00:10
Peter Dunn
Fire. Good day. Good day. Good day, everyone. Or shall I say good morning? Because starting this week, 10:00 a.m. Eastern on Fridays, the Pete the Planner show is live to you on YouTube and the Facebook. Joining me, as always is Damian Dunn. Dame, let's go with a wide shot today, which I know the podcast listeners love when we make visual references, but we just went with the wide shot.
00:32
Damian Dunn
You like, is this in reference to you need more screen to get all of me in?
00:38
Peter Dunn
I noticed you have been eating a little bit, Dame. So much going on. I actually had business travel this week.
00:46
Damian Dunn
What's that?
00:48
Peter Dunn
Oh, man, it was weird. It was so strange to be in a boardroom looking at actual faces as opposed to watching people virtually try to act like they're paying attention on Zoom, that it was great. It was good to get up in the Chicago area and do some work. And a lot more of that heading our way soon, so who knows how that affects the schedule of the show. But business travel is back.
01:10
Damian Dunn
Excellent.
01:11
Peter Dunn
All right, Dame, so much to deal with this week. Good morning. Danza is there in the comments, of course, faking a yawn because she says it's too early. Chris says good morning. Well, hello and good morning to Chris as well. Damian, you like this new time for the show? My voice isn't even awake yet.
01:31
Damian Dunn
I've never been forced to change time slots. I can only imagine. This is what big TV stars feel like when their show gets moved from.
01:40
Peter Dunn
Eight A to nine p. Jameson says good morning in Texas. It is early for him. Over the years, my radio show in the last I guess I've been doing this since 2009, it has changed time slots, just like you're mentioning there. Michelle says she likes the new time slot. That's good to know. It has moved over the years. And Dame, it's been some ugly places. It's been anywhere from 04:00 A.m. To 04:00 p.m. And just about everywhere in between. So it's almost like, well, hey, we didn't sell a weekend paid slot, so we're just going to slap Pete show here or there, which, hey, I'm not complaining.
02:18
Damian Dunn
Yeah. I feel like our affiliates kind of have the discretion to move us around as well, so we may not always appear at the same time around the state.
02:26
Peter Dunn
Speaking of, shouldn't I pull up the affiliate list today? It's been a while.
02:29
Damian Dunn
It was a gentle nudge.
02:30
Peter Dunn
I feel like it was okay. So I'm going to do that. Dame, say something witty and entertain the people while I pull up the affiliate list.
02:36
Damian Dunn
So I had an award show that we had to go to last night for our children's summer swimming dive. And the bartender was very generous with his pores. And somebody asked me what I was having, and I might have said that I was having a Tito's. And vodka last night.
02:56
Peter Dunn
I love it.
02:57
Damian Dunn
It's delicious.
02:59
Peter Dunn
Yeah, that's going to be my go to line when someone tells me what's going on. Hey, you're drinking too much Sanitos and vodka. Okay, I found the list, I think. Okay, Dean, let's start the show. Enough for Volody? It's been a couple of minutes already and we've only lost 80 people on the stream, so that's good. So let's get started. Today's show is about the labor markets and jobs report. We got an amazing email from a listener named Callie. Her name is Callista. She goes by Callie. I only know this because her email address by the way, how great of a name is Callista? It's a wonderful name.
03:37
Damian Dunn
Fantastic. We have friends with a daughter named Callista. She's a gentleman.
03:40
Peter Dunn
Does she go by Callie as well?
03:42
Damian Dunn
I don't know. I don't know.
03:45
Peter Dunn
Be really creepy the next time you sir, you just give her your own nickname. Mr. Dunn just calling me something different. And you're just like, Sorry, I call her Callie, everybody.
03:57
Damian Dunn
Yeah, that's probably not going to go well.
03:59
Peter Dunn
Anyway, Callie sent us a great email, so I've been meaning to read it in the last few weeks, but now that the new jobs report came out, it seems more appropriate to read it. Now we're going to talk about everyone's favorite segment, pete Was Wrong. Now. The little segment on Pete was wrong. So we'll do that and then whatever else happens and falls out of the mouth.
04:18
Damian Dunn
All right, let's do it.
04:20
Peter Dunn
Okay, let me get the clock ready. It's like every week is my first week doing this. You ever feel that way?
04:27
Damian Dunn
Every week being a part of it, yes.
04:29
Peter Dunn
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 that's Askpete@petetheplanner.com, and we will answer your email on the air, whether you're listening in Kendallville on WAWK, or even listening in Cocomo, Indiana, on WIO. I love that there is a financial show on WIOU, don't you?
04:58
Damian Dunn
It should just be all financial shows, shouldn't it?
05:01
Peter Dunn
I feel so that is also true. And WTRC in Michiana what I will call Michiana's own.
05:08
Damian Dunn
Perfect.
05:08
Peter Dunn
I am Michiana zone.
05:10
Damian Dunn
Oh, well, that's a statement.
05:12
Peter Dunn
All right. And of course, WIBC, our flagship out of Indianapolis. All right, Dame, enough of formalities. The jobs report came out this week and this Friday. Today. Good news, we did almost a million jobs in July, and that is very exciting.
05:29
Damian Dunn
A million jobs. Sure beats a sharp stick in the eye, but it's been a long time coming. Keep adding those jobs back into the economy and keep going the right direction.
05:39
Peter Dunn
So lots of numbers to share with you here, so stick with it. And if numbers bother you, well, actually, we'll talk about that in your next employment review. But there's 943,000 jobs added in July of 2021, which was more than expected, and the unemployment rate has now fallen to 5.4%. Okay? Now, as of the end of June, there were 7 million less people working than there was a year prior. Okay, I'll say it a little differently. The beginning of July the beginning of July, were still 7 million jobs down. And so one of the big questions people are asking right now is how will we get back to that level of and I'm using air quotes here, full employment, is it possible? And then how does that change some of the small tragedies happening within small business and big business alike as people scramble and struggle to find workers?
06:41
Peter Dunn
So that's what I want to talk about today. We are also going to break down where and what industries the July jobs came from, which then gets Callie's an emailer, who emailed us the last time we talked about this, gets her email involved. So that's what we're doing. Now, before we get started, Dame, any questions? You want to make sure that we cover something specific within this segment?
07:06
Damian Dunn
No, it's not necessarily something I think we'll cover, but it's a concept that has been rolling around in my mind for probably over a year now at this point. Way back in college, pete, my econ professor, introduced a concept called natural rate of unemployment that you could expect to see in a healthy economy. At that point in time, a few decades ago, it was around 5%. Somewhere in that neighborhood, when we hear five and a half percent, we think, well, that's not too far off. However, it's exactly the problem is exactly what you just mentioned. We still have 7 million people fewer working right now than we did exited the workforce for any number of reasons. And so they may not being captured on the specific report that generates unemployment. So just because we hear a 5% unemployment or five and a half percent unemployment doesn't necessarily mean that we're really close to everything being okay.
08:05
Damian Dunn
There are still some big issues potentially out there to slow this down.
08:10
Peter Dunn
First, it is worth noting that neither you nor I are economists. No, we are personal finance experts, which often reminds me, and I think I told you this before, when I first started my radio show back in 2009, I was trying to think of names for the show. Did I ever tell you what one of the ideas was that involves economics?
08:28
Damian Dunn
No.
08:29
Peter Dunn
I'm so embarrassed to say this, I might have to do it during a break because it is so cringe worthy. I wanted to call the show The Skeptical Economist, which makes no sense whatsoever because I wasn't an economist and I just thought it was edgy.
08:45
Damian Dunn
Yeah, I mean, it sounds great if you've got the creds to back it up.
08:48
Peter Dunn
Of course I didn't. I was 31 years old. I had hair and didn't have the CV to cover. All right, Dame, so here's something that I discovered this morning and some reading and some research that we're going to go back to the beginning of July for a second. We were missing 7 million jobs. There's 7 million people not working who were working a year prior. You know what I found that sort of freaked me out and it actually scared me a little bit is that it is estimated that half of those three and a half million I did the math for you three and a half million of those people retired early.
09:24
Damian Dunn
Okay?
09:25
Peter Dunn
So there are three and a half million people less in the labor force to fill these empty jobs that are needed to get the economy back up to speed. And that's sort of terrifying that people for two reasons. One, it's terrifying for the economy that we're not going to have that full employment that allows the economy to sink. But then the other end of it is actually a personal finance thing. I think you and I both know that three and a half million people retiring early or choosing to call their period of not working retirement, that's not a sustainable thing. And you're going to find three to five years from now those people trying to come back into the labor force and then it not being a very friendly, welcoming place for them.
10:12
Damian Dunn
No, I was going to point out that I feel like there's a very good number of those three and a half million that retired that said they were going to retire because that was the best alternative for them or maybe a way to save face or whatever the situation may be. They didn't necessarily want to retire. Maybe they felt they were forced into retirement at that point. So I would expect a good number of those people to seek out part time employment, if not full employment down the road because maybe their projections didn't look quite as good in reality as they thought they did or they just need something to keep themselves busy. But I do think that there's going to be some second guessing their decision to retire.
10:55
Peter Dunn
I always feel like when people get an early retirement offer and from time to times, our corporate clients will extend early retirement offers to their employees, people that we serve on a regular basis. And dame, I always feel like the dangling of a carrot or something shiny to say, hey, we're going to give you extra $25,000 if you piece out right now. That's a lot of pressure and I don't want to have a big sweeping generalization here, but I'm going to I think generally it's a bad idea to surprise retire on your own. You know what I mean? Most people should have a planned retirement and not surprise themselves one day and retire. Would you agree with that very broad, sweeping statement?
11:35
Damian Dunn
Yeah, we've talked about a number of these things in the past that can make retirement tricky for people are you prepared? Do you have the money and the resources that you need to retire and the style that you want to have you prepared yourself mentally for retirement? Going from full employment one day to saying, I'm retired the next could, believe it or not, potentially pose some hurdles that people have to cross when they are making that transition. What do they do with their time? What are they going to fill their days with? It's not just as easy as flipping a switch for some people. I understand that certain people look forward that day for a long period of time and surprise, I'm retired, isn't going to change how they feel or live one bit. But there are a good number of people who need a little bit of time to walk into that idea.
12:24
Peter Dunn
I was thinking last night, I have a friend who is retired, but a significant portion of their retirement income is them working. Okay. So go figure how that works. Right, okay. And I appreciate that, and I love the practicality of that in the moment. But what has always freaked me out about working in retirement, specifically when you need a significant amount of money from that employment to make retirement work, is that plan does not end well. Because at some point, you have to stop working or you will stop working, and then the whole thing falls apart and you don't actually have the assets or the income stream to back up that immediate deficiency. And, man, why am I freaking out about all these retirement things when we're talking about jobs numbers? I don't know why, but you start reading the data and, yeah, we're trying to deal with the economy right here, but Dame, I think about the individuals who've fallen out of the labor market by saying the word retirement, and it just sketches me out.
13:32
Peter Dunn
I don't know. Here's what we're going to do, though. We're going to come back after the break. We're going to talk about where the job gains were in July, and then we're going to read listener Callie's email, which I think sums up what we're doing perfectly, actually. She corrects us, which, hey, you and I both need corrected from time to time, often or so. I'm Pete the planner. Coming back next, more of this. See, last week, I had really good outros, like, all four of them. I felt really strong about. I'm out over one for the week.
14:01
Damian Dunn
All right.
14:02
Peter Dunn
And now more and soon more of this. If you're a listener on the radio, you're then jarred when the commercial starts because it's like, that's not a you know what I mean?
14:15
Damian Dunn
Yeah. Do they play music over your outros on the as you fade into the break? Do they play music? Nobody cares about this. I don't know why I'm asking this.
14:25
Peter Dunn
Yeah, no, they play intro, and they always play like John Mellon camp, which I have no problem with john Mellon camp. Or sometimes they'll play Ryman and stealing the Beastie Boys instrumental, which I appreciate. I made a Beastie Boys reference and a Fat Boys disorderly's reference during an important presentation yesterday.
14:48
Damian Dunn
Did anybody catch it?
14:50
Peter Dunn
Yeah, but it was one of those things that after it happened, it worked. But then I was like, why did I do that?
14:56
Damian Dunn
To seem hip?
14:58
Peter Dunn
I don't know. It was a bad idea. A couple of comments from the peanut gallery. Still early. Glad to see the Duns still had enough time to do their hair for the show. Jeremy. Jeremy's like, good man. And Andrew says we are the best. No, Andrew, you are the best. And Gordon up in Muncie says, skeptical Economist Pete the Planner, the cynical money guy. See, that's how ridiculous. I'm not that cynical, and I'm also not that skeptical. So that's how weird me trying to name the show the Skeptical Economist came out to be. Hey, Dunns, dame is quiet on my end and Pete is too loud. Oh, my Lord. Thank you. By the way, I just reacted in a way that makes it seem, Lauren, like I'm disappointed in you. Here's the thing. I'm disappointed in myself.
15:47
Damian Dunn
Yes.
15:47
Peter Dunn
But I will say I have figured out how to fix that in post. I can fix this for the podcast. And as they will know, because they're listening to this right now in their own due time, they're grateful that they did not experience, Lauren, what you experienced. Finally, before we go the next segment, craig P. Anderson Genius. I used to try to work Sci-Fi movie references and song lyrics into corporate leadership team meetings. Fun game. It is a fun game, by the way. Craig P. Anderson, excellent business coach and consultant to small businesses and CEOs alike. So let me find if I can find Craig's website real quick to give him if people are interested in that, I highly recommend it. Every email that he sends out, I find great value in. So I want to make sure that you people can find him. Clearpathcoaches.com?
16:37
Peter Dunn
That's clearpathcoaches.com. All right, Dame, let's come back and hear how were wrong. In three, two, one. Back on the Pete the Planner show. Dame. And when the June jobs report came out, went through a list of industries that those jobs came from. Do you remember that conversation?
16:59
Damian Dunn
I do.
17:00
Peter Dunn
And one of the major additions of jobs, just like this month, were government jobs. And you and I reacted in a way that were slightly dismayed that the vast majority of jobs in our country came via government jobs. And so it was sort of tongue in cheek, right? The idea that were sort of laughing about that. But there's some sincerity to our dismay that taxes go to pay all of these things or additional taxes. But Callie sent us an email that is incredibly thoughtful, incredibly well thought out, and actually puts us in our place. So I don't mind any form of criticism, but I especially appreciate when people respectfully tell me I'm wrong and I was wrong. So let's go ahead and read it. Hey Pete, I have answer to which kind of government jobs were added. Spoiler alert, they weren't IRS jobs because that was your assertion and that was tongue in cheek.
17:56
Peter Dunn
I have to admit. They used to have totally joked about them being IRS jobs. Also, for future reference, government is more than just the IRS, which wouldn't be a problem if things were going swimmingly. I don't know that's part of the email that doesn't particularly matter. Anyway, I believe our government jobs that would be included in a job count, including any local, state as well as federal jobs, any VA job, any public education job, anything civilian, military jobs related, and maybe even big m military too, state or federal firefighters, state or federal police and law enforcement related. So it's funny, when I was sort of joking, half joking, that all of these jobs were in the government, I kept thinking honestly, it was like pencil pushers, right? Like people just working in big government buildings, bureaucracy. And as Callie points out, that's just simply not the case.
18:53
Peter Dunn
So I was wrong. And I don't want to mislead anyone, but here's where the jobs were before I go to the jobs in July where they were dame. Any reaction to that?
19:05
Damian Dunn
I think we had maybe mentioned there were going to be a bunch of IRS jobs at that point, because the President at that point in time had just released a statement or a plan to hire a whole bunch of people at the IRS. So it wasn't just saying necessarily, oh, here come a bunch of people to collect our taxes. No, there was actually some logic behind it. And yes, the government does have a whole bunch of careers available to you. And like you said, federal, state, local, all those people are needed to make our worlds what they are today. Sometimes you could debate whether or not they're all needed, but you know what? People need some jobs. And I'm not going to get into the weeds on whether or not they're legit.
19:48
Peter Dunn
I will say, and I don't know if I indicated the other way, but during that last time we talked about this, but I want more IRS agents. As much as I hate dealing with taxes personally, as much as I don't ever want to be audited because of the rigmarole involved, we need more IRS people in the IRS, frankly, because things will get processed faster in a more efficient way. Anyway, July jobs. The biggest change was in the hospitality industry. 380,000 jobs added of the 943,000. Another 240,000 government. Like we just talked about professional and business services. Is that what we do?
20:29
Damian Dunn
Yeah, maybe business. I wouldn't call us professional.
20:32
Peter Dunn
That's a good point. 60,000 jobs. Retail trade lost 5.5 thousand jobs in July. So Dame, here's where I want to go next with this whole idea. There's a school district in the area in which we live, in fact, the school district in which we live, where they have such a shortage of bus drivers that it is affecting their transportation plans. And I bring this up not to complain, because I'm literally not complaining. I'm not critical of it. They've had to do what they have to do. But I think the realities of this are pretty interesting. They purport to be down, I think, close to 50 drivers. They're at 130 drivers. They want to be at 180 drivers. They're down 50 drivers, which means anyone within 1 mile of their school does not have bus transportation. You have to either walk or carpool or ride a bike.
21:29
Peter Dunn
Great. Hey, that's what I did growing up. I think my kids can handle that too. And we do live within a mile of our school. But I think the bigger issue goes back to our earlier discussion about retired people leaving the workforce. Just like, hey, I'm done tapping out. It could be argued that a number of school bus drivers are retirement age folks that are sort of just doing this for whatever reason. And when you add the complexity of vaccinations and infection rates and unvaccinated people younger than twelve, it does create this really nasty situation for someone who is elderly or pre elderly, driving around a bunch of unvaccinated people. You know what I mean? That's a reasonable problem that exists, but it's still a pretty terrible problem that exists.
22:21
Damian Dunn
Yeah, I think it's a very reasonable concern that guess what? We would all envision a typical demographic of a bus driver would potentially have. So if they are concerned for their personal safety, and whether it's here or it's you individually at your place of work or whatever it is, I don't want to single out a specific demographic here by any stretch. If you don't feel like you're safe at your workplace, that's a serious consideration to be wrestled with. So I'm sure that there are a number of people who have decided not to go back to their jobs for what they consider personal safety reasons. So it just so happens to be that this specific case that we're talking about right now is having very tangible effects on a great number of families in your area.
23:08
Peter Dunn
Yeah, by the way, I did sort of suggest that's my hypothesis, that it's about safety. I don't really know. But I do think people are leaving certain jobs, like you said, whether it be in hospitality or travel, where it's just like, why am I exposing myself to this unknown during this period of time? And I think that's part of what we will call the three and a half million people who have yet to reenter the workplace via employment. These are hypotheses of people who are not economists, by the way.
23:44
Damian Dunn
Sure food service industry. We're seeing that people aren't for a number of reasons, but it's hard to get employees in the food service industry as well. Whether it's because they've been chronically underpaid for a long time or whether it's health issues, because you are in a very relatively small environment coming into contact with a great number of people throughout your work shift. I would see how somebody could be very concerned about being in a relatively unhealthy environment if they are concerned for what they're facing. So it's a new day in concerns or considerations when you hire into a job.
24:23
Peter Dunn
I feel like one of my favorite things to do in my personal time is to read Yelp reviews and then get mad at the Yelp reviewer. I spend hours doing it. I love it because the overcritical nature of Yelp reviews, it just makes me feel how we're shredded. The threads of society are completely shredded and we're falling apart. I read one the other day that said, gave the person one star. They're like, the food and drinks and atmosphere were great, but our server didn't even know the beers on tap. It was like it was her first week or something. And I'm like, you do realize that we're in a labor market catastrophe here and it was very likely that person's first week.
25:06
Damian Dunn
Yeah.
25:08
Peter Dunn
Why would you criticize that? It's like the one I think I talked about on the show the other day where it's like a person gave three stars because they stood up from their table and they hit their head on the chandelier over the table, didn't hurt themselves. They just were like, so don't go there because of the chandelier issue.
25:27
Damian Dunn
I don't get it. Everybody's looking for their 15 minutes of fame, and if it comes through a 15 2nd sound bite or a Yelp review, they're happy with it.
25:37
Peter Dunn
It is funny. As a content creator of someone who provides content for the masses, my urge to be edgy has definitely tamed itself over the years. I used to have really hot, provocative takes. In fact, in the next segment, I'm going to tell you one of those that I used to talk about on TV all the time and in the newspaper, and now I've come to find out that, man, I disagree with that pizza planner that had hair. And I will do that for all of you next, right here on the Pizza Planner show. I'm pizza planner. Now that was an outro.
26:12
Damian Dunn
That was much better.
26:13
Peter Dunn
I just banged the table and everyone's ears blew up. Hello, pinkens. Mr. Pinkens. Greetings. Danza says food service says can't get employees because folks finally figured out the pay is insulting. Danza, that's a really interesting point that Mrs. Planner and I have been talking about. Mrs. Planner and I have been talking about labor economics a lot in the last couple of days. My thing is so how does this thing end up working out the people who are no longer in the workforce for now, but that will need to be in the workforce. That once child tax credits potentially go, once they go away, once the Eviction moratorium, which now is back, once it goes away, will that change their decision? I'm not sure it will, but I don't know. And this is also not me blaming people not working on government support. I don't believe that.
27:13
Peter Dunn
Right. So I'm not saying that, but I'm curious to see what the numbers show.
27:17
Damian Dunn
I have nothing constructive to add to that other than sitting and waiting can sometimes just be the best answer.
27:24
Peter Dunn
Jeremy says in Eugene, Oregon, they also have public transportation issues in terms of bus drivers.
27:29
Damian Dunn
Yeah, I don't think that's just a small sample thing. I think lots of school districts are having issues with transportation right now. My father in law taught in a school district for a great number of years where they didn't bus kids that lived in town. They had to walk into school or be dropped off. And that's been that way for, I think, probably since the 80s or 90s.
27:54
Peter Dunn
You would think in Eugene that they all just strap on their waffle weave Nikes and just run to wherever they're going.
27:59
Damian Dunn
Everybody gets one with their tax return every year.
28:02
Peter Dunn
All right, Dame, are you ready for Maya Culpa Friday? Pete was wrong. We may have talked about this recently on the show of what I'm about to claim I was wrong about. But you know what I'm so wrong about it that let's dedicate a whole segment to Hot Take Pete.
28:22
Damian Dunn
Okay.
28:23
Peter Dunn
Can I tell you a quick story?
28:25
Damian Dunn
Tell us all.
28:26
Peter Dunn
Like you, I assume one of the things that I will never get over is my desire to impress my wife. Right. I love seeing my wife interested in something I've done or accomplished because it gives me as much joy as when I used to impress my parents in doing something. This is my own psychological issue. Right. So I love when she says something complimentary to me. It's like Turkish delight in the lion. The Witch in the Wardrobe. I don't know why I said that. So before I went on my business trip, I said, honey bunny, I didn't say that. I said, hey, do want to go for a run? I just want to run a couple of miles because I'm going to be driving for 3 hours. And she was like, sure. So as we're getting ready for the run, I'm thinking, you know what I'm going to do?
29:20
Peter Dunn
Because she's so much faster than me. Like she's an actually really good runner and I'm just a schmo. I'm like, I'm going to drop the hammer. I'm going to run fast, I'm going to run at her pace. That what I perceive to be her pace. And this is going different than you think it's going to go, by the way.
29:38
Damian Dunn
Okay.
29:39
Peter Dunn
And so we go out for a run. It's just going to be 2 miles. And of course she's going to run. After our little run, she's going to go for a run. But I was like, I want to show her with the work I've been putting in, how I've gotten better. So we go and I run. I run like the wind. I think we averaged a 715 pace for 2 miles.
30:00
Damian Dunn
Nice.
30:00
Peter Dunn
Yeah. I mean, I'm running, I'm going, I'm breathing heavy. I'm sounding like a monster. It's like La Maz on a run and she doesn't say much and we get done. And I was like and she's like, well, that wasn't fun. And I was like, what? She's like, well, you didn't even tell me you were going to do that. I was like, well, yeah, I'm just trying to accommodate you. How you do? She's like, I wouldn't have done that. I don't do that. She's like, if you had told me you're doing that, I would not have gone. And if that's the way we're going to do this, I don't want to run together. And then it just like for 3 hours I drove to Chicago. I would just like, cried myself through the toll roads. I was like, oh, I disappointed her. You and I were talking before the show today about how you can my daughter does listen to this show, by the way, sometimes by dropping I'm not mad, I'm just disappointed on your kids.
31:05
Peter Dunn
When were kids, when our dads would say that to us, it was just like stabbing us in the heart. It hurt more than anything. And so now as parents, we try.
31:11
Damian Dunn
That on our kids with somewhat horrible results.
31:16
Peter Dunn
In three, two, one. Back on the Pete the Planner show. Dame from time to time, I give real hot takes that I'm like, hey everyone, listen to me. I'm a financial expert and in so much so that I do this. That my very first appearance on TV, which was on a show called Inside Indiana Business in December of 2005. Yeah, I gave the following advice. And by the way, a week later I was on WISHTV, the local CBS affiliate at the time. This was then in January of 2006. And I gave the same advice. I can actually find the clip if you want to. I look young and handsome. I had really good skin.
31:58
Damian Dunn
Was this a sport jacket with T shirt underneath it?
32:00
Peter Dunn
Pete no, that's when things were going well. I wanted to be edgy. This was still like, I might be in a fraternity sort of look. Okay, I'll fight it. We should link it up because it's sort of funny to watch. Anyway, here was the hot take I gave after I wrote my very first book, which I may have a copy of around here just to show you. Don't I have it around here?
32:21
Damian Dunn
Dane nobody on the radio can see no one cares.
32:24
Peter Dunn
Where is it? No. Anyway, it's a terrible book. It's called what your dad never taught you about budgeting. And it was 100 pages long, and it was also the size of a postcard. So it was just like I didn't have much to say, but one of my hottest takes was it was this whole idea, if you don't trust your spouse with money, you don't trust your spouse. Which there's some cadence to that. So remember, if you don't trust your spouse with money, you just don't trust your spouse. And part of the tactics involved with overcoming this lack of trust was that's why every married couple needs I'm calling the time out of myself. This was also a period of time in when you talked publicly about married couples, but you just didn't acknowledge that some people lived together and weren't married. That's how long ago this was.
33:21
Peter Dunn
You know how we talk around here. We very rarely say spouse, especially when talking to the people who call us, because it's just you don't know people's situation. Anyway, I'm on TV going, you don't touch your spouse with money. And one of the things you had to do was you always had to have a joint checking account, according to me, so that both of you could keep an eye and you could manage it. And that's how it works. Dame, that is possibly the worst advice I've ever given publicly. Oh, Pete, I got to find that clip now. I wonder if we can play it on the show. Can you play YouTube clips on this streaming platform we use?
33:59
Damian Dunn
Probably. You're the one that's in control of it, though.
34:02
Peter Dunn
I've got to find it. Let's see. Okay, go ahead. Keep going. Do you agree with that?
34:08
Damian Dunn
I'm curious as to why the backtrack.
34:16
Peter Dunn
Why I disagree with the advice I gave.
34:18
Damian Dunn
Yeah. I mean, you said you disagree with it. Now let's come full circle. Fill in the blanks.
34:23
Peter Dunn
Two reasons. First, there's the overall arching thing. If you don't trust your spouse with money, you don't trust your spouse. I think what I've learned is that at times, I don't even trust myself financially, and that's okay. And that's why you set up roadblocks to do certain things. I don't keep a lot of money in my checking account because I know if there's extra money in there, then I don't trust myself to not spend it. That's why I save money before I spend money. So the whole idea, if you don't trust yourself, that is in itself bad. That's not actually true. Right. I don't trust myself to not eat every Rice Krispy Treat that is in the home, which is why we don't have Rice Krispy Treats in the home. That doesn't make me a terrible person. It just means you know what I'm saying?
35:07
Damian Dunn
Yeah, totally.
35:10
Peter Dunn
And then the other element of this is just the logistics of the modern lifestyle of having two people pull out of the same checking account. I don't find it necessary. And I also don't think it's realistic, given that people are getting married later who have established adult lifestyles that then come together. Mrs. Planner and I got married when were 22. We were kids, just combining, no money. Right. And then since we don't have a joint checking account, we have two joint checking accounts which each of us have access to but only one person uses. Right. Because logistically, for how we run our financial lives, it just makes more sense when I think about how wrong I was. Not that anyone was watching the noon news in January of 2006, but certainly more people than do now. I just think sometimes when you give mass advice, whether you're trying to be edgy or memorable or whatever, you speak in absolutes and you end up hurting people who otherwise just want to do the best thing and you make them feel like they're doing it wrong.
36:22
Peter Dunn
So that's my Pete was wrong. I'm sorry I have less hair now, but I think I'm more handsome, if we're being honest.
36:28
Damian Dunn
I think one of the reasons that your system works the way that you and Mrs. Planner have everything set up is because you are very structured on how you work your financial life. You have goals, you have certain things that get done every month and you know that you have X amount of dollars each month to spend, whether it's on housing or food or utilities or transportation, whatever that may be. You know roughly where everything's going before it's all said and done, before the month even starts. I think the problem that some people run into, and this can happen whether you have a joint checking account or two individual checking accounts or five individual checking accounts, if you don't have goals set up and that's where things start to get a little wishy washy and problems start to occur. So if you don't know how much you're going to put away for retirement or a 529 or build your emergency fund and you're just waiting on the end of the month to see how much money is left over, that's where the issues are going to come into.
37:25
Damian Dunn
So whether you have a joint checking account or individual checking accounts, I don't think it really matters all that much. But you darn well better have joint goals that you're working on and towards.
37:34
Peter Dunn
Yeah, I agree with that. It actually goes back to the fact that I don't trust myself for money sometimes. That's why we have such a structured financial life. So then it is foolproof if you don't have those safeguards, then yeah, a joint account provides an extra layer of accountability and it does actually come down to accountability. The reason you would want a joint account is to hold each other accountable. But I've circumvented that entire idea by the structure we've created and I will say this. We have a lot less stress in our lives financially as it relates to our communication. Once we switch to separate accounts, of course, early. There are growing pains in this, and we did this freaking forever ago, right? I mean, it was a long time. We made the switch, and I recommend it for most people. Am I just going back to the other extreme here by saying I recommend it for most people?
38:33
Damian Dunn
Well, I don't know if I go that far either, because it's not uncommon to have one person who's very into the financial side of a relationship and one person who's ambivalent on the other side. And I don't want them to necessarily be responsible for paying certain bills when it's just not at the top of their mind or priority list. So I don't know. I think you have to take the temperature of your own individual relationship and make sure that you've got a system set up that is functional for both of you and still helps you achieve your goals.
39:06
Peter Dunn
Am I allowed to ask how you structure yours, or do you prefer not to answer? You don't have to answer it.
39:13
Damian Dunn
Yeah, you can ask whatever you want.
39:14
Peter Dunn
I'll just say, yeah.
39:16
Damian Dunn
We have a joint checking account, and we created one shortly after were married. We weren't too much I was older than you were when you got married, but my Mrs. Planner, Mrs. CPA, certainly was about the same age as the two of you. So we joined a whole bunch of not much money together exactly. And have not really had any issues going forward. We've got a whole bunch of savings accounts for various purposes, but we've never had any issues doing it the way we do.
39:49
Peter Dunn
Yeah, see, every which way works. I guess the lesson here is nothing is guaranteed to work. And if your way of working doesn't actually feel like it's working, then stop doing it and try something else. I mean, fact of the matter is, the reason we created Heymoney was so when people get in these jams and they behaviorally don't know what to do, they can talk to an actual expert, someone like you and your team, Dame. So to do so go to Callheymoney.com. Callheymoney.com, sign up. It's monthly. It doesn't cost very much either. All right, dame. So here's what I'm going to do during the break of the show. And I hate to do this to the podcast people and I hate to do this to the radio show audience, but I have found some very Pete the Planner on the news clips, so we are going to play them for the live audience here on the Facebook page.
40:37
Peter Dunn
So go to Facebook.com, Petetheplanner, if you want to see it. If you're a radio show listener and you want to see what I looked like a long time ago. So we're going to do that next. Coming up after the break, biggest waste of money of the week and current events. Here's the thing about current events. There's a lot of them. They're often current. We'll do all that next. I'm Pete the Planer, and this is the show. Okay, so dame. All right, it's going to take me a second to figure out exactly how to do this. All right? Wait, hold on.
41:07
Damian Dunn
That's the wrong button.
41:08
Peter Dunn
I did not mean to do that. I legitimately didn't mean to do that. Okay, I'm embarrassed already.
41:23
Damian Dunn
All right, hold on.
41:24
Peter Dunn
It's going to take me a second, okay? Oh, man. This is when you create your own marketing clips. It's so embarrassing. Okay, hold on. Everybody sing a song. People on the radio are not going to hear this. Okay, hold on. I'm going to stop this screen share. Everyone, hold on. Everyone relax. Sorry, podcast. Kind of not. Sorry, podcast. Oh, I gotta hide the other stuff on my screen, so hold on a second. Oh, there it is. Okay, can everyone see this? Dame, are you cringing?
42:02
Damian Dunn
I've seen that picture before, so I'm kind of cringing that you're sharing it with everyone.
42:06
Peter Dunn
Oh, my God. This is so much regret.
42:10
Damian Dunn
That's the T shirt sport coat that I was referring to.
42:13
Peter Dunn
Yeah, it's a Pug T shirt with a sport coat. Are you ready for this?
42:19
Damian Dunn
Hopefully you can hear it.
42:20
Peter Dunn
Okay, here we go. Oh, boy. Can you hear it?
42:26
Damian Dunn
No.
42:29
Peter Dunn
It'S now.
42:41
Speaker 3
Money man versus money man.
42:48
Damian Dunn
Was that the smallest desk in business that we saw earlier with you sitting by a computer?
42:55
Peter Dunn
Yeah, possibly. So here's what's funny about this. There's a lot to break down here. Number one, this was the era of marketing yourself, like pre influencer, the beginning of social media. You had to make a splash. And so self promotion, this is like the Heyday of self promotion. So, of course, I did this on my own computer. I put all these different clips together. So, number one, I'm cringing based on the level of self promotion here. But I have to say, on an expert journey, if you will, an expert's journey, as I watch other people go through this now, there's always those stages, like the really cringe inducing stage where you will put a quote out on social media. That it's your quote, but you've created a stylized background for your own quote. I did that. Now it makes me laugh. But second thing you'll notice of this is I look so much younger.
43:59
Damian Dunn
Oh, yeah.
44:00
Peter Dunn
Like a different person.
44:02
Damian Dunn
Yeah, you did definitely look like, fresh out of college at that point.
44:10
Peter Dunn
And I also loved that the newscast turned to a 28 year old schmo, or however 30. No one cares. And I was there. I was their expert. I knew some stuff and I could communicate it rather well. But that's embarrassing on a thousand levels.
44:29
Damian Dunn
I'm good on you for sharing it with everybody and being willing to do that.
44:35
Peter Dunn
All right, so by the way, podcast. If you want to see this, go to actually, you know what you can do on YouTube? You can actually just see what I search. Go to man space v space money, man VMoney on YouTube Just search it, and you can even search Pete the Planner along it, and you'll see that video.
44:59
Damian Dunn
Wow.
45:00
Peter Dunn
Boy, why did I do that?
45:03
Damian Dunn
I don't know.
45:05
Peter Dunn
I think looking back on a career, and especially in sort of mass advice, I've learned a lot. At some point in time, I thought being an expert was about not only knowing everything, but making sure everyone knew you knew things and that you're right and they must follow you. Right. That is part of what I thought was the case. Here's what I've learned. Now, it's not me shouting down a mountain. It's me walking alongside people who might want to learn a thing or two. Right. It's just a lot more laid back, and I much prefer it the way we do it now as opposed to back then.
45:47
Damian Dunn
Lauren, look at your competition at that point. You were clearly trying to fill a niche that was wide open at that point.
45:58
Peter Dunn
By the way, Lauren is killing it today. She just says, let's see if we can get that to 200 views. That's the funny thing about self promotion, is that I spent all this time building this clip as of right now. I put it out on January 31 of 2012, and it was 132 views.
46:20
Damian Dunn
Was that the only place you put it was on YouTube?
46:23
Peter Dunn
I think. I don't know. I probably Facebook. And much rather than I will say that Man Versus Money was a track that DJ Metrono friend of the show made back then.
46:33
Damian Dunn
Nice.
46:34
Peter Dunn
I know. He's the best. All right, let's do our real show here.
46:37
Damian Dunn
Okay.
46:38
Peter Dunn
There's actually old radio show on here, too, now. I kind of want to watch one of those. Oh, you want to watch one of my first radio shows? All right, we're doing this. Do you have anything to do? I have a lot to do today, but I don't care because this is sort of fun. Okay, the radio is missing out. All right, hold on, everybody. Oh, boy. Dame, do you like this, or is this not your jam?
46:58
Damian Dunn
I just feel even more out of control than I normally do right now.
47:03
Peter Dunn
Here we go.
47:03
Speaker 3
Good morning, and welcome to Skills Your Dad Never Talks, right here on Pete the Planner radio Network suit and tie edition coming to you August 1. I don't know what's today? I missed the memo chip. Maxwell missed the memo. Chip, you're wearing a kilt.
47:22
Peter Dunn
Okay, what is happening?
47:27
Damian Dunn
Why wasn't I given a kilt? Chip had a kilt, and I don't have one.
47:32
Peter Dunn
Oh, my God. I don't know if it could oh, boy. Has 49 views.
47:39
Damian Dunn
It never crossed my mind that you actually used to go into the studio to record.
47:45
Peter Dunn
And I would only video myself and leave my co host off camera.
47:48
Damian Dunn
Well, they might prefer that, of course.
47:50
Speaker 3
Is the show to learn everything you need to know about money. And occasionally, Chip, if you're drinking a hot beverage, it's good to tickle your nasal passage because you're going to spit it out your nose when you laugh at us.
48:00
Peter Dunn
I got to stop. I got to stop. I mean, I'm sweating, but here, for some context, it made sense at the time. Do you want to hear another horrible moment of early days of radio? I used to fill in for the actual drive time show in the morning on News Talk, 1430 WX and T. And I thought I was funny, as you can tell. And so when I would give the weather report, which people depend on, right? I mean, people want to know the weather. That's why you say it so often. I would say things like, it might be wet today, but it's likely to be. I would just say these things. You're going to be a little bit sweaty. But I would never give the temperature. I would never give the real weather. I was trying to be clever and say different ways, and I think back all that and I'm like, God, everyone hated me and I thought I was so funny.
49:05
Damian Dunn
I can't believe they let an FM personality on an Am station.
49:11
Peter Dunn
No, this was am.
49:13
Damian Dunn
I know that you were clearly going for an FM crowd talking to an Am audience.
49:18
Peter Dunn
Well, the thing was, the studio was right next to the true FM sort of flare show, and I would go occasionally go on to that, too. Let's skip ahead just a little bit more.
49:29
Speaker 3
Run the engine dry, right? So they have to drain the oil and run it dry. Jeff the car guy, our resident car expert up at Toyota Muncie, told me this week that they had to run dry an infinity.
49:42
Peter Dunn
Okay.
49:43
Damian Dunn
Boy, your voice is so much better now.
49:46
Peter Dunn
We've also talked about how a voice develops. And part of the reality of a broadcast voice developing is when you listen to yourself in ear monitors, it changes the tonality of your voice. You can hear yourself. It changes. And then your radio voice, which you develop for radio, becomes your regular speaking voice. And let's go back to the show. Oh, my God. Do you think 20 years from now we'll show clips of this show and be embarrassed?
50:13
Damian Dunn
No, we won't. Somebody else will.
50:15
Peter Dunn
We'll be retired or dead? Yeah, I'll be dead. You'll be retired. Okay, let's do the real show. Boy, I don't know if that was good or bad, what just happened.
50:27
Damian Dunn
Do you need to notify chip that happened?
50:30
Peter Dunn
I'll text him.
50:31
Damian Dunn
Okay.
50:35
Peter Dunn
In three, two, one. This week's biggest waste of money of the week right here on the Pete the Planner show is, by the way, on the radio. You just had a couple of minute break because there were some commercials and whatnot, but between segments, went down memory lane. Trip down memory lane. We were pulling up old YouTube videos. The first year of the show in 2009, news clips from 2005. So I highly encourage you to go to Facebook.com. Pete the Planner if you don't like Facebook, like me, no offense, everyone who's currently watching on Facebook, go to Youtube.com, Pete the Planner, and you can watch the show. The live event from today's show. Today's show is called the Pete the Planner Show. 8621 dame this week's biggest waste of money of the week is the Ray Band Aviator solid gold sunglasses. Ray Band's Aviators are arguably the most iconic sunglasses in history.
51:32
Peter Dunn
To celebrate their eighty th four th anniversary, the company is creating the most exclusive pair yet. As the name suggests. That's always good marketing, then. The Aviator Solid Gold is indeed made from polished 18 carat solid yellow gold paired with classic Polarized G 15 glass lenses. Only 84 examples will be available. Why do they say examples?
51:55
Damian Dunn
That's a good question.
51:57
Peter Dunn
I don't know. Dumb copy. Only 84 examples will be available, each individually numbered on the inner temple, and they arrive with a certificate of authenticity inside special packaging, along with a classic leather front snap carry case. Dame, how much do you believe these Rayban Aviator solid gold sunglasses, which are very descriptive of what they are. How much do you believe they cost? All 84 examples.
52:22
Damian Dunn
First of all, are you not supposed to wear them since they're called examples? Is there a collector sunglass market that I'm not aware of?
52:30
Peter Dunn
Sure there are.
52:35
Damian Dunn
Have to be high to wear them.
52:37
Peter Dunn
Yeah, $3,454. Here's why this is a waste of money. Back when I was in college, I did an international trip to Spain, class trip, and I bought some Rayban Aviators at a Spanish department store. Okay? And I was so excited. They were my first pair of Ray bands, so I bought them, put them on. We got in the bus to go to our next destination, and the bus windows were tinted, and so I couldn't see anything because it was so dark in there. So I took off the ray bands and put them in my pocket. Because I never owned a pair of Ray bands, I would go to pull them out my pocket an hour later, and they were mangled to all get out. So this is to suggest, not only if you have Aviators and you put them in your pocket, will they be mangled.
53:27
Peter Dunn
But Dame, you know how soft gold is because that's how you roll. Can you imagine how mangled those things are going to get?
53:34
Damian Dunn
That's why maybe you're not supposed to wear them. They call them examples because they're not actually meant to be worn.
53:40
Peter Dunn
Well, listen to this. Jeremy, who's a pilot who is watching the show right now, says, funny, because we can't even wear polarized lenses in the flight deck. What a waste. Dame I don't know if I knew that pilots can't wear polarized lenses, but I'm sure there's a reason that makes sense.
53:55
Damian Dunn
I'm sure there is potentially polarization in the glass that the pilots look out as well. Maybe the polarization doesn't play well together.
54:05
Peter Dunn
My friend Sam and I have this debate as to when you walk off of a plane, whether you should thank the pilot. It and my take is, of course I'm going to thank the pilot. I'm going to thank the flight attendants. I'm not going to go over the top and fist bump them or anything. I'm saying, hey, thanks. His contention is they're just doing their job. And my contention back is, well, you can still thank someone for doing their job. Do you thank the pilot when you exit a plane?
54:23
Damian Dunn
Every time. Did you ever get to sit in a cockpit back when were kids? When you were actually allowed up in there? Did you ever get to do that?
54:33
Peter Dunn
Well, that's the old airplane. It's like have you ever been in a Turkish prison? I don't think I want I don't think I ever made it up there.
54:43
Damian Dunn
So I did a couple of times, but once at Lax and I left my sunglasses on the dash of the airplane.
54:52
Peter Dunn
How old is it? Like six?
54:55
Damian Dunn
Probably seven or eight would be my guess. Good times.
55:00
Peter Dunn
What's in the news this week, household.
55:03
Damian Dunn
Debt rose by its highest dollar amount in 14 years during the second quarter, thanks mostly to a surge in the housing market that brought the collective American IOU, not the radio station, to just shy of $15 trillion, the Federal Reserve reported Tuesday. Total debt balances jumped $313,000,000,000 in the April to June period, the sharpest rise since the same period in 2007. Most of the gain came from mortgage originations, both initial purchases and refinances, which have been on fire as a Federal Reserve has kept benchmark borrowing rates anchored around historic lows. Numbers. Pete numbers. Mortgage balances increased $282,000,000,000 for the period, up 2.8% from the first quarter and 6.7% from a year ago, for a total of 10.4 trillion with a T dollars. Over the past four quarters, mortgage originations have totaled close to $4.6 trillion, amounting to 44% of outstanding home loan balances. Now, I know what you're thinking.
56:04
Damian Dunn
That's great. Do you have any other numbers that could wow us? I do. In fact, I do. Credit card balances increased by $17 billion while auto loans were up $33 billion. Student loan debt actually decreased for the period, falling 14 billion to $1.57 trillion. As forbearance programs have kept education related balances in check.
56:30
Peter Dunn
There's explanations for every single one of these that all check out, right? I mean, the housing market is what's leading to people getting bigger mortgages. The increase in auto prices, especially secondary auto prices, are what's leading to car loans, the student loans. There's a couple of theories you could have there. But the big takeaway, as always, is when consumer confidence goes up, so do debt levels. And what has happened since arguably January is consumer confidence has gone up and up and up. It's gone up because the economy is opening back up. It has gone up because at one point virus was felt somewhat contained. That was a past tense, by the way, I just used. And then also you look at all the stimulus programs that are just putting money into people's pockets, which it's kind of easy to be confident when you got more money than you thought in your checking account.
57:24
Peter Dunn
And so dame, that's why people are going into debt.
57:26
Damian Dunn
Median US rent has risen more than 10% over the past year, according to Apartment List. As young professionals return to cities where they can't afford to buy, investors seem to have noticed an index that tracks shares of publicly traded apartment companies is up 42% since January, trouncing the SP. Five hundred s. Seventeen percent gain. However, on a slightly different note, Pete, over the last year, you and I both said were cautious, maybe even skeptical, about the future of commercial real estate and office space in bigger cities. How do we feel right now? Fall of 2020 or the soon to be fall of 2021?
58:03
Peter Dunn
This prediction time?
58:04
Damian Dunn
Yes, it is.
58:07
Peter Dunn
What am I supposed to indicate here? Am I supposed to say like, I'm bearish or bullish? What do you want me to say?
58:11
Damian Dunn
Yeah, let's go that way. Let's just make it nice and general.
58:15
Peter Dunn
I'm bearish.
58:18
Damian Dunn
Well, normally I would take the opposite side just to create a little bit of controversy or conversation, but last time I took the opposite side, I ended up having to read a public apology. That's true of the radio. So I'm just going to say I'm bearish too.
58:32
Peter Dunn
Yeah, I was in a giant office building this week, very giant office building this week, and a lot of people for one company work there, and there weren't many people in the building. And it's not that's not going to change, because that is going to change. I just think that the hybrid work from home people, their case has been made, and to unwind that, it's going to be pretty tough.
58:56
Damian Dunn
Yeah, I agree. I think work has changed, not for everybody, but for enough companies that I think there's going to be a surplus of commercial real estate for a long time.
59:07
Peter Dunn
The other side of that too is it's like, let's say I disagree with work from home, which I don't at one point I did. Honestly, I like to try to be honest. I don't necessarily disagree with it. I have a preference for all working together in person. But my insistence and how I feel is detrimental to what we're trying to accomplish. If I get stuck on that and I start grinding on people to always be here, then it is. Counterproductive because people don't want to be here and don't actually even want to work here. And so I think on a bigger level, that's what's going to happen, and that's why commercial real estate will suffer. And that is a non expert opinion.
59:47
Damian Dunn
I think you're right on a number of those points.
59:50
Peter Dunn
Dame this is a monumental show this week. Wow. I encourage you, if you're listening on the radio of one of our lovely affiliates, go to Youtube.com. Pete Planner watch the live recording of the show, and you can watch the archive. So went through some old school footage from 15 years ago of the show, and, boy, that was awkward. I'm Pete the Planner. I'm Pete the planner. This is the show. Wow.
01:00:23
Damian Dunn
Yeah.
01:00:24
Peter Dunn
I mean, what in the world?
01:00:26
Damian Dunn
Dame we knew were in for something preshow.
01:00:32
Peter Dunn
Yeah.
01:00:33
Damian Dunn
I don't think either of us anticipated this.
01:00:36
Peter Dunn
It's funny. We had a meeting this morning, and my brain wasn't working and yours wasn't doing so great. And I'm not saying that were necessarily witty today on the show or quick witted, but the show ended up actually pretty good.
01:00:48
Damian Dunn
I think it built momentum as it was going.
01:00:54
Peter Dunn
Boy, I'm in shock. I want to watch the rest of that radio clip. I do. Got to text Chip and be like, hey, man, I'm sorry. We just put that out there.
01:01:06
Damian Dunn
We told everybody that you were wearing a kilt a number of years ago.
01:01:11
Peter Dunn
I think often about conversations I've had, specific conversations that I had with individuals where I was trying to be so funny or clever or entertaining that I said something that now will make me audibly use profanity. Just when I think of the moment, I'm not kidding. I will be sitting on my couch watching TV. I'll think of something I said to someone trying to be funny, and I will blast a profanity I'm by myself because I'm like, oh, my gosh. And what you saw in that radio clip was that vibe of, like it's a very punchable vibe.
01:01:53
Damian Dunn
A question that occurred to me that clearly I didn't want to squeeze into a radio segment. How much of a difference in your mind is there between young Edgy Pete and old man gripey Edition Pete?
01:02:06
Peter Dunn
Oh, you're saying it's sort of like a time is a flat circle sort of thing.
01:02:10
Damian Dunn
I don't think there's really that much difference between the two.
01:02:19
Peter Dunn
Here's the thing. Okay, so I was a comedian at the time when we did that, so I was funny. It was legitimately funny. But I would also try to be funny.
01:02:27
Damian Dunn
Yeah.
01:02:28
Peter Dunn
And it's not that I don't try to be funny now. And I know that I am still somewhat entertaining. I think I have just a slightly different sense of humor than I did then I also go back to one of my friends at the time who helped us with marketing a lot back in the day, and were doing this brand exercise. She's like, well, how do you define who you are sort of in the business marketplace? And I was like, well, the first two things I said were young and funny. We've had this discussion before. D***, I remember. And she said, well, first of all, that's a bad idea because you will not always be young, as we know, and some people won't think you're funny. And so you don't want to tell someone you're funny and tell someone you're young because you can't build a brand on that.
01:03:12
Peter Dunn
That actually makes a lot of sense, and I'm really glad that I listened to that. I don't know. I have a different type of ego than I had 15 years ago. Like, I was still it was still a lot more about me back then trying to build, like, to be internationally known as this financial wizard. And whether I am now or not, I don't particularly care. But it is also not a goal of mine anymore. But that was my primary goal back then.
01:03:45
Damian Dunn
Yeah, I think you've got tons more perspective now than you certainly did then. And I think the one thing that's probably consistent is the fact that you're very comfortable answering questions, asking questions then as you are now. But what you found out is that the answers don't matter quite as much necessarily as you get older, the process and the consistency with which you apply them.
01:04:16
Peter Dunn
Yeah, that's so true, because that really plays into there's this belief in the financial industry that you try to turn have nots into haves. And I just don't think it's that binary anymore because I was empathetic back in the day, but I still came at it of trying to turn have nots into haves based on some definition of what it is to have. And if nothing else, that's evolved. And I also understand the circumstance. I was born on third base. My parents created tremendous opportunity for me and back that old Pete that you saw in there denied that. People would say that to me. They would say things like, you were born on third base. Why are you so cocky? And I'd be like, I wasn't born on third base. I was I don't know. Is that just life experience? I don't know what that is.
01:05:13
Peter Dunn
Growing up, that's how I'm different.
01:05:15
Damian Dunn
Yeah.
01:05:17
Peter Dunn
Privilege is something that even in the last couple of years, that you just have to well, you don't have to do anything. I've just chosen to acknowledge it, and I've chosen to say, yes, it existed, and then worked backwards off of that. Because prior to that, if people told me I was privileged, I would start with no. And I think, what's that matter? I think because if I acknowledge that I had privilege then I'm going to be able to serve more people if I denied that I have privilege, I'm only going to serve the people who also had privilege. Right? So that's sort of a this show has everything today, doesn't it, man?
01:05:53
Damian Dunn
It's an hour and five minutes of all over the map.
01:05:57
Peter Dunn
People are going to see this hitting their podcast queue and they're going to go, no. All right, Dame, I have to shoot 1000 videos right now or our colleague Oz will drive to the office and do some Krav McGahn on me.
01:06:10
Damian Dunn
Sorry, Oz. I'll give you some refresher tips if you need them.
01:06:16
Peter Dunn
All right? Hey, everybody, thanks for being part of this today. So we're doing this at 10:00 A.m.. I'm not sure. It might be long like this now, who knows? Because it's like when were in at noon that were up against stuff. But thanks for listening to the first version of the 10:00 A.m. Show. Oh, sorry, Dan.
01:06:31
Damian Dunn
Up against stuff like you getting out of the office and going home.
01:06:34
Peter Dunn
I'm not a doctor. Podcast people, you are going to want to watch this live stream. Pete the Planner or if for some reason you want to see your high school friends get angry about things, go to Facebook.com. Pete the Planner thanks, everyone, for listening live. Pete The Planner thanks, everyone, for listening live. Stay getting money.
