Ep. 391: 2020 Holiday Variety Pack

Get expert answers to your questions about money. Email us at: askpete@petetheplanner.com

This week on the Pete the Planner Show, Pete and Damian use a new computer that can shut down the show at any moment!

In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS and walk with them across six months telling their stories about their struggles in personal finances.

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

Show Notes:

End of the Year Household Financial Meeting:

    • Do you have an End of the Year Household Financial Meeting?”
      • Damian: Not necessarily; we don’t have just one time we talk. We actually have an ongoing conversation starting in November that roll into the entire month.
      • Pete: What did this year look like? How did our net worth change last year compare to this year? What do we have to do in the last 30 days?
    • The Perfect EOYHFM:
      • Begin the meeting with at least 5-7 business days remaining in the year to have time to have any transactions process before the year turns over.
      • Keep in mind, it doesn’t need to be a long, drawn-out meeting. You should only need to dedicate about 20-30 minutes.
      • You should always talk to your kids about financial responsibility and accumulating assets. But for this meeting, you might consider bringing kids into the meeting in their more mature, high school years.
      • Go through each asset balance to understand WHY it goes up or down.

 

Pension Problem Solving:

    • Is there a formula to calculate when an offer may make it attractive to leave a job that has a pension?
      • Damian: They must have been pretty disciplined prior to this year. They’ve got decisions to make, with younger kids still in school. “How much are they going to want to contribute to their kids’ education?” Some of that savings could need to be redistributed to other areas on their life.
      • Pete: It’s fascinating; they’ve got four goals, but only three of them are possible. I hate to say this, but ‘college’ is at the complete end of the list here. 

 

NO MORE SEGMENTS! There’s so much more in the full show!  — click PLAY below for the full show.


While you’re here, give your personal finances a facelift. Try out our personal guidance platform: Hey Money.

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