00:15
Peter Dunn
I blew it. I absolutely blew it. Tried to hit the open. I didn't get the bloop. Hi, Dame.
00:23
Damian Dunn
Hi, Pete.
00:24
Peter Dunn
I just removed you from the show. There we go. Now you're back. Hi.
00:27
Damian Dunn
Hi.
00:28
Peter Dunn
I blew it. Hey, everybody. Welcome to the Pete the Planner show, where you will get mediocre technology here on the Pete the Planner show. Dame, you doing all right this week?
00:38
Damian Dunn
I think the technology is actually pretty good. I just think it's the implementation and the use of it that could be a little better.
00:44
Peter Dunn
Okay, Dame, very important stuff going on today, so I do not have a lot of time. So we're going to have to get right to the know. We're going to dig into the housing bubble or the what?
00:58
Damian Dunn
Housing bubble.
00:59
Peter Dunn
Yeah, exactly. We're going to dig into the housing bubble. I did just breaking news. Breaking news. I'm reporting breaking news. January home sales jumped 6.7% despite a record low supply. Wow. That happened right as we're talking about the bubble bursting. So we will get to that here today. Then we're also going to talk about how to engage a significant other if they are not interested in your financial situation. Hello, Jeremy. Good to be joining us on Facebook Live or Metalive.
01:37
Damian Dunn
Nobody knows.
01:38
Peter Dunn
No one know. I dislike that. I enjoy instagram. I still don't like Facebook, but I do dislike that I like Instagram and utilize all. You took a nice break from social. Where are you at?
01:56
Damian Dunn
I look at Insta way more than I should, and the fact that Twitter even is on my phone speaks volumes. And I would be a better person if I just delete it.
02:08
Peter Dunn
Hello, Danza. Good to be with you on you know, if it weren't for Facebook Live, we wouldn't know, Danza.
02:14
Damian Dunn
That's true.
02:15
Peter Dunn
So danza. We're thankful for Meta. All right, Dame, let's actually start the show for realsies. Sometimes I make a joke that I have to go. I really do have to go today. So let's do that 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 here's what could happen. We may answer your question on the show. We may just let it sit in the inbox and gather cobwebs. And by we, I mean Damian Dunn and I hello, Dame.
02:53
Damian Dunn
Hello, Pete.
02:54
Peter Dunn
Oh, it is good to be with you, sir. Today on the show, we're going to talk about the housing bubble. Oh, yeah, there's a housing bubble. You just don't know when it's going to burst. We're going to talk about the housing bubble. We're going to talk about how to engage a significant other in your financial life if they have no interest not in you, but in your financial life. And so much more. And I say so much more because you just never know what's going to happen.
03:18
Damian Dunn
No, it's a total crapshoot.
03:22
Peter Dunn
Nobody knows dame key indicator. Hence, America is headed for its worst real estate crash in history, according to an article in The Federalist Thefederalist.com. So Dame, what's fascinating about this, I want to get through some particulars here, and then we'll analyze it with our hard hitting analysis. So one of the primary tools the Fed used to accomplish its goals to keep interest rates near zero for years, one of the things they do is let me restate that. One thing the Fed does is it keeps interest rates near zero to stoke the economy. Right? It makes lending cheap in scary recessionary times. By lowering the interest rate, it's again stokes economic activity. Now, that's because it allows the government to spend more money than they normally would. And so what's happened? From 1980 to the year 2000, the Fed kept the interest rate, generally speaking, around 4% or more.
04:36
Peter Dunn
Okay, so from 1980 to 2000, the Fed rate, the federal funds rate, was 4% or higher during that 20 year period, and oftentimes it was 5% or higher. Pretty common. And in fact, I'll note that's why a lot of people had 9% mortgages in the early two thousand s I know I did. I think I had an 8.75% mortgage, maybe nine and a half percent mortgage in May of 2000. But what has happened since then? From 2009 through 2016, interest rates have consistently been lower than 1%. Beginning in 2017, the first year of the Trump presidency, the Fed began to more aggressively raise rates. But it only briefly topped 2% in 2018 and early 2019. And then something happened COVID-19 which had the Fed slashing rates once again. So Dame, the reason why the housing market has taken off is because there's a tremendous number of borrowers, because borrowing money is incredibly cheap.
05:48
Peter Dunn
And that is all about to change. Dame you read this article and were talking about it before the show. There is a shocking percentage drop being predicted right now. What are your thoughts on that?
06:00
Damian Dunn
I think that, first of all, if you haven't contemplated that real estate prices are inflated more than what they should be at this point, let this serve as your wake up call. Because real estate, at least residential real estate for sure is astronomically high. We've talked about it, how quickly homes are selling, and it's just because exactly of what Pete said, there's plenty of cash out there available for it, lots of buyers. And what happens? It's basic economic supply and demand. There are lots of people chasing after the same asset, so that asset is going to increase in price. So if that dries up, if money gets harder to get a hold of, people are less willing to pull that to spend those dollars. You're going to see those prices come back down in order to attract the buyer. So if that happens, well, prices start to drop and then maybe it starts snowballing the other direction than what we've had.
06:55
Damian Dunn
And it corrects the article itself. Can I be the spoiler here, Pete, and say what article suggests potentially a 30% to 40% drop over I believe it's at a couple of year period. Not just you wake up one morning and all of a sudden your house is worth 30% to 40%. Yes, less. But over a relatively short time period, we're going to see a potential significant decline in the overall value of someone's home. And that frankly makes sense right now. Just too many people trying to buy real estate and inflating prices after September 11.
07:32
Peter Dunn
Yes, the September 11, 2001 and the economy began to struggle. The Fed lowered interest rates to help the economy recover. And what ended up happening is the country got overheated, the economy got overheated, inflation took hold. And so in 20 07 20 08 20 09 when those things started to adjust, the housing market was the benefactor of all this. And by benefactor, I mean the bubble popped, the bubble bursts, and that's why housing prices came so far down then, dame, guess what we did? We did it again. We learned nothing. And we kept interest rates so low that the pool of buyers just kept getting bigger and bigger. Now, there's a lot of things to be concerned about here and I would also note there's not a lot you can do about it. Right. I think that's one of these things or not a lot you should do about it.
08:30
Peter Dunn
You, for instance, you don't plan on moving anytime soon? Me, I don't plan on moving anytime soon. Our interest rates and our mortgages are locked in. We just got to sit back and watch the economy suffer because of housing prices.
08:44
Damian Dunn
Yeah. And beyond that, I don't plan on dipping into my home equity for anything anytime soon either, which would be another consideration that some people might be rolling around in their head. So if the value of your home is going down and you're able to sit there and write it out, it's probably the best bet.
09:04
Peter Dunn
Yeah. One of the weird things about the economy is it is a consumer based economy. It is dependent on people making buying decisions and oftentimes making buying decisions that go against their own personal interests. And so you think about the government has always been like pro home ownership for some reasons, but I think the primary reason is because it drives the economy. So when the housing market takes it on the chin here, soon you're going to see some of the trades dry up. You're going to see, of course, home building slow down and then everything that comes along with that, the mortgage industry, banking is going to struggle. So this is not a sky is falling segment per se, although that's how these things work and we saw it ten years ago, so it's not that surprising.
09:48
Damian Dunn
Yeah, it's going to be a real interesting time going forward if you don't have to move. Don't, if you are thinking about moving, maybe think that timetable through a little bit more. But one thing we don't know is how many interest rate hikes is it going to take for this to really start feeling painful in the overall market. So is it going to be a couple of quarter percent raises? Is it going to have to go up an entire percent? Or how quickly are those raises spaced? There's a bunch of variables that will go into it and the best thing you can do is just be aware of the surroundings and know what's coming down the path and act or don't act accordingly.
10:35
Peter Dunn
After the break, we're going to talk about the biggest winners in this scenario and potentially the biggest losers in this scenario. But I will note this. The nature of our economy is that when too many people are spending money, you're going to see inflation, right? And so there's been so much artificial income pumped into our economy and it's done its job. It kept our economy afloat. I don't want to be an alarmist or get a little extra weird today, but you could say the decisions about stimulus saved our you could make that argument. And I'm also not being overly critical here, Dane, because the levers of how to turn on and off Fed support are really difficult to sense. So I'm not trying to oversimplify this and say the Fed made a mistake. I'm just saying the sensitivity to the changes may not have been at the right level.
11:31
Damian Dunn
No, I agree. And it'll be an interesting conversation next segment.
11:37
Peter Dunn
Thank you for helping with that. So coming up after the break, with the housing bubble on the verge of bursting, who could win here and who needs to watch their back? All that's next on the Pete the Planner show. Dom pete the planner Craig Anderson joins us. So if you're timing the housing market now is the know depends on which.
11:59
Damian Dunn
Side of the equation you're like.
12:01
Peter Dunn
I think that's what we're going to talk about. Hi, Craig P. Anderson. I was on Craig P. Anderson's podcast this week.
12:06
Damian Dunn
Did you tell him I said hi like I told you to?
12:08
Peter Dunn
Craig, did I tell you hi from Dame?
12:11
Damian Dunn
I doubt it. We know.
12:13
Peter Dunn
I really doubt it. Hey, Red. How are you? Biggest winners, buy and holders, losers, the buy and over leverage. I did say hi.
12:21
Damian Dunn
I don't believe it.
12:23
Peter Dunn
Craig, I don't believe you either. Oh, man. Sorry, Dame. That's all right. Okay, sorry. I'm trying to do some math here. Okay, Dame, let's jump right into this because you got stuff to do. In three, two, one. Back on the Pete the Planner show. Dame, first segment, talking about the housing market. It could burst of the bubble, at least the prices based on inflation and whatnot and interest rates and whatnot. Anyway, Dame, were talking about there are going to be winners, and there are going to be losers because of this. And so I'm going to let you wax poetically about either the winners or the losers first. Which one would you like to get the first crack at?
13:09
Damian Dunn
Let's go with winners.
13:11
Peter Dunn
Winners. Who is the perfect winner? Not just like buy and hold people because they're always generally a winner, but who is strategically the biggest winner?
13:23
Damian Dunn
Are we going the biggest winner here, Pete?
13:26
Peter Dunn
Absolutely. Well, of consumers and citizens, yes.
13:32
Damian Dunn
The folks who managed to sell their house rent and waited for the market to pull back, just like we've probably been speculating for the better part of 18 months on the show. If you are in that position to be able to take advantage of high prices and not be forced into buying another house that was inflated but could bide your time and rent, they're going to get a deal.
13:55
Peter Dunn
Yeah. I mean, can you imagine, let me say the perfect situation. Let me give you a story here. Let's say your kid graduates high school. It's your last kid in the house. And so then it's the point where you can run around in your box of shorts. So you're like, we're going to move. You know what, our family house is too big, but we don't know where we want to go. Let's sell our house. By the way, we own it outright because we've been paying on it forever. So we have cash. We sold it. We got a bunch of cash, and we're going to rent. Let's see if we like this area. We're in a townhome here. Probably pay a little bit more for upkeep. You got to deal with rental costs. And then we also happen to think that the housing market could have a bubble, and it does.
14:43
Peter Dunn
And so then the housing market bursts the bubble and the house prices come down. And since you don't have to worry about interest rates because you are a cash buyer and interest rates are theoretically still high, you jump in 18 months after you started renting into the housing market and you bought something for 30% less, yet you sold at the market high. I think people are doing that.
15:11
Damian Dunn
A version of this plays out every day across the United States. People that move from high cost of living areas, coastal cities, and then they move for a job transfer or whatever to the Midwest, where their housing prices are essentially cut in half. In some cases, they're able to move and have a good amount of equity that they pull out of that house from wherever they're leaving and moving into the Midwest and basically pay a vast majority of the cost of the house for a similar size house, maybe even a little bit bigger. And that's kind of what we're talking about that's coming down the road. That sort of little price difference in being able to take advantage of the.
15:48
Peter Dunn
Situation places affordable, like the city of Columbus, Ohio, who I'm doing a live event for here in about an hour. I don't know why I brought that up other than I just thought it's affordable place. Dame let's talk about losers now. I get first crack at losers appropriately. And by the way, if you're in this situation, we're not shaming you. We're not trying to do a haves and have nots. I think what we're saying is stead yourself. Is that a thing?
16:20
Damian Dunn
Steadier? Sure.
16:22
Peter Dunn
Okay. Because it could get weird. I'm going to go off the top rope here with adjustable rate mortgages, okay? So this might not be the worst, but this is pretty bad. I hate adjustable rate mortgages. I always have. I think it is a foolish bet for people who oftentimes either try to afford more home or in turn try to buy something that they can't afford, and the adjustable rate mortgage makes it feasible. So I think what could happen is in the next, let's say two reset periods, let's say you bought a house a year ago and then they see what the interest rates are to set your mortgage term for the next twelve months or so. Dame that could be problematic, especially if you had maybe a 31 Arm that you took out two years ago. Right. And so then it resets after that third year and you could talk about a two 3% bump interest rates.
17:24
Peter Dunn
That's a big change.
17:26
Damian Dunn
Yeah. The timing is not going to work out in your favor. In that case, the house that you bought for a very high price. If you are thinking about moving, or if the plan was to, I'm only going to be here a couple of years, year and a half, I'm going to sell this house and move on because I'm not going to be able to afford an interest rate or I just am going to have to change locations. You might be faced with a really tough problem with not being able to move your house quite as fast as you thought you might be able to, and it might be worth less than you thought it was going to. So you might be in a pinch on that situation. But Arms were super popular for a while. Housing prices were increasing and people were in transitory spots and especially on the coasts where prices were just skyrocketing or seemed to always skyrocket.
18:13
Damian Dunn
So there are people who make impassioned pleas that the Arm is the right solution for their mortgage purposes, but they do come with a lot of caveats and quite a bit of danger.
18:26
Peter Dunn
Let me extend two other nightmare scenarios. Oftentimes what we see is when people build a new house, new construction, and they get themselves an Arm, and then after 18 months of being in that home, then the property taxes aren't just for the land, but they're then for the structure. You see your mortgage payment go from $900 to like $2,100 because you add in, property taxes increase and then you see your Arm adjust as well. I would also note the second nightmare scenario. On top of that, Dame, is what happens to all the people to afford homeownership who got into interest only mortgages. Forget Arms, interest only mortgages that just depend on the home increasing in value for it to make sense.
19:13
Damian Dunn
Yeah, I mean, you start with getting the Arm and it ends up costing you the leg.
19:18
Peter Dunn
Oh my. How? Wait, dame, I'm smiling. I'm not going to audibly acknowledge it anyway. So what is a person to do? There's three ways to look at this. You need to protect yourself from making a move. Now that would subject you to some of these ills we've just talked about, so don't make a mistake. But I would say a lot of people probably just need to just chill out. I think where this gets dangerous is if you try to get too cute and take advantage of it somehow and mistime it. Anytime you mistime any market or try to time any market, it often ends up mistimed. And I don't think that's any different than the housing market.
20:04
Damian Dunn
No. If you are trying to get one over on the man or trying to be the smartest person in the room, that can backfire big time. And you want to make sure that you are setting yourself up for the ability to have a very stable financial life, you don't need to take a big swing on something as important and costly as housing in your financial life.
20:27
Peter Dunn
How do you think rental prices will follow this housing bubble burst? Because what you'll have a ton of foreclosures, right? And so you'll have people coming onto the rental market, but they'll be at that point, subprime borrowers or subprime from a credit perspective, renters. So you're going to have a lot of demand for the rental market. What do you think is going to happen? Are prices going to come up? I mean, you could see a temporary price increase in the rental market as housing prices come down.
21:00
Damian Dunn
Yeah, you could theoretically see that bump because there are a bunch of people chasing after a relatively fixed supply of rentals and that would cause prices to go up, just like were discussing earlier. So it'll be interesting to see what happens. Maybe landlords go out and start buying some of these foreclosed homes and end up turning around and use them as rentals and the supply somewhat finds some equilibrium. But I don't foresee that happening right away.
21:28
Peter Dunn
I don't know if it's because I'm hungry, but every time you say rentals, I hear lentils and I just want some delicious soup.
21:34
Damian Dunn
That's one of my TD's favorites is lentil soup.
21:37
Peter Dunn
Here's the thing about lentils. On the surface, there's no reason to like them. I mean, really, they're sort of in the lima bean category, but then you have it and you're like, there's something earthy and chalky and nutty about. You know, I'm a big fan of the lentil market. Coming up after the break, dame how to engage a significant other in your financial life if they're not interested or bad with it all. That's next on the Pete the Planner show. I'm PTP. Lentil soup is good.
22:10
Damian Dunn
Yeah. Are you a Limo bean guy? You mentioned lima beans.
22:12
Peter Dunn
Are you a Limo bean guy too? I really do eat anything, but clearly I don't mind lima beans, but I would never actually choose them, you know what I mean?
22:21
Damian Dunn
Sure.
22:23
Peter Dunn
Where do you stand with barley? Do you have a barley take? Like a hot barley take?
22:28
Damian Dunn
I don't I don't have any barley opinions whatsoever.
22:33
Peter Dunn
You know who loves barley more than any human should? Mrs. Planner.
22:38
Damian Dunn
I was going to go with animal, but I'm glad you threw that human part in there because that would have been really embarrassing.
22:44
Peter Dunn
Danza says when I was working in foreclosure prevention, arm interest, jolly HELOC, reverse mortgages, HOA and the solar panels were maddening. How do the solar panels play into us, Danza? How do solar panels play out? We are not starting the next segment until you give us an explanation. Jeremy did note that PTP is that new self given rap name. I will note that. Have I mentioned on the show that Ted has officially changed his rap name?
23:14
Damian Dunn
I saw it was being contemplated. I didn't know it actually went through.
23:18
Peter Dunn
So this is more complicated than I even put on Twitter. So Mrs. Planner came to me and said, hey, have you heard this situation with Ted and his rap name? And I was like, well, I mean, 89 Diamonds was a pretty good rap name for no reason. And so she goes, he changed it too Much Diamonds. Not too many diamonds. Too much diamonds. And I was like, I kind of like that. So I went to him and I was like, Ted, I heard about your new rap name. It's too much diamonds. And he said that's wrong. I was like, oh, it is. He goes, it's Diamonds too much. And I was like, that's even better.
23:57
Damian Dunn
We need to get Ted to assign rap nicknames for everyone in our OOH.
24:03
Peter Dunn
I could do that. Danza says Pace loan, no payments, but you pay through property taxes. Oh, so you buy the solar panels with a Pace loan. Got it.
24:16
Damian Dunn
Look at Danza educating us.
24:19
Peter Dunn
Dame, have you been able to make out what the crawling banner says today?
24:23
Damian Dunn
I've been paying attention to the show, Pete, not the banner.
24:26
Peter Dunn
Can anyone in the comments let us know what's going on in the banner today? If you know. If you don't, clearly.
24:36
Damian Dunn
Is that a Hanson Brothers song? Lyrics.
24:39
Peter Dunn
Hanson, yeah. What's wrong with you? Jeremy notes. Maybe he should make a rap name for the opening. Make a rap for the opening of the show. Now, he's a little shy with his.
24:50
Damian Dunn
Sort of know well, DJ Metronome made that little mix of some of his.
24:57
Peter Dunn
Stuff for him, the banner. Since none of you got it because Craig guessed Dolly Parton, it's Eric B and Rakim's paid in full. Come on. I have the lyrics. I will probably get copyrighted or whatever that's called for. That all right, let's do the show. Three, two, one. I almost hit in broadcast. Let's start over in three, two, one. Back on the Pete the Planner show. Dame, now you are married to a person in the financial world.
25:28
Damian Dunn
Yeah.
25:29
Peter Dunn
You are. And she is married to a person in the financial world.
25:34
Damian Dunn
She is.
25:35
Peter Dunn
Which is to suggest that both of you have interest in your financial lives. Is that true?
25:45
Damian Dunn
Interest, yes. Varying degrees, easy.
25:50
Peter Dunn
Various duties.
25:52
Damian Dunn
Degrees.
25:52
Peter Dunn
Degrees. Okay. So I will note that you are probably in a unique situation. There's not a lot of households in this country where there is a single financial expert. In your household, there are two financial experts and in the other households in America, people have to sometimes struggle to care about money and it's enough for one person to struggle to care about money. But sometimes you find a scenario in which the other person not only struggles but just has zero interest whatsoever and that can become problematic. So we're going to spend some time talking through how important really is it that both people have an interest and what degree of that interest is of the highest import. So, Dame, can a couple survive? Doesn't have to be a married couple. It could be someone who just shares finances. They are significant others. Can a couple survive financially with one person doing everything?
26:50
Damian Dunn
Absolutely, yeah. It happens all the time. There are people in these situations who are a little bit more laissez faire with their perspective and their approach towards money. And there are some that they got the old green visor on and their head down, crunching the numbers, making sure everything goes. But if you can work together as a team and appreciate and respect each other's perspectives, you can find, without too much trouble, in my opinion, a happy medium in there to where you're actually going to end up making each other's lives better by being on those opposite ends of the spectrum. The person who has a more free approach is going to have some stability brought into their life by the other side. And then, of course, the other way, that person who is a little bit more focused on the numbers is going to be encouraged to get out and experience a little bit more with using their money, using the couple's assets in a way that will benefit them now and not just in the future.
27:52
Peter Dunn
You know, I think this is the most challenging for are people who got married a little bit later because you get sort of ways of running your finances. Mrs. Planner and I got married as mere babies, like Muppet Babies, if you will remember the show Muppet Babies.
28:09
Damian Dunn
It was the best.
28:10
Peter Dunn
It was so good. Rolf the yeah, it was a great show.
28:14
Damian Dunn
Who voiced that? I don't know. I'm going to have to look that up after the show. Who did his voice?
28:18
Peter Dunn
I don't know. But I'll just say Muppet Baby is a great show. Anyway, Mrs. Planner and I were Muppet Babies when were married, and so we kind of learned together of what it's like to be an adult with money. But if you're 32 instead of 22, and you've had ten years of money in that's right, money in. Oh, that'd be a good name of a podcast.
28:40
Damian Dunn
Money in sounds like a financially conscious cooking show. Money and onion kind of squished together.
28:47
Peter Dunn
Yeah, it's much harder when you've got two entities coming together. Dave, here's one for you. Do you think it's harder or easier when both people bring close to an equal amount of income?
29:02
Damian Dunn
In in theory, I would think it's easier. You're going to have are we still talking about folks later in life or just anybody in any situation? This general, anything in general, there's going to be less of a propensity to think somebody has the upper hand and the say of what somebody's going to do or where that money is going to go if you're coming in on equal footing. Whereas if somebody makes 80% of the income and somebody makes 20% of the income, they may think that, well, I make most of the income, so I'm going to make most of the decisions, or my opinion is going to count more when it's more equal. That hopefully goes by the wayside, and people understand that there's an equal responsibility on both parties.
29:49
Peter Dunn
What I have noticed over the last 20 years or so of talking to people about their money, and to be honest, I might talk to people about their money now, but I don't get a lot of scenarios in where people are talking to me about their money. They're usually talking to you, dame and your team. I have a hypothesis for you or an idea here that maybe you can reflect on what I used to see all the time from let's call 2000 to 2012. I used to see that sometimes. A lot of times when there were a heterosexual couple, there was a man and a woman. If the woman had significantly higher earnings than a man within the relationship, there were issues, not always, but it was like how people had been socialized from a gender perspective, how people were raised. And so I always remember working with people where if, say, the wife made a lot more money.
30:51
Peter Dunn
I was very cognizant of the fact that whatever they're dealing with, I needed to be on the lookout for that dynamic and call it out. And I'm curious if. You've ever noticed that as well?
31:03
Damian Dunn
Yeah, I've noticed that for sure. I've got some very personal experience with my Mrs not my Mrs Planner, but my we have to come up with a better name for her.
31:14
Peter Dunn
Yeah. The boss.
31:16
Damian Dunn
Yeah. My boss was on a path to have a very lucrative career and income, and her boss, over her, was amazed that we dealt with it as well as we did. That were just like, we're on the same team, this is all going the same direction, so it's not common. For whatever reason, maybe in different parts of the country, you and I would have experienced different outcomes, but especially during that period of time, it was something you ran into fairly frequently.
31:52
Peter Dunn
I do believe, though, this perfectly fine idea has been so normalized that it has less of an impact than it did in the early two thousand s. I mean, I know a lot of women who make a lot more than their partner and it seems like less of an issue than what I used to see 15 years ago.
32:12
Damian Dunn
Yeah. And we've had a little bit of a renaissance as far as what we've looked at traditional roles in America. Yeah, that was great. Traditional.
32:23
Peter Dunn
Who's in charge of buying lozenges at your house?
32:26
Damian Dunn
Going to have to do something.
32:27
Peter Dunn
Do you remember a Ludins lozenge? Remember those? They came with a ten can. Ludens? You know what I'm talking about?
32:33
Damian Dunn
Yes, I do.
32:34
Peter Dunn
My dad used to whatever car he had, that man had Ludins. And I think they were wrapped I feel like they were individually wrapped in the tin can, like an Altoids ten.
32:46
Damian Dunn
What, did you just throw those tins away or did you use them to stash?
32:50
Peter Dunn
I used to Boo Radley the heck out of those things. I would put all sorts of things in there. This one's for fingernails. I'm just kidding. That's disgusting. Oh, man. My dad would always buy things that came in tin cans. We get cypher's or like Mike sells potato chips that came in the light brown can and they came in a big can and then they had a tin. It's like my dad was always buying things that came in a tin. We had this ointment that you would put on yourself if you got injured. In our home, it was called Crystal Sav and it came in this big ten. It was this brown, thick vaseline stuff that my dad still owns, the same jar of it that he's had since I was like, five. And occasionally he'll dip some out and put it in a Ziploc bag and give it to us in case we need any.
33:42
Peter Dunn
And it all comes from a tin.
33:44
Damian Dunn
The only thing my family bought that was in a tin were bottles of Scotch.
33:48
Peter Dunn
Really?
33:49
Damian Dunn
Yeah.
33:51
Peter Dunn
Your dad was a Scotch drinker?
33:52
Damian Dunn
No, but my grandma was.
33:56
Peter Dunn
Oh, man. Yeah. I've had to have told you this. This is a financial show, by the way. I've had to tell you in the past that my wife's grandma, she used to have like, four gin soaked or eight gin soaked raisins a day for pain. And she said it worked great. Those raisins would suck up so much gin. She was just doing, like, Jaeger bombs off of her Midwest kitchenette, and it just cracked me up. She's like, I don't feel any pain. I'm like, well, don't drive.
34:24
Damian Dunn
What a better way to spend your golden should, anyway?
34:30
Peter Dunn
Financial. Sorry. All right, dame, let's do this. Coming up after the break, biggest waste of money of the week. I think I got a really good one this week. I saw this, I was like, I only know one person. My friend Zane is the only person I know that would buy this. And he would enjoy it, and it wouldn't be a waste of money for him, but for any other human, this would be the biggest waste of money of the week. We're going to talk about that next. We got some current events, some controversial current events, maybe. Who knows? Stay tuned. That's next. Pete the planner. I must said 89 Diamonds there, but I don't want to steal a guy's rap name and get into a little bit of a street beef.
35:07
Damian Dunn
You could have done 89 Diamond Senior.
35:11
Peter Dunn
That's true. Do you want to hear the I'm an old irrelevant man moment of the week?
35:17
Damian Dunn
Do you have time?
35:19
Peter Dunn
Oh, it's a quick one.
35:20
Damian Dunn
Okay.
35:25
Peter Dunn
It's embarrassing. It's not that big a deal, but it was like a real oh, my God, I'm an old man moment. So we're in a meeting, me and two of our other colleagues, at an off site location day. And the room is filled with people primarily of the millennial generation. Okay? I'm clearly the oldest man in the room, and I was trying to make a funny, witty comment about pop culture and that, oh, is this a prank? And I said, oh, what's? Austin Kutcher going to pop out behind the curtain? And then everyone looks at me like, Austin, really? And I was Ashton Kutcher. So I'm trying to be funny and relevant. So, A, I give this dated reference that they probably were in fifth grade when Punked was on, and B, I call him Austin, and I don't care about some senior Kucher, but I called him Austin, and it was just like, man, this stinks.
36:36
Damian Dunn
Nice try. This is a nice try.
36:39
Peter Dunn
I will say I'm really excited that my girls soccer team season started. Back up. We are going. It is amazing. I love coaching twelve year old girls soccer.
36:49
Damian Dunn
It's got to be indoor, I hope.
36:51
Peter Dunn
Oh, yeah. I mean, indoor. New facility there in Caramel. My dad drives a school bus. You know this. I mean, everyone knows this.
37:02
Damian Dunn
Yeah, you told me.
37:03
Peter Dunn
Yeah, driving a school bus now. And I was asking him this last weekend about kristen just said third grade was punk. Kristen, I am not happy with what you just said there. And so I was talking to my dad about the snow that was here last week or whatever and how he was able to navigate the bus because he's within his first couple of years of driving the bus and he said, well, you know, there are two gated communities on my route. And I was just like, that's the most Carmel bus driver thing of all time. There are two gated communities on my route. And it just made me giggle.
37:40
Damian Dunn
Now I'm curious, do they have someone at the gate to let him in or do all the buses have little clickers to let him through?
37:49
Peter Dunn
You want to get him on the phone?
37:52
Damian Dunn
I don't know. Maybe you can just report back to us next.
37:54
Peter Dunn
Yeah, I mean, surprising my mom would be funny. Surprising my dad seems disrespectful, which also says something terrible.
38:02
Damian Dunn
Maybe we should do a live remote from the back of a bus one day and just drive around two creepy.
38:10
Peter Dunn
Bald men hiding in the back of a school bus. Is that what you're going with?
38:13
Damian Dunn
Yeah.
38:14
Peter Dunn
Hey, I know were just talking about diamonds too much a few minutes ago, but I did want to note that he had a career high eleven rebounds in a game the other day I saw that. It was crazy. It's like Tito Rodman out there just.
38:31
Damian Dunn
Heart and hustle that's all rebounds come down to.
38:34
Peter Dunn
Yeah, I was talking to my cousin yesterday who is a comedian out in La. And a budding television writer, and it was really cool to talk to someone going for it. Like, I love to talk to someone who is going for it, but they do it in a smart way that doesn't have too much of a contingency plan that it sort of distracts you. And I was pretty thrilled with it. And the best part about this guy is when he sends me his stand up for me to give him honest opinion about because I'm a former comedian, I don't have to lie to him and say it's good because it really is know that's awesome. Yeah.
39:22
Damian Dunn
So anyway, is he got a YouTube channel or something you want to plug to get some views?
39:28
Peter Dunn
I don't know. I'd have to look that up. So we'll see. I'll send you a clip though.
39:33
Damian Dunn
Okay.
39:34
Peter Dunn
It is pretty funny. Okay. Oh, yeah. Very busy. Got a lot to do. Hold on and let's share the screen. Oops, I've already shared it. I'm an old man. The old man thing is not going well for me. Here we go. In three, two, one. This week's biggest waste of money of the week right here on the Pizza Planner show is the Sandbox smart r two coffee roaster dame.
40:03
Damian Dunn
I don't know if you know much.
40:04
Peter Dunn
About coffee, but home baristas are now one step closer to a complete coffee shop experience. The compact sandbox smart r two coffee roaster simplifies the process for at home use. The machine features a quartz timeout. I love saying the word quartz. Really say it.
40:26
Damian Dunn
Quartz.
40:26
Peter Dunn
Did you enjoy that?
40:28
Damian Dunn
It wasn't horrible.
40:29
Peter Dunn
I love that word. Quartz feature. I like to really get the you in there.
40:35
Damian Dunn
Oh, quartz.
40:36
Peter Dunn
Yeah, everyone do it.
40:39
Damian Dunn
Do you like it when somebody else says it or just when you say it?
40:42
Peter Dunn
Well, when someone else says it, I think it, and then I'll say it because it's like a yawn at that point. It's just going to contagious.
40:49
Damian Dunn
Quartz.
40:50
Peter Dunn
The machine features a quartz heating tube with a detachable drum for evenly roasted beans in every batch. A built in smoke extractor keeps your interior fresh while its quiet operation won't disrupt your daily routine. To minimize cleanup, a chaff collector catches Chaff's good, too catches waste. And its patented design includes an inlet door and output latch for easy pouring and releasing dame. What do you think an at home coffee roaster would cost?
41:35
Damian Dunn
Sure.
41:35
Peter Dunn
$2,100 for the sandbox. Smart r. Two coffee roaster. Now, here's the thing. Occasionally on this show, we will mention I will mention bombs that are Kickstarters. And I have to be honest, I feel bad about that. I know I'm making jokes and I don't really care if anyone spends their money on this and support business, small business. And so I feel especially bad when I beat up a product from a Kickstarter. I don't feel bad when I beat up Louis Vuitton or whatever, but I do feel a little bit bad. But $2,100 to roast your own coffee in your kitchen because you still have to buy the beans. All you're doing is taking it to the roast you want which you could just buy beans of, which you like. That I don't understand this.
42:29
Damian Dunn
Yeah, it seems like this has a very limited market in my perspective. But maybe the people who want to try roasting their own is bigger than I'm giving it credit for.
42:43
Peter Dunn
Dane, what's in the news this week?
42:46
Damian Dunn
Well, Pete, Virgin Galactic opened space ticket sales to the general public earlier this week and they can be yours for.
42:52
Peter Dunn
A price of let me guess.
43:01
Damian Dunn
Don't worry, Pete. That's 150 up front and 300 later. So maybe it's not the general public, but for some people, for sure. Astronaut Joyriders will launch from New Mexico aboard Virgin Galactic spaceship to Unity in groups of four beginning later this year. After Unity, attached to a carrier plane reaches an altitude of 50,000ft unity's engine ignites and propels itself into space. Once there, waitlist. Ticket holders can observe our pale blue dot through 17 windows. But a simple trip into space isn't all you get out of the deal, Pete. No. The half of Bill reservations also come with several days of training. A bespoke Under Armour spacesuit the opportunity to purchase an astronaut edition Range Rover and probably some luxurious onboard mix nuts.
43:54
Peter Dunn
Wait, did you say by spending $450,000, you get an additional opportunity to spend $100,000?
44:01
Damian Dunn
Yes.
44:03
Peter Dunn
I like that. Yeah.
44:06
Damian Dunn
Not everybody can buy that astronaut edition Range Rover. Repeat only astronauts.
44:12
Peter Dunn
Okay, so can we forget money for a second, like we did in the third segment? On a scale of one to ten, forgetting money doing this, ten being, oh, my gosh, I would absolutely love to go. And one being, no, I don't want to go. I have no interest, and you touch my lips to shush them, but you've washed your hands or sanitized in some way. Where are you?
44:35
Damian Dunn
One to 1020 years ago, this would have been a twelve.
44:39
Peter Dunn
Okay, absolutely.
44:41
Damian Dunn
But now I've got a family and responsibilities, and I would still be interested in doing it, but probably an eight.
44:50
Peter Dunn
Okay. I have to admit, I really appreciate that at one point before a family, I would do this. It's funny, I have a lot of those things in my life where before my family, I would do this, or this. Now I have a family. I'm good. I don't need to do that anymore. So I preach that. So you think eight right now?
45:09
Damian Dunn
Yeah, I would still be interested in doing it, but I would definitely have more consideration at this point.
45:21
Peter Dunn
I'm probably a four or five. I've had some pretty interesting experiences that I've been able to do, and I appreciate those experiences, but when I'm in, just I don't care for I was I rode in the pace car before a Champ car race nice. At Cleveland back in the day.
45:46
Damian Dunn
On the runway.
45:47
Peter Dunn
On the runway. So pace car driver driving at speed a couple laps. This is before the race. There's the other cars on the track. It's sort of like a promotional thing. And this is like an exclusive thing. It's interesting. It's like the two seater, right? But it was a camaro or something. I don't know what it was. I don't even know. Terrifying. It was just like the person was turning, like, 90 degrees at, like, 120 miles an hour. You got nothing to hold on to. And I didn't know who had worn the helmet before me, so I don't know. I'm a four or five on the space thing.
46:25
Damian Dunn
What if it was like, a backseat of a Blue Angel or Thunderbird? Would you do that?
46:30
Peter Dunn
That's a good question, too. That one's higher. That one's higher. That one's a nine. I used to want to skydive, but again, once I had kids no, I used to bungee jump all the time. That was fine. I didn't care about that.
46:42
Damian Dunn
Yeah, I didn't picture you as a bungee jumper.
46:45
Peter Dunn
Well, here's what you've learned about me over the last several years. It's hard to find moments in which I am fun, but there are a few. And being a bungee jumper is one of them.
46:57
Damian Dunn
What was the biggest bungee jump you made?
47:00
Peter Dunn
I don't know. Bungee. I don't know. I said it for a while.
47:06
Damian Dunn
I'm not saying what you said. I was like, no, I just measured.
47:09
Peter Dunn
It in how long? I went. I don't know. I don't remember.
47:16
Damian Dunn
Was this like, college? No. At fairs or were you out, like, at jumping off of a bridge? What were you doing?
47:26
Peter Dunn
It was a four h rabbit fair where people were having rabbit. No. Where was I? Gatlinburg. Maybe I've done it. Yeah. Remind me to tell you a gatlinburg story later from that trip. College trip. Not appropriate. Dame, what else is in the news?
47:45
Damian Dunn
The amount of money the average American was expected to spend on Valentine's this year was? Want to guess?
47:52
Peter Dunn
Expected to spend on Valentine's this year. Okay. These are always just horrible, right? They're just $370 208.
48:01
Damian Dunn
According to a survey published by Lending Tree, that's a 44% increase from last year valentine's Day is now in the rear view. Let's remind ourselves that in the words of famous American poet Jennifer Lopez, love don't cost a thing.
48:17
Peter Dunn
How much did you spend on Valentine's Day this year, sir? Less than $50.00.
48:24
Damian Dunn
I don't know if that's something I'd be bragging about on the radio.
48:26
Peter Dunn
I know I don't feel good about that, but it was one of those things, like, we had kids activities that night. Okay, well, maybe it is. I made everyone a really nice dinner on Super Bowl Sunday the day before Valentine's Day, so maybe that counts.
48:39
Damian Dunn
Yeah, I think we can chalk that up to give you the leeway. A little bit of overrun there.
48:45
Peter Dunn
Last story.
48:48
Damian Dunn
Don't do the one okay, yeah, I purposely ignored that one. Most millennial millionaires have a bulk of their wealth in.
48:59
Peter Dunn
Most millennial millionaires have their bulk of their wealth in crypto.
49:03
Damian Dunn
That's right. And they're planning to add more in 2022. Despite recent price declines, fully 83% of millennial millionaires own crypto, according to the survey, which polls investors with investable assets of a million dollars or more.
49:17
Peter Dunn
Boy, that's about as predictable as well, the opposite of me being predictable by bungee jumping. So there you go, dame. Thanks for being here. Sending you good vibes. Because good vibes are all that's in the budget. I'm Pete the Planner, and this is the Pete the Planner radio program. All right, so I have not checked my email this entire nice job show, and I've seen that my email has grown by three.
49:42
Damian Dunn
Don't do it.
49:43
Peter Dunn
I know. Well, no, I'm not going to do it now. I'm going to leave the show. I'm going to cancel in the show.
49:49
Damian Dunn
More than half of those millennial investors, by the way, have at least 50% of their wealth in crypto.
49:57
Peter Dunn
I can't with that, man. Try not to be that know. I'm not Austin Kutcher. Okay?
50:03
Damian Dunn
I'm just bringing the news to the people.
50:06
Peter Dunn
All right, dude, have a good day. I'll talk to you later. Everyone else well, there's only one thing you can do that's stay getting money.
