September 09, 2020

Ep. 377: Pressing Reset on Our Financial Sensibilities

40 minutes

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On this episode of the Pete the Planner Show, Peter and VP of Advice, Damian, answer a question, Pete gets personal, and the economic recession and COVID-19 pandemic are not over as the CDC makes an unprecedented move on housing.

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

Show Notes:

Question 1:

I switched jobs and I have a retirement account from my last job with a financial company. My new job also uses the same company. I got a call from them asking me to rollover my old account into an IRA with them, but it makes more sense to me to take my old account and put it into my new 401(k) account. Does it really matter?“

Pete: I’m upset. Institutional fees are generally lower than individual fees. This is likely a money grab. Go with the new 401(k).

Damian: “Maybe.” Let’s look at the fees of the transaction and all of the investment options.

For more on this and tips to look out for from Pete, check out the full show!

Story Time!

“My Grandpa Dunn, as a child of the Great Depression, learned to make do with what they had and nothing more. He was a very sensible, prudent person. He went on to fight in WWII, was stranded on a beach overnight, had to find their way to a ship, etc. He taught me about money, saving his coins in a Pringles can. His generation would laugh at a “Never Satisfied” bumper sticker. I think there’s a sensibility reckoning as it relates to materialism and consumerism. Our financial habits have gotten worse year after year. I’m not sure we can come back from our addition to a comfortable lifestyle and regain that prudence his generation once had. What do you think, Damian?“

Damian: I hope you’re right, thinking we will change. Most of us have very comfortable lifestyles we’re raising kids in. My kids are going to have an expected lifestyle where they graduate from college. The chances are probably lower than they should be that they’re not going to have a period of struggle where they worry about putting food on the table. We try to solve our kids’ problems. I don’t let my kids struggle enough…

Pete: I think we have to press reset on our financial sensibilities.

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