00:03
Peter Dunn
If you're looking for dad jokes and some level of personal finance, you've come to the right place. It's the Pete the planner experience. I am the host. Pete the planner. And by host, I mean I two co hosts. So am I a co host? Dame, how's this work? Am I a co host or am I a host?
00:23
Damian Dunn
I think you're the host and everyone that is in your orbit is a co host.
00:28
Peter Dunn
I don't like the hierarchy sound of that. But Kristen, we're definitely not in, like, sidekick territory. You guys are not like sidekicks, right?
00:38
Kristen Ahlenius
I mean, when the show is called the Pete the Planner show, what else are we?
00:43
Peter Dunn
Well, we're going to change it to last week Kristen and Co. Well, then.
00:50
Kristen Ahlenius
The same issue is still there, is that people would be sidekicks.
00:54
Peter Dunn
Rick Swank. Andy Danza. Hola. Hola hola. That's trace Spanish. Hellos. Okay. So jeremiah here. I'm just going to level set with you right now. What if Jeremiah doesn't listen anymore? And this joke about us, me talking about how busy I am, just no one cares anymore because Jeremiah's given up on us as we now approach two and a half million downloads on your show. I looked. Okay, so here's the thing. It's a 50 minutes show today. We've been going to like, an hour, three hour six. I don't like you guys that much. No, Krista, we have to start the show in about a minute here. But I have to tell you, I got to see you in person this week, which is very exciting for me. You were down here in this studio filming. Very. Did the feeling of excitement feel reciprocal for you?
01:47
Kristen Ahlenius
As in, was I as excited to see, like, you and everyone else?
01:52
Peter Dunn
Yeah, of course.
01:53
Kristen Ahlenius
Absolutely. I sit at home by myself, and our coworkers are great, so getting to see everybody is always good.
01:59
Peter Dunn
Dan, what was the quality of that lie right there?
02:02
Damian Dunn
It was pretty high level.
02:04
Kristen Ahlenius
I can't lie.
02:05
Peter Dunn
So let's do it in three, two, one. This week on The Pete the Planner Show, we answer your money questions. Here's how the show works. You email us, askpete@petetheplanner.com it's, askpete@petetheplanner.com and we'll read your question. We'll answer your question. We do lots of other things. We as a plural, that means it's not just me, Pete the Planner, it is other people, including Kristen Ahlenius, director of education at one of the best places to work indiana, according to the Indiana Chamber of Commerce. Your money line. Hello, Kristen.
02:35
Kristen Ahlenius
Hello, Pete.
02:36
Peter Dunn
And her colleague, my colleague, our colleague, Damian Dunn. No relation. Vice President of Advice. Hello.
02:44
Damian Dunn
Good day.
02:46
Peter Dunn
We got to start with the Supreme Court discussion around the Biden student loan forgiveness order. What a wild week. So we're going to start there, and then we're going to hit this idea of what are the biggest threats to financial stability to each of the primary generations. Okay? So, boomers. What's the biggest threat to your financial stability? Millennials. What's your biggest threat? And so we'll do that here a little bit later on. But let's begin with the Supreme Court's discussion debate, whatever, of the student loan forgiveness order that President Biden put out last fall of 2020. So, Kristen, earlier when the order was issued, it felt like, okay, this is happening, applications are open. What was something absurd, like 22 million people applied or something like that? It felt good at first, right?
03:47
Kristen Ahlenius
Yeah. We really hit the ground running. There was tons of media coverage. We were doing so many interviews with TV and other media outlets, and all of a sudden we've kind of come to this screeching halt of now what?
04:04
Peter Dunn
Yeah, the now what? I don't want to parse words nor debate your word choice. Damn. It doesn't really feel like a now what? It sort of feels like this is going to get slapped down. Like Mutumbo rejecting a no.
04:18
Damian Dunn
Yeah, I think you're exactly right. It's gone in front of the Court. The Court asked some very pointed questions to the representatives for the federal government, and they were not convinced. Asking about whether or not the language in the law that the President was relying on to enact this forgiveness or engage in this forgiveness actually meant what they were trying to say. And like it or not, that's part of the Supreme Court's job is to interpret the laws and figure out exactly what was meant by them. So if there's a majority of justices that are already scratching their heads thinking that this may not line up, things probably don't look too good.
04:58
Peter Dunn
I hate to play holier than thou again for twelve years in a row, but I want to say, as I sort of studied this week, I took this idea that I'm not really affiliated with either political party personally. I'm just not. I fancy myself an independent. And so therefore, there's some really interesting aspects of what happened this week within the whole executive order. So I'd like to go through that because I find it fascinating. And some people might get mad don't care. It's fascinating. Number one, the Heroes Act was brought about by which president? Kristen?
05:36
Kristen Ahlenius
I don't remember.
05:38
Peter Dunn
Dame. The Heroes Act in 2020 was brought about by which president?
05:43
Kristen Ahlenius
Well, I thought that the Heroes Act was before that.
05:47
Damian Dunn
Yeah, I did, too.
05:49
Peter Dunn
The Heroes Act was before it was president Trump is the answer. Okay. President Trump is the answer. And so what's fascinating, especially as you get to the Cares Act and the delay of student loan repayment because of an emergency, you have this idea that President Trump started the whole concept in this modern era of delaying student loan payments because of the pandemic. So are we level set, the three of us? So far?
06:19
Kristen Ahlenius
That part, yes. But I think Damian's looking up when.
06:21
Damian Dunn
The Heroes actually let's move on. Let's keep on a roll.
06:24
Peter Dunn
Let's go. So we're going to go back and correct everything I said here at the end?
06:29
Damian Dunn
Absolutely not. No.
06:30
Peter Dunn
Okay, good. So just thanks for the email, everybody. Then President Biden got in and said, you know what? This actually makes sense. Let's keep people from needing to make payments. So do we all agree on that part of it?
06:44
Kristen Ahlenius
Yes.
06:45
Damian Dunn
Okay, 100%.
06:47
Peter Dunn
But then this is where opinion can get involved, right? So the Biden administration said, all right, well, we think people are really suffering. We think the economy is suffering. Oh, and also we had a campaign promise around student loan forgiveness. Let's forgive a bunch of student loans. And that's where this thing starts to break down, because the debate in front of the Supreme Court this week was, did this forgiveness, did it modify the original order or was it an all new order? And I think that's where the debate makes a compelling argument that forgiving everyone's, student loan debt to the tune of what, $400 billion, is not a modification of the original idea. It is a whole new thing. That's just my opinion. Dame, how do you reflect on that?
07:34
Damian Dunn
Yeah, I agree. I think that's exactly where the crux of this argument comes down to. Now, you could still argue standing to see if the suit has any standing of being in front of the Supreme Court or any court for that matter. And I'm not an attorney. I don't know enough about standing to be able to tell you yes or no, it does or not. So let's talk about modification and waiver, which we might have a clue about. I agree. Which is not shocking anybody who's listened to this show before, but it sure feels like that when somebody was writing this law, they did not have that aspect in mind. When the language was hitting the paper. It was for much smaller changes.
08:18
Peter Dunn
Yeah. Kristen, how do you get your head around not only that aspect, but the other one of the argument that's been going on this entire time? It seems unfair and I used air quotes there. Around $400 billion goes to help a certain group of people. But the landscaper who started his business right out of high school is not served by this well.
08:40
Kristen Ahlenius
It's also 400 billion over 30 years. So the cost is over. That was what I read in an article this morning, and to someone I understand and I empathize with trying to wrap your head around the fact that you may have made different life decisions if you had known that the government was going to pay off your student loan debt. But I would also encourage you to look up government spending and the amounts of money that are spent on things that you might not benefit from, because I'm certain that the government spends lots and lots of money on things that you might not inherently agree with. So I just ask that maybe you use a lens of empathy with that argument.
09:23
Peter Dunn
Yeah. Dame, I am not an attorney. I did not go to law school, although I've watched several TV dramas that involve the law. Here's where I think the most compelling part of this is number one, clearly when the Biden administration did this, they specifically did it as an addendum or modification of the Cares Act so that it could at least pass muster. Number two, I think the idea of, well, is that really a modification? I think that becomes the operative point. But then the distraction, as you noted, and this is where my mind is sort of blown through the whole thing is the people who brought this in front of the Supreme Court. It's hard to argue that there's any level of standing. And so specifically, that organization was it the Attorney General of Missouri that brought it on behalf of another organization that could have brought it themselves?
10:17
Peter Dunn
Mohilo. Right.
10:18
Damian Dunn
Mohilo.
10:18
Peter Dunn
Yep. So, Kristen, with a minute remaining in our current discussion of this, we're not going to get a ruling until June, is that what we hear?
10:25
Kristen Ahlenius
Yeah, I think the end of June, early July is what I was reading.
10:28
Peter Dunn
And when do student loan repayments start back up?
10:31
Kristen Ahlenius
Well, it could be as soon as 60 days after they make a decision. So they're essentially giving borrowers two months to then figure out what their reality is post decision.
10:42
Peter Dunn
So the decision to start payments back up is tied to the Supreme Court decision?
10:47
Kristen Ahlenius
Yes, but it's no later than I want to say. It was September 30 in the article that I just read. So if they come to a decision before that, you still have 60 days.
10:59
Peter Dunn
All right. So with 20 seconds left, Kristen, does this loan forgiveness go through?
11:07
Kristen Ahlenius
I think you better get ready to make payments.
11:10
Damian Dunn
Dame doesn't go through, but I think the administration is going to try and figure out another way to increase the pause.
11:17
Peter Dunn
I agree with Dame and Kristen because they build on each other, and I think there'll be another attempt for loan forgiveness through Congress, which was the whole point of the Supreme Court. Coming up after the break, what's the biggest threat to stability in your generation? We'll tell you right here. I'm Pete the planner. Tight little diddy there. Yeah. Again, I didn't say that. But the Supreme Court was like, yeah, okay. Neat, big thing. Go through congress. That's the first strength.
11:47
Kristen Ahlenius
And also, you're not Mohila. That was kind of the other thing that I got from it. You're not Mohila.
11:54
Peter Dunn
Yeah. It's weird. That's where the I i struggle as someone who doesn't study the law and didn't ever study the law of, like, okay, three really compelling things. You have no standing whatsoever. Right. There's this idea of, is it the modification? And then the third thing is it a modification if it isn't a modification? Well, Congress needs to be. I just it's so interesting. I guess that's why we have a.
12:24
Damian Dunn
Yeah, I mean, if there's a legitimate question about whether or not the action that's trying to be implemented is legal, it seems like there ought to be a way for somebody to challenge that. And maybe that's just through Congress coming in and saying, no, you can't do that, and here's this law that says specifically that. So I don't know. But, man, I'd like to think that if there was some question about what a president was doing, citizens would have a direct way to challenge that versus relying on Congress, which may be in lockstep with the president on doing that. I don't know.
12:57
Peter Dunn
I tend to always agree with Big Rick Swank as one of the best listeners in the history of this show. Of the two and a half million people download, rick says the executive order stuff has gone way too far. It's hard to disagree with that. It's just hard to disagree with that. I thought it went too far under President Obama. I thought it went too far under President Trump. And I think what we're seeing is it may have gone too far under President Biden. Now, I also have to note Congress and the executive branch have gotten so contentious with each other in the last two decades that I think the executive order is a way to get things done. But I don't know. It seems like a chicken or the egg thing to me. Yeah.
13:39
Damian Dunn
I am not a fan of executive orders. I appreciate the efficiency that it can bring to the system, but I think it opens the door for a lot of things that will be tough to unwind or one administration sets, the next one rolls back and you're just playing with this ever evolving set of rules quickly.
13:58
Peter Dunn
When was the heroes act?
14:00
Kristen Ahlenius
That's what I thought.
14:01
Peter Dunn
Oh, boy.
14:02
Damian Dunn
That president was President Bush, by the way.
14:08
Kristen Ahlenius
But your follow up comment was not wrong. That was still the justification that Trump used.
14:14
Peter Dunn
Yeah. The heroes act for the cares act.
14:16
Damian Dunn
Correct.
14:17
Peter Dunn
Okay, I'll correct myself because only be so much wrong during a day and it's my waking hours. Okay, Kristen, are you ready to also, as we start here, explain the generations?
14:29
Kristen Ahlenius
Yes.
14:29
Peter Dunn
Okay, here we go. In three, two, one. Back on the Pizza Planner show. It's the correct what you said in the last segment edition of the show. The Heroes Act, of course, was in 2003 under President Bush. That's George W. Bush. Mission accomplished. All right, we are wondering how each generation is most at risk when it comes to stability. So we're going to spend some time here. Think about your grandparents and your parents and yourself and maybe your kids. You're looking at these generations and you're going, okay, what's the one element or a couple elements within each of these generations which really risk their financial stability? And so in order to understand who we're talking about, kristen, can you define the generations for us with some numbers?
15:25
Kristen Ahlenius
Yes, I can. So, first, I did not know that there were two sets of boomers, but I'm looking at Google says that there are so there's the first set of boomers, which they are currently 69 to 77 years old. There's a second set of boomers. They are 59 to 68. I'm comfortable with lumping them all together because I was not prepared to make arguments for separate generations. There Gen X, they're currently 43 to 58, and then millennials are currently 27 to 42.
16:02
Peter Dunn
Okay. And then are we going to talk about Z's?
16:04
Kristen Ahlenius
I think we should talk about Gen Z. So Gen Z, I think, is just younger than 27.
16:08
Peter Dunn
All right, dame and I are the closest to boomers here. We are technically, based on what you just said, we are Gen X and you are a millennial. Kristen so, Dame, let's start with boomers. Biggest threat to financial stability.
16:21
Damian Dunn
For boomers, in my opinion, that's going to be more frequent and drastic volatility in the markets as they either approach or enter into retirement. The assets that they may have set aside, the resources they've built up, may just get chunked down very quickly. They may have done a lot of things right, but based on stuff outside of their control, they may suffer and not have the assets they thought they were going to for retirement.
16:51
Peter Dunn
I'm going to agree with you in a very weird way that what we're talking about is income stability, actually, because we're talking about the income derived from those assets. Another piece of income derived from government is Social Security and Medicare. And I would suggest and this isn't political, although there's a lot of talk about cuts to those things politically, I think that's a giant threat. If those programs are touched for anyone 59 or older, there's no Plan B and it feels more real than ever before that could actually happen. Yeah.
17:34
Damian Dunn
Dave and that's actually a wider ranging impact because folks who rely on Social Security alone to get by in retirement will certainly be impacted by this. But somebody who's done a very nice job of saving and preparing and then Social Security is just a supplement to their retirement plan may have a little bit easier time of weathering your scenario, but they'll still be impacted. So Social Security and the potential reduction thereof in the future, however long Congress decides to kick that can down the road, that could be a very big impact to income stability.
18:12
Peter Dunn
Yeah. Kristen that's got to be closer to the people at the 59 years old end of the spectrum, because it's not like people who are 80 are going to be impacted by that, honestly.
18:22
Kristen Ahlenius
Yeah, I think that the greatest threat for the younger boomer is that they launched their career under this premise that Social Security for a lot of them would be enough. And I think as again, younger boomers are approaching Social Security age, they're realizing that, oh, maybe this might not be enough. And so I think not. Then delaying your decision to take Social Security could be the biggest threat for that younger group of boomers.
18:52
Peter Dunn
All right, Dame, next group, you and I, Gen X. Kristen, why don't you try to make judgments about really established adults like Dame and I here? What do you think the biggest threat to our stability? We love hearing financial advice from millennials about our lives. What do you believe to be the biggest threat to Dame and I from a stability standpoint?
19:14
Kristen Ahlenius
Youth, travel, sports.
19:16
Peter Dunn
Okay. All right. We have written jokes. We have jokes. The Kristen and Company show is live in several markets.
19:25
Kristen Ahlenius
No, I think that the greatest threat is lack of or maybe just college planning in general. I think Parent Plus Loans could be the greatest threat to intermediate and long term stability for Gen X.
19:40
Peter Dunn
All right, so Dame parent plus loans. Big deal. I am going to go a slightly different direction. I'm going to not go with Parent Plus loans solely, but because the cost of college is so high and assets have been used to fund that, then retirement itself has not been funded. And then I'm also going to take one that is probably more of a millennial issue, but I think it's going to hurt us. Gen X. The worst is the computers are coming for you. If AI has the implications that we think it has, that it will replace workers in the workplace, I think the most vulnerable people are going to be the oldest workers, which is you and me. How did we become the oldest workers?
20:35
Damian Dunn
Yeah, that's a really good question. If you listen to some pundits, they'll say that, don't worry about AI. There's nothing to concern yourself about. It's going to lead to a life of more leisure and relaxation for yourself. So I don't know if I buy that. I agree with you completely that if AI and robotics and machine learning and all that stuff comes online in the way that it kind of looks like it might, the folks that the older folks in that spectrum who aren't going to be able to retrain and learn and be able to participate in that workforce. We're the ones that are going to be potentially left out.
21:11
Peter Dunn
So I have a very specific example that is so on the nose in many ways. I'm going to share with you, and I learned about this yesterday. I was talking to a friend who has decades in the radio industry, decades, really important person, knows a lot. And the biggest threat to local radio, at least these days, is the fact that you can take a person's voice and create what do you even call it? AI around their voice. Then you can input a read for that talent to read. And so you're going to get to this point where there will not be radio personalities between songs and talk shows may obviously keep going because it's about the discourse, but these people going, oh, next up is Green Day. Yeah, that is a robot now. And so you're going to have industries like that where you can take a person's voice and have the computer and the AI populate the words to say and that's where it gets scary.
22:21
Damian Dunn
Radio stations are going to be nothing more than advertising departments and the program manager is not going to have anybody to yell at.
22:28
Peter Dunn
Yeah, I don't know why this talk on generational stability got to AI other than I brought it up. But Kristen, I do think the one compelling part that is yet to be figured out is sure, you can take a good voice and you can tie it with good words, but what makes effective communication are the pauses and the volume and the speed of which someone presents. So I feel like there's a little bit more meat on that bone left to figure out.
22:54
Damian Dunn
You don't think AI can figure that out?
22:56
Kristen Ahlenius
I was going to say I don't think that's a far leap at this point.
23:01
Peter Dunn
Comic timing. You're telling me that AI can figure out timing?
23:05
Kristen Ahlenius
AI. Told you. What did it tell you, like, two weeks ago? That it was going to take over the world and steal the nuclear codes? Like, you think it can't figure out comedic timing?
23:15
Peter Dunn
That seemed very pointed.
23:17
Kristen Ahlenius
I'm just saying.
23:19
Peter Dunn
Dame, how much do you think health impacts Gen X's stability?
23:26
Damian Dunn
A lot, because I would anticipate life expectancy to expand in Gen X and definitely in the younger generations as well. But we're going to see longer lifespans, which means those assets are going to have to stick around for longer and they may not be available to do such.
23:43
Peter Dunn
Biggest threats to millennials and Gen Z coming up after the break, talking about what are the biggest threats to financial stability for each of the generations right here on the Planner show? I am. The forum mentioned Pete the planner. Yeah, that's a good point, Kristen. I don't want to say that on the air because I don't want to give you credit for being smarter than me, but yeah, good point. All right, we are starting right back up. Three, two, one. Back on the Pete the Planner show. We're discussing Kristen's favorite topic. She journals about this. She has several tattoos on her arms that discuss this idea of what's the biggest threat to stability for each of the generations. We're now on to millennials. What's the biggest threat to financial stability? We will start with Dame so we can make judgments about Kristen and her brothers and sisters of the generation.
24:37
Damian Dunn
I think the biggest challenge facing millennials is a DIY approach to investing and saving. But getting your advice when you choose to get it from influencers on TikTok.
24:50
Peter Dunn
Wow. Now, here's the thing that bridges the line between I think he's serious and is he joking, and I would make an argument for each one. I thought you were going to go with Avocado Toast, but you went with yeah, dame. Who are you getting your advice from? Is that it?
25:10
Damian Dunn
Yeah, essentially. Who are you getting? Are you participating? And if you are, who are you getting your advice from?
25:17
Kristen Ahlenius
You don't think that some personalities that have existed before the influx, like before social media became as popular as it is, didn't threaten Boomers or Gen X's stability?
25:31
Damian Dunn
It depends on what they're preaching. I don't want to names, but please don't. Yeah. Most of what some of the bigger named individuals that we would recognize, they're preaching sound fundamentals for the most part. But when you go on TikTok and you're looking at trying to navigate whether or not an IUL is a solution for every financial problem that you face, literally every financial problem, you're in trouble.
26:05
Peter Dunn
But that advice has been going on for decades, dude.
26:08
Damian Dunn
But only certain groups.
26:10
Kristen Ahlenius
I was going to say, in his defense, I see that quite a bit on social media now and the conversations that are happening online about those types of opportunities. It's concerning Pete.
26:28
Damian Dunn
When we had reunion last fall and were enjoying an evening together, one of our coworkers was engaged in a conversation with somebody that she was chatting with at the facility were at, and she grabbed me. Yeah, bar. I don't know the bar were at drinking. There could be kids in the car, and I didn't want to influence them at the bar, and I'm pretty sure it was Gigi. And she grabbed me and pulled me over and said, okay, you tell him what you just told me. And it was an IUL conversation. Somebody in their mid twenty S, and he was considering an IUL. It's out there.
27:10
Peter Dunn
Well, can I play devil's advocate here?
27:13
Damian Dunn
Sure you can.
27:15
Peter Dunn
Diablo's Advocate was just my high school Spanish name. What's wrong with considering an IUL as your core foundation? I'm focused on the word consider. What's wrong with looking at all of the options and deeply considering them? Like, I listen to media outlets that I fundamentally disagree with their stances because I want that information. What's wrong with considering something like that as the core of your is it beyond consideration? Sure. But considering there's nothing wrong with considering.
27:53
Damian Dunn
It, I guess be an educated consumer. I've got no qualms with that. But if you're listening to somebody who's telling you to forego four hundred and one K and even the match and put all of your money in this after tax, because this is a tax deferred vehicle, too, there are issues out there, and that industry is not regulated nearly as strictly as what the investment advisor industry is.
28:17
Peter Dunn
Well, that is 100% true. Right. You can't go to broker check a lot of times and find any information about that now. Kristen I think the biggest risk for millennials are housing. Mean, I guess we could spend some time who do you blame? But I think the idea that a house can mean some level of stability eventually, not even in the moment. I don't think housing provides stability in the moment like a lot of people do. I think it is an eventual stability factor that is not being realized because housing prices are so high that investment groups are coming up and buying up homes and driving up prices of homes. That's my biggest threat to millennials.
29:08
Kristen Ahlenius
I think that's fair. I think what I feel is like a continued elimination of private home ownership is a threat, for sure. It has nothing to do with my Avocado toast. But I also think that for millennials, specifically, there is a huge threat to the treadmill years that we talk about with your kids being in daycare and then not being able to pivot really quickly, to kind of play what maybe feels like catch up once you have that income. Freed I think that's a huge threat.
29:43
Peter Dunn
Dame here's one that is slightly provocative and I will regret tomorrow. What about this idea that this next generation is shifting major life events, marriage when they're having children, mid career, retirements and then go back? What about these just major lifestyle choices? Is that a threat to long term financial stability?
30:16
Damian Dunn
It could be. It depends on how well you've planned some of this stuff out. We haven't in mass navigated questions like this before to see what the long term effects are. You and I can sit down and say, well, this is just a math problem and we can figure this out, and try and make sure that you can hit all your goals and live the life you want to. We all know that there's more to it than that. There's behavior issues that go behind that. So what if somebody decides to retire early and they like it, and they are like, I ain't going back to work, I don't care? Bad news, your assets say that you can't do that or you're going to have to hashtag van life, as Big Rick Swink would say. There are plenty of issues that could be faced by people who are going down that path, but we just don't know what the consequences are going to be and how to prepare them for some of these decisions ahead of time.
31:10
Peter Dunn
Kristen what about cryptocurrencies and the popularity of spending money on actually, that dovetails.
31:19
Kristen Ahlenius
Really nicely because I think for younger millennials and Gen Z, I think the greatest threat to their stability is influencer, culture and over consumption.
31:29
Peter Dunn
Man welcome to the old guy club. Kristen welcome.
31:35
Kristen Ahlenius
You don't need a container to put your dishwasher pods in so that you're under the sink looks aesthetically pleasing. It comes in a container, and if that. Makes me a boomer, that's fine.
31:46
Peter Dunn
Isn't it inappropriate to say I love.
31:48
Damian Dunn
Her on the air?
31:49
Peter Dunn
I don't know. There's different types of love.
31:53
Kristen Ahlenius
I can't help it.
31:55
Peter Dunn
I think influencer culture. Big. Rick Swink just is co hosting the show now. Brings up in the Facebook Live chat every Friday, 10:00 A.m. Eastern sports gambling, which we've talked about here on the show. Do you feel like for younger millennial men or maybe Gen Z men, that is a threat?
32:13
Damian Dunn
Yeah, definitely. It's just becoming part of culture at that point. It's who you got this week? What are you doing? What apps are you using? And it's going to be really hard for someone to build consistency in their financial life without a tremendous amount of discipline when you're dabbling in something that gives you all the emotions and dopamine hits as gambling would. So gambling will absolutely be a challenge for younger generations.
32:43
Peter Dunn
All right. Boomer. Kristen, oldest person on this show, Gen Z. What's the biggest financial stability threat to Gen Z?
32:50
Kristen Ahlenius
I think it's overconsumption. I think that tail end of millennial and Gen Z, it's that you have to have the newest, the latest, the greatest, and Amazon's going to deliver it tomorrow or whoever. I think that overconsumption is a huge threat.
33:03
Peter Dunn
Dame, is that no offense, Kristen. Is that too reductive? Is that too just like too distilled down to the gripe of an old woman or what are we thinking?
33:12
Damian Dunn
I think it's legit. I think they're marketed too, and they've got more options in front of them than any generation prior to them and they are constantly being asked to consume.
33:24
Peter Dunn
We got 30 seconds left. Someone asked me yesterday why I don't think there's more of a push for financial literacy in schools. And I said it's because the people that lobby for financial literacy and fund financial literacy in schools are giant financial institutions that don't want people to actually make the right decisions. What do you think about corporate ethics role in younger generations? And it's with that, we go to a break. Coming up after the break, biggest waste of money of the week and the news right here on the Pete Planet show on PTP. What do you think about that?
33:55
Damian Dunn
Yeah, some would say that's a conflict of interest. Pete.
34:01
Peter Dunn
Is that a horse sound?
34:02
Kristen Ahlenius
What was yeah, that was.
34:08
Peter Dunn
Just we got a couple minutes here. For a long time, I thought my brain worked older than my actual age by as large a gap as anyone I knew. Like, I'm an old man inside of a young person's flabby body. We actually are the if what if this just lovely young Kristen Ahlenius actually had a bigger age gap between the way her brain works and her human vessel? We actually are the if what if this just lovely young Kristen Alanius actually had a bigger age gap between the way her brain works and her human vessel? What do you think?
34:45
Damian Dunn
It's possible. I mean, I don't want to brag, but when I was a freshman in college, somebody told me that I was the youngest 45 year old they'd ever met. So do the math there, Kristen. That makes you older than me.
35:01
Kristen Ahlenius
In first grade, my teacher had a meeting with my parents because she said I was too grown up to be a first grader and that it was a problem for me because I was born an adult, so I absolutely could. And I just told you that when I saw you this week. Pete I said, I'm old on the inside. That's why I love McAllisters.
35:23
Peter Dunn
My daughter, I think, will suffer from the same problem. When she was in preschool. On parent teacher conference day, the teacher said Olivia believes that she co teaches the class with hilarious okay. Loud sounds in the background, distracting element point that I'm going to give no other context to. I might be starting a new podcast.
35:49
Damian Dunn
Excellent. Can't wait to not hear about it right now.
35:52
Peter Dunn
Okay, let's do Biggest Waste of Money of the Week, and it's with better co hosts.
35:56
Damian Dunn
Indeed.
35:57
Kristen Ahlenius
Probably. Yeah.
35:58
Peter Dunn
This week's biggest waste of money of the week, right here on the Pete the Planner show is Highland Park 54 year old Scotch whiskey. This week's biggest waste of money of the week, right here on the Pizza Planner show is Highland Park 54 year old Scotch whiskey. Oh, Kristen, you're good at the whiskey.
36:17
Kristen Ahlenius
Guesses I'm so mad.
36:18
Peter Dunn
In 2008. Highland park master, whiskey maker, gordon motion. Can I get it one time out here? Yes, granted. Gordon Motion. That's a great name. Dame.
36:31
Damian Dunn
Yeah, stellar.
36:33
Peter Dunn
Who's got the best name on our show? Let's just think about just, like, who's got the best? Ahlenius probably out. Alanius probably out. Okay. Just probably. You're done. Okay. Sorry.
36:43
Kristen Ahlenius
Literally miscellaneous. Yeah, she's not that is good name.
36:48
Peter Dunn
But you have to get Miss In there to make it interesting. You're out. There's an AHL. It's confusing. People look at them like, how many, Kristen? Okay, if we're being real, how hard is it for people to try to pronounce your name the first time they see it?
37:05
Kristen Ahlenius
It's so hard.
37:07
Peter Dunn
It took me two years. Okay, so you're out. Peter Dunn or Damian Dunn? Peter Dunn or Damien Dunn? What you've got is you've got three syllable first name versus a two syllable first name. Which one's better?
37:18
Damian Dunn
And I've got a little alliteration going with mine too, but I would say Kristen's name is better than mine because of the nickname. So there we are.
37:27
Peter Dunn
Gordon Motion came across ten refill casks distilled 40 years earlier. While the light colored spirit inside was remarkable on its own, he had other plans and placed the liquid into first fill sherry season casks, where it would reside for another 14 years. The result is Highland Park 54 year old Scotch whiskey, the brand's oldest and rarest release thus far. It has a highly complex flavor with hints of everything from oak and peat that's peat. To jasmine and kiwi. And arrives in a decanter inspired by the cliffs of Yasnabi. Inside, a detailed wooden presentation case it's limited to just 225 bottles, one for each year of the brand's history. Okay, Kristen, world's worst guesser. What do you think this 54 year old Scotch whiskey sells for?
38:31
Kristen Ahlenius
Does scotch usually I'm not a Scotch gal. Does it usually have kiwi undertones it?
38:38
Peter Dunn
Sounds like a little bit of a red herring. The question in front of you is, how much does it cost?
38:44
Kristen Ahlenius
It costs $1,200.
38:47
Peter Dunn
Okay, that's a guess. How much does the 54 year old Scotch whiskey cost?
38:55
Damian Dunn
20 grand.
38:59
Peter Dunn
$47,000 a bottle. Kristen, you have earned your title as world's worst guesser. Before we go too much further, I do want to make quick note. Dame, what percentage of faith do you have that this is 54 year old Scotch whiskey?
39:15
Damian Dunn
Zero.
39:15
Peter Dunn
Kristen?
39:17
Kristen Ahlenius
Zero.
39:18
Peter Dunn
Same. What's in the news this week, Dave?
39:21
Damian Dunn
The slow move toward a cashless society is helping send the ubiquitous ATM into decline around the US. Presenting challenges for those who still largely rely on cash. After peaking at 470,000 ATMs in the US. In 2019, the number of machines has declined over the past few years to 451,000, according to data tracked by the firm Euromonitor International. The reason most people quit using cash during the Pandemic and haven't gone back, especially younger people. Cash and checks are forecast to fall 14% of total payments from this year from 42% in 2010, the most precipitous drop coming just after the pandemic started in 2020. Officials from the ATM Industry Association I bet they got great parties. Questioned the Euro Monitor numbers, saying that while the dispensers were hit hard during the pandemic, they see a rebound in demand for cash. Here's what I want to discuss, Pete.
40:13
Damian Dunn
The quote that they had cash is still the payment method of choice for in person transactions of $25 or less.
40:22
Kristen Ahlenius
Discuss.
40:23
Peter Dunn
We cannot say the word I want to say on air, nor would I. No way. No way. Have you guys ever been encountered at a store or business where someone tries to pay in cash and they say they don't accept cash, and then the person starts pointing at legal tender on the bill, and they start yelling at them, and you have to have you seen that this is America? Yeah. Oh, it's the best. It is the best. It's like the guy at the airport gate screaming, respect my status. It's awesome. Kristen, how often do you spend cash over the course of 30 days?
41:00
Kristen Ahlenius
Zero times.
41:02
Peter Dunn
Maybe one for maybe one. Dame?
41:06
Damian Dunn
More frequently, because a lot of the swim events that I go to are cash, so I do it there.
41:13
Peter Dunn
Yeah. Even my daughter I had to go to watch a 8th grade girls basketball game last night that my daughter was cheerleading for a lot of levels to that. They know you have to scan a QR code when you come in, buy your ticket on the app, and then show the person at the table that you bought the ticket on the app, but the concession stand accepts cash, so I don't know what in the world's going on. Wow. Yeah. Dame what else is in the news?
41:40
Damian Dunn
To break the day trading habit that cost him friendships and sleep, crypto fund manager Thomas Mink first tried meditation and cycling. They proved no substitute for the high he got scrolling through investment forums, he said. Instead, he took a digital break. He installed software that imposed a 22nd delay whenever he tried to open coinstats or coinbase. 20 seconds might not sound like much, but it feels excruciating in smartphone time, he said. As a result, he checks his accounts 60% less. Quote I have to consciously make an effort to go look at that stuff that I actually want to know instead of scrolling through feeds and endless conversations about stuff that's not very useful, he said. More people are adding friction to curb all types of impulsive behavior. App limiting services such as Onesec and Opal were originally designed to help users cut back on social media scrolling.
42:33
Damian Dunn
Now they're being put to use in personal finance by individuals and some banking and investing platforms one sect. The number of customers using the app to add a delay to trading or banking apps more than quintupled. Between 2021 and 2022, opal says roughly 5% of its 100,000 active users rely on the app to spend less time on finance apps, and 22% use it to block shopping apps such as Amazon. Is this a good idea that should be implemented by businesses in the best interest of their customers? Or should it be an option that can be toggled on and off by the user?
43:10
Peter Dunn
I can't believe you brought this up. I honestly can't. I installed one SEC on my phone yesterday.
43:16
Damian Dunn
Really?
43:17
Peter Dunn
Yes. I can't believe you brought this up. So Ben, our VP of marketing, he and I are talking and he's showing me something, and his phone's, like, taking 30 seconds to pull it up or whatever, 20 seconds. I was like, what's that? And he's like, oh, it's 1 second delay so that you don't get that hit of dopamine that you're looking for on Instagram or LinkedIn or Twitter or whatever you're doing. So I installed it yesterday. I'm one day in. It's amazing. It's amazing. I want to install it on my daughter's phone, but I also can't. She's physically stronger than me, so I don't want to. Kristen does that appeal to you? Would you put One SEC on your phone or not?
43:52
Kristen Ahlenius
No, because I put time limits on categories of apps when my iPhone first did that. And do you know what I do? I hit ignore for the rest of the day.
44:01
Peter Dunn
Of course you do. But I think it's interesting. Try it. You can do one app for free. And then I paid $14 for annual because I needed it on a couple of different apps because I'm a behavioral nightmare. Dame would you do this?
44:13
Damian Dunn
I don't know, because same thing. I would just find ways around it. If I wanted to go around it would take a level of commitment that I just don't have yet. I can see why there's a benefit to it, which is why I said, should this be implemented on the company side versus leaving it up to the user in efforts to protect the health of the users?
44:36
Peter Dunn
What app, kristen, have you deleted from your phone in the last few years out of just Prudence and you're really glad you did?
44:44
Kristen Ahlenius
I would have said Twitter, but I recently brought it back and it was a mistake.
44:50
Peter Dunn
Yeah, Twitter is 100% my answer. I've deleted it. And occasionally I look at my desktop maybe once every couple of days, but I don't tweet dame Twitter, but I've.
45:01
Damian Dunn
Put it back on my phone as well. But I have a much healthier relationship with it. I will scroll and then as soon as I see something that makes me frustrated, I just close it and move on.
45:09
Peter Dunn
I deleted Facebook years ago and I know we stream on Facebook Live, but that ship sort of sailed. Kristen, could you delete TikTok today?
45:22
Kristen Ahlenius
Yes.
45:23
Peter Dunn
I don't believe can you? Can kristen delete TikTok today.
45:27
Damian Dunn
Sure she can.
45:29
Kristen Ahlenius
For how long?
45:30
Damian Dunn
That's it.
45:31
Peter Dunn
Forever. That's the whole point.
45:32
Kristen Ahlenius
No.
45:33
Peter Dunn
All right. That's all we have time for, because Kristen's got to get on TikTok. I'm sending you good vibes, TikTok.
45:38
Damian Dunn
Yeah, close enough.
45:40
Peter Dunn
Awkward. Good vibes, good vibes are all within the budget. I'm Pete the planner. Enjoy. TikTok. TikTok. J o. My friend says that Twitter is better with me. Is that what she said? Life is so much better without oh, no. She says I made that about myself. Man gosh, someone's a narcissist today. Life is so much better without Twitter. It really I i don't know if it's because of the pandemic. I'm just so much more sensitive to what gives me anxiety and then I try to eliminate that. Right.
46:14
Kristen Ahlenius
Sometimes not healthy, though.
46:16
Damian Dunn
I always run into there's five really good follows on Twitter that give advice without just aggravating you every once in a while and twisting. But the problem is, I don't unfollow everybody else. I leave them in my feed so I can see the power and the benefit of really concentrated follows on Twitter. I just clearly don't have the discipline to make those my only follows.
46:43
Peter Dunn
I said I wanted to do a 50 minutes show today and I could ramble on for another four minutes and just hit it right on the nose, but I'll take those extra four minutes to what, Kristen?
46:54
Kristen Ahlenius
Well, I just have a really quick story about my last name. You asked if people struggle with it, but if you want to leave Wingo.
47:02
Peter Dunn
No, please tell this very quick story about your name that I now it's.
47:06
Kristen Ahlenius
Going to be no.
47:08
Peter Dunn
I bet this is amazing.
47:10
Kristen Ahlenius
Go ahead in high school, I was in band, and my senior year I was a drum major. So you conduct in front of everybody? Yes, exactly. I didn't get to have a mace, but that's neither here nor there. So we go out onto the field and they're, like, doing their big announcement. They say the high school name and blah, blah, and they're like and led by the band director and by the drum major, and he goes, Kristen. And it was just dead. Like, he was so confident. He had his little speech going and just stopped.
47:43
Peter Dunn
And the drum kristen. Crap. I don't know how to say her name.
47:51
Kristen Ahlenius
It was pretty close to that.
47:52
Peter Dunn
Yeah. Okay, well, that's a good time. Time. Best of luck with both of your lives. I don't know what's going to happen this weekend other than a lot of snow and then Kristen's big event. But we will be back next week. Without Kristen, she is a one week suspension for a dumb story to end the show. All right, everybody stay getting money.
