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This week on the show... Pete and Damian answer questions? Eh, maybe not. But they do shed light on a very important topic as we all seek to recover from the “Economic Pandemic”!
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We want to show you how to prepare yourself financially for uncertain and tough times like this.
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- Submitted Question:
She and her S/O are in their late twenties. They would like to be free to retire by age 50. They’re in the 35% tax bracket with about a quarter of million dollars in assets. Worrying that taxes will have to go up due to national debt, what should they be taking into consideration on this topic?
We think she is right, taxes will have to go up at some point. In general, we try to make the year to year deficit smaller, as we don’t tend to make massive progress on paying down the national debt. Doing that comes down to either raise more money (i.e., through taxes) or spend less money…which is highly unlikely.
- Universal Basic Income:
When taxes go down, people get to keep more of their income. A new proposal offers eligible adults $2000 per month in response to the nation being adversely affected by COVID-19. We ask: How would this really work? Would it truly encourage people to stay home? What are the long-term ramifications of introducing a program like this on the economy?
- The Paycheck Protection Program:
The fund ran out. It was a free-for-all. People and companies of all sizes ran toward the money. Big names got big funds, a move hotly contested by the small businesses. Pete details a personal experience with this…you’ve got to hear it to believe it. Big banks may not be too big to fail, but are they actually too big to care?
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.