Winning at Life with Gregory Ricks

The Daily Wrap: 09.11.18


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01:21- With a giant hurricane heading toward the Carolinas, it's a good opportunity to review your emergency preparation. One big change from days past is your smart phone. It could be a good idea to take pictures of some of your important documents, and get some pics/videos of your home and its contents for insurance purposes. This also reinforces the incredible importance of having an emergency fund ready to go.

10:05 - The man behind the biggest Social Security scam in history is sentenced to 27 years. He colluded with a some corrupt doctors and judges to push fake paperwork, and is reported to have squeezed more than $1 billion in taxpayer money. There have been no reforms to address his scam, and is probably going on all over the place.

12:02 - A couple working with Gregory changed their mind and wants to retire a couple years earlier than previously planned. Gregory reworks their financial plan, and makes it happen. If you want to have options like this, you will have to do what this couple did: build up multiple streams of income, have tax diversity within your investments, and the discipline to build up their assets.

18:45 - A Social Security reform package is getting some support from big names in the minority party of both the House and Senate, and would raise taxes and the earnings cap.

22:57 - Taxes on individuals are set to go up in 8 years, which means as it stands: taxes are on sale. This could be a very math-friendly time to do some Roth conversions and a few other approaches to get some tax diversity in the mix.

25:03 - In an effort to get your mind wrapped around what inflation is going to look like 30 years down the road at retirement time, Gregory gives you some context on what inflation has been like over the past 30 years. Aside from a few tech-driven exceptions, the purchasing power of the dollar has declined considerably.

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