Ep. 362: “Quite the Financial Quagmire,” He Says…

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

And we’re back for a new week. Today, Pete and Damian dig back into the mailbag to address what’s going on in our listeners’ lives.

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

Show Notes:

Mailbag Question 1:

    • Our writer says she’s got a perfect credit score. But she’s 54 years old, and has $50,000 in credit card debt. She’s never defaulted but has no savings, and her retirement is gone. She is a real estate agent, but steps from homelessness. “To default or not to default?”
      • This is a tough situation. The pandemic doesn’t make it any better. Defaulting isn’t the first thing we would do. …It may be best to just get a job.

Mailbag Question 2:

    • “Do annuities make sense?” Our writer read an article describing annuities as bad. “Can you explain how that could be?
      • There are no “bad” financial products; only bad fits. They do tend to be more expensive, but could be beneficial in the right circumstances.

Mailbag Question 3: 

    • Our third writer is 68 years old, single, and has worked since 16 years of age. At 55, they had a nervous breakdown at work due to unbearable stress. After the breakdown, life went on a downward spiral. Now jobless and living off of social security, she found that her income is too high for certain government assistance programs.
      • This one is quite the financial quagmire. It’s situations like these, in which we show our greatest empathy. There is no easy solution here. Call 2-1-1 to get in touch with other potentially helpful community programs. Get connected in the community, those relationships can lead to significant support options.

 

The real stories of financial stress can be the greatest lessons!  LISTEN TO THE SHOW TO HEAR THE GREAT DETAILS!

 

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