Winning at Life with Gregory Ricks

The Daily Wrap: 07.26.18


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01:41 - Venezuela is expected to have 1,000,000% inflation this year, and GDP growth of -18% according to the IMF. It's a real humanitarian crisis that has deteriorated to one of the worst hyperinflation collapses in history.

06:42 - Commerce Secretary Wilbur Ross says we could have a new trade deal worked out with Mexico soon. The new President-Elect of Mexico already has a team working with a team Trump assembled to replace the old NAFTA rules. The new guy gets sworn in on December 1st, and we may have a deal ready to sign by then.

10:44 - It's possible that 5 states have a debt spiral they can't escape without reforming their pension systems. Gregory sees the shift from defined-benefit plans to defined-contribution plans, and how to best utilize those tools.

13:06 - What do you do when your 401k loan is ended? Gregory explains the two most likely scenarios: you leave the job, or you miss the payments. If you leave the job, whether voluntary or not, the unpaid portions of your loan will be considered a plan loan offset. If your loan ends because you miss too many payments, it will be considered a deemed distribution.

27:24 - Gregory teaches you the different timelines allowed when settling up a deemed distribution and a plan loan offset.

30:03 - The Numbers are mostly positive, but Facebook had the worst one-day market cap loss in history.

37:20 - A check scammer was using the identities of famous people in Florida for years.

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Winning at Life with Gregory RicksBy Winning at Life with Gregory Ricks