HAVE A QUESTION? GET SOME EXPERT ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COMOn this episode of the Pete the Planner Show, Peter and VP of Advice, Damian, answer a question, Pete gets personal, and the economic recession and COVID-19 pandemic are not over as the CDC makes an unprecedented move on housing.Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.No time to listen? BUMMER. Here’s some of what happened:Show Notes:Question 1:* I switched jobs and I have a retirement account from my last job with a financial company. My new job also uses the same company. I got a call from them asking me to rollover my old account into an IRA with them, but it makes more sense to me to take my old account and put it into my new 401(k) account. Does it really matter?“Pete: I’m upset. Institutional fees are generally lower than individual fees. This is likely a money grab. Go with the new 401(k).Damian: “Maybe.” Let’s look at the fees of the transaction and all of the investment options.For more on this and tips to look out for from Pete, check out the full show!Story Time!* “My Grandpa Dunn, as a child of the Great Depression, learned to make do with what they had and nothing more. He was a very sensible, prudent person. He went on to fight in WWII, was stranded on a beach overnight, had to find their way to a ship, etc. He taught me about money, saving his coins in a Pringles can. His generation would laugh at a “Never Satisfied” bumper sticker. I think there’s a sensibility reckoning as it relates to materialism and consumerism. Our financial habits have gotten worse year after year. I’m not sure we can come back from our addition to a comfortable lifestyle and regain that prudence his generation once had. What do you think, Damian?“Damian: I hope you’re right, thinking we will change. Most of us have very comfortable lifestyles we’re raising kids in. My kids are going to have an expected lifestyle where they graduate from college. The chances are probably lower than they should be that they’re not going to have a period of struggle where they worry about putting food on the table. We try to solve our kids’ problems. I don’t let my kids struggle enough…Pete: I think we have to press reset on our financial sensibilities.*  Click PLAY below for the full show! 

Have a question? Get some expert answers. Email us: askpete@petetheplanner.com On this episode of the Pete the Planner Show, Peter and VP of Advice, Damian, answer a question, Pete gets personal, and the economic recession and COVID-19 pandemic are not...

HAVE A QUESTION? GET ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COMPeople are feeling the pain all over. Peter and Damian discuss stories of the current reality onset by the strange mix of the economic recession and COVID-19 pandemic.Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.No time to listen? BUMMER. Here’s some of what happened:Show Notes:Story Time!* Article: “Survey: Many in United States Shoring Up Finances Amid Downturn.”It’s the paradox of a pandemic that has crushed the U.S. economy: 12.9 million lost jobs and a dangerous rash of businesses closing, yet the personal finances of many Americans have remained strong—and in some ways have even improved. A new poll…finds that 45% of Americans say they’re setting aside more money than usual. 26% are paying down debt faster than they were before the coronavirus pandemic. In total, about half of Americans say they’ve either saved more or paid down debt since the outbreak began. Kent Sullivan, a landscape painter from Orlando, Florida, has been making extra mortgage payments.“Pete: There is a right way and a wrong way to do it. You don’t get flexibility by making extra mortgage payments during a pandemic. Paying off your mortgage quickly doesn’t always make sense.Damian: “What’s this guy’s emergency fund look like?” He’s an older gentleman, if he’s got the cash flow, maybe there’s a reason to do this going into retirement, IF the emergency fund is there.Student Loan Refinancing:* “Both my wife and I lost our jobs when the pandemic hit. We previously had a household income of $165k. I’ve been able to get a job for $15 per hour while I look for jobs more consistent with my skills and experience. My wife is coordinating our kids’ virtual learning so it’s difficult for her to find work. I’m also going to look into a second job on nights or weekends. We might have to dip into our retirement savings or we won’t be able to make our mortgage payments. Are we crazy for doing that? I want to make sure I’m thinking clearly.“Pete: I’m sorry, John, that you’re going through this. Don’t feel the pressure to let this moment in history to define your character. But the fact that he’s willing to do whatever it takes to care for his family demonstrates his character. The CARES Act makes this a much less risky move.Damian: We’ve made it almost taboo to withdraw from retirement accounts for any reason other than retirement. In this case, you’re forced to look at the resources that you’ve got.*  Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!

Have a question? Get answers. Email us: askpete@petetheplanner.com People are feeling the pain all over. Peter and Damian discuss stories of the current reality onset by the strange mix of the economic recession and COVID-19 pandemic. Don’t forget!

HAVE A QUESTION? GET ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COMToday is alllllll about Student Loans. Peter and Damian throw words back and forth to hand out critical information on the sad realities of student loans!Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.No time to listen? BUMMER. Here’s some of what happened:Show Notes:Mailbag Question 1:* “We came o the USA as refugees in 2004, and my son was 19 years old. We had no money, no friends, no computer, and no knowledge of English. We sent our son to study and believed that he would be provided with work so we wouldn’t be afraid to take out student loans. There was no interpreter, and no one explained to us how interest works, but actively informed that we should not start paying before graduation. As a result, our debt is $260,000 plus huge interest. Five other Limited English Proficiency families are in disastrous situations as well. We get bills of almost $4,000, my son did not find a job from 2011-2014 as promoted, banks do not offer a relief plan, lawyers are not willing to help us. What’s our way out?“Damian: This is an experience that you don’t have to be a refugee to experience, sadly. It’s horrible. Let’s find out if these are private, federal or Parent PLUS loans. There may not be an easy solution here.Pete: “Past performance is not indicative of future performance.” I feel like this mantra did not make its way to higher ed. Try graduating in 2008-2009. Jobs just weren’t there; universities were pushing a message of a future that just didn’t pan out.Student Loan Refinancing:* “When the CARES Act became a thing, it pushed off the obligation to may a payment on federal student loans until the end of September, now the end of 2020 through Executive Order. No accumulation of interest for the time frame, and no payment. There’s now a giant group of people who refinanced their student loans through very popular, trendy, consumer student loans debt services. Why is that? Why, when you consolidate your debt, did what happened in the CARES Act mean nothing to you?“Damian: Timing is everything. If you have taken your federal loans, consolidated them into a private loan with one of those companies, all of these benefits are no longer applicable to you. You are now on a payment schedule with a private lender and that is your lot in life.*  

Have a question? Get answers. Email us: askpete@petetheplanner.com Today is alllllll about Student Loans. Peter and Damian throw words back and forth to hand out critical information on the sad realities of student loans! Don’t forget!

HAVE A QUESTION? GET ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COMToday, Pete gives what he calls “mystic” advice to a listener’s question from the mailbag and Damian is called DAD (again)!Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.No time to listen? BUMMER. Here’s some of what happened:Show Notes:Mailbag Question 1:* “I’ve been a longtime listener and reader of your content. My wife and I are 36 and we have a 6 year-old daughter. We’re pretty frugal, so this new COVID-19 world feels about normal to us. We live on $30K, so far I’ve saved 13 into a brokerage account. Health and Life insurance are solid. I also will receive a military retirement will kick in in 2022 at $25k per year. I’ve also saved about $8k so far into my daughter’s 529 Plan. She also has full access to my G.I. Bill that should cover her college expenses. Additionally, we’ve saved $93K in a Roth IRA and $250K in a Roth 401(k). Should I redirect my savings entirely to a taxable brokerage account to fund early retirement?“Damian: I think he’s sitting in great shape: pension, great amount of money saved already. You can always get those contributions out of a Roth IRA. I don’t know if I would neglect that. Putting everything else into a taxable account is mere personal preference at this point.Pete: Practical advice: absolutely do what he asking about doing. It really takes on legs when the pension kicks in in two years. This could be a real retire at 50 situation. Mystic advice: Are you feeling purposeful in your financial gifts? How much impact do you want to make with your wealth? Or do you want to?Mailbag Question 2:* “I have a 529 account that I set up when our only child was in school. We failed to use all of the funds for her education. At this point, it is unlikely that she will pursue another advanced degree, is single, and has no children. I read that we can change the beneficiary on the amount to our child’s spouse (assuming she does marry), knowing the levels of student debt young people carry now. Is this a possibility down the road?“Damian: You can change the beneficiary to a family member. The IRS’ definition of ‘family member’ is fairly broad, so yes. This is possible. All new this year, something in 2020, due to the SECURE Act.Pete: She could arguably put it on her Tinder profile? Maybe?*  Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!

Have a question? Get answers. Email us: askpete@petetheplanner.com Today, Pete gives what he calls “mystic” advice to a listener’s question from the mailbag and Damian is called DAD (again)! Don’t forget! HEY MONEY is your new secret weapon for advice ...

HAVE A QUESTION? GET ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COMToday we are digging all the way into the mailbag! Pete and Damian respond to listener questions about credit card debt, 529 accounts, and talk financial stability!Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.No time to listen? BUMMER. Here’s some of what happened:Show Notes:Mailbag Question 1:* “I recently took a job after being downsized in January, making about $20K less. I accumulated about $38K in credit card debt. Some of the interest monthly is about as high as the payment itself. Should I take a loan against my 401(k) to pay off the high-balance ones and keep paying the lower balance ones? Or should I do so to pay off all the loans?“Damian: Let’s think about not taking the easier way out. Can we make the numbers work within the income you have? If it’s doable, it’s a much better option than taking a 401(k) loan out.Pete: The 401(k) loan should be our last possible option; even if that includes some major lifestyle and systemic changes. If what led to the $38K debt hasn’t stopped, taking a loan from your future is the worst possible thing to do.Mailbag Question 2:* “My son is 7 now. I’m exploring 529 accounts. What is an optimal amount to save every month if he goes to a private college? Is it okay to split my savings across multiple 529 accounts? Any other savings vehicles you can suggest?“Damian: That money will grow tax-free, when it comes out for a qualified purpose, It comes out tax-free. That’s a beautiful thing. Seek the double or triple tax-advantaged tools.Pete: There are at least two tax advantages to 529 accounts. For example, here in Indiana, there is a state tax credit. In Florida, there is not, however. There could be several options, but talk to an expert first, as age, vehicle type, and other factors could be at play.*  Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!

Have a question? Get answers. Email us: askpete@petetheplanner.com Today we are digging all the way into the mailbag! Pete and Damian respond to listener questions about credit card debt, 529 accounts, and talk financial stability! Don’t forget!

HAVE A QUESTION? GET ANSWERS.EMAIL US: ASKPETE@PETETHEPLANNER.COMToday we’re talking about tax debt, stock splits, and The Million-Dollar Question! Pete and Damian are back with their usual hijinks talking about the latest money news and listener questions!Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.No time to listen? BUMMER. Here’s some of what happened:Show Notes:Mailbag Question 1:* “My son-in-law did not pay taxes owed and has a $10k debt to Uncle Sam. My daughter is freaked out. I told them to go onto the IRS.gov website to set up a payment plan. Also, who would be the best person to see to make sure they don’t get into this mess again?“Damian: $10,000 is a bit more than pocket change. But it’s easy to get on the website to set up a payment plan; no need to get a third-party involved. Try and get this figured out, and don’t wait longer than you have to.Pete: Getting behind can happen quite easily with self-employed folks who don’t set money aside for taxes. Also, relationship communication needs to increase, as this is an awful time to have a $10k tax debt.Mailbag Question 2:* “Apple announced a big stock split; 4-to-1. Why do companies take their stock, cut it up, shrink the price, and then give people more shares of the stock at a lower price?“Damian: The thought is they hope to make the company more liquid and reachable for the average investor. More people can buy shares of the company in full, versus buying fractional shares. This lets more get in on Apple and make some money. This does not lessen the overall value, it simply adds more shares at a smaller per-share price.Pete: So this move is to entice investors from around the world! It also gets people’s attention; “Oh, now I can afford it!”*  Click PLAY below for the full show! And while you’re here, don’t forget to check out Hey Money!

Have a question? Get answers. Email us: askpete@petetheplanner.com Today we’re talking about tax debt, stock splits, and The Million-Dollar Question! Pete and Damian are back with their usual hijinks talking about the latest money news and listener que...

Have a question? Get answers. Email us: askpete@petetheplanner.com Jump into the conversation with us! Gold-Star Gayle, from Austin, TX is back to share the wisdoms!  Don’t forget! HEY MONEY is your new secret weapon for advice in your personal finances.

Have a question? Get answers. Email us: askpete@petetheplanner.com Do you wonder about your credit score? So many of us do. Do you know about these options to get back on track? Pete and Damian get into their thoughtful moods to provide some expert sug...

Have a question? Get answers. Email us: askpete@petetheplanner.com Annnnnd we’re back again for another round of answers to real life listener questions. Pete and Damian offer their best expert suggestions to help. Listen for a special offer code!

Have a question? Get answers. Email us: askpete@petetheplanner.com The first 6 months of this year have been a doozy. Pete and Damian run the numbers. Listen for a special offer code! HEY MONEY is your new secret weapon for advice in your personal fina...

Have a question? Get answers. Email us: askpete@petetheplanner.com We’ve got a special, special treat for your ear canals today: Pete is joined by The Queen of the Desert herself, our very own financial expert, Kristen!

Have a question? Get answers. Email us: askpete@petetheplanner.com Let’s walk through some of the factors of what it means to be “financially stable.” Pete and Damian have worked hard on this new formula. You’ve gotta hear this.

Have a question? Get answers. Email us: askpete@petetheplanner.com Maybe things around here are slipping back to “normal.” Pete and Damian have the pleasure of answering some incredibly hard questions from our listeners.

Have a question? Get answers. Email us: askpete@petetheplanner.com And we’re back for a new week. Pete and Damian highlight the latest reports and dig into the mailbag to address what’s happening in our listeners’ lives.

Have a question? Get answers. Email us: askpete@petetheplanner.com And we’re back for a new week. Today, Pete and Damian dig back into the mailbag to address what’s going on in our listeners’ lives. ::whisper::  Listen to get a special offer code for H...

Have a question? Get answers. Email us: askpete@petetheplanner.com And we’re back for a new week. Today, Pete and Damian dig back into the mailbag to address what’s going on in our listeners’ lives. ::whisper::  Listen to get a special offer code for H...

Have a question? Get answers. Email us: askpete@petetheplanner.com The coming changes resulting from COVID-19 will spread across industries. Specifically, today, Pete and Damian talk restaurant business, the food world, and …social distancing?

Have a question? Get answers. Email us: askpete@petetheplanner.com More changes could be coming to our economy.  Although here, Pete and Damian are back in the mailbag,  answering financial questions from our amazing listeners.

Have a question? Get answers. Email us: askpete@petetheplanner.com Ah, yes….this feels like the good old days.  Pete and Damian are back in the mailbag,  answering financial questions from our amazing listeners.