00:01
Peter Dunn
If you're listening on the podcast, when I mentioned what day this was recorded and whether we recorded on time, it means literally nothing to you. You don't care. You consume it on your own terms. That is the nature of a podcast. But it is also worth noting for those that catch us live on the live stream, on Facebook Live, YouTube Live, Twitter Live and, of course, MySpace Live. That when we record dictates whether someone will have a good day and or a bad day. And as we record this special day noon on a Thursday, there is literally no one on the stream right now because no one knows we're doing this. Welcome to the Pete the Planner show, everyone. I'm Peter Dunn. Pete the Planner, joining me as frequently. Kristen Ahlenius the. Hello. And Damian Dunn is the who cares? All right, so hey, everybody.
00:49
Peter Dunn
How's it going, buddy? Who cares, right? I mean, who cares? I don't give my title, so why don't I give your go? Let's reverse it. Everyone. It's Peter Dunham. I'm the chief executive officer at Your Moneyline. And this like, see, dumb. No one cares.
01:06
Damian Dunn
No, you're right.
01:07
Kristen Ahlenius
But people know.
01:09
Peter Dunn
I was on a call the other day. No, I don't want to do that. Never mind. Never mind.
01:16
Damian Dunn
Hey, congrats on the call.
01:18
Peter Dunn
Now, let me just say this. There are some organizations where title is a really big deal, and just because someone has a bigger title, everyone is like, I don't care for that.
01:36
Kristen Ahlenius
Guilty.
01:38
Peter Dunn
Guilty. Are you guilty of that, Kristen?
01:40
Kristen Ahlenius
I get nervous if someone has what's seemingly an important title. Yeah.
01:45
Peter Dunn
You belong in any room in this world, Kristen.
01:49
Kristen Ahlenius
That's the mantra of this year repeat, I belong here.
01:54
Peter Dunn
What do you think? Maybe you get that neck tattoo of I belong here.
02:00
Kristen Ahlenius
I was thinking about getting it above my eyebrows.
02:02
Peter Dunn
Actually, what you do is you shave the eyebrow and then it replaces you. Just do a tasteful font micro text.
02:10
Damian Dunn
So it looks like an eyebrow, but somebody is really close. They can see I belong here, which was really funny for an eyebrow.
02:17
Peter Dunn
Right? The ink wouldn't necessarily anyway, judging people's looks. I was on vacation last week and I want to give you guys some notes. Do you want to hear them?
02:28
Damian Dunn
Absolutely.
02:29
Peter Dunn
I have several thoughts coming back from vacation. I would like to share them with you. Number one, I went to Seabrook Island, which is near Kiwa, just south of Charleston, let me tell you. Great place. It was the hottest place on earth. It was unbelievably hot. You walk outside for a second and you're drenched in sweat. It was terrible.
02:57
Damian Dunn
I don't know if you looked at the calendar, but planning a trip to South Carolina at the end of July might not have been your best decision.
03:08
Peter Dunn
I'm not a planner. Another note that I want to bring up to you all. I was watching The Hunt for Red October this week just for fun on television. And it reminded me that it is the dumbest choice in the history of cinema that Sean Connery is the Russian subcommander. And so he starts the movie speaking in Russian, and then there's subtitles, but he speaking in Russian in a British accent. Ten minutes later in the movie, every Russian in the Russian sub is speaking English with Russian accents, except for him, who's speaking with his British accent, and there's no subtitles because they're speaking English inside of a Russian sub. Now, do I like reading subtitles for an entire movie? Not generally, but isn't that a tough choice, that a Russian sub are all talking English, and their Russian subcommander has a British accent? Is that not dumb?
04:10
Damian Dunn
It's a movie. I don't know how much realism you're going for in something like that, but I have no problems with every character making it easy for me to consume that product as possible.
04:28
Peter Dunn
I don't know.
04:31
Kristen Ahlenius
Do you guys not watch TV with the subtitles on, or am I weird?
04:35
Damian Dunn
Why would I watch? I do titles.
04:37
Peter Dunn
What?
04:37
Kristen Ahlenius
Okay. I'm like, I turn the subtitles on all the time. I have to read or it's not up here.
04:44
Peter Dunn
Here's. Why I did it. I wake up in my house before everybody else, and so I don't want to turn the TV on too loud, and so I will just read my way through movies.
04:55
Kristen Ahlenius
I turn the subtitles on all the time.
04:59
Peter Dunn
I also like to see profanity spelled out. Like, if you're watching a certain movie, and it's like, oh, it's jarring. And then when you pause it, when your kids come in the room, then.
05:08
Damian Dunn
It'S up there, and like, you've got a great track record of pausing movies at great moments.
05:13
Peter Dunn
I will note this, that I was in the car with my daughter, picking her up from gymnastics the other day, and she grabbed the ox, if you will, and she wanted to play her music, and then she's skipping over parts where there's profanity in the songs, and I'm like, hey, Ali, who are we protecting here? You don't want me to hear these bad words, because I will be encouraged in some sort of way. And then I thought back. I used to do the same thing to my dad. We listened to Naughty by Nature in the car, and I would skip ahead when I knew profanity was coming.
05:52
Damian Dunn
Absolutely. I can't believe you listened to OPP with your dad in the you know.
05:59
Peter Dunn
I can remember a conversation of just be like, dad, you know what OPP means? And you're like, no, what does it mean? And then were thought were clever. Like, it's other people's property, dad. I don't know, Kristen. OPP. That song resonate with you.
06:14
Damian Dunn
Oh, man.
06:17
Peter Dunn
All right, so let's stop talking about it then, because then I feel like she's going to Google it, and then she's going to read the lyrics, and then HR's involved. Yeah.
06:24
Damian Dunn
I can't share it with her because HR. Is going to get involved.
06:26
Peter Dunn
Do not send it. No, don't look it up. Kristen, kristen, we're doing the show today because tomorrow you would be gone.
06:34
Kristen Ahlenius
Correct.
06:36
Peter Dunn
You are going to the debauchery capital of the world. Muncie, indiana. No. You're going to las vegas.
06:44
Kristen Ahlenius
Yeah, I am.
06:45
Peter Dunn
Lost wages. Why?
06:49
Kristen Ahlenius
I love vegas. I know that doesn't fit with our personalities because gambling and I know we talk about those things, but I really like vegas. I think that there's something for everybody in vegas at different price points at different types of entertainment. I like it a lot. It's a cheap vacation.
07:10
Peter Dunn
Do you gamble or it can be sure. Do you gamble?
07:15
Kristen Ahlenius
A scotch.
07:17
Peter Dunn
And what is your vice?
07:22
Kristen Ahlenius
Probably roulette, because you get to win like, half the time and I'm there for the entertainment. I'm not there because I think I'm going to hit it big or anything. And you can make $20 go a long way.
07:34
Peter Dunn
So you'll do like red and black and then you'll do odd and even.
07:38
Kristen Ahlenius
Exactly.
07:39
Peter Dunn
You know what? That's what I do, too. Be honest. Yeah.
07:42
Damian Dunn
I drag it out as long as I possibly can to keep those drinks coming.
07:46
Kristen Ahlenius
Yes.
07:47
Peter Dunn
I like actually computer roulette if I'm not feeling like I want to be around people because you can just sit and play it there. Where are you staying in vegas?
08:00
Kristen Ahlenius
Two different places. So when we get to vegas at 03:00 a.m. Today? Well, tomorrow.
08:08
Damian Dunn
Tomorrow, rather.
08:09
Kristen Ahlenius
Okay.
08:10
Peter Dunn
How does that work?
08:12
Kristen Ahlenius
I'm in vegas coming to you live. We're staying at the link, which I've never stayed at before, and then after that, we're staying at the alara, which I think is a hilton brand.
08:25
Peter Dunn
Pretty sure.
08:27
Damian Dunn
No free ads.
08:29
Kristen Ahlenius
Sorry.
08:30
Peter Dunn
Yeah. Come on. Last time were on the show together, we talked about reviews of the show and how you should never read them. So what I wanted to do now is I wanted to go on and see if anyone left us any reviews after we asked reviews. So let's read the reviews. Everybody here? Stand by. Oh, here we go. You know, it doesn't look like anyone no, we're good. We're in the clear. No one talked bad about kristen or anything.
09:06
Damian Dunn
We were really sweet to me. No, reviews are good. Reviews, honestly.
09:12
Peter Dunn
Agreed. All right, let's start the show, though, because I know that we've got to get kristen on. Oh, rick swink makes it. And hello, danza. I know you've been there, too. Yes, it is not friday. Podcast listeners have turned this off and are listening to joe rogan or something right now. Okay. There's another story for my vacation I was going to tell you guys, and I can't remember what it was. That makes for interesting radio. Okay, let's start the show 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 it on the air. When I say we, I mean yes in French. And I also mean Kristen Ahlenius and Damian Dunn join me, as always, hitting various financial topics, whether you're listening to us on a radio via whatever your local Radio affiliate is in which we perform on, or the podcast, or the live stream welcome, which is sort of like a German accented way of saying welcome in English.
10:19
Peter Dunn
Kristen, earlier we had this thing that you mentioned that people are doing on the TikToks that revolves around people in a profession mentioning things as a professional in that profession that they would never do. And so since I'm an older man trying to remain relevant with both my family and friends and those that I do not know, I want to do this exercise. So can you please walk us through this? I don't know if you want to go round robin, we will exchange it's. Your call, your segment. Let's rock.
10:53
Kristen Ahlenius
So, as you mentioned, it's just five things we wouldn't do. So I kept it kind of general because I know we've worked as advisors, and now Damon and I would be more like financial counselors. So just like in personal finance, what are five things that I wouldn't do? And I have my five, and you're welcome to rip them apart if you'd like. I feel like that might be a fun segment.
11:15
Peter Dunn
Okay, let's start there. We'll rip your part, and then Damon and I will try to give ours. Okay, so, Chris, start with number one.
11:21
Kristen Ahlenius
So, number one, I would never take longer than 36 months to pay off a used car.
11:30
Peter Dunn
Okay. Why? Just because the depreciating nature of the asset.
11:37
Kristen Ahlenius
Yeah, and I think that the longer you draw out that liability, the higher your likelihood of taking negative equity into a subsequent vehicle purchase. And I've seen that in different communities that I've worked in pulling that negative equity over, and it's a really hard thing to get out from under. So I'm not saying I wouldn't finance a vehicle for longer than 36 months. I just wouldn't take longer than that to pay it off.
12:03
Peter Dunn
I don't know if this is the direction that you were hoping that I would go, but what you are saying, and I think it's an interesting side point, is a lot of people in the military end up with negative equity from a car choice perspective.
12:18
Kristen Ahlenius
Yeah, that's exactly what I'm saying. And there's a financial institution that I'm not a fan of that loves to roll negative equity over. So I've seen a lot of it, unfortunately.
12:29
Peter Dunn
So I don't disagree with this advice. I think it's interesting that it's the are these listed in order of these five things you would know? Like, is this the top of your list or is this just a thing?
12:38
Kristen Ahlenius
No, just like just five.
12:41
Peter Dunn
Yeah. Dame, I assume you're probably where I'm at on this fine piece of advice. And as a financial professional, kristen is holding this to her own standards, but for some general public, it is tough to execute on that, right?
12:56
Damian Dunn
Yeah. In theory. I love the idea of only having 36 months of car payments. I think for a fair percentage of the population, though, that's just not the case. I think they need to stretch that out maybe into a 60 month loan. I'm never probably ever going to advocate for some of the ridiculous ones that we see now that are in the 80 month range and maybe even more. But sometimes I think there just needs to be a little bit more flexibility in month to month budgets. And if you need reliable transportation, it may take you 60 months to pay that off. So would I prefer 36? Absolutely. But I'm not going to beat anybody up or even look at them crossly for a 60 month.
13:43
Peter Dunn
Oh, no. Damien looked at you crossly. Not only is that hurtful, but it means he is 87 years old. Can I say something insensitive? Maybe I'll do it, but I'll do it between the break. I'm not going to do it on the actual radio. Remind me to be insensitive at the break, guys. Deal. Can I jump in and do one Kristen or messenger segment?
14:03
Kristen Ahlenius
No, go ahead.
14:04
Peter Dunn
Okay. I would never own an NFT.
14:08
Kristen Ahlenius
Oh, that's good.
14:10
Peter Dunn
It is the dumbest thing in the world.
14:15
Kristen Ahlenius
That's a good one.
14:16
Peter Dunn
I might like my tokens fungible. I think it literally to me is the dumbest thing in the world. And I also think the idea of buying virtual property in the Metaverse, I think all of it is really sort of the end of human existence.
14:35
Kristen Ahlenius
That's a good one.
14:37
Peter Dunn
So I'm good at the game?
14:38
Kristen Ahlenius
Yeah, you win.
14:40
Peter Dunn
I'm going to keep going. I would never spend copious amounts of money on hair replacement.
14:49
Damian Dunn
Did you see there's a story out fairly recently where they think they might have isolated the chemical that causes it. Now, if a pill came out, Pete, and it was affordable, would you take it just for like six months to see what happened?
15:07
Peter Dunn
No. Let me tell you why this is so low maintenance, this look, and it's like, why do I need good hair? I mean, I'm not trying to be attractive if I'm too attractive. It's distracting to the people I talk to. I would also note that at one point in time, a company offered me free hair restorations, $30,000 worth of hair restoration services if I would be their spokesperson. And I said no for two reasons. One, I don't want my bald head on a billboard. Number two, I don't like to swim. And I feel like if you get hair restoration services, the AfterShot is always you busting out of a pool and then wiping your hair to the side and I don't want to do that. And the other reason is because then I'm asking people to spend $30,000 on hair plugs, and so I don't want to do it all.
16:05
Kristen Ahlenius
Good reasons.
16:06
Damian Dunn
I still really like the idea of driving around 465 with just a giant billboard of Pete on it.
16:14
Peter Dunn
Peter on a billboard will get your attention. Yes. Kristen with a full head of hair, who would look otter to you, me or Dame? Because for the radio listeners, dame and I are follically challenged. Both. His is totally chrome domed out. I mean, he shaves it with a razor. Mine's buzed can. It's the same vibe. But Kristen, who looks weirder with probably?
16:40
Kristen Ahlenius
I would say probably you, Pete, because you don't keep, like, facial hair. So I feel like it would maybe be more jarring.
16:46
Peter Dunn
Yeah, that's fair. Kristen, what else would you not do as a financial professional?
16:52
Kristen Ahlenius
I would not work for a company with a vesting schedule ever again.
16:58
Peter Dunn
Oh, in terms of the retirement plan.
17:00
Kristen Ahlenius
Correct. Yeah.
17:06
Peter Dunn
Interesting. Okay, let's talk about this. This is a whole segment.
17:10
Kristen Ahlenius
Whole segment. Damien, tell the people what a vesting schedule is.
17:15
Damian Dunn
Vesting schedule? So if your employer has a retirement plan that you can contribute to and they also match your contributions, sometimes they will say, hey, you know what? If you don't work here long enough, you don't get to keep those contributions, or you only get to keep some of those contributions. There's a couple of different ways to go about it, but it's very possible that balance that you see in your 401K doesn't all transfer to your next job or your IRA based on a vesting schedule and ownership schedule of the employer contributions.
17:47
Peter Dunn
Yeah, I mean, look, Chris, I'm with you here. I think I don't want to be judgmental. And we are talking about what we would do ourselves. And the thing about this whole what's this thing called, a TikTok thing? It's not a meme. What is it? I'm turning trend. Okay. The thing about this trend is it can trend very judgmental very quickly, of course, which is what people love. However, look, as an employer who gets to actually make these decisions, I would never, ever have a vesting schedule on a retirement plan, ever. I don't think it's in the spirit of cooperative success. How about that?
18:32
Kristen Ahlenius
I agree with that. Obviously, it's on my list.
18:36
Peter Dunn
What else?
18:37
Kristen Ahlenius
We don't have very much time left.
18:39
Peter Dunn
We don't. So we'll come back after the break and hit the rest of the list. And plus, that means I don't have to do my dumb segment this week.
18:46
Kristen Ahlenius
That's true.
18:47
Peter Dunn
Yeah. My segment was too hard, so we're not going to do that. All right, coming up after the break, more of what Kristen would not do as a financial advisor. Dame will give some of his I'll talk more trash about NFTs. It'll be great. It'll be a good time. I'm about to tell a bad story during the break. I'm Pete the planner. This is the Pete the Planner show. What were we talking about when I was going to say something? Oh, I don't know if I want to do it now that I'm really thinking through it. I'll try. Can I do it? Okay, I'm going to do it. It's sort of a hot take.
19:14
Kristen Ahlenius
OOH.
19:19
Peter Dunn
I think it's weird when people say things like, my grandma would have been 168 years old today. It's tough when a loved one passes away or a celebrity or Abraham Lincoln would have been like, 312 today. But I think it's weird when you take their age that goes beyond an actual life cycle and you go like, Moses would have been 7000 years old today. It's just weird to me, and I saw it recently, and who am I to tell people not to do it? But am I wrong? Is that a bit strange?
20:02
Kristen Ahlenius
I've never thought about it, but, yeah, I guess so.
20:06
Peter Dunn
I mean, Grandma would have been 86 today. Okay, reasonable. Sorry for your loss. Grandma would have been 141 today. No, she wouldn't have. She would have been dead long before that. There's zero chance. True.
20:21
Damian Dunn
I really want to know the story of what set you off on this.
20:24
Peter Dunn
No, I will tell you one slightly more serious. This one bothered me. I am gripy pete coming off a vacation. This one's serious. But it just bothersome culturally to me. So yesterday, today's, Thursday the fourth, yesterday, a US congresswoman from Indiana died in a car accident. Tragically. Just awful. Awful, awful story. Three other people died as well. And what bothers me is when someone dies, that's in the spotlight, and people will tweet things like, I disagreed with her views, but I'm saddened by her loss. That drives me bonkers. Why do people never was a fan of his butt? And it's like, you have nothing to do with this. Either extend condolences or don't. And I think it's weird, like, what does a person want the reader of that tweet to come away with when they say, we didn't agree on much? And I'm going to go a little bit further here on this.
21:36
Peter Dunn
I felt this way yesterday because it was happening all over the place. Then I read President Biden's statement about her death, and it said the same thing we disagreed about a lot. It's like, no one cares about your disagreements. This person is dead. And so there's my gripy. Frustrating.
21:56
Damian Dunn
Share it now, too is shared with me that I don't like that either, now that you bring it up.
22:05
Kristen Ahlenius
Yeah. I don't either, because it makes it about you. And it's not about you. It's about four people that were lost in a car accident yesterday.
22:15
Peter Dunn
That's a terrible story. I think social media has really stoked that thing where if I say I'm sad a politician died in a car accident, that I'm afraid people will think by me expressing condolences that I agree with this person's take on January 6 or abortion or whatever else? I mean, is that where we're at? Is, like, I can't be sad for someone's death without people like, well, you clearly are part of the problem. We can't be there.
22:48
Kristen Ahlenius
Yes, we are.
22:51
Peter Dunn
We are there. I wish weren't.
22:52
Damian Dunn
Do you think the method of demise or the way they were pushed into post retirement has an impact on whether or not people make comments like that?
23:04
Peter Dunn
That's a good question.
23:06
Damian Dunn
A car wreck is fairly ordinary. It's not an uncommon way to pass. But if this person or some individual would have been killed in some extraordinary way, extraordinarily violent way, I should say, does that change how people view that?
23:27
Peter Dunn
It's weird. Weird topic for a financial show. I'm glad I brought it up.
23:31
Damian Dunn
It's in the break, though, so it doesn't matter.
23:33
Peter Dunn
God, I can't wait to read these reviews. Lil Spence, 49, joins us. It's been a while. I hope the whole Spence of all size family is doing well. Little Spence. Big Spence.
23:45
Damian Dunn
Spence 50.
23:46
Peter Dunn
Spence 50. Okay, let's start the segment in three, two, one. Back on the Pete the Planner show. When you last left us or we last left you, I'm not sure on the relationship there, kristen was given us the list of the five things as a financial expert she would never do. She began with she would never finance a used car for more than 36 months. Then she said she would never what was your rest of your list? What did you say?
24:15
Kristen Ahlenius
Work for a company with a vesting schedule.
24:18
Peter Dunn
Work with a company with a retirement plan investing schedule. Damon and I fully agree with that one. And what's next on the list, Kristen?
24:25
Kristen Ahlenius
I would never enter or allow a relationship to become serious without having money, appropriate conversations, like real ones, knowing what we know about money and conflict. So if you're potentially buying an asset with someone, you're moving in with someone, like we talked about the last show. Those conversations are non negotiable, in my opinion.
24:50
Damian Dunn
I think we should go over a list of topics, and you can say yes or no whether or not they are discussed prior to entering this relationship.
24:58
Peter Dunn
All right, hold on. And before that, I think there's a good way we can do and, Damien, I want you to be the witness to want to you and I are at a nice restaurant, okay? And I know that the premise here is that we're on a date, and so let's not make this an HR thing, okay?
25:14
Kristen Ahlenius
HR.
25:14
Peter Dunn
Stop it. So I want you to bring up money to have this conversation and see how this goes in a restaurant rule. What's the right thing? I didn't want to say we're out on a walk on a country road. That's a little we're in a public place. Everyone's safe.
25:33
Kristen Ahlenius
Well, I think it depends on your personality.
25:37
Peter Dunn
I have a bad personality.
25:40
Kristen Ahlenius
We're at a bad restaurant, too. No, because for me, I'm kind of a forward and blunt individual. Sometimes I would literally be like, let's have this conversation at 05:00 p.m. On a Thursday. I've sent you a Google Calendar invite, and these are the things that I would like to discuss.
25:58
Peter Dunn
Romance. Okay. It's 05:00 p.m.. It's Thursday. Bring it up. I'm here. Kristen. I got here. I brought cookies. What are we talking about?
26:09
Kristen Ahlenius
Well, if we assume that we're moving in together, then you would say something. I would say would I don't know. I would ask, I suppose.
26:21
Peter Dunn
What do you want to know about me?
26:25
Kristen Ahlenius
Let's say you're moving in with me. We know how much my mortgage payment is. I would want to know what percent of half of the mortgage payment would be half your income. I would want to know.
26:34
Peter Dunn
Okay. I didn't know if we'd get down to Brass Tax, but we are at Brass Tax. You want to know if we're splitting the major housing expense, what percentage of my portion of it is related to the percentage of my income. Wow. I've never considered that being a question. Dame, have you ever considered that being the operative question?
26:58
Damian Dunn
It's a heck of a mean I think it makes sense. I don't know if I would have led with that, but.
27:08
Kristen Ahlenius
This is me. I sent you a Google Calendar invite. But I also think that in advance of that, you can have more broad conversations. Like, do you have student loans if you're carrying around six figures in student loan debt that you've not yet made a priority for me, I don't know that's going to work for me. Maybe to someone else. That's not a I don't want to say pain point or it would be a non negotiable, but I think that the things that are important to you, if you've been really diligent about taking out student loans or repaying that obligation, might not be in your best interest. To be in a relationship with someone who hasn't done that or isn't going to do that. I mean, I'm not saying people's opinions on these topics can't change, but I think that's why it's important to have those conversations.
27:54
Damian Dunn
I feel like a lot of this can be solved for Kristen by her just requesting a budget and a net worth statement, and she could make her own determination at that know, she sits down, you enjoy your Blooming Onion while she goes over the numbers and then says, here are the things we need to discuss.
28:12
Peter Dunn
I feel like she would order a credit report. Credit check?
28:16
Damian Dunn
Yeah, absolutely.
28:18
Kristen Ahlenius
I feel like you should.
28:21
Peter Dunn
Okay.
28:23
Kristen Ahlenius
What if the person you're talking to isn't sure if they don't check their credit report regularly? They might being deceitful even if they don't know.
28:31
Peter Dunn
I have to admit tell you again, August 4. August 7 was the 26th anniversary. Will be the 26th anniversary. Of my last first date. Okay, so I've not been on a first date or started a new relationship in 26 years, which my wife is either happy to hear that or sadly disappointed. Kristen, I feel you on this. I'm with you. But let's say Damien and I are on a first date. Damien, you and I are on a date. Okay. And how many dates? Kristen and I'll role play it here. I just need your instruction. You're my sereno diversiac. How many dates in can I ask Damien what he makes for a living? How much adherence?
29:13
Kristen Ahlenius
I don't know that it's about the number of dates, but the level of seriousness of a relationship, because people date casually.
29:20
Peter Dunn
We're in second base. We're on second base. Damon and I don't know, let's say it's getting serious. Do. I just like, hey, I really enjoyed that movie. What's your w? Two. I'm joking. But I'm not. How do you say, how much money do you make without the person going bump the brakes?
29:43
Kristen Ahlenius
Jimmy, you don't think that it comes up casually anyway?
29:47
Peter Dunn
I don't know. I haven't been on a date in 26 years.
29:50
Kristen Ahlenius
I think it does. I think especially when people know what we do for a living. I think that people love to give details about their financial life, like, oh, hey, Kristen, I heard you're a student loan expert. By the way, I owe the Department of Education 150 grand. I think people just offer up that information.
30:08
Damian Dunn
I will tell you I'm not dating any of my friends, but I don't know what a single one of them makes.
30:17
Peter Dunn
I will say this dame and I'm not citing or not citing with either of you. But Kristen's point about when people find out what we like, I'm walking around with this invisible priest collar. People constantly are confessing their financial sins to me. I know what most of my friends make, and I've not asked a single one of them, and I appreciate that they trust me or whatever. I wish I didn't, because then it feels like we always end up talking about.
30:50
Kristen Ahlenius
That.
30:51
Peter Dunn
I'm not griping. I get mean. If I was friends with a Colts player, I'd be like, how about that game against the Bengals? I mean, all the doing something am.
31:01
Damian Dunn
I doing something wrong? If people are talking to you about.
31:04
Peter Dunn
All this stuff, that's actually the better question. So, Kristen, people confess their sins to you?
31:09
Kristen Ahlenius
Oh, yeah.
31:10
Peter Dunn
And they do to me. Dame no.
31:13
Damian Dunn
Very unapproachable. Well, yeah, we all know that they.
31:16
Peter Dunn
Don'T get Krovma God right in the neck. Well, dame I make 37. And then he's like, I watched a video on that violence.
31:26
Damian Dunn
Now you've got dental bills.
31:28
Kristen Ahlenius
Oh, shoot.
31:29
Peter Dunn
Kristen, what's next on the list as an adult?
31:33
Kristen Ahlenius
This one's a little controversial, too. As an own I'm sorry, I would never own whole life insurance on my own life.
31:44
Peter Dunn
Okay? As an adult, Kristen says she would. Never own permanent life insurance. Whole life on. Can I can I ask some questions around? Were let's say you were me. Okay. I'm married, got two kids. Was the same stance. Are you saying as a person not in a marriage, that's how you view it?
32:12
Kristen Ahlenius
I think 98% of the time I would apply that advice broadly. I'm a very buy term and invest the rest kind of gal.
32:21
Peter Dunn
Sure.
32:22
Kristen Ahlenius
But I'm sure that there are anomalies to that statement, but as a general rule, that's where I would land.
32:30
Peter Dunn
Dame I don't know.
32:32
Damian Dunn
I'm probably not nearly as rigid on that as Kristen is. I think there are times and places for just about any financial product out there, and if a whole life insurance policy seems to fit the bill, then, yeah, it's going to be a pretty small subset of the population that I think that makes sense for, but I wouldn't be scared of it.
32:51
Peter Dunn
Yeah, they don't bother me. I mean, I totally get your point, Kristen. Right. I get where they can go wrong, but I feel like those stories are so horrifically scary that sometimes the prudent times to buy permanent life insurance are ignored. And it's with that coming up after the break, what are the things that Damien wouldn't do with his financial life? All that's next. I'm Pete the just this is the whole of it.
33:19
Damian Dunn
I don't have any of them written down, Pete. I have no idea what I'm going to say. That was her question, not mine.
33:25
Peter Dunn
You don't have to write things down. You've got a brain. You just use your brain. You don't need to write it down. You want me to go?
33:32
Damian Dunn
Yeah.
33:32
Peter Dunn
Okay. Come on.
33:34
Damian Dunn
I don't know. I'll figure something out, I guess. But no, you'll figure something out.
33:37
Peter Dunn
Come on. You love thinking on the fly we've talked about.
33:40
Kristen Ahlenius
Yeah, he loves that. Dame when would you buy whole life insurance? Come on.
33:45
Peter Dunn
Good question.
33:47
Damian Dunn
If I was already maxing out all of the other tax advantage ways to invest my money through employers or personal IRAs, whatever, if I had a healthy amount of non qualified assets already established, and then I also wanted some sort of coverage, or I also wanted to get a whole policy with long term care benefits on it.
34:11
Kristen Ahlenius
Bingo.
34:12
Peter Dunn
Okay. I like both of those. And I would also say, let's say you've got family history and you feel like you will not be able to get coverage later. I would absolutely do it. And I also think for much older people, which, I mean, how much older than me can you get? But much older people, sometimes they just need a smaller amount of permanent life insurance as a burial policy. So it's not survivor needs and burial policies are very different to me. If someone has $50,000 of permanent life insurance, who gives a rip? That's fine. If you have 300,000 of permanent life insurance and it fits into your financial plan then I totally get the criticism. I just don't I don't know. I feel the same way about annuities. People love to get upset about annuities and it's like, okay, get upset. But they have a place for some.
35:05
Kristen Ahlenius
Know I was up on my soapbox because I sent this TikTok to damien.
35:10
Damian Dunn
Yesterday that was going to be one of my things that I'd never specific the idea that is being espoused.
35:19
Peter Dunn
Okay, well, don't steal. This is damien's only thing he can talk about all I want.
35:24
Kristen Ahlenius
What about the recession?
35:27
Damian Dunn
Nobody wants to I mean yeah, it's.
35:28
Peter Dunn
The tease for the show that I.
35:30
Kristen Ahlenius
Put into the receipts.
35:32
Peter Dunn
We'll do it next week. There'll still be a recession next week. Don't worry.
35:36
Kristen Ahlenius
There will.
35:37
Damian Dunn
There be.
35:38
Peter Dunn
Stop it.
35:39
Kristen Ahlenius
Are we in a recession?
35:41
Peter Dunn
Oh, stop. Both of you. OK, dane, we're coming back. You and I are going to go tit for tat. I'll be the tat with those know at in our all company meetings sometimes we all go around and say little things like what book are you reading right now? Or what bite of food was delicious this weekend. Just little games. The other day I was like wonder if we could be like show us your tattoos. And I was like, wait, that's a horrible idea. Right? If we're like, anybody got an ink?
36:19
Damian Dunn
Take some tasteful photos of your tattoos and bring them to the next stand up.
36:23
Peter Dunn
I always feel like I get so uncomfortable talking about tattoos because it's so foreign to something I would do that I feel like an absolute fraud. Yeah, cool. I like your ink. I don't know what to say. It's like how do you hold a cigarette? I don't know. That's not my thing.
36:42
Damian Dunn
How much would somebody have to pay you to get a tattoo of your choice?
36:46
Kristen Ahlenius
More than 30 grand apparently.
36:48
Peter Dunn
No, I would do it and it would actually give me excuse. I would do it. Not much. A couple of hundred grand. No, I'm not kidding. $1,000 maybe $500.
37:05
Damian Dunn
There's a GoFundMe opportunity here.
37:07
Peter Dunn
No.
37:09
Kristen Ahlenius
What if they just paid for a really nice tattoo because a really nice tattoo can be that expensive.
37:16
Damian Dunn
Ace of spades. That covers your back.
37:18
Peter Dunn
Yeah, I don't know. For me, here's the tattoo thing. We've talked about this on the like and maybe not with kristen on, but in any given moment of what I'm thinking about, never do I want that thought memorialized on my body forever. What element of what is going on makes sense forever? I can't get there.
37:50
Damian Dunn
You could have some of your kids best quotes tattooed somewhere on your body so you could always show them in the future.
37:56
Peter Dunn
It's like when I was eight years old, voltron and ThunderCats were the greatest cartoons in the world. I love them. I would dream about them. I would play with the action figures and with the sensibility of someone getting a tattoo. I would have lionel tattooed in the small of my back, and I just can't get down with that.
38:20
Kristen Ahlenius
Really? For the best.
38:22
Peter Dunn
Yeah, but Kristen, you know what I mean? It's like whatever seems like a good idea. That's like, I want to express this, then it is always expressed, or is that the point I take?
38:34
Kristen Ahlenius
Yes, but I think that for me personally, I don't know that I would get a tattoo that had so much meaning for that very reason.
38:42
Peter Dunn
Okay.
38:43
Kristen Ahlenius
I'm more into the artwork creative aspect, because I don't know that those things as much change.
38:51
Damian Dunn
Elephants and butterflies, definitely not.
38:55
Peter Dunn
Well, I always think about and I was in a fraternity in college, which I don't really care about now nor then, but I was and the guys would get, like, the fraternity seal or the letters on their ankle, and I'm like, really, Kevin? That's what we're going to do here? I don't know. This sounds very judgmental. Right? But this is the judgmental episode where we're saying things we wouldn't do. And I will come back. Are we on the radio right now? No. Okay. Let's do a segment and we will get there.
39:29
Kristen Ahlenius
I have to go.
39:31
Peter Dunn
Oh, yeah. Okay. Three, two wait, you're too busy for us.
39:34
Kristen Ahlenius
I am. It's true.
39:36
Peter Dunn
Three, two, one. Back on the Pizza Planner show. It's the I would never do that edition of the Pizza Planner show. So I'm up right now. I would never as a financial expert, get a tattoo. That's it. It's not lame. I would never buy anaconda. Like, I don't know. There's certain things I wouldn't do because they are imprudent both financially and from a lifestyle perspective. And the permanency of the ink and the anaconda independently would be a problem.
40:13
Damian Dunn
We could send a message like budget for life or a heart. Instead of having mom inside, you have budget. There's something there.
40:23
Peter Dunn
I have heard people say things like, I would never spend money on alcohol. Like, I've got some tea totaler friends that are like, I would never waste money on wine or beer or booze or whatever. That's not that different than the tattoo take. I mean, my tattoo spending money on tattoos. I know a lot of people who spend a lot of money on tattoos. I can't even say the word tattoo right. It sounds so can't I mispronounce it? Tattoo. I don't know. That's my take. Dame, what is a thing, as a financial expert, you would never do?
40:56
Damian Dunn
This is a trend that Kristen reminded me of, but I've seen actually a couple of times this week on social media, and there are individuals out there who will come on and say something akin to you've been lied to this whole time. Life insurance isn't about death. It's about life. And you should be using life insurance for your life. And basically they're espousing that. You buy a whole life policy, put money into it, then take money out, use it for what you want and then pay it back with interest and just keep being your own bank, I think is the phrase.
41:39
Peter Dunn
Yeah, it's bank of me or something like that.
41:44
Damian Dunn
They are using a product not in its primary form. It's life insurance. Yes, but it is to cover your life and fund somebody else's life after you die is what that is. So I would never encourage somebody to misuse a life insurance policy.
42:07
Peter Dunn
Fair enough. All right, so we're continuing this game. As a financial expert, I would never own cryptocurrency in a retirement account.
42:19
Kristen Ahlenius
I don't have any qualms about that.
42:24
Damian Dunn
About owning crypto in a retirement account or that not doing that.
42:29
Kristen Ahlenius
I would agree with Pete.
42:30
Peter Dunn
Oh, that's nice to feel. Now, I will also say I have owned crypto as a radio gag a few years ago, and I don't care if other people do it. I just think it's of course, as you know, if you listen to the show, I think if you put a lot of money in there and you don't have other stable assets, you've got some risk issues. But I think there's something about casting your future with crypto within your retirement plan that just bothers me. I also have to note, if I want to go back to an employer's role in this, I would really question an employer that allows people to invest in crypto within their four hundred and one k. I think that is a bad steward of people's fiduciary duties. Dame, you reacted.
43:21
Damian Dunn
I think I have less problem with this than you do with some caveats. I think if an employer is going to offer it inside of their plan, I think they need to find a way to put curbs on it that it cannot exceed a certain percentage of the contribution amount that is put in on a regular basis. So if you want to own crypto, your contributions cannot go towards more than 10% of your overall contribution for that pay period. Try and keep, hopefully your exposure to that one asset class a little bit more tempered. I think that's actually possible, but I can't remember for sure. I'm sure Mrs. Advice is probably going to send me a text message here any minute and tell me yes or no. That's possible. From a personal standpoint, this is where I think it gets stickier, because individuals aren't the best investors.
44:23
Damian Dunn
We see this in different studies all the time, and people chase trends and fads and they would most likely just pile into whatever they think is hot, especially if they think they have a clue of what's going on with crypto and they could possibly end up really behind on where their retirement contribution should be. But I don't necessarily want to deny them that opportunity to screw up their own life if that's what they want to do. So I don't know, I think I'm a little bit more open to the.
44:57
Peter Dunn
Idea, you're more progressive.
44:59
Damian Dunn
Yeah. Take that.
45:01
Peter Dunn
I know this will probably come up in the current events segment of the show, but I would never take financial advice from Reddit. Never take financial advice from Reddit. Currently. What's? It the Wall Street trend. What's the account? Thunder Nuts.
45:18
Damian Dunn
Wall street bets.
45:19
Peter Dunn
Wall street bets?
45:20
Damian Dunn
Yeah.
45:21
Peter Dunn
I mean, here's the thing. They've now picked this tech company that's up, like, 31,000% or something crazy the last couple of weeks. It just seems wrong. I don't know.
45:34
Damian Dunn
I think it's really interesting, and I can say this because of what I do and my background that I love reading through advice on Reddit.
45:44
Peter Dunn
Do you?
45:45
Damian Dunn
I love it because sometimes it's just hilarious to see what people are saying. It's sad at the same time because you know somebody's taking what they're saying as gospel. But a lot of times it gets me thinking about perspectives that I might not have considered, and then I have to figure out why they're wrong or why they might actually have some credence to them. So I enjoy doing it. I wouldn't say it's probably the best idea for a lot of people, though.
46:18
Peter Dunn
Kristen, would you, as a financial expert, ever go to an ATM in a casino in Vegas?
46:25
Kristen Ahlenius
Yes.
46:26
Peter Dunn
Are you going to do that this weekend?
46:29
Kristen Ahlenius
Probably. Yes.
46:32
Peter Dunn
Yeah. All right, so here's a question for both of you. And by the way, if you're just tuning to the show this week, it is the strangest potpourri of topics of all time. These are things we would never do. But, Damian, you said something you like reading Reddit all the time, and this sounds like a loaded question, so please be assured it is not a loaded question. Do you do that on your personal time, or do you do that at work? Because I hate reading financial stuff when I'm not at work. And I'm not saying I'm bothered if you're on reddit. I mean, it's your job to know all these things. But do you read that in your personal time?
47:03
Damian Dunn
Yeah, actually it is, because it has a feed that comes up with just different topics that you've said you're interested in, and maybe there's something on a vintage watch, and then there's something on finance and things like that. So if the first couple of lines are intriguing, I might click into it and see what's going on.
47:23
Peter Dunn
Kristen, you consume personal finance materials outside of work, too?
47:28
Kristen Ahlenius
Yes, because I'm a sucker, and the algorithm knows that I can't stand, like, the video that I sent to Damien yesterday, it was like, I don't know, like 06:30 p.m.. And I was like, Check this out. This sucks. And I sent it to Damien. It did.
47:43
Peter Dunn
Language. I'm going to have to put a warning on the show now.
47:46
Kristen Ahlenius
It was not good. And so the algorithm knows what you want to see, and because I watched it and shared it, now I'm going to see more of that type of thing. So unfortunately I see it a lot.
47:57
Peter Dunn
I did that once. My daughter and I were looking at Instagram, it shows you what to look for or whatever, and I clicked on something because she was like, oh, click that. And now I've got all of these types of things being served to me because of the algo and it stinks. It's like when my TiVo used to think that I was like a twelve year old boy because I watched ThunderCats once, but I was actually 24 and married. Anyway, algorithms. All right, Dame, here's what we're going to do. Coming up after the break, biggest waste of money of the week. Now one could argue wait a second, Cassie, just comment on the show. We'll deal with that during the break. But coming up after the break, we are going to do biggest waste of money of the week. And current events, talk of student loan starting back up, there's talk of it being delayed again, student loan servicers are being told again to not send out bills for September.
48:58
Peter Dunn
We'll talk about that and some other things here right after the break. And by the way, the tie in to the Biggest Waste of Money of the Week is actually going to be something we talked about in the previous segment. It was a hidden Easter egg. It is all here for you next right here on the Pete the Planner show. I'm Pete the planner. When you start the outro 40 seconds from the end of the segment, you find yourself selling.
49:23
Damian Dunn
It's aggressive.
49:24
Peter Dunn
Damian, lovely bride. Cassie. I said bride. I think when guys call their wives their bride and dated, it's annoying. This is my bride because I occasionally will slip and say that and it sounds judgmental. It's a judgmental episode of the Pete the Planner show. So I don't want to call someone else someone's bride. Cassie is your life partner. We read Morning Brew together at the breakfast table. Of course he reads it in his personal time. What is morning brew? Cassie. What is morning brew?
50:00
Kristen Ahlenius
What?
50:01
Damian Dunn
It's a email newsletter that you get that summarizes top stories of the previous day. So, like, morning brew and Wall Street.
50:10
Kristen Ahlenius
Journal and it's the water coolest.
50:12
Damian Dunn
I don't do that one.
50:14
Kristen Ahlenius
I like that one. It's aggressive.
50:16
Damian Dunn
Go figure.
50:22
Peter Dunn
How long are you in Vegas?
50:25
Kristen Ahlenius
I fly out tonight at eleven and I fly back at three on Sunday.
50:31
Peter Dunn
03:00 P.m., waiting excursion. I get the feeling you're fun. Do you like fun?
50:43
Kristen Ahlenius
I'm a lot more fun now than I used to be.
50:46
Peter Dunn
Oh, that's fun.
50:48
Kristen Ahlenius
It is good for me.
50:50
Peter Dunn
That's nice. That's good to hear. I've never been fun and I don't plan on it. Don't care to know.
50:59
Kristen Ahlenius
Funny not fun, right?
51:01
Peter Dunn
Funny not fun.
51:02
Damian Dunn
Dame, maybe if you had a tattoo.
51:04
Peter Dunn
And a full head of hair, man, maybe. Oh, Aqua. Greg craps. Blackjack or slots?
51:12
Damian Dunn
None of the above. He's late in joining, clearly.
51:14
Peter Dunn
Yeah. Greg roulette, buddy. It was Pete buys you a sandwich day here at the office. And I did that because I know how much aqua greg likes sandwiches, specifically, and I'll put mustard on a cheesesteak, which is weird, as we've talked about here on the show, and he didn't show up today. He worked from home, so that's on him. Greg, if you would have been in the office today, both of you, I would have bought you a giant cheesesteak.
51:39
Damian Dunn
If only you had our addresses and could have sent one to us.
51:42
Peter Dunn
I had a huge one. It was, like, the size of, like, a toddler's leg. It was huge. Sounds good. Yeah.
51:49
Kristen Ahlenius
Damian food delivery is really big here in my here.
51:53
Damian Dunn
Same here.
51:55
Peter Dunn
All right, let's do some things, because Kristen's got to go.
51:58
Damian Dunn
She got to catch a flight.
51:59
Peter Dunn
She got stuff. Okay. Three, two, one. This week's biggest waste of money of the week right here on the Pete the Planner show is Tiffany and Company and CryptoPunks NFTF jewelry. After creating a pendant inspired by VP Alexandre Arno's, crypto punk number 31 67 NFT. Timeout. Is this English? Like, what am I reading? I feel like I'm reading Elon Musk's kid's name. I don't know what's happening. Tiffany and company is expanding further into the blockchain universe with its NFT, as in Tiffany Jewelry. The collection will reproduce the crypto punk of 250 owners into a custom pendant using gemstones, enamel, and 18K rose gold. Sorry, got distracted. Considering there are 10,000 unique crypto punks, each piece will be rare and one of a kind holders can place their orders starting August 5. That's tomorrow, with delivery expected in February of 23. What do you guys think it costs to get an NFT made into a piece of jewelry from Tiffany's?
53:19
Peter Dunn
What do you think it costs to get an NFT, which is non fungible made into something? Fungible?
53:29
Damian Dunn
Are we looking at the price of the piece itself or just how much it costs to commission them to do it?
53:35
Peter Dunn
It's the same thing, isn't it?
53:37
Damian Dunn
No. If I pay you to do something, there may be other expenses that maybe it is. I don't know.
53:44
Peter Dunn
How much do you have to pay Tiffany's to send you this?
53:47
Damian Dunn
15 grand.
53:48
Peter Dunn
Kristen about half that.
53:53
Kristen Ahlenius
Oh, my.
53:53
Peter Dunn
To get a pendant made of a nonexistent thing.
53:57
Damian Dunn
Do you know how small that thing is? It looks tiny.
54:02
Peter Dunn
Yeah, the whole thing's dumb.
54:04
Kristen Ahlenius
Could I ask a point of clarification?
54:06
Peter Dunn
Sure. I won't be able to answer it, but go ahead.
54:09
Kristen Ahlenius
I thought the whole point of NFTs were that they didn't exist.
54:17
Damian Dunn
But how do you flex with something like that? You've got to have something on your key ring.
54:23
Kristen Ahlenius
No. Your digital wallet. Take out your phone and show your friends.
54:29
Peter Dunn
Damn you, jewelry guy. What's the most jewelry you'll personally wear as a 44 year old man?
54:36
Damian Dunn
Watch? A wedding ring.
54:39
Peter Dunn
Wow. We almost forgot that. Yeah.
54:42
Damian Dunn
Watch and a wedding ring. This has literally been off my finger maybe twice since I got married, so it's just kind of part of me at this point.
54:50
Peter Dunn
Both times you were in a CD part of town? No, I wear a ring, a watch occasionally, and I got this bracelet in Australia that bought once every other year. It's the silver bracelet. I'll put it on, but that's the extent of my male jewelry.
55:07
Damian Dunn
Where do you wear that bracelet to work?
55:10
Peter Dunn
And then I realize that it hurts when I type, and so I don't wear it for another couple of years until I see it and think, I wonder how tight this will fit my growing fat wrist now.
55:19
Damian Dunn
Really thought you were just going to say on my wrist. Where else would I wear it?
55:22
Peter Dunn
What's in the news?
55:23
Damian Dunn
Dame, a little known Hong Kong based company appears to have become the latest obsession of traders on the popular Reddit Forum, Wall Street Bets, helping its stock shoot up 21,000% since its IPO less than a month ago. Shares of AMTD Digital have spiked nearly 3000% over the past week and were up 126% on Tuesday alone. The company debuted on the New York Stock Exchange on July 15, listing its shares at $7.80. Pretty affordable. Since then, the price has jumped to $1,679.
56:01
Kristen Ahlenius
What?
56:04
Peter Dunn
Yeah. This is problematic. You all and I actually read a statement from that company that didn't say, stop, but they're just like, hey, we don't have the financials to justify these numbers. It puts these companies in a weird spot. Yeah.
56:22
Damian Dunn
They brought in 25 million in revenue last year, and this week the market cap is 310,000,000,000, surpassing Shell costco and putting it closer to the size of Walmart and Exxon.
56:35
Kristen Ahlenius
That was my point. Was that what? I don't know. Probably more than a year ago already when were talking about GameStop. It's like the damage that collectively we're doing to these companies is not good. This company was obviously not prepared for this.
56:54
Peter Dunn
Yeah, I just keep thinking of, like it goes back to the Elon Musk Twitter stuff. Well, before him trying to buy Twitter and bailing, but even his tweets about the market on Twitter. How is this not market manipulation? That's what I don't understand. It just seems so unfair.
57:14
Kristen Ahlenius
I don't know.
57:16
Peter Dunn
The only thing less fair than this is the fact that there's really not great insider trading restrictions against Congress. Right. Occasionally someone will get busted on it, but there's so much more going on out there. Now. I sound like a conspiracy theorist, but we've covered this on the show, too. That exists.
57:34
Damian Dunn
I feel like a bill was passed through the House to limit that coming up soon, but I could be totally wrong on that.
57:40
Peter Dunn
I can't wait to watch it get turned down by the Senate. Yes. What else?
57:45
Damian Dunn
Dame less than 100 days after laying off 9% of employees, robin Hood announced Tuesday that it would slash another 23% in a second round of layoffs. In a message to employees, which used the word Robin Hoodies, which is basically the whole reason I read this article. CEO Vlad Tenev took responsibility for the cuts, blaming his ambitious hiring during the pandemic. The company's layoffs match a broader vibe shift in employment. The total number of job openings fell to a nine month low of 10.7 million in June, which suggests the labor market is softening a bit.
58:22
Peter Dunn
Sounds like recession. I feel very sorry for all of those people at Robinhood. I hope they land on their feet. And, yeah, I feel even per our discussion earlier, I'm not going to give my view on Robinhood in general. I will simply offer my condolences to those who lost their job.
58:42
Damian Dunn
I see what you did there. Very nice.
58:44
Peter Dunn
Thank you.
58:45
Damian Dunn
Data from the Federal Reserve Bank of New York released yesterday revealed that Americans are shielding themselves from inflation by forming an alliance with an old enemy, credit card debt. The study found that credit card balances grew 13% year over year, the largest jump since 2002, according to the Fed researchers. That increase can be partially attributed to consumers struggling with rising prices. Inflation hit 9.1% in June, the fastest pace in four decades, and Americans are collectively responding. Not now, maybe next month.
59:17
Peter Dunn
Yeah, I mean, sort of saw this coming. I think there's two things. One, prices are going up, so people naturally are having their balances grow. But I don't think consumer habits have shifted to the point of caution. I don't think people have slowed down their spending enough heading into this recession. Kristen?
59:37
Kristen Ahlenius
I agree with that. Don't Anecdotally, I feel like I haven't seen that. I'm sure that there are people who've done that, but I think big picture, it doesn't feel like we're behaving like we're in a.
59:50
Damian Dunn
Saw. Maybe we're maybe we're not in a recession.
59:54
Peter Dunn
I will say this, that's the topic of next week's show and here will be one of my main points of evidence. Walmart just laid off people at headquarters. Like in leadership, if you're one of the largest companies in the world and consumer goods are how you make your money and you think people are going to buy less consumer goods and you cut management, that's a recession. Yeah.
01:00:22
Damian Dunn
They're already struggling, trying to get rid of a whole bunch of inventory that they've got bought up. So, yeah, that's coming for sure.
01:00:30
Peter Dunn
Anything else in the news this week?
01:00:32
Damian Dunn
Dan, real quick, it's time to retire the hot coffee versus iced coffee debate. It's over. On Tuesday, Starbucks said that cold drinks accounted for 75% of its beverage sales last quarter, thanks to Gen Z's preference for customizing them and posting their concoctions on social media.
01:00:48
Peter Dunn
Yeah.
01:00:52
Kristen Ahlenius
Kind of old. Manny.
01:00:53
Peter Dunn
Last two Starbucks I had cold drinks.
01:00:59
Kristen Ahlenius
Cold coffee is so much better than hot coffee.
01:01:03
Peter Dunn
Before we end the show, I was on vacation in Charleston. We were all dying of heat. My tongue was melting just standing on the street. I'm with my father in law, and he said, I'm going to need to go get some coffee. And he orders his coffee extra hot at Starbucks. So it was like 107 heat index. And he's standing on the streets of Charleston drinking extra hot Starbucks coffee. And I could not believe what I was witnessing. No. Anyway, that's all we have for this show this week. Hopefully Kristen is back next week. She is not stranded in Vegas because she gambled her whole life savings away. If not, we'll see. Good vibes. Good vibes. Are all that's in the bubble? I'm Pete the planner. This is the I'll take all of it. That was a weird show. It's on me.
01:01:50
Damian Dunn
I thought it was all right.
01:01:52
Peter Dunn
I didn't say it was bad, just weird. Had all sorts of strange hot know? I don't know what's going on. It's Thursday. I'm confused. All right, Kristen. Yeah. You've got a date, so we're going to let you a date on your calendar. We got to dig in more to how Kristen asks a love interest about their financial life. I think that's gold.
01:02:19
Damian Dunn
We send Forrest with a camera on a date with her and just record it.
01:02:24
Peter Dunn
Yeah.
01:02:26
Kristen Ahlenius
Okay. One time I did I will give you one example.
01:02:31
Peter Dunn
Where was this? On the air.
01:02:33
Kristen Ahlenius
I just didn't feel like putting it out on syndicated radio where someone that I might know might hear it, but.
01:02:39
Damian Dunn
Podcasts that are infinitely distributable.
01:02:41
Kristen Ahlenius
This is going to live on the Internet forever.
01:02:44
Peter Dunn
Here we go.
01:02:46
Kristen Ahlenius
One time I did say, quote, I know that this is none of my business, so if you also think that this is none of my business, you can tell me to can it. But being that this is what I do for a living, I have to know. And then I asked a question about.
01:03:02
Peter Dunn
Personal finance, and did they answer it? Were you pleased with their answer?
01:03:08
Kristen Ahlenius
Yes.
01:03:09
Peter Dunn
Okay. So if someone gave you, I know you got to go, but Jeremiah is upset that you've got to go, but if someone gives you answer you don't like, then what do you do with it? Are you like, okay, well, I'll fix you, or are you like, I can't deal with that. You're done. Please pick up your shoes from the hallway. What do you do?
01:03:30
Kristen Ahlenius
No, I think that then you naturally have a conversation about depending on what the topic is, just like, if it's a lot of student loan debt, it's like, well, does that bother you? Is that something that concerned you? How did we get here? And I think it depends on the person that you're talking to, how comfortable you might be having those conversations. But I think it just opens up a bigger conversation about money and money habits. Yeah, but I'm also blunt and kind of. Abrasive.
01:04:02
Peter Dunn
Have a good time in Vegas, you Blunt Abrasive, friend of ours. Vegas?
01:04:11
Kristen Ahlenius
I'll send a video of my sister doing that when we get off the plane.
01:04:14
Peter Dunn
Oh, you're going with your sister?
01:04:15
Kristen Ahlenius
Yeah.
01:04:16
Peter Dunn
Nice. Well, have fun. I'm going to go now, Dame. Best of luck with your life. Just in general. Stay getting money. Stay getting money. Stay getting money.
