Ep. 423: Pandemic Fallout: We React to the News!

We want to answer your questions about money. Email us and you may hear yours on the air: askpete@petetheplanner.com

This week on the Pete the Planner Show, Pete and Damian continue their Dunniest unrelated Dunn banter! 

No time to listen?  Here’s a preview of what happened and when:

Show Notes:

EASY IS NOT ALWAYS BEST: [4:07]

  • “Sometimes it is worth investing some brain power instead of just going after the easy path in solving our personal finance problems. Consolidation is one major area. Here’s one version: I’ve had several jobs, a bunch 401(k)s and I’m thinking of consolidating them down to one IRA so I can stay organized.

    • PETE: It’s likely that you can get lessen your expenses and can get better investment options by taking control of that IRA.
    • This flip side? Consolidating student loans and things into one product with a fixed interest rate…often times it’s not advantageous.
    • We justify it saying,“It’s just easier if I have one payment.”
    • DAMIAN: We need plans; solid understanding of cash flow and our obligations. Freeing up cash flow may be good, but we have to have a goal for that, too. And when we don’t, it can be more of a headache than we bargained for.

 

RESTAURANT REFLECTIONS:  [21:09]

  • “$15 per hour has more or less become the standard wage across industries, especially as restaurants are struggling to hire people. Let’s talk about this: at one place, the openings are advertised as:
    • the Carry-Out Host(ess) is at $6/hour with average tips at $25/hour
    • Bussers are at $7.25/hour with average tips at $40-60/night
    • Servers are at $2.13/hour with average tips at $30-40/hour
    • Bartenders are at $6/hour with average tips at $30-40/hour
    • Line Cook/Dishwasher/Prep workers are at $15/hour
    • PETE: Knowing all of these rates, with a great, loyal customer base at the restaurant, which is the job you would go after?

 

IS AMAZON TRYING TO BUILD DEPARTMENT STORES?:  [35:44]

Be sure to stay engaged for segment 3!  Check it out in the full show!  — click PLAY below.

 

SIDE NOTE:

— Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.

 

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