slightly controversial because it's tropeish, but I want everyone to take this with a grain of salt. I think a high degree of personal responsibility is important here, and I want to note that personal responsibility is not a cure all. Personal responsibility doesn't necessarily solve a lot of problems, however, combined with a lot of these other things and empowering yourself to solve a lot of these challenges is a really useful tool. And I say this because I happen to have encountered numerous people with good income, with great education, with lovely assets that don't actually take personal responsibility for their future. What they'll say is something to the fact that, well, my family's got a lot of money, it'll eventually be mine. That is the opposite of personal responsibility. And so that's why I bring it up.
42:23
Peter Dunn
I don't mean it in the pull yourself up with the bootstraps. That's not my point on this one.
42:30
Damian Dunn
Again, I don't know how to say this correctly, but I think contentment has a lot to do with a good financial life as well. It's okay to push yourself into strive for X, Y and Z, but if you can learn to be happy with what you've got and not necessarily what you want, a lot of times that's going to be a really good thing.
42:56
Peter Dunn
All right. Dame well, so that's our list. Ted, Don, my nine year old son, has been sitting in this whole episode. Ted, you've been very well behaved. You did play a video game with Sound live on the air. We have one more segment after this. Is there anything you want to make sure we talk about on the radio with you in the next segment?
43:15
Ted Dunn
No.
43:16
Peter Dunn
Excellent. Can you take a radio class at school? Is there a radio station at your school?
43:23
Ted Dunn
No.
43:24
Peter Dunn
Okay, maybe I can help with that.
43:27
Ted Dunn
No, I would not.
43:28
Peter Dunn
Okay. Boy, this is great. Coming up after the break, biggest waste of money of the week. And then Uncle Dame is going to read some current events. And then, Ted, we are going to have you give your NFL MVP award right here on the air. All that is next right here on the Pete the Planner Show. We got biggest waste of money of the week, current events, NFL MVPs and a holiday greeting. I'm Pete the Planner this is the show. All right. Ted, where are you going?
43:57
Ted Dunn
I need to get a water.
43:58
Peter Dunn
You need to get a water? Okay.
44:03
Damian Dunn
All that talking.
44:04
Peter Dunn
Yeah. I mean, you must be parched from all the gibberishaber out there. That's a decent segment worked out, right?
44:15
Damian Dunn
Oh, yeah.
44:16
Peter Dunn
Is my video still getting weird today?
44:19
Damian Dunn
No, I think it's done better than preshow.
44:23
Peter Dunn
Okay, you come back over here. Oh, Ted's got another sleeper. Wait till you're back on Mike, because it's always fun to talk off. Mike 15ft away. All right, Ted's going to come back. Everybody with another sleeper. You put your hat back on. Your hair looks rough. I'm going to get in trouble from your mother for this. Okay. All right. Come on.
44:49
Damian Dunn
Jeremy, did the audio continue or just the screen? Or did the audio freeze as well?
44:57
Peter Dunn
All right, Ted, give us your next sleeper NBA sleeper pick. Who is it going to be?
45:03
Ted Dunn
Tyrese Max.
45:05
Peter Dunn
What's wrong with your voice?
45:09
Ted Dunn
Tyneck.
45:10
Peter Dunn
Okay, who?
45:15
Ted Dunn
Tyrese Maxi.
45:17
Peter Dunn
Tyrese Maxi.
45:18
Ted Dunn
Let's take Ben Simmons. Phil in.
45:21
Peter Dunn
Okay, tyrese Maxi is there he is. He is 21 years old. You know all these, like, really young guys?
45:29
Ted Dunn
Yeah.
45:30
Peter Dunn
That's why they're sleepers. Yeah, because they're like your sister. They're probably still asleep in bed.
45:35
Ted Dunn
Probably.
45:36
Peter Dunn
What are the chances? It's 1042. Ted, what do you think? Do you think Ollie is asleep right now?
45:41
Ted Dunn
Yes.
45:42
Peter Dunn
She's a blaze bow. Okay, let's finish the show. We have 9 minutes to go. You ready?
45:49
Ted Dunn
Yeah.
45:50
Peter Dunn
Okay, so let me pull up this and this. Don't do that. My man. And let's start the segment. Three, two, one. This week's biggest waste of money of the week, right here on the Pete the Planner Show is, as you know, every week on the Pizza Planner Show, we give you a giant waste of money. This week is no different. It's the Arnold Palmer signature Swatches Autographed Patch card. The late, great Arnold Palmer. Purveyor of mixed drinks. No, one of the greatest, most influential golfers of all time. He also had a unique sense of style, which led him to developing his own clothing line. I remember my dad used to have, like, Arnold Palmer golf shirts. A piece of one of his tournament worn shirts is embedded in this 2012 Leaf ultimate Golf Signature Swatches silver foil trading card. In addition to the shirt swatch and a handsome design, the card also carries an authentic on card Palmer Signature and has been given a near perfect grade of 9.5 by Beckett Grading Services.
47:00
Peter Dunn
Damon, what do you think? Arnold Palmer's shirt, which arguably has been soaked in a mix of lemonade and iced tea, what do you think? That costs?
47:14
Damian Dunn
Whatever the King's estate wants to charge for it. He's a legend. So I will not stand by and let you disparage the name of Arnie. That might be a little steep.
47:29
Peter Dunn
It's a golf card. It's like a sports card with just like a little piece of fabric in there like you went and got a sample at the fabric store because you're going to make new curtains or sheets for your bed for your kid. Ted, what is the most valuable sports card that you personally own?
47:44
Ted Dunn
Oh, I can't use your cards.
47:45
Peter Dunn
You cannot use my cards. I'm talking about you personally as a young nine year old.
47:49
Ted Dunn
My Patrick Mahomes college card.
47:52
Peter Dunn
Patrick Mahomes college card. And of course, Patrick Mahomes went where to school?
47:56
Ted Dunn
Texas Tech.
47:58
Peter Dunn
Texas Tech. That is correct. Dame, what's in the news this week.
48:04
Damian Dunn
Nearly $100 billion of intended for pandemic relief funds has been stolen since early 2020, the US secret Service said yesterday. So you're saying some people got more than three stimulus checks? No, the agency dropped that bombshell when naming a national Pandemic fraud recovery Coordinator to ramp up the agency's investigations into COVID related financial scams. Roy Dotson, the agent Taft as the coordinator, told CNBC that he's never seen fraud at this scale and he's been working on fraud investigations for over 20 years. So far, the agency has seized more than $1.2 billion in illegally obtained relief funds and returned more than 2.3 billion in stolen funds. Officials have arrested more than 100 suspects, but 900 investigations into pandemic fraud are still active.
48:56
Peter Dunn
Do you remember when the Cares Act was being negotiated in the act right after that. And one of the big concerns was there was no accountability or oversight on how some of the funds are spent. What's interesting about this story is this isn't about that. This is about just Americans or whoever committing fraud to get these funds. Never mind. I'm not saying that the government is committing fraud with allocating these funds, but the main concern at the time wasn't the fraud for Americans. It was the fraud that they thought would be rampant within the government. So if there's that much fraud in this capacity, you can only wonder what the other side of that might look like. You know what I mean? I'm trying to say something without saying something.
49:43
Damian Dunn
Let's just not say it.
49:45
Peter Dunn
Well, no, I think if it's that prominent at the citizen level, it has to also exist on a more macro level. Correct. Of course. That's terrifying.
50:01
Damian Dunn
Adidas's first NFT effort appears to have been a success. The bloc has learned that the collaboration with Board, Ape, Yacht Club, Gmoney, and Punks has raked in more than 23 million in ethereum, between 15.5 million early access phase, and seven and a half million in a general sale. All told, the drop minted nearly 30,000 NFTs despite a hiccup that led Adidas to pause early transactions. Now, the number may not sound large for such a well known brand, but Adidas managed the equivalent of $538.4 million in profit during its last quarter. 23 million from a limited run. Digital release is significant.
50:41
Peter Dunn
Ted, do you know what NFTs are? Have you heard of those?
50:44
Ted Dunn
No.
50:46
Peter Dunn
Can you name those brands. Again with those things. Ted, tell me if you've heard of any of these. Does a nine year old know what these things are? Go ahead.
50:53
Damian Dunn
Board Ape Yacht Club.
50:55
Ted Dunn
No?
50:56
Peter Dunn
Okay.
50:57
Damian Dunn
Gmoney and punks, maybe. That's all I got.
51:03
Peter Dunn
All right, well, I'm sort of glad you don't know about Ted. Your favorite musician right now. Who is your favorite musician?
51:15
Ted Dunn
Juice World. I listen to songs. I've probably listened most. Juice World.
51:21
Peter Dunn
Okay. Juice World. May he rest in peace. Right?
51:24
Ted Dunn
Yeah.
51:24
Peter Dunn
It's too bad this is not the time for this. Anyway, Dane, what else is on the news?
51:31
Damian Dunn
Lace potato chips are well known to salty snack fans. They're your favorite potato chip, aren't they?
51:35
Peter Dunn
Ted and I both love lays.
51:37
Damian Dunn
All right, put on this past Thursday. A week ago Thursday, the brand entered.
51:42
Peter Dunn
The world of spirits that's like bourbon and stuff.
51:48
Damian Dunn
Lays, but make it vodka. The snack brand posted to Twitter at 09:00 a.m.. On a Thursday morning, we partnered with East Side Distilling to transform our signature proprietary potatoes into a vodka blend. That's right. The 80 proof vodka then went on sale for $40 a bottle with very limited quantity, not quality. Please forgive me. That was a mistake. Just over two and a half hours later, both Lays and East Side Distilling announced the vodka had sold out. Earlier this month, Oreo and Barefoot Wine partnered to create a cookie flavored wine. Barefoot and Oreo thins red blend.
52:29
Peter Dunn
Yeah. This lays. Potato chip. I have to say, I just pulled up the imagery of the Lay's potato chip vodka. Have you seen the branding for it? Yes, it's beautiful.
52:37
Damian Dunn
It is.
52:39
Peter Dunn
That's striking beautiful.
52:42
Damian Dunn
One other little tidbit there in this vein fast food chain Arby's recently announced the launch of its 80 proof fry flavored vodkas. Pete, what is going on?
52:52
Peter Dunn
As someone who does enjoy a glass of the strong stuff, I have no interest in this novelty approach of burp. I would even know. Isn't there, like, peanut butter whiskey? I haven't even tried that. And people like it.
53:06
Damian Dunn
It is very peanut buttery.
53:08
Peter Dunn
I do like peanut butter. Anything else in the news this week, Dame?
53:12
Damian Dunn
Billionaire Elon Musk, the world's richest person, said he's going to pay more than 11 billion in taxes this year. Of course announced that on Twitter. What do we think about that? Is 11 billion enough for the world's richest man?
53:24
Peter Dunn
And not being dismissive of your news story here, I don't care about Elon Musk any more than I care about anybody else. So it's not say, like, I'm done with him. It's like, yeah, I hope he has a great life and he's fine. The amount the world talks about him is disturbing to me. Oh, yeah.
53:44
Damian Dunn
Think about everything he's accomplished. I mean, it is mind boggling. Everything that he's managed to do in his relatively short time on a very short time on earth.
53:56
Peter Dunn
Yeah, he has done a lot. Absolutely. All right, ted, it is your turn here. How much do you pay in taxes, by the way? Each year?
54:06
Ted Dunn
Zero.
54:07
Peter Dunn
Okay, Ted, it is your turn to name who you believe the National Football League MVP will be this year. I want you to give your top three candidates, and then I want you to tell us who's going to win. Top three candidates and who's going to win.
54:20
Ted Dunn
Okay. Jonathan Taylor.
54:22
Peter Dunn
Okay, is that one of the top three candidates?
54:24
Ted Dunn
Yes.
54:24
Peter Dunn
Okay.
54:25
Ted Dunn
Patrick Mahomes.
54:26
Peter Dunn
P. Mahomes.
54:28
Ted Dunn
And maybe Tom Brady.
54:31
Peter Dunn
Okay. Maybe Tom Brady. Okay, so, Dame, do you want to choose from those who you think will be the MVP? And then we'll see if it matches up with Ted's.
54:39
Damian Dunn
Pick total homer. JT.
54:41
Peter Dunn
Okay, so JT for dame. What do you think, Ted?
54:47
Ted Dunn
I want to go with Patrick Mahomes.
54:51
Peter Dunn
Yeah, I want it to be JT.
54:55
Ted Dunn
I'll give you the whole award. Awards. All the awards.
55:00
Peter Dunn
All the awards. Okay, go ahead. Give me the other awards. We got a little bit of time.
55:03
Ted Dunn
So offensive. Player of the year. Dray.
55:06
Peter Dunn
T okay.
55:08
Ted Dunn
Defensive Player of the year. I don't know.
55:11
Peter Dunn
Probably Micah Parsons for the cowboys.
55:12
Ted Dunn
Or Trayvon Diggs.
55:14
Peter Dunn
Okay.
55:16
Ted Dunn
Defensive Rookie of the year. I don't know. This is hard.
55:23
Peter Dunn
Yeah, I'm glad we got here.
55:25
Ted Dunn
Offensive Rookie of the Year Mac Jones.
55:27
Peter Dunn
Okay. And that's all we have time for this week on the Show. Sorry, buddy. Hey, thanks for being on the show. I love you. Thanks for being here, Dame. I love you, too. I love all of you. Has any good vibes? Good vibes or all this in the budget? I'm Pete, the planner, and this is the show.
55:43
Ted Dunn
Bye.
55:44
Peter Dunn
All right, so DJ Metronome makes an appearance here on the show today. Look at that. Your buddy, DJ Metronome, who made you the song.
55:51
Ted Dunn
Oh, yeah.
55:53
Peter Dunn
Hello, sir. I think Aaron Rogers is going to win the NFL MVP. No, I do.
55:59
Ted Dunn
He's a COVID er.
56:06
Peter Dunn
It's okay to have COVID-19 test if people get it. It's all right.
56:11
Ted Dunn
Yeah.
56:12
Peter Dunn
Let's just relax.
56:14
Damian Dunn
Does DJ Metronome know that you opened the show with song the last couple of weeks? That he could probably weave into a nice new intro for us?
56:25
Peter Dunn
Yeah, he could absolutely help with that. But then I'd still be too lazy to play it.
56:30
Damian Dunn
That's true.
56:31
Peter Dunn
All right, that's it. Dame show is over. I got to edit this beast, put it up, and then I'm done. So, Cofitter, what's wrong with you? Oh, good Lord. We're going to have a talk on the way home.
56:45
Ted Dunn
What?
56:46
Peter Dunn
Nothing.
56:46
Ted Dunn
I didn't do anything.
56:48
Peter Dunn
You didn't? Hey, you did a great job, man.
56:49
Ted Dunn
Thank you. I did stuff.
56:51
Peter Dunn
You did do stuff.
56:52
Ted Dunn
Yes.
56:53
Peter Dunn
All right. What is the gift that you really hope is under the tree this year? I'm just curious.
56:59
Ted Dunn
Jerseys. I hope I get a jersey. Just some form of jersey.
57:12
Damian Dunn
I think you need an Eric Dickerson jersey with an additional set of rec specs to go with it.
57:18
Peter Dunn
Yeah, he doesn't rock a lot of football jerseys. He likes the basketball. Yeah. All right, bro. Dame. See everyone else. Merry Christmas. Happy holidays. Have a good New Year. We'll be back in 2022 with Damon. I looking at our market predictions from 2021, reviewing those winners and losers, and then we'll pick new ones for 2022. That's it. Stay getting money.
