01:41 - The IRS formally approves of the backdoor Roth IRA. You can contribute to a Roth IRA directly up to a certain income level, but you can still contribute to non-deductable IRA and convert it to a Roth IRA. The rules were even confirmed in the Tax Cut and Jobs Act of 2017, and it's a great way for high income earners to diversify their tax liability in retirement.

06:46 - Today is Amazon Prime Day, but there doesn't seem to be as much fanfare as last year. The Amazon psuedo-holiday is being crowded with an avalanche of other retailers announcing their super-special deals for the day. Gregory and James note this event that started as a way for Amazon to celebrate its birthday is becoming Black Friday in July, and that could be a good thing.

15:43 - James observes how the speech in the office at Gregory Ricks and Associates is full of coded language and unusually vague speech. It's not simply the addition of complex financial terms or acronyms, but the protection of personal client information compels various changes as well. The crew seems to be well practiced in ways to tell someone's personal situation without including personal details.

20:35 - Gregory wants to coin a new term for the strategy of taking out a reverse mortgage and leaving a significant line of credit untouched so it can take advantage of growth from interest.

25:55 - Another tax free income stream was combined with a client's modest pension and Social Security benefits to give a client a total if $58,000 of income with only $18,000 of it being taxable. Using 7702 based income stream saves her thousands per year in taxes.

34:44 - Gregory teaches you the Step Transaction Doctrine. The legal precedent dates back to 1935, and if the IRS thinks you're making moves with the specific intent of getting around a tax, you could have problems. Do not work in a gray area, and if you're not sure, get a second opinion.

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