Have a question? Get answers. Email us: askpete@petetheplanner.com
Do you wonder about your credit score? So many of us do. Do you know about these options to get back on track? Pete and Damian get into their thoughtful moods to provide some expert suggestions to help.
Listen for a special offer code! HEY MONEY is your new secret weapon for advice in your personal finances.
No time to listen? BUMMER. Here’s some of what happened:
Show Notes:
Mailbag Question 1:
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- “I’m 34, and separated from a 10-year relationship about 3 years ago. My credit score used to be immaculate (above 700), and all the credit extended to us was in my name. However, we were never married, meaning there was no longer a financial obligation from my ex when we separated. All three cars were repossessed and I’m buried in debt, plus loans from a technical school that was disbanded. Getting a car and job are all obstacles for me now, due to this score. It’s now under 500. I’m clueless on what to do here: credit repair, bankruptcy? What would provide the quickest results to get back on track?”
- Damian: Credit is an issue that many don’t think about when finding that next job. Employers want to have a reasonable idea of who they’re hiring. Bankruptcy isn’t the way to go. Unfortunately car repossession will be on your record for seven years unless you get help. Loan forgiveness from the technical school that went bust is another possibility.
- Pete: There is a lot here and I’m sorry you’re dealing with this fallout. We like to make bankruptcy our very last option in helping guide our participants. we suggest the DIY method here. The secured credit card is a good step. Also, getting current on your bills can make a huge impact.
Mailbag Question 2:
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- “You wrote an article about starting a retirement plan at age 50, saying $150K can be used to create an income stream of a few hundred bucks per month. How does one do that with only $150,000?“
- Damian: There are two primary ways a portfolio can generate income for you: dividends or earned interest/appreciation. Your advisor will generally choose investment the will meet that need for you.
- Pete: When it comes to retirement, think of your retirement assets as a number of egg-laying chickens. The goal in your future is to eat/live off of just the eggs, and avoiding eating a chicken. Your assets should produce additional income for you that you live from, ideally.
- There is a LOT more to this conversation that you need to hear. Check out the full show for these incredible details!
- “You wrote an article about starting a retirement plan at age 50, saying $150K can be used to create an income stream of a few hundred bucks per month. How does one do that with only $150,000?“
Listen for Question 3. Click PLAY below and get your special Hey Money offer code!
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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.