09:15
Peter Dunn
You picture this. It's 02:30 a.m on a Tuesday morning. You've just taken a cross country flight with your family. You arrive to your palatial estate, okay, it's just a neighborhood. And the day before you left, you had your air conditioner repaired, so much so that we talked about it on this very program. We guessed what it would cost, and it actually ended up costing less than $500 to repair, which is a gift from the Lord. It was amazing. I talked about it all weekend long with my loved ones out in California. And then upon arriving home at 02:30 A.m. On a Tuesday morning, you walk into a swamp of heat. It is 86 degrees in your home at 230 in the morning, and your beloved of 23 years looks at you and doesn't give you the loveliest look in the world. And you know what your week?
10:20
Peter Dunn
Beholds. Welcome to the Pete the Planner show. Everybody. Kristen oh, man. What a week at the Dunn household.
10:29
Kristen Ahlenius
Surely it's fixed now, right?
10:32
Peter Dunn
As of yesterday. And, of course, we record on Friday, so as of Thursday. So went all of Tuesday, all of Wednesday, and then big part of Thursday, our house was 90 degrees. No, I'm a sweaty man. And in general, to additional 90 degree heat on top of that, it was brutal. So a lot of takeaways here. Number one, the repair got it cost me $6,500 is what I'm telling you. It cost me 6500 American dollars. So I believe one of you guessed in that area on the show last.
11:10
Kristen Ahlenius
Week, I think Dame was like, six, maybe. And I said, OOH, I feel like it might be higher than that.
11:17
Peter Dunn
Well, so you both kind of win. We did replace. And, holy cow, by the time I woke up this morning, our home was a crisp hotel room, 70 degrees. And you do think it's like kristen when I was in college, we didn't have air conditioning, right? I just did for four years. And so, man, it took me back to those days.
11:40
Kristen Ahlenius
Well, in your this, the heat, at least here, has been next level, so give yourself a little credit. I feel. Kristen.
11:50
Peter Dunn
You lived in Yuma, Arizona.
11:52
Kristen Ahlenius
I did. The sunniest place in the world.
11:54
Peter Dunn
The sunniest place in the world, which sounds like my mortal enemy. If someone said, hey, Pete, I want you to live in the sunniest place in the world, I wouldn't ask any follow up questions. I would just say no. I like overcast, and I like about 56 degrees is my ideal temperature.
12:13
Kristen Ahlenius
Yeah. When I lived in Arizona, in the afternoon would let the house get to 84, 80.
12:22
Peter Dunn
Like, what's the temperature right now in Arizona? I know we're in this big heat wave. I know Phoenix is, like, 115, but.
12:27
Kristen Ahlenius
What'S Yuma is it hotter, probably a little bit cooler. Because I think theory there is there's not as much roadway that heats the area.
12:35
Peter Dunn
Totally. It. Yeah.
12:36
Kristen Ahlenius
So probably a little bit cooler, if I had to guess, but I don't know.
12:40
Peter Dunn
Kristen, I was in Universal Studios for a day last week, my family vacation before I dragged my kids to wineries and make them watch me taste wine. And let me tell you about Universal Studios. Have you ever been to Universal Studios in the Hollywood area?
12:59
Kristen Ahlenius
Oh, no, I have not.
13:00
Peter Dunn
Yeah. So I went to Hollywood during a writer's strike and an actor's strike, and I went to the studios of which they're striking against, and I felt really bad. I'm driving past picket lines, I enter the park, I break the line. And as a fellow entertainer, I felt really bad about that.
13:24
Kristen Ahlenius
But you did it.
13:26
Peter Dunn
But my kids don't care.
13:29
Kristen Ahlenius
That's fair.
13:32
Peter Dunn
How are you?
13:33
Kristen Ahlenius
I am good. I'm good. Thank you for asking.
13:37
Peter Dunn
You're welcome. Dame's not here. I don't know where he is.
13:42
Kristen Ahlenius
He's somewhere tennessee.
13:44
Peter Dunn
Sure. Dame's somewhere in the country, but not here. Do you think he's listening?
13:49
Kristen Ahlenius
No.
13:50
Peter Dunn
Good. I mean, good, because I want people when not working to not work. Like, you know what I'm saying?
13:56
Kristen Ahlenius
Yeah. I don't know that listening to the show really constitutes work, but yeah, having.
14:01
Peter Dunn
To deal with me is work.
14:04
Kristen Ahlenius
Touche, touche.
14:06
Peter Dunn
Kristen, on the show this week, we've got a wonderful couple email questions. I understand you made an impulse purchase here recently as well, so I'm going to dig a little deeper on that. Of course, we have the biggest waste of money of the week and the news. Before we go much further, I did discover something else at Universal Studios. Kristen I'm past the I enjoy ride phase of my I. I hated each ride worse than the last. I was so sick. They're like, oh, that was fun. The mummy ride and whatever. I'm like, I'm going to vomit all over the picketers because I felt so sick after every single ride.
14:51
Kristen Ahlenius
So it wasn't that you don't feel like you would have enjoyed the ride, it's that they made you sick is.
14:56
Peter Dunn
Why I get car sick. I have to drive a car or I get car sick. And so it was like everything made me car sick.
15:03
Kristen Ahlenius
I'm like, how do you fly?
15:06
Peter Dunn
Fine. I don't know. I sleep like a baby. No, sleep like a baby.
15:14
Kristen Ahlenius
No, I have to put those patches behind my ears when I fly because I get so motion sick.
15:19
Peter Dunn
Oh, the dramamine thing.
15:21
Kristen Ahlenius
They're a transdermal patch. They go behind your ear and they absorb into your skin and they're awful. They dry out your mouth. They make you feel gross. But it's better than getting sick on Gigi on the way to know.
15:35
Peter Dunn
Yeah, I feel you. All right, let's do a show. Hello, everyone. By the way, I've ignored everyone in the live stream. Hello. Rick and Rochelle and Jameson and Jason. And Andy. And Danza, of course. Big Rick, everybody. Okay, let's do the show. We're going to start with the email. I got to pull it up and I'm going to start with can I start with the second question?
16:03
Kristen Ahlenius
Yes.
16:03
Peter Dunn
Okay. Yes, ma'am. 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@peteeplanner.com that's askpete@peteeplanner.com and here's what will happen. We may actually answer your question on the air. It may just go to spam. I don't know. I don't dig through my spam. I actually don't even check this email address. Someone else does and then we talk about on the show. Speaking of someone else, hello, Kristen.
16:32
Kristen Ahlenius
Hello, Pete.
16:33
Peter Dunn
Director of education at your Moneyline. Kristen Alenius joins us. Kristen, let's begin the show with a really important announcement. You now have a master's degree.
16:43
Kristen Ahlenius
I do technically have the requirements of a master's degree, yes.
16:47
Peter Dunn
When is graduation?
16:49
Kristen Ahlenius
August. Question mark.
16:51
Peter Dunn
And what is your new master's degree.
16:54
Kristen Ahlenius
In personal financial planning. I dual majored in that in financial therapy.
16:59
Peter Dunn
And not that we should discuss someone's grade point average on the air, but when it is perfection, it is worth.
17:05
Kristen Ahlenius
Noting I did maintain my 4.0. That was my biggest goal going into the program. Yeah.
17:12
Peter Dunn
So I'm proud of you and I know all of our listeners are proud of you. So thank you and congrats, dear Pete, Kristen and Dame who's on vacation. Love the podcast. Thanks for sharing your knowledge with so many people in such an entertaining way. My wife and I recently completed a very successful short term, that's 18 month real estate deal that has resulted in us in having over 250,000 American dollars in cash right now. It's currently in our high yield online savings account. Short version of my question is, what would you do in today's environment with that amount of extra money in order to best take advantage of it? Some additional details for context that you don't have to read on air. Certainly wouldn't want to be accused of sending the world's longest email like that person a couple of weeks ago, but thought it was important to share some details.
17:59
Peter Dunn
We are currently saving about 20% of our gross income for retirement, including maxing out our backdoor Ross Solar four hundred and one K, and maxing out investing with an HSA and taxable brokerage account and also have a 457 B. We are maxing out. We do have an excellent financial advisor, but I'm always interested in other perspectives. The ideas we're going to go over with them mainly boil down to dollar cost averaging. Nothing else there worth noting other than just wish I was as Bravest Pete wearing fashion camo on Veterans Day. Another piece of context here. We are in our early 30s, so our current portfolio allocation is 100% stocks projected to be financially independent in our mid 50s. That does include the impact of this new cash amount. Important element here. Kristen annual gross household income is about 600,000 American dollars. We bought a new house last year and our interest rate is 5.75%.
18:54
Peter Dunn
Spicy, but not as spicy as your.
18:55
Kristen Ahlenius
Mortgage, kristen not as spicy as my sister's. Mine isn't quite there.
19:00
Peter Dunn
Okay. Only have one auto loan that's at 0% interest. Thought about keeping the cash, blah, blah, blah. What do we do? Did I miss any important elements of this?
19:10
Kristen Ahlenius
Don't think so.
19:11
Peter Dunn
Okay, so let's figure this out. Quarter million dollars. At what point do you reference a million dollars when referencing a money that isn't a million dollars? Yeah, but if you're just reading this email on your own, you're sitting there with your master's degree.
19:35
Kristen Ahlenius
Oh, boy.
19:37
Peter Dunn
And you look at it. Are you reading quarter million dollars in your head as someone with a master's degree in this, or are you going, that's $250,000.
19:46
Kristen Ahlenius
I'm going. That's 250k.
19:48
Peter Dunn
Okay.
19:48
Kristen Ahlenius
Yeah.
19:49
Peter Dunn
Anyway, what are you going to do with this quarter million dollars?
19:52
Kristen Ahlenius
Something that I see a lot in my work that I just want to make sure the emailer is preparing for is when we get to this point of seeming independence, like this financially independent place or this stable place. We don't always then go back and replan for the things that allowed us to get there. So, like, we talked about your car purchase on the show last week. So maybe keeping some funds aside for the next car purchase so that they don't have to take out a loan if they don't want to, that would probably be where I would suggest they start.
20:24
Peter Dunn
See, I think this is a version what you just said is a version of when someone retires having buckets of money that prevents them from pulling on their investments or drawing on their investments in down markets. And I also dislike the term slush fund, and I won't use it, but it's just a bucket of money earning five point well, they're not earning 5.75, but they might be earning 5.35.4, right?
20:52
Kristen Ahlenius
Five and a quarter, most likely.
20:54
Peter Dunn
I don't know. I don't necessarily think this accelerates their financial independence in a way that makes sense.
21:04
Kristen Ahlenius
Yeah, I would agree with that statement. And I think that's why it's so important to know where the next dollar goes. Because coming back to what is our highest priority, if for them, their highest priority is being financially independent and moving the needle lower and lower, because right now they said, what, mid 50s? So if saying, hey, let's get this lower and lower is priority one, well, then we invest these funds for the long term. There's not really a question mark there for me. But if they sound like people that maybe want to take some additional opportunities if they're made available to them based on how they acquired this money in the first place, well, sometimes that money has to be I shouldn't say sometimes. A lot of the time that money has to be liquid to make those moves. So the liquidity is important if you want those opportunities.
21:48
Peter Dunn
I do think this is an interesting aspect about their mortgage. They said, at our loan amount, paying extra on principal makes a very meaningful difference over the life of the loan. Just an extra $1,000 a month takes 13 years off and saves about $500,000 interest. It's sort of hard to not lean into that. Right?
22:09
Kristen Ahlenius
Agreed. And they said they're, I think, in their early 30s. So that would put them paying off the mortgage potentially ten years before they would want their current goal to be financially independent. So maybe that is the thing that moves them to that independence is eliminating what for most of us is your largest monthly liability.
22:30
Peter Dunn
Yeah. I'm curious how much more cash flow positive they are on a monthly basis. If we can ignore everything about their email other than their income and how much they're saving towards retirement, I wonder how cash flow positive they are. Because if they are, I don't think they need the extra core million dollars to take care of that mortgage situation. They could just use their extra cash flow. And I almost feel like they may be suggesting they are already doing that.
22:59
Kristen Ahlenius
That's fair. So is the answer then, based on some context in us filling in some of the gaps is you fund the intermediate and then you have to decide what that looks like to you. They gave us quite a bit of details and didn't mention children. My assumption based on that would be that they do not have children. So if they don't have children or don't plan to have children, that looks differently than if they plan to expand a family, which, as you and Dame tell me all the time, just bleeds. You make sure that you're planning for that adequately.
23:30
Peter Dunn
So I just did a little math on the radio, which is, oh boy, what I'm known for. If they're getting five and a half percent on a high yield savings account right now, that yields over $1,000 a month of interest. Quarter million dollars. Set the 250 aside, have that, pay the extra 1000 on the mortgage and you can have your cake and eat it too.
23:53
Kristen Ahlenius
I like that. I like that a lot because I get this vibe that they are opportunistic. And maybe that's why they're struggling, because the emailer wrote that he doesn't understand why it's hard for him to think about dollar cost averaging the money into an investment account when he's already doing that with his retirement funds. And maybe it's that lack of control that he's struggling with, knowing that investing it means he might not have as many opportunities should they arise.
24:21
Peter Dunn
Sometimes to answer this question, I have to remind myself that it's best for me to say, what would I do? What would I actually do? It's almost like the conversation last week around my car scenario what would I actually do? And I think I would set the 250 aside, high yield savings account, have the interest go to pay off my mortgage earlier. I think that's what I would do. Because if they're already financially independent in their mid 50s, what's the point? What's the point of locking it up any further?
25:00
Kristen Ahlenius
I think that's totally fair.
25:02
Peter Dunn
And of course, yes, we have to acknowledge that this is a good problem to have, and earning 600,000 American dollars over the course of 365 days as a household provides a lot of options. Is that fair?
25:16
Kristen Ahlenius
That's more than fair.
25:18
Peter Dunn
Okay, here's what we're going to do. Coming up after the break, we're going to talk a little bit more about the student loans restarting. We had a question around that and Kristen made a spontaneous purchase. That's all next here on the Pizza Planner show.
25:32
Kristen Ahlenius
My apologies. You've been running long outros lately, so I didn't want to offer too much there at the end.
25:39
Peter Dunn
No, it actually worked out because I didn't see the time. For those watching the live stream today, I randomly chose to broadcast from my office as opposed to walking 20ft down our office corridor, which is also a hallway. Kristen, what's the difference between a corridor and a hallway?
25:57
Kristen Ahlenius
Your net worth? I don't know.
26:00
Peter Dunn
That's funny. That's a good one. Yeah. Walking. I'm just doing it from here. Plus it's a major storm outside indianapolis, so I'm just sort of enjoying watching the lightning, thinking I could get struck. So that's good. Chris, big plans this weekend?
26:21
Kristen Ahlenius
Potentially finishing my basement for this fall for football. So that's good.
26:27
Peter Dunn
Wow. Like you're finishing your entire basement in a weekend. Is Ty Pennington there?
26:33
Kristen Ahlenius
No, it's like finished, I should say, but like getting it put together so a built in fireplace and then putting some sports decor around, that sort of thing.
26:47
Peter Dunn
When you think about the fall and it's the ultimate sports season, right. What game or team or moment do you actually look forward to? Of like, I'm going to sit and drink ranch water and watch this. What is this?
27:03
Kristen Ahlenius
I wouldn't drink ranch water because of the time of day that it airs, but I do believe that Lee Corso is a national treasure and I think that college game day is just unmatched and I would really prefer to sit in my basement this fall and watch college game day.
27:20
Peter Dunn
I asked this with kindness and hopefully some honesty. Does Pat McAfee enhance game day experience or is it just change it?
27:29
Kristen Ahlenius
He's okay, I guess I know what you're getting at. He's fine.
27:34
Peter Dunn
I don't know. I'm not getting at anything.
27:36
Kristen Ahlenius
He's fine.
27:38
Peter Dunn
I have to say, and he may view this differently. He and I did a celebrity comedy show together once.
27:45
Kristen Ahlenius
Really?
27:46
Peter Dunn
A couple of years ago, I don't know how many years ago, when he was still in the NFL and it was like a one night people of notoriety. Get up and do a stand up act. I did better.
28:01
Kristen Ahlenius
Good. I'm glad to hear that. I'm happy for you. I'm sure he remembers.
28:04
Peter Dunn
And there is a video on the internet of him admitting that.
28:07
Kristen Ahlenius
Just so you know, I'll hunt.
28:10
Peter Dunn
No, I don't know. I'll see if I can find I spent time trying to find that. Send it to you.
28:15
Kristen Ahlenius
Actually.
28:15
Peter Dunn
It's consistent with who I am. I look forward to Premier League soccer. English Premier League soccer coming back in about two weeks. Although, Kristen, I got a major problem. I support, essentially, the Chicago Cubs of the English Premier League. And they're called Tottenham Hot Spur.
28:36
Kristen Ahlenius
Okay.
28:37
Peter Dunn
Their owner was indicted in federal court this week on insider trading. I'm going to mess up the details, but no one cares. He's like, 86 years old.
28:48
Kristen Ahlenius
Oh, no.
28:49
Peter Dunn
He's worth over $6 billion. And he was convicted of some of the most audacious insider hear that? Thunder. Thunder. Oh, my gosh. Maybe God is a Tottenham Hotspur fan and some of the most audacious insider training I have ever heard of. Insider training is one of the things that people talk about and say the phrase, but unless you're really in the financial industry, you don't really understand all the ins and outs of insider training. This is just nuts. So, allegedly, he just gave two of his pilots $500,000 each, told him exactly what to buy, what stock to buy, because he's on a boards of directors and sorts of things. They made the purchase, repaid him both the half million dollars each, kept the proceeds, and he just did it as, like, a parlor trick, allegedly. Like, he was just doing it like, hey, blah, blah.
29:48
Peter Dunn
Hey, you want to make a little, like why? Brazen? Absolutely brazen.
29:57
Kristen Ahlenius
So you're still a fan of the team?
29:59
Peter Dunn
I'm still a fan of the team, but take that. And our best player, Harry Kane, being sort of on the transfer block. They call trades, transfers, whatever. It's problematic. It's going to be a long season.
30:13
Kristen Ahlenius
Oh, no.
30:14
Peter Dunn
The golden cockerel that stands above Tottenham Hotspur Stadium is hanging its head in shame. Their mascot is a cockerel. It looks like a rooster, but it's called a cockerel.
30:28
Kristen Ahlenius
Interesting.
30:28
Peter Dunn
And there's a giant statue over Tottenham Stadium. It's a golden cockerel. And for that, we will move on. Good call. Oz is in the office today, by the way.
30:41
Kristen Ahlenius
She's nervous.
30:42
Peter Dunn
She is our HR person and she is down from Chicago. She is so podcast people, sorry. There is a painting behind me, and one Caitlin Alanius, the one with the really high mortgage interest rate. She does not like the painting. And so I will describe the painting for those that don't can't see it. It is George Washington from the I believe what is that, a $1 bill, perhaps. And he is sort of graffiti. He's got gold hair, blue lips. I like it. I got this at CB two, which is Creighton Barrel two. It's sort of a strange store. You can't really find them. You can find them online. And I got it probably a long time ago, but you know how I am with time. Last week could have been before I was born. I think I bought this before I was born. Oh. If they think that's upsetting, I should go get the Benjamin Franklin one.
31:45
Kristen Ahlenius
Yes.
31:46
Peter Dunn
You know what? I might go do that right now.
31:49
Kristen Ahlenius
Oh, my now you my office or.
31:51
Peter Dunn
Is it in my studio?
31:52
Kristen Ahlenius
Last time I was there, it was in the studio. Up against the wall.
31:55
Peter Dunn
Okay, I'm going to run out. Will you entertain people for, like, 20 seconds?
31:58
Kristen Ahlenius
Naturally. That's who I am.
31:59
Peter Dunn
I'll be right back. People are going to freak out. There's people outside my door. I'm on the air. This painting is disturbing. Stand by.
32:06
Kristen Ahlenius
I think he's kind of overselling it a little bit. I don't think it's that bad, but who said Jameson? The artwork low key. Looks like Matthew McConaughey. Does anybody else feel like that's true? I can kind of see it. I also feel like he was a little disingenuous with the description of the lips. It very much reminds me of I grew up with Bratz dolls. That's definitely what it reminds me of, is a Bratz doll.
32:30
Peter Dunn
Okay, I'm back.
32:31
Kristen Ahlenius
Oh, boy.
32:32
Peter Dunn
Okay. This is so disturbing. Trying to go what shoulder. I want to go over. Are you ready? How disturbing is this? Okay, so, podcast people, what we're seeing now is Benjamin Franklin on the 100, and the picture is altered to paint his hair green in the style of, like, the Joker from Batman and with, like, red Kill List. I got this in the streets of Manhattan in Soho from a street artist named Jimmy Aponte, who actually is a pretty good Instagram follow. But I like it. But it disturbs people so much, I can't put it up.
33:24
Kristen Ahlenius
That's silly. I like it.
33:27
Peter Dunn
I don't know. Like, I'm interviewing two people for jobs today. They're coming to my office. I'm not going to show them. That why if you showed up for a job interview and you saw that, you would leave.
33:39
Kristen Ahlenius
If someone has any context of you as a brand I don't you don't think people Google before they come to.
33:46
Peter Dunn
A I'm just on the leadership team. As far as they're concerned. They don't know I'm insane yet.
33:54
Kristen Ahlenius
Daniel, that's a little harsh.
33:59
Peter Dunn
Daniel says go ahead and oh, other Daniel or this one? Two daniels.
34:04
Kristen Ahlenius
Dwayne Both.
34:05
Peter Dunn
Yeah, sorry. I know. Podcast people.
34:08
Kristen Ahlenius
Yeah, sorry. Anyway.
34:13
Peter Dunn
I got to go. We got to get going. Okay. In three, two, one. Back on the Pete the Planner show. Kristen, it occurs to me, or I have been told you did something in recent history here that is not really towards your character, and that is a major spontaneous purchase. A major spontaneous purchase. As someone with a master's degree in personal finance. What's the other major in?
34:46
Kristen Ahlenius
Behavioral financial therapy. Now you've got me confused about my own degree, right?
34:50
Peter Dunn
This is shocking that you've made this purchase, but it might be a little deeper than that. Help us understand what's going on and how price anchoring comes into all of, like, teach us a thing. Master's degree holder.
35:03
Kristen Ahlenius
Okay, so this week I was looking for a new tracker, like a fitness tracker, because I had a Series Six Apple Watch, and it's over two years old. And as far as that technology is concerned, borderline geriatric. So I'm looking for something new. I want to upgrade. And I saw an advertisement for a Fit. It's a ring. I think it's called the Aura ring. I believe. Saw an advertisement for it, thought, oh, my word, this is so cool. It's basically the new Apple Watch, except that it's not bulky. You don't feel like you couldn't wear it in maybe higher level, like, higher end situations or more formal situations. And I'm thinking, this thing is so cool, I really want one of these. And so I saw on their website the price was 299. I'm like, okay, so I'm doing all this research. I want one.
35:52
Kristen Ahlenius
I want one. Well, when I went to check out, I'm building my ring, decide I can live without the interface of the Apple Watch. I'm building my ring, and the only option that's 299 is the one that I wouldn't wear in a formal setting.
36:09
Peter Dunn
Can I get a time out? Do I get time? Dame's not here to track.
36:12
Kristen Ahlenius
Okay, I'll give you two.
36:14
Peter Dunn
What kind of formal setting are you involved with? Like, are you going to the White House? What's happening?
36:19
Kristen Ahlenius
No, I just mean that it looks to me, it doesn't look very feminine, the most basic one. And so for me, I don't feel like I would wear it if I was in a more formal meeting or if I was going to a nicer dinner. I think it would feel out of place with a more formal outfit for me. So the lowest price point was the only one that was 299, and that 299 became what's called anchor. So anchor, essentially anchoring is a cognitive bias, and it means that we tend to put a lot of emphasis on that initial piece of information that we get, and then we use it to make decisions. Usually it's used against us. Like, if you get emails for cheap Airfare, I get emails all the time that say, fly here for $37, and then it makes it feel like it's a really good deal.
37:12
Kristen Ahlenius
Well, it actually worked against this company because I was so fixated on the 299 price point that when I went to build my ring and it was more than that, I didn't think that it was worth the jump, even though I spent 399 on an Apple Watch.
37:26
Peter Dunn
So you got an Apple Watch for more but in your mind, it's like, well, you're getting a lot more for only a little bit more money.
37:33
Kristen Ahlenius
Yeah, that's exactly. And I didn't have to change interfaces. And I feel that if they would have advertised what I felt was the more realistic price point for the ring, because all the ones I saw online, the reviews, no females were wearing that most basic ring. They were wearing, like, the gold one. They were wearing the one that didn't have the it has more like an octagon shape. No one was wearing that one in any review that I watched. So then when I went to purchase it and wanted to buy the one that I had seen so many times, that one was 499.
38:08
Peter Dunn
Okay, so 299. It's a $200 difference is the one you would have wanted.
38:12
Kristen Ahlenius
Right.
38:13
Peter Dunn
And you abandon that plan and spend $100 more. You split the difference on a completely different thing. And this is how price Anchoring affects our brains. I'll say even as I was making purchase decisions this past week on a new air conditioner, I found myself in the same place, is that I was given a quote. We've discussed it. I'm not a good negotiator. I try to be. The thing is not that you have to be a tough person, tough guy to negotiate, but you have to be a little bit serious. And that's hard for me. I did get a better price than it was quoted, what I view to be significantly different. And so the fact that I was anchored on that higher price and I was able to go down made it feel really good.
38:58
Kristen Ahlenius
Yes, 100%. And there are examples all the way across the board where suggested retail price is really common because it gives you the impression that no matter what the sale price is, even if it's just that retailer carries that item lower than that suggested retail price, it makes you feel like you're getting a deal. 999 pricing. So both my Apple Watch and the Aura ring that I was looking at were both priced at the very top of those $100 increments. But it kept me anchored to wanting to spend something that felt like 200 or something that felt like 300. And then the final one, which I fall victim to all the time, even though I know it's happening, is when someone sets a purchase limit, like limit two or limit five per customer. Sam's Club does that, and it gets me to buy my Fair Life five cases at a okay, so wow.
39:54
Peter Dunn
So my version of this with Anchoring only by one or only by two, is I think if you go and if you like bourbon, oftentimes there are limits on you can only buy one or two because it's considered to be allocated or something like that. And it does force you to try to be like, well, I got to buy all that I can. How else isn't. Tipping somehow involved with price anchoring as well.
40:20
Kristen Ahlenius
Yeah. So I see this, and I think we've shared our frustration, not super directly, but in the miscellaneous fees and gratuities that just have become part of our world. And one of them is just mandatory gratuity because it makes the price feel like it hasn't increased. But then when you receive a bill, for example, went to a dinner not long ago, and for parties of six or more to sit together, there was an automatic 10% gratuity. And then that gratuity wasn't given to our server. So everyone at the table still feels that they need to tip because our server was great. And before you know it, the meal then had a tip of 30% on it because it was labeled as a gratuity. They weren't just increases in prices.
41:09
Peter Dunn
So I was in a restaurant this past Sunday night in Hollywood, and four of us ate, and it was a mandatory 20% service fee there. Okay. And then it said, gratuity is appreciated below the service fee. The people were with live out there, but it's still confusing. I didn't know what to do, and I felt like, okay, well, first of all, we wouldn't put gratuity on top of the new price. That includes the 20%. So if we did gratuity, it would be off the lower. It was just like, how is this getting hard? I don't want to feel tricked. I just want some chicken parmesan, right?
41:53
Kristen Ahlenius
Yes. And that's how I feel. And I was reading an article not long ago about why when you go to any, it seems like it's always a retailer or a merchant who uses an iPad, and there's always that option to tip. But as I understand it, please correct me if I'm wrong, the incentive there for the company who's providing that technology is that they get a percentage fee, which includes your tip. So of course they want you to tip.
42:21
Peter Dunn
I've never considered that.
42:23
Kristen Ahlenius
Isn't that how I really think that's how it works.
42:26
Peter Dunn
I've never considered that. You got me rethinking everything. Okay, let's dig deep on this in the minute we have left. So because merchant services, some of the processes, credit cards, they get paid on the number, from a percentage standpoint, of the amount of money processed through their service. So if that goes up, they get more. And that would even include gratuity. You believe, or you are hypothesizing, that gratuity is not exempt from processing fees? Because why would it be? Because it's coming out of your account.
43:03
Kristen Ahlenius
Exactly.
43:06
Peter Dunn
Oh, my gosh. This master's degree is really paying off.
43:10
Kristen Ahlenius
Oh, my word. So much regret.
43:14
Peter Dunn
Oh, my gosh. Every week here on the Pizza Planner show get taken to school by Kristen. Alanius, you said miscellaneous in that segment there, and I'm curious if it's weird for you to say miscellaneous.
43:27
Kristen Ahlenius
Not anymore. No.
43:29
Peter Dunn
Okay. Kind of up after the break. We do have some student loan updates, just like, how are things going to work a little bit in regards to payment? What sort of relief is available? That's all. Next right here on the Pete the Planner show. Pete, the planner. I don't have a lot of time to do what I've done between segments anymore. I've got a stacked day. But I will show everyone the bedroom in Franklin painting.
43:58
Kristen Ahlenius
I like it.
43:59
Peter Dunn
I don't it I get it. I had it hanging in one office and someone was working back there and they took it down. They're like, this stares at me when I work. And I'm like, well, that's how it's designed. Get your stuff done. I'm just kidding. I would never say that. One of our friends got his email about sending up payments for his student loans. Oh, I would love to see that, actually. I would love for Kristen to see that. I don't want someone without a master's degree looking over an email like that.
44:32
Kristen Ahlenius
I have so many regrets about letting Davey inflow. That in the general channel.
44:39
Peter Dunn
Oh, my gosh. Dave asking if we don't have time for this. Dave, why would you do business with anyone that you believe is trying to trick you? I agree, but you're at a restaurant, it's an amazing meal, and at the end you're like, I don't know what to do. Do. What am I looking for? Oh, the radio email.
45:00
Kristen Ahlenius
Yes. It's just short, right above the one you read, I believe.
45:03
Peter Dunn
Got it. Okay, let's do it in three, two wait, 5 seconds here. I don't know why. Three, two, one. Back on the Pizza Planner show. Kristen in October, student loan payments start back up. People are freaking out. It's going to jack up the economy. I'm not trying to scare you, it just is. But rules are still coming out as to what's going on. There's an email that asks about these said rules and you happen to know many of them. So we're going to have you help this person, dear. Good day, Pete, Damien and Kristen. I'll keep my questions short and sweet this time with regards to the round of federal student loan forgiveness, which addresses those people with income based repayment loans, some of whom had monthly loans of $0, or should you say monthly payments of $0 due to low income. Isn't debt forgiveness treated as taxable income?
46:00
Peter Dunn
So let's take an example of someone who's married, filing jointly with a gross income of $117,000, which after the standard deduction, puts them at the top of the 12% marginal tax bracket. Yeah, this is just a hypothetical. If they have $20,000 in loan forgiveness, that will push them into the 22% bracket, where they will owe an additional $4,400 in taxes all at once as part of their loan forgiveness. This is just a straw man example, but it seems like many people wishing for one fell swoop of loan forgiveness forget that debt forgiveness is a taxable event. An additional 4K in taxes owed could come as a surprise to many people who were struggling to pay their student loans in the first place. But Kristen, student loan forgiveness is not coming, correct?
46:50
Kristen Ahlenius
No. And I think what the emailer is referencing is the new income driven repayment plan, which we can circle back in just a second, but the American Rescue Plan Act in 2021 question mark, made student loan forgiveness tax free through the end of 2025. So someone who's qualifying forgiveness would not receive a tax bill. I can't say, and I wouldn't certainly make my student loan forgiveness decisions based on potential future legislation, but that plan, I don't know that I see a world where that doesn't get extended when the administration, the Department of Education, is pushing student loan forgiveness to this degree. So traditionally the emailer is correct. Traditionally, student loan forgiveness outside of an established program like Public Service loan Forgiveness is a taxable event. They are not wrong about that.
47:46
Peter Dunn
So when the government steps in every once in a while, you'll see tens of thousands of borrowers and billions of dollars of student loans have been wiped out through a special little something like a for profit college thing. Are those loans?
48:01
Kristen Ahlenius
I don't ever look at each of those programs like the taxation specifically because I think it's case by case. My guess would be no when they step in with that. But the income driven repayment plan, forgiveness that used to take 20 to 25 years, that was always a taxable event independent of the mass student loan forgiveness and Public Service loan Forgiveness because that would get you there sooner. But if you were trying to qualify for student loan forgiveness solely based on your income, that forgiven amount would be taxable historically.
48:32
Peter Dunn
So we are starting to hear a little bit more about how student loan repayment will begin again in October. And it's not as much of a thick drawn line in the sand as one would think. It's sort of wishy washy. Yeah, go ahead and repay, right? It feels pretty loosey goosey.
48:53
Kristen Ahlenius
Well, and I think it's because everyone has kind of I shouldn't say everyone me. I've been waiting for the new income driven repayment plan that was announced when student loan forgiveness was initially announced. And we do have some of the provisions of that plan. Some of them go into effect immediately, some of them not until 2024. But this new income driven repayment plan that's replacing one of the old ones will significantly decrease the amount of money that borrowers have to put toward their student loan payment each month, which means that theoretically, forgiveness balances could be higher for some, could actually be lower for others.
49:37
Peter Dunn
Interesting, and we are hearing reports of people beginning to get communications around repayment starting again. Are you seeing any early or hearing of any early troubles or is it going smoothly?
49:48
Kristen Ahlenius
I think there's confusion because the new repayment plan technically isn't a repayment plan, I believe is how that works. And so you have to apply for one of the current payment plans. So there are four repayment plans that base your student loan payment on your income.
50:04
Peter Dunn
Okay?
50:05
Kristen Ahlenius
They all fall under the income driven repayment plan umbrella. The new one that benefits almost everyone who's going to pay on income driven repayment is replacing one of the ones that already exists. So you have to apply for what's called repay revised pay as you earn and then be moved to the new plan because the infrastructure is not there to just let people be on it immediately. That has absolutely caused confusion in our daily work because borrowers aren't sure what they should do in the interim.
50:36
Peter Dunn
I have an impossible question to answer. Awesome with a faulty premise. I understand a lot of things. I understand a lot of financial things and to some degree, I understand how the government works, but not as much as I'd wish. How in the world is the average Joe supposed to figure this? Is it's impossible, Kristen? How is someone supposed to figure this out? And I'm not saying, well, make sure your company signs up for your money. Like, this is absurd.
51:07
Kristen Ahlenius
I do not disagree with that statement. And unfortunately, whether I agree or disagree with this, you are required more than ever to be your own advocate and to do your own research. And I will say that the StudentAid gov website is an incredible resource. An incredible resource. But I find that it is very much like the IRS website and the same qualms I have with both websites seem to continue to reign true. Which is that when you find the information on the website top tier, it always does a really great job of explaining, there's great FAQs, et cetera. Finding what you need, I find, to be cumbersome.
51:48
Peter Dunn
I have an unsubstantiated comment I'd like to make. I believe this will lead to more default because people will just throw their hands up in the air and not party like they just don't care, but instead say, well, to heck with this, I can't figure this out. I'm not going to do anything. Do you think absolute apathy will set in that is derived from confusion, or is this just an old bald guy wanting to get angry about something?
52:16
Kristen Ahlenius
I think it can be both.
52:19
Peter Dunn
Oh, good.
52:22
Kristen Ahlenius
What I think is true is that borrowers who need to apply for an income driven repayment plan will still benefit, even if initially they're not on the one that benefits them the most. So if you're someone who needs your student loan payment to be lowered based on your income and your household size, applying for an IDR has been and is still the move, you might initially be on the one that doesn't benefit you as much as the others. But I guess, worst case scenario, I'm trying to think through the timeline here would be next year when you reapply, you would see that a different plan is more advantageous for you. So ideally, you still end up in the right place. It just might take you a little bit longer to get there, and then in a year from now, you might be really frustrated that your payment could have been lower all along.
53:13
Peter Dunn
I'm also curious, when people switch these options, when they switch the plans, do they go backwards? Is it like refinancing a car loan or something? Or is it start with wherever you ended?
53:25
Kristen Ahlenius
Yes. So the new payment plan, one of the best provisions of this plan that we have kind of yelled and screamed about for a long time is that if your monthly payment doesn't cover the interest, that interest does not remain. So if your loan, let's just say, mathematically accrues $100 interest that month, your required payment based on your income and your household size, is $50. As long as you make the payment that's required, that other $50 does not follow you into the next month, which is a huge win for lower income households.
53:56
Peter Dunn
So it just is written off completely?
53:59
Kristen Ahlenius
I don't know if write off is the word, but yeah, it's gone.
54:03
Peter Dunn
That's peculiar and arguably fair. Right? I think what is so hard about student loans is that if you are not covering the interest, then they just keep growing. You hear horror story after horror story of people starting with $30,000 of student loans, and then 15 years later, they have $80,000 of student loans, which doesn't exactly seem right.
54:24
Kristen Ahlenius
Yes, exactly. And this plan hopes to eliminate those situations.
54:28
Peter Dunn
Well, that's nice. All right, let's do this. Coming up after the break, we've got a few different things. We've got the current events as presented by Kristen since Dame is on vacation. And we've got this week's biggest waste of money of the week. Kristen, I feel well informed to make a pretty good judgment about this week's bomb. Biggest waste of money of the week. And I'm also pleased that I get to present these ideas to you for guests. That is next on the Pete the Planner show. I'm Pete the planner. I was reading my email during that segment, which is a bad idea.
55:05
Kristen Ahlenius
Good. Awesome.
55:05
Peter Dunn
Yeah, I got a ridiculous email. I could go on a rant, but I won't.
55:14
Kristen Ahlenius
Also, I watched the guy that does the sound effects very underwhelming Michael Winslow.
55:20
Peter Dunn
Did you watch the Led Zeppelin One?
55:22
Kristen Ahlenius
I watched whatever one you put in.
55:24
Peter Dunn
The chat, and I was that was underwhelming his comedy. He was doing America's Got Talent, and he was doing, like, bits, and they weren't then a fast car went by. It's like, that's not a comedy. Like and then there was an ambulance. I'm basically the modern day Michael Winslow, except it is the modern day and he's still in it. So I don't know who I am.
55:48
Kristen Ahlenius
No, I was a little underwhelmed, and.
55:50
Peter Dunn
Then there was a baby crying. It was like his setup. Terrible. Chris. No. Kristen has not seen Police Academy. She's not seen first of all, she's not a movie person, so that ruins everything. Number two, she's not seen a single piece of media prior to 1998. She doesn't know that the war existed prior to 1998.
56:14
Kristen Ahlenius
Okay.
56:15
Peter Dunn
Have you seen the original Top Gun? What is wrong with you?
56:24
Kristen Ahlenius
I'm sorry.
56:26
Peter Dunn
That master's degree. You can't teach class.
56:30
Kristen Ahlenius
This week in our team meeting, I had to divulge that I've not seen The Wizard of Oz, so that was a good one.
56:39
Peter Dunn
What?
56:40
Kristen Ahlenius
Sorry.
56:41
Peter Dunn
You've not seen the wizard of Oz.
56:44
Kristen Ahlenius
No. Okay.
56:44
Peter Dunn
Now, I got to go through some classics to see if you have seen these.
56:47
Kristen Ahlenius
The answer is no.
56:48
Peter Dunn
Star wars?
56:49
Kristen Ahlenius
No.
56:51
Peter Dunn
Indiana Jones?
56:52
Kristen Ahlenius
No.
56:54
Peter Dunn
Back to the future.
56:55
Kristen Ahlenius
No.
56:56
Peter Dunn
Jurassic park?
56:59
Kristen Ahlenius
Like, there's a lot of them, right? Like, maybe one or two.
57:03
Peter Dunn
Okay. Mean Girls?
57:05
Kristen Ahlenius
Absolute.
57:06
Peter Dunn
Okay. Yeah. So the classics. All right. Ferris Bueller's Day off.
57:13
Kristen Ahlenius
No.
57:15
Peter Dunn
So you've definitely not seen, like, Caddyshacks spies like us?
57:18
Kristen Ahlenius
No. Animal House?
57:20
Peter Dunn
No. Vacation? National Lampoon vacation. Oh, boy. Princess Bride?
57:25
Kristen Ahlenius
I have seen that dancer.
57:26
Peter Dunn
Okay. Wow. Sorry. Wow. But a lot of country music.
57:32
Kristen Ahlenius
Lots of it.
57:33
Peter Dunn
Yeah, a lot of country music. Okay, let's do the show in three, two, one. This week's biggest waste of money of the week right here on the Pete the Planner show. Is that's right? The search for Cleopatra's tomb by the Lumineer. The luminaire has announced its latest travel experience. The quest for the long lost tomb of Cleopatra deep in Alexandria accompany the team of renowned archaeologist Dr. Kathleen Martinez as they explore a network of tunnels recently uncovered at the great temple of Osiris. Tunnels that she believes will unearth the final resting place of Cleopatra journey from Cairo to Alexandria, discovering ancient artifacts, exploring dig sites behind the scenes, and standing at the forefront of archaeological progress in this once in a generational journey with luxury dining and accommodations throughout. By the way, terrible read for me today. I don't know what am I doing? I can't read.
58:43
Peter Dunn
Make sure you're part of these new discoveries that could possibly rewrite Egyptian history kristen, what does it cost oh, no. To be part of the journey in the recently uncovered great temple of Osiris?
59:00
Kristen Ahlenius
Did you tell me how many what days? How many days?
59:04
Peter Dunn
Oh, you think that matters? Well, okay. I don't know. I mean, look, here's the thing. You're going to be haunted for the rest of your life. So is it really worth it? Is a single penny worth it? Because you will have great curse put upon your family. I was recent at Universal Studios and I rode the mummy ride, and I feel cursed. I was cursed with car sickness immediately upon running the ride. What about going to the real tomb of Cleopatra? You don't think you're going to have like, spiders and all of your raspberries or moldy yogurt. I mean, all of the sort of things that terrify me on a daily basis. What do you think it costs?
59:43
Kristen Ahlenius
I really have no idea. But now I want to say a quarter million.
59:51
Peter Dunn
Do you remember a rule around here about what you're supposed to do with your guess?
59:55
Kristen Ahlenius
Multiply it by ten.
59:57
Peter Dunn
So did you do that in this regard?
01:00:00
Kristen Ahlenius
Yeah.
01:00:01
Peter Dunn
You shouldn't have. The answer is $25,000.
01:00:05
Kristen Ahlenius
Who did that to me last week? I think. Was it James or Daniel? Somebody told me to multiply by ten.
01:00:11
Peter Dunn
Oh, wow. So here's the thing. Great. First of all, who knew that I'm involved? I'm an archaeologist. Who knew we've never found Cleopatra? Didn't you assume we found Cleopatra?
01:00:24
Kristen Ahlenius
Maybe, but is this your image or their image that they provided?
01:00:28
Peter Dunn
That's their image. Okay, first of all, we're on the radio, but I am showing an image on our live stream. Kristen, what are the chances that I track down an image for a segment?
01:00:37
Kristen Ahlenius
Well, because you could have told me that this was the scene or the backdrop for, like, a new Indiana Jones movie, and I wouldn't have known the difference because I've never seen it.
01:00:46
Peter Dunn
I just think the risk of unearthing ancient artifacts is just like I've seen National Treasure. National Treasure two. I know how these curses work. Dare I say I am an expert at this.
01:00:58
Kristen Ahlenius
I would have no idea then. Actually, Kristen.
01:01:01
Peter Dunn
What's? In the news this week, yellow Corp.
01:01:04
Kristen Ahlenius
Trucking company shares plunge as bankruptcy looms. The end may be close for Yellow Corp. A nearly century old trucking company with 30,000 employees. The company narrowly avoided a fatal strike by the teensters earlier this week after they missed payments to pensions and the healthcare funds. The sales staff was reportedly told that the company would be filing bankruptcy July 31. So that would be this upcoming Monday. If you're listening to the podcast, Might Have already Happened, shares plunged 40% on Thursday, July 27.
01:01:36
Peter Dunn
I can just see the trucks, right? Big black block letters says yellow right on those trucks. 30,000 people are losing their jobs.
01:01:47
Kristen Ahlenius
It says the company has 30,000 employees. And then also there was, I don't know what you would call this mismanagement.
01:01:56
Peter Dunn
That I'm quite familiar with mismanagement. I do it on a daily basis.
01:02:00
Kristen Ahlenius
But something with government payouts. And as a result, the US taxpayer actually owns about 30% of the corporation as well because of a government bailout or something. I didn't read the backstory to the backstory, so I pulled a Damien when it came to the news. I didn't have the follow up details.
01:02:18
Peter Dunn
Pulled a dame. Look, I know we are at low unemployment in our economy overall right now. I know that. Which doesn't bode well for 30,000 people entering the job market. However, I feel like the logistics companies are always and trucking companies are always hiring, always. So they're just going to get absorbed because that freight them loads has got to get delivered.
01:02:43
Kristen Ahlenius
Perhaps I came across this story because I saw a video of a meeting where an employee had heard that they had missed payments and he was naturally and understandably very emotional and irate. And that's what I think of is in the interim, navigating this space as an employee, like, what does this mean for me? Because you're right, if we take a step back, we think, surely this all works out in the end. But in the interim, people who have been there for their tenure, for their career, thinking about their pensions and their health care, I just can't imagine how they feel.
01:03:16
Peter Dunn
I'm with you. I'm hearing this story. I'm like a new story. New story. The second you say 30,000 people, I'm like, oh, actually, I verbalized it sounded like Michael Babaro there for a second. What else is in the news, Kristen?
01:03:29
Kristen Ahlenius
What? Fed hikes. Much of America's consumer debt is still riding ultra low interest rates. The Fed raised interest rates to a 22 year high on Wednesday with the 11th increase since March of 2022. As of the first quarter, only 11% of outstanding household debt carried rates. That fluctuated with benchmark interest rates because fixed rate debt became more common after the 2008 financial crisis. The prevalence of fixed rate debt is likely blunting the impact of the central bank's moves because estimates show Americans who refinance their mortgages alone for a better rate have saved $42 billion since March of 2020.
01:04:11
Peter Dunn
Do you think the Fed's taking that into consideration, or is the point of the article is they are not taking this into consideration. That's why they keep hiking rates.
01:04:20
Kristen Ahlenius
I think the latter is what the article is trying to point out is it really having the impact that you would expect because so many people are riding low interest rates? And they interviewed families in this article that I read about how they don't feel like the rising interest rate environment has really impacted them because every liability they have is at the lowest rate they've ever had.
01:04:41
Peter Dunn
Oh, that's interesting, because they refinanced when we had lower interest rates, right? I don't know. I got to just say anecdotally I feel like that will turn eventually and it's going to be more recent consumers. What does that mean? People who just recently became adults in the last ten years who are so used to low rates, and so you could afford anything with low rates, or it feels like you could, but when they start to get to seven and 8% and you're like, Whoa, this is meaningful. We talked about in the first segment of the show, the difference on what was probably a very large mortgage by paying it off early was a half million bucks. That's real money. And I think we're not there yet where the average consumer feels that and recognizes the cost of high interest rates, but we're getting closer again without being the old guy.
01:05:34
Peter Dunn
I feel like people complaining about interest rates right now are people who've been there, done that, and they just don't want it.
01:05:43
Kristen Ahlenius
Mm . I think that's fair.
01:05:44
Peter Dunn
What else is in the news?
01:05:47
Kristen Ahlenius
Small town America is the next frontier for Chipotle Mexican Grill. Chipotle is expanding. To quote small town USA. The burrito chain says it will open one fifth of its new restaurants in places with less than 40,000 people. Small town. Okay. To some extent, a lot of restaurants are just following consumers to wherever they are. So where are they? They're increasingly outside of the cities. So Chipotle's growth has drived its stock shares 53% higher this year. Outpacing McDonald's and Starbucks.
01:06:19
Peter Dunn
Do you like the chipotle?
01:06:21
Kristen Ahlenius
I do like Chipotle.
01:06:24
Peter Dunn
I love it. I think it's delicious. For a while, those what were they calling, fast casual, like everything was trying to be the Chipotle of this cuisine or Chipotle of that cuisine. Like Piata was trying to be the Italian Chipotle. And then there was like an Indian food place that's trying to do it. It's a great model. I wouldn't say it's cheap because it's not cheap and it feels healthier than fast food. That's how they trick you. It's like this 1100 calorie burrito is healthier than that. McChicken. It's like is it what? It's twice the calories. How it's exactly what they do.
01:06:59
Kristen Ahlenius
It's organic. Yeah.
01:07:00
Peter Dunn
Do you like Chipotle more than Cudoba?
01:07:03
Kristen Ahlenius
Yes, I do.
01:07:04
Peter Dunn
How about Mo's?
01:07:05
Kristen Ahlenius
I like mo's the best.
01:07:07
Peter Dunn
Really?
01:07:07
Kristen Ahlenius
Yeah.
01:07:08
Peter Dunn
Have we talked about this in the show?
01:07:10
Kristen Ahlenius
Don't think so. I just like the way they greet you.
01:07:12
Peter Dunn
I don't and I also don't like the name of the things you order. It's like I'd like a Joey bag of donuts. It's like, no, just give me some. It that's all we have time for this week. Cindy Goodbyes says Goodbyes are all in the budget. I'm Pete the planner. This is the Pete the Planner show. Joey bag of donuts. You've never seen Fletch. Here's the thing. You don't know any of these references at Moe's because you've never seen anything.
01:07:38
Kristen Ahlenius
No. Yeah.
01:07:41
Peter Dunn
So there is a scene in Fletch starring.
01:07:47
Kristen Ahlenius
No idea.
01:07:48
Peter Dunn
Chevy Chase. Okay. Have you seen Goonies?
01:07:51
Kristen Ahlenius
No. Chevy Chase is lampoon's Christmas vacation as yes.
01:07:56
Peter Dunn
Yes. So there's a scene in Fletch and he always changes his name. People ask his name. He always impersonates different people because he's a detective. And he says his name is John Cocktostun, which is Scotch romanian. He says it's scotch. Romanian. There is a meal, like a burrito or a taco at Moe's called the John Coctostan. And it's that's that is funny to me. But I also don't like if I'm hungry for some brown rice and beans, I don't want to go, yeah, I'll have three John Cocto stones. It's like, just give me A-I-I probably.
01:08:31
Kristen Ahlenius
Miss out on a lot of pop culture.
01:08:35
Peter Dunn
Yeah, that is the operative point of the show today.
01:08:37
Kristen Ahlenius
Awesome.
01:08:38
Peter Dunn
Okay, I have to go meet with Doug, so I get to go meet with Doug, I should say. And Kristen, thank you for great job, as always. And again, congratulations. We're all very proud of you. We will have already on air for you when you actually graduate.
01:08:53
Kristen Ahlenius
Thank you.
01:08:53
Peter Dunn
We will have you turn your Tassel. Is that how it works? You move your tassel?
01:08:57
Kristen Ahlenius
Something like that?
01:08:58
Peter Dunn
I don't know. I never graduated. All right, that's it. Stay getting money. Bye.
