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Category Archives: Pete & the Media
Pete the Planner joins 93 WIBC
I like to talk. And consequently I’ve been talking on the radio since 2008. I will now be talking on the leading News Talk station in Indianapolis: 93.1 WIBC FM.
I consider this to be a weekly party. And you are all invited.
What: The Pete the Planner Show on 93 WIBC
When: Friday nights from 7-9pm and then podcast online anytime
Who: Your ears and my mouth (that’s not as nearly as kinky as it sounds)
Why: Because I can make you giggle, and you will learn a helluva lot
How much should you spend on stuff?
How much should you spend on stuff?
View another webinar from Peter Dunn
Pete the Planner starts a fight
One of the biggest financial mistakes that I see on a regular basis is the undervaluing of a stay-at-home parent. This is most evident when we look at the life insurance purchased to protect the family. Ignoring the importance of insuring the “primary care provider” is a heinous error. Especially considering how inexpensive it can be to properly insure a stay-at-home parent.
Do NOT neglect to insure the non-breadwinner of a family. Often times it can cost less than $30/month to buy the right life insurance protection. Don’t know how to do this? Hit me up, and I’ll tell you.
Pete the Planner makes his debut on HLN
Do you spend money too frequently?
You really should try to understand our economy
I loved high school economics. I don’t know about you, but it was my favorite class. I think back to what I learned in Mr. Ewing’s class almost daily. It was during this class that I first realized that our economy and our own personal financial situations aren’t all that different. Well, they shouldn’t be at least.
In a traditional sense I am not an economist. I don’t have an economics degree. I don’t “officially” teach economics. And I’m not anti-social. Kidding. However, I make it a point to stay up to date on our world economies’ ills in order to better understand individuals’ personal financial situations. I’m so committed to this that I host radio show every Sunday called “The Skeptical Economist with Pete the Planner” on Fox News Radio Indianapolis. The podcasts of the show are available online at TheSkepticalEconomist.com
The entire purpose for the show is to take some of the most complicated economic discussions in media today, and break them down to an understandable and palatable level. Here are some of the questions I have recently addressed:
- Will the cost of four year college render itself obsolete based on the high pace of higher education inflation?
- Is it unethical for a state government (Indiana) to sit on a BILLION dollar budget surplus while people are suffering?
- What exactly is the government thinking in regards to the debt ceiling by thinking that they can get out of debt by going deeper into more debt?
- Does buying American-made goods actually help our economy?
I believe the best way that you can education yourself about money is to truly understand the economy. You can learn what to do, what not to do, and everything in between. I have hours and hours and hours of podcasts for you at TheSkepticalEconomist.com. They are all free, and they are the best way to learn more about the news stories that shape your financial world. Oh, and I PROMISE YOU THAT THEY AREN’T BORING.
Have a show idea that you want The Skeptical Economist to cover? Leave a comment on this post, and I’ll get right on it.
Clear answers to seemingly simple financial questions
Learning to Save Money Correctly Makes All the Difference
In order to be an effective saver you need to pay attention to three distinct segments of time: the now, the far off but sooner than you think, and the far off. These three segments are more commonly known as your short term savings, mid term savings and long term savings. And believe it or not, there is a very specific way that you need to build your savings into these different categories.
As I explain in the video above, you always need to start by saving for your long term financial goals. You need to employ the power of time as quickly as possible. It is your greatest ally when it comes to saving for the future. You must save into this bucket first, and in most instances you are saving into this bucket before your paycheck ever hits your checking account. And YES, you still need to save for the long term even when you are trying to pay off debt. Never stop contributing to this bucket. You will become so accustomed to it that you will forget that you are doing it, and that’s a good thing.
The next place (actually it’s simultaneous) to save is into your emergency fund. Your emergency fund usually sits inside of a savings account or money market. It consists of three months expenses. This means that you should have enough money to fund all essential (home, transportation, utilities, basic food, etc) bills. So if it takes $3000/month for you to exist, then your emergency fund should be $9000. You need to save money into this “short term bucket” every week until it is fully funded (three months expenses). Once it is full, then move on immediately.
The final, but most exciting, place to save is for your mid term needs. Although I hate the term wealth, which I’ll explain why in a future blog, this middle bucket is where wealth is built. It’s the college savings for your kids, it’s your down payment money, it’s your early retirement money. This bucket of money actually give you financial freedom, since your long term bucket of money can’t be accessed (without penalty) until age 59 1/2. Once your short term bucket is filled, then you will be pumping money weekly into the mid and long term buckets.
If life happens and you are forced to dip into your emergency reserves, then simply stop contributing to the middle bucket and start contributing back into the short term bucket. DO NOT USE MIDDLE BUCKET TO REFILL THE SHORT TERM BUCKET.
You know what? Just watch the video. And yes, I’m very sorry I dressed like a magician. I just wanted to match the jelly beans.