Winning at Life with Gregory Ricks

The Weekly Wrap: 01.26.19


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00:57 - There's a 3 week spending bill to end the partial shutdown with no wall funded. Trump says he'll do emergency powers for the wall if it's not in the final compromise. Gregory thinks it's not going to be in the final compromise, and this will end up decided by the courts.

08:02 - Gregory stresses federal employees should not bear negative consequences for political stalemates.

13:05 - Gregory is offering a free book for those serious about investing for retirement, with a focus on creating tax free income streams.

18:35 - 80% of millionaires did it with their 401k. Gregory explains how powerful pre-tax savings in your 401k and IRA can be, but also warns of the tax hit they pose with it's time to take distrubutions. Don't let tax planning be an afterthought. Create tax free streams as well.

25:33 - There's some talk of raising the top income tax rate to 70%, and Gregory has some numbers on the last time we had the top bracket at 70%. AOC is calling for higher taxes, and says a system that allows for billionaires is immoral.

34:57 - Chase in Gulfport has $2,000 in extra income monthly to invest. Should he pay down his mortgage with that money, or is there better options? Gregory asks a few questions, and has some powerful investing options for that money, maybe even using a max funding plan.

39:09 - Gregory shares some tax advantages in the code business owners can use to lower their tax bill.

47:54 - Dwayne Stein, from MortgageGumbo.com, explains how him being in the Total Wealth Authority ended up saving a couple quite a bit of money because their mortgage lender and financial advisor are on the same page.

50:39 - How does the shutdown deal affect the mortgage world?

59:34 - A survey claims 20% of people who live with their partner are hiding money from them. Dwayne Stein says he sees spouses hiding money from each other in the mortgage process at least once a month, and it can be a mess for both their lending and relationship.

1:08:58 - The Federal Reserve has soften their stance a little lately, and may be considering a pause of the Quantitative Tightening. Dwayne and Gregory discuss how this squeeze on the money supply have effects across the mortgage world.

1:18:15 - Ray in Franklinton texts in on the Winning at Life app and asks if he can get his wife on the reverse mortgage even though she's not 62. Dwayne and Gregory discuss how it's possible, but probably not the best fit.

1:23:23 - As home prices are peaking in some other big cities, Dwayne sees that we may be near a housing peak in our area as well.

1:30:16 - Gregory is offering a free book for those serious about investing for retirement, with a focus on creating tax free income streams.

1:37:58 - Fran Tarkenton has a new book out addressing the issue of senior financial abuse. Gregory sees people taking advantage of seniors with assets far too often, and has some strong advice on how to protect yourself.

1:44:36 - Chippy in Destrehan asks Gregory how to give his family and friends financial advice without being a pest or making himself a target.

1:50:09 - Earl in Covington asks: How do the rules work with Social Security benefits when it comes to spousal benefits, and how do the options change with a divorce?

1:53:07 - Jeff in Covington is about to retire from the military and move, and wants to know if he should go ahead and sell his house now?

1:59:16 - Don in Covington wants to know how his government pensions will affect his Social Security benefits. He may be hit with the Windfall Elimination Provision, but it sounds like he may be exempt based on his earning record.

2:04:29 - Gregory reviews how business meals and entertainment expenses are included in your tax write offs.

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