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This week on the Pete the Planner Show, Pete and Damian drop in with a new intro! You’ve got to hear this.
No time to listen? Here’s a preview of what happened and when:
PARENT PLUS LOANS ARE THE BANE OF EXISTENCE: [5:03]
- Nerdwallet has a new survey for people with Parent PLUS Loans
- DAMIAN: There are typically some unintended consequences that come with Parent PLUS loans. This can go far beyond family disharmony and reach into jeopardizing retirement accounts.
- PETE: Prior to a student capping out their student loans, the choice of school and according scholarships weigh in.
- DAMIAN: Often times, bonuses and potential future incomes don’t come in leaving parents to supplement their child’s education
- PETE: I believe the toughest years of someone’s life are 47-53 – your kids are going through college, your midlife crisis, your health is changing, and so much more. Don’t put a Parent PLUS loan in the mix on top of this
- DAMIAN: Make sure you’re not going to cut yourself off at the knees as you go through this period of your life
HOW TO TURN OVER A NEW LEAF, FINANCIALLY: [19:58]
- I previously have not been great with money. I want to turn over a new leaf. I want to show a commitment to myself and others, but how do you actually do that?
- PETE: I think it’s beyond the budget. I think it starts at saving 10% of any income, no excuses. This is the best place to start.
- DAMIAN: There’s a tangible result, but that 10% number could feel like a lot of money to some. Maybe try $1 on day one, $2 on day 2, and so on…
- PETE: A friend of mine became a barber years ago. His dad told him to set aside $10 cash every day. He did. He had saved $10 per day, and $30 on Fridays to account for weekends….he did this for fifteen years. At the time I spoke with him, he had something like $55,000.
- PETE: Step two is to critically look at your expenses and ask, “Does this actually matter to me and what I care about today?”
- PETE: Step three is to create a realistic household budget. There are countless ways, but try something.
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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.