Ep. 360: July Could Get Ugly; Is A New Stimulus Coming?

Have a question? Get answers. Email us: askpete@petetheplanner.com

More changes could be coming to our economy.  Although here, Pete and Damian are back in the mailbag,  answering financial questions from our amazing listeners. 

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No time to listen? BUMMER. Here’s some of what happened:

Show Notes:

  • Our Economy:
    • So far, our federal government has put up about $3 trillion to help sustain America while we wait out the virus. This includes: stimulus payments, PPP for small businesses, and enhanced unemployment. It’s kind of working. July looks like it could possibly an uneasy month; these programs are set to come to an end.
    • The potential next phases of plans to help stabilize Americans through direct payments, to date, is quite unclear and honestly, problematic. This situation is really difficult to address.
    • Here’s a takeaway: Businesses, put your people first!

Mailbag Question 1:

    • Our writer says their current employer doesn’t have a 401(k) match program, but s/he has been contributing on their own for 10 years. They’ve received a new job offer, however it pays $60,000 LESS than the current job. However, they do offer 10-year pension and s/he can still contribute to 401(k) independently. “Is this worth it?”
      • Hmm… Making $60,000 LESS, how can the person afford to make 401(k) contributions? This person might want to stay where they are. Pensions are consistently dropping in popularity.

      • More questions to dig at more information: What’s the writer’s margin? Income? What are you spending right now? This missing information here really could change the shape of the entire answer.

Question number two is DEEP!  LISTEN TO THE SHOW TO HEAR THE GREAT DETAILS!

 

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