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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:
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.
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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.